Streetbeat News

Regulatory

Kellogg Company (NYSE:K) has filed a Form 10 registration statement with the SEC, relating to its plan to split into two businesses: Kellanova and WK Kellogg Co. Kellanova is expected to have about $12.6 billion in 2022 net sales, focusing on global snacking, international cereal and noodles, and North America frozen foods. WK Kellogg Co, with projected $2.7 billion in 2022 net sales, will focus on the cereal market in the U.S., Canada, and the Caribbean.

Portfolio Pulse from Charles Gross

July 24, 2023 | 9:34 pm

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Minneapolis Mayor Jacob Frey has signed an executive order deprioritizing criminal prosecution for possession, use, purchase, cultivation and engaging in practices with “entheogenic plants or plant compounds. German company Acid Berlin is selling a reportedly legal LSD prodrug and shipping it through DHL Group to clients based in Berlin. Reunion Neuroscience is on the brink of going private with final court approval. Filament Health gets ready to uplist to NASDAQ in a $210M SPAC deal. Sales of Johnson & Johnson esketamine drug Spravato rose nearly 100% year-over-year. PharmaTher's DMT patch showed positive outcomes, investment toward the clinical stage. Enveric Biosciences unveiled positive results from animal studies of its psilocin prodrug for anxiety. Core One Labs entered a LOI for the first sale of its psychedelic biosynthetic compounds. AdvisorShares Psychedelics ETF opened Monday, July 24, at $1.94, dropping from prior Friday’s closing at $1.99.

Portfolio Pulse from Lara Goldstein

July 24, 2023 | 9:14 pm

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In June 2023, Robinhood Markets Inc (NASDAQ:HOOD) delisted Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA), and Polygon (CRYPTO: MATIC) due to regulatory pressures. Since then, the value of these cryptocurrencies has risen, with Solana showing a return of 43.4% in less than a month. This outperformed Bitcoin, Ethereum, and the SPDR S&P 500 ETF (NYSE:SPY), which are down 4.0%, flat, and up 5.3% respectively over the same period.

Portfolio Pulse from Chris Katje

July 24, 2023 | 9:10 pm

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Cannabis regulations are evolving across the US, with updates in Minnesota, Washington State, Illinois, and Arizona. The American Trade Association for Cannabis and Hemp is urging Senate leaders to pass the SAFE Banking Act, which would allow cannabis businesses to access banking services. Minnesota is considering banning public cannabis smoking, while Seattle is enhancing labor protections for cannabis dispensary employees. Phoenix has granted Trulieve Cannabis Corp (OTCQX:TCNNF) a six-month extension to rectify its odor issue.

Portfolio Pulse from Joana Scopel

July 24, 2023 | 8:56 pm

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Russia has been seizing assets from Western companies, including Danone and Carlsberg. In response, many foreign companies are planning to leave Russia or reduce their operations there. Several US companies, including Ford, IBM, McDonalds, Delta Airlines, Nike, United Airlines, Starbucks, Hewlett Packard, Uber, Netflix, American Airlines, and Dell, have announced a full retreat from the country. However, other US companies like Cloudflare, Tupperware, Procter & Gamble, Colgate-Palmolive, Kimberly Clark, Abbott Laboratories, Pfizer, Merck, Johnson and Johnson, Eli Lilly, Philip Morris, Coca-Cola, PepsiCo, Kellogg's, General Electric, Whirlpool, John Deere, FedEx, UPS, Intel, Qualcomm, Micron, Nvidia, and Apple continue to operate in Russia, albeit with reduced operations or suspended investments.

Portfolio Pulse from Natan Ponieman

July 24, 2023 | 8:45 pm

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Heartland Media Acquisition Corp. (HMA) announced it will redeem all of its outstanding shares of Class A common stock at a per-share redemption price of approximately $10.55, effective as of the close of business on August 8, 2023. This is due to the company's inability to consummate an initial business combination within the required time period. The company's warrants will expire worthless and the NYSE will file a Form 25 to delist the company's securities.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 8:35 pm

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Israel's government has passed a controversial law that curtails the power of the judiciary, sparking the largest protests in the nation's history. The law's passage has led to economic fallout, with Tel Aviv's primary stock indices plunging up to 2.5% and the shekel's losses against the dollar widening to approximately 1%. The VanEck Israel ETF (NYSE:ISRA), a U.S.-listed exchange-traded fund focused on Israeli shares, has experienced a decline of nearly 5% over the last three trading sessions.

Portfolio Pulse from Piero Cingari

July 24, 2023 | 8:26 pm

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The U.S. Patent Trial and Appeal Board (PTAB) has denied a rehearing request by Berkeley Lights, Inc. that challenged AbCellera's U.S. Patent No. 10,087,408. The patent is directed to microfluidic devices used in AbCellera's monoclonal antibody development engine. The decision strengthens AbCellera's patent claims and the company is looking forward to resuming its patent infringement cases against Berkeley Lights.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 8:18 pm

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MingZhu Logistics has received a notification from Nasdaq regarding minimum bid requirements. The company has until January 22, 2024, to regain compliance with Nasdaq's minimum bid price requirement.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 8:03 pm

Ucommune has received a notification from Nasdaq regarding a minimum bid price deficiency. The company now has 180 days to regain compliance.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 8:02 pm