Streetbeat News

Acquisitions Mergers

DWAC

Former President Trump will retain control of his social media company, Truth Social, even if he sells most of his shares post-IPO. This is due to the creation of a new class of high-vote stock by Digital World Acquisition Corp. (DWAC), the SPAC merging with Truth Social's parent company. Trump will be the sole holder of this stock, granting him 55% voting power. DWAC recently settled with the SEC over misleading investors and agreed to pay an $18 million penalty. The company has yet to file its required quarterly reports for Q1 or Q2 2023.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 2:50 pm

NVOS

Novo Integrated Sciences (NVOS) shares are surging following updates on several previously announced events. The company is progressing with its share purchase agreement with SwagCheck, Inc., expecting to draw approximately $57 million from the RC Note, and considering a potential share repurchase initiative. NVOS is also involved in a $40 million investment project with Gulf International Minerals and Energy Group (GIMEG). The company's shares are trading at a significantly higher volume than their 100-day average.

Portfolio Pulse from Erica Kollmann

August 16, 2023 | 2:39 pm

CEQP

Energy Transfer LP (ET) has agreed to acquire Crestwood Equity Partners LP (CEQP) in an all-equity deal worth around $7.1 billion, including the assumption of $3.3 billion of debt. The deal is expected to close in Q4 2023. Crestwood shareholders will receive 2.07 ET common units for each share held. Post-deal, Crestwood unitholders are expected to own around 6.5% of ET’s outstanding shares. The acquisition is expected to boost ET's NGL & Refined Products and Crude Oil businesses.

Portfolio Pulse from Lekha Gupta

August 16, 2023 | 2:36 pm

Traders are circulating a newsletter from hedge-fund manager James Altucher, suggesting that Unity Software may be a buyout candidate. This has led to increased attention on Unity Software's stock.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 2:27 pm

CAR

COIN

EMR

META

MSFT

OXY

TGT

TJX

TSEM

WBA

Elon Musk's X is accused of slowing traffic to sites criticized by him, including Instagram, owned by Meta Platforms Inc. Coinbase Global Inc has received federal approval for new futures offering. Tower Semiconductor Ltd's deal with Intel Corp has been terminated due to US-China tensions. Occidental Petroleum Corp is set to acquire Carbon Engineering Ltd for $1.1 billion. Emerson Electric Co is acquiring Flexim. Target Corp, TJX Companies Inc, and JD.com Inc have reported their Q2 earnings. Microsoft Corp's Game Pass is shaping the $60B gaming industry. Avis Budget Group Inc has been fined $275K for refusing to rent vehicles to customers without credit cards. Walgreens Boots Alliance Inc is facing a reopened lawsuit accusing it of Medicaid fraud.

Portfolio Pulse from Vandana Singh

August 16, 2023 | 2:01 pm

CCHWF

CRLBF

Cresco Labs reported a 2% sequential increase and 9.3% YoY drop in Q2 revenue to $198 million. Gross profit was $87 million, down from $112.8 million YoY. Net loss increased to $43.5 million, up from $8.3 million YoY. The company also announced the termination of a deal to acquire Columbia Care, with no penalties or fees related to the termination.

Portfolio Pulse from Jelena Martinovic

August 16, 2023 | 1:39 pm

BAC

Renewable energy developer Invenergy and its investors have agreed to transfer $580 million in wind-energy tax credits to Bank of America (BAC) in the first public deal of its kind.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 1:23 pm

DTIL

Precision BioSciences Inc (NASDAQ:DTIL) has completed a strategic transaction with Imugene Limited for global rights to Azercabtagene Zapreleucel (azer-cel), Precision's lead allogeneic CAR T candidate for cancer. Precision will receive upfront economics valued at $21 million in cash and equity, and is eligible for up to $198 million in additional milestone payments and double-digit royalties on net sales. The deal is expected to reduce Precision's annual operating spend by approximately $20 million and extend its cash runway through Q3 of 2025.

Portfolio Pulse from Vandana Singh

August 16, 2023 | 1:23 pm

AMTD

HKD

AMTD Digital Inc. (NYSE:HKD) expects to achieve over 50% increase in net profit for FY23, driven by new business approaches and expansion in media, entertainment, and culture. The company's growth is also attributed to the acquisition of The Art Newspaper and the expansion of L'Officiel Inc. SAS. AMTD IDEA Group's injection of its entire equity interest in AMTD Assets Group into AMTD Digital has also contributed to the company's growth.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 1:19 pm

ASTR

Astra Space, Inc. and Fortis Advisors, LLC have reached a settlement agreement to resolve all obligations and disputes related to the acquisition of Apollo Fusion, Inc. by Astra Space, Inc.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 1:13 pm