Streetbeat News

Corporate Responsibility

TRAK

Park City Group has filed to change its corporate name to ReposiTrak, Inc., effective December 21, 2023. Its shares will still trade on the NYSE under the ticker symbol 'TRAK', and the CUSIP number for its common shares will remain unchanged.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 9:09 pm

MMSI

Merit Medical Systems has announced its ongoing CEO succession planning process. Fred Lampropoulos will remain as CEO and President until December 31, 2025. A special steering committee of independent directors, led by Ann Millner, Ed.D., has been appointed by the Merit Board of Directors to oversee the transition.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 9:08 pm

ADMA

ADMA Biologics, Inc. has refinanced its credit facilities with Ares Management, securing a new $135 million credit facility that replaces the existing $159 million facility with Hayfin Capital Management. This move reduces ADMA's total debt by 15% and is expected to support the company's rapid earnings growth. The new facility includes a $72.5 million asset-backed revolving credit facility and a $62.5 million term loan, both of which were fully drawn at closing to repay the previous obligations.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 9:07 pm

NKLA

Nikola Corp founder Trevor Milton has been sentenced to four years in prison for fraud after being found guilty of misleading investors about Nikola's technology capabilities. Milton was convicted in October 2022 and faced up to 60 years, but prosecutors recommended 11 years. He inflated the company's share price by falsely claiming Nikola had built a truck with its own batteries, while they were actually sourced from a third party. Nikola's market cap is now around $1.05 billion, with shares down over 58% since the start of the year.

Portfolio Pulse from Adam Eckert

December 18, 2023 | 7:26 pm

BLK

BlackRock has stated it will contest any accusations of violating Tennessee's consumer protection laws, asserting that it fully and accurately discloses its investment practices and approach to proxy voting.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:37 pm

CHE

Chemed Corporation (NYSE:CHE) has announced the appointment of Michael D. Witzeman as the new CFO, effective January 1, 2024. He will succeed David P. Williams upon his retirement. Witzeman, currently the Vice President and Controller at Chemed, has been with the company since 2005 and has a background in accounting and assurance from Deloitte & Touche LLP.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:26 pm

BNTX

BioNTech SE (NASDAQ:BNTX) has inaugurated its mRNA vaccine manufacturing site in Kigali, Rwanda, marking a significant step in establishing a resilient vaccine ecosystem in Africa. The site features BioNTainers, high-tech modular units for mRNA vaccine production. BioNTech plans to start local training in 2024 and initiate test mRNA production in 2025. The facility aims to support clinical development and commercial-scale production of vaccines for diseases like tuberculosis, malaria, HIV, and mpox. The Kigali site is fully funded by BioNTech with a $150 million investment and will employ around 100 people. The company is also exploring additional manufacturing sites in Africa and partnerships for infectious disease research.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:17 pm

GDHG

MSS

Hindenburg Research has taken a short position on Maison Solutions ($MSS), predicting it will face a downfall similar to $GDHG. $MSS, which went public in October at $4 per share and reached a market cap of over $265M, is described as overvalued and in financial distress. The company has a high P/S ratio compared to peers, and there are concerns about its financials, management's background, and potential undisclosed related-party transactions. The underwriter and auditor have questionable histories, and there's evidence of stock promotion via WhatsApp chat rooms.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:56 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) has sold its This Works skincare and wellness brand to Inspirit Capital for up to £9.3 million ($11.7 million). The sale includes an upfront cash consideration, a loan note, and a contingent earn-out. This Works' leadership, staff, and IP will transfer to Inspirit Capital. The divestiture is part of Canopy Growth's strategy to focus on achieving North American cannabis market leadership by becoming a simplified, asset-light, cannabis-focused business. Canopy's shares traded lower at $0.5047 per share following the news.

Portfolio Pulse from Jelena Martinovic

December 18, 2023 | 5:45 pm

HTZ

LYFT

TSLA

UBER

President Biden's administration announced new commitments to boost the electric vehicle sector, including guidelines for federal employees to prioritize electric vehicles for official travel. Hertz Global Holdings Inc (HTZ) plans to increase electric vehicle rentals, Lyft Inc (LYFT) offers a 'Green Mode' for eco-friendly rides, and Uber Technologies (UBER) expands its 'Green Curb at Airports' program. Tesla Inc (TSLA) could benefit from the push for electric vehicles and is working to improve charging infrastructure.

Portfolio Pulse from Chris Katje

December 18, 2023 | 5:44 pm