Streetbeat News

Acquisitions Mergers

SMCI

Super Micro Computer Inc (NASDAQ:SMCI) shares surged after being selected to join the S&P 500, replacing Whirlpool and Zions Bancorp. The inclusion, part of the S&P Dow Jones Indices' quarterly rebalance effective March 18, often leads to a temporary stock price increase. Goldman Sachs initiated coverage with a Neutral rating and a $941 price target. Wall Street views Super Micro as Neutral overall, with significant stock price growth over the past year.

Portfolio Pulse from Adam Eckert

March 04, 2024 | 1:38 pm

NKTR

Nektar Therapeutics (NASDAQ:NKTR) announced a $30M private placement financing with TCGX, selling 25M shares at $1.20 each, a significant premium. The financing, expected to close by March 6, 2024, aims to extend Nektar's cash runway into Q3 2026 and support Phase 2b studies of rezpegaldesleukin for auto-immune disorders.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:37 pm

HTOO

Fusion Fuel Green PLC (NASDAQ:HTOO) shares rose in premarket trading after receiving a €1.015 million grant from the European Innovation Fund's Horizon Europe Programme for its involvement in the H2tALENT consortium. This consortium aims to develop hydrogen valleys demonstrating hydrogen's decarbonization potential. Fusion Fuel's role includes supplying electrolyzer technology for green hydrogen projects in Portugal's Alentejo region. The grant will fund automation equipment for the Evora demonstration facility and engineering for the Sines I project.

Portfolio Pulse from Lekha Gupta

March 04, 2024 | 1:31 pm

JBLU

SAVE

JetBlue has officially terminated its merger agreement with Spirit Airlines, allowing it to concentrate on its organic growth strategy and path to profitability. This strategic shift marks a significant change in direction for JetBlue, potentially impacting its future operations and financial performance.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:31 pm

ORA

Ormat Technologies, Inc. (NYSE:ORA) has signed a 30-year Power Purchase Agreement (PPA) with Electricité de France for a new 10MW geothermal power plant in Guadeloupe, adding to its existing 15MW Bouillante plant. The project, owning a 63.75% equity interest by Ormat, is expected to be operational by end of 2025, enhancing Ormat's total Caribbean geothermal capacity to 35MW. This development, featuring state-of-the-art sea water-cooled binary system technology, underscores Ormat's commitment to sustainable energy and its strategic relationship with EDF.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:21 pm

SSYS

Stratasys has expanded its technology portfolio through the acquisition of Arevo's technology. The financial terms of the deal were not disclosed. This strategic move could enhance Stratasys's offerings in the 3D printing sector.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:21 pm

PROC

Procaps Group (NASDAQ:PROC) is exploring strategic alternatives to maximize shareholder value, including potential M&A activities. The company has formed a strategic committee and retained BTG Pactual to assist in this process. This initiative is led by the new CEO, Jose Vieira, and aims to accelerate growth and optimize shareholder value. The outcome of this strategic review is uncertain, and Procaps will provide updates in compliance with disclosure obligations.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:17 pm

NURO

Echo Lake Capital, led by Ephraim Fields, has publicly called for the liquidation of Neurometrix, Inc. (NURO), citing significant undervaluation of the stock, which trades at a 70% discount to its net cash per share. Fields criticizes the company's leadership for destroying shareholder value and questions the Board's decision-making, including issuing stock below net cash and initiating a strategic review with a dual mandate that may not prioritize shareholder value. Echo Lake Capital's letter to NURO's Board suggests liquidation as the best option to return capital to shareholders, expressing skepticism towards any potential mergers.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:08 pm

AUUD

Auddia announced that acquiring all three of its targeted companies would result in nearly 10M monthly active users, over $5M in annual revenue, and more than $3M in operating cash flow.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:07 pm

F

Ford Motor Company (NYSE: F) and its dealers, through the Ford Fund, are investing $2 million in scholarships to address the shortage of automotive technicians. The Ford Auto Tech Scholarship will support 400 students in over 20 states, covering tuition, tools, living expenses, and transportation. This initiative is part of Ford's broader strategy to support the automotive industry's shift towards electrification and software integration, alongside its plans to increase electric vehicle production and create nearly 900 new jobs at its Michigan Assembly Plant.

Portfolio Pulse from Benzinga Neuro

March 04, 2024 | 1:07 pm