Streetbeat News

Acquisitions Mergers

NIVF

NewGenIvf Group Limited (NASDAQ:NIVF) shares surged after announcing a non-binding term sheet for a reverse merger with European Wellness Investment Holdings, proposing to issue 53,600,000 shares at $5 each for 100% equity of EWIHL and to raise $30 million. The move aims to enhance operational synergies, expand global reach, and improve fertility outcomes, with the CEO highlighting the deal's potential to increase market capitalization and affirming the stock's undervaluation.

Portfolio Pulse from Erica Kollmann

April 22, 2024 | 2:31 pm

MTTR

Matterport Inc (NASDAQ:MTTR) shares surged after announcing a takeover deal by CoStar Group, valued at $2.1 billion. Shareholders will receive $2.75 in cash and $2.75 in CoStar stock per Matterport share. The deal, expected to close this year, has been approved by Matterport's board and awaits shareholder approval.

Portfolio Pulse from Adam Eckert

April 22, 2024 | 2:29 pm

YYGH

YY Group Holding Limited (NASDAQ:YYGH), a manpower supplier in the recruitment industry, announced its IPO of 1,125,000 shares at $4 each, totaling approximately $4.5 million. The shares will start trading on Nasdaq on April 22, 2024, under the symbol 'YYGH'. The proceeds will be used for business expansion, marketing, product development, team expansion, and general corporate purposes. US Tiger Securities, Inc. is the sole book-running manager.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 2:22 pm

GOOG

GOOGL

META

MSFT

ORCL

Wedbush analysts suggest Microsoft Corp. (MSFT) and Oracle Corp. (ORCL) as likely buyers for TikTok, but Meta Platforms Inc. (META) and Alphabet Inc. (GOOG, GOOGL) could benefit the most if TikTok exits the U.S. market. This follows a U.S. House bill proposing a TikTok ban or forced sale to address national security concerns, potentially redistributing TikTok's U.S. revenue to Meta and Google.

Portfolio Pulse from Rounak Jain

April 22, 2024 | 2:20 pm

CSGP

MSTR

MTTR

NGVT

Matterport, Inc. (MTTR) shares surged following the announcement of its acquisition by CoStar Group, Inc. (CSGP) for an estimated $1.6 billion. Other stocks like Sea Limited (SE), Ingevity Corporation (NGVT), and MicroStrategy Incorporated (MSTR) also recorded significant gains, driven by upgrades, analyst recommendations, and the rise in Bitcoin, respectively.

Portfolio Pulse from Avi Kapoor

April 22, 2024 | 2:10 pm

ACI

Albertsons Companies Inc (NYSE:ACI) reported a slight sales growth in Q4 FY23 but missed analyst estimates. The company saw a 0.4% year-on-year increase in sales to $18.34 billion, with a notable 24% increase in digital sales. However, adjusted EBITDA fell by 12.8% Y/Y. Adjusted EPS of $0.54 beat estimates. Albertsons and Kroger Co (NYSE:KR) have updated their divestiture plan with C&S Wholesale Grocers to address antitrust concerns, increasing the total store count to be sold to 579. ACI shares rose by 0.17% following the news.

Portfolio Pulse from Shivani Kumaresan

April 22, 2024 | 2:09 pm

LLY

Eli Lilly (LLY) has announced the acquisition of a new injectable medicine manufacturing facility from Nexus Pharmaceuticals, aiming to expand its U.S. production capacity. The FDA-approved facility in Pleasant Prairie, Wisconsin, will enhance Lilly's global parenteral product manufacturing network to meet growing demand for its medicines, with production expected to start by the end of 2025. The acquisition underscores Lilly's commitment to growth, innovation, and meeting product demand. Financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 2:06 pm

OPTT

Paragon Technologies, the largest shareholder of Ocean Power Technologies (OPTT), urges OPTT to stop dilutive equity raises and offers up to $3M in non-dilutive preferred equity to prevent insolvency and shareholder losses. Paragon criticizes OPTT's management and recent performance, highlighting a nearly 40% drop in share price and market's loss of faith in OPTT's strategy. Paragon has also filed a complaint alleging an invalid annual meeting and criticizes OPTT's decision to raise capital at the expense of shareholder value.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 1:59 pm

ERMAF

Argentina's lithium reserves are attracting significant foreign investment, seen as a key to economic recovery. Eramet's subsidiary Eramine announced an $800 million investment in Salta for lithium production, expected to export 4,000 tons in 2024, scaling to 24,000 tons annually. Additionally, United Mining Projects Corporation's subsidiary Marhen Lithium plans a $550 million investment in Catamarca, estimated to create 900 jobs and contribute $168 million locally. These projects come as Argentina faces economic challenges, with the IMF forecasting a 2.8% GDP contraction in 2024 but a potential turnaround with reduced inflation by 2025.

Portfolio Pulse from Stjepan Kalinic

April 22, 2024 | 1:56 pm

HEPA

MLEC

NIVF

SPCB

VAXX

YYAI

U.S. stocks traded higher with the Dow Jones gaining over 100 points. The Chicago Fed National Activity Index rose to +0.15 in March, exceeding expectations. Moolec Science SA, NewGenIvf Group Limited, and SuperCom Ltd. saw significant stock increases, while Vaxxinity, Inc., Hepion Pharmaceuticals, Inc., and Connexa Sports Technologies Inc. experienced notable declines.

Portfolio Pulse from Avi Kapoor

April 22, 2024 | 1:41 pm