Streetbeat News

Regulatory

CF Industries has announced the expiration of the HSR Act waiting period for its acquisition of the Waggaman ammonia production facility. This step is a significant milestone in the regulatory process, indicating that the acquisition can proceed without further antitrust scrutiny from U.S. regulators. The completion of this phase may positively influence investor sentiment as it clears a major hurdle in the acquisition process.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:44 pm

GURE

Gulf Resources has filed Form 12b-25 with the SEC, indicating a delay in filing its financial reports. The company expects to file within the five-calendar day extension period allowed by Rule 12b-25.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:38 pm

VII

7GC & Co. Holdings has announced that the SEC has declared its Form S-4 registration statement effective, in connection with its proposed business combination with Banzai. This is a key step towards completing the merger, which will result in Banzai becoming a publicly listed company.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:34 pm

MSFT

Microsoft CEO Satya Nadella stated that the company is not focused on China as a domestic market but continues to serve Chinese multinationals operating globally. Despite the U.S. imposing export restrictions on AI chips for China, Microsoft maintains a presence in China with its R&D center and Bing search engine. The company complies with U.S. policy decisions regarding trade and national security. Microsoft's revenue is primarily from the U.S. and Europe, and while it uses China for manufacturing, Nadella doesn't see current U.S.-China tensions as a major issue for Microsoft.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:27 pm

TSNDF

Detroit has issued 37 new recreational marijuana business licenses, including the city's first consumption lounge. The licenses aim to promote equity, with a significant number earmarked for African Americans, women, and Detroit residents. The Office of Marijuana Ventures and Entrepreneurship (OMVE) encourages unsuccessful applicants to continue pursuing opportunities. This is the second round of licenses after the initial 33 were granted last year. Detroit's recreational marijuana retailers face a 10% state excise tax, and revenue distribution from the Marihuana Regulation Fund will be announced soon. TerrAscend Corp. (OTCQX:TSNDF), through its subsidiary Gage Cannabis, supports social equity in the industry by granting funds to Midwest CannaNurses, a Detroit-based education consulting business.

Portfolio Pulse from Joana Scopel

November 15, 2023 | 9:05 pm

ARDX

XPHOZAH has been granted Orphan Drug Designation by the U.S. FDA for the treatment of pediatric hyperphosphatemia. This designation could potentially provide certain benefits to the drug's developer, including tax credits for clinical testing, exemption from FDA application fees, and market exclusivity for seven years post-approval.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:02 pm

BTB

Bit Brother Limited has received a delisting notice from Nasdaq due to a bid price deficiency. The company's stock has not met the minimum $1 bid price requirement over the last 30 consecutive business days. Bit Brother must regain compliance by either meeting the $1 minimum bid price for at least 10 consecutive business days or by implementing a reverse stock split. The company has a compliance period of 180 calendar days to meet the requirement.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:00 pm

AIQ

BABA

BTCUSD

NIO

PDD

QQQ

SPY

TAN

President Joe Biden and Chinese leader Xi Jinping met in California to discuss cooperation on climate change and AI, marking a historic summit. They emphasized the importance of the U.S.-China relationship and the need to work together on global challenges. Markets reacted modestly to the news, with slight gains in the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ). The Global X Artificial Intelligence & Technology ETF (AIQ) and the Invesco Solar ETF (TAN) saw more significant increases, while Chinese stocks like Alibaba (BABA), PDD Holdings (PDD), and NIO Inc. (NIO) rallied. Bitcoin (BTCUSD) also experienced a surge, possibly influenced by Commerzbank AG's new cryptocurrency custody license in Germany.

Portfolio Pulse from Piero Cingari

November 15, 2023 | 8:50 pm

COIN

MARA

MSTR

Shares of Coinbase Global Inc (COIN), Marathon Digital Holdings Inc (MARA), and MicroStrategy Inc (MSTR) surged due to a rise in Bitcoin prices and optimism about a potential spot Bitcoin ETF. Bitcoin's price increased by 6% over the last 24 hours and 32% over the last month. The SEC delayed decisions on spot ETF applications, but firms like JPMorgan anticipate approval in the coming months. Coinbase's shares rose 7.93%, Marathon's by 12.7%, and MicroStrategy's by 4.82%.

Portfolio Pulse from Adam Eckert

November 15, 2023 | 8:42 pm

CYBN

Cybin Inc. (NYSE:CYBN), a clinical-stage biotech company, reported its Q2 financial results, showing a cash balance of $13.25 million and increased R&D expenses. The company has access to over $101 million, including proceeds from share issuances and an ATM equity program. Cybin has made progress in its psychedelics programs, with positive interim data for CYB003 in MDD, acquisition of Small Pharma Inc., and additional patent acquisitions. Upcoming milestones include Phase 2 data readouts, FDA submissions, and initiation of Phase 3 trials.

Portfolio Pulse from Lara Goldstein

November 15, 2023 | 8:38 pm