Streetbeat News

Acquisitions Mergers

KNW

Know Labs, Inc. (NYSE:KNW) has secured a funding agreement with Lind Global Fund II LP for up to $12 million to accelerate its non-invasive medical diagnostic technology development. The initial $4 million funding is through convertible secured notes, with provisions for conversion into shares at a premium and issuance of a warrant for purchasing additional shares. This investment aims to support Know Labs' efforts in hardware development, clinical research, algorithm development, and intellectual property expansion, particularly for its wearable continuous glucose monitor pending FDA clearance.

Portfolio Pulse from Happy Mohamed

February 29, 2024 | 9:42 pm

FEI

FEN

FIF

FPL

First Trust Advisors L.P. announced shareholder approvals for the mergers of First Trust Energy Income and Growth Fund (FEN), First Trust MLP and Energy Income Fund (FEI), First Trust New Opportunities MLP & Energy Fund (FPL), and First Trust Energy Infrastructure Fund (FIF) into the newly formed FT Energy Income Partners Enhanced Income ETF (EIPI). The mergers aim to reduce NAV discounts, offer favorable tax attributes, potentially increase distributions, and lower expense ratios. The mergers, expected to close by end of April 2024, are seen as tax-free reorganizations. NAV adjustments for FEN, FEI, and FPL were also announced.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:39 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

February 29, 2024 | 9:29 pm

FBIN

Fortune Brands Innovations, Inc. (NYSE:FBIN) has acquired SpringWell Water Filtration Systems for approximately $105 million, enhancing its presence in the high-growth water filtration market. This acquisition is expected to provide Fortune Brands with increased strategic exposure to recurring revenue streams and digital marketing expertise, contributing to its whole home water ecosystem. SpringWell has shown significant growth since its inception, with a double-digit five-year CAGR, and is anticipated to deliver accretive EBITDA margins to Fortune Brands.

Portfolio Pulse from Happy Mohamed

February 29, 2024 | 9:27 pm

DWAC

Trump Media & Technology Group (TMTG) co-founders Andy Litinsky and Wes Moss are suing Donald Trump for diluting their shares in the company, potentially affecting their profits. The lawsuit alleges that Trump and others are offering additional shares as part of a merger with Digital World Acquisition Corporation (NASDAQ:DWAC), reducing Litinsky and Moss's stake from 8.6% to 1%. This legal action could delay the merger, which has a deadline of March 8, 2024, and impact Trump's finances significantly.

Portfolio Pulse from Chris Katje

February 29, 2024 | 9:19 pm

RILY

B. Riley Financial, Inc. is exploring strategic alternatives for its Appraisal and Retail, Wholesale & Industrial Solutions businesses. This review aims to enhance shareholder value and could include a range of options such as sales, partnerships, or other transactions.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:05 pm

DAVA

ENVB

HAYW

LPSN

SCTL

U.S. stocks showed mixed performance with the S&P 500 rising by 0.3%. Hayward Holdings (HAYW) shares surged over 17% following better-than-expected Q4 results. Societal CDMO (SCTL) and Enveric Biosciences (ENVB) also saw significant gains, while LivePerson (LPSN), Endava (DAVA), and Kineta (KA) experienced sharp declines. The market saw varied sector performance, with real estate leading and health care lagging.

Portfolio Pulse from Avi Kapoor

February 29, 2024 | 7:31 pm

Electronic Arts Inc (NASDAQ:EA) has canceled the development of a Star Wars FPS game featuring a Mandalorian protagonist and laid off about 670 employees, 5% of its workforce, as part of a restructuring effort. The company is shifting focus towards its own IPs and key franchises, including the Star Wars: Jedi, Iron Man, Black Panther, and others. Despite these changes, EA reported positive financial results but expects to incur costs related to the layoffs.

Portfolio Pulse from Franca Quarneti

February 29, 2024 | 7:24 pm

AUMN

BFLY

ENVB

SCTL

Butterfly Network, Inc. (BFLY) shares fell by 22% after reporting a larger-than-expected GAAP loss for Q4, despite beating sales estimates. Other stocks experienced significant movements, with Enveric Biosciences, Inc. (ENVB) and Societal CDMO, Inc. (SCTL) among the top gainers, while J-Long Group Limited (JL) and Golden Minerals Company (AUMN) led the losers.

Portfolio Pulse from Avi Kapoor

February 29, 2024 | 7:00 pm

DWAC

Co-founders of Trump Media, Andy Litinsky and Wes Moss, have filed a lawsuit against the company and Donald Trump, alleging a scheme to dilute their shares. This legal action could impact the planned merger between Trump Media & Technology Group, owner of Truth Social, and Digital World Acquisition Corp (DWAC), potentially delaying or preventing the deal. The merger is significant for Trump, potentially valuing his stake at over $3 billion. The dispute centers around an attempt to increase authorized stock, which the co-founders argue dilutes their stake unjustly.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 6:01 pm