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XXII

22nd Century Group, Inc. (NASDAQ:XXII) has agreed to sell its GVB Biopharma hemp/cannabis operations to Specialty Acquisition Corporation for $2.25 million. The deal includes a $1 million payment at closing and a $1.25 million secured promissory note. The sale aims to reduce cash and operating demands, with 22nd Century expecting to lower operating expenses beyond the $15 million in annual cost savings already announced. The company will retain rights to insurance proceeds from a fire at its Grass Valley facility, with damages sought at approximately $9 million. The sale is set to close in early December 2023, pending customary conditions and financing for the buyer. 22nd Century is also exploring strategic alternatives for its tobacco assets, including its FDA-approved VLN reduced nicotine content products.

Portfolio Pulse from Nina Zdinjak

November 28, 2023 | 2:35 pm

INVO

INVO Bioscience, Inc. (NASDAQ:INVO) has regained compliance with Nasdaq's minimum stockholders' equity requirement after previously failing to meet the standard. This was achieved through a share exchange agreement with Cytovia Therapeutics Holdings, Inc., which acquired 1,200,000 shares of INVO's Series B Preferred Stock in exchange for shares of NAYA Biosciences Inc. INVO's improved financial position, including a significant reduction in net loss and reduced operating costs, contributed to meeting Nasdaq's listing criteria. Additionally, INVO is in the process of merging with NAYA Biosciences in an all-stock transaction, pending certain conditions.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:32 pm

APEI

American Public Education has announced a new share repurchase program, authorizing the buyback of up to $10 million of the company's common stock. This decision reflects the company's confidence in its financial stability and commitment to delivering shareholder value.

Portfolio Pulse from Charles Gross

November 28, 2023 | 2:29 pm

CING

Cingulate Inc. announced a 1-for-20 reverse stock split effective November 30, 2023. The split will adjust outstanding shares and securities but won't change shareholder equity percentages, except for rounding fractional shares to whole. The Board had the discretion to choose the ratio, which will not alter the par value or authorized shares. The CUSIP number for the Common Stock will change to 17248W204.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:26 pm

SPRC

SciSparc Ltd. (NASDAQ:SPRC), a clinical-stage pharmaceutical company, has adopted a limited duration shareholder rights plan to protect shareholder interests and prevent control or significant influence by entities through open-market accumulation without fair compensation. The Rights Plan is not a response to a specific takeover threat but aims to give the Board time to make informed decisions. Rights become exercisable if an entity acquires 10%+ of shares without Board approval, allowing other shareholders to buy shares at $0.001. The plan expires on November 27, 2024, and Meitar Law Offices is the legal counsel.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:06 pm

AAPL

AMZN

GOOGL

META

MSFT

NVDA

QQQE

TSLA

Chamath Palihapitiya, known as the SPAC King, commented on the high valuations of the 'Magnificent Seven' mega-cap tech stocks, which include NVDA, MSFT, META, TSLA, AMZN, AAPL, and GOOGL/GOOG. He suggests that investing in the Nasdaq100 Equal-Weighted index could be less risky than a market-cap weighted index due to lower concentration in these stocks. Palihapitiya also noted the risks associated with some companies in the equal-weighted index, such as loss-making companies and those needing to refinance debt at potentially high costs. The Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) ETF, which tracks the Nasdaq 100 Equal-Weighted Index, was mentioned with a slight increase in its price.

Portfolio Pulse from Shanthi Rexaline

November 28, 2023 | 1:50 pm

MODG

PRGO

XRAY

Insider purchases were made in three companies: Perrigo Company plc, DENTSPLY SIRONA Inc., and Topgolf Callaway Brands Corp. Perrigo's EVP and CHRO bought shares after better-than-expected Q3 earnings. DENTSPLY SIRONA's Director made purchases following the announcement of a $1 billion share repurchase program. Topgolf Callaway's President and CEO acquired shares despite mixed Q3 results and lowered FY23 guidance. Insider buying can indicate confidence in the company's prospects or undervaluation.

Portfolio Pulse from Lisa Levin

November 28, 2023 | 1:44 pm

SNES

SenesTech Inc (NASDAQ:SNES) stock plummeted by 36% to $1.18 after announcing a public offering of approximately 3.8 million shares at $1.30 per share, with additional warrants. The offering aims to raise about $5.0 million for general corporate purposes, R&D, and potential acquisitions. The offering is expected to close by November 30, with H.C. Wainwright & Co. as the exclusive placement agent. This follows a brief rise in after-hours trading due to the launch of Evolve Soft Bait at Ace Hardware in California. SNES's 52-week range is $1.75 to $80.98.

Portfolio Pulse from Henry Khederian

November 28, 2023 | 1:43 pm

SNES

SenesTech shares have declined following the announcement of a $5 million public offering. The offering is likely dilutive to existing shareholders, causing the stock price to drop.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 1:43 pm

CETY

Clean Energy Technologies (CETY) reported a 339% revenue increase to $11.7M for the nine months ended September 30, 2023, compared to the previous year. Gross profit rose to $1.4M with improved margins, but operating expenses and net loss also increased due to expansion and financing costs. CETY converted $1.95M of debt into equity, offering benefits like a 20% discount to market price, no mandatory cash redemption, and a 15% dividend on preferred shares.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 1:39 pm