Streetbeat News

Acquisitions Mergers

GBTC

Grayscale announces the launch of a new Bitcoin ETF, the Grayscale Bitcoin Mini Trust (ticker: BTC), as a strategic spin-off from its Grayscale Bitcoin Trust (OTC:GBTC). This move aims to offer a more cost-effective product and revitalize GBTC amid financial challenges and significant outflows since its conversion to a spot Bitcoin ETF. The spin-off will transfer a portion of GBTC's Bitcoin holdings to the new Mini Trust, with GBTC shareholders receiving equivalent BTC shares, ensuring no tax liabilities. The exact details of the Bitcoin reallocation and management fees are yet undisclosed.

Portfolio Pulse from Murtuza Merchant

March 12, 2024 | 9:42 pm

ALTU

ALTUU

Altitude Acquisition announced it will not complete an initial business combination within the required timeframe, leading to the liquidation of its trust account.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 9:40 pm

AA

AMR

AWCMF

GSM

METC

NUE

Alcoa Corporation is set to acquire Alumina Limited in a $2.2 billion all-stock deal, aiming for a merged entity with a significant share distribution. Ferroglobe PLC and Coreshell partner to produce battery-ready metallurgical silicon for EV batteries, potentially increasing driving range by 30%. Nucor Corporation sees significant insider purchases by executives, indicating strong internal confidence. Analyst Lucas Pipes adjusts price targets for Ramaco Resources and Alpha Metallurgical, reflecting market reassessments.

Portfolio Pulse from Austin DeNoce

March 12, 2024 | 9:39 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) announced a proposed private offering of $1 billion in Convertible Senior Notes due 2030, with an option for an additional $150 million. The proceeds will be used to manage existing debts and for general corporate purposes, including potential acquisitions. Concurrently, CEO Brian Armstrong and top executives sold approximately $64 million worth of Coinbase shares. Despite a year-to-date increase of 47%, COIN shares dropped 2.80% after hours.

Portfolio Pulse from Adam Eckert

March 12, 2024 | 9:07 pm

MT

ArcelorMittal has signed an agreement to acquire approximately 28.4% equity interest in Vallourec, purchasing 65,243,206 shares at €14.64 per share from Apollo Global Management, Inc. The deal, valued at around €955 million, is pending regulatory approvals and expected to close in the second half of the year.

Portfolio Pulse from Charles Gross

March 12, 2024 | 9:04 pm

ARGT

VINO

Argentine stocks, particularly the Global X MSCI Argentine ETF (ARGT), experienced a surge following the central bank's decision to cut interest rates by 20 percentage points to 80%, in response to lower-than-expected February inflation figures. The government attributes the inflation slowdown to its fiscal discipline. Additionally, President Milei is considering the inclusion of the U.S. dollar as legal tender to combat inflation further. Gaucho Group Holdings (VINO) is also mentioned in the context of Argentina's potential dollarization.

Portfolio Pulse from Piero Cingari

March 12, 2024 | 8:46 pm

WKC

World Kinect Corporation (NYSE:WKC) has agreed to sell the Avinode Group and its aviation software products to CAMP Systems International, a Hearst subsidiary, for about $200 million. The sale is part of WKC's strategy to focus its portfolio and will use the proceeds to repay debt, reducing interest expenses by $10 million annually. The deal is expected to close within 60 days, pending regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 8:41 pm

MINM

Minim's stock price increased following the announcement of a definitive merger agreement with e2Companies. This strategic move could potentially enhance Minim's market position and financial performance.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 8:36 pm

MINM

E2companies and Minim have reached an agreement where E2companies holders will own about 97% of the combined entity, while Minim securityholders will own approximately 3% on a fully diluted basis.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 8:35 pm

MINM

Minim, Inc. (NASDAQ:MINM) has announced a definitive merger agreement with e2Companies, LLC, in an all-stock transaction. The merger, expected to close in Q2 2024, will result in the combined entity operating as e2Companies, Inc. and trading on the Nasdaq Capital Market. The merger aims to accelerate the commercialization of AI data-driven networking solutions for grid modernization. Post-merger, e2Companies will become a wholly owned subsidiary of Minim, with e2Companies' interest holders owning approximately 97% and Minim's securityholders owning about 3% of the combined company.

Portfolio Pulse from Happy Mohamed

March 12, 2024 | 8:34 pm