Streetbeat News

Acquisitions Mergers

KITT

Nauticus Robotics Inc (NASDAQ:KITT) has announced a deal to acquire 3D at Depth, Inc. for about $34 million in stock and the assumption of debt of around $4.1 million. The acquisition will enhance KITT's autonomous underwater maritime capabilities and add 11 patents, with an additional 19 pending patents. The deal is expected to close in Q4 2023 and be accretive to KITT's 2024 revenue per share, EPS, and cash flow per share. KITT shares are currently trading lower by 2.51% at $1.7450.

Portfolio Pulse from Lekha Gupta

October 03, 2023 | 2:14 pm

CLNE

FVRR

LNTH

MSC

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PNT

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SYNA

VERY

WRBY

Despite a general downturn in the US stock market, several stocks recorded gains. Vericity, Inc. saw a significant increase after iA Financial Group announced its acquisition. POINT Biopharma Global Inc. also gained after Eli Lilly And Co agreed to acquire it. Clean Energy Fuels Corp., Warby Parker Inc., Lantheus Holdings, Inc., Oddity Tech Ltd., Fiverr International Ltd., Studio City International Holdings Limited, NuScale Power Corporation, and Synaptics Incorporated also saw increases.

Portfolio Pulse from Lisa Levin

October 03, 2023 | 2:09 pm

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MKC

PNT

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VERY

U.S. stocks traded lower with the Dow Jones falling over 100 points. McCormick & Company reported weaker-than-expected sales for its third quarter, missing the analyst consensus estimate. Vericity shares shot up 87% after iA Financial Group announced its acquisition. Eli Lilly agreed to acquire POINT Biopharma Global, boosting its shares by 84%. SmileDirectClub shares dropped 31% after receiving a delisting notice from Nasdaq. AERWINS Technologies and The Dixie Group shares also fell.

Portfolio Pulse from Lisa Levin

October 03, 2023 | 1:42 pm

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LLY

PNT

Traders are circulating a note from B Riley on Fusion Pharmaceuticals' acquisition of PNT. The note suggests that the deal validates the value of late-stage radiopharma assets and indicates Eli Lilly's strategic interest in targeted radiotherapeutics.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 1:35 pm

OSTK

Overstock.com Inc (NASDAQ:OSTK) has appointed Marcus Lemonis, CEO of Camping World and star of CNBC's 'The Profit', to its board as an independent director. Lemonis is expected to bring his experience in leadership, retail, branding, and customer engagement to help Overstock with its transformation of the recently acquired Bed Bath & Beyond brand. Overstock shares were up 2.59% following the announcement.

Portfolio Pulse from Adam Eckert

October 03, 2023 | 1:32 pm

DLPN

Dolphin Entertainment, Inc. (NASDAQ:DLPN) has acquired Special Projects, a leading agency in talent booking, creative content, and event production. The acquisition is expected to be immediately accretive. Special Projects, which has a client roster of world-class brands in various sectors, will join Dolphin Entertainment's collection of specialty agencies. The firm will continue to operate under its own name, with its co-founders remaining as co-CEOs.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 1:17 pm

MPW

Medical Properties Trust (MPW) has received approval from the Australian Foreign Investment Review Board for its acquisition of the remaining Australian facilities. This approval allows MPW to proceed with the acquisition.

Portfolio Pulse from Bill Haddad

October 03, 2023 | 1:13 pm

COMM

TCLRY

Vantiva SA (OTC:TCLRY) has agreed to acquire CommScope Holding Company, Inc.'s (NASDAQ:COMM) Home Networks division. In return, CommScope will receive a 25% ownership stake in Vantiva and a maximum cumulative earnout of $100 million in cash contingent upon Vantiva achieving certain EBITDA targets. The deal is expected to be completed in late Q4 2023.

Portfolio Pulse from Nabaparna Bhattacharya

October 03, 2023 | 1:08 pm

LNTH

Lantheus shares are trading higher after Eli Lilly agreed to acquire POINT Biopharma. Lantheus and POINT are partners for certain cancer programs.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 1:05 pm

LLY

PNT

Eli Lilly and Co (LLY) has agreed to acquire POINT Biopharma Global Inc (PNT) for $12.50 per share in cash, totaling approximately $1.4 billion. The purchase price represents a premium of about 87% to POINT's closing stock price on Oct. 2, 2023. PNT shares are up 84.35 at $12.32, and LLY stock is down 0.22% at $537.13 during the premarket session.

Portfolio Pulse from Vandana Singh

October 03, 2023 | 1:03 pm