Streetbeat News

Acquisitions Mergers

IDT

Tori Samples, Senior Product Manager at Stellar Development Foundation, will speak at Benzinga's Future Of Digital Assets conference. She discusses the role of blockchain in providing financial services to displaced and marginalized populations. Samples highlights the success of Boss Money, a digital wallet for refugees and migrants in Africa, which was acquired by IDT Corporation in 2022. She also mentions Stellar Aid Assist, a tool for humanitarian organizations to send funds efficiently using blockchain technology. Samples emphasizes the importance of focusing on user benefits rather than the technology itself for wider adoption.

Portfolio Pulse from Tori Samples

November 13, 2023 | 3:36 pm

GOOG

GOOGL

HOOD

Alphabet Inc, the parent company of Google, has sold all of its remaining shares in Robinhood Markets Inc, the online trading app operator. Alphabet had previously sold 90% of its shares in Robinhood in August and has now divested the remaining stake, which was worth around $5M. Robinhood's shares have fallen 38% since Alphabet's August divestment and were trading 0.8% lower early Monday. Robinhood has experienced a decline in transaction revenue and active monthly users, contributing to a net quarterly loss of $85 million.

Portfolio Pulse from Neil Dennis

November 13, 2023 | 3:19 pm

HOLI

A buyer consortium led by Recco Control Technology and Dazheng Group is urging Hollysys Automation Technologies Ltd. (HOLI) to proceed with a transparent sale process. The consortium, which includes TFI Asset Management and Great Wall Capital, has offered $26.50 per share, valuing Hollysys at approximately $1.64 billion. They request the Special Committee to evaluate this offer and allow due diligence. Shareholders holding over 30% of Hollysys, including Ascendent Capital Partners with 13.7%, demand a special meeting. The consortium is concerned about the board's refusal to convene this meeting and questions the directors' accountability.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 2:59 pm

ACGL

ORI

Arch Capital Group Ltd.'s subsidiary, Arch U.S. MI Holdings, is set to acquire RMIC Companies, Inc. from Old Republic International Corporation for approximately $140 million. RMIC, a run-off mortgage insurance business, will add $1 billion RIF to Arch MI's $75.9 billion RIF portfolio. The deal, expected to close in the first half of 2024, is subject to regulatory approval. Arch Capital's stock (ACGL) rose by 0.78%, while Old Republic's (ORI) increased by 0.11%.

Portfolio Pulse from Akanksha Bakshi

November 13, 2023 | 2:57 pm

AL

BA

Air Lease Corporation (AL) has signed a long-term lease agreement with EGYPTAIR for 18 new Boeing 737-8 aircraft, with deliveries scheduled between 2025 and 2026. These aircraft are part of ALC's orders from Boeing Company (BA) and represent the first time ALC has worked with Egypt's national airline. The deal is a strategic move for EGYPTAIR, aiming to modernize its fleet and improve fuel efficiency and competitiveness in the North African aviation market. AL's stock closed up 2.50% at $37.36 on Friday.

Portfolio Pulse from Akanksha Bakshi

November 13, 2023 | 2:21 pm

C

Citi's Issuer Services, through Citibank, N.A., has been appointed as the Depositary Bank for Will Semiconductor Co., Ltd. Shanghai's GDR Program. The GDRs, priced at $14.35 each, are listed on the SIX Swiss Exchange under 'WILL' and represent one A share of Will Semiconductor, which trades on the Shanghai Stock Exchange. Citi, a leader in depositary receipt services, expects increased participation in the Connect Scheme and provides cross-border capital market access.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 2:03 pm

MMM

3M (NYSE:MMM) has sold its LEAP III brand to DAC Technologies, a leader in optical lens manufacturing solutions. The LEAP III brand includes blocking pads used in lens edging by optical labs and retailers. The acquisition, which closed on October 30, 2023, includes an exclusive supply agreement for 3M to provide the base material for the pads. DAC Technologies aims to maintain the quality and performance of the LEAP III brand, leveraging its global distribution network.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 2:02 pm

BA

RLX

TIVC

Tivic Health Systems Inc. (TIVC) saw a 127% surge in stock price after BestGrowthStocks.Com released a comprehensive analysis. Boeing (BA) shares increased by 4% following the announcement of winning contracts from Middle Eastern airlines at the Dubai Airshow. RLX Technology (RLX) reported a Q3 adjusted EPS of $0.02, surpassing the $0.01 estimate, but sales of $58.67M fell short of the $71.97M estimate, resulting in a 14% stock increase.

Portfolio Pulse from ryanfaloona@benzinga.com

November 13, 2023 | 1:56 pm

LEGN

Legend Biotech has entered into an exclusive global license agreement with Novartis for CAR-T cell therapies targeting DLL3, including the candidate LB2102. Legend will receive $100M upfront and is eligible for up to $1.01B in milestone payments plus royalties. LB2102, which has received FDA Orphan Drug Designation, will be developed using Novartis's T-Charge platform. The deal is subject to regulatory approvals, including under the Hart-Scott-Rodino Act.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 1:54 pm

FATP

FATPU

FATPW

Fat Projects Acquisition Corp (FATP) has announced its intention to extend the deadline for completing a business combination with Avanseus Holdings Pte. Ltd. to December 15, 2023. This extension, which is the eighth of up to nine possible one-month extensions, involves depositing $24,279.65 into its Trust Account. The business combination will result in Avanseus becoming a wholly owned subsidiary of FATP, with FATP changing its corporate name to Avanseus Holdings Corporation.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 1:51 pm