Streetbeat News

Acquisitions Mergers

BNPQY

GS

NMR

Fnality, a blockchain-based wholesale payments firm, raised $95.09 million in its second funding round, led by Goldman Sachs Group Inc. (GS) and BNP Paribas (BNPQY). Other participants included DTCC, Euroclear, Nomura Holdings Inc (NMR), and WisdomTree. The firm, which was founded in 2019 as a UBS-led blockchain project, is awaiting the Bank of England's approval to start operations. The funding will help establish a global liquidity management network for digital payment models in wholesale financial markets and tokenized asset markets, aiming to bridge the gap between mainstream and digital finance.

Portfolio Pulse from Khyathi Dalal

November 14, 2023 | 4:05 pm

GLNCY

NISTF

TECK

Teck Resources Ltd (NYSE:TECK) shares are rising after announcing the sale of its 77% stake in Elk Valley Resources to Glencore PLC (OTC:GLNCY) for $6.9 billion in cash. Nippon Steel Corp (OTC:NISTF) will acquire a 20% interest in EVR. The deals will refocus Teck on critical minerals and copper growth projects, improving its capitalization and potential shareholder returns. TECK's liquidity as of October 23, 2023, was $7.0 billion. TECK shares are up 1.04% at $36.83.

Portfolio Pulse from Lekha Gupta

November 14, 2023 | 3:12 pm

VVPR

VivoPower International PLC (NASDAQ:VVPR) has initiated a strategic review to maximize shareholder value, prompted by non-binding letters of intent received for its subsidiaries Tembo and Aevitas Kenshaw. The company has engaged Chardan as a corporate adviser for this process. The review follows recent expressions of interest in these subsidiaries, which are currently undergoing due diligence. VivoPower, as a B Corporation, aims to balance the triple bottom line of people, profit, and planet while fulfilling its fiduciary duties.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 2:27 pm

VLD

Valiant Products, a contract manufacturer, has purchased a Sapphire XC metal 3D printer from Velo3D, Inc. (VLD) to enhance its additive manufacturing capabilities for aerospace customers. The printer, which will be operated at Valiant's Florida facility, is calibrated for Inconel 718, a nickel-based alloy used in aerospace parts. Valiant plans to upgrade to a Sapphire XC 1MZ for larger parts. Velo3D's technology allows for the production of lighter, more performant parts and strengthens supply chains through its contract manufacturing network.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 2:22 pm

JBLU

SAVE

JetBlue Airways Corporation (NASDAQ:JBLU) has announced November 24, 2023, as the record date for an additional prepayment of $0.10 per share to Spirit Airlines, Inc. (NYSE:SAVE) stockholders, with the payment to be made on November 30, 2023. This is in accordance with the Merger Agreement dated July 28, 2022.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 2:18 pm

CUEN

WHEN

Cuentas, Inc. (CUEN) has announced a binding letter of intent to acquire a majority stake in World Health Energy Holdings, Inc. (WHEN), with the transaction resulting in WHEN becoming a majority-owned subsidiary of Cuentas. The deal involves Cuentas issuing shares to UCG, Inc., representing 50% of Cuentas' capital, in exchange for UCG's 75% stake in WHEN. The acquisition aims to expand Cuentas' footprint into cybersecurity, AI, and telecom technology, targeting a market forecasted at $215 billion by Gartner. The transaction is subject to Nasdaq and shareholder approval, with completion expected by the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 2:14 pm

CEI

Camber Energy, Inc. (CEI) reported significant revenue growth for the 9-month period ended September 30, 2023, post its merger with Viking Energy Group, Inc. Revenues increased to approximately $24.4 million from $466 thousand in the same period last year. The company's stockholders' equity also improved, turning from a $33 million deficit to a $29.2 million positive position. Camber's CEO, James Doris, expressed optimism about the company's future growth and profitability in the energy sector.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:58 pm

AER

GE

AerCap Holdings NV's (AER) stock is trading lower after GE Capital US Holdings, a subsidiary of General Electric Company (GE), priced a secondary offering of 26.72 million AerCap shares at $65.25 each. GE also granted underwriters an option to buy up to 4 million more shares, which could end GE's ownership in AerCap. AerCap is repurchasing 7.859 million shares at $63.62 each and announced the acquisition of five GE90-115B engines from Sanad. AerCap's Q3 FY23 revenue grew 7% YOY to $1.701 billion, missing estimates, but adjusted EPS of $2.81 beat expectations. AerCap's shares are down 2.23% in premarket trading.

Portfolio Pulse from Lekha Gupta

November 14, 2023 | 1:58 pm

RIVN

Rivian Automotive, Inc. (RIVN) received final approval for its $5 billion EV plant in Georgia, two years after its announcement. The Georgia Supreme Court cleared Rivian of legal challenges, allowing the company to proceed with the Stanton Springs North project. The plant will produce more affordable EVs based on the R2 platform, with an expected MSRP of around $40,000. The facility aims to start assembly in 2026, reach an annual output of 400,000 vehicles, and create 7,500 jobs by 2028. Construction is set to begin in early 2024.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:46 pm