Streetbeat News

Regulatory

AGRX

Agile Therapeutics has been granted an extension by the Nasdaq Hearings Panel to regain compliance with the stockholders' equity continued listing requirement until March 25, 2024. The company expects FY23 revenue to be between $20M-$21M, an 84% to 93% increase from FY22, with GAAP operating expenses projected to decrease by 47% to 44% from $56.6M in FY22 to $30M-$31.5M in FY23. The company also plans to reverse a $2.1M accrual for performance bonuses.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:55 pm

STI

Solidion Technology, Inc. (STI) plans to build a graphite production facility in the Southeast United States to produce sustainable graphite anode materials for lithium-ion batteries, addressing the supply shortage. The facility aims for an initial capacity of 10,000 MTA by end of 2026, expanding to ~180,000 MTA by 2030. This move is in response to the anticipated demand surge for EV and ESS battery capacities and the global supply shortage, exacerbated by China's graphite export restrictions.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:51 pm

GE

GE announced the filing of a Form 10 registration statement for the spin-off of GE Vernova, a company focused on electrification and decarbonization, expected to become a standalone public company in early April. GE Vernova is positioned for growth in the energy transition market, with a $1.4 trillion opportunity. The spin-off, intended to be tax-free for U.S. federal income tax purposes, will see GE Vernova listed on the NYSE under the ticker 'GEV'. The move is part of GE's strategy to form well-capitalized, investment-grade companies, including GE Vernova and GE Aerospace.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:51 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) reported Q4 earnings with revenue of $953.79 million, surpassing the consensus estimate of $822.36 million, and a surprise profit of $1.04 per share against an expected loss of 1 cent per share. This marks the fourth consecutive quarter Coinbase has exceeded analyst expectations. Transaction revenue rose 83% QoQ to $529 million, while subscription and services revenue increased 12% QoQ to $375 million. Bitcoin and Ethereum represented significant portions of trading volume and transaction revenues. The company aims to focus on driving revenue, utility in crypto, and regulatory clarity in 2024. Coinbase anticipates Q1 subscription and services revenue between $410 million and $480 million, with $320 million in transaction revenue as of Feb. 13. Shares were up 8.41% after hours at $179.45.

Portfolio Pulse from Adam Eckert

February 15, 2024 | 9:48 pm

RKLB

Rocket Lab USA, Inc. (NASDAQ:RKLB) has received FAA approval for the reentry of Varda Space Industries' in-space manufacturing capsule, marking a world-first. The mission involves complex maneuvers to bring the capsule back to Earth, with the initial reentry phase starting on the evening of February 18. The capsule, named Winnebago-1, has been in space for over eight months, growing Ritonavir crystals. This mission showcases Rocket Lab's robust spacecraft design and marks the first of four missions supporting Varda's in-space manufacturing, with the next spacecraft already prepared for launch.

Portfolio Pulse from Happy Mohamed

February 15, 2024 | 9:47 pm

LICN

Lichen China has filed with the SEC for a mixed shelf offering of up to $100 million. This move allows the company to sell various types of securities over time, providing flexibility in financing its operations or growth initiatives.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:33 pm

TTOO

T2 Biosystems, Inc. (TTOO) reported preliminary Q4 revenue of $1.7M, missing the $2.4M estimate, and FY23 revenue of $7.2M, below the $7.9M estimate. The company expects FY24 revenue of $10M-$11M, against a $10.8M estimate. TTOO achieved record U.S. sales of the T2Bacteria Panel, expanded its international distribution, and received FDA clearances for its products. It also presented a plan to regain Nasdaq compliance and amended its term loan agreement to strengthen its balance sheet.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:24 pm

TTOO

T2 Biosystems, Inc. (NASDAQ:TTOO) has entered into an agreement with CRG Servicing LLC to convert $15 million of its term loan into equity, pending stockholder approval. This conversion is part of T2 Biosystems' efforts to strengthen its balance sheet and support its business growth, including international distribution expansion and FDA submissions. The conversion will be into common stock or Convertible Preferred Stock, depending on ownership limits. This follows previous amendments to the loan agreement, including a $10 million conversion in July 2023 and an extension of the loan's maturity date in October 2023.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:22 pm

HROW

Harrow, Inc. (NASDAQ:HROW) has entered into an exclusive out-licensing agreement with Apotex Inc., Canada's largest pharmaceutical company, to market and distribute five branded ophthalmic pharmaceutical products in Canada. The agreement includes the marketing and distribution of VERKAZIA® and Cationorm® PLUS, as well as pursuing market approval in Canada for VEVYE®, IHEEZO®, and ZERVIATE®. This partnership marks Harrow's entry into the Canadian market, aiming to enhance access and availability of these ophthalmic products to Canadian patients.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:20 pm

CNDB

GCT Semiconductor and Concord Acquisition Corp III (NYSE:CNDB) announced the SEC's approval of their Registration Statement for a proposed business combination. A special meeting for Concord's stockholders is set for February 27, 2024, to vote on the merger. Post-merger, the combined entity plans to list its shares and warrants on the NYSE under the symbols 'GCTS' and 'GCTSW', respectively, following the audit of GCT's 2023 financial statements.

Portfolio Pulse from Happy Mohamed

February 15, 2024 | 9:18 pm