Streetbeat News

Corporate Responsibility

KNTK

Infinium and Kinetik Holdings Inc. (NYSE:KNTK) have entered into a long-term agreement for the purchase of CO2 for eFuels production. This partnership aims to advance decarbonization in heavy transport and chemical industries by utilizing CO2 from Kinetik's Permian Basin operations for Infinium's Project Roadrunner, which focuses on producing sustainable aviation fuel (eSAF). The agreement highlights both companies' commitment to sustainability and the reduction of carbon emissions, with Kinetik dedicating CO2 from its West Texas facility and Infinium receiving a $75 million equity commitment from Breakthrough Energy Catalyst.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:02 pm

CGEM

Cullinan Therapeutics announces a strategic shift to focus on the development of CLN-978 for autoimmune diseases, specifically targeting systemic lupus erythematosus as the first indication. The company has discontinued enrollment in its B-NHL study to concentrate on autoimmune indications. This decision follows clinical observations from the CLN-978 B-NHL study, which demonstrated rapid, deep, and sustained B cell depletion and clinical activity. Additionally, the company has undergone a corporate name change to Cullinan Therapeutics to reflect its strategic expansion into autoimmune diseases. A virtual investor event is scheduled for April 16 at 8:00 am ET to discuss these developments.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 11:44 am

PRZO

ParaZero announced its entry into the Counter Unmanned Aircraft System market, signaling a strategic expansion of its business operations.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 11:35 am

ENVX

Enovix Corporation (NASDAQ:ENVX), a leading battery company, has successfully completed Factory Acceptance Testing for its Gen2 Agility Line and plans to produce its first silicon battery samples in Q2 2024 from its new factory, Fab2. This marks a significant step in utilizing a 100% active silicon anode for higher energy density in batteries, aimed at mobile and IoT markets.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 11:34 am

LILM

Lilium N.V. (NASDAQ:LILM) has initiated the production of advanced, aviation-grade battery packs for its pioneering all-electric eVTOL Lilium Jet, aiming for a piloted flight by the end of 2024. These batteries feature lithium-ion cells with silicon-dominant anodes for enhanced energy, power, and fast-charging capabilities, aligning with the technology planned for use by leading automakers. The production meets EASA's strict safety standards and supports a regional air mobility business model. Lilium's battery factory near Munich utilizes new generation digital tools for efficient production and has secured comprehensive IP rights for its battery technology.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 11:33 am

FHTX

Foghorn Therapeutics announces the appointment of Kristian Humer as its new Chief Financial Officer. This strategic move aims to strengthen the company's financial leadership as it progresses in its drug development endeavors.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 11:09 am

DITHF

IP

International Paper Company (NYSE:IP) has announced the acquisition of DS Smith Plc (OTC:DITHF) for approximately $9.9 billion, planning a secondary listing on the London Stock Exchange. The deal, expected to close by Q4 2024, values DS Smith shares at 415 pence each, with IP issuing 0.1285 shares for each DS Smith share. This transaction will result in IP shareholders owning 66.3% and DS Smith shareholders 33.7% of the combined entity. The merger aims to create a leading sustainable fiber-based packaging company, expecting to achieve $514 million in annual pre-tax cash synergies by the fourth year post-completion. The combined company will be headquartered in Memphis, Tennessee, with an EMEA headquarters in London.

Portfolio Pulse from Shivani Kumaresan

April 16, 2024 | 10:31 am

BG

Bunge Global SA (NYSE:BG) announced its executive leadership for the post-merger entity with Viterra, appointing Viterra CEO David Mattiske and Bunge's Julio Garros as Co-COOs. They will oversee commercial activities of the combined company, under the continued leadership of Bunge's CEO Greg Heckman and CFO John Neppl.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:03 am

TSLA

Tesla's Director of Autopilot Software, Ashok Elluswamy, has received a company-affiliated tag on X, indicating a potential leadership shift following the resignations of senior executives Drew Baglino and Rohan Patel. This development occurs amidst Tesla announcing layoffs affecting over 10% of its workforce as part of a cost-cutting measure to prepare for future growth. Other Tesla executives, including Franz von Holzhausen and Tom Zhu, also have Tesla-affiliated tags on X, while CEO Elon Musk's tag reflects his role as Chair of X Corp.

Portfolio Pulse from Anan Ashraf

April 16, 2024 | 10:01 am

DSSMY

IP

International Paper (IP) is set to acquire DS Smith (DSSMY) for $9.9 billion, aiming to create a global leader in sustainable packaging solutions. The deal is expected to deliver significant shareholder value, enhance customer offerings, and achieve at least $514 million in synergies. It will be EPS accretive in the first year and maintain a strong investment-grade balance sheet, reflecting both companies' commitment to sustainability and responsible growth.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 8:39 am