Streetbeat News

Acquisitions Mergers

XTLB

XTL Biopharmaceuticals (XTLB) is set to acquire The Social Proxy, obtaining all issued and outstanding share capital, initially representing 44.6% of the share capital, with a payment of $430,000 to Social Proxy shareholders. This acquisition expands XTLB's IP portfolio into AI web data, as The Social Proxy is an AI company focused on developing a platform for AI & BI applications. Additionally, The Social Proxy has secured $1.5 million in a private placement.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 2:23 pm

AREN

Sports Illustrated, a 70-year-old iconic sports magazine, has been saved from closure by Minute Media, which has become its new publisher. Authentic Brands Group, the owner of Sports Illustrated's intellectual property rights, announced the deal, which includes Minute Media's plan to retain and rehire some staff. The magazine has faced challenges, including layoffs and managerial changes, but this deal marks a pivotal moment for its future. Authentic Brands Group will also acquire an equity stake in Minute Media as part of the agreement. Arena Group Holdings Inc (NASDAQ:AREN) previously missed a $2.8-million payment to Authentic Brands Group, leading to job cuts and the termination of their licensing agreement.

Portfolio Pulse from Vandana Singh

March 20, 2024 | 2:01 pm

MODG

Raymond James has responded to an earlier report by Korea News Media regarding Topgolf Callaway Brands, suggesting that investors should not place too much credence in the news of a potential transaction. This statement comes after speculation about a deal involving Topgolf Callaway Brands.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 1:50 pm

AMZN

Carote Ltd., a kitchenware company, has seen significant growth by focusing on its own-brand products, with a 118% profit increase last year to 237 million yuan. The company, planning a Hong Kong IPO, has shifted from OEM to ODM and now to branding its products, notably on Amazon in North America. Its revenue doubled last year to 1.58 billion yuan, with the U.S. becoming its largest market. Carote's strategic shifts, including outsourcing production and a young management team, have contributed to its success.

Portfolio Pulse from The Bamboo Works

March 20, 2024 | 1:49 pm

MODG

Topgolf Callaway Brands Corp (NYSE:MODG) shares are rising following a report that the company is considering a sale, with a South Korean strategic investor potentially acquiring it for about $2.98 billion. This comes as TopGolf Callaway's market cap was approximately $2.64 billion as of the last close. The company plans to sell Callaway Golf and spin off its TopGolf subsidiary. Additionally, Topgolf Callaway's revenue has grown at an average rate of 31.33% annually over the past five years, with an average one-year price target from analysts at $17, indicating a 9.11% expected upside in 2025.

Portfolio Pulse from Adam Eckert

March 20, 2024 | 1:47 pm

UAVS

AgEagle Aerial Systems Inc. has announced the sale of 50 RedEdge-P Multispectral Sensors to the Greek Ministry of Agriculture. This sale is part of a tender award to a consortium that includes ALVO. The sensors are expected to enhance agricultural productivity and sustainability in Greece.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 1:37 pm

ALIT

Alight has announced an agreement to sell its Payroll & Professional Services business for up to $1.2 billion, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 1:36 pm

INTC

Intel Corp (NASDAQ:INTC) shares rose after signing a preliminary memorandum for up to $8.5 billion in funding under the CHIPS and Science Act for semiconductor projects. The deal includes options for federal loans up to $11 billion and potential tax credits for investments over $100 billion. This funding aims to bolster U.S. semiconductor innovation and supply chain resilience, with Intel planning significant job creation and multiple projects across states.

Portfolio Pulse from Adam Eckert

March 20, 2024 | 1:19 pm

GMGI

Golden Matrix stockholders have approved the acquisition of MeridianBet Group, a significant move that could potentially enhance Golden Matrix's market position and offerings.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 1:17 pm

TFFP

TFF Pharmaceuticals announced a strategic prioritization of its clinical programs, focusing on the development of Tacrolimus Inhalation Powder (TFF TAC) due to positive Phase 2 data and significant market potential in lung transplant medicine. The company is exploring strategic options for TFF VORI, including partnerships and grants, following positive Phase 2 study results and the Expanded Access Program. A clinical update on both TFF TAC and TFF VORI will be discussed on March 27, 2024.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 1:10 pm