Streetbeat News

Acquisitions Mergers

EVBG

Everbridge, Inc. (NASDAQ:EVBG) shares surged premarket after Thoma Bravo increased its acquisition offer to $35.00 per share, valuing Everbridge at approximately $1.8 billion. This revised offer represents a 62% premium over its 90-day volume-weighted average share price as of February 2, 2024. The transaction is expected to close in Q2 2024, making Everbridge a privately held company. This follows Everbridge's Q4 2023 earnings, where it reported an adjusted EPS of $0.47 and sales of $115.76 million.

Portfolio Pulse from Lekha Gupta

March 01, 2024 | 2:18 pm

SOLO

XOS

Jerry Kroll, founder of ElectraMeccanica Vehicles, has agreed to vote in favor of the proposed combination with Xos, indicating a significant step towards the merger of the two companies.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 2:17 pm

VSTO

Vista Outdoor, a sporting goods and ammunition manufacturer, received a $2.9 billion takeover offer from MNC Capital Partners, including a bid of $35 per share in cash. The offer, made in February, is currently under review by Vista Outdoor.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 2:14 pm

CLSK

CleanSpark Inc. (NASDAQ:CLSK) reported a significant increase in its Bitcoin mining operations for February 2024, with a 60% growth in hashrate to over 16 EH/s and a 12% increase in Bitcoin production. The company now holds 4,218 Bitcoin in its treasury, valued at almost $260 million. CleanSpark also highlighted the operational progress of its newly acquired facilities in Mississippi and a property in Dalton, expecting further gains in hashrate and energy efficiency.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 2:01 pm

RILY

B. Riley Financial's shares dropped following its Q4 financial results announcement and the initiation of a strategic review for its Appraisal and Valuation Services, and Retail, Wholesale & Industrial Solutions businesses.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:46 pm

HOOD

SOLUSD

Robinhood (NASDAQ:HOOD) has added Dogwifhat (CRYPTO: WIF) to its trading platform, resulting in a 28% increase in WIF's value and reaching a $1B market cap. The listing on Robinhood Europe and the potential for future listings on other major exchanges like Coinbase highlight the growing acceptance of meme coins in the cryptocurrency market. WIF, launched on Solana (CRYPTO: SOL) in December 2023, has seen substantial growth, with expectations of continued interest from retail traders.

Portfolio Pulse from Murtuza Merchant

March 01, 2024 | 1:39 pm

NSC

Ancora Holdings Group, LLC and its affiliates (the Investor Group), holding a significant stake in Norfolk Southern Corporation (NYSE:NSC), issued an open letter criticizing the company's leadership and proposing changes. They highlighted CEO Alan Shaw's 37% pay raise despite poor performance, including the East Palestine derailment. The Investor Group nominated eight candidates for the board and proposed a new management team, urging a focus on safety, growth, and value creation. They criticized the current board's actions as serving CEO interests over shareholders and called for a fact-based election contest.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:37 pm

KNTE

Kinnate Biopharma Inc. has sold its investigational pan-RAF inhibitor, exarafenib, and other assets to Pierre Fabre Laboratories for up to $31M. This sale is part of Kinnate's strategic alternatives exploration. Pierre Fabre will assume all ongoing program costs, with Kinnate receiving $500,000 at closing and up to $30.5M contingent on future milestones. The deal aims to expand the global reach of targeted therapies for solid tumors.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:34 pm

EVRI

Everi Holdings Inc. (NYSE:EVRI) reported Q4 sales of $192.00 million, missing expectations of $198.46 million, but posted adjusted earnings of 30 cents per share, beating estimates of 20 cents. The company announced a strategic combination with IGT's Gaming and Digital businesses. Shares gained 5.1% to close at $11.86. Analysts from Jefferies and Truist Securities adjusted their price targets and downgraded the stock following the results.

Portfolio Pulse from Avi Kapoor

March 01, 2024 | 12:59 pm

GAME

GameSquare has announced the sale of Complexity Gaming to Jason Lake and Global Esports Properties for $10.36 million. This strategic move could potentially reshape GameSquare's business focus and financial outlook.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 12:16 pm