Streetbeat News

Acquisitions Mergers

CLABF

Core One Labs Inc.'s subsidiary, GMP Drug Inc., has entered into a non-binding letter of intent with Zollaris Laboratories Corporation for a potential transaction involving the sale of psychedelic compounds. The compounds are formulated by Vocan Biotechnologies Inc. and Awakened Biosciences Inc., also subsidiaries of Core One. The final agreement is subject to conditions including due diligence, negotiation and execution of the definitive agreement, and Zollaris holding a valid controlled substances license from Health Canada.

Portfolio Pulse from Vuk Zdinjak

July 24, 2023 | 1:52 pm

EGLX

GSQ.CN

FaZe Clan, a prominent esports organization, is reportedly considering two acquisition offers from Gamesquare and Enthusiast Gaming, according to Sports Business Journal.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 1:42 pm

BMMJ

Body and Mind Inc.'s subsidiary, DEP Nevada, Inc., has agreed to sell its Ohio cannabis dispensary to FarmaceuticalRX, LLC for a total consideration of $8.225 million in cash proceeds at closing, with an additional $2.5 million in potential contingent proceeds. The transaction is subject to regulatory approval from the State of Ohio and other closing conditions.

Portfolio Pulse from Vuk Zdinjak

July 24, 2023 | 1:38 pm

INFI

Infinity Pharmaceuticals (NASDAQ:INFI) has terminated its merger agreement with MEI Pharma after MEI failed to obtain stockholder approval. Infinity's board will explore alternatives for its eganelisib drug. MEI may have to reimburse Infinity for certain expenses and fees of $1 million. An additional $4 million termination fee from MEI is possible under certain circumstances.

Portfolio Pulse from Henry Khederian

July 24, 2023 | 1:38 pm

AAPL

TSLA

Tesla is planning to meet with India's commerce minister in July to discuss building a factory in India for a new $24,000 car. The factory would produce low-cost electric vehicles for the local market and for export. The Indian government has promised incentives to attract investment from Tesla and Apple. UBS analyst Patrick Hummel downgraded Tesla from Buy to Neutral and raised the price target from $220 to $270.

Portfolio Pulse from Anusuya Lahiri

July 24, 2023 | 1:33 pm

BX

PSA

Public Storage (NYSE:PSA) has agreed to acquire Simply Self Storage from Blackstone Inc's (NYSE:BX) Blackstone Real Estate Income Trust, Inc. (BREIT) for $2.2 billion. The portfolio includes 127 properties and 9 million net rentable square feet, with 65% of the assets in high-growth Sunbelt markets. The deal is expected to close in Q3 2023.

Portfolio Pulse from Lekha Gupta

July 24, 2023 | 1:24 pm

ICAGY

International Consolidated Airlines Group SA (ICAGY) has invested in Nova Pangaea Technologies (NPT), a cleantech company that develops advanced biofuels for Sustainable Aviation Fuel. The investment will speed up the development of NPT's first commercial-scale waste-to-fuel production facility, NOVAONE. The deal makes ICAGY a minority shareholder in NPT. ICAGY plans to use NPT's technology to help other airlines in its group decarbonize.

Portfolio Pulse from Akanksha Bakshi

July 24, 2023 | 1:19 pm

LYFT

Lyft is considering strategic alternatives for its bike division, including a potential sale or partnership with an investor. The company acquired a bike-rental operation in 2018, which has been popular in several cities but is also a costly logistical challenge. The move is part of a series of changes by new CEO David Risher to turn around the struggling company. Since taking over, Risher has cut jobs, introduced new features, and mandated office returns. Lyft's market share has increased recently, and its stock has risen more than 19% since Risher's appointment.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 1:10 pm

ALBT

Avalon GloboCare Corp. (NASDAQ:ALBT) announced that its 40% owned Laboratory Services MSO, LLC (LSM) has acquired DE Laboratory LLC (DE Labs), a Texas-based laboratory. DE Labs offers a range of testing services, including drug, genetic, urinary, and COVID-19 PCR testing. LSM plans to use this acquisition to expand its geographical reach and leverage synergies for revenue growth and market share.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 1:08 pm

TLGA

TLG Acquisition One and Electriq Power, Inc. have entered into a forward purchase agreement for an OTC equity prepaid forward transaction. The seller intends to purchase up to 9.9% of TLG's Class A common stock following the merger, according to an SEC filing.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 1:05 pm