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Acquisitions Mergers

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GOOGL

PYPL

Venture firm Sequoia Capital has seen significant changes, including the departure of five investors and a split in its operations. Michael Moritz, a partner since 1986, is stepping away to focus on Sequoia Heritage, a wealth management business he co-founded. Moritz will continue to serve on the boards of various Sequoia companies, such as Stripe Inc., but will gradually step down. Sequoia suffered a $214 million loss, primarily from its global growth fund, despite profitable returns since its inception in 1972. The firm also announced a significant split with its operations in China and India in June.

Portfolio Pulse from Murtuza Merchant

July 20, 2023 | 4:14 pm

RKDA

Arcadia Biosciences Inc (RKDA) is exploring strategic options to maximize long-term shareholder value, including potential acquisitions, mergers, asset sales, joint ventures, licensing arrangements, capital raises, or other strategic transactions. This is part of their Project Greenfield, a 3-year plan to maximize the company's potential. The company expects Q2 revenue of $1.3 million - $1.5 million and plans to streamline operations and exit body care brands ProVault and SoulSpring, saving $3 million to $4 million in annual operating expenses starting in August 2023.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 4:08 pm

KTTA

LSDI

Pasithea Therapeutics Corp (NASDAQ:KTTA) rejected an unsolicited acquisition proposal from Lucy Scientific Discovery Inc (NASDAQ:LSDI). The offer proposed a 142% premium to Pasithea's share price. Pasithea's Board also authorized a $4.0 million tender offer to repurchase up to 5.7 million shares of the company's outstanding common stock.

Portfolio Pulse from Vandana Singh

July 20, 2023 | 4:02 pm

JPM

KKR

A buyout firm is reportedly set to acquire Chase for approximately $1.3 billion, including debt. The deal could be finalized as early as Friday, according to sources cited by the Wall Street Journal.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 3:47 pm

SKYX

SKYX Platforms Corp. (NASDAQ:SKYX), a platform technology company, has appointed Khadija Mustafa, former AI and global business leader at Microsoft, as a Senior Tech, AI and Global Business Advisor. Mustafa's experience in AI, enterprise, and public sector segments, as well as hardware, devices, and supply chain, is expected to benefit SKYX as it aims to become a sought-after solution for homes and buildings.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 2:55 pm

XOM

Exxon Mobil Corp (NYSE:XOM) is reportedly planning to enter the lithium market, with plans to build one of the world's largest lithium processing facilities in Arkansas. The company has already purchased 120,000 acres in southern Arkansas for over $100 million, which could contain enough lithium to power around 50 million electric vehicles. Exxon Mobil believes it has the expertise to become a low-cost lithium supplier and has held talks with battery manufacturers and EV companies.

Portfolio Pulse from Adam Eckert

July 20, 2023 | 2:53 pm

HAS

Entertainment One (eOne) is closing its UK theatrical distribution business as part of a cost-cutting measure by its owner, Hasbro. Hasbro acquired eOne in 2019 for $3.8 billion when the UK theatrical business was robust.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 2:52 pm

PSQH

PSQ Holdings, Inc. (PublicSq.) (NYSE:PSQH) shares are experiencing high volatility and heavy trading volume after the company commenced trading of its Class A common stock under the symbol PSQH. This follows the successful completion of a business combination with Colombier Acquisition Corp., which resulted in Colombier being renamed as PSQ Holdings, Inc. and its ticker symbol changing from CLBR to PSQH. The stock has been halted multiple times and is currently up more than 35%.

Portfolio Pulse from Erica Kollmann

July 20, 2023 | 2:51 pm

INDA

LYT

Lytus Technologies Holdings PTV. Ltd. (NASDAQ:LYT) has announced the launch of its IPTV and Broadband services in India. The company has installed a dedicated IPTV headend and secured content from broadcasters. Through its acquisition of Sri Sai, Lytus plans to roll-out its services to its approx. 4 million subscribers via a network of over 5,000 local cable operators.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 2:08 pm

HCCI

JNJ

OLO

ZION

Several US stocks recorded gains in Thursday's trading session. Heritage-Crystal Clean (HCCI) surged 9.6% after announcing its acquisition by J.F. Lehman & Company for $1.2 billion. Zions Bancorporation (ZION) gained 9.4% following its Q2 earnings report. Olo Inc. (OLO) jumped 9.4% after Piper Sandler upgraded the stock from Neutral to Overweight. Johnson & Johnson (JNJ) gained 4.8% after posting positive Q2 results and raising its annual outlook.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 2:03 pm