Streetbeat News

Regulatory

MULN

Mullen Automotive, Inc. has submitted a Concept Paper to the DOE for grant funding to support domestic battery materials processing. The company plans to produce 150,000 battery packs by 2032 and seeks a $50 million grant for capital investment in its new Fullerton, California facility. This initiative is part of a broader $3.5 billion program to strengthen U.S. battery material manufacturing and aims to reduce battery costs by over 20%, enhancing Mullen's competitiveness in the EV market.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:46 pm

HUT

Hut 8 Corp (NASDAQ:HUT) received court approval for its stalking horse bid transaction to acquire four natural gas power plants, including the North Bay Bitcoin mine. The transaction includes a 40 MW Bitcoin mining facility and a new secured funding arrangement with Macquarie owning approximately 20% of BidCo post-transaction. Crypto-related stocks are up as optimism grows for spot Bitcoin ETF approval, with Grayscale amending its ETF application and setting a fee at 1.5%. Hut 8 shares were slightly up by 0.08% at $11.91.

Portfolio Pulse from Adam Eckert

January 08, 2024 | 2:42 pm

DADA

Dada Nexus Limited has announced preliminary estimates indicating that approximately RMB 500 million in revenues from online advertising and marketing services, as well as RMB 500 million in operations and support costs, may have been overstated.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:41 pm

SMMT

Summit Therapeutics Inc. (NASDAQ:SMMT) presented updated Phase II data for ivonescimab at the 42nd Annual J.P. Morgan Healthcare Conference. The data showed promising results in patients with non-small cell lung cancer (NSCLC), including a 24-month overall survival rate of 64.8% in first-line squamous NSCLC patients and a median overall survival of 22.5 months in second or third line EGFRm NSCLC patients. Summit is advancing ivonescimab into two global Phase III clinical trials and expects catalyst events in Q2 2024 for two randomized Phase III trials conducted by Akeso in China. Summit reported a preliminary unaudited balance of cash and investments of no less than $186 million as of December 31, 2023.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:36 pm

CYCC

Cyclacel Pharmaceuticals has regained compliance with the Nasdaq's minimum bid price requirement, likely averting the risk of delisting. The company's stock price has maintained the minimum $1 bid price per share over a sufficient period to meet Nasdaq's standards.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:26 pm

CARR

XPDB

Montana Technologies has entered into a joint commercialization agreement with Carrier Global Corporation (CARR) to develop and commercialize Montana's AirJoule cooling technology. Carrier has conditionally committed to a $10 million growth equity investment in Montana, contingent on certain milestones. The agreement grants Carrier exclusive rights to commercialize AirJoule in the Americas for three years. Carrier will also nominate a board member to the post-merger entity of Montana and Power & Digital Infrastructure Acquisition II Corp. (XPDB). The merger and NASDAQ listing under ticker AIRJ are expected to close in Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:23 pm

PLTR

The weekend's top stories included North Korea's missile deal with Russia, Mike Pence's stance against banning Trump from the 2024 ballot, public opinion favoring Trump's candidacy, Cathie Wood's ARK Invest increasing its stake in Palantir Technologies (NYSE:PLTR) despite analyst downgrades, and anticipation for the decision on the U.S.'s first Bitcoin ETF. ARK Invest's ETFs purchased additional shares of Palantir.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 2:22 pm

CGEN

Compugen announced that it has regained compliance with the Nasdaq's minimum bid price requirement, which is a positive development for the company as it ensures its continued listing on the exchange.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:19 pm

SNES

SenesTech, Inc. has announced a partnership with a global leader in irrigation solutions to expand its Evolve soft bait fertility control solution into open field agriculture, starting with a California dairy and almond grower. Evolve aims to control rodent populations by reducing fertility rather than relying on poisons, which are restricted in California. This expansion into agriculture represents a significant market opportunity for SenesTech, as rodents destroy nearly 20% of the world's stored food supply.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:19 pm

NUBI

Nubia Brand International Corp. has announced that the conditions for its business combination with Honeycomb Battery Company have not been met. The definitive proxy statement filed with the SEC on November 8, 2023, outlined the conditions which remain unsatisfied. The companies are working to meet these conditions, including Nasdaq's approval for listing the post-combination stock. If the business combination is not completed by March 15, 2024, Nubia may redeem its Class A common stock at the price based on its trust account balance.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:11 pm