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Acquisitions Mergers

MRK

MRNA

Moderna and Merck are initiating a trial for a skin cancer treatment using a vaccine combination, signaling confidence in their broad program. This is their third late-stage study, targeting cutaneous squamous cell carcinoma (CSCC), the second-most common form of skin cancer in the U.S. The combination includes Merck's Keytruda and Moderna's mRNA-based vaccine, also under evaluation for melanoma and non-small cell lung cancer. Despite this development, Moderna's stock has declined 18.3% over the past year.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 3:59 pm

HWKN

Hawkins Inc (NASDAQ:HWKN) has acquired Industrial Research Corporation, a distributor of water treatment chemicals and equipment in Louisiana, Texas, and Arkansas. The acquisition aims to fill a geographical gap and accelerate growth in the water treatment business. Financial details were not disclosed. As of December 31, 2023, Hawkins had $5.7 million in cash and equivalents. HWKN shares rose 3.07% to $71.57.

Portfolio Pulse from Shivani Kumaresan

March 11, 2024 | 3:58 pm

BAC

BTI

C

British American Tobacco Plc (BAT), known for Lucky Strike cigarettes, is reportedly planning to sell a portion of its stake in Indian partner ITC Ltd. The sale, which could happen as early as this week, involves a divestment of $2 billion to $3 billion in ITC stock. BAT has been in discussions with Bank of America Corp. and Citigroup Inc. regarding the sale through block trades.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 3:55 pm

INPX

XTIA

Inpixon announced the anticipated closing date for its merger with XTI Aircraft Company as March 12, 2024, after market close. Post-merger, the company will be named XTI Aerospace, Inc. and will trade on Nasdaq under the new ticker symbol 'XTIA' starting March 13, 2024. The merger aims to advance the development of the TriFan 600 vertical lift crossover airplane and continue offering RTLS technology. A 100-for-1 stock consolidation will occur immediately before the merger to meet Nasdaq listing requirements. Inpixon's CEO's entity will invest $1.5 million in equity financing in the company. The TriFan 600 aims to serve various segments of private air travel, with over 700 conditional pre-orders indicating a potential for over $7 billion in gross revenue.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 3:54 pm

CHH

Choice Hotels' shares rose following the announcement of the expiration of their exchange offer to acquire Wyndham Hotels & Resorts. The company plans to continue with its standalone strategy.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 3:45 pm

NN

NextNav's stock price increased following the announcement of its agreement to acquire additional spectrum licenses covering 4 MHz in the lower 900 MHz band.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 3:10 pm

RVSN

Rail Vision, Ltd. (NASDAQ:RVSN) shares surged after announcing an order for its AI-driven Switch Yard System from a major U.S. Class 1 freight rail company. The system will be installed on a locomotive for evaluation, aiming to enhance safety and efficiency in rail operations. The news has significantly increased trading volume, with over 24.4 million shares traded, far exceeding the 100-day average of 7.108 million shares.

Portfolio Pulse from Erica Kollmann

March 11, 2024 | 3:03 pm

BALY

Bally's shares surged following a proposal from Standard General to acquire all outstanding shares of common stock not currently owned by them for $15 per share. The offer is non-binding and was communicated through a letter to Bally's board.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 2:50 pm

ACA

NOV

Arcosa Inc (NYSE:ACA) has agreed to acquire Ameron Pole Products, LLC from NOV Inc (NYSE:NOV) for $180 million in cash. Ameron, a manufacturer of engineered poles for infrastructure applications, reported $94 million in revenues and $20 million in Adjusted EBITDA for the year ended December 31, 2023. Arcosa plans to fund the acquisition with cash and borrowings, aiming to expand its product offerings in the lighting, traffic, and telecom sectors. The transaction is expected to close in Q2 2024. ACA shares dropped 1.02% to $83.86.

Portfolio Pulse from Shivani Kumaresan

March 11, 2024 | 2:48 pm

EQT

GNE

VTYX

U.S. stocks were lower on Monday, with the Dow Jones index falling over 150 points. EQT Corporation's shares dropped 8.4% after announcing a merger with Equitrans Midstream. Other notable declines include Ventyx Biosciences, MoneyLion Inc., Genie Energy Ltd., and several others, each falling due to various company-specific news such as clinical data reports, quarterly results, and strategic updates.

Portfolio Pulse from Avi Kapoor

March 11, 2024 | 2:37 pm