InsideArbitrage Event Driven Monitor – November 28, 2022

  • November 28, 2022

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

Merger Arbitrage

  1. Turquoise Hill Resources (TRQ) announced that the Special Meeting will be held on December 9, 2022.
  2. Poshmark (POSH) announced that the special meeting of stockholders will be on December 27, 2022. The waiting period under the HSR Act expired on November 18, 2022.
  3. AVEO Oncology (AVEO) announced that the special meeting of stockholders will be on January 5, 2023. AVEO and LG Chem filed their respective HSR Act notifications on November 1, 2022 and delivered the draft joint voluntary notice to CFIUS on November 8, 2022.

Deal in the Works

  1. Veris Residential (VRE) reinforced that the $16 per share bid from Kushner Companies undervalues the company.

Insider Purchases

  1. Kelcy L. Warren, the Executive Chairman of oil & gas midstream company Energy Transfer LP (ET), purchased 500,000 shares at an average price of $12.36 totaling $6.18 million.
  2. Michael D. Eisner, a Director of holding company IAC Inc. (IAC), purchased 106,241 shares at an average price of $47.13 totaling $5 million.
  3. Patrick G. Ryan, the Chief Executive Officer of specialty insurance company Ryan Specialty Holdings, Inc. (RYAN), purchased 86,178 shares at an average price of $39.17 totaling $3.38 million.
  4. Jay Farner, the Chief Executive Officer of mortgage originator Rocket Companies, Inc. (RKT), purchased 25,900 shares at an average price of $7.71 totaling $199,689. Matthew Rizik, a Director of the company, also purchased 2,800 shares at an average price of $7.71 totaling $21,588.
  5. Jason Marc Adler, a Director of cannabinoid company Cronos Group Inc. (CRON), purchased 53,300 shares at an average price of $3.04 totaling $161,828.
  6. Wes Cummins, the CEO and Chairman of datacenter operator Applied Digital, Inc. (APLD), purchased 50,000 shares at an average price of $2.23 totaling $111,500.
  7. Beat Kahli, a Director of automotive and consumer electronics company VOXX International Corp (VOXX), purchased 10,000 shares at an average price of $11.05 totaling $110,500.
  8. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,603.76 totaling $54,679.

C-Suite Transitions

Appointment

  1. Arrival (ARVL) appoints Peter Cuneo as interim Chief Executive Officer.
  2. Meiwu Technology Company Limited (WNW) appoints Qian Zhang as the new Chief Financial Officer.

Departures

  1. Organicell Regenerative Medicine (OCEL) Ryan Likes resigned as the company’s Chief Operating Officer.
  2. VolitionRx Limited (VNRX) Dr. Jason Terrell resigns as Chief Medical Officer.
  3. CytoDyn (CYDY) Nitya G. Ray, Chief Technology Officer of the company resigns.
  4. Meiwu Technology Company Limited (WNW) announced Junjun Li tendered her resignation as the Chief Financial Officer.
  5. NextPlay Technologies (NXTP) Kent Taepakdee resigned from his position as the Chief Financial Officer.

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.