Streetbeat News

Acquisitions Mergers

GIA

QTI

GigCapital5, Inc. (NASDAQ:GIA) and QT Imaging, Inc. have announced the completion of their business combination on March 4, 2024, with QT Imaging Holdings, Inc. expected to start trading on Nasdaq under the ticker 'QTI' on March 5, 2024. This marks GigCapital5's fifth business combination, leveraging QT Imaging's innovative medical imaging technology. QT Imaging, known for its advanced breast imaging system, is poised for growth in the healthcare market.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 10:04 pm

BLK

BTCUSD

Alex Thorn from Galaxy Digital predicts Bitcoin (BTC) will reach a new all-time high within weeks, driven by institutional investments, including a record inflow into Bitcoin ETFs led by BlackRock (NYSE:BLK), and the increasing adoption by notable figures and platforms. The surge is attributed to Bitcoin's scarcity, long-term holder conviction, and the transformative impact of Bitcoin ETFs in the U.S., suggesting a maturing market.

Portfolio Pulse from Murtuza Merchant

February 29, 2024 | 10:01 pm

NRGV

Energy Vault Holdings, Inc. (NRGV) announced the interconnection of its first EVx 100 MWh gravity energy storage system in Rudong, China, and the groundbreaking of three additional systems. These developments are part of a larger expansion in China, with nine EVx systems totaling 3.7 GWh under construction. The Rudong and Zhangye City systems have been designated as 'new energy storage pilot demonstration projects' by China's National Energy Administration. This recognition and the ongoing construction underscore the growing adoption of Energy Vault's technology in China's renewable energy sector.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 10:01 pm

VSEC

VSE Corp (VSEC) has provided its full year 2024 revenue growth and Adjusted EBITDA margin guidance for its Aviation and Fleet segments. The Aviation segment is expected to see a revenue growth of 24%-28% and an Adjusted EBITDA margin of 15%-16%. The Fleet segment is projected to have a revenue growth of 13%-17% and an Adjusted EBITDA growth of 8%-12%. VSE plans to update this guidance in the second quarter after completing the acquisition of TCI.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:52 pm

GE

The GE Board of Directors has officially approved the spin-off of GE Vernova, which, along with GE Aerospace, is set to launch on April 2, 2024. This strategic move is aimed at streamlining GE's operations and focusing on its core businesses.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:52 pm

KNW

Know Labs, Inc. (NYSE:KNW) has secured a funding agreement with Lind Global Fund II LP for up to $12 million to accelerate its non-invasive medical diagnostic technology development. The initial $4 million funding is through convertible secured notes, with provisions for conversion into shares at a premium and issuance of a warrant for purchasing additional shares. This investment aims to support Know Labs' efforts in hardware development, clinical research, algorithm development, and intellectual property expansion, particularly for its wearable continuous glucose monitor pending FDA clearance.

Portfolio Pulse from Happy Mohamed

February 29, 2024 | 9:42 pm

FEI

FEN

FIF

FPL

First Trust Advisors L.P. announced shareholder approvals for the mergers of First Trust Energy Income and Growth Fund (FEN), First Trust MLP and Energy Income Fund (FEI), First Trust New Opportunities MLP & Energy Fund (FPL), and First Trust Energy Infrastructure Fund (FIF) into the newly formed FT Energy Income Partners Enhanced Income ETF (EIPI). The mergers aim to reduce NAV discounts, offer favorable tax attributes, potentially increase distributions, and lower expense ratios. The mergers, expected to close by end of April 2024, are seen as tax-free reorganizations. NAV adjustments for FEN, FEI, and FPL were also announced.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:39 pm

RILY

B. Riley Financial's shares dropped following its Q4 financial results announcement and the initiation of a strategic review for its Appraisal and Valuation Services, and Retail, Wholesale & Industrial Solutions businesses.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:29 pm

FBIN

Fortune Brands Innovations, Inc. (NYSE:FBIN) has acquired SpringWell Water Filtration Systems for approximately $105 million, enhancing its presence in the high-growth water filtration market. This acquisition is expected to provide Fortune Brands with increased strategic exposure to recurring revenue streams and digital marketing expertise, contributing to its whole home water ecosystem. SpringWell has shown significant growth since its inception, with a double-digit five-year CAGR, and is anticipated to deliver accretive EBITDA margins to Fortune Brands.

Portfolio Pulse from Happy Mohamed

February 29, 2024 | 9:27 pm

DWAC

Trump Media & Technology Group (TMTG) co-founders Andy Litinsky and Wes Moss are suing Donald Trump for diluting their shares in the company, potentially affecting their profits. The lawsuit alleges that Trump and others are offering additional shares as part of a merger with Digital World Acquisition Corporation (NASDAQ:DWAC), reducing Litinsky and Moss's stake from 8.6% to 1%. This legal action could delay the merger, which has a deadline of March 8, 2024, and impact Trump's finances significantly.

Portfolio Pulse from Chris Katje

February 29, 2024 | 9:19 pm