Streetbeat News

Acquisitions Mergers

LL

LL Flooring Holdings Inc (NYSE:LL) is exploring strategic alternatives after receiving interest regarding a potential transaction. The company's board is looking to maximize shareholder value. Previously, the company rejected a proposal to acquire all of its outstanding shares for $5.76 per share in cash, but remains open to a transaction that appropriately reflects the company's value. The shares of LL Flooring were up 10.1% at $4.14.

Portfolio Pulse from Adam Eckert

August 15, 2023 | 12:35 pm

SOLO

ElectraMeccanica and Tevva are set to merge, with ElectraMeccanica shareholders owning 23.5% of the combined company and Tevva shareholders owning 76.5%. The company is expected to have a cash balance of $70M-$80M with a debt of approximately $26M.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 12:33 pm

HNHPF

NVDA

Nvidia Corp's stock is trading higher amid reports of Saudi Arabia and the UAE aggressively acquiring the chipmaker's high-end chips for AI software development. This has intensified the global demand for these chips. Saudi Arabia has procured at least 3,000 Nvidia H100 chips, each valued at $40,000, while the UAE has also procured Nvidia chips. Foxconn has secured a significant order to produce chip substrates for Nvidia's HGX AI servers, meeting over half of Nvidia's total demand. UBS analyst Timothy Arcuri maintained Nvidia with a Buy and raised the price target from $475 to $540.

Portfolio Pulse from Anusuya Lahiri

August 15, 2023 | 12:33 pm

SOLO

ElectraMeccanica, a Canadian electric vehicle manufacturer, and Tevva, a UK-based electric truck company, have announced a proposed merger agreement. The deal is expected to strengthen both companies' positions in the electric vehicle market.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 12:32 pm

BNIX

GTCH

Bannix Acquisition Corp. (BNIX) and GBT Technologies Inc. (GTCH) have announced a Patent Purchase Agreement for BNIX to acquire GTCH's Apollo IP system for $42.5 million, payable in shares of BNIX's Preferred Stock. The Apollo IP system is a radio frequency-based computer vision technology that can enhance autonomous vehicle perception and mapping. The acquisition is expected to close in Q4 2023, but is subject to board and shareholder approval, regulatory approvals, and other conditions.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 12:08 pm

CLF

X

United States Steel Corporation (NYSE:X) shares rose sharply after rejecting a $35 per share acquisition offer from Cleveland-Cliffs Inc. (NYSE:CLF). The company was one of the top 10 most active single stock options and traded more than 15x its average daily options volume. Cleveland-Cliffs publicly announced the offer to acquire 100% of U.S. Steel for $17.50 per share in cash and 1.023 shares of Cleveland-Cliffs stock, a total consideration value of $35 per share. U.S. Steel rejected the offer, calling it 'unreasonable'.

Portfolio Pulse from Lisa Levin

August 15, 2023 | 12:05 pm

FTRS

RCRT

Futuris Company (OTC: FTRS) has agreed to acquire the specialized healthcare staffing business from Recruiter.com Group, Inc. (NASDAQ:RCRT)(NASDAQ:RCRTW). The deal includes Futuris stock valued at $500,000 and a share of the ongoing gross profit, capped at $2 million. The transaction is expected to close immediately upon the fulfillment of closing conditions.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 12:05 pm

RCL

SGTX

SRPT

Insider trades were noted in three healthcare stocks: Royal Caribbean Cruises Ltd. (RCL), Sarepta Therapeutics, Inc. (SRPT), and Sigilon Therapeutics, Inc. (SGTX). RCL's director acquired 1,000 shares, indicating confidence in the company's prospects after reporting Q2 sales growth. SRPT's director acquired 23,686 shares following a narrower-than-expected Q2 loss. Shenandoah Acquisition Corp, a 10% owner of SGTX, bought 1,718,493 shares after Eli Lilly agreed to acquire the company.

Portfolio Pulse from Lisa Levin

August 15, 2023 | 11:44 am

TRNR

Interactive Strength Inc. has announced a non-binding letter of intent and exclusivity agreement to acquire a connected fitness equipment business. The company anticipates $10M in combined gross revenues for 2023 and expects to exceed $25M in 2024.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 11:34 am

BSAQ

VFS

Shares of Vietnamese electric vehicle (EV) manufacturer Vinfast Auto are trading at $31 in the premarket on their first day of trading, following the completion of a SPAC merger.

Portfolio Pulse from Charles Gross

August 15, 2023 | 10:10 am