InsideArbitrage Event Driven Monitor – October 21, 2022

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

Merger Arbitrage

  1. CVS Health (CVS) & Signify Health (SGFY) received a request for additional information (the second request) from the Dept. of Justice in connection with the merger review.
  2. The waiting period applicable to the merger between ChannelAdvisor Corporation (ECOM) and CommerceHub under the HSR Act has expired. The merger is currently expected to close by November 16, 2022.
  3. Amgen (AMGN) completed the acquisition of ChemoCentryx (CCXI).
  4. Bloomberg reported that Biden administration officials are discussing whether the US should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter (TWTR) and SpaceX’s Starlink satellite network.
  5. Reuters reported that Twitter (TWTR) clarified to staff that there are no plans for company-wide layoffs since it signed a deal to be acquired by billionaire Elon Musk, after a media outlet reported that Musk is considering laying off as much as 75% of the company.

Insider Purchases

  1. Tobi Lutke, the Director of cryptocurrency brokerage Coinbase Global (COIN), purchased 5,349 shares at an average price of $72.90 totaling $389,942.
  2. Beat Kahli, the Director of automotive and consumer electronics company VOXX International Corp (VOXX), purchased 25,000 shares at an average price of $7.22 totaling $180,500.
  3. Jeffrey E. Eberwein, the Chief Executive Officer of staffing & employment Services company Hudson Global, Inc. (HSON), purchased 1,260 shares at an average price of $34.62 totaling $43,622.

SPACs

  1. AUM Biosciences and Mountain Crest Acquisition Corp. V (MCAG) entered into a definitive business combination agreement.
  2. Rose Hill Acquisition Corporation (ROSE) and Inversiones e Inmobilaria GHC Ltda, entered into a definitive business combination agreement that is expected to result in Prize becoming a U.S. publicly listed company.

Stock Buyback Announcements

  1. Tenet Healthcare Corporation (THC) authorized a $1 billion share repurchase program representing around 17% of its market cap at announcement.
  2. Snap Inc. (SNAP) authorized a $500 million stock repurchase program representing around 3% of its market cap at announcement.
  3. Wix.com Ltd. (WIX) announces authorization of $300 million share repurchase program representing around 6.6% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Rockley Photonics Holdings Limited (RKLY) announced that Richard A. Meier was appointed as President and Chief Financial Officer.
  2. Exagen (XGN) announced that John Aballi has been appointed as President and Chief Executive Officer
  3. Predictive Oncology (POAI) announced the appointment of Raymond F. Vennare as Chief Executive Officer and Chairman of the Board, effective November 1, 2022
  4. Everbridge (EVBG), announced the appointment of Sheila Carpenter as Chief Information Officer.
  5. Immuneering Corporation (IMRX), announced the appointment of Leah R. Neufeld to the newly created position of Chief People Officer.

Departures

  1. SCYNEXIS, Inc. (SCYX) – Dr. Marco Taglietti announced that he plans to retire and will leave his position as President and Chief Executive Officer
  2. TMC the metals company (TMC) – Anthony O’Sullivan notified that he was resigning as the company’s Chief Development Officer, though he will remain in the position through a twelve-month transition period.
  3. P3 Health Partners (PIII) – Eric Atkins resigns as Chief Financial Officer of the company, effective as of November 1, 2022.

Disclaimer: 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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