Streetbeat News

Acquisitions Mergers

STN

Stantec has agreed to acquire ZETCON, a 645-person German engineering firm headquartered in Bochum, with 13 offices across major German metropolitan areas. The acquisition, expected to close in January 2024, will strengthen Stantec's infrastructure platform. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 10:12 pm

PEV

Phoenix Motor Inc. (NASDAQ:PEV) has won the bid to acquire the Proterra Transit business from Proterra Inc. for a total cash consideration of $10 million. This acquisition will expand Phoenix's product line to include full-size transit buses, complementing its medium-duty offerings. The deal is subject to U.S. Bankruptcy Court approval, with a hearing scheduled for November 28, 2023. Phoenix will also release its Q3 2023 earnings and host a webcast for investors today.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 9:58 pm

LLY

PNT

Eli Lilly and Company (LLY) has received consent from the Nuclear Regulatory Commission (NRC) for its proposed acquisition of POINT Biopharma (PNT). This regulatory consent is a significant step towards completing the acquisition process.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 9:35 pm

ULY

Urgent.ly reported a 12% decrease in Q3 revenue year over year, totaling $46M. The company acquired Otonomo Technologies Ltd. and began trading on Nasdaq on October 19, 2023. The financial results reflect Urgent.ly's performance as a standalone entity before the acquisition.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 9:30 pm

MAQC

Maquia Capital Acquisition Corporation (NASDAQ:MAQC), a SPAC, has filed a registration statement with the SEC for a proposed business combination with Immersed Inc., a provider of enterprise AI productivity solutions. The combined entity will be named 'Immersed Inc.' and will list on Nasdaq under the ticker 'AIMR'. Immersed has over 730,000 unique users and users spent 20 million minutes on its application in Q3 2023. The deal sets Immersed's pre-money enterprise value at $150 million and is expected to close in the first half of 2024, subject to approvals.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 9:03 pm

LTHM

Allkem and Livent have received all necessary regulatory approvals globally, including antitrust clearances and investment screenings, to proceed with their merger of equals. The final steps for the merger's completion are approvals from both companies' shareholders and the Australian Court. The targeted closing date for the transaction is January 4, 2024.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 8:26 pm

AAPL

ABNB

SSNLF

Airbnb, Inc. (NASDAQ:ABNB) shares rose after the company announced the acquisition of GamePlanner.AI, an AI firm co-founded by Siri's co-founder Adam Cheyer. The deal, valued at just under $200 million, is Airbnb's first acquisition since 2019 and signals a potential shift in the company's M&A strategy. Cheyer and Siamak Hodjat, both with notable backgrounds at Apple and Samsung, are expected to help Airbnb develop advanced AI interfaces and applications.

Portfolio Pulse from Nabaparna Bhattacharya

November 14, 2023 | 7:40 pm

CCHWF

Cannabist Holdings, formerly known as Columbia Care, reported Q3 2023 revenues of $129M, a slight decrease from $133M in Q3 2022. The net loss improved to $36M from $38M year-over-year. Adjusted EBITDA and gross profit remained stable and decreased, respectively. The company ended the quarter with increased cash reserves and announced a stock buyback program to repurchase up to 15 million shares, reflecting confidence in the undervaluation of its shares. Operational highlights include increased wholesale revenue, steady retail revenue, and new store openings.

Portfolio Pulse from Patricio Liddle

November 14, 2023 | 7:38 pm

MEDIF

TLRY

MediPharm Labs Corp. reported Q3 2023 financial results with revenue of C$8.5 million, a sequential decrease but a year-over-year increase. The company saw its highest gross profit since Q4 2019 at C$2.4M and improved adjusted EBITDA. Integration of VIVO led to significant savings, and a strong balance sheet was noted with C$13M in cash. A dispute settlement with Tilray Brands, Inc. resulted in C$9M for MediPharm, including cash, products, and a purchase agreement. MediPharm's stock (MEDIF) traded down 2.23% on the news.

Portfolio Pulse from Joana Scopel

November 14, 2023 | 7:21 pm

ATAI

CMPS

Atai Life Sciences (NASDAQ:ATAI) reported Q3 financial results with a cash burn of nearly $20M QoQ. Cash, equivalents, and short-term investments totaled $209.0 million as of Sept. 30, 2023. R&D and G&A expenses decreased compared to 2022, but net income loss increased to $44.2 million. The company expects its cash position to fund operations into H1 2026. Pipeline updates include progress on studies for various neuropsychiatric therapies. Atai acquired all shares of DemeRx IB Inc., making DMX-1002 a wholly-owned asset. COMPASS Pathways (NASDAQ:CMPS), a partner of Atai, is conducting a major Phase 3 program with topline data expected in summer 2024 and mid-2025.

Portfolio Pulse from Lara Goldstein

November 14, 2023 | 7:13 pm