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WISH

ContextLogic Inc. (WISH) announced a special meeting for stockholders to vote on a proposed transaction with Qoo10, involving the sale of its operating assets for approximately $173 million. The transaction aims to preserve $2.7 billion in NOLs and is expected to leave ContextLogic with $150-$157 million in cash, debt-free, post-sale. The Board unanimously recommends voting 'FOR' the transaction, with a special meeting scheduled for April 12, 2024. The sale is anticipated to close in Q2 2024, subject to stockholder approval.

Portfolio Pulse from Happy Mohamed

March 18, 2024 | 12:11 pm

AUUD

Auddia Inc. has secured $3.5 million in financing to advance its enhanced podcast initiatives and support the faidr 3.1 user experience improvements. This financing also strengthens the company's position for its ongoing mergers and acquisitions strategy, notably achieved without providing warrant coverage.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 12:10 pm

STRL

Sterling Infrastructure's subsidiary, Plateau Excavation, has been awarded a $100M data center project in the southeastern U.S., covering 280 acres and including 125,000 linear feet of underground infrastructure. Work begins in Q2 2024.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 12:08 pm

SWIN

Solowin Holdings (SWIN) reported a significant increase in revenue, income from operations, net income, and EPS for the first six months of fiscal year 2024 compared to the same period last year. Revenue rose by 126.4% to $2.64M, income from operations turned positive to $1.34M, net income increased to $1.25M, and EPS improved to $0.10. Cash and cash equivalents also saw a substantial increase.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 12:05 pm

SYRE

Spyre Therapeutics, Inc. (NASDAQ:SYRE), a biotech company focusing on antibody therapeutics for inflammatory bowel disease, announced a $180M private placement of Series B non-voting convertible preferred stock at $1,480/share. The financing, involving new and existing investors like Adage Capital Partners and Perceptive Advisors, will fund pipeline programs and extend the cash runway into 2027. The Series B preferred stock is convertible into common stock, with the financing expected to close by March 20, 2024.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 12:02 pm

BHP

BHP Group Ltd (NYSE:BHP) has reduced its contractor workforce at the West Musgrave project in Western Australia by about a quarter, impacting around 100 individuals. This decision comes as BHP considers freezing its nickel division due to a significant decline in nickel prices. The company had previously announced a review of the mine's development timeline and flagged a $2.5 billion non-cash impairment charge related to the division. Despite the workforce reduction, BHP shares are trading higher by 0.79% at $56.11 in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 18, 2024 | 11:54 am

TNGX

Tango Therapeutics reported a cash position of $337M as of December 31, 2023. Additionally, the company raised $42M through an ATM offering in January 2024. These funds are expected to extend the company's cash runway into late 2026.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 11:44 am

JOAN

JOANN Inc. has announced an agreement to reduce its debt and receive $132 million in new capital and related financial accommodations, leading to a rise in its share price.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 11:36 am

SPY

UNG

USO

On March 15th, U.S. markets fell, led by a downturn in technology stocks. Economic data showed a slight increase in industrial production, a significant drop in the NY Empire State Manufacturing Index, and a decrease in consumer sentiment. Asian markets, however, saw gains on March 18th, with Japan's Nikkei 225 leading. Speculation about the Bank of Japan's potential rate hike influenced markets. European markets were mixed, with slight gains in major indexes. Crude oil prices rose above $81. U.S. futures indicated mixed directions, and forex showed minor fluctuations.

Portfolio Pulse from Akanksha Bakshi

March 18, 2024 | 11:31 am

DTI

Drilling Tools International (DTI) has amended and extended its ABL credit facility, enhancing financial flexibility and extending maturity to 2029. It also modified certain financial covenants. Additionally, DTI secured a new term loan, adding $25 million to its borrowing capacity.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 11:30 am