Streetbeat News

Acquisitions Mergers

BTTR

Better Choice Company, Inc. (BTTR) has initiated legal action against Alphia, Inc. for failing to close the asset sale of Halo, Purely for Pets, Inc., a subsidiary of Better Choice, as per their agreement. Better Choice is seeking to enforce the right of first refusal option exercised by Alphia and is demanding monetary damages in excess of $19 million for Alphia's misconduct. The legal action follows unsuccessful attempts to communicate with Alphia and its controlling firm, PAI Partners.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 1:18 pm

VIRI

Virios Therapeutics, Inc. (NASDAQ:VIRI) announced the publication of an international patent for IMC-2, aimed at treating Long-COVID (LC) symptoms. The patent, published by the World Intellectual Property Organization, covers the use of a combination of valacyclovir and celecoxib for treating LC, including fatigue and cognitive dysfunction. Preliminary studies show significant reductions in LC symptoms, with further results expected from an ongoing trial. The potential market includes over 45 million adults in the US, highlighting a significant need for effective LC treatments.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 1:17 pm

BABA

ONLN

PGJ

Alibaba Group (NYSE:BABA) and its logistics subsidiary, Cainiao, announced the withdrawal of Cainiao's IPO application on the Hong Kong Stock Exchange and proposed a $3.75 billion share purchase from Cainiao's minority shareholders. Alibaba aims to integrate Cainiao more closely with its e-commerce platforms to enhance strategic synergies and support global logistics expansion. Alibaba also temporarily halts its Ling Shou Tong platform for business adjustments but plans to continue existing orders and after-sales service. The stock is accessible through Invesco Golden Dragon China ETF (NASDAQ:PGJ) and ProShares Online Retail ETF (NYSE:ONLN), with BABA shares up 0.39% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

March 26, 2024 | 1:15 pm

CELH

Celsius Holdings, Inc. (NASDAQ:CELH), the maker of CELSIUS® energy drinks, announced its expansion into Australia and New Zealand through a definitive manufacturing, sales, and distribution agreement with Suntory Oceania. This move is part of CELSIUS's strategy to grow its global sales and distribution footprint, targeting strategically important energy drink markets. The company expects to start sales in these new markets in Q4 2024, aiming to accelerate growth in 2025.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 1:13 pm

CHEK

Nobul AI Corp has agreed to acquire Check-Cap Ltd (NASDAQ:CHEK), with Nobul shareholders becoming the majority holders of the combined company. The merger aims to create a public company focused on an AI-driven fintech marketplace and enhancing traditional companies through AI, headquartered in Toronto, Canada. The combined entity plans to apply for listing on the NASDAQ and TSX, with Nobul's executive team leading the new company. The acquisition is seen as a strategic move to deliver value to shareholders and leverage Nobul's M&A expertise. Check-Cap, a clinical-stage medical diagnostics company, is known for developing C-Scan, a preparation-free colorectal cancer screening test.

Portfolio Pulse from Vandana Singh

March 26, 2024 | 1:13 pm

WEWKQ

Adam Neumann, former CEO of WeWork, has proposed a bid of over $500 million to buy back the bankrupt co-working company, WeWork Inc. Collaborating initially with Dan Loeb's Third Point hedge fund and other investors, Neumann is seeking to regain control and influence WeWork's future. However, Third Point clarified it is not directly involved in this bid. WeWork aims to emerge from bankruptcy in the second quarter, focusing on restructuring and evaluating third-party interests for the company's long-term benefits.

Portfolio Pulse from Vandana Singh

March 26, 2024 | 12:45 pm

CART

GME

RDDT

Reddit Inc (NYSE:RDDT) has seen a surge in bullish options activity since its IPO, with shares climbing significantly. Despite no annual profit since 2005, investor interest remains high, with a focus on call options. Opinions among investors vary, with some skeptical of Reddit's financials and future growth. Comparisons with other IPOs like Instacart (NASDAQ:CART) suggest Reddit's valuation may be more reasonable. The debate between bullish and bearish sentiments continues, with high options premiums indicating uncertainty about Reddit's future.

Portfolio Pulse from Surbhi Jain

March 26, 2024 | 12:39 pm

NSC

Ancora Holdings Group, LLC, a significant shareholder of Norfolk Southern Corporation (NYSE:NSC), has announced its intention to nominate seven director candidates for Norfolk Southern's Board at the 2024 Annual Meeting. Ancora aims to implement a leadership strategy to achieve a 57% operating ratio and recapture high-margin growth within 36 months, leveraging the proposed team's extensive experience in transportation and change management. The proposed leadership includes former UPS President of International and COO, Jim Barber, as CEO, and former EVP of Operations at CSX, Jamie Boychuk, as COO. Ancora urges shareholders to vote using the BLUE Proxy Card to elect its slate and advocate for leadership change following Norfolk Southern's crises and underperformance.

Portfolio Pulse from Happy Mohamed

March 26, 2024 | 12:38 pm

AROC

EGY

TDW

As of March 26, 2024, three energy stocks, Archrock, Inc. (AROC), Tidewater Inc. (TDW), and VAALCO Energy, Inc. (EGY), are considered overbought based on their RSI values, indicating potential short-term performance concerns. AROC's recent gains follow better-than-expected sales, TDW's stock rose after a year of significant milestones and profitable growth, and EGY's stock surged due to record financial results and successful acquisition integration.

Portfolio Pulse from Avi Kapoor

March 26, 2024 | 12:36 pm

ABVC

ABVC BioPharma has entered into a global licensing agreement with ForSeeCon Eye Corporation for Vitargus, including a licensing income of $33.5M and potential royalties up to $60M.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 12:32 pm