Streetbeat News

Acquisitions Mergers

LSDI

Lucy Scientific Discovery Inc. (NASDAQ:LSDI) is acquiring e-commerce platform BlueSky Wellness Inc. and High Times Holding's IP. The BlueSky deal involves 3.5 million shares of Lucy's stock plus annual earn-out payments. The acquisitions are expected to add a minimum of $22.1 million in revenue and $7.38 million in EBITDA in the first year. BlueSky's e-commerce brands have generated over $14.7 million yearly.

Portfolio Pulse from Lara Goldstein

September 12, 2023 | 6:50 pm

CRGY

Crescent Energy Company (NYSE:CRGY) has been reiterated a Buy rating by Mizuho Securities USA LLC, with an unchanged price target of $18.00. Crescent recently announced its second acquisition of Eagle Ford working interest this year and a secondary stock offering. The company will acquire incremental working interests in its existing Western Eagle Ford position for $250 million cash. CRGY shares are trading higher by 1.06% at $12.43.

Portfolio Pulse from Shivani Kumaresan

September 12, 2023 | 6:09 pm

CTCX

Axolotl, a client of Moonshot, has announced a merger with Carmell Therapeutics. Upon closing, Axolotl's shareholders will receive $65M in CTCX stock and could gain up to $75M in potential milestone equity payments.

Portfolio Pulse from Bill Haddad

September 12, 2023 | 4:47 pm

BX

MCK

MDB

QCOM

Insiders at Blackstone Inc. (BX), MongoDB, Inc. (MDB), McKesson Corporation (MCK), and QUALCOMM Incorporated (QCOM) have recently sold shares. While insider sales can indicate concern about a company's prospects or overpricing, they should not be the sole indicator for investment decisions. Blackstone recently sold Simply Self Storage to Public Storage for $2.2 billion. MongoDB reported better-than-expected Q2 results and issued FY24 guidance above estimates. McKesson posted upbeat quarterly results. Wells Fargo maintained Qualcomm with an Underweight and raised the price target from $95 to $100.

Portfolio Pulse from Lisa Levin

September 12, 2023 | 4:44 pm

CTCX

Axolotl, a client of Moonshot, has announced a merger with Carmell Therapeutics. Upon closing, Axolotl's shareholders will receive $65M in CTCX stock and could gain up to $65M in potential milestone equity payments.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 4:39 pm

GFGD

The Growth For Good Acquisition Corporation (GFGD) has announced the termination of its merger agreement with ZeroNox. The company also plans to redeem its public shares.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 4:16 pm

AJG

Arthur J. Gallagher & Co. has acquired Frontier Financial Services Limited. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 4:01 pm

BLK

COIN

Franklin Templeton has applied for a Bitcoin ETF, marking its entry into the cryptocurrency sector. The ETF, to be overseen by Coinbase Inc., is set for a listing on the Cboe BZX Exchange. This move mirrors actions by other financial powerhouses like Blackrock, who anticipate that the SEC might soon approve a spot Bitcoin ETF for the mainstream market.

Portfolio Pulse from Murtuza Merchant

September 12, 2023 | 3:48 pm

EDRY

EuroDry Ltd (NASDAQ:EDRY) is set to acquire three Ultramax bulkers for a total price of about $65 million. The vessels are expected to be delivered to EuroDry during October and November 2023. The company will finance the acquisitions with its own funds and bank debt. After the acquisition, the company will have a fleet of 13 vessels. EDRY shares are trading lower by 0.21% at $14.03.

Portfolio Pulse from Shivani Kumaresan

September 12, 2023 | 3:33 pm

GCT

GigaCloud Technology Inc (NASDAQ:GCT) has entered into an agreement to acquire substantially all assets of Noble House Home Furnishings for $85 million. The acquisition is in connection with Noble House's Chapter 11 bankruptcy proceedings.

Portfolio Pulse from Bill Haddad

September 12, 2023 | 3:15 pm