Streetbeat News

Acquisitions Mergers

VERY

iA Financial Group announced it will acquire Vericity, Inc. (NASDAQ:VERY) in an all-cash transaction valued at approximately $170 million, expected to close in the first half of 2024. Vericity's shares surged on the news, with trading volume significantly higher than average. The stock closed up 94.2% at $11.07.

Portfolio Pulse from Ryan Gustafson

October 03, 2023 | 8:32 pm

BROG

GULFNAV has submitted a proposal to acquire all businesses and assets of Brooge Energy Limited. The terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 8:27 pm

HTCR

HeartCore has signed a Go IPO contract with GATES GROUP, expecting to generate an aggregate of $600K in initial fees. Additionally, HeartCore has received a warrant to acquire 3% of GATES GROUP's common stock.

Portfolio Pulse from Bill Haddad

October 03, 2023 | 8:09 pm

BTCUSD

CELUSD

ETHUSD

The potential successor to the defunct cryptocurrency lender, Celsius (CRYPTO: CEL), plans to restart the business with an initial funding of up to $450 million in cryptocurrency, pending court approval. The entity, temporarily named NewCo, aims to commence reimbursement to clients with assets locked following Celsius's downfall in June 2022. The investment group Fahrenheit will oversee NewCo's operations and has pledged an investment of up to $50 million for an equity position in the venture. NewCo also plans to be publicly traded on the Nasdaq.

Portfolio Pulse from Murtuza Merchant

October 03, 2023 | 6:37 pm

ALXO

OCEA

PNT

SDC

VERY

U.S. stocks fell with the S&P 500 dropping around 1.5% on Tuesday. Job openings increased by 690,000 to 9.61 million in August. Vericity, Inc. (VERY) shares rose 86% after iA Financial Group announced its acquisition. POINT Biopharma Global Inc. (PNT) shares rose 85% after Eli Lilly And Co (LLY) agreed to acquire it. ALX Oncology Holdings Inc. (ALXO) shares rose 50% after releasing interim Phase 2 data. SmileDirectClub, Inc. (SDC) shares dropped 41% after receiving a delisting notice from Nasdaq. Ocean Biomedical, Inc. (OCEA) shares fell 28% after announcing its cancer-targeting immunotherapy antibody candidate results. WeWork Inc. (WE) shares fell 23% after opting not to make aggregate interest payments.

Portfolio Pulse from Lisa Levin

October 03, 2023 | 6:36 pm

RITM

SCU

A consortium of investors led by Boaz Weinstein, including William Ackman and Marc Lasry, has increased their bid for Sculptor Capital Management (NYSE:SCU), challenging the standing agreement with Rithm Capital Corp (NYSE:RITM). The new offer, at approximately $13 per share, is a 60-cent increase from the initial proposal. This development puts the consortium in a strong position to take control over Sculptor. SCU shares are up 7.12% at $12.19.

Portfolio Pulse from Vandana Singh

October 03, 2023 | 6:25 pm

BLCO

NVS

Novartis AG is considering selling parts of its radiopharmaceuticals company, Advanced Accelerator Applications, as part of a strategic shift to focus on growth-driven areas. The company recently sold a portion of its eye medicine range to Bausch + Lomb Corporation and acquired Chinook Therapeutics Inc. However, a deal for the sale of Advanced Accelerator Applications is not guaranteed.

Portfolio Pulse from Vandana Singh

October 03, 2023 | 6:20 pm

LLY

Eli Lilly and Company (LLY) announced the acquisition of POINT Biopharma for approximately $1.4 billion, causing its shares to trade lower. The transaction is expected to close by the end of 2023.

Portfolio Pulse from Ryan Gustafson

October 03, 2023 | 6:16 pm

DLA

Delta Apparel (DLA) has received an unsolicited offer to purchase its Salt Life business, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 6:15 pm

RKLB

Rocket Lab USA, Inc has acquired SailGP Technologies' manufacturing complex in Warkworth, New Zealand, retaining over 90% of the staff. SailGP Technologies, a close partner and supplier to Rocket Lab, is relocating its operations to the UK. The acquisition includes advanced manufacturing equipment which will support Rocket Lab's R&D and production. More than 50 SailGP Technologies team members will join Rocket Lab, supporting the production of the Electron rocket and the development of Neutron, Rocket Lab's new payload class rocket.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 5:46 pm