Streetbeat News

Acquisitions Mergers

RMCO

Royalty Management Holding Corporation (NASDAQ:RMCO) is expanding its environmental surety bond business, which provides long-term revenue through bonding premiums and fees. The company is also exploring additional acquisitions in the environmental surety sector to accelerate growth. RMCO's strategy focuses on responsible resource extraction and environmental protection, aiming to generate positive returns for shareholders and stakeholders.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:37 pm

GE

XPDB

GE Vernova and Montana Technologies have formed a 50/50 joint venture, AirJoule, LLC, to manufacture and supply air conditioning and atmospheric water harvesting products using advanced technologies in the Americas, Africa, and Australia. This venture combines GE Vernova's sorbent materials and Montana's patented AirJoule technology. The collaboration aims to reduce energy use and carbon emissions in the air conditioning industry and improve air-to-water generation. GE Vernova has also invested in Montana Technologies, which is set to merge with Power & Digital Infrastructure Acquisition II Corp (XPDB) and will trade under the ticker symbol 'AIRJ'. GE Vernova is expected to spin-off from General Electric Company in April 2024.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:35 pm

EQT

ETRN

EQT Corporation (EQT) and Equitrans Midstream Corporation (ETRN) announced a merger agreement, with EQT acquiring Equitrans in an all-stock transaction valued at over $35 billion. The deal, expected to close in Q4 2024, will see Equitrans shareholders receive 0.3504 EQT shares per Equitrans share, implying a value of $12.50 per share. Post-merger, EQT shareholders will own approximately 74% and Equitrans shareholders about 26% of the combined entity. The merger is anticipated to generate significant free cash flow and synergies, with EQT's shares down 4.32% and ETRN's shares up 8.16% in premarket trading.

Portfolio Pulse from Lekha Gupta

March 11, 2024 | 12:29 pm

GILD

Gilead Sciences, Inc. (NASDAQ:GILD) announced the expiration of the HSR waiting period for its cash tender offer for CymaBay Therapeutics, Inc., moving closer to acquisition completion. The waiting period expired on March 8, 2024, after both companies filed the required Premerger Notification on February 22, 2024. This step is one of several conditions to finalize the tender offer, with others including a minimum tender of CymaBay's shares. The offer is set to expire on March 21, 2024, unless extended.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:26 pm

BIOR

Biora Therapeutics has successfully reduced its net debt and monetized a legacy asset by selling a minority stake to Enumera Investors for $3 million, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:15 pm

MSTR

MicroStrategy Inc. (NASDAQ:MSTR) has successfully raised $800 million through the sale of convertible notes, with plans to use the funds to purchase more Bitcoin. The notes, bearing a low interest rate of 0.625% per year, are set to mature on March 15, 2030, unless converted into stock earlier. This move comes as Bitcoin's price surpassed the $70,000 mark. Following the announcement, MSTR's stock price surged 8.59% to $1,548 before market open.

Portfolio Pulse from Benzinga Neuro

March 11, 2024 | 12:13 pm

ACA

NOV

Arcosa, Inc. (ACA) has announced an agreement to acquire Ameron Pole Products from NOV Inc. (NOV) for $180 million in cash. This acquisition is aimed at expanding Arcosa's presence in the infrastructure market, specifically in the concrete and steel pole lighting sector, as well as in traffic and telecommunication structures. Ameron, with revenues of approximately $94 million and an Adjusted EBITDA of $20 million for the year ended December 31, 2023, strengthens Arcosa's Engineered Structures segment. The purchase will be funded through cash and available revolver capacity, with the transaction expected to close in the second quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:09 pm

DUO

PIK

SELX

Fangdd Network Group Ltd. (NASDAQ:DUO) shares surged 78.3% in pre-market trading after announcing its 2024 strategic plan to enter the real estate stock asset services sector. Other stocks showed significant movement in pre-market trading, with Kidpik Corp. (NASDAQ:PIK) and Auddia Inc. (NASDAQ:AUUD) among the top gainers, while Semilux International Ltd. (NASDAQ:SELX) and Lytus Technologies Holdings PTV. Ltd. (NASDAQ:LYT) led the losers.

Portfolio Pulse from Avi Kapoor

March 11, 2024 | 12:08 pm

AMRK

A-Mark Precious Metals, through its subsidiary JM Bullion, has acquired the Gold.com website domain. The financial terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:04 pm

BIOR

Biora Therapeutics, Inc. (NASDAQ:BIOR) has announced a series of financial transactions aimed at reducing its net debt and raising new capital. The company has exchanged convertible notes for new capital and senior secured notes, bringing in $2.8 million. Additionally, Biora has monetized its investment in Enumera Molecular, Inc., resulting in $3 million of nondilutive funding. These transactions are part of Biora's efforts to optimize its capital structure and fund its therapeutic programs. The company has reduced its debt by over $80 million since September 2023 through note exchange transactions, with institutional investors contributing $19.8 million of new capital.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:02 pm