Streetbeat News

Acquisitions Mergers

LAB

Standard BioTools announced post-merger revenue expectations of $200M-$205M, significantly higher than its previous estimate of $120.2M. The merger with SomaLogic was completed on January 5, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:40 pm

ESEA

Euroseas Ltd. (NASDAQ:ESEA) has secured a two-year time charter contract for its new 2,800 teu feeder containership, M/V LEONIDAS Z, at a daily rate of $20,000. The charter, with one of the largest liner companies, will commence upon the vessel's delivery around late April or early May 2024. This deal is expected to generate approximately $9 million in EBITDA for the minimum contracted period and increases Euroseas' 2024 charter coverage to about 74%.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:38 pm

XPER

Xperi has announced the initiation of a formal process to evaluate strategic alternatives for its Perceive business, aiming to enhance shareholder value. This could include a range of options such as a sale, merger, or other business combinations.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:38 pm

ARIS

Aris Water Solutions projects significant positive free cash flow for FY24, with a focus on cash generation through greater asset efficiency and improved cost structure. The company expects full-year produced water volumes to grow 2-5%, excluding the impact of a 2023 asset divestiture. Water solutions volumes are forecasted to be flat with 2023, between 430 to 470 thousand barrels per day. Adjusted EBITDA is anticipated to be between $180-$200 million, up approximately 9% from 2023, with an adjusted operating margin per barrel increasing 8%-13% year-over-year. Capital expenditures are projected to be $85-$105 million, down about 40% from 2023, including investments for system maintenance and new business development.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:33 pm

GOOG

GOOGL

RDDT

Reddit's IPO prospectus reveals a heavy reliance on advertising revenue, a significant partnership with Alphabet Inc. for data licensing, and challenges in turning a profit despite 19 years in operation. The company's valuation expectations above $5 billion raise questions given its current financials and strategy, including a directed share program aimed at creating demand among its user base.

Portfolio Pulse from Surbhi Jain

February 28, 2024 | 9:27 pm

NSA

National Storage Affiliates Trust (NSA) projects its Core FFO per share for FY24 to be between $2.40 and $2.56, with EPS ranging from $1.43 to $1.59. The guidance reflects a potential decline in same store total revenue growth, from 2.4% in 2023 to a range between -4.0% and 0.0% in 2024. Property operating expenses and NOI growth are also expected to see changes. The company plans acquisitions of self-storage properties worth between $100.0 million and $300.0 million.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:20 pm

ENCP

Energem Corp. announced shareholder approval for a business combination with Graphjet Technology Sdn. Bhd. The combined entity will be named GRAPHJET TECHNOLOGY and plans to list on Nasdaq under the ticker 'GTI'. The merger, approved by 80.162% of voting Energem shareholders, is expected to close around March 6, 2024. Graphjet Technology owns patented technology for recycling palm kernel shells into products for various industries.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 8:57 pm

PSNY

Polestar Automotive Holding UK Limited (NASDAQ:PSNY) shares surged after announcing a $950 million loan from 12 international banks, aimed at financing its next development stage. The company is also reducing its workforce by 10% in mid-2023 and an additional 15% in 2024 to improve efficiency. CEO Thomas Ingenlath highlighted the support from partners and Geely, aiming for cash flow break-even by 2025. Polestar is expected to report Q4 financial results with estimated losses of 15 cents per share and revenue of $756.514 million.

Portfolio Pulse from Erica Kollmann

February 28, 2024 | 8:46 pm

XTKG

X3 Holdings shares surged following the announcement of signing a term sheet for multi-year purchase agreements with a top supplier of bitcoin mining equipment. This move is expected to significantly bolster X3 Holdings' position in the cryptocurrency mining industry.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 8:31 pm

LI

Li Auto reported that BYD plans to choose a location in Mexico for a new factory by the end of the year, aiming for a production capacity of 150,000 autos annually. Mexican officials have shown a positive response to BYD's intentions to sell in the Mexico market, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 7:45 pm