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Equity Actions

ABL

Abacus Life has announced a public offering of $25M in additional 9.875% notes due 2028, fully fungible with the existing $35.65M notes issued on November 10, 2023. This will increase the total notes to $60.65M. An option for underwriters to purchase up to an additional $3.75M in notes for overallotments is included. The offering is set to close on February 15, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 12:36 pm

EU

enCore Energy has fully repaid its debt from the Alta Mesa Project acquisition by converting a $20M convertible promissory note into common shares. This move eliminates the remaining debt from the $120M acquisition, initially financed with $60M in cash and a $60M convertible note.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 12:21 pm

SNAP

Snap Inc. has engaged in several privately negotiated transactions to repurchase approximately $100 million of its 2025 Notes and about $351.2 million of its 2026 Notes, as disclosed in a recent 8-K filing.

Portfolio Pulse from Charles Gross

February 12, 2024 | 12:10 pm

DWAC

Digital World Acquisition Corp. (DWAC) has entered into a retention bonus agreement with Trump Media & Technology Group (TMTG), effective February 12. Under this agreement, DWAC will be liable for payment of cash bonuses totaling up to $6.4 million to affiliates.

Portfolio Pulse from Charles Gross

February 12, 2024 | 12:08 pm

DTIL

TGTX

Precision Biosciences (DTIL) has entered into an agreement with TG Therapeutics (TGTX) for the exclusive license of Azercabtagene Zapreleucel (azer-cel) for autoimmune diseases and other indications outside of cancer. Precision received an initial $7.5M, part of a total of $17.5M in upfront and near-term payments. The deal includes TG Therapeutics purchasing 2,920,816 shares of Precision common stock at $0.77 per share.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 12:07 pm

TEVA

Over the last three months, 8 analysts have provided diverse opinions on Teva Pharmaceutical Industries (NYSE:TEVA), with recent ratings ranging from bullish to bearish. The average 12-month price target for TEVA has been raised to $14.25, marking a 24.67% increase from the previous average of $11.43. Analysts from firms including Piper Sandler, Goldman Sachs, Barclays, Jefferies, HSBC, and UBS have adjusted their ratings and price targets, reflecting a generally positive outlook on the company. Teva, a leading generic drug manufacturer, has shown a positive revenue trend with a growth rate of 15.77% as of December 31, 2023, and has outperformed in net margin and ROE, despite a high debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

February 12, 2024 | 12:01 pm

MHK

Mohawk Industries (NYSE:MHK) received mixed analyst ratings, with a shift towards more positive evaluations in the last quarter. The average 12-month price target for MHK has increased by 22.44% to $114.6. Analysts from Deutsche Bank, Wells Fargo, RBC Capital, Goldman Sachs, and Barclays have adjusted their ratings and price targets, reflecting changes in market dynamics and company performance. Despite a -5.56% decline in revenue growth for the last 3 months of 2023, MHK demonstrates strong profitability and financial health, with impressive net margin, ROE, and ROA, and a conservative debt management approach.

Portfolio Pulse from Benzinga Insights

February 12, 2024 | 12:00 pm

BRTX

PRCH

VANI

Insiders at Porch Group, Vivani Medical, and BioRestorative Therapies have recently made significant stock purchases. Porch Group's collaboration with Aon brought in $25 million upfront. Vivani Medical reported a wider-than-expected quarterly loss, and BioRestorative Therapies announced a private placement for $8.1 million in gross proceeds. These insider transactions may indicate confidence in the companies' future prospects.

Portfolio Pulse from Avi Kapoor

February 12, 2024 | 11:19 am

SHEL

Shell (NYSE:SHEL) announced the closure of its hydrogen light-duty passenger fueling stations in California due to supply chain issues and external market factors. This decision, which includes the permanent closure of seven stations, reduces California's hydrogen fueling options by 12% and marks a significant setback for the state's green mobility initiatives. Shell's move aligns with its broader strategy to scale down low-carbon operations, including a 15% workforce reduction in its low-carbon solutions division and the sale of its share in the Schwedt refinery.

Portfolio Pulse from Benzinga Neuro

February 12, 2024 | 11:12 am

SOL

Emeren has approved an accelerated stock repurchase program of up to $10M, in addition to the $11M remaining in its buyback program as of the end of Q3 2023. The program could be completed by the end of March 2024.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 11:02 am