Streetbeat News

Acquisitions Mergers

CCHWF

CRLBF

Cresco Labs and Columbia Care have mutually agreed to terminate their merger agreement and the sale of certain assets to Sean 'Diddy' Combs. The decision was made in light of the evolving cannabis industry landscape and is believed to be in the long-term interest of Cresco Labs and its shareholders. No penalties or fees are associated with the termination of the transaction.

Portfolio Pulse from Vuk Zdinjak

July 31, 2023 | 1:47 pm

JBHT

NKLA

J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) plans to buy 13 zero-emission Class 8 trucks from Nikola Corp (NASDAQ:NKLA) as part of its goal to reduce carbon emission intensity by 32% by 2034. The order includes ten battery-electric and three hydrogen fuel-cell electric vehicles, expected to be delivered in August 2023. The trucks will be used in key routes in the Los Angeles and Phoenix areas. Nikola's hydrogen subsidiary will provide the hydrogen and fueling infrastructure.

Portfolio Pulse from Lekha Gupta

July 31, 2023 | 1:42 pm

AMD

NVDA

SSNLF

Nvidia continues to buy 'high bandwidth memory' (HBM) chips despite rising prices, contributing to a supply crisis for smaller market participants. SK Hynix and Samsung Electronics, who command 90% of the global HBM chip market, plan to double production despite losses due to supply glut. Nvidia and Advanced Micro Devices have requested samples of SK Hynix's next-generation HBM3E chips, indicating their importance in GPUs used in data centers and AI training. Micron Technology is sampling its HBM3 Gen 2 chip to close the gap with its Korean rivals.

Portfolio Pulse from Anusuya Lahiri

July 31, 2023 | 1:05 pm

NEWR

New Relic (NYSE:NEWR) has announced a definitive agreement to be acquired by Francisco Partners and TPG for $87.00 per share in cash, valuing the company at approximately $6.5 billion. The purchase price represents a premium of approximately 26% to New Relic's 30-day volume-weighted average closing price and a 30% premium to its last-twelve-months volume-weighted average closing price. Upon completion of the transaction, New Relic will become a private company.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 1:03 pm

ISIG

Insignia Systems, Inc. (NASDAQ:ISIG) has announced that its shareholders have approved the sale of its in-store marketing business to Park Printing, Inc. The sale is expected to close on August 3, 2023. Following the sale, Insignia Systems will focus on building a non-bank lending platform. The company's President and CEO, Kristine Glancy, will depart from the company at the end of August 2023.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 1:02 pm

TSLA

VWAGY

Chinese firms are investing in South Korea's battery industry to gain exposure to the U.S. market. Over the past four months, Chinese and Korean companies have announced $4 billion of investments in five new battery factories in Korea. Chinese companies dominate the global battery supply chain, supplying to Korean EV cell manufacturers who, in turn, supply carmakers like General Motors Co, Tesla Inc, and Volkswagen AG. The Biden administration aims to reduce U.S. dependence on Chinese companies in the supply chain, but the deeply rooted presence of Chinese firms makes this problematic.

Portfolio Pulse from Anusuya Lahiri

July 31, 2023 | 12:49 pm

SXI

Standex International Corporation (SXI) has acquired Minntronix for approximately $30 million in cash. The transaction is being financed from Standex's existing cash balance.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 12:46 pm

AAPL

HNHPF

Foxconn, a subsidiary of Hon Hai Precision Industry Co Ltd and a supplier to Apple Inc, is set to invest $195 million in a new facility in India's Tamil Nadu state. The facility, separate from the current campus where Foxconn assembles Apple's iPhones, will create 6,000 new jobs and is expected to be completed by 2024. This move is part of Foxconn's strategy to diversify operations and reduce exposure to China.

Portfolio Pulse from Anusuya Lahiri

July 31, 2023 | 12:44 pm

ACHR

ALLR

CHNR

China Natural Resources (CHNR) has agreed to sell all outstanding shares of Precise Space-time Technology Limited to Feishang Group Limited for approximately $13.2M. Allarity Therapeutics (ALLR) and FivepHusion are collaborating to support clinical development of Deflexifol™ with DRP® Companion Diagnostics. The U.S. Air Force has entered into contracts with Archer (ACHR) worth up to $142 million, representing a landmark investment in eVTOL technology.

Portfolio Pulse from ryanfaloona@benzinga.com

July 31, 2023 | 12:42 pm

RSSS

Research Solutions has acquired ResoluteAi, a move that will transform AI-powered innovation workflows. The acquisition will add $1.3M to Research Solutions' annual recurring revenue. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 12:34 pm