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Acquisitions Mergers

MDXXF

TRUFF

Red Light Holland Corp. (OTCQB:TRUFF) and PharmAla Biotech Holdings (OTC:MDXXF) are collaborating on psilocybin research and product development. Red Light Holland has received a permit allowing CCrest Labs to import 5kg of its natural psilocybin truffles for R&D, aiming to develop clinical-grade psilocybin drug products. The collaboration also includes potential sales agreements for global markets. Additionally, Red Light Holland is expanding its non-psychedelic mushroom business in North America, with plans to build a large production facility in Peterborough, Ontario.

Portfolio Pulse from Lara Goldstein

February 28, 2024 | 2:33 pm

MC

Moelis & Company (NYSE:MC) announced the appointment of Stephen Trauber as Chairman and Global Head of Energy and Clean Technology, along with the hiring of energy bankers Muhammad Laghari and Alexander Burpee as Managing Directors. This move aims to expand Moelis's global energy franchise, leveraging Trauber's extensive experience in energy transactions and the new hires' expertise. The firm emphasizes its commitment to the energy sector's strategic evolution, including clean technology and energy transition, following the launch of its Clean Technology Group in September 2023.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 2:14 pm

IMCC

IM Cannabis Corp. (IMCC) announced a non-binding term sheet for a reverse merger with Israel-based Kadimastem Ltd, a clinical cell therapy company. Post-merger, Kadimastem shareholders will own 88% of the new entity, with IMCC shareholders owning 12%. The merger aims to shift the business focus from medical cannabis to biotechnology, leveraging Kadimastem's FDA-approved Phase IIa clinical trial for ALS and a diabetes product development partnership. The deal includes a plan to sell IMCC's existing medical cannabis operations, with proceeds going to contingent value right holders. Kadimastem aims for a NASDAQ listing to enhance its US market presence.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 2:14 pm

AAPL

RIVN

Gene Munster of Deepwater Asset Management suggests Apple Inc. should acquire Rivian Automotive to compensate for the cancellation of the Apple Car project. Munster believes this acquisition could help Apple enter a new market and stimulate growth, especially since Apple hasn't seen top-line growth in the last six quarters. The suggestion comes after Apple's surprising decision to cancel its electric car project, which Munster thought could add significantly to Apple's revenue. Rivian's stock fell by 35% over the past week, making the acquisition suggestion timely for both companies.

Portfolio Pulse from Rounak Jain

February 28, 2024 | 2:09 pm

SKGR

Webull Corporation is set to go public through a business combination with SK Growth Opportunities Corporation (NASDAQ:SKGR), valuing the combined entity at approximately $7.3 billion. The transaction, expected to close in the second half of 2024, will see Webull's shares listed on NASDAQ under a new ticker symbol. Webull, a leading digital investment platform, boasts 20 million registered users globally and operates in 15 regions with significant trading volumes. The merger is supported by notable institutional backers and aims to expand Webull's offerings and market presence.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 2:09 pm

OCUL

VFC

WES

Insiders at V.F. Corporation, Western Midstream Partners, and Ocular Therapeutix have made significant stock purchases, indicating confidence in their companies. V.F. Corporation expanded its board, Western Midstream reported increased revenue, and Ocular Therapeutix announced a $325 million private placement.

Portfolio Pulse from Avi Kapoor

February 28, 2024 | 2:06 pm

VTOL

Bristow Group Inc. (NYSE:VTOL) has announced the purchase of 10 new AW189 helicopters from Leonardo, with an option for 10 more, to enhance its fleet for offshore transport and search and rescue missions. This strategic expansion aims to meet customer demand, improve profitability through EBITDA growth, and support sustainability initiatives with aircraft that offer lower CO2 emissions and the capability to operate on Sustainable Aviation Fuels. Deliveries are scheduled from 2025 to 2028, adding to Bristow's existing fleet of 21 AW189s. The company also highlighted a 10-year maintenance support agreement with Leonardo for lower maintenance costs and more predictable cash flows.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 1:34 pm

CMG

Chipotle Mexican Grill (NYSE:CMG) has announced a doubling of its commitment to the Cultivate Next venture fund, increasing its investment by $50 million to a total of $100 million. The fund, introduced in 2022, focuses on early-stage investments in supply chain, agriculture, restaurant innovation, automation, and other areas aligned with Chipotle's mission. The additional funding will expand the portfolio, which includes investments in Local Line, GreenField Robotics, Nitricity, Vebu, Hyphen, Meati Foods, and Zero Acre Farms. These investments aim to support Chipotle's growth plans and mission to Cultivate a Better World.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 1:26 pm

KOP

Koppers has signed an agreement to acquire Brown Wood Preserving for $100M in cash, with the deal expected to close in Q2 2024. The acquisition will be financed through cash and borrowing, and Brown Wood will be integrated into Koppers Utility and Industrial Products division.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 1:09 pm

GETR

Getaround (NYSE:GETR) announced Eduardo Iniguez as the new CEO and Jason Mudrick as the Chair of the Board. Iniguez, with a strong background in strategic finance and corporate leadership, aims to focus on right-sizing the business and streamlining operations for greater value. Mudrick, Founder of Mudrick Capital, led Getaround's January 2024 financing. Outgoing CEO, Sam Zaid, will remain on the board. The leadership change is part of Getaround's push towards profitability and long-term growth.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 1:09 pm