Streetbeat News

Acquisitions Mergers

TPET

Trio Petroleum Corp (TPET) has restarted oil production at McCool Ranch Field, Monterey County, with the HH-1 and 58X wells producing approximately 400 barrels of fluid per day. The 35X well is also expected to restart soon. Additionally, oil production will restart at the South Salinas Project's HV-3A well. TPET acquired McCool Ranch in October 2023 and plans to develop the area further with horizontal wells. The company aims to increase cash flow and shareholder value through smart acquisitions and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:47 pm

M

Macy's shares are trading higher following an increased acquisition offer from Arkhouse and Brigade Capital to $24 per share.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:43 pm

EFSH

1847 Holdings LLC (AMEX:EFSH), a diversified acquisition holding company, is focusing on increasing shareholder value and positioning for growth in 2024 by shoring up capital, streamlining operations, and divesting non-core assets like 1847 Asien Inc. This strategy includes securing a $1 million credit facility for High Mountain Door & Trim Inc., paying off $1.95 million in debt, and eliminating $6.4 million in outstanding debt and liabilities. These moves aim to enhance operational profitability, reduce expenses and liabilities, and enable the company to pursue accretive growth opportunities.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:43 pm

AREC

American Resources Corporation's subsidiary, ReElement Technologies, has signed a sales agreement with USA Rare Earth LLC for the production and sale of ultra-pure rare earth oxides. The agreement, starting in 2025, will eventually lead to over $65 million in annual revenue by 2028 from the sale of over 900 metric tons of high purity oxides annually. This partnership aims to support the domestic production of permanent magnets and contribute to the U.S. supply chain for rare earth and critical battery elements, utilizing ReElement's patented, environmentally friendly technology.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:41 pm

HTCR

HeartCore Enterprises, Inc. (HTCR) has entered into an agreement to sell warrants for its Go IPO clients to a Japanese financial institution, with the total contract value amounting to $9M. This strategic move could potentially enhance HeartCore's financial position and its offerings in the IPO services sector.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:40 pm

BKSY

BlackSky Technology Inc. (NYSE:BKSY) has been awarded a multi-million dollar contract by the U.S. Department of Defense to supply and annotate thousands of multi-frame burst images. These images will be used to train artificial intelligence models for identifying moving targets in commercial motion imagery. The contract includes subscription-based access to BlackSky's Spectra tasking and analytics platform, which will support various customer-approved exercises, technology demonstrations, and operations.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:39 pm

SMCI

Super Micro Computer Inc (NASDAQ:SMCI) shares surged after being selected to join the S&P 500, replacing Whirlpool and Zions Bancorp. The inclusion, part of the S&P Dow Jones Indices' quarterly rebalance effective March 18, often leads to a temporary stock price increase. Goldman Sachs initiated coverage with a Neutral rating and a $941 price target. Wall Street views Super Micro as Neutral overall, with significant stock price growth over the past year.

Portfolio Pulse from Adam Eckert

March 04, 2024 | 1:38 pm

NKTR

Nektar Therapeutics (NASDAQ:NKTR) announced a $30M private placement financing with TCGX, selling 25M shares at $1.20 each, a significant premium. The financing, expected to close by March 6, 2024, aims to extend Nektar's cash runway into Q3 2026 and support Phase 2b studies of rezpegaldesleukin for auto-immune disorders.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:37 pm

HTOO

Fusion Fuel Green PLC (NASDAQ:HTOO) shares rose in premarket trading after receiving a €1.015 million grant from the European Innovation Fund's Horizon Europe Programme for its involvement in the H2tALENT consortium. This consortium aims to develop hydrogen valleys demonstrating hydrogen's decarbonization potential. Fusion Fuel's role includes supplying electrolyzer technology for green hydrogen projects in Portugal's Alentejo region. The grant will fund automation equipment for the Evora demonstration facility and engineering for the Sines I project.

Portfolio Pulse from Lekha Gupta

March 04, 2024 | 1:31 pm

JBLU

SAVE

JetBlue has officially terminated its merger agreement with Spirit Airlines, allowing it to concentrate on its organic growth strategy and path to profitability. This strategic shift marks a significant change in direction for JetBlue, potentially impacting its future operations and financial performance.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:31 pm