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Equity Actions

COIN

Coinbase has upsized its offering of convertible senior notes to $1.1 billion, up from the initially announced $1.0 billion. The offering includes a 30-day option for initial purchasers to buy an additional $165 million in notes. The sale is expected to close on March 18, 2024, potentially raising up to $1.24 billion for Coinbase after expenses.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 7:14 am

MTEX

Mannatech, Incorporated (NASDAQ: MTEX) announced the retirement of CEO Alfredo (Al) Bala effective April 1, 2024, and the promotion of Landen Fredrick to President and CEO. Landen, previously President and Chief Operating Officer, has been mentored by Al Bala and is expected to drive operational excellence and execute strategic initiatives.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 7:00 am

STWD

Starwood Property Trust, Inc. (STWD) has successfully priced an upsized private offering of $600 million in 7.250% unsecured senior notes due 2029, increased from an initial $400 million. The notes were priced at their full principal amount, with the settlement expected on March 27, 2024, pending customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 6:23 am

COIN

MSTR

Cryptocurrencies showed mixed performance with Ethereum completing the 'Duncun' upgrade, aimed at reducing data fees on layer-2 networks. Bitcoin reached a new all-time high, attributed to the success of spot BTC ETFs and MicroStrategy's bond offering to buy more Bitcoin. The global cryptocurrency market cap increased by 1.73%. Stocks, including Nvidia, closed lower, while Coinbase and MicroStrategy stocks rose. Analysts predict continued growth for Bitcoin, with potential for a liquidity crisis due to high ETF inflows.

Portfolio Pulse from Mehab Qureshi

March 14, 2024 | 3:52 am

BLK

BTCUSD

ETHUSD

JPM

Blackrock's announcement of a Bitcoin ETF has significantly boosted BTC's market cap, surpassing major corporations combined. Ethereum, with its crucial blockchain infrastructure and potential for an ETF, is poised for substantial growth, potentially exceeding a trillion-dollar market cap. The surge in Ethereum could lead to increased activity in DeFi protocols built on its blockchain, such as Arbitrum, Optimism, and Polygon, and decentralized applications like Uniswap and AAVE. The DeFi ecosystem's development and revenue generation set the stage for unprecedented growth and validation.

Portfolio Pulse from Finanflix

March 13, 2024 | 10:27 pm

RDDT

Reddit Inc (NYSE:RDDT) is preparing for its IPO, targeting a $6.4 billion valuation despite concerns over its financial health, including a negative shareholder's equity of $412.9 million and a net income loss of $90.8 million. Discussions on r/stocks, particularly by user GuitarHero52, have sparked debates on Reddit's valuation, capital structure, and leadership, leading to mixed sentiments among investors. Some users are bullish, while others foresee a potential short opportunity, highlighting the company's controversial business model and management decisions.

Portfolio Pulse from Surbhi Jain

March 13, 2024 | 9:04 pm

KNTK

Kinetik shares are trading lower following the announcement of a secondary offering of common stock. This move typically dilutes existing shareholders' equity and can lead to a decrease in stock price in the short term.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 8:59 pm

PGY

Pagaya Technologies Ltd. has initiated an underwritten public offering of 6.5 million shares, leading to a decrease in its stock price.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 8:56 pm

TEL

TE Connectivity announced the election of Carol 'John' Davidson as the new Board Chairman during its Annual General Meeting, succeeding Tom Lynch who retired. Davidson has been on the board since 2016 and served as the lead independent director since 2022. Shareholders also approved a quarterly dividend.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 8:50 pm

KNTK

Kinetik Holdings announced a secondary offering of 11.37 million shares of its Class A common stock by Apache Midstream, a selling stockholder. Kinetik itself is not selling any shares and will not receive proceeds from the sale. The CEO of Kinetik has indicated an interest in purchasing shares at the public offering price.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 8:48 pm