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PTLO

Portillo's Inc. has announced a synthetic secondary transaction involving the offering of 8 million Class A common stock. This move could potentially impact the company's stock price in the short term due to the increase in available shares.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:16 pm

PTLO

Portillo's Inc. (NASDAQ:PTLO) announced an underwritten public offering of 8M shares of Class A common stock in a 'synthetic secondary' transaction. The offering includes an underwriter option for an additional 1.2M shares. The transaction is non-dilutive, aiming to repurchase shares and purchase PHD Group Holdings LLC units, leading to a reconfiguration of Class A and Class B common stock amounts but keeping the total share count unchanged. Post-offering, approximately 61.55M Class A and 11.58M Class B shares will be outstanding, with potential adjustments if the over-allotment option is exercised. BofA Securities is the sole underwriter.

Portfolio Pulse from Happy Mohamed

February 28, 2024 | 10:16 pm

GFL

GFL Environmental Inc. announced a secondary offering of 17 million subordinate voting shares by selling shareholders including BCEC GFL Borrower (Cayman) LP, Ontario Teachers' Pension Plan Board, and others. GFL will not receive any proceeds from this offering. The shares will be offered in Canada and the U.S., with RBC Capital Markets, LLC and RBC Dominion Securities Inc. acting as underwriters.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:14 pm

CLPT

ClearPoint Neuro, Inc. has announced a proposed public offering of its common stock. This move is aimed at raising capital, although the specific use of the proceeds was not detailed in the announcement. Investors and market watchers will be closely monitoring this development, as public offerings can have various impacts on a company's stock price and financial health.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:12 pm

APG

BX

APi Group Corporation (NYSE:APG) announced that Blackstone Inc. and Viking Global Investors LP are offering up to 8,130,082 shares of APG common stock, received from converting Series B Preferred Shares. APi will not sell any shares nor receive proceeds from this offering. UBS Investment Bank, Citigroup, and Blackstone Securities Partners L.P. are managing the offering, with an option for underwriters to buy an additional 1,219,510 shares.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:07 pm

KWR

Quaker Houghton has announced a new stock repurchase program authorizing the buyback of up to $150 million of its shares. This move is part of the company's strategy to return value to shareholders and optimize its capital structure.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:06 pm

PINE

Alpine Income Property Trust, Inc. (PINE) announced the resignation of CFO Matthew M. Partridge, effective April 1, 2024. Partridge will assist during the transition period in Q1 reporting. The company has started searching for a new CFO. Partridge contributed to key initiatives and the development of the finance team, now led by Lisa Vorakoun.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:00 pm

CLF

FMST

MUX

USAU

Foremost Lithium proposes a $10M project under Canada's Critical Mineral Infrastructure Fund for road construction to its properties. U.S. Gold Corp highlights the strategic advantages of its CK gold project in Wyoming. Cleveland-Cliffs is downgraded by Exane BNP Paribas with a new price target. McEwen Mining reports a significant increase in gold resources at its Stock Mine property.

Portfolio Pulse from Austin DeNoce

February 28, 2024 | 9:58 pm

PNW

Pinnacle West Capital Corp. (PNW) is initiating a public offering of $650 million of its common stock, with an option for underwriters to purchase an additional $97.5 million. The offering is in connection with forward sale agreements and will be managed by Barclays, Citigroup, Mizuho, and Wells Fargo Securities. The shares may be sold on the NYSE, over-the-counter, or through negotiated transactions.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:55 pm

MIST

Milestone Pharmaceuticals has announced a proposed public offering of common shares and pre-funded warrants. This move is aimed at raising capital, potentially for further research, development, and operational activities. The specifics of the offering, such as pricing and the number of shares or warrants, were not disclosed in the announcement.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:51 pm