Streetbeat News

Acquisitions Mergers

SPRU

Spruce Power Holding Corp (NYSE:SPRU) has acquired a portfolio of over 2,400 residential solar systems and contracts from a regulated utility company for $20.9 million. The portfolio is expected to generate about $4 million of annual run-rate revenue. The acquisition has increased Spruce's portfolio to over 75,000 home solar assets and contracts, representing approximately 50% growth in less than a year. The company funded the acquisition from the upsizing of its Spruce Power 2 credit facility.

Portfolio Pulse from Akanksha Bakshi

August 21, 2023 | 1:18 pm

RITM

Rithm Capital Corp. (NYSE:RITM), American Real Estate Partners (AREP), and GreenBarn Investment Group have partnered to acquire a luxury 200-unit subdivision in Ashburn, Virginia, for $120 million. The community, named CityHouse Ashburn Station, is aimed at renters seeking a single-family home lifestyle. Rithm is providing equity capital and debt financing through its subsidiary Genesis. The first phase of the development will be available to rent in mid-August, with the remaining phases delivered over the next 15 months.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 1:03 pm

AVGO

VMW

Vmware, Inc's stock is trading higher after the UK's Competition and Markets Authority (CMA) cleared Broadcom Inc's $69 billion purchase of VMware. The CMA had initially flagged potential competition issues, but after a Phase 2 investigation, it concluded that the acquisition wouldn't significantly impact competition within the UK's server hardware component market. Broadcom has secured up to $28.39 billion in new debt commitments to acquire VMware. The deal is still awaiting approval from the U.S. Federal Trade Commission.

Portfolio Pulse from Anusuya Lahiri

August 21, 2023 | 12:58 pm

NEWT

NewtekOne, Inc. (NASDAQ:NEWT) announced that its bank subsidiary, Newtek Bank, N.A., has declared a dividend of $2.0 million, payable to NewtekOne. The dividend declaration comes after Newtek Bank's swift ascension to profitability for the six months ended June 30, 2023, following its acquisition by NewtekOne on January 6, 2023.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:56 pm

CLF

MT

X

United States Steel Corporation (NYSE:X) has clarified that its labor agreement with the United Steel Workers (USW) does not grant the union veto power over potential company sale decisions. This comes amid ongoing strategic review and acquisition interest from Cleveland-Cliffs Inc (NYSE:CLF) and ArcelorMittal SA (NYSE:MT). U.S. Steel had previously declined a $7.8 billion cash-and-stock offer from Cliffs, citing it as inadequate. The company is considering multiple unsolicited proposals, including a $7.8 billion all-cash offer from Esmark Inc.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 12:54 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) is set to expand its global presence as Malaysia shows interest in providing a stronger foothold for the electric vehicle manufacturer. Malaysia's Prime Minister, Anwar Ibrahim, stated that Tesla's entry could benefit local industries and boost the economy by 20-30%. He also affirmed the potential for Tesla to move up the supply chain by producing cars locally, which would be more cost-effective and contribute to lower costs for consumers. Tesla's Malaysian extension commenced operations in July, facilitated by Malaysia’s Battery EV Global Leaders Initiative.

Portfolio Pulse from Shanthi Rexaline

August 21, 2023 | 12:45 pm

FWRD

ClearBridge Investments, a significant shareholder in Forward Air Corporation (NASDAQ:FWRD), has sent a letter to the company's board urging them to reconsider the planned acquisition of Omni Logistics. ClearBridge argues that the $3.2 billion acquisition is too large and complex, and would increase Forward Air's financial leverage to uncomfortable levels. The letter also criticizes the lack of shareholder approval for the deal, and suggests that the acquisition has led to a drop in Forward Air's stock price.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:36 pm

AREC

American Resources Corporation (NASDAQ: AREC) has expanded the executive team of its subsidiary, ReElement Technologies, with the appointment of Ben Wrightsman as President. Wrightsman, former CEO of the Battery Innovation Center, will work to expand the business geographically and through commercial partnerships. ReElement, a provider of high performance refining capacity of rare earth and battery elements, is currently scaling its first rare earth and critical element recycling facility in Noblesville, Indiana and evaluating additional sites for both standalone and co-located facilities.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:34 pm

ADIL

Adial Pharmaceuticals (NASDAQ:ADIL) reported its Q2 2023 financial results, revealing a cash position of $1.2M, down from $4M at the end of 2022. The company received positive feedback from US and EU regulatory meetings and is planning to conduct two Phase 3 trials with AD04. The sale of Purnovate significantly reduced the company's cash burn rate. Adial also received an upfront payment of $450K from Adovate, LLC for the purchase of Purnovate's assets and business, with potential for up to $83M in total consideration.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:32 pm

SKYE

Skye Bioscience has raised $17 million in new capital and acquired Bird Rock Bio Inc. The funding was led by 5AM Ventures, Versant Ventures and another investor. Skye issued 581.4 million shares of its common stock at a price of approximately $0.021 per share and 557.2 million common shares to the existing preferred shareholders of Bird Rock. Skye also issued a short-term convertible note with a principal amount of $5 million. The company also plans a 1:250 reverse stock split and aims to uplist to a national stock exchange.

Portfolio Pulse from Vuk Zdinjak

August 21, 2023 | 12:29 pm