Merger Arbitrage Mondays – Amazon Acquires 1Life Healthcare (One Medical)

Merger activity decreased last week with two new deals announced and six deals completed including three that at various points sported large spreads and appeared to be in trouble. One of the deals announced last week was a potential deal in the works.

1Life Healthcare (ONEM)

Having worked in healthcare services in a San Francisco based company, I was acutely aware of One Medical, a company that was attempting to reinvent the way primary care was delivered to patients. 1Life Healthcare also known as One Medical was founded by Tom Lee in 2007. Google was an early investor in the company and by the time the company went public in January 2020, The Carlyle Group with a 27% stake, was its largest investor.

1Life and the One Medical entities do business under the “One Medical” brand. The company operates as a membership-based primary care practice. One Medical grew from a single clinic in San Francisco to 182 medical offices in the United States, providing 24/7 virtual care. Patients can access virtual medical services provided by One Medical for an annual membership fee of $199. One Medical was unique as it required an annual subscription and more often than not, that subscription fee was picked up by the employer because of the company’s deep rooted partnerships with several large companies. One Medical Services

The company’s stock took a pretty big hit after it announced a large $2.1 billion all stock acquisition of Iora Health,  a company focused on providing senior care and then once again this year when non-profitable growth stocks fell out of favor. The stock declined nearly 90% peak-to-trough from a high of almost $60 per share in February 2020 to just above $6 by May 2022. The deal by Amazon is not significantly higher than the company’s $14 IPO price. I looked at 1Life Healthcare multiple times and it was also on the “broken growth watch list” we discussed in our January 2020 mid-month update. Unfortunately the fact that the company was cash flow negative and conversations I had with executives who have extensive healthcare services experience, kept me away from the stock.

We added 1Life Healthcare as a potential deal in the works on July 5, 2022, when Bloomberg reported that the company was considering options after attracting takeover interestCVS Health Corporation (CVS) had initially shown interest but later backed out. 1Life’s price after this announcement was $10.34. The potential deal was announced almost a year after the company acquired Iora Health.

One Medical and Iora Health

On July 21, 2022, Amazon and One Medical entered into a definitive merger agreement, under which Amazon will acquire One Medical for $18, in a transaction valued at $3.9 billion, representing a premium of over 76%. This is Amazon’s third largest acquisition after its purchases of organic grocer Whole Foods Market and film studio MGM.  The deal currently sports a spread of 4.96% or over 11% annualized if the deal closes by the end of the year.

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

Deals In The Works

There were three new deals announced in the Deals in the Works section last week.

  1. On July 19, 2022, Godspeed Capital Management sent a letter to the Board of Directors of Hill International (HIL), proposing to acquire the company for $1.85 per share in cash.
  2. On July 19, 2022, Reuters reported that private equity firm CVC Capital and wood panel manufacturer Kronospan submitted a joint expression of interest to acquire Canadian lumber company West Fraser Timber (WFG). The same day, West Fraser issued a statement stating it had not received a proposal and there are no ongoing discussions regarding the terms of any transaction.
  3. On July 20, 2022,  Reuters reported that New Relic (NEWR) targeted by activist hedge fund Jana Partners, is preparing to explore a potential sale following interest from private equity firms.

SPAC Arbitrage

There was one new SPAC combination announced last week, three business combinations were completed and two terminated. You can find new SPAC business combinations in our SPACs tool here.

New Business Combinations

  1. On July 21, 2022, ZyVersa Therapeutics, a clinical stage specialty biopharmaceutical company and Larkspur Health Acquisition (LSPRentered into a definitive business combination agreement.

Completed

  1. On July 18, 2022, ITHAX Acquisition Corp. announced the completion of its business combination with Mondee Holdings (MOND).
  2. FaZe Clan (FAZEcompleted its business combination with B. Riley Principal 150 Merger Corp.
  3. OPAL Fuels (OPALcompleted its previously announced business combination with ArcLight Clean Transition Corp. II.

Terminated

  1. On July 19, 2022, Aesther Healthcare Acquisition (AEHAmutually terminated its combination agreement with automotive component manufacturer United Gear & Assembly.
  2. On July 20, 2022, Fortune Rise Acquisition (FRLAmutually terminated its combination with crypto mining business VCV Power Sigma.

Merger Arbitrage

Weekly Spread Changes:

The table below shows weekly spread changes between July 15 and July 22, 2022.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
RDBX 3.05 Chicken Soup for the Soul Entertainment, Inc. (CSSE) 9.11 -74.01% -82.18% 8.17% All Stock
EMCF 33.48 Farmers National Banc Corp. (FMNB) 15.46 -0.72% -6.67% 5.95% All Stock
SAVE 24.02 Frontier Group Holdings, Inc. (ULCC) 11.12 5.74% 2.99% 2.75% Cash Plus Stock
SIMO 85.75 MaxLinear, Inc. (MXL) 38.82 26.65% 24.30% 2.35% Cash Plus Stock
TEN 18.85 Apollo Global Management, Inc. (APO) 53.94 6.10% 3.95% 2.15% All Cash
GSV 0.3261 Orla Mining Ltd. (ORLA) 2.64 -3.42% 0.01% -3.43% All Stock
TGNA 20.91 Standard General L.P. (N/A) 14.78% 18.81% -4.03% Special Conditions
BKI 65.03 Intercontinental Exchange, Inc. (ICE) 99.11 30.71% 35.78% -5.07% Special Conditions
EXTN 3.72 Enerflex Ltd. (EFX.TO) 5.26 11.79% 18.29% -6.50% All Stock
TWTR 39.84 Elon Musk (N/A) 36.04% 43.61% -7.57% All Cash

Deal Statistics:

Total Number of Deals Closed in 2022 105
Total Number of Deals Not Completed in 2022 5
Total Number of Pending Deals
Cash Deals 52
Stock Deals 21
Stock & Cash Deals 3
Special Conditions 10
Total Number of Pending Deals 86
Aggregate Deal Consideration $991.34 billion

New Deals:

  1. The acquisition of 1Life Healthcare (ONEM) by Amazon (AMZN) for $3.9 billion or $18 per share in cash. We added ONEM as a potential deal to the Deals in the Works section on July 5, 2022 and the price after the news of the potential deal came out was $10.34.
  2. The acquisition of Hanger (HNGR) by Patient Square Capital for $1.25 billion or $18.75 per share in cash.

Deal Updates:

  1. On July 15, 2022, the DOJ granted early termination of the waiting period under the HSR Act with respect to the merger between Mandiant (MNDT) and Alphabet (GOOG).
  2. July 18, 2022: According to The Wall Street Journal, the Justice Department is discussing with Cargill and Continental Grain, potential concessions that could clear the way for the companies to acquire poultry processor Sanderson Farms (SAFM).
  3. On July 19, 2022, Bristol Myers Squibb (BMY) announced that it has extended the expiration date of its offer to acquire Turning Point Therapeutics (TPTX) to August 15, 2022.
  4. July 19, 2022: According to The Wall Street Journal, Twitter (TWTRwon its first legal fight against Elon Musk on Tuesday when a Delaware judge granted the company’s request to fast-track its lawsuit seeking to compel Elon Musk to complete his $44 billion purchase of the social-media site.
  5. On July 20, 2022, shareholders of Emclaire (EMCFvoted to approve the agreement and plan of merger with Farmers National Banc Corp (FMNB).

Closed Deals:

Over $30 billion worth of active M&A deals were completed last week.

  1. The acquisition of PS Business Parks (PSB) by Blackstone (BX) on July 20, 2022. It took 86 days for this deal to be completed.
  2. The acquisition of ServiceSource International (SREV) by Concentrix Corporation (CNXC) on July 20, 2022. It took 72 days for this deal to be completed.
  3. The acquisition of Healthcare Trust of America (HTA) by Healthcare Realty Trust Incorporated (HR) on July 21, 2022. It took 143 days for this deal to be completed.
  4. The acquisition of Vonage Holdings (VG) by Ericsson (ERIC) on July 21, 2022. It took 241 days for this deal to be completed.
  5. The acquisition of Natus Medical Incorporated (NTUS) by ArchiMed on July 21, 2022. It took 94 days for this deal to be completed.
  6. The acquisition of Sanderson Farms (SAFM) by Cargill and Continental Grain Company on July 22, 2022. It took 94 days for this deal to be completed.

Top 10 deals with largest spreads:

Please do your own due diligence on deals with large spreads. Some of these large spreads might be related to regulatory issues or because of the way the deal is structured. We classify some of these deals as “special situation” deals in our merger arbitrage tool and provide additional details to help with the analysis. There may be unique situations related to special dividends, spinoffs, proration, etc. that need to be accounted for when looking at these spreads.

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
TYME 07/05/2022 Syros Pharmaceuticals, Inc. (SYRS) $0.41 $0.301 12/31/2022 36.59% 83.48%
TWTR 04/25/2022 Elon Musk (N/A) $54.20 $39.84 12/31/2022 36.04% 82.23%
BKI 05/04/2022 Intercontinental Exchange, Inc. (ICE) $85.00 $65.03 06/30/2023 30.71% 32.87%
SIMO 05/05/2022 MaxLinear, Inc. (MXL) $108.60 $85.75 06/30/2023 26.65% 28.53%
VMW 05/26/2022 Broadcom Inc. (AVGO) $142.50 $113.6 04/30/2023 25.44% 33.16%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $26.94 09/30/2022 20.27% 108.79%
ATVI 01/18/2022 Microsoft Corporation (MSFT) $95.00 $79.23 06/30/2023 19.90% 21.30%
NLSN 03/29/2022 Evergreen Coast Capital Corporation (N/A) $28.00 $23.91 12/31/2022 17.11% 39.02%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $27.75 $23.89 12/31/2022 16.16% 36.86%
AUY 05/31/2022 Gold Fields Limited (GFI) $5.34 $4.61 12/31/2022 15.84% 36.12%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.

Target Announced
Date
Acquirer Deal
Type
Closing
Value
Deal
Price
Last
Price
Target Volume Estimated
Closing Date
Return Annualized
Return
+ TYME 7/05/22 Syros Pharmaceuticals, Inc. (SYRS) All Stock $67.2 M $0.41 $0.301 536,086 12/31/22 36.59% 84.01%
+ TWTR 4/25/22 Elon Musk (N/A) All Cash $44 B $54.20 $39.84 24,868,508 12/31/22 36.04% 82.74%
+ BKI 5/04/22 Intercontinental Exchange, Inc. (ICE) Special Conditions $16 B $85.00 $65.03 284,441 6/30/23 30.71% 32.97%
+ TMX 12/14/21 Rentokil Initial plc (RTOKY) Special Conditions $6.7 B $55.00 $42.73 1,380,274 9/30/22 28.72% 156.43%
+ SIMO 5/05/22 MaxLinear, Inc. (MXL) Cash Plus Stock $8 B $108.60 $85.75 194,610 6/30/23 26.65% 28.61%
+ VMW 5/26/22 Broadcom Inc. (AVGO) Special Conditions $69 B $142.50 $113.6 953,472 4/30/23 25.44% 33.28%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $26.94 375,198 9/30/22 20.27% 110.41%
+ ATVI 1/18/22 Microsoft Corporation (MSFT) All Cash $68.7 B $95.00 $79.23 2,888,853 6/30/23 19.90% 21.37%
+ NLSN 3/29/22 Evergreen Coast Capital Corporation (N/A) All Cash $16 B $28.00 $23.91 658,659 12/31/22 17.11% 39.27%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $27.75 $23.89 3,109,158 12/31/22 16.16% 37.09%
+ AUY 5/31/22 Gold Fields Limited (GFI) All Stock $6.7 B $5.34 $4.61 15,204,484 12/31/22 15.84% 36.35%
+ FSTX 6/23/22 invoX Pharma (N/A) All Cash $161 M $7.12 $6.17 155,029 12/31/22 15.40% 35.35%
+ TSEM 2/15/22 Intel Corporation (INTC) All Cash $5.4 B $53.00 $45.96 244,971 2/15/23 15.32% 27.27%
+ TGNA 2/22/22 Standard General L.P. (N/A) Special Conditions $8.6 B $24.00 $20.91 708,504 12/31/22 14.78% 33.92%
+ BRG 12/20/21 Blackstone Real Estate (N/A) Special Conditions $3.6 B $29.85 $26.16 330,398 9/30/22 14.11% 76.84%
+ GSMG 7/11/22 Cheers Inc (N/A) All Cash $105.59 M $1.55 $1.36 246,023 12/31/22 13.97% 32.07%
+ FHN 2/28/22 The Toronto-Dominion Bank (TD) Special Conditions $13.4 B $25.00 $21.96 1,757,979 11/27/22 13.84% 40.42%
+ EXTN 1/24/22 Enerflex Ltd. (EFX.TO) All Stock $735 M $4.16 $3.72 64,075 9/30/22 11.77% 64.10%
+ RDUS 6/23/22 Gurnet Point Capital (N/A) All Cash $890 M $11.00 $10.06 811,394 9/30/22 9.34% 50.90%
+ HLG 5/09/22 Hailiang Education International Limited (N/A) All Cash $368.89 M $14.31 $13.12 929 9/30/22 9.07% 49.41%
+ BLCT 4/30/22 Multelements Limited (N/A) All Cash $60 M $1.60 $1.48 27,100 12/31/22 8.11% 18.61%
+ USWS 6/21/22 ProFrac Holding Corp. (PFHC) All Stock $546.29 M $0.88 $0.8149 163,019 12/31/22 7.88% 18.08%
+ MGI 2/15/22 Madison Dearborn Partners, LLC (N/A) All Cash $1.8 B $11.00 $10.27 438,964 12/31/22 7.11% 16.32%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $46.98 285,776 9/30/22 7.07% 38.50%
+ TEN 2/23/22 Apollo Global Management, Inc. (APO) All Cash $7.1 B $20.00 $18.85 1,163,112 12/31/22 6.10% 14.00%
+ SJI 2/24/22 Infrastructure Investments Fund (N/A) All Cash $8.1 B $36.00 $33.95 480,564 12/31/22 6.04% 13.86%
+ SAVE 2/07/22 Frontier Group Holdings, Inc. (ULCC) Cash Plus Stock $6.6 B $25.40 $24.02 1,447,087 12/31/22 5.74% 13.17%
+ MILE 11/08/21 Lemonade (LMND) All Stock $201.47 M $1.01 $0.9552 382,462 7/31/22 5.40% 328.39%
+ ONEM 7/21/22 Amazon (AMZN) All Cash $3.9 B $18.00 $17.15 14,706,558 12/31/22 4.96% 11.38%
+ IS 7/13/22 Unity (U) All Stock $3.61 B $3.97 $3.8 12,243,151 12/31/22 4.52% 10.37%
+ VIVO 7/07/22 SD Biosensor and SJL Partners (N/A) All Cash $1.53 B $34.00 $32.61 414,608 12/31/22 4.26% 9.78%
+ CTEK 5/23/22 Clearwater Compliance LLC (N/A) All Cash $13.9 M $1.25 $1.2 81,081 9/30/22 4.17% 22.70%
+ LHCG 3/28/22 Optum (N/A) All Cash $6.2 B $170.00 $163.24 134,615 12/31/22 4.14% 9.51%
+ TUFN 4/06/22 Turn/River Capital (N/A) All Cash $570 M $13.00 $12.55 538,359 9/30/22 3.59% 19.53%
+ TGA 7/14/22 VAALCO Energy, Inc. (EGY) All Stock $273 M $3.33 $3.22 732,594 12/31/22 3.41% 7.83%
+ ROG 11/02/21 DuPont de Nemours, Inc. (DD) All Cash $5.2 B $277.00 $267.89 113,220 9/30/22 3.40% 18.53%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $22.25 $21.55 197,093 9/30/22 3.26% 17.75%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $37.82 $36.7 311,195 10/31/22 3.06% 11.39%
+ ZEN 6/24/22 Permira and Hellman & Friedman LLC (N/A) All Cash $10.2 B $77.50 $75.25 1,997,726 12/31/22 2.99% 6.86%
+ CTXS 1/31/22 Vista Equity Partners and Elliott Investment Management LP (N/A) All Cash $16.5 B $104.00 $101.48 452,846 7/31/22 2.48% 151.06%
+ SAIL 4/11/22 Thoma Bravo (N/A) All Cash $6.9 B $65.25 $63.75 572,292 12/31/22 2.35% 5.40%
+ EURN 7/11/22 Frontline Ltd. (FRO) All Stock $4.08 B $13.30 $13 1,211,759 12/31/22 2.28% 5.24%
+ RNDB 3/28/22 Hometown Financial Group, Inc. (N/A) All Cash $146.5 M $27.00 $26.421 467 12/31/22 2.19% 5.03%
+ SMED 7/13/22 Aurora Capital Partners (N/A) All Cash $139.85 M $8.75 $8.58 240,769 9/30/22 1.98% 10.79%
+ USAK 6/24/22 DB Schenker (N/A) All Cash $435 M $31.72 $31.16 133,613 12/31/22 1.80% 4.13%
+ BHVN 5/10/22 Pfizer Inc. (PFE) Special Conditions $11.6 B $148.50 $145.95 578,240 3/31/23 1.75% 2.56%
+ STON 5/25/22 Axar Capital Management, LP (N/A) All Cash $927.7 M $3.50 $3.44 57,733 9/30/22 1.74% 9.50%
+ HNGR 7/21/22 Patient Square Capital (N/A) All Cash $1.25 B $18.75 $18.43 21,534,743 12/31/22 1.74% 3.99%
+ AXU 7/05/22 Hecla Mining Company (HL) All Stock $75.24 M $0.44 $0.4356 423,779 9/30/22 1.73% 9.40%
+ SWCH 5/11/22 DigitalBridge Group, Inc. (DBRG) All Cash $11 B $34.25 $33.68 1,725,451 12/31/22 1.69% 3.89%
+ MN 4/01/22 Callodine (N/A) All Cash $137.1 M $12.85 $12.65 121,749 9/30/22 1.58% 8.61%
+ HMLP 5/25/22 Höegh LNG Holdings Ltd. (N/A) All Cash $167.6 M $9.25 $9.12 55,030 12/31/22 1.43% 3.27%
+ RFP 7/06/22 The Paper Excellence Group (N/A) Special Conditions $2.7 B $20.50 $20.23 844,859 6/30/23 1.33% 1.43%
+ TPTX 6/03/22 Bristol Myers Squibb (BMY) All Cash $1.66 B $76.00 $75 901,393 9/30/22 1.33% 7.26%
+ NPTN 11/04/21 Lumentum Holdings Inc. (LITE) All Cash $745.24 M $16.00 $15.79 650,271 12/31/22 1.33% 3.05%
+ MNDT 3/08/22 Alphabet Inc. (GOOG) All Cash $5.4 B $23.00 $22.7 1,481,365 12/31/22 1.32% 3.03%
+ BKEP 4/22/22 Ergon, Inc. (N/A) All Cash $199.72 M $4.65 $4.59 543,926 9/30/22 1.31% 7.12%
+ Y 3/21/22 Berkshire Hathaway (BRK.A) All Cash $11.6 B $848.02 $837.15 40,691 12/31/22 1.30% 2.98%
+ GCP 12/06/21 Saint-Gobain (N/A) All Cash $2.3 B $32.00 $31.59 347,359 12/31/22 1.30% 2.98%
+ CVET 5/25/22 Clayton, Dubilier & Rice and TPG Capital (N/A) All Cash $4 B $21.00 $20.76 2,341,879 12/31/22 1.16% 2.65%
+ UMPQ 10/12/21 Columbia Banking System, Inc. (COLB) All Stock $4.5 B $17.47 $17.29 1,256,471 9/30/22 1.07% 5.82%
+ DRE 6/13/22 Prologis, Inc. (PLD) All Stock $26 B $60.28 $59.69 1,380,844 12/31/22 0.98% 2.26%
+ RTLR 5/16/22 Diamondback Energy, Inc. (FANG) All Stock $2.36 B $12.82 $12.7 750,256 9/30/22 0.93% 5.04%
+ CTT 5/31/22 PotlatchDeltic Corporation (PCH) All Stock $1.06 B $10.76 $10.68 378,833 12/31/22 0.79% 1.81%
+ LJPC 7/11/22 Innoviva, Inc. (INVA) All Cash $149 M $6.23 $6.19 201,402 8/11/22 0.65% 13.87%
+ OBCI 6/22/22 OneWater Marine Inc. (ONEW) All Cash $125 M $13.08 $13 11,553 9/30/22 0.62% 3.35%
+ CNVY 6/21/22 TPG Capital (N/A) All Cash $1.1 B $10.50 $10.44 63,802 12/31/22 0.57% 1.32%
+ POLY 3/28/22 HP Inc. (HPQ) All Cash $3.3 B $40.00 $39.78 629,254 12/31/22 0.55% 1.27%
+ MTOR 2/22/22 Cummins Inc. (CMI) All Cash $3.7 B $36.50 $36.33 815,630 12/31/22 0.47% 1.07%
+ NSR 5/02/22 Sandstorm Gold Ltd. (SAND) All Stock $585.29 M $6.66 $6.63 26,800 12/31/22 0.38% 0.87%
+ ACC 4/19/22 Blackstone (BX) All Cash $12.8 B $65.47 $65.25 734,939 9/30/22 0.34% 1.84%
+ MANT 5/16/22 The Carlyle Group Inc. (CG) All Cash $4.2 B $96.00 $95.74 268,845 12/31/22 0.27% 0.62%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.98 1,068,708 7/28/22 0.08% 10.15%
+ CNR 3/07/22 Clayton, Dubilier & Rice (N/A) All Cash $5.8 B $24.65 $24.66 3,280,105 9/30/22 -0.04% -0.22%
+ CDR 3/02/22 Wheeler Real Estate Investment Trust, Inc. (WHLR) All Cash $291.3 M $29.00 $29.04 174,357 9/30/22 -0.14% -0.75%
+ STCN 6/13/22 Steel Partners Holdings L.P. (SPLP) All Cash $519.36 M $1.35 $1.355 121,357 12/31/22 -0.37% -0.85%
+ ABTX 11/10/21 CBTX, Inc. (CBTX) All Stock $1.5 B $40.92 $41.18 66,432 9/30/22 -0.63% -3.43%
+ SRLP 6/02/22 Hartree Partners, LP (N/A) All Cash $1.44 B $19.00 $19.13 11,434 9/30/22 -0.68% -3.70%
+ EMCF 3/24/22 Farmers National Banc Corp. (FMNB) All Stock $105 M $33.24 $33.48 1,102 12/31/22 -0.72% -1.65%
+ PTRS 11/04/21 OceanFirst Financial Corp. (OCFC) All Stock $186 M $8.95 $9.17 19,479 9/30/22 -2.38% -12.96%
+ EPZM 6/27/22 Ipsen (N/A) Special Conditions $247 M $1.45 $1.49 1,077,721 9/30/22 -2.68% -14.62%
+ GSV 6/13/22 Orla Mining Ltd. (ORLA) All Stock $138.14 M $0.31 $0.3261 370,440 8/31/22 -3.42% -33.72%
+ PCSB 5/24/22 Brookline Bancorp, Inc. (BRKL) All Stock $313 M $18.09 $19.26 31,576 12/31/22 -6.06% -13.91%
+ HMTV 5/09/22 Gato Investments LP (N/A) All Cash $658.07 M $7.00 $7.92 29,667 9/30/22 -11.62% -63.28%
+ ELSE 6/13/22 Mobile X Global, Inc. (N/A) All Cash $9.89 M $4.83 $5.7001 5,831 9/30/22 -15.26% -83.16%
+ RDBX 5/11/22 Chicken Soup for the Soul Entertainment, Inc. (CSSE) All Stock $182.9 M $0.79 $3.05 4,457,859 12/31/22 -74.01% -169.91%

Disclaimer: I have long positions in Biohaven Pharmaceutical (BHVN), Twitter (TWTR), First Horizon (FHN), Tower Semiconductor (TSEM), TEGNA (TGNA) and Bluerock Residential Growth REIT (BRG). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

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