InsideArbitrage Event Driven Monitor – October 10, 2022

Quick updates on the event-driven strategies we follow on InsideArbitrage.

Merger Arbitrage

  1. Shareholders of TransGlobe Energy Corporation (TGA) approved the company’s merger with VAALCO Energy (EGY) at a special meeting of shareholders.
  2. MasTec (MTZ) completes the acquisition of Infrastructure and Energy Alternatives (IEA).
  3. TPG Capital completes the acquisition of Convey Health Solutions Holdings (CNVY).
  4. Hometown Financial Group completes the acquisition of Randolph Bancorp (RNDB).
  5. Stealth BioTherapeutics (MITO) announced that the special meeting of stockholders will be on November 15, 2022.

Deals In The Works

  1. Bloomberg reported that Brookdale Senior Living (BKD) is exploring options including a potential sale.
  2. PureTech Health (PRTC)  confirmed receiving a non-binding proposal from Nektar Therapeutics (NKTR).

Insider Purchases

  1. Jay Farner, the CEO of mortgage originator Rocket Companies (RKT), purchased 65,200 shares at an average price of $6.78 totaling $442,266.
  2. James Cherry, the Director of diversified REIT Armada Hoffler Properties (AHH), purchased 7,000 shares at an average price of $22.33 totaling $156,310. A second Director also purchased 2,000 shares.
  3. Patricia Eaves, the Director of regional bank First Bancorp (FBP), purchased 5,950 shares at an average price of $15.11 totaling $89,884.
  4. Robert Spilman, the CEO of furniture manufacturer Bassett Furniture Industries (BSET), purchased 5,000 shares at an average price of $15.58 totaling $77,900.
  5. Jeffery Eberwein, the CEO of recruiting solutions company Hudson Global (HSON), purchased 1,500 shares at an average price of $33.96 for a total value of $50,945. He purchased these shares through a 10b5-1 plan.

SPACs

  1. ClimateRock (CLRC) and E.E.W. Eco Energy World PLC announced the signing of a definitive business combination agreement.
  2. Sarissa Capital Acquisition Corp. (SRSAU) announced that it will not consummate a business combination and will instead liquidate its trust, effective as of October 31, 2022.
  3. Orion Acquisition Corp. (OHPAU) filed a proxy for a shareholder vote to liquidate early.
  4. Lux Health Tech Acquisition Corp. (LUXA) announced that it will not consummate a business combination and will instead dissolve and liquidate its trust, effective as of the close of business on October 29.

Stock Buyback Announcements

  1. Sachem Capital Corp. (SACH) announced that its Board of Directors has authorized a stock repurchase program under which the company may repurchase up to an aggregate of $7.5 million of its outstanding common shares, representing 5.25% of the company’s market cap at announcement.

C-Suite Transitions

Appointments

  1. Agile Therapeutics (AGRX) appointed Geoffrey Gilmore, the company’s current general counsel, to a new position of Chief Administrative Officer, effective as of November 1, 2022.
  2. Deluxe Corporation (DLX) announced the appointment of Chip Zint as Senior Vice President, Chief Financial Officer of the company, effective October 17, 2022.
  3. Greenlane Holdings, (GNLN) announced that Craig Snyder, who joined the company in March 2022 as Chief Commercial Officer and has served as the company’s President since August 2022, will assume the position of Chief Executive Officer effective January 1, 2023.
  4. Sonoma Pharmaceuticals (SNOA) appointed Chad White as our interim Chief Financial Officer of the company effective November 18, 2022.
  5. PharmaCyte Biotech (PMCB) announced that Joshua N. Silverman has been appointed as interim Chairman of the Board, interim Chief Executive Officer and interim President of the company.
  6. Deluxe Corporation (DLX) announced the appointment of Chip Zint as Senior Vice President, Chief Financial Officer of the company, effective October 17, 2022.
  7. Lazydays Holdings (LAZY) appointed Kelly Porter, as Chief Financial Officer. He will assume the role on November 15, 2022.
  8. Alterola Biotech (ABTI), appointed David Hitchcock as Chief Executive Officer of the company.
  9. Board of Directors of Vinco Ventures (BBIG) duly appointed Gabe Hunterton as President effective as of October 3, 2022.
  10. Greenidge Generation Holdings (GREE) appointed David Anderson as CEO and Director, effective October 8, 2022 and Scott MacKenzie as Chief Strategy Officer, effective October 8, 2022.

Departures

  1. Faheem Bawa notified Yext (YEXT) of his intention to resign from his position as Chief Accounting Officer and principal accounting officer of the company.
  2. Sprinklr (CXM) announced that Luca Lazzaron has made the decision to step down from the Chief Revenue Officer position, effective as of October 1, 2022.
  3. Michael A. Holland, Senior Vice President and Chief Technology Officer, of Kirkland’s (KIRK) announced his intent to resign as an officer and employee of the Company effective October 28, 2022.
  4. Chief Operating Officer Howard A. Friedman will be leaving Post Holdings (POST) effective December 15, 2022, to join Utz Brands (UTZ).
  5. Greenlane Holdings, (GNLN) announced that Nicholas Kovacevich, the company’s Chief Executive Officer, will step down and transition into a new role within the company as Chief Corporate Development Officer effective January 1, 2023.
  6. Sonoma Pharmaceuticals (SNOA) announced that Mr. Jerry Dvonch will resign as the Chief Financial Officer in connection with the closure of the company’s office in Woodstock, Georgia effective November 18, 2022.
  7. PharmaCyte Biotech (PMCB) announced that Kenneth L. Waggoner, the Chief Executive Officer, President and General Counsel resigned from his position.
  8. Lode-Star Mining (LSMG) announced that Samuel Sternheim submitted his resignation as the Chief Financial Officer, Corporate Secretary, and a member of the Board of the company.
  9. Alterola Biotech (ABTI) announced that Seamus McAuley resigned as Chief Executive Officer, with immediate effect.
  10. Greenidge Generation Holdings (GREE) Jeffrey Kirt to resign from his roles as CEO and Director, effective October 7, 2022.

Disclaimer: I have a long position in Pfizer (PFE). 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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