InsideArbitrage Event Driven Monitor – December 22, 2022

  • December 22, 2022

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

Merger Arbitrage

  1. IsoPlexis Corporation (ISO) to be acquired by Berkeley Lights (BLI) for $57.8 million in an all-stock deal. Under the terms of the agreement, IsoPlexis shareholders will receive 0.612 shares of Berkeley Lights stock for each IsoPlexis share they hold.
  2.  Atlas Corp. (ATCO) announced that the waiting period under the HSR Act expired on December 19, 2022.
  3. Imago BioSciences (IMGO) announced that the waiting period under the HSR Act expired on December 20, 2022.
  4. F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to December 28, 2022, unless further extended. The expiration date is being extended in order to facilitate ongoing CFIUS review of the proposed transaction.
  5. AgroFresh Solutions (AGFS) and Paine Schwartz Partners filed their notification and report forms under the HSR Act on December 6, 2022.
  6. Maverix Metals (MMX) announced that the special meeting of stockholders will be on January 12, 2023. If the Maverix shareholders approve the arrangement with Triple Flag Precious Metals (TFPM) at the meeting, it is currently anticipated that the Arrangement will be completed on or about January 19, 2023.
  7.  MoneyGram International (MGI) announced that it has obtained all but one approval from international money transmission regulators. The transaction is expected to be completed early in the first quarter of 2023.

You can check out new deals, all deal updates and spreads on active deals in our Merger Arbitrage Tool for premium members here.

Insider Purchases

  1. Hill Path Capital Partners purchased 535,000 shares of entertainment company Dave & Buster’s Entertainment, Inc. (PLAY) at an average price of $33.51 totaling $17.93 million.
  2. Phil E. Mulacek, a Director of oil and natural gas producer Empire Petroleum Corp. (EP), purchased 94,707 shares at an average price of $9.95 totaling $942,335.
  3. Gerald A. Michaud, the President of business insurance company Horizon Technology Finance Corp (HRZN), purchased 18,250 shares at an average price of $11.03 totaling $201,297.
  4. Austin Singleton, the CEO of recreational boat retailer company OneWater Marine Inc. (ONEW), purchased 3,435 shares at an average price of $30.44 totaling $104,546.
  5. Krishna Vaddi, the CEO of clinical-stage oncology company Prelude Therapeutics Inc (PRLD), purchased 19,188 shares at an average price of $5.13 totaling $98,446.
  6. Matthew Rizik, a Director of mortgage originator company Rocket Companies, Inc. (RKT), purchased 8,300 shares at an average price of $7.75 totaling $64,362. The CEO also purchased 1,000 shares for a total of $7,910.
  7. João Siffert, the President and CEO of biotech company Design Therapeutics, Inc. (DSGN), purchased 7,450 shares at an average price of $8.39 totaling $62,503.
  8. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,467.30 totaling $51,813.
  9. Harvey J. Waite, the VP and Chief Actuary of insurance company Citizens, Inc. (CIA), purchased 11,363 shares at an average price of $2.41 totaling $27,385.

SPACs

  1. ECARX Holdings (ECX) and COVA Acquisition Corp., announced the completion of their previously announced business combination.
  2. Horizon Space Acquisition I Corp. priced its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “HSPOU”
  3. Sparks Energy and 10X Capital Venture Acquisition Corp. III (VCXB) entered into a merger agreement for a business combination.

Stock Buyback Announcements

  1. HBT Financial, Inc. (HBT) approved a new $15 million stock repurchase program which represents around 3% of its market cap at announcement.
  2. LiveRamp (RAMP) has increased its share repurchase authorization by $100 million to $1.1 billion. This represents around 7% of its market cap at announcement. In addition, the authorization was extended to December 31, 2024.
  3. MediaCo Holding Inc. (MDIA)  announced a new $2 million stock repurchase program which represents around 7.5% of its market cap at announcement.

Update:

  1. The Board of Directors of AdaptHealth Corp. (AHCO) authorized the extension of the company’s previously announced share repurchase program by a year through December 31, 2023. Approximately $186 million was available under the program as of December 15, 2022.

C-Suite Transitions

Appointments

  1. Amyris (AMRS): Doris Choi, General Counsel and Secretary, as Chief Financial and Administration Officer.
  2. Orange County Bancorp (OBT): Michael Lesler, was appointed Chief Financial Officer effective March 15, 2023.
  3. Elevate Credit (ELVT): Kate Vanderkolk will assume the Chief Counsel duties effective January 1, 2023
  4. WeTrade Group (WETG): Hechun Wei was appointed as the Chief Executive Officer and Biming Guo was appointed as the chairman of the board of the company, effective December 21, 2022.

Departures

  1. Amyris (AMRS): Nicole Kelsey steps down as Chief Legal Officer and Secretary.
  2. Orange County Bancorp (OBT): Robert Peacock Senior Executive Vice President and Chief Financial Officer retire effective March 15, 2023.
  3. Elevate Credit (ELVT): Sarah Cutrona, Chief Counsel announced her retirement
  4. WeTrade Group (WETG): Zheng Dai tendered his resignation as chairman and Pijun Liu tendered his resignation as the chief executive officer effective December 21, 2022
  5. MorphoSys AG (MOR): Sung Lee, Chief Financial Officer, and Management Board member has decided to leave effective March 17, 2023.

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.