U.S. Steel [X] - Last Close: $22.72
U.S. Steel just received a buyout bid.
On Sunday, the legendary steel company received an unsolicited buyout offer from Cleveland Cliffs [CLFS] that offered $7.3 billion of cash and stock.
Cleveland Cliffs announced the offer on Sunday. The deal would pay about $35 per share of X, representing a premium of 43% compared to its last close.
CC decided to go public with the offer after U.S. Steel turned it down, calling it "unreasonable," but it has announced a formal review process after receiving multiple bids.
X is one of this morning's top stocks with a 28.1% gain.
My Take: X is still trading well below the proposed acquisition price of $35, so the market isn't convinced this deal is going to go through.
Prime Number Acquisition I Corp. [PNAC] - Last Close: $8.03
Prime Number Acquisition is heating up after an announcement.
The SPAC filed a Form 425 this morning announcing a new forward purchase agreement with Meteora Capital Partners.
Under the terms of the deal, Meteora has greed to purchase up to 2 million shares.
Meteora also agreed to cover up to 50% of a $1 million shortfall that the SPAC needs to close its planned combination with NOCO-NOCO PTE.
PNAC is up 44.5% on the news.
My Take: Sounds like Meteora just saved PNAC's skin. The SPAC market is wildly unpredictable, and I don't know enough about NOCO-NOCO to make a call.
Freight Technologies [FRGT] - Last Close: $0.56
A bullish business update is boosting shares of Freight Technologies.
This morning, the tech-focused logistics company announced its Q2 financial results, and the numbers impressed.
Freight Tech's sales grew 29% compared to last quarter, and it reported a whopping 93% YoY improvement in margins.
CFO Paul Freudenthaler called it "another quarter of strong growth and improved profitability."
FRGT is up 36.7% in early trading.
My Take: FRGT's Q2 results are encouraging, but its chart is ugly, and the company has a long road ahead of it to get back on track.
Taysha Gene Therapies [TSHA] - Last Close: $0.7390
Taysha Gene is rallying on new earnings data and an upbeat clinical update.
This morning, the company reported initial clinical data from a key drug trial and better-than-expected Q2 revenues on its latest quarterly report.
Taysha said initial clinical data from a REVEAL Phase 1/2 trial of TSHA-102 showed the drug was safe and produced improvements in Rett Syndrome patients.
The company reported a wider-than-expected Q2 loss of $(0.38) versus the Street's $(0.31) target, but its $2.4 million sales figure topped expectations.
The company also announced a $150 million private placement financing round.
Shares of TSHA are up 52.9% in response to the company's flurry of early-morning announcements.
My Take: TSHA appears to be up-trending after a long decline. This rally could give it the push it needs to pivot into a new trading range.
