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Corporate Responsibility

MP

MP Materials (NYSE:MP) has been awarded a $58.5 million tax credit to support the construction of America's first fully-integrated rare earth magnet manufacturing facility. This initiative is part of a competitive process overseen by the Department of Energy, aimed at enhancing technical, commercial viability, and environmental impact. The facility will produce neodymium-iron-boron (NdFeB) magnets, crucial for various applications including electric vehicles and defense systems. MP Materials plans to start commercial production of precursor materials in Fort Worth by this summer and finished magnets by late 2025, with General Motors as a foundational customer. The raw materials will be sourced from MP's rare earth mine in Mountain Pass, California, ensuring an end-to-end supply chain with integrated recycling and sustainability.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 1:09 pm

BUSE

First Busey Corporation (BUSE) has completed its acquisition of Merchants and Manufacturers Bank Corporation (M&M), effective April 1, 2024. The deal includes a mix of cash and stock, totaling approximately $12.2 million in cash and 1,429,324 shares of Busey common stock. Busey will operate M&M Bank as a separate entity until a merger in June 2024, which will expand Busey's footprint to 62 full-service locations across several states. The acquisition enhances Busey's deposit, commercial banking, and wealth management presence, particularly in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area, improving its deposit share ranking significantly. Both companies emphasize their commitment to community banking and customer service excellence.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 1:07 pm

ALPN

Alpine Immune Sciences, Inc. (NASDAQ:ALPN) announced it will present updated clinical data for povetacicept in IgA nephropathy at the World Congress of Nephrology 2024. The data comes from the RUBY-3 phase 1b/2a study. Concurrently, ALPN will host an investor event on April 15th.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 1:05 pm

J

Jacobs Solutions Inc. (NYSE:J) announced Kevin Berryman as the interim CFO, succeeding Claudia Jaramillo. Berryman, a former CFO and current Special Advisor, takes over as Jaramillo departs to pursue other opportunities. The company is searching for a permanent CFO with an executive search firm's help. Jacobs reaffirmed its FY24 outlook, excluding costs from the separation of its CMS and Cyber & Intelligence businesses. The company will discuss FY24 updates and Q2 results on its May 7, 2024, earnings call.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:53 pm

ELAN

IDXX

Elanco Animal Health Inc (NYSE:ELAN) has settled with activist investor Ancora, avoiding a proxy fight by expanding its board to 14 members, including Ancora's nominees Craig Wallace and Kathy Turner. Ancora, holding about 3% of Elanco's stock, has been pushing for changes including board restructuring and CEO succession planning. The settlement is seen as a positive step in Elanco's corporate governance, with shares rising since the year's start. Wallace and Turner's addition is expected to strengthen Elanco's market position.

Portfolio Pulse from Vandana Singh

April 01, 2024 | 12:45 pm

BLDP

Ballard Power Systems has been awarded $54M in investment tax credits by the IRS under the Qualifying Advanced Energy Project Tax Credit program. The company intends to use these credits to support the construction of a new fuel cell gigafactory in Rockwall, Texas.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:39 pm

IESC

IES Holdings, Inc. (IESC) has acquired Greiner Industries, a structural steel fabrication and services company with 2023 revenue of approximately $58 million. The acquisition includes Greiner's facilities, spanning 450,000 square feet on a 60-acre campus. Greiner will join IES's Infrastructure Solutions segment but will continue operating under its own name. The acquisition aims to expand IES's geographic footprint, product offerings, and capacity in the Mid-Atlantic market, including the Virginia data center market. Greiner's experienced workforce and leadership, including Vice President of Operations Rick Sine, will join IES.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:37 pm

FRSX

Foresight Autonomous Holdings Ltd. (FRSX) subsidiary, Eye-Net Mobile Ltd., has entered a three-way proof-of-concept project with a leading Japanese insurance company and a dashcam manufacturer to integrate Eye-Net's technology into dashcams. This collaboration aims to enhance road safety by providing drivers with advanced tools to prevent accidents, potentially leading to reduced insurance costs and improved claim processes.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:30 pm

NVX

NOVONIX Limited (NASDAQ:NVX) has been selected to receive a $103 million tax credit under the Qualifying Advanced Energy Project Allocation Program, supported by the U.S. Department of Energy. This tax credit aims to bolster the production of critical battery materials at NOVONIX's Riverside facility in Chattanooga, Tennessee. The credit is part of efforts to promote clean energy manufacturing, job creation, and U.S. domestic production of vital clean-energy products. NOVONIX's selection highlights its ongoing support from the U.S. government and marks a significant milestone in its financing strategy and commitment to innovation and sustainability in North America.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:30 pm

GOOG

GOOGL

Google is shutting down its Podcasts app and advising users to migrate to YouTube Music for their podcast needs. The decision, announced in September 2023, is part of Google's strategy to consolidate its audio offerings under the YouTube brand. Users have until July 2024 to complete the migration, with Google providing a guide for transferring subscriptions.

Portfolio Pulse from Rounak Jain

April 01, 2024 | 12:29 pm