Streetbeat News

Equity Actions

ZKIN

ZK International Group Co., Ltd. (ZKIN) announced a series of positive developments including the launch of a new website, rebranding, a successful $8M bid with Chongqing Gas Group, a $5M financing round, and Nasdaq compliance. The new website aims to enhance stakeholder engagement and transparency. The $8M bid strengthens ZK International's presence in the Western China Gas Market. The $5M financing will support the company's growth and international expansion. ZKIN has also resolved its bid price deficiency and is now Nasdaq compliant, with assistance from Donohoe Advisory Associates LLC.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 2:06 pm

MHUA

Meihua International Medical Technologies Co. has entered into a securities purchase agreement with investors to issue and sell an initial tranche of $6 million as part of a larger offering totaling $50.5 million of its securities.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 2:01 pm

EXR

Analysts have provided mixed reviews on Extra Space Storage (NYSE:EXR) over the past three months, with 8 analysts offering ratings that range from bullish to bearish. The average 12-month price target is $146.12, with a high of $168.00 and a low of $115.00, reflecting a slight decrease of 0.4% in the average target. Analysts from firms like Truist Securities, Goldman Sachs, Morgan Stanley, Wells Fargo, Stifel, B of A Securities, and Raymond James have updated their ratings and price targets. Extra Space Storage is a REIT with a strong market presence, positive revenue growth, and solid net margin, but a below-average ROE.

Portfolio Pulse from Benzinga Insights

December 28, 2023 | 2:00 pm

NXU

Nxu Inc (NASDAQ:NXU) announced the execution of definitive documents to finalize its strategic investment in Lynx Motors. This investment aligns with Nxu's goal to advance highway electrification and comply with Nasdaq's listing standards. The share exchange deal involves Nxu acquiring $3 million in Lynx shares, and Nxu will also gain a seat on Lynx's Board of Directors. Additionally, Lynx has provided Nxu with an interest-free promissory note in exchange for a bridge loan. Following the news, NXU's stock is trading higher by 12% in premarket trading after a 14.75% drop in the previous session.

Portfolio Pulse from Lekha Gupta

December 28, 2023 | 1:36 pm

VWAGY

JAC Yiwei EV, the world's first electric vehicle powered by a sodium-ion battery, has begun mass production in China. The EV is a result of a collaboration between Anhui Jianghuai Automobile (JAC) and Volkswagen Group (OTC:VWAGY). The Yiwei EV uses a sodium-ion pack from HiNa Battery and JAC's UE module technology. Volkswagen's investment in JAC and a recent $700 million investment in Xpeng for a nearly 5% stake are part of its strategic moves in China's booming EV sector. Sodium-ion batteries are seen as a cost-effective solution that could drive the widespread adoption of electric vehicles.

Portfolio Pulse from Benzinga Neuro

December 28, 2023 | 1:36 pm

SRFM

Surf Air Mobility Inc. (NYSE:SRFM) has entered into binding terms for a $35.2 million mandatory convertible debenture with GEM Global Yield LLC. The agreement includes the cancellation of certain previously issued shares, restrictions on sales and redemption rights, and an increase in capacity under a $400 million share subscription facility. The terms aim to reduce near-term overhang by canceling most of GEM's freely tradable shares in SRFM, impose a volume restriction on sales related to the debenture, and provide the company with the flexibility to redeem the debenture at 115% of par value to avoid dilution. GEM has agreed to refresh the company's ability to access up to $400 million under the Share Subscription Facility. The final terms are subject to further negotiation and will be detailed in definitive agreements.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 1:34 pm

SBUX

Starbucks Corporation (NYSE:SBUX) has experienced a 25.74% increase in short interest since its last report, with 14.12 million shares sold short, representing 1.27% of its float. The average time to cover these short positions is 1.95 days. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price decline. Starbucks has a lower short interest compared to its peer group average of 9.24%.

Portfolio Pulse from Benzinga Insights

December 28, 2023 | 1:30 pm

PENN

HG Vora Capital Management has disclosed a 9.6% ownership stake in PENN Entertainment. The investment firm has requested the right to appoint highly qualified directors to PENN's board to assist the company in realizing its full potential.

Portfolio Pulse from Charles Gross

December 28, 2023 | 1:25 pm

PENN

Hedge fund HG Vora is pushing for board seats at Penn Entertainment, according to sources. The Wall Street Journal reports that the fund, which is a top shareholder in Penn, is seeking influence over the company's direction.

Portfolio Pulse from Charles Gross

December 28, 2023 | 1:20 pm

MDXG

MiMedx Group announced the conversion of its 95,000 shares of Series B Convertible Preferred Stock into approximately 30 million common shares, resulting in an increase in the company's share count.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 1:13 pm