Streetbeat News

Acquisitions Mergers

ELUT

Elutia has announced the sale of its Orthobiologics business unit for cash proceeds of up to $35M. The transaction, which is expected to close in Q4, reflects the company's increasing strategic focus on its proprietary Drug-Eluting Biomatrix platform.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:10 pm

INDI

indie Semiconductor has acquired EXALOS AG for approximately $45 million, paid in 6.6 million indie Class A common shares. The deal also includes the potential for EXALOS equity holders to earn up to an additional $20 million in cash or indie Class A common shares, based on performance targets over the next 24 months. The acquisition expands indie's ADAS and User Experience portfolio and is expected to be financially neutral in 2023 and accretive in 2024.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:08 pm

PEGY

Pineapple Energy has announced a payment of $1.25 per Contingent Value Right (CVR) to CVR holders, following the merger with Communications Systems Inc. (CSI). The payment, which is not a taxable event, is a pro rata portion of proceeds from CSI's premerger assets. The payment is expected to commence by September 29, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:02 pm

PYPL

V

Blockchain Capital, a crypto-centric venture firm, has raised $580 million through two new funds, marking its largest fundraising effort to date. The company plans to use these funds to support crypto startups in various sectors. Notable investors in Blockchain Capital include Visa Inc. and PayPal Inc. The firm has historically invested in entities like Worldcoin, Kraken, and OpenSea. Despite regulatory challenges in the U.S., the firm remains committed to token investments.

Portfolio Pulse from Murtuza Merchant

September 18, 2023 | 7:46 pm

ATAI

CYBN

MNMD

Billionaire Steve Cohen has invested nearly $19 million in Cybin Inc. (NYSE:CYBN) through his Point72 asset management firm, which now owns over 8% of Cybin's stock. This is Point72's first public position in a psychedelics company. In other news, billionaire Blake Mycoskie has updated on his $100 million pledge for psychedelics research, stating that he has already donated $11 million, including investments in MindMed (NASDAQ: MNMD), atai Life Sciences (NASDAQ:ATAI), and MAPS PBC.

Portfolio Pulse from Lara Goldstein

September 18, 2023 | 7:10 pm

CCG

Cheche Group's shares are experiencing increased volatility following the company's business combination with Prime Impact Acquisition I.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 5:51 pm

ANEB

H.C. Wainwright has initiated coverage on Anebulo Pharmaceuticals Inc (NASDAQ:ANEB) with a Buy rating and a price target of $6. The company is focused on developing therapy for acute cannabinoid intoxication (ACI) and has produced compelling clinical proof-of-concept data. The analysts note that positive pivotal data for ANEB-001 could make Anebulo an attractive acquisition target. ANEB-001 could be priced at $2.5K per administration and may ultimately achieve total sales approaching $500 million in the U.S. alone.

Portfolio Pulse from Vandana Singh

September 18, 2023 | 5:13 pm

LAD

Lithia & Driveway announced its intention to enter a partnership with Pinewood Technologies and acquire the UK motor and fleet management divisions of Pendragon plc. This has led to a rise in the company's shares.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 4:47 pm

KN

Knowles Corp (NYSE:KN) has agreed to acquire Cornell Dubilier for $263 million in an all-cash transaction. The acquisition is expected to expand Knowles' market through Cornell Dubilier's capacitor offerings and be accretive to Knowles' non-GAAP EPS in 2024. The deal is expected to close in Q4 2023. Knowles also announced it is reviewing strategic alternatives for its CMM business.

Portfolio Pulse from Shivani Kumaresan

September 18, 2023 | 4:39 pm

TSLA

Turkish President Tayyip Erdogan has proposed to Tesla Inc CEO Elon Musk the idea of building a Tesla production facility in Turkey. This follows Tesla's announcement in August about its interest in setting up a factory in India. Erdogan also expressed interest in collaborating with Musk on AI and Starlink. Musk has reportedly accepted Erdogan's invitation to the Turkish aerospace and technology festival, Teknofest, in late September.

Portfolio Pulse from AJ Fabino

September 18, 2023 | 4:31 pm