Streetbeat News

Acquisitions Mergers

GAIN

Gladstone Investment Corporation has acquired The E3 Company. The transaction was completed through a combination of senior secured debt and equity, with Gladstone investing $46 million.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 8:11 pm

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TLRY

Tilray Brands' CEO, Irwin D. Simon, is optimistic about the potential legalization of cannabis in the U.S. and plans to capitalize on it by creating beer infused with cannabis. Tilray recently acquired eight beer and beverage brands from Anheuser-Busch, making it the 5th largest craft beer business in the U.S. The recent recommendation from the Dept. of Health and Human Services to reclassify cannabis as a Schedule III drug is seen as a step closer to federal cannabis legalization.

Portfolio Pulse from Maureen Meehan

September 13, 2023 | 7:30 pm

IMGN

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JP Morgan has upgraded ImmunoGen Inc (NASDAQ:IMGN) from Neutral to Overweight with a price target of $22, up from $9, based on a recent physician survey and assessment of IMGN's R&D portfolio. The survey indicated strong confidence in the growth trajectory of Elahere's launch in the U.S. ImmunoGen recently announced a pact with Takeda Pharmaceutical Company Limited (NYSE:TAK) to develop and commercialize Elahere in Japan. The analysts note that the company is well-positioned and potentially appealing as a target for mergers and acquisitions.

Portfolio Pulse from Vandana Singh

September 13, 2023 | 5:55 pm

NM

Navios Maritime Holdings has received a buyout offer of $1.84 per share from N Shipmanagement Acquisition Corp. This has led to a rise in the company's share price.

Portfolio Pulse from Bill Haddad

September 13, 2023 | 5:16 pm

MSFT

The global Artificial Intelligence (AI) market is expected to grow from $387 billion in 2022 to $1.39 trillion by 2029. Microsoft Corp. has invested $10 billion for a 49% stake in ChatGPT, indicating the potential of AI across various industries, including the cannabis industry. AI can help in precision cultivation, tailored consumer experience, enhanced quality control, and building a robust digital footprint in the cannabis industry. However, challenges such as data privacy, regulatory hurdles, and high initial investment could pose difficulties.

Portfolio Pulse from Joana Scopel

September 13, 2023 | 5:10 pm

CECO

CECO Environmental Corp. has completed the acquisition of Kemco Systems Co. LLC, a company specializing in industrial water recycling and energy conservation solutions. The deal expands CECO's North American presence and adds new energy conservation and water recycling solutions. Post-acquisition, CECO has raised its full-year 2023 outlook for revenue and EBITDA. CECO shares are trading higher by 4.38% at $15.01.

Portfolio Pulse from Shivani Kumaresan

September 13, 2023 | 4:32 pm

GCT

GigaCloud Technology has entered into an agreement as the stalking horse bidder to acquire substantially all assets of Noble House Home Furnishings for $85 million. This has led to a decrease in GigaCloud's share price.

Portfolio Pulse from Bill Haddad

September 13, 2023 | 4:12 pm

UGRO

Urban-gro, Inc. (NASDAQ:UGRO) has signed contracts worth over $3 million with four clients in the cannabis sector. The contracts include architecture, design, engineering, and equipment integration services for clients in the Northeast and Midwest U.S., as well as Western Europe. The company expects the revenue from these projects to be recognized over the next three quarters.

Portfolio Pulse from Jelena Martinovic

September 13, 2023 | 4:07 pm

RKLB

Rocket Lab USA, Inc (NASDAQ:RKLB) has acquired Virgin Orbit's former facility for $16.1 million during its bankruptcy auction, significantly below its actual worth. The 144,000-square-foot complex will house the production of the Rutherford engine and serve as the development and production hub for the new Archimedes engine, which will power their Neutron launch vehicle. The acquisition is valued at around $100 million, a fraction of the cost of building a new facility.

Portfolio Pulse from Anusuya Lahiri

September 13, 2023 | 4:01 pm

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Cannabis company Charlotte's Web Holdings, Inc. has appointed William Morachnick as its new CEO, succeeding Jacques Tortoroli. Morachnick, a former executive at Reynolds American, has also been appointed to the company's board of directors. He has a track record of building premium brands and products across multiple channels worldwide. Charlotte's Web's shares traded 7.8969% lower at $0.3394 per share at the market close on Tuesday.

Portfolio Pulse from Jelena Martinovic

September 13, 2023 | 3:47 pm