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Equity Actions

VSEC

VSE Corporation (NASDAQ:VSEC) has priced its public offering of 2.47 million shares at $48.50 per share, an 11% discount to the company’s closing price on July 19. The company plans to use the $112.7 million net proceeds to repay outstanding borrowings and for general corporate purposes. The offering is expected to close on July 24, 2023. VSEC shares are currently trading lower by 7.08% at $50.56.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 2:16 pm

LGVN

Longeveron Inc. (NASDAQ:LGVN) has announced the appointment of Lisa Locklear as Executive Vice President and Chief Financial Officer, effective from July 31, 2023. Locklear, who previously served as Senior Vice President and CFO at Avanir Pharmaceuticals, brings extensive global business and finance experience in the biopharmaceutical industry. Her appointment is expected to strengthen Longeveron's financial foundation and advance its cellular therapy assets.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 2:13 pm

AMZN

BX

DB

PFE

TSLA

TSM

Tesla recalls over 17,000 EVs due to camera and seat belt issues. Taiwan Semiconductor's stock falls after Q2 earnings report. Deutsche Bank is fined $186M by the Federal Reserve for money laundering control failures. Blackstone posts a 43% drop in Q2 revenues. Philip Morris, Johnson & Johnson, Abbott Laboratories, Kenvue Inc, and American Airlines report Q2 earnings. Pfizer's GBS6 vaccine candidate shows promising protection for infants. Frontier Communications offers $1B fiber-backed bond. Juul seeks FDA approval for its next-generation vaporizer. Elliott Investment Management acquires a significant stake in Catalent. Pfizer's North Carolina plant is damaged by a tornado. UPS plans to offer a better deal to avoid a strike. Amazon plans to introduce palm-payment technology in all Whole Foods stores by year end.

Portfolio Pulse from Vandana Singh

July 20, 2023 | 2:09 pm

COSM

Cosmos Health Inc. (NASDAQ:COSM) shares dropped by 17.3% after the company priced its $5.25 million registered direct offering and concurrent private placement at a combined price of $2.48. The offering consists of over 2 million shares of common stock and common warrants for the purchase of up to 1.9 million additional shares. The company plans to use the proceeds for working capital and general corporate purposes.

Portfolio Pulse from Henry Khederian

July 20, 2023 | 1:59 pm

GOOG

GOOGL

Alexandr Wang, CEO of Scale AI, has urged the Pentagon to expedite its efforts in capitalizing on military data and investing in cutting-edge technology, citing AI as China’s parallel to the Apollo project. Wang's warning comes as China's investment in AI tools currently surpasses the American expenditure. Wang pressed for the centralization of data to train AI models and a crucial upgrade of the workforce to ensure the U.S. military remains competitive. Alphabet Inc.’s former CEO Eric Schmidt shared similar sentiments, disagreeing with tech experts who signed an open letter asking for a complete shutdown of AI developments.

Portfolio Pulse from Ananya Gairola

July 20, 2023 | 1:58 pm

TWLO

Traders are circulating rumors that Gordon Haskett's Bilson believes there could be a significant activist in Twilio (TWLO). Elliott Management is being mentioned in these discussions.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 1:44 pm

RBA

Raymond James analyst Bryan Fast has upgraded RB Global (NYSE:RBA) from Market Perform to Outperform and raised the price target from $60 to $75.

Portfolio Pulse from richadhand@benzinga.com

July 20, 2023 | 1:25 pm

GNL

RTL

Orange Capital Ventures has expressed concerns over the tactics used by Global Net Lease, Inc. (GNL) regarding its proposed merger with Necessity Retail REIT (RTL). Orange Capital alleges that GNL's board is using the promise of governance enhancements as leverage to get shareholders to approve the merger. The board has reportedly refused to commit to these enhancements unless the merger is approved. Orange Capital has called for the board to commit to these changes regardless of the merger's outcome.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 1:13 pm

KDP

Keurig Dr Pepper Inc. (NASDAQ:KDP) and La Colombe have announced a strategic partnership, including a long-term sales and distribution agreement for La Colombe ready-to-drink coffee and a long-term licensing, manufacturing and distribution agreement for La Colombe branded K-Cup® coffee pods. KDP will make a cash investment of $300 million in La Colombe for a 33% ownership stake. The partnership is expected to drive growth in the brand's availability across mainstream retail channels and expand KDP's reach into high growth ready-to-drink and super premium coffee segments.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 1:08 pm

SCLX

SRNEQ

Sorrento Therapeutics, Inc. (OTC:SRNEQ) has received approval from the U.S. Bankruptcy Court for the Southern District of Texas to offer a portion of its common stock in its non-debtor public subsidiary, Scilex Holding Company (NASDAQ:SCLX), to Dividend Short Holders. The offering will allow these parties to purchase restricted Scilex stock to cover their short positions. The price will be determined by Sorrento's Chief Restructuring Officer, in consultation with the Official Committee of Unsecured Creditors and the Official Committee of Sorrento Equity Securities Holders.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 1:03 pm