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Corporate Responsibility

PCT

PureCycle Technologies, Inc. (NASDAQ:PCT) provided an update on its Ironton purification facility, reporting significant production progress. The facility produced 183,000 pounds of pellets in the last two weeks, matching Q4 2023's output. Improvements made after a December mechanical failure have enhanced operations. The company is focusing on optimizing the co-product recovery system and has adjusted feedstocks to improve run rates. PureCycle's finished product is in demand despite color variations, and the company plans to host an 'Ironton Showcase Day' on March 7 for investors.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:52 pm

AXP

Accel-KKR, a private equity firm, has agreed to acquire Accertify from American Express (NYSE:AXP). Accertify is a provider of fraud prevention and other financial security services, serving top online retailers and global airlines. The acquisition will allow Accertify to operate as an independent entity, focusing on growth and product innovation in the fraud prevention market. The global fraud detection and prevention market is projected to grow significantly, from $44.0 billion in 2023 to $182.7 billion by 2030. The terms of the acquisition were not disclosed. American Express was advised by Barclays and Cleary Gottlieb Steen & Hamilton LLP, while Accel-KKR was advised by Kirkland & Ellis LLP.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:48 pm

ACRS

Aclaris Therapeutics Inc (NASDAQ:ACRS) is experiencing a rise in stock price following the announcement of leadership changes and a strategic review of its business. Douglas Manion has stepped down as CEO, President, and Board Member, with Neal Walker, co-founder and former CEO, appointed as Interim CEO. Aclaris is also seeking a partner for its ATI-1777 drug and assessing the pathway for ATI-2138. The company reported having approximately $182 million in cash and marketable securities as of December 31, 2023. Aclaris' shares were up 25% at $1.16.

Portfolio Pulse from Vandana Singh

January 16, 2024 | 4:47 pm

DATS

DatChat shares have seen an increase following the announcement of a proposed spin-off of its Habytat platform business. This strategic move could potentially unlock value for shareholders by allowing the company to focus on its core competencies while giving Habytat the opportunity to grow independently.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:47 pm

PENN

HG Vora Capital Management, LLC sent a letter to the board of PENN Entertainment, Inc. highlighting a violation of the Pennsylvania Business Corporation Law due to unequal allocation of board members across different classes. They pointed out that the current board structure is legally improper and disenfranchises shareholders, especially concerning the upcoming 2024 annual meeting. HG Vora Capital Management expects PENN to promptly remedy the violation and reserves the right to take action to ensure compliance.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:11 pm

MSFT

OpenAI CEO, at a Davos event, hinted at numerous upcoming partnerships in response to concerns about media copyright, as reported by Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:10 pm

VXRT

Vaxart Inc (NASDAQ:VXRT) stock rose 17.8% to $0.66 following news of a $9.27 million contract from the U.S. Department of Health and Human Services for clinical trial planning. The company also announced the resignation of CEO Andrei Floroiu, with Michael J. Finney stepping in as Interim CEO. Additionally, Vaxart entered into a stock purchase agreement with RA Capital Management for 15.38 million shares at $0.65 each, aiming to raise $10 million for general corporate purposes and to advance its oral vaccine platform. The offering is expected to close around January 18.

Portfolio Pulse from Henry Khederian

January 16, 2024 | 3:59 pm

MSFT

SPY

OpenAI CEO Sam Altman, speaking at a Davos event and cited by Bloomberg, expressed confidence that the U.S. and AI industry will remain resilient regardless of the 2024 election outcome. He also predicted the advent of Artificial General Intelligence (AGI) in the near future, but suggested that its impact on the world might be less transformative than anticipated.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 3:55 pm

LEG

Leggett & Platt announced initiatives expected to reduce annual sales by approximately $100 million but generate $40 to $50 million in EBIT benefit annually by late 2025. The company anticipates $60 to $80 million in net cash from real estate sales by end of 2025 and expects to incur $65 to $85 million in restructuring costs, with about half in 2024 and the rest in 2025.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 3:50 pm

DATS

DatChat Inc. (NASDAQ: DATS) plans to distribute its shares of SmarterVerse to shareholders, subject to board approval. SmarterVerse, which operates the Habytat AI Gaming platform and metaverse, is expected to become a standalone public company. The distribution is contingent on SEC registration and regulatory approvals. DatChat's CEO Darin Myman highlighted the company's progress, including ten issued patents, the launch of Habytat AI social gaming platform, and the upcoming My Family Museum platform. The spin-off aims to unlock value and accelerate growth.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 3:33 pm