Acquisitions

Salesforce’s stock rose 5% on Friday, extending a 13% gain over five days after the company posted Q3 adjusted earnings of $3.25 per share (vs. $2.86 estimate) and revenue of $10.26 billion, just below forecasts. CEO Marc Benioff emphasized AI as a growth driver, highlighted acquisitions of Regrello and Waii, and pointed to the Agentforce platform, whose ARR jumped 330% to $540 million. Analysts are optimistic about Salesforce’s AI‑enhanced roadmap, cost discipline, and potential to lead the cloud‑software sector.

Ceva, Inc. (NASDAQ: CEVA) announced a public offering of 3,000,000 shares of common stock at $19.50 per share, expecting to close on November 20, 2025. J.P. Morgan and UBS Investment Bank are managing the offering, which includes an option for underwriters to purchase an additional 450,000 shares. Gross proceeds are expected to be $58.5 million, intended for acquisitions, investments, working capital, and share repurchases. The offering is under a shelf registration statement filed with the SEC. Ceva’s focus is on wireless connectivity, sensing, and edge AI technologies.

Rocket Lab (RKLB) shares rose after Q3 results revealed record revenue of $155M, a 48% YoY increase, driven by launch contracts and space tech. Loss per share was better than expected. Q4 revenue guidance of $170M-$180M exceeded estimates. The company boasts a record backlog of 49 launches and is pursuing acquisitions for defense initiatives. Shares surged over 31% last month and have more than doubled YTD. Rocket Lab acquired Geost and opened a new Neutron launch site. Adjusted EBITDA loss in Q3 was $26.3M, with Q4 losses projected between $23M-$29M.

DoorDash shares plummeted 17% after announcing significant investments in autonomous delivery, a new tech stack, and acquisitions like SevenRooms and Deliveroo. While revenue beat expectations, earnings fell short, and Q4 adjusted EBITDA guidance was below consensus. Investors are wary of the aggressive spending impacting near-term profitability, despite CEO Tony Xu’s confidence in long-term growth. Analysts acknowledge the operational strength and potential long-term investor support, but caution that patience and consistent disclosure are needed.

AI investments and acquisitions are increasingly followed by layoffs in the tech industry. Companies like Accenture, Meta, and HP, after investing in or acquiring AI startups like Snorkel AI, Scale AI, Windsurf and Humane, subsequently reduced workforce. This trend reflects a shift from prioritizing startup culture to rapidly optimizing for ROI and eliminating overlapping roles. While AI advancements may create new jobs, the immediate impact involves workforce restructuring, potentially impacting talent attraction and demanding greater employee protections related to acquisitions. The industry is aggressively recruiting in core AI roles despite overall reductions.

AAR CORP. (NYSE: AIR) announced the pricing of a public offering of 3,000,000 shares of common stock at $83.00 per share. Underwriters have an option to purchase up to 450,000 additional shares. Net proceeds, estimated at $239 million (potentially $274.9 million with the option), will primarily repay debt under its revolving credit facility and for general corporate purposes, including potential acquisitions. Goldman Sachs, Jefferies, and RBC Capital Markets are the joint lead book-running managers. The offering is expected to close around October 2, 2025.

Xpeng plans to launch its mass-market Mona EV brand overseas next year, starting with Europe, aiming to become a global player with affordable EVs. CEO He Xiaopeng revealed an openness to strategic acquisitions to enhance competitiveness in the consolidating EV sector. The Mona brand debuted in China with a $17,000 coupe and will expand globally. Xpeng, already present in Europe, seeks to increase its global footprint, exceeding its initial expansion targets. While considering European manufacturing, it faces EU tariffs.

Ellipsis U.S. Onshore Holdings, backed by Westlawn, announced the acquisition of Permian Basin assets producing 4,000 BOEPD, with plans to reach 20,000 BOEPD in 2025. This adds over 8,200 net acres in the Northern Delaware Basin. Separately, they signed a farmout agreement with Black Stone Minerals for 270,000 gross acres in East Texas, securing rights to non-operated interests in Haynesville acreage tied to Revenant Energy’s drilling program. These deals expand Ellipsis’ non-operated portfolio.

Diginex (DGNX), a sustainability RegTech firm, grew revenue 57% to $2.0M but widened its net loss to $5.2M in FY2025. Critically, its balance sheet shifted from $23.0M net liabilities to $4.6M net assets after its January 2025 IPO. Post-filing, the company announced ambitious plans: a $2B all-stock acquisition of Resulticks Group, purchasing Matter DK ApS for $13M, pursuing a dual listing on Abu Dhabi Securities Exchange, and raising $250M targeting GCC investors. Strategic shifts included moving away from customization toward SaaS solutions despite core subscription growth challenges.

University Bancorp (UNIB) increased its stake in Currency Exchange International (CXI) by approximately 0.48%, reaching about 12.02% ownership. The company acquired shares on both the Toronto Stock Exchange and the OTC Markets. UNIB views its CXI holdings as an investment, subject to ongoing review, and may consider various strategic options. The announcement follows UNIB’s strong 2024 financial results and highlights its position as a significant financial holding company in Michigan.