Streetbeat News

Acquisitions Mergers

FATP

Fat Projects Acquisition Corp (FATP) has terminated its business combination agreement with Avanseus and is proceeding with liquidation. The deadline to complete the combination was not extended beyond November 15. Following this announcement, four non-management directors and the President and COO of FATP have resigned.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:47 pm

LHC

World View and Leo Holdings Corp. II (NYSE:LHC) have decided to terminate their business combination agreement due to challenging market conditions. Leo will dissolve and liquidate, redeeming all outstanding Class A Ordinary Shares at approximately $10.95 per share. Trading of the Public Shares has been suspended since November 17, 2023, and Leo will delist its securities from the New York Stock Exchange.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:46 pm

CCVI

Churchill Capital Corp VI (NYSE: CCVI) has announced it will redeem all outstanding shares of Class A common stock as it will not complete an initial business combination by the set deadline. The redemption price is approximately $10.49 per share. The company's securities will cease trading on the NYSE on December 1, 2023, and shares will be cancelled effective December 4, 2023. Warrants will expire worthless, and the company's sponsor has waived redemption rights for Class B common stock. The company will dissolve after the redemption process.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:45 pm

PEV

Phoenix Motor has agreed to purchase substantially all of the assets of Proterra's Transit business line, as well as Proterra's battery lease agreements, according to a recent SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:45 pm

PEV

Phoenix Motor Inc. entered into two asset purchase agreements with Proterra Inc. and its subsidiary, Proterra Operating Company, Inc., according to a recent SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:44 pm

NETC

Nabors Energy Transition Corp. (NETC) has announced an extension of the deadline to complete a business combination. This extension allows more time for NETC to finalize a deal, which is crucial for the company's future operations and growth. The news indicates that NETC is still in the process of seeking a suitable business combination, which is a common step for special purpose acquisition companies (SPACs) like NETC.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:42 pm

TOON

Kartoon Studios (NYSE:TOON) provided a Q3 2023 business update, expecting growth resumption post-industry slowdown. Mainframe Studios, an affiliate, is benefiting from post-strike content demand with a robust pipeline. Kartoon Channel! anticipates its first-ever break-even EBITDA in Q4 2023. New CFO Brian Parisi, with experience from the NFL and Live Nation, aims at value creation and sustainable earnings. The company reported Q3 revenue of $10.1 million and $35.3 million for nine months, with current assets of $61.4 million and stockholders' equity of $74.0 million.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:35 pm

ADBE

VGK

The European Commission has issued a statement of objections to Adobe Inc.'s proposed $20 billion acquisition of Figma Inc., citing concerns that the merger could harm competition in the market for interactive product design tools. This development could potentially derail the deal unless Adobe addresses the EU's competition concerns.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 8:58 pm

AMZN

GOOGL

NVDA

Fortune 500 companies are increasingly embracing cryptocurrency and blockchain initiatives, with a survey reporting 83% of executives planning or having such projects. Google and Amazon are forming dedicated teams for Web3, with Google offering technical solutions for Ethereum developers and Amazon developing a managed blockchain service. NVIDIA, however, faces SEC fines for not disclosing crypto mining revenues and expresses skepticism about the utility of cryptocurrencies. Citigroup has launched Citi Token Services, a blockchain solution for institutional clients, which is already being used by Maersk for vessel transit fee payments.

Portfolio Pulse from Stjepan Kalinic

November 17, 2023 | 8:28 pm

AMAT

CHPT

DIA

EXPE

GPS

IWM

OEF

QQQ

ROST

SPY

TLT

VNQ

XLC

XLE

XLV

XRT

Wall Street saw a quiet session with major averages near parity, but small caps and oil stood out with gains. The Russell 2000 and crude oil prices rose significantly, while large-cap stocks remained flat. The dollar weakened, and Treasury yields flattened. Sector-wise, energy stocks rallied, while health care and communication services lagged. Retail stocks surged, and REITs had a softer performance. Housing starts and building permits data were positive. Gap, Ross Stores, and Expedia saw stock increases, while Applied Materials faced pressure due to a potential criminal investigation. ChargePoint Holdings plunged after a preannouncement. Global markets and commodities also saw varied movements.

Portfolio Pulse from Piero Cingari

November 17, 2023 | 7:38 pm