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Equity Actions

TPL

The Delaware Court of Chancery ruled in favor of Texas Pacific Land Corporation (TPL) in a litigation against Horizon Kinetics LLC and others regarding a stockholders' agreement. The court decided that the Investor Group should have voted with the TPL Board's recommendation on a proposal to increase the number of authorized shares of common stock. This ruling means the proposal is deemed approved, allowing TPL to proceed with a stock split in the form of a stock dividend once an amended charter is filed.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:21 pm

UBER

Uber shares have risen following the announcement that the company will be included in the S&P 500 index, signaling increased investor confidence and mandatory buying from index funds.

Portfolio Pulse from Luke J Jacobi

December 04, 2023 | 1:20 pm

EQH

Equitable Holdings, Inc. (NYSE:EQH) will be added to the S&P MidCap 400 Index starting December 18, 2023. The inclusion in the index is expected to increase the company's visibility and exposure to a wider investor base. The company's President and CEO, Mark Pearson, expressed optimism about future growth opportunities driven by favorable demographic trends and the company's focus on meeting client needs in advice, retirement income, and asset management.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:15 pm

LUXH

WH

LuxUrban Hotels Inc. (LUXH) and its Chairman and Co-CEO Brian Ferdinand mutually agreed to cancel a $10M financing arrangement due to ongoing discussions with Wyndham Hotels & Resorts, Inc. to enhance access to non-dilutive capital. The company is in late-stage talks with Wyndham about Development Incentive Advances, which could accelerate and increase funding for new property acquisitions. Ferdinand will stop selling LUXH common stock, and approximately $500,000 from recent sales will be gifted to the company. LUXH continues to expand, having onboarded or in the process of onboarding 27 hotels to the Wyndham brand, and maintains its financial and unit guidance. Additionally, the underwriter of LUXH's Series A Preferred Stock offering partially exercised an over-allotment option on December 1, with the possibility of further exercises through December 8, with net proceeds aimed at leasing more units and for corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:07 pm

SLNA

Selina Hospitality PLC (NASDAQ: SLNA) announced plans for fundraising and liability management, including a potential $68 million in strategic investments led by Osprey Investments Limited and others. The company aims to restructure its $147.5 million 6.00% convertible senior notes due 2026, with agreements in principle for a $28 million equity financing and an optional $40 million equity financing. The restructuring includes converting some debt to equity, extending maturity dates, and securing the Selina brand as collateral. The transactions are subject to definitive agreements and shareholder approval, with the goal of strengthening the balance sheet and achieving profitability.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:04 pm

WBX

Wallbox NV has agreed to sell 10.4 million Class A shares at a price of $3.05 per share, raising a total of $31.6 million from the sale.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 12:55 pm

GPOR

Gulfport Energy has agreed to purchase 292,910 shares of its common stock from selling stockholders at a price of $136.56 per share, as disclosed in an 8-K filing.

Portfolio Pulse from Charles Gross

December 04, 2023 | 12:43 pm

AREN

Bryant R. Riley has sold the majority of its stake in The Arena Group (AREN) to Arena, as reported in a 13D/A filing.

Portfolio Pulse from Charles Gross

December 04, 2023 | 12:21 pm

SSNT

Brad Jacobs, through Jacobs Private Equity II, LLC (JPE), will invest $1 billion in SilverSun Technologies, Inc. (NASDAQ:SSNT), with JPE contributing $900 million and co-investors, including Sequoia Heritage, adding $100 million. Upon closing, JPE will be the majority stockholder, and Jacobs will become CEO and chairman. The deal includes a spin-off of SilverSun's existing business to its stockholders and a rebranding of the company as a platform for future acquisitions in a yet-to-be-announced industry.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 12:18 pm

CMRX

Chimerix has promoted Michelle Laspaluto to Chief Financial Officer, effective December 1, 2023. Laspaluto previously served as the Vice President of Corporate Financial Planning and Investor Relations.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 12:17 pm