Streetbeat News

Acquisitions Mergers

CXXIF

C21 Investments Inc. reported a slight year-over-year increase in Q4 same-store sales, despite a 12% decline in Nevada sales. The company's FY 2023 financials show a revenue decrease of 2% to $28.3 million, with a net loss of $2.5 million, contrasting with a net income in 2023. Gross profit and margin also declined. The company announced the closing of a CA$4 million convertible debenture offering to fund the acquisition of Deep Roots Harvest, Inc.'s assets, including a dispensary in Southern Reno. This move is part of C21's strategy to expand its retail footprint in Nevada. Additionally, Viridian Capital Advisors anticipates increased M&A activity in the cannabis sector due to regulatory changes.

Portfolio Pulse from Jelena Martinovic

May 09, 2024 | 12:01 pm

ARKB

BITB

FBTC

GBTC

IBIT

Spot Bitcoin ETFs experienced $11M in net inflows on May 8, led by the Bitwise ETF (BITB) with Grayscale shifting focus towards a Spot Ether ETF. Other notable ETFs like GBTC, IBIT, FBTC, and ARKB reported no changes. Grayscale's strategic pivot to enhance its Ethereum trust reflects a broader industry trend favoring spot over futures products.

Portfolio Pulse from Murtuza Merchant

May 09, 2024 | 12:00 pm

Nippon Steel remains committed to its $14.9 billion acquisition of US Steel (NYSE:X) despite political and union challenges. The deal, facing bipartisan opposition and antitrust scrutiny in the US, is expected to close by late 2024. Nippon Steel has assured no job losses or plant shutdowns, with a $1.4 billion capital spending commitment and no layoffs through at least 2026.

Portfolio Pulse from Benzinga Neuro

May 09, 2024 | 11:57 am

SPSC

SPS Commerce has acquired Traverse Systems for around $29.3M, combining cash and stock. The acquisition is expected to add $600,000 in revenue in Q2 2024 but will negatively impact Adjusted EBITDA by $200,000. For the fiscal year 2024, an additional $2.9M in revenue and a breakeven in Adjusted EBITDA are anticipated. By 2025, the acquisition is projected to contribute $5M in revenue and $1.5M in Adjusted EBITDA.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 11:56 am

SLND

Southland has been awarded a $202M project to construct the Bull Run Filtration Facility, aimed at providing safe drinking water to nearly one million residents in Multnomah, Clackamas, and Washington counties. The project includes extensive construction work and will be added to the Q2 2024 backlog.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 11:45 am

GOOGL

HUBS

HubSpot shares have seen an increase following reports that Alphabet is advancing in discussions to acquire the company. This news suggests a potential significant change in ownership and strategy for HubSpot, which could have various implications for its stock price and future operations.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 11:38 am

GOOGL

HUBS

Bloomberg has reported that Alphabet, the parent company of Google, is making progress in its discussions to acquire HubSpot, a provider of marketing software. This move could significantly expand Alphabet's offerings in the marketing domain.

Portfolio Pulse from Charles Gross

May 09, 2024 | 11:38 am

RPRX

SNY

Royalty Pharma (RPRX) is set to acquire royalties and milestones on frexalimab from ImmuNext for approximately $525 million in cash, including estimated transaction costs. This deal grants Royalty Pharma 100% of net royalties on worldwide net sales of frexalimab up to $2.0 billion, with a share of royalties above this threshold going to ImmuNext shareholders. The acquisition also includes potential milestone payments from Sanofi (SNY), with frexalimab's royalties projected through 2041. Frexalimab, developed by Sanofi, is a pioneering anti-CD40 ligand monoclonal antibody.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 11:20 am

VRNA

Verona Pharma has secured a strategic financing deal worth $650 million with Oaktree and OMERS, significantly extending its cash runway beyond 2026. This financial injection is aimed at supporting the company's ongoing and future projects, ensuring stability and potential for growth in the coming years.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 11:18 am

FTXN

OILT

OXY

Occidental Petroleum Corporation's (NYSE:OXY) acquisition of CrownRock LP is now expected to close in the third quarter of FY24, delayed from the initial Q1 2024 expectation. Despite this, Occidental plans to boost Permian Basin production by 18,000 barrels per day in the second half of 2024. In Q1, Occidental beat EPS estimates but missed on sales. The stock can be accessed through ETFs like OILT and FTXN.

Portfolio Pulse from Lekha Gupta

May 09, 2024 | 10:11 am