Streetbeat News

Acquisitions Mergers

BACK

THER

Theralink Technologies, Inc. (THER) and IMAC Holdings, Inc. (BACK) have responded to the SEC's comments on their Form S-4, filed for their merger. The companies expect feedback from the SEC within 10 business days. The merger aims to create a proteomics company focused on cancer care and protein analysis, with a robust patent estate, certified lab, and reimbursement agreements, including with Medicare.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 8:06 pm

TTWO

Take-Two Interactive Software Inc's CEO, Strauss Zelnick, discussed the potential of generative AI to enhance NPCs in video games, specifically in the context of the highly anticipated GTA 6. While not confirming its use in the upcoming game, he highlighted the technology's ability to make NPC interactions more engaging. Zelnick also emphasized the company's continuous drive for innovation despite the success of GTA 5. He touched on industry challenges, Take-Two's acquisition of Zynga, and their cautious stance on adapting game franchises into movies and TV shows.

Portfolio Pulse from Franca Quarneti

November 13, 2023 | 7:42 pm

INVO

INVO BioScience, Inc. (NASDAQ:INVO) stock has surged over 140% in the last month and is continuing its upward momentum, with a nearly 40% increase over the past five days. The trading volume has significantly exceeded the 100-day average, with over 16.4 million shares traded in the session. The rise comes ahead of an expected Schedule TO filing related to an exchange offer for warrants, which is part of a proposed merger with NAYA Biosciences, Inc. The stock's float is 2.444 million shares, with a high short interest of 11.82%.

Portfolio Pulse from Erica Kollmann

November 13, 2023 | 6:18 pm

ALB

LTHM

XOM

Shares of lithium producers Livent Corp (LTHM) and Albemarle Corp (ALB) are trading lower due to Exxon Mobil Corp's (XOM) announcement of entering the lithium production market. Exxon Mobil plans to start lithium production in Arkansas by 2027 and aims to supply enough lithium for over 1 million EVs per year by 2030. The news has positively impacted Exxon Mobil's shares, while Livent and Albemarle are experiencing selling pressure.

Portfolio Pulse from Adam Eckert

November 13, 2023 | 6:17 pm

RACE

Ferrari plans to hire 250 new employees in the first half of 2024 and launch a broad-based share ownership plan for its 5,000+ employees, starting in Italy. The plan includes a one-off grant of shares and additional shares after 36 months. Ferrari also renewed its Competitiveness Award agreement, allowing employees to convert part of the award into company shares. The company is committed to sustainability by including an ESG indicator in the award calculation. Additionally, Ferrari is expanding its health and parenting support initiatives, including free annual medical check-ups and extended support for parents.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 5:51 pm

SELB

Selecta Biosciences Inc (SELB) and Cartesian Therapeutics Inc have announced a reverse merger, with Selecta shareholders owning 26.9% of the new company, which will be renamed Cartesian Therapeutics. The Nasdaq ticker will change to 'RNAC' on November 14, 2023. The combined company will focus on RNA cell therapy for autoimmune diseases, with over $110 million in cash and multiple near-term catalysts expected. SELB shares are currently down 7.05% at $0.8903.

Portfolio Pulse from Vandana Singh

November 13, 2023 | 5:45 pm

SQM

Codelco and SQM have reached a pre-agreement for the exploitation of lithium in the Salar de Atacama, which falls short of the Chilean government's initial goal to control the company with 51% of the shares before 2030. The agreement allows Codelco to gradually increase its stake in a public-private company, reaching 51% only after 2030. The negotiation, advised by the Carey law firm, has been criticized for potential conflicts of interest and for not aligning with the government's strategy to control lithium exploitation sooner. The terms appear to favor SQM, preventing competition for the exploitation rights and potentially not increasing state revenue compared to the current contract. The situation raises concerns about the transparency of the negotiations and the management of Codelco, which is also facing criticism for its economic performance and decisions such as purchasing shares of a company with questionable assets.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 5:18 pm

AMD

GOOG

GOOGL

MSFT

OpenAI is seeking additional funding from Microsoft Corp (NASDAQ:MSFT) to pursue its artificial general intelligence (AGI) goals. Despite revenue growth, OpenAI remains unprofitable due to high training costs for AI models. Microsoft's previous investment in OpenAI was $10 billion, valuing the company at $29 billion. OpenAI is developing GPT-5 and enhancing its AI tools, with plans to generate over $1 billion in revenue in the next year. The company uses Nvidia's H100 chips but faces competition from Alphabet Inc (NASDAQ: GOOG, GOOGL) and Advanced Micro Devices, Inc (NASDAQ: AMD), who are developing rival chips.

Portfolio Pulse from Anusuya Lahiri

November 13, 2023 | 5:06 pm

INTC

TSEM

Tower Semiconductor Ltd (NASDAQ:TSEM) reported a Q3 FY23 revenue decline of 16.1% Y/Y to $358.2 million, missing consensus by $0.4 million. EPS was $0.54, beating consensus by $0.04. Gross profit and adjusted operating profit also declined Y/Y. Despite challenges, the company is focusing on growth and technological advancements, with added capacity and new customers. Q4 revenue is expected to be around $350 million, compared to a $359.63 million consensus. The previously planned takeover by Intel Corporation (NASDAQ:INTC) was terminated in August. TSEM shares are down 43% YTD but traded up slightly at the time of publication.

Portfolio Pulse from Anusuya Lahiri

November 13, 2023 | 3:54 pm

ACAC

Acri Capital Acquisition Corporation (ACAC) has extended the deadline to complete its initial business combination from November 14, 2023, to December 14, 2023. To facilitate this extension, Acri Capital Sponsor LLC has deposited $75,000 into the Trust Account. The company has the option to extend the deadline monthly until April 14, 2024, by making similar deposits for each additional month.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 3:46 pm