Streetbeat News

Acquisitions Mergers

AAPL

TSLA

Tesla, Inc. (TSLA) shares increased in premarket trading on Wednesday, contrasting with the overall market trend towards a lower opening. This rise is attributed to Apple, Inc. (AAPL) reportedly abandoning its self-driving car project, which is seen as an acknowledgment of Tesla's dominant position in the electric vehicle (EV) market. Additionally, Tesla CEO Elon Musk announced updates on the Tesla Roadster, aiming for a 2025 delivery, which may also contribute to the stock's positive performance. Tesla's stock has been on an upward trajectory this week, with a notable resistance level at $200.

Portfolio Pulse from Shanthi Rexaline

February 28, 2024 | 12:39 pm

SSBK

Southern States Bancshares, Inc. (SSBK) announced the acquisition of CBB Bancorp, aiming to enhance its Georgia franchise. The merger, expected to close in Q3 2024 pending regulatory approval, will result in a combined entity with $2.8 billion in assets. This move will expand Southern States Bank's presence, especially in the Atlanta metro market, with 15 branches and two loan production offices across Alabama and Georgia.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:33 pm

DNA

Ginkgo Bioworks has acquired key assets of Reverie Labs, including infrastructure and software for AI/ML drug discovery acceleration. Four of Reverie's AI team members will also join Ginkgo.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:30 pm

GBTC

IBIT

Bitcoin (BTC) has seen a significant price increase, reaching $59,053, and is on track for its largest monthly gain since October 2021. This surge is driven by the excitement over the introduction of spot Bitcoin ETFs in the U.S. and the anticipation of Bitcoin's next halving event in April. The Grayscale ETF GBTC experienced a net outflow, while BlackRock's ETF IBIT saw a record single-day net inflow. Other cryptocurrencies like Ethereum (ETH), Solana (SOL), and Ripple (XRP) also saw value increases. Market sentiment is extremely optimistic, but there's a growing concern over a potential market correction.

Portfolio Pulse from Murtuza Merchant

February 28, 2024 | 12:28 pm

DNA

Ginkgo Bioworks awarded $4.29M in restricted stock units to eight Patch Bio employees and $3.53M to four Reverie employees, related to acquisitions of Patch Biosciences and Reverie Labs on February 26 and February 23, respectively.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:28 pm

DNA

Ginkgo Bioworks has acquired Patch Biosciences, a company known for its AI platform for sequence design. The financial terms of the deal were not disclosed. Patch Biosciences had investment backing from notable firms including Andreessen Horowitz (a16z) Bio + Health, Casdin Capital, and S32.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:23 pm

BRKR

Bruker Corporation (BRKR) has signed a share purchase agreement to acquire ELITechGroup, a molecular diagnostics company, for €870 million in cash, excluding ELITech's Clinical Chemistry business. The deal, disclosed in an 8-K SEC filing on December 26, 2023, follows a put option agreement with the sellers, pending consultations in France and The Netherlands. Bruker anticipates completing the acquisition in Q2 2024. ELITechGroup, minus the clinical chemistry segment, reported revenues of approximately €150 million in 2023.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:18 pm

LIAN

LianBio has announced its intention to voluntarily delist from Nasdaq and deregister its ordinary shares and ADSs, following a strategic review by the Board. The company expects to file a Form 25 with the SEC and Nasdaq around March 11, 2024, as part of winding down its operations.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:13 pm

DHT

DHT Holdings has signed agreements to construct four very large crude carriers (VLCCs), with expected delivery dates ranging from April to December 2026. This move indicates DHT Holdings' strategic expansion in the crude oil transportation sector and its long-term commitment to enhancing its fleet capacity.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 11:55 am

CNTG

Centogene announced it is exploring strategic alternatives to create long-term value after receiving a Nasdaq delisting notice for not meeting the minimum market value requirement.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 11:33 am