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Corporate Responsibility

KSCP

Knightscope, Inc. (NASDAQ:KSCP) has filed a lawsuit against Capybara Research for publishing misleading short reports intended to harm the company's reputation and antagonize its retail investors. Knightscope has identified the individual behind Capybara Research and is taking legal action. Additionally, Knightscope is suing Benzinga for republishing the false reports. The company has hired Mark R. Basile, Esq. and his firm to investigate and prosecute all claims.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:33 pm

HUBB

Hubbell Incorporated (NYSE:HUBB) has agreed to sell its Residential Lighting business to Kingswood Capital Management, LP, for $131 million in cash. The business is projected to generate about $190 million in sales in 2023. The sale is part of Hubbell's strategy to focus on growth and margin by aligning its portfolio with grid modernization and electrification trends. The deal is subject to regulatory approvals and is expected to close in Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:06 pm

CSCO

Cisco Systems, Inc. has announced plans to acquire Isovalent, Inc., a company specializing in open source cloud native networking and security. The acquisition is aimed at enhancing Cisco's secure networking capabilities across public clouds. Cisco is dedicated to supporting the eBPF, Cilium, Tetragon, and cloud native open source communities. The acquisition is expected to close in the third quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:02 pm

MYGN

Myriad Genetics has announced the appointment of Scott Leffler as CFO, effective January 29, 2024. He will succeed Bryan Riggsbee, who will remain as a strategic advisor until March 31, 2024, to ensure a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:33 pm

CLOV

Clover Health Investments has announced the departure of its CFO, Scott Leffler, effective January 26, 2024. The company has not yet named a successor.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:09 pm

LAB

SLGC

SomaLogic, Inc. (SLGC) has issued a letter to its stockholders urging them to vote in favor of a merger with Standard BioTools (LAB), scheduled for a vote at a special meeting on January 4, 2024. The merger is expected to build scale, accelerate profitability, and unlock significant value for SomaLogic stockholders, with a projected $300 million in combined revenue by 2026 and $80 million in cost synergies. The SomaLogic Board believes the merger is the best path forward, countering concerns raised by a small group of stockholders. The combined company will have over $500 million in cash and only $68 million in debt, with SomaLogic stockholders owning 57% post-merger. The transaction is set to close in the first quarter of 2024, pending stockholder approval and other conditions.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:07 pm

HYMTF

Hyundai Motor Company plans to shut down two parts forging plants in Ulsan, South Korea, by next year as part of its strategy to transition from petrol-powered vehicles to electric vehicles (EVs). The plants, which produce engine parts, will close in January and October. Hyundai is considering outsourcing some engine components production and has started building a new 2 trillion won EV production plant in South Korea. HYMTF shares closed slightly higher at $41.50.

Portfolio Pulse from Shivani Kumaresan

December 21, 2023 | 12:56 pm

AAPL

GS

Apple Inc. (AAPL) has increased the interest rate for its Apple Card Savings Account to 4.25% APY, surpassing the industry average but still below some high-yield savings accounts like Goldman Sachs's Marcus account at 4.50% APY. The rate hike follows Apple's decision to end its financial services partnership with Goldman Sachs Group Inc. (GS), amid reports of seeking a new partner for Apple Card operations, potentially with Brazilian fintech Pismo.

Portfolio Pulse from Benzinga Neuro

December 21, 2023 | 12:54 pm

SLGC

Madryn Asset Management, which holds 4.2% of SomaLogic shares, has issued a letter to shareholders highlighting false and misleading statements in the December 19 investor presentation regarding the proposed merger with Standard BioTools.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 12:37 pm

AA

Alcoa Corporation has announced the appointment of Matt Reed as its Executive Vice President and Chief Operations Officer, effective January 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 12:35 pm