Streetbeat News

Acquisitions Mergers

BTBT

Bit Digital Inc (NASDAQ:BTBT), a bitcoin mining company, announced receiving a customer proposal to expand its existing agreement for Bit Digital AI by an additional 2,048 GPUs, bringing the total to 4,096 GPUs. This expansion is expected to help the company reach a $100 million annualized revenue run-rate for its AI business. The company's revenue growth in FY23 was 39.15%, influenced by various factors including the macroeconomic environment. Bit Digital's stock was up 3.95% at $2.36 following the announcement.

Portfolio Pulse from Adam Eckert

March 27, 2024 | 1:16 pm

BABA

ONLN

PGJ

Alibaba Group Holding Limited's logistics arm, Cainiao, plans to double the year-end bonus for all employees in its next financial year and launch an 'entrepreneurship incentive plan'. This move comes after Alibaba canceled Cainiao's IPO. Alibaba, owning 64% of Cainiao, has proposed to buy the remaining stake for up to $3.75 billion, valuing Cainiao at $10.3 billion. Alibaba is also revising employee incentives across its units, allowing quarterly stock option exercises. The company aims to strengthen its logistics and e-commerce integration, focusing on global market expansion and AI advancements. Alibaba's stock has declined by 17% over the last 12 months.

Portfolio Pulse from Anusuya Lahiri

March 27, 2024 | 1:09 pm

APLE

Apple Hospitality REIT has acquired the AC Hotel by Marriott Washington DC Convention Center for approximately $116.8 million.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 1:02 pm

CMND

SPRC

SciSparc Ltd. (NASDAQ:SPRC) and Clearmind Medicine Inc. (NASDAQ:CMND) have advanced their collaboration with a new international patent application for a treatment aimed at preventing and treating depression. This application involves a novel composition combining Clearmind's MEAI compound with SciSparc's CannAmide™. The global market for depression and anxiety disorders treatment is projected to grow significantly, indicating a substantial market opportunity for this collaboration.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 12:56 pm

LUXH

LuxUrban Hotels announced its expectation to expand its portfolio in FY24, focusing on acquiring higher-quality 3.5 to 4.5-star properties under long-term master lease agreements. This strategic move is aimed at generating increased Total Revenue per Available Room (TRevPAR).

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 12:53 pm

JACK

The SEC has alleged that four minor league baseball players engaged in insider trading ahead of Jack In The Box Inc's acquisition of Del Taco Restaurants Inc, making approximately $190,000. The lawsuit, filed in San Diego, claims the players traded on confidential information about the $575 million deal. Jack In The Box, which completed the acquisition in 2021, has not been charged with wrongdoing. The SEC seeks to recover profits and impose fines on the players.

Portfolio Pulse from Shivani Kumaresan

March 27, 2024 | 12:53 pm

MIGI

Mawson Infrastructure Group Inc. (NASDAQ:MIGI) announced a 30% growth in its co-location services business, expanding to about 25,284 miners or 82 MW. This includes a new agreement with Consensus Technology Group LLC, adding approximately 5,880 miners or 20 MW. The expansion follows three successful co-location customer agreements since Q4, 2023, showcasing Mawson's operational and technological excellence in digital infrastructure.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 12:52 pm

MRNA

Moderna Inc's stock rose after announcing positive Phase 3 trial results for its next-generation COVID-19 vaccine, MRNA-1283, and a $750 million investment from Blackstone Life Sciences for its flu program. The company's advancements in its mRNA vaccine pipeline were highlighted during its fifth Vaccines Day event, including the progression of multiple vaccine programs to late-stage clinical trials. MRNA-1283 showed a higher immune response than its licensed COVID-19 vaccine, and the investment will support the development of a combination flu and COVID-19 vaccine.

Portfolio Pulse from Adam Eckert

March 27, 2024 | 12:51 pm

ACN

AZO

SCS

WDAY

Insiders at Workday, AutoZone, Accenture, and Steelcase have recently sold shares, indicating potential concerns or views of overvaluation. Workday's insider sold shares after announcing financial results and an acquisition. AutoZone's sale followed an analyst's price target increase. Accenture's COO sold shares after mixed quarterly results, and Steelcase's COO sold shares following mixed financial results and weak revenue guidance.

Portfolio Pulse from Avi Kapoor

March 27, 2024 | 12:24 pm

AGI

Alamos Gold Inc. (AGI) has announced its plan to acquire Argonaut Gold Inc. through a court-approved plan of arrangement. Each Argonaut share will be exchanged for 0.0185 Alamos shares and 1 share of SpinCo2, valuing Argonaut at approximately US$325 million. This deal represents a 34% premium based on the closing prices of both companies on the TSX as of March 26, 2024, and a 41% premium based on their 20-day volume-weighted average prices. Alamos is expected to issue around 20.3 million common shares, equating to an equity value of about US$276 million and an enterprise value of US$516 million.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 12:22 pm