Streetbeat News

Acquisitions Mergers

ENCP

Energem Corp (NASDAQ:ENCP) shareholders approved a merger with Graphjet Technology, a Malaysian company planning to accelerate its manufacturing plant timeline in Malaysia for graphite production. The plant, expected to be operational by Q2 2024, aims to supply graphite to Toyoda and generate revenues in 2024. The merger, valuing Graphjet at approximately $1.49 billion, is anticipated to close by March 6, 2024. ENCP shares rose 18.1% in premarket trading following the announcement.

Portfolio Pulse from Vandana Singh

March 04, 2024 | 1:59 pm

SPNS

Sapiens International Corporation (NASDAQ:SPNS) announced its strategic expansion in the Canadian market to support and grow its customer base among Canadian insurers. This move includes increasing its workforce in Ontario and enhancing its software solutions offerings, such as Sapiens CoreSuite for Workers Compensation and Sapiens DigitalSuite. The expansion aims to strengthen Sapiens' presence in Canada, where it has been serving leading insurers for over 15 years, and to support new and existing customers with advanced SaaS solutions.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:51 pm

ENCP

ENCPW

Energem Corp's merger partner, Graphjet Technology, has informed Benzinga that it is accelerating the production timeline at its state-of-the-art manufacturing plant in Malaysia. This development could potentially impact the progress and valuation of the merger between Energem Corp and Graphjet Technology.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:50 pm

XPDB

Power & Digital Infrastructure Acquisition II Corp. (XPDB) and Montana Technologies announced a planned business combination for March 12, 2024, supported by over $50 million in commitments from third parties including Carrier and Rice Investment Group. This move will fuel the launch of a joint venture between GE Vernova and Montana Technologies to commercialize AirJoule® technology for atmospheric water generation and Carrier air conditioning products. The venture will leverage a global supply agreement with BASF and strategic partnerships with CATL, the U.S. Department of Energy, and the Rice Investment Group to scale production.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:49 pm

URI

United Rentals, Inc (NYSE:URI) is set to acquire Yak Access, LLC, Yak Mat, LLC, and New South Access & Environmental Solutions, LLC from Platinum Equity for approximately $1.1 billion in cash. This acquisition aims to enhance United Rentals' Specialty business by adding scale in the North American matting industry. Yak, with a fleet of around 600,000 mats, generated $171 million of adjusted EBITDA on $353 million of adjusted revenue for the year ended December 31, 2023. The deal is expected to be immediately accretive to United Rentals' EPS and FCF, funded through new debt and existing ABL facility capacity. The transaction, expected to close in Q1 2024, is anticipated to bring about $7 million in cost synergies by the end of the second year post-closing.

Portfolio Pulse from Shivani Kumaresan

March 04, 2024 | 1:48 pm

RSLS

ReShape Lifesciences is actively pursuing a high priority search for a synergistic merger and acquisition (M&A) partner to enhance its business operations and market presence.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:47 pm

TPET

Trio Petroleum Corp (TPET) has restarted oil production at McCool Ranch Field, Monterey County, with the HH-1 and 58X wells producing approximately 400 barrels of fluid per day. The 35X well is also expected to restart soon. Additionally, oil production will restart at the South Salinas Project's HV-3A well. TPET acquired McCool Ranch in October 2023 and plans to develop the area further with horizontal wells. The company aims to increase cash flow and shareholder value through smart acquisitions and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:47 pm

M

Macy's shares are trading higher following an increased acquisition offer from Arkhouse and Brigade Capital to $24 per share.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:43 pm

EFSH

1847 Holdings LLC (AMEX:EFSH), a diversified acquisition holding company, is focusing on increasing shareholder value and positioning for growth in 2024 by shoring up capital, streamlining operations, and divesting non-core assets like 1847 Asien Inc. This strategy includes securing a $1 million credit facility for High Mountain Door & Trim Inc., paying off $1.95 million in debt, and eliminating $6.4 million in outstanding debt and liabilities. These moves aim to enhance operational profitability, reduce expenses and liabilities, and enable the company to pursue accretive growth opportunities.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:43 pm

AREC

American Resources Corporation's subsidiary, ReElement Technologies, has signed a sales agreement with USA Rare Earth LLC for the production and sale of ultra-pure rare earth oxides. The agreement, starting in 2025, will eventually lead to over $65 million in annual revenue by 2028 from the sale of over 900 metric tons of high purity oxides annually. This partnership aims to support the domestic production of permanent magnets and contribute to the U.S. supply chain for rare earth and critical battery elements, utilizing ReElement's patented, environmentally friendly technology.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:41 pm