Streetbeat News

Equity Actions

PLUG

Plug Power has been selected as the preferred supplier of 550 MW PEM Electrolyzers for Fortescue's proposed Gibson Island Project. Additionally, Fortescue is set to take up to a 40% equity stake in Plug's Texas hydrogen plant, while Plug is to take up to a 25% equity stake in Fortescue's proposed Phoenix hydrogen plant. The two companies are also exploring co-investment opportunities in green hydrogen production projects in North America.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 12:27 pm

PSNY

Polestar Automotive Holding Uk Plc (NASDAQ:PSNY) shares dropped by 7.9% after the company filed for a mixed shelf offering of up to $1 billion in stock and warrants. The proceeds will be used for general corporate purposes. Mixed shelf offerings can dilute the ownership stake of existing shareholders, reducing the value per share.

Portfolio Pulse from Henry Khederian

October 11, 2023 | 12:18 pm

PSNY

Polestar Automotive has filed for a mixed shelf offering of up to $1 billion in stock and warrants, which has led to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 12:18 pm

MUX

RIO

McEwen Copper, a subsidiary of McEwen Mining Inc. (NYSE:MUX), has announced a binding agreement for an additional $10 million investment by Nuton LLC, a Rio Tinto Venture. The investment will be used to advance the development of the Los Azules copper project in Argentina and for general corporate purposes. After the transaction, Nuton will own 14.5% of McEwen Copper and McEwen Mining will own 47.7%.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 12:17 pm

BABA

BIDU

Huawei Technologies, Baidu Inc's (NASDAQ:BIDU) auto driving unit, and Alibaba Group Holding Limited's (NYSE:BABA) mapping service are collaborating to establish technology standards for autonomous driving on China's highways. This is part of China's plan to integrate new technology and enhance its road network for the emerging autonomous driving industry. China allocated $219 billion to highway upgrades in 2022, a 7.3% increase from the previous year.

Portfolio Pulse from Anusuya Lahiri

October 11, 2023 | 12:16 pm

HOFV

Hall of Fame Resort & Entertainment Co (HOFV) shares dropped by 26.7% after the company announced a proposed public offering of common stock and warrants. The completion, size, and terms of the offering are subject to market conditions and are not guaranteed. Maxim Group LLC is the exclusive book-runner for this offering.

Portfolio Pulse from Henry Khederian

October 11, 2023 | 12:15 pm

HOFV

Hall of Fame Resort & Entertainment announced a proposed public offering of common stock and warrants, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 12:14 pm

BNGO

Bionano Genomics, Inc. (BNGO) has announced an $80 million financing through convertible notes and warrants, preliminary Q3 2023 results, and a streamlined operational plan. The company expects Q3 revenue to be between $9.1 and $9.3 million, a 26-29% increase over Q3 2022. Bionano has also implemented cost-saving initiatives, including reducing headcount and manufacturing costs, which are expected to save approximately $33 million annually from 2024.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 12:06 pm

LW

Lamb Weston Holdings has increased its share repurchase authorization to an aggregate amount of $500M, which includes approximately $124M of remaining unused capacity under the board's previous repurchase authorization. The company is focused on delivering on long-term financial targets and peer-leading shareholder returns, and is committed to returning cash to shareholders by targeting a dividend payout ratio of 25%-35% of net income.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 12:06 pm

MNKTQ

Mallinckrodt plc (OTC: MNKTQ), a major manufacturer of prescription opioids, has received court approval for a bankruptcy plan that eliminates over $1 billion in payments intended for people with substance use disorders. The plan transfers control of the company to its lenders and cancels existing shares, with creditor groups receiving new shares in the restructured company. The company is also considering selling its generics business, which includes opioid production.

Portfolio Pulse from Vandana Singh

October 11, 2023 | 11:50 am