Streetbeat News

Acquisitions Mergers

FTLF

FitLife Brands has announced that the U.S. Bankruptcy Court has approved its $18.5 million acquisition of substantially all of the assets of MusclePharm. This has led to a rise in FitLife Brands' shares.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 4:47 pm

DDD

NNDM

SSYS

Stratasys Ltd (SSYS) has announced that it is exploring strategic alternatives following the failure of its merger with Desktop Metal Inc (DM). The company's board has initiated a process to consider options such as a strategic transaction, potential merger, business combination or sale. This comes after Stratasys rejected offers from 3D Systems Corporation (DDD) and Nano Dimension Ltd. (NNDM), stating that they significantly undervalued the company.

Portfolio Pulse from Shivani Kumaresan

September 28, 2023 | 4:46 pm

STSS

Sharps Technology has signed an Asset Purchase Agreement to acquire the InjectEZ Facility and the associated $400 million 10-year purchase agreement with Nephron Pharmaceuticals. This news led to a decrease in Sharps Technology's share price.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 4:32 pm

EMN

Eastman Chemical Company (NYSE:EMN) has agreed to sell its Texas City Operations to INEOS Acetyls for $490 million. The sale includes a $415 million cash payment at closing and the remainder in equal installments on the first and second anniversaries of the closing. Eastman will retain ownership of its plasticizer business at the site, which INEOS will operate. The sale is expected to be accretive to Eastman's adjusted earnings per share in 2024 and the proceeds will be used for debt repayment.

Portfolio Pulse from Shivani Kumaresan

September 28, 2023 | 3:57 pm

ASTI

BCLI

BNOX

BXRX

CHS

GCT

KMX

U.S. stocks traded higher with the Nasdaq Composite gaining 1%. CarMax Inc reported weaker-than-expected earnings for its second quarter with a revenue decline of 13.2% YoY to $7.07 billion. Bionomics Limited shares shot up 247% after the ATTUNE trial met its primary endpoint. Baudax Bio, Inc. shares boosted by 86% after the FDA granted orphan drug designation for TI-168. Chico's FAS, Inc. shares were up by 62% following its acquisition by Sycamore Partners. Ascent Solar Technologies, Inc. shares dropped 62% after announcing pricing of a public offering of units. Brainstorm Cell Therapeutics Inc. shares were down 54% after the FDA Advisory Committee voted that NurOwn did not demonstrate substantial evidence of effectiveness for ALS treatment. GigaCloud Technology Inc. fell 26% after Culper Research issued a short report on the stock.

Portfolio Pulse from Lisa Levin

September 28, 2023 | 3:53 pm

UPS

United Parcel Service Inc (UPS) has agreed to acquire MNX Global Logistics for an undisclosed amount. The acquisition is expected to enhance UPS's capabilities in the healthcare and related industries, particularly in radio-pharmaceuticals and temperature-controlled logistics. The deal is expected to close by the end of the year, subject to regulatory approval. UPS's operating cash flow for the six months ended June 30, 2023, was $5.59 billion, and free cash flow was $3.84 billion.

Portfolio Pulse from Lekha Gupta

September 28, 2023 | 3:44 pm

VRNOF

The cannabis industry's mergers and acquisitions (M&A) landscape is undergoing a transformation, with potential regulatory reforms such as the SAFE Banking Act and the rescheduling of cannabis. These changes could provide financial stability to cannabis companies, attract investors, and make M&A opportunities more competitive. Verano Holdings Corp. (OTC:VRNOF) highlighted the significant impact of the 280E tax provision, estimating potential annual tax savings of $700 million for top public MSOs with reform.

Portfolio Pulse from Joana Scopel

September 28, 2023 | 3:29 pm

KLR

Kaleyra, Inc. (NYSE:KLR) stockholders have approved all proposals related to the proposed acquisition of the company by Tata Communications Limited. The transaction is expected to close on October 5, 2023, after which Kaleyra's shares will cease trading and will no longer be listed on the NYSE.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 3:21 pm

STSS

Sharps Technology has announced an Asset Purchase Agreement to acquire the InjectEZ prefillable syringe manufacturing facility and a $400M 10-year purchase agreement with Nephron Pharmaceuticals. The acquisition will enable Sharps to commercialize its copolymer prefillable syringe systems. The company has also signed a term sheet with a leading middle-market lender for up to $75 million in debt financing. The InjectEZ acquisition will provide a strong baseline of revenue for Sharps, supported by the $400 million commitment from Nephron. Initial product delivery is scheduled for Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 2:54 pm

AGCO

TRMB

AGCO Corporation has entered into a joint venture with Trimble Inc, acquiring an 85% interest in Trimble's Ag assets and technologies for $2.0 billion. The deal is expected to double the JV's EBITDA by year five post-closing and be accretive to AGCO's revenue growth, operating margin profile, and earnings per share in the first full year post-close. AGCO also announced a strategic review of its Grain & Protein business.

Portfolio Pulse from Shivani Kumaresan

September 28, 2023 | 2:52 pm