InsideArbitrage Event Driven Monitor – December 26, 2022

  • December 26, 2022

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

Merger Arbitrage

  1. According to Bloomberg, regulators have asked for additional comments on Standard General’s proposed purchase of Tegna (TGNA) after the hedge fund agreed to make concessions to get the deal done. The Federal Communications Commission said in a notice Friday that it wants comments by January 13 on recent letters Standard General sent the regulator.

Deal In The Works

  1. Hewlett Packard Enterprise (HPE) said it wasn’t in discussions with the cloud computing company Nutanix (NTNX) about a potential acquisition.
  2. Fanhua (FANH), announced that Yinan Hu, founder, chairman, and Chief Executive Officer of Fanhua, stated that he has determined to withdraw the preliminary non-binding going private proposal dated December 16, 2021, effective immediately.

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. Jack Hightower, the Chief Executive Officer of Oil & Gas E&P company HighPeak Energy, Inc. (HPK), purchased 50,000 shares at an average price of $21.91 totaling $1.1 million.
  2. Richard Caring, a Director of the company that owns Soho Houses and The Ned in London Membership Collective Group Inc. (MCG), purchased 109,740 shares at an average price of $3.63 totaling $397,990.
  3. Mark L. Baum, the Chief Executive Officer of ophthalmic pharmaceutical businessesy Harrow Health, Inc. (HROW), purchased 25,000 shares at an average price of $13.39 totaling $334,750. The CFO and two Directors also purchased shares.
  4. Jim L. Turner, a Director of Oil & Gas E&P company Comstock Resources, Inc. (CRK), purchased 15,000 shares at an average price of $13.91 totaling $208,690.
  5. Katherine Wanner, a Director of energy infrastructure company New Fortress Energy Inc. (NFE), purchased 3,370 shares at an average price of $41.79 totaling $140,832.
  6. Christopher W. Hamm, a Director of Oil & Gas E&P company Amplify Energy Corp. (AMPY), purchased 17,000 shares at an average price of $7.65 totaling $130,110.
  7. Albert P. Behler, the Chairman, CEO and President of office REIT Paramount Group, Inc. (PGRE), purchased 20,000 shares at an average price of $5.85 totaling $117,080.
  8. Thomson Leighton, the Chief Executive Officer of content delivery and cloud infrastructure company Akamai Technologies, Inc. (AKAM), purchased 899 shares at an average price of $83.56 totaling $75,119.
  9. Robert Wayne Burks, a Director of insurance company HCI Group, Inc. (HCI), purchased 2,000 shares at an average price of $33.50 totaling $67,000.
  10. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,537.81 totaling $53,294.
  11. Matthew Rizik, a Director of mortgage originatorRocket Companies, Inc. (RKT), purchased 5,900 shares at an average price of $7.31 totaling $43,100.

Spinoffs

  1. Safe & Green Holdings (SGBX), announced that the company’s subsidiary, SGB Development Corp. has changed its name to Safe and Green Development Corporation, and that the company further intends to spin off thirty percent of Safe and Green Development Corporation to the company’s stockholders, to form an independent, publicly traded company.

SPACs

  1. Caspi Oil Gas and Liberty Resources Acquisition Corp. (LIBY) entered into a business combination to form a new entity, Liberty Onshore Energy B.V., which is expected to continue listing on the Nasdaq under the symbol LIBY.
  2. Ace Global Business Acquisition Limited (ACBA) entered into a definitive merger agreement with LE Worldwide Limited for a proposed business combination that, if consummated, will result in LE becoming a publicly listed company.

Stock Buyback Announcements

  1. BM Technologies, Inc. (BMTX) has authorized the repurchase of up to $10 million of shares and warrants. This represents around 14% of its market cap at the announcement.

C-Suite Transitions

Appointments

  1. Provident Bancorp (PVBC): appoints Carol L. Houle and Joseph B. Reilly as Interim Co-Presidents and Co-Chief Executive Officers, effective January 1, 2023.
  2. Under Armour (UA): appoints Stephanie Linnartz as new Chief Executive Officer.
  3. Boyd Group (BYDGF): appoints Jeff Murray as interim Chief Financial Officer, effective January 1, 2023.

Departures

  1. Provident Bancorp (PVBC): David P. Mansfield, President, and Chief Executive Officer resigned effective December 20, 2022.
  2. ENDRA Life Sciences (NDRA): Renaud Maloberti notified his resignation as the company’s Chief Commercial Officer, effective January 13, 2023.
  3. Galapagos (GLPG): announced Dr. Walid Abi-Saab has decided to retire from the company as Chief Medical Officer effective 31 December 2022.
  4. TuanChe (TC): announced Chenxi Yu Deputy Chief Financial Officer resigned.

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.