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Acquisitions Mergers

CRPT

MSTR

MicroStrategy Inc (NASDAQ:MSTR) shares are rising as Bitcoin hits an all-time high, with the company's stock reaching its highest levels since March 2000. The surge is attributed to the approval of spot Bitcoin ETFs and anticipation of April's halving event. MicroStrategy recently announced a $700 million offering of convertible senior notes to buy more Bitcoin, acquiring an additional 12,000 bitcoins. The company now holds approximately 205,000 bitcoins. The First Trust SkyBridge Crypto Industry And Digital Economy ETF (NYSE:CRPT) has the largest allocation to MicroStrategy.

Portfolio Pulse from Adam Eckert

March 11, 2024 | 1:24 pm

SCX

L.S. Starrett Company (NYSE:SCX) shares surged premarket after announcing a definitive merger deal with MiddleGround Capital affiliate for $16.19 per share, a 63% premium over the closing price on March 8, 2024. The transaction, expected to close in mid-2024, will make Starrett a private company, enhancing its financial and operational flexibility. SCX shares rose 59.2% to $15.79 premarket.

Portfolio Pulse from Lekha Gupta

March 11, 2024 | 1:15 pm

HWKN

Hawkins, Inc. (NASDAQ:HWKN) has acquired Industrial Research Corporation, a distributor of water treatment chemicals and equipment in Louisiana, Texas, and Arkansas. This acquisition aims to fill a geographical void in Hawkins' water treatment business and accelerate growth in the region. Financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:09 pm

CHH

WH

Choice Hotels International, Inc. (NYSE:CHH) announced the expiration of its exchange offer to acquire Wyndham Hotels & Resorts, Inc. (NYSE:WH) and withdrew its nomination of independent director candidates for Wyndham's 2024 Annual Meeting. Despite attempts to negotiate, including multiple offer increases, Choice will focus on its standalone strategy. Wyndham urged shareholders to support its Director nominees, citing a clear path to deliver shareholder value beyond Choice's offer. Choice also announced a share repurchase program increase by five million shares, totaling approximately 6.8 million shares authorized for repurchase. WH stock dropped 3.13% to $73.70, while CHH shares rose 6.17% to $128.50 in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 11, 2024 | 1:09 pm

JRVR

James River Group Holdings, Ltd. (NASDAQ:JRVR) has initiated litigation against Fleming Intermediate Holdings to enforce the completion of the acquisition of JRG Reinsurance Company Ltd. as per the Stock Purchase Agreement dated November 8, 2023. Fleming, backed by Altamont Capital Partners, has refused to close the transaction, demanding material changes to the terms. James River seeks expedited relief to compel Fleming to fulfill its obligations under the agreement.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:08 pm

X

U.S. Steel has made a strategic investment in Freespace Robotics, a company incubated in Carnegie Foundry, which is a partner of Carnegie Mellon University in Pittsburgh. The size of the investment was not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:06 pm

MOBX

Mobix Labs, Inc. (NASDAQ:MOBX), a fabless semiconductor company, announced a mid-quarter business update projecting over 250% revenue growth from the previous quarter. This growth is attributed to an expanding customer base and the successful acquisition of EMI Solutions, which has significantly contributed to the revenue increase. The company expects to surpass $1 million in revenue this quarter. Demand for Mobix Labs' products, including filtered connectors and flex assemblies, remains strong, driven by key programs like the Tomahawk and Javelin Missile Systems, and the Abrams Tank Army contract.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:05 pm

GREE

Greenidge Generation Holdings Inc. (NASDAQ:GREE) announced the expansion of its U.S. footprint with 40 MW of low-cost power through acquisitions in Mississippi and a lease in North Dakota, aiming to increase profitability and create jobs. The company reported mining approximately 150 and 128 bitcoins in January and February respectively, with an expected increase in hash rate to 2.8 EH/s by April 1 due to deploying over 2,100 miners.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:04 pm

GTLS

Analysts have mixed views on Chart Industries (NYSE:GTLS), with recent ratings ranging from bullish to bearish. The average 12-month price target has been raised to $162.25, reflecting a 10.0% increase from the previous target. The company, known for its cryogenic equipment and recent acquisition of Howden, shows strong revenue growth but faces challenges in profitability, debt management, and efficiency metrics.

Portfolio Pulse from Benzinga Insights

March 11, 2024 | 1:00 pm

SCX

The L.S. Starrett Company (SCX) shares surged following the announcement of a merger agreement with MiddleGround Capital, leading to SCX becoming a private entity.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:56 pm