Streetbeat News

Assets

ACTG

Acacia Research Corporation (NASDAQ:ACTG), through its majority-owned subsidiary Benchmark Energy II, LLC, has announced a significant acquisition of upstream assets in the Western Anadarko Basin, Texas and Oklahoma, from a private seller. This acquisition, expected to close in Q2 2024, will add over 470 operated producing wells across approximately 140,000 net acres, with anticipated annualized asset-level cash flows of around $45 million. The deal, valued at Acacia's share of approximately $57.5 million, aims to enhance Benchmark's portfolio with a focus on cash flow through acquiring cash-flowing oil and gas properties. The transaction is funded by cash from Acacia and McArron Partners, along with committed debt financing from regional banks.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 1:23 pm

BFRI

Biofrontera Inc. has announced a $16 million private placement, structured in two tranches of $8 million each, with the second tranche contingent on achieving certain milestones. This financing, in accordance with Nasdaq rules, is aimed at supporting the company's R&D activities and further commercial growth, facilitated by a recent restructuring of its supply agreement.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 1:14 pm

MEOH

Methanex Corporation announced a delay in the commercial production of its new Geismar 3 methanol plant in Louisiana due to complications in the autothermal reformer during start-up. Significant damage to refractory bricks requires replacement, potentially delaying production until the end of Q3 2024. The issue is attributed to the start-up process, not plant design or construction, and is not expected to significantly exceed the $1.30 billion capital cost guidance.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 1:06 pm

SSIC

Silver Spike Investment Corp. (SSIC) has entered into a definitive agreement to acquire a significant loan portfolio from Chicago Atlantic Loan Portfolio, LLC (CALP). The acquisition will be made in exchange for newly issued shares of SSIC's common stock, with the net asset value equal to the CALP Loan Portfolio's value. This move aligns with SSIC's newly announced broadened investment strategy.

Portfolio Pulse from Charles Gross

February 20, 2024 | 12:47 pm

BYDDY

TSLA

During the Chinese New Year holiday, BYD Co Ltd and Tesla Inc owners in China drove over 4.46 billion kilometers collectively. BYD owners accounted for 3.76 billion kilometers, with over 66% using battery power. Tesla owners contributed over 700 million kilometers, reducing CO2 emissions by approximately 160,000 tons. This period highlights the intense competition between BYD and Tesla in China, their significant market. In the last quarter of 2023, BYD surpassed Tesla in BEV sales, selling 526,000 units compared to Tesla's 485,000.

Portfolio Pulse from Anan Ashraf

February 20, 2024 | 11:42 am

CNP

CenterPoint Energy has raised its 10-year capital investment plan through 2030 to $44.5 billion, marking a $600 million increase. This includes $100 million already spent in 2023, with the remaining $500 million to be invested throughout the decade.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 11:40 am

IOVA

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) announced the pricing of an underwritten offering of 23,014,000 shares at $9.15 per share, aiming to raise approximately $211 million. The proceeds are intended to support the commercial launch of AMTAGVI, fund ongoing clinical programs, continue the development of pipeline candidates, and for other general corporate purposes. The offering is expected to close on February 22, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 11:34 am

CNP

CenterPoint Energy, Inc. (CNP) has sold its natural gas LDC businesses in Louisiana and Mississippi to Bernhard Capital Partners for $1.2 billion. The sale includes around 12,000 miles of pipeline and serves about 380,000 customers, making it the second largest in both states by customer accounts.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 11:32 am

ALE

ALLETE, Inc. (NYSE:ALE) has announced its 2024 earnings guidance, projecting earnings per share to be between $3.60 and $3.90, which is below the estimated $4.08. The guidance includes earnings from Regulated Operations and ALLETE Clean Energy and Corporate and Other operations. Additionally, ALLETE updated its five-year capital expenditure plan to $4.3 billion, a $1 billion increase from the previous plan, focusing on renewable and transmission projects to drive growth from 2025.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 11:14 am

IDYA

IDEAYA Biosciences reported a cash balance of $632.6M as of December 31, 2023. The company further bolstered its financial position with net proceeds of $342.3M from ATM offerings in January 2024. These funds are expected to support IDEAYA's operations well into 2028.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 11:03 am