InsideArbitrage Event Driven Monitor – November 15, 2022

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

Merger Arbitrage

  1. Opiant Pharmaceuticals (OPNT) to be acquired by Indivior (LON: INDV) for $49.16 million. Under the terms of the agreement, shareholders of Opiant Pharmaceuticals will receive $20.00 per share in cash plus up to $8.00 per share in contingent value rights that may become payable in the event that certain net revenue milestones are achieved by Opiant’s lead asset (OPNT003) during the relevant seven-year period.
  2. Shareholders of ChannelAdvisor Corporation (ECOM) approved the company’s merger with CommerceHub at a special meeting of shareholders.
  3.  Archaea Energy (LFG) announced that the special meeting of stockholders will be on December 13, 2022.
  4. According to Reuters, activist investor Ancora Holdings Group said that Ritchie Bros Auctioneers’ (RBA) buyout deal for IAA Inc. (IAA) was a “poorly structured sweetheart deal” and it will push for better terms.
  5. According to Reuters, in its effort to win takeover approval, Rogers Communications (RCI) presented documents to a tribunal that show Canada’s second-largest telecom company Telus Corp attempted to sabotage Rogers’ deal to buy Shaw Communications (SJR).
  6. Activist investor Corvex Management exited its holdings in Zendesk (ZEN), according to the fund’s Q3 13F filing.
  7. Professional Holding (PFHD) announced that the special meeting of stockholders will be on December 15, 2022.
  8. Applied Genetic Technologies Corporation (AGTCurged its shareholders to tender their shares by November 28, 2022.

Deals In The Works

  1. Sierra Metals (SMTS) confirms that it has received further correspondence from Compania Minera Kolpa S.A. and Arias Resource Capital Management LP regarding their previously announced unsolicited, non-binding letter of intent.
  2. Diffusion Pharmaceuticals (DFFN) sees significant progress in its strategic review process, also mentioned that it rejected an unsolicited offer for the company by a client of Investment Bank LifeSci Capital.
  3. Guardion Health Sciences (GHSI) announced that it engaged Roth Capital Partners as its financial advisor to conduct a strategic review process focused on maximizing stockholder value.
  4. F45 Training Holdings (FXLV) Board of Directors has formed a Special Committee of independent directors to review and evaluate strategic alternatives from Kennedy Lewis Investment Management LP.

Insider Purchases

  1. Christopher S. Shackelton, a Director of RV dealership Lazydays Holdings, Inc. (LAZY), purchased 1,707,769 shares at an average price of $14.20 totaling $24.24 million. These shares were purchased indirectly through Coliseum Capital Management, LLC.
  2. Matthew Jacobson,  a Director of software company Datadog, Inc. (DDOG), purchased 296,965 shares at an average price of $67.35 totaling $20 million. These shares were purchased indirectly through various ICONIQ funds.
  3. Glenn W. Welling, a Director of IT services company NCR Corp. (NCR), purchased 800,000 shares at an average price of $21.88 totaling $17.5 million.
  4. Arik W. Ruchim, a Director of Six Flags Entertainment Corp (SIX), purchased 550,000 shares at an average price of $23.72 totaling $13.04 million.
  5. Olivier Goudet, a Director of cosmetics and personal products company Coty Inc. (COTY), purchased 200,000 shares at an average price of $7.45 totaling $1.49 million.
  6. Shaler Alias, the President of payment solutions provider Repay Holdings Corp (RPAY), purchased 75,000 shares at an average price of $6.87 totaling $515,250. Timothy John Murphy, the Chief Financial Officer of the company, purchased 26,000 shares at an average price of $6.87 totaling $178,620. John Andrew Morris, the Chief Executive Officer of the company, also purchased 15,000 shares at an average price of $6.87 totaling $103,050.
  7. Jay Farner, the Chief Executive Officer of mortgage originator Rocket Companies, Inc. (RKT), purchased 77,900 shares at an average price of $7.67 totaling $597,656. Matthew Rizik, a Director of the company, also purchased 8,400 shares at an average price of $7.67 totaling $64,443.
  8. Raul Vazquez, the Chief Executive Officer of credit services company Oportun Financial Corp (OPRT), purchased 52,897 shares at an average price of $6.58 totaling $348,215. Jonathan Aaron Coblentz, the CFO & Chief Admin Officer of the company, also purchased 38,149 shares at an average price of $6.49 totaling $247,523.
  9. Wes Cummins, a Director of transportation technology provider CalAmp Corp. (CAMP), purchased 107,100 shares at an average price of $3.17 totaling $339,666.
  10. David L. Wenner, a Director of packaged foods company B&G Foods, Inc. (BGS), purchased 20,000 shares at an average price of $14.01 totaling $280,294.
  11. Franklin M. Berger, a Director of biotech company Rain Therapeutics Inc. (RAIN), purchased 42,881 shares at an average price of $5.83 totaling $249,996.
  12. Mark D. Klein, the Chairman, CEO and President of investment company SuRo Capital, Corp. (SSSS), purchased 50,000 shares at an average price of $4.26 totaling $213,000.
  13. Chad C. Deaton, a Director of offshore oil drilling company Transocean Ltd. (RIG), purchased 50,000 shares at an average price of $4.07 totaling $203,450.
  14. Patrick Laplatney, a Director of broadcasting company Gray Television, Inc. (GTN), purchased 10,000 shares at an average price of $9.99 totaling $99,900. Paul McTear, another Director of the company, also purchased 5,000 shares at an average price of $10.41 totaling $52,050.
  15. Andrew Kenner, the SVP, Olefin Material & Corporate Procurement of chemicals company Westlake Chemical Partners LP (WLKP), purchased 5,638 shares at an average price of $22.98 totaling $129,551.
  16. Timothy A. Crown, a Director of IT services company Insight Enterprises, Inc. (NSIT), purchased 1,250 shares at an average price of $98.46 totaling $123,080.
  17. Gerald Shields, the President & CEO of life insurance company Citizens, Inc. (CIA), purchased 24,769 shares at an average price of $3.00 totaling $74,307. James Keith Morgan, a Director of the company, also purchased 15,000 shares at an average price of $2.92 totaling $43,800.
  18. Grady Summers, a Director of smart home company Arlo Technologies, Inc. (ARLO), purchased 30,000 shares at an average price of $3.80 totaling $114,000.
  19. Thomas Taira, the President, Special Projects of auto dealer Carvana Co. (CVNA), purchased 10,000 shares at an average price of $11.13 totaling $111,300.
  20. Cynthia A. Niekamp, a Director of packaging company BALL Corp (BALL), purchased 2,000 shares at an average price of $51.81 totaling $103,620.
  21. David Pace, a Director of restaurants operator Red Robin Gourmet Burgers, Inc. (RRGB), purchased 14,492 shares at an average price of $6.90 totaling $99,995.
  22. Thomas A. Bradley, a Director of financial services company Horace Mann Educators Corp. (HMN), purchased 2,500 shares at an average price of $38.32 totaling $95,800.
  23. Wes Cummins, the CEO and Chairman of datacenter company Applied Blockchain, Inc. (APLD), purchased 40,000 shares at an average price of $2.23 totaling $89,200.
  24. Jason Philip DiNapoli, a Director of regional bank Heritage Commerce Corp. (HTBK), purchased 6,175 shares at an average price of $14.35 totaling $88,610.
  25. Glade M. Knight, the Executive Chairman of hotel REIT Apple Hospitality REIT, Inc. (APLE), purchased 5,000 shares at an average price of $16.28 totaling $81,425.
  26. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 28 shares at an average price of $2,615.16 totaling $73,224.
  27. Bradley J. Ehrman, the Chief Executive Officer of oil and gas company Dorchester Minerals, L.P. (DMLP), purchased 1,760 shares at an average price of $28.73 totaling $50,565.
  28. Carlie C. McLamb Jr., a Director of regional bank First Bancorp (FBNC), purchased 928 shares at an average price of $46.40 totaling $43,059.
  29. James S. Carter, a Director of oil and gas company Calumet Specialty Products Partners, L.P. (CLMT), purchased 2,000 shares at an average price of $18.00 totaling $36,000.
  30. Steven T. Clontz, a Director of telecom services company Lumen Technologies, Inc. (LUMN), purchased 5,000 shares at an average price of $6.31 totaling $31,550.
  31. Franco Valle, the Chief Financial Officer of biotech company Biomea Fusion, Inc. (BMEA), purchased 4,100 shares at an average price of $7.63 totaling $31,286.
  32. Scott Michael Habig, the Chief Commercial Officer of biotech company Aurinia Pharmaceuticals Inc. (AUPH), purchased 5,000 shares at an average price of $5.01 totaling $25,075.

SPACs

  1. TriSalus Life Sciences, a privately held oncology therapeutics company entered into a definitive merger agreement with MedTech Acquisition Corporation (MTAC).
  2. Electriq Power and TLG Acquisition One Corp. (TLGA) announced that they have entered into a definitive merger agreement.
  3. EnOcean GmbH and Parabellum Acquisition Corp. (PRBMentered into a definitive business combination agreement that will result in EnOcean becoming a publicly listed company.
  4. East Stone Acquisition Corporation (ESSC) and NWTN Inc. (NWTN) announced the closing of their business combination.

Stock Buyback Announcements

  1. Azenta, Inc. (AZTA) has authorized a new $1.5 billion share repurchase program and the company intends to repurchase at least $1 billion of common stock over the coming year, beginning with a $500 million accelerated share repurchase. This represents around 43% of its market cap at announcement.
  2. HireRight Holdings Corporation (HRT) has authorized a two-year $100 million share repurchase program. This represents around 16% of its market cap at announcement.
  3. Trinity Capital Inc. (TRIN) has announced a $25 million stock repurchase program, representing around 6% of its market cap at announcement.
  4. eGain Corporation (EGAN) has announced a $20 million stock repurchase program, representing around 8% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Phunware (PHUN) announced the appointment of Russell Buyse to serve as Chief Executive Officer, effective December 28, 2022.
  2. OraSure Technologies (OSUR) appointed Kathleen G. Weber, current President of Molecular Solutions, as the company’s Chief Product Officer.
  3. VAALCO Energy (EGY) promoted Thor Pruckl to the newly created position of Chief Operating Officer.
  4. BuzzFeed (BZFD) announced that David Arroyo would be appointed as Chief Legal Officer, effective on January 2, 2023.
  5. Crown Castle International (CCI) announced Edward B. Adams, Jr. will serve as interim General Counsel beginning on January 1, 2023.
  6. Banc of California (BANC) announced the appointment of Raymond J. Rindone, as Chief Accounting Officer and Deputy Chief Financial Officer.
  7. Holley (HLLY) announced the appointment of Brian Appelgate as the company’s interim Chief Operating Officer.
  8. Chemomab Therapeutics (CMMB) announced the appointment of Dr. Matthew B. Frankel as Chief Medical Officer.
  9. Minerals Technologies (MTX) announced that Erik Aldag, was appointed Chief Financial Officer.
  10. SenesTech (SNES) announced the appointment of Joel Fruendt as Chief Executive Officer.
  11. Cronos Group (CRON) appointed James Holm as Chief Financial Officer.
  12. Calix (CALX) promoted J. Matthew Collins to the position of Chief Commercial Operating Officer and Shane Eleniak to the position of Chief Product Officer, each effective as of January 1, 2023.
  13. The Container Store Group (TCS) appointed Dhritiman Saha to serve as the company’s Chief Operating Officer

Departures

  1. BuzzFeed (BZFD) Rhonda Powell announced her intention to resign as Chief Legal Officer , effective January 2, 2023.
  2. Crown Castle International (CCI) Kenneth J. Simon will cease serving as Executive Vice President and General Counsel effective December 31, 2022.
  3. Banc of California (BANC) Diana Hanson, who has served as Chief Accounting Officer has transitioned to become SVP, Corporate Controller.
  4. Everbridge (EVBG) Vernon Irvin, Executive Vice President, and Chief Revenue Officer notified his decision to resign effective on November 23, 2022, and Elliot J. Mark, General Counsel, steps down effective on December 31, 2022.
  5. Minerals Technologies (MTX) announced that Matthew E. Garth, Chief Financial Officer notified his decision to resign.
  6. SenesTech (SNES) announced the retirement of Kenneth Siegel as Chief Executive Officer.
  7. World Fuel Services (INT) Jeffrey P. Smith resigns as Chief Operating Officer, effective December 31, 2022.
  8. Cronos Group (CRON) Robert Madore steps down as Chief Financial Officer
  9. Cincinnati Bell (CBB) announced that Thomas Simpson, Chief Operating Officer, will retire from his position.
  10. PROG Holdings (PRG) Vin Thomas, General Counsel resigned from the company for personal reasons.

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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