BorgWarner To Buy Hubei Surpass Sun’s Electric Vehicle Solution For RMB 410 Mln

BorgWarner Inc. (BWA), an automotive supplier, said on Tuesday that it would buy the Electric Vehicle Solution from Hubei Surpass Sun Electric or SSE, a Chinese electric motors maker, for up to RMB 410 million. Electric Vehicle Solution is an arm of SSE consisting of Smart Grid and Smart Energy business.

SSE’s charging and electrification expertise in China is expected to complement BorgWarner’s existing capabilities in Europe and North America, BorgWarner said in a statement.

According to the deal, which is expected to be closed in the first quarter of 2023, a sum of around RMB 267 million would be transferred at or soon after the transaction. The remaining up to RMB 143 million is expected to be paid in the form of contingent payments over around two years after the closing.

Headquartered in Xiangyang of Hubei province, SSE’s 2022 revenues for the electrification business are expected to be at around RMB 180 million.

U.S. To Import Bellamy’s Organic Baby Formula From Australia Friday

The U.S. government will import 4.9 million bottles of infant formula from Australia on Friday under Operation Fly Formula Mission to address the nationwide shortage of the product caused by the Abbott Nutrition recall.

The White House announced Monday that the Biden Administration is sourcing a flight, facilitated by the U.S. Department of Health and Human Services, to transport 330,000 pounds of Bellamy’s Organic Infant Formula to Dallas, Texas.

These products will be distributed through retailers nationwide, the White House said.

In May, the Food and Drug Administration (FDA) announced that the agency is exercising enforcement discretion so that Bellamy’s Organic can export 1.4 million pounds of infant formula into the U.S., which is equivalent to 21 million 8-ounce bottles.

Biden launched Operation Fly Formula in May to speed up the import of infant formula that meets U.S. health and safety standards and stock enough product in stores as soon as possible.

The Biden Administration is sourcing the Defense Department’s commercial aircraft, facilitated by the U.S. Department of Health and Human Services (HHS), for Operation Fly Formula.

These flights will bypass regular air freighting routes to speed up the importation.

Under Operation Fly Formula, by September 16, the United States will have imported nearly 90 million 8-ounce bottle equivalents of baby formula from abroad, the White House said.

Ventoux CCM Acquisition Slides 14%

Shares of special purpose acquisition company Ventoux CCM Acquisition Corp. (VTAQ) are down 17 percent on Tuesday’s trading. There has not been any company-specific news on Tuesday to impact the stock.

Recently, the company’s stockholders had approved its proposed merger with E La Carte, one of the largest labor automation technology providers in the hospitality industry.

Currently at $5.90, the stock has traded between $4.50 and $10.70 during the past 52 weeks.

BYND Cannasoft Enterprises Rally Continues; Gains 27%

Shares of BYND Cannasoft Enterprises Inc. (BCAN) has gained over 27% on Tuesday morning after surging over 200% on Monday morning.

BCAN is currently trading at $7.01, up $1.51 or 27.46%, on the Nasdaq. The stock opened its trading at $6.45 after closing Monday’s trading at $5.50.

The stock had peaked up to 16.38 on Monday after the company announced its decision to acquire 100% ownership of Zigi Carmel Initiatives & Investments Ltd., which holds the patent-pending intellectual property for a Cannabidiol-based therapeutic device.

The device called EZ-G device, combined with proprietary software, regulates the flow of low-concentration CBD oils into the soft tissues of the female reproductive system. Research shows that treatment with low-concentration CBD oils can relieve candida, dryness, scars, and many other female health issues, the company said.

As per the terms of the agreement, BYND will issue 7.92 million shares to the owner of Zigi Carmel at a deemed price of $4.735 per share and pay $100,000 to cover his legal expenses.

Wynn Resorts Gains 5%

Shares of Wynn Resorts, Ltd. (WYNN) are trading more than 5 percent on Tuesday morning. Casino stocks are climbing on reports that China is planning to ease border entry rules and relaxing pandemic restrictions.

Currently, shares are at $69.42, up 5.31 percent from the previous close of $65.89 on a volume of 2,077,961.

Tritium DCFC Stock Slips 7%

Shares of Tritium DCFC Limited (DCFC) are slipping over 7% on Tuesday morning despite no stock-related news to hurt the shares.

DCFC is currently trading at $5.14, down $0.40 or 7.22%, on the Nasdaq. The stock opened its trading at $5.55 after closing Monday’s trading at $5.54. The stock has traded between $5.07 and $19.75 in the past 52-week period.

Tritium DCFC designs, manufactures, and supplies direct current chargers for electric vehicles in the United States, North America, Europe, the Middle East, and the Asia Pacific.

The company’s charging station hardware portfolio includes various standalone chargers, such as 50, 75, 175, and 350-kilowatt chargers.

Walgreens Boots To Buy Out Shields Health For Around $1.37 Bln; Stock Down

Walgreens Boots Alliance, Inc. (WBA) said on Tuesday that it has inked a deal to acquire the remaining 30 percent stake in privately held Shields Health Solutions for around $1.37 billion.

Shields is focused on the specialty pharmacy, and is a premier health system-owned specialty pharmacy integrator in the U.S.

Roz Brewer, CEO of WBA, said: “Our full acquisition of Shields will complete another major milestone as part of our consumer-centric healthcare strategy to drive sustainable long-term growth. We can now make further progress on our strategy through Shields’ integrated model, increasing our value to health systems, expanding access to payor partners and supporting improved outcomes and lower costs…”

The transaction is scheduled to conclude by the end of calendar 2022.

WBA’s acquisition of Shields from other shareholders follows a rise in the acquirer’s stake to around 70 percent in September 2021.

Post acquisition, Shields will remain as a separate business and brand within Walgreens. John Lucey, Co-Founder and Current President of Shields, will serve as CEO of Shields, and current Shields CEO Lee Cooper will take up a new executive role within WBA.

WBA is trading down by 1.27 percent at $33.72 per share on the Nasdaq.