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Equity Actions

GME

GameStop Corp (NYSE:GME) is in a unique position with a cash reserve of $1.31 billion and no debt. The company can leverage this capital to explore various avenues such as investing in Web3 technologies, acquiring other companies, venturing into new markets, and earning interest on conservative investments. GameStop can also engage in a share buyback program, potentially repurchasing 60 million shares of its common stock at $22 per share.

Portfolio Pulse from Kevin Malone

July 07, 2023 | 3:18 pm

XXII

22nd Century Group, Inc. (NASDAQ:XXII) has entered into definitive agreements with investors for the sale of 778,634 shares of common stock and warrants at $3.80 per share in a registered direct offering priced above market. The gross proceeds are expected to be $3.0 million. The company plans to use the proceeds for the commercial expansion of its VLN reduced nicotine content tobacco cigarettes, working capital, and general corporate purposes.

Portfolio Pulse from Vuk Zdinjak

July 07, 2023 | 2:48 pm

OWLT

Owlet, Inc. (NYSE:OWLT) has announced a 1-for-14 reverse stock split of its Class A common stock, effective from July 7, 2023. The split-adjusted trading will begin on July 10, 2023. The reverse split is expected to help the company regain compliance with the $1.00 minimum average closing price requirement of the NYSE. The number of issued and outstanding shares will be reduced from approximately 118,078,000 to approximately 8,434,142.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 2:16 pm

PWM

Prestige Wealth, Inc. (NASDAQ:PWM) shares have resumed normal trading after being halted to the upside on Friday. The company launched its IPO of 1,000,000 ordinary shares at a price of $5.00 per share. The proceeds from the IPO will be used for brand promotion, expansion of products and services, additional client relationship management and employees, and general working capital. The stock reached a high price of $13.41 during premarket trading on Friday and is currently trading over 70% higher.

Portfolio Pulse from Erica Kollmann

July 07, 2023 | 2:11 pm

LNG

Cheniere Energy Inc.'s stock price is currently at $149.93, after a 0.39% drop. However, the stock has increased by 1.90% over the past month and by 21.08% over the past year. The company's P/E ratio is lower than the aggregate P/E of 12.81 of the Oil, Gas & Consumable Fuels industry, which could indicate that the stock is undervalued or that shareholders do not expect future growth.

Portfolio Pulse from Benzinga Insights

July 07, 2023 | 2:02 pm

BTCUSD

Blockworks, a media brand focused on crypto, has raised $12 million at a $135 million valuation. The funds will be used to expand the company and compete with major media outlets like the Wall Street Journal. Blockworks was co-founded by Jason Yanowitz and Michael Ippolito in 2018, initially focusing on hosting conferences before moving into digital media. The company has seen exponential growth throughout 2021, partly due to partnerships with entities like Bankless. The recent funding round included participation from 10T, Framework Ventures, and Santiago Santos.

Portfolio Pulse from Renato Capelj

July 07, 2023 | 1:23 pm

CRBU

LZM

MARA

NIO

SOUN

Benzinga's Stock Whisper Index highlights five stocks that warrant attention for the week of July 6, 2023. The stocks include Nio Inc, which saw volatile shares after reporting quarterly deliveries and an analyst update; Marathon Digital Holdings, which saw shares jump due to updated filings for Bitcoin ETFs; Caribou Biosciences, which saw shares surge after announcing an equity investment from Pfizer; Lifezone Metals, which completed a SPAC merger with GoGreen Investments Corporation; and SoundHound AI, which saw strong interest despite a lack of news or company updates.

Portfolio Pulse from Chris Katje

July 07, 2023 | 1:04 pm

CMCSA

Comcast Corp's President, Mike Cavanagh, has announced a leadership overhaul at NBCUniversal. Donna Langley has been named chairman of NBCUniversal Studio Group and chief content officer. Mark Lazarus is now chairman of NBCUniversal Media Group, and Cesar Conde will expand his role to oversee NBCUniversal Local and Telemundo Enterprises Group. The changes aim to streamline decision-making processes. Comcast's shares traded lower by 0.32% at $41.08 premarket on the last check Friday.

Portfolio Pulse from Anusuya Lahiri

July 07, 2023 | 1:02 pm

AYRWF

AYR Wellness Inc. has secured a $40 million refinancing and upsizing of its existing mortgage for its Gainesville cultivation facility from Needham Bank. The loan will be used to pay down the company’s existing Gainesville mortgage of $25.3 million and invest further in the facility and the company’s Florida business. The new loan carries an interest rate of 5-year FHLB rate + 4%, which currently implies a rate of 8.26%.

Portfolio Pulse from Vuk Zdinjak

July 07, 2023 | 12:37 pm

LVMHF

LVMH Moet Hennessy Louis Vuitton SE (LVMHF) backed private equity firm is considering an IPO for Birkenstock in the US market, potentially valuing the company at over $6 billion. The IPO may occur this or next year. LVMHF reported a 17% YoY sales growth in Q1 FY23.

Portfolio Pulse from Lekha Gupta

July 07, 2023 | 12:30 pm