Streetbeat News

Acquisitions Mergers

JAN

JanOne Inc. shares surged following the announcement of a Definitive Agreement to acquire Alt 5 Sigma, indicating a strategic move to expand its business operations.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 8:20 pm

CPG

Crescent Point Energy Corp. has officially changed its name to Veren Inc., with shareholder approval at its AGM on May 10, 2024. Shares of Veren are set to trade under the new symbol 'VRN' on the TSX and NYSE starting around May 15, 2024. A new website will also be launched to reflect the change.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 8:17 pm

JAN

JanOne announced it will issue approximately 19.9% of its outstanding common stock, totaling 1,799,100 shares, and 34,207 shares of its Series B non-convertible, non-redeemable preferred stock to the former stockholders of ALT 5 as of May 10.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 8:15 pm

JAN

JanOne Inc. has announced the acquisition of blockchain financial technology provider ALT 5 Sigma Inc., with the transaction expected to close the week of May 13th, 2024. ALT 5 Sigma's transactional processing volume exceeded $1.1 billion in 2023 and over $450 million in Q1 2024. As part of the agreement, JanOne will issue shares to ALT 5's former stockholders, making ALT 5 and its subsidiaries wholly owned subsidiaries of JanOne.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 8:15 pm

BYNO

Nordic Acquisition Corp. has extended the deadline to complete its business combination from May 12, 2024, to June 12, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 8:09 pm

AAPL

BRK

NVDA

PFE

TSLA

XLU

Stocks have surged due to a strong earnings season and despite rising jobless claims. The S&P 500 and Dow Jones saw gains, with the utilities sector, particularly XLU, outperforming. Job market concerns arose with high jobless claims. Berkshire Hathaway reduced its Apple stake, while Apple introduced new iPads. Tesla announced job cuts in China, Pfizer settled Zantac lawsuits, and Nvidia was highlighted as a leader in AI technology.

Portfolio Pulse from Piero Cingari

May 10, 2024 | 8:09 pm

AUMN

HAYN

MTUS

AngloGold Ashanti reports a 2% increase in Q1 2024 gold production, maintaining full-year guidance despite challenges. Golden Minerals sells Velardeña Properties assets for $5.5 million. Metallus announces Q1 results with $321.6 million in net sales and a new $100 million share buyback program. Haynes Intl's fiscal Q2 net revenues hold steady at $152.5 million, with a net income of $8.6 million.

Portfolio Pulse from austin@walkonholdings.com

May 10, 2024 | 8:00 pm

WONDF

WonderFi Technologies Inc. reports a significant financial turnaround with a 43.4% revenue increase to $18.5 million and a net income of $4.9 million. The company attributes its success to leveraging synergies from recent acquisitions and enhanced cost management, with an EBITDA of $7.0 million. Cash and digital assets rose to $52.5 million, with trading volumes hitting $1.1 billion. Kevin O'Leary's bullish outlook and the company's focus on regulation and transparency are highlighted as key factors.

Portfolio Pulse from Renato Capelj

May 10, 2024 | 7:33 pm

MYTE

Mytheresa is exploring a buyout to go private and is considering acquiring Net-a-porter to enhance its distribution. The company is working with Morgan Stanley and B. Riley on these plans. Mytheresa's interest in going private and acquiring Net-a-porter comes as the luxury e-commerce space consolidates, with competitors also looking to strengthen their positions. Mytheresa's upcoming third-quarter results show a significant sales increase and improved EBITDA margin, despite its struggle to connect with Wall Street since its IPO.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 7:13 pm

NVDA

SOUN

SoundHound AI, Inc. (SOUN) sees a revenue surge from strong demand in the automotive and restaurant sectors, with Wedbush analyst Daniel Ives reiterating an Outperform rating and a price forecast of $9. The company's subscription and bookings backlog increased to $682.0 million in Q1, driven by product royalties and automotive segment strength. SoundHound has also completed the acquisition of SYNQ3 Restaurant Solutions, becoming the largest U.S. provider of voice AI for restaurants. A new partnership with NVIDIA Corporation (NVDA) was announced to deliver in-vehicle voice-enabled generative AI responses. SoundHound expects positive adjusted EBITDA in 2025 and raised its FY24 revenue outlook to $71.6 million.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 7:02 pm