Streetbeat News

Acquisitions Mergers

XRPUSD

XRP experienced an 18% rally, becoming one of Monday's top-performing cryptocurrencies due to increased whale transactions and community developments. Ripple's acquisition of Standard Custody & Trust Company and a surge in trading volumes have contributed to the bullish momentum. Despite the rally, opinions among traders vary, with some predicting further gains and others cautioning about its long-term performance against Bitcoin.

Portfolio Pulse from Khyathi Dalal

March 11, 2024 | 9:04 pm

GPI

Group 1 Automotive has acquired Modern Classic Motors in Hilton Head, South Carolina, expanding its franchises with Mercedes-Benz to 17 and with Honda to 13 in the U.S. and U.K. The dealerships are expected to generate $140 million in annual revenues. No terms of the acquisition were disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 9:00 pm

DECA

Denali Capital Acquisition Corp. (DECA) has extended the deadline to complete its business combination to April 11, 2024, by depositing an additional $50,000 into its trust account. This extension is in line with the company's amended and restated memorandum and articles of association.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 8:42 pm

OPRX

OptimizeRx Corp. (OPRX) reaffirmed its FY2023 revenue and adjusted EBITDA estimates in the range of $68M-$70M and $3M-$4M, respectively, consistent with prior guidance. The company is finalizing its year-end financials, including the impact of its acquisition of Medicx Health and operational realignment. A significant update includes the adjustment of revenue recognition from a gross to a net basis for Medicx Health's channel partners, leading to a revised 2024 revenue guidance of at least $100M, while maintaining the adjusted EBITDA guidance of over $11M for 2024. The company plans to discuss these results in a conference call on March 28, 2024.

Portfolio Pulse from Happy Mohamed

March 11, 2024 | 8:35 pm

FTEK

Fuel Tech has secured $2.1M in air pollution control orders, including two from new European customers for SCR technology, and contracts from existing customers in the Caribbean and the US for FUEL CHEM equipment and SNCR system upgrades, respectively. Deliveries are scheduled between Q2 2024 and Q1 2025.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 8:26 pm

MBIO

Mustang Bio reported a FY23 EPS of $(6.00), an improvement from $(10.09) YoY, alongside a significant decrease in cash and cash equivalents from $76.7 million to $7.0 million. The company made a $30.4 million payment to terminate existing debt and sold assets to uBriGene for $6 million upfront with a potential additional $5 million contingent payment. Research and development expenses decreased to $40.5 million from $62.5 million in 2022. Mustang Bio's lead clinical candidate, MB-106, showed a 100% overall response rate in Phase 1/2 clinical trials for certain hematologic malignancies. The FDA granted Orphan Drug Designation to MB-106 for WM treatment. Additionally, Mustang announced the FDA's acceptance of an IND for a Phase 1 trial of MB-109 for recurrent GBM and high-grade astrocytoma.

Portfolio Pulse from Happy Mohamed

March 11, 2024 | 8:24 pm

CNM

Core & Main (CNM) has agreed to acquire NW Geosynthetics, which operates as ACF West, a top distributor of geosynthetic materials and soil stabilization solutions in the western United States. The terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 8:20 pm

CNM

Core & Main announced its plan to acquire ACF West, a move aimed at expanding its geographical footprint and product offerings. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 8:20 pm

GLLI

Globalink Investment has extended the deadline to complete its business combination from March 9 to April 9, 2024. This extension provides additional time for the completion of the merger process.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 8:18 pm

NWSA

Rupert Murdoch's News Corp. is reportedly considering a joint bid for The Telegraph with its rivals, according to Bloomberg. This move could potentially expand News Corp.'s media portfolio and strengthen its position in the global media landscape.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 8:16 pm