PrimeBlock, 10X Capital Venture Acquisition Corp. II Announce Merger – Quick Facts

Prime Blockchain Inc. and 10X Capital Venture Acquisition Corp. II (VCXA), a special purpose acquisition company sponsored by 10X Capital, announced the execution of a business combination agreement. The deal values the combined company at an estimated enterprise value of $1.25 billion. Investment banking veteran Gaurav Budhrani will be CEO and the combined company. It is expected to list stock on the NASDAQ stock market.

PrimeBlock is a diversified infrastructure provider for blockchain technology that owns and operates a growing portfolio of proprietary data centers and crypto assets mining operations in North America.

European Economics Preview: Eurozone Flash Inflation, Final Factory PMI Due

Flash inflation and final manufacturing Purchasing Managers’ survey results from eurozone are due on Friday, headlining a busy day for the European economic news.

At 2.30 am ET, the Federal Statistical Office publishes Swiss consumer price data for March. Inflation is expected to rise to 2.4 percent from 2.2 percent in February.

At 3.00 am ET, manufacturing PMI data is due from Poland, Turkey and Hungary.

At 3.15 am ET, Spain’s factory PMI survey results are due. Economists forecast the index to fall to 55.5 in March from 56.9 in February.

At 3.45 am ET, Italy’s S&P manufacturing PMI is due. The factory PMI is seen at 57.0 versus 58.3 in the previous month.

Thereafter, final PMI survey results are due from France and Germany at 3.50 and 3.55 am ET, respectively.

At 4.00 am ET, Eurozone final manufacturing PMI is due. The reading is forecast to fall to 57.0 in March, in line with flash estimate, down from 58.2 in February.

Half an hour later, UK S&P/CIPS manufacturing PMI survey results are due. The final score is seen at 55.5 in March.

At 5.00 am ET, Eurostat publishes flash Euro area consumer price data for March. Inflation is expected to advance to 6.6 percent from 5.9 percent in February.

U.S. Xpress Enterprises Climbs 13%

U.S. Xpress Enterprises, Inc. (USX) shares are gaining more than 20 percent on Friday morning trade after its co-founder and executive chairman Max Fuller bought stocks worth $1 million at a price of $4.09 that increased his holding size by 26 percent.

The shares are currently at $4.38, up 13 percent from the previous close of 3.88 on a volume of 6,999,629. For the 52-week period, the shares have traded in a range of $3.07-$12.19 on average volume of 374,588.

NIO Shares Surge On Quarterly Record EVs Delivery

Shares of NIO Inc. (NIO) are surging over 8% Friday morning, after the company reported delivery of 25,768 vehicles in the first quarter 2022, a new quarterly record, representing an increase of 28.5% year-over-year.

The stock, which has been trading in the range of $13.01 – $55.13 for the past one year, is currently trading at $22.80, up $1.75 or 8.31%.

NIO delivered 9,985 vehicles in March 2022, representing an increase of 37.6% year-over-year. The deliveries consisted of 9,822 premium smart electric SUVs, including 1,726 ES8s, 5,064 ES6s and 3,032 EC6s, and 163 ET7s, the company’s flagship premium smart electric sedan. The deliveries of ET7 to users commenced from March 28, 2022. As of March 31, 2022, cumulative deliveries reached 192,838 vehicles.

Innovative Industrial Properties Down After Pricing Of Its $300 Mln Public Offering

Innovative Industrial Properties, Inc. (IIPR) shares are trading more than 5 percent on Friday morning after the company priced its $300 million underwritten public offering of 1,578,948 shares of its common stock at $190 per share. The offering is expected to be closed on April 5.

The REIT company’s shares are currently at $195.00, down 5.06 percent from the previous close of $205.40 on a volume of 241,660. For the 52-week period, the shares have traded in a range of $162.81-$288.02 on average volume of 219,283.

Manning & Napier Going Private

Manning & Napier, Inc. (MN), an investment company, and Callodine Group, LLC, an asset management firm have inked a deal to allow Callodine to buy Manning & Napier for $12.85 per share, the two companies said in a statement on Friday.

Upon the completion of the deal, Manning & Napier will go private and de-list its shares on NYSE.

In addition, the both parties said that Callodine will purchase from M&N Holdings, LLC all of the outstanding limited liability company interests in Manning & Napier Group, LLC that the company does not own at a price per unit of $12.85.

Marc Mayer, CEO of Manning & Napier said: “We view the combination with Callodine as providing significant benefits to all stakeholders. The combination with Callodine will add further to the strong returns we have generated over the past two years. This partnership will drive our next phase of responsible and thoughtful growth…”

The company expects to continue to provide its regular dividend to shareholders until the completion of the acquisition, expected in the third quarter of 2022.

The Boston-based Callodine is executing the proposed acquisition in partnership with East Asset Management and following the completion, Manning & Napier will become a wholly owned subsidiary of the acquirer.

Hit and run crash leaves one dead in Denver Friday morning

The Denver Police Department is searching for a person they believe was involved in a fatal hit and run crash.

DPD first reported a collision at MLK Jr. and Colorado boulevards at 1:02 a.m. on Friday. One driver died at the scene of the crash.

Police said later Friday morning that they were investigating the incident as a hit and run and were still searching for another driver, who they believe fled on foot.

Officers ask anyone who may know any information, to call 720-913-7867.