InsideArbitrage Event Driven Monitor – December 30, 2022

  • December 30, 2022

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

Merger Arbitrage

  1. The Committee on Foreign Investment in the United States issued an order preventing the consummation of the transactions pursuant to the merger agreement between F-star Therapeutics (FSTX) and invoX Pharma, citing unresolved national security risks. invoX has extended the tender offer to December 30, 2022.
  2. Sitio Royalties (STR) has completed the acquisition of Brigham Minerals (MNRL).
  3. The New Jerzey PUC disclosed correspondence from Infrastructure Investments Fund’s advisors to the PUC Commissioner suggesting next steps for its review of IIF’s proposed acquisition of South Jersey Industries (SJI).
  4. Brookline Bancorp (BRKL) announced that it has received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, New York State Department of Financial Services and Massachusetts Board of Bank Incorporation necessary to complete its acquisition of PCSB Financial Corporation (PCSB). Brookline and PCSB anticipate closing the transaction on January 1, 2023.
  5. According to Bloomberg, Canada’s merger court ruled in favor of Rogers Communications (RCI) and Shaw Communications (SJR) in an antitrust case, clearing one of the final hurdles to the union of two of the country’s largest telecommunications firms.
  6. The FNE (Fiscalía Nacional Económica) Chile approved in Phase 1 the merger operation consisting of the acquisition of control of Activision Blizzard (ATVI) by Microsoft Corporation (MSFT), after ruling out that it is apt to substantially reduce competition.

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. Roxanne S. Austin, a Director of cybersecurity company CrowdStrike Holdings, Inc. (CRWD), purchased 25,000 shares at an average price of $99.74 totaling $2.49 million.
  2. Antony Ball, a Director of South African financial technology company Lesaka Technologies, Inc. (LSAK), purchased 388,770 shares at an average price of $4.12 totaling $1.6 million. This purchase was made indirectly through Value Capital Partners.
  3. Christopher Shackelton, a Director of automotive training company Universal Technical Institute, Inc. (UTI), purchased 165,020 shares at an average price of $6.41 totaling $1.06 million. This purchase was made indirectly through Coliseum Capital Management.
  4. Tobias Lutke, a Director of cryptocurrency brokerage Coinbase Global, Inc. (COIN), purchased 11,332 shares at an average price of $32.58 totaling $369,197.
  5. Wes Cummins, a Director of transportation technology provider CalAmp Corp. (CAMP), purchased 65,000 shares at an average price of $3.98 totaling $258,978.
  6. Jack Levine, a Director of electric vehicle charging company Blink Charging Co. (BLNK), purchased 10,000 shares at an average price of $10.22 totaling $102,200.
  7. Rimmy Malhotra, a Director of staffing & employment services company HireQuest, Inc. (HQI), purchased 4,895 shares at an average price of $16.17 totaling $79,134.
  8. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,409.62 totaling $50,602.
  9. Douglas K. Mellinger, a Director of cryptocurrency mining company Marathon Digital Holdings, Inc. (MARA), purchased 10,000 shares at an average price of $3.27 totaling $32,700.

Spinoffs

  1. LiveOne (LVO), announced that Courtside Group (dba PodcastOne) has filed an S-1 with the U.S. Securities and Exchange Commission for its planned spin-out and a special dividend to LiveOne’s stockholders of record on January 16, 2023.

C-Suite Transitions

Departures

  1. Kopin Corp. (KOPN): Dr. John C.C. Fan President, Chief Executive Officer steps down and is expected to continue to serve the remainder of his term as Chairman.
  2. Oneok (OKE): Robert F. Martinovich, Executive Vice President, and Chief Administrative Officer retire effective December 31, 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.