Streetbeat News

Acquisitions Mergers

LEEEF

LEEF Brands, Inc. reported improved margins and EBITDA in Q1 fiscal 2024, following a merger with Icanic Brands and the acquisition of Salisbury Canyon Ranch for cannabis cultivation. The company saw a 35% increase in net revenue and a 347% increase in adjusted EBITDA in Q4 2024, with a year-over-year revenue growth of 13% for FY 2023. CEO Micah Anderson highlighted the company's progress and the strategic moves leading to these results.

Portfolio Pulse from Jelena Martinovic

April 18, 2024 | 1:24 pm

ZURA

Zura Bio Limited (NASDAQ:ZURA) announced a $112.5M private placement of 20.1M Class A shares at $3.108 each to fund operations through 2027. The placement, led by Access Biotechnology and other major investors, aims to accelerate the development of tibulizumab for autoimmune diseases. The deal, expected to close on April 22, 2024, includes pre-funded warrants and is in compliance with Nasdaq rules. Piper Sandler, Guggenheim Securities, and Cantor are the lead placement agents.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 1:23 pm

CACO

Caravelle International Group (NASDAQ:CACO) has signed a manganese ore purchase agreement with CUEX Metal AG, expected to generate $400M-$500M annually for Caravelle. The partnership, involving the supply of 4.5 million tons of manganese ore over three years, aims to advance both companies' positions in the global steel and wood drying industries. The innovative business model includes transporting manganese ore and drying wood on the same carrier, optimizing resource allocation and promoting environmental sustainability.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 1:20 pm

TBIO

Telesis Bio Inc. (NASDAQ:TBIO) announced a strategic shift to focus on its Gibson SOLA enzymatic DNA synthesis platform and BioXp mRNA solutions, aiming to accelerate drug discovery. The company also reported a CEO change, with Eric Esser taking over from Todd R. Nelson. Telesis Bio has entered into a co-development and marketing agreement with a leading automation provider and expanded its commercial channel through a distribution agreement with Avantor. The company has achieved cost savings by restructuring operations, reducing operating expenses, and extending its cash runway.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 1:17 pm

UTZ

Utz Brands, Inc. (UTZ) has announced the sale of two manufacturing facilities to Our Home for $18.5 million, aiming to reduce long-term debt and add cash to its balance sheet. This move is part of Utz's supply chain transformation strategy, reducing its manufacturing facilities from 16 to 8 since 2021. The transactions are expected to close on April 22, 2024, and are anticipated to be accretive to Utz's Adjusted EPS in 2024. Additionally, Utz has completed a repricing of its $630 million Term Loan, reducing the interest rate and expecting to save $2 million annually in cash interest expense.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 1:14 pm

WMT

Walmart Inc-backed Ibotta, a digital marketing company, is set for its IPO, aiming to raise $577.3 million at a valuation of $2.7 billion. The company plans to offer 6.56 million shares at $88 each, above the initial price range. Ibotta, founded in 2011 and going public under the ticker IBTA, benefits from the AI buzz and a recovering U.S. IPO market. Walmart shares (WMT) saw a slight increase of 0.08% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 18, 2024 | 1:13 pm

AJG

Arthur J. Gallagher & Co. has acquired Fontenelle & Goodreau Insurance, LLC, a Louisiana-based agency specializing in commercial property/casualty coverages, particularly for large apartment accounts. The terms of the acquisition were not disclosed. The Fontenelle & Goodreau team will continue operating in their current location under Gallagher's Southeast retail property/casualty brokerage operations, led by Bumpy Triche.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 1:09 pm

CARR

Carrier Global Corporation (NYSE:CARR) announced an investment and technology partnership with Strategic Thermal Labs (STL) for the development of a liquid cooling solution for data centers. This technology is expected to significantly reduce energy consumption in data centers, with the liquid cooling market projected to grow to $3-5B by 2028. Carrier's investment in STL, following its acquisition of Nlyte in 2021, aligns with its ESG goals to reduce greenhouse gas emissions and develop sustainable energy solutions.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 1:06 pm

COIN

Nana Murugesan, a former Coinbase executive, has joined Matter Labs as its first president to help scale zkSync, a technology designed to enhance the Ethereum blockchain. Murugesan's move is seen as a significant step for Matter Labs, especially in a bear market, highlighting the ongoing innovation within the blockchain space. Matter Labs, which recently raised $200 million, aims to expand its team and operations under Murugesan's leadership.

Portfolio Pulse from Murtuza Merchant

April 18, 2024 | 12:58 pm

AMZN

ONLN

WMT

XLY

Amazon.com Inc (NASDAQ:AMZN) is expanding its 'Just Walk Out' cashierless technology to third-party stores, aiming to double its current deployment. This move contrasts with its strategy for Amazon Fresh stores, where it plans to use 'smart' shopping carts instead. The expansion is part of Amazon's effort to compete with Walmart Inc (NYSE:WMT), leveraging technology to enhance the shopping experience. Analysts see the shift to smart carts in Fresh stores as a response to customer feedback and a potential source of additional advertising revenue. Amazon's stock has seen significant growth, and its performance can also impact related ETFs like SPDR Select Sector Fund – Consumer Discretionary (NYSE:XLY) and ProShares Online Retail ETF (NYSE:ONLN).

Portfolio Pulse from Anusuya Lahiri

April 18, 2024 | 12:53 pm