InsideArbitrage Event Driven Monitor – January 20, 2023

  • January 20, 2023

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

Merger Arbitrage

  1. Concert Pharmaceuticals (CNCE) to be acquired by Sun Pharmaceutical Industries Limited for $254.4 million. Under the terms of the agreement, an upfront payment of $8.00 per share of common stock in cash plus a non-tradeable CVR, which entitles Concert stockholders to receive up to an additional $3.50 per share of common stock in cash, payable upon deuruxolitinib achieving certain net sales milestones within specified periods.
  2. Independent proxy advisory firms ISS and Glass Lewis recommended O2Micro (OIIM) shareholders to vote “FOR” the proposed going private transaction.
  3. Trean Insurance Group (TIG) and Altaris Capital Partners filed their preliminary proxy statement, in which they stated that they had made the filings required under the HSR Act on December 23, 2022.
  4. Triple Flag Precious Metals Corp. (TFPM) completed the acquisition of Maverix Metals (MMX).
  5. Advaxis (ADXS) completed the acquisition of Ayala Pharmaceuticals (AYLA).
  6. LG Chem completes the acquisition of AVEO Oncology (AVEO).
  7. Albertsons Companies (ACI) announced that the payment date for its previously announced $6.85 per common share Special Dividend, originally scheduled to be paid November 7, 2022, is now going to be paid on January 20, 2023 to stockholders of record as of the close of business on October 24, 2022.

Deals In The Works

  1. Sesen Bio (SESN) announced that it has filed definitive proxy materials with the U.S. Securities and Exchange Commission in connection with the company’s pending merger with Carisma Therapeutics, a privately held, clinical-stage biopharmaceutical company.

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. David T. Hamamoto, the co-CEO and Chairman of SPAC DiamondHead Holdings Corp. (DHHC), purchased 250,000 shares at an average price of $10.09 totaling $2.52 million. DiamondHead Holdings recently announced its business combination with the homebuilder Great Southern Homes Inc.
  2. David V. Goeddel, a Director of biotech company Tenaya Therapeutics, Inc. (TNYA), purchased 185,151 shares at an average price of $2.51 totaling $464,827.
  3. Sudhanshu Shekhar Priyadarshi, the CFO of beverage company Keurig Dr. Pepper Inc. (KDP), purchased 10,000 shares at an average price of $35.00 totaling $350,000.
  4. Wes Cummins, the CEO and Chairman of data center company Applied Blockchain, Inc. (APLD), purchased 50,000 shares at an average price of $2.35 totaling $117,500.
  5. Steven A. Brass, the President and CEO of marketing company WD 40 CO (WDFC), purchased 586 shares at an average price of $170.57 totaling $99,954.
  6. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,113.97 totaling $44,393.

SPACs

  1. Clover Inc. and FoxWayne Enterprises Acquisition Corp. (FOXW) by mutual agreement, entered into a letter agreement to terminate the Merger Agreement.

Stock Buyback Announcements

  1. Compass Diversified Holdings (CODI) authorized a $50 million share repurchase program. This represents around 3.3% of its market cap at announcement.
  2. Sunshine Biopharma, Inc. (SBFM) has authorized a $2 million share repurchase program, representing around 9% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Flotek Industries (FTK): appoints Harsha V. Agadi as interim Chief Executive Officer.
  2. Medicine Man Technologies (SHWZ): appoints Forrest Hoffmaster as the Company’s Chief Financial Officer.
  3. Latham Group (SWIM): appoints J. Mark Borseth Interim Chief Financial Officer effective March 17, 2023.
  4. Alarm.com Holdings (ALRM): appoints Daniel Ramos as Chief Legal and Compliance Officer.
  5. Netflix (NFLX): appoints Reed Hastings as Executive Chairman and Greg Peters as co-Chief Executive Officer.
  6. Gulfport Energy Corporation (GPOR): appoints John Reinhart, as Chief Executive Officer effective January 24, 2023.
  7. Ares Capital Corp (ARCC): appoints Jana Markowicz as Chief Operating Officer.
  8. Option Care Health (OPCH): appoints Luke Whitworth, as Chief Operating Officer.
  9. Spar Group (SGRP): appoints Rohini Nedadur as Interim Chief Financial Officer.

Departures

  1. Flotek Industries (FTK): John W. Gibson, Jr. Chief Executive Officer and President departs effective January 19, 2023.
  2. Harvard Bioscience (HBIO): Michael Rossi resigns as Chief Financial Officer and Treasurer effective December 31, 2022.
  3. Hostess Brands (TWNK): Michael J. Cramer, Chief Administrative Officer retires effective February 1, 2023.
  4. Latham Group (SWIM): Robert L. Masson II, Chief Financial Officer resigns effective March 17, 2023.
  5. Netflix (NFLX): Reed Hastings steps down as Chief Executive Officer.
  6. Gulfport Energy Corporation (GPOR): Timothy Cutt, resigned as Chief Executive Officer effective as of January 24, 2023.
  7. Alight (ALIT): Cathinka Wahlstrom, President, and Chief Commercial Officer depart the Company effective January 31, 2023.
  8. American Woodmark Corporation (AMWD): Teresa M. May has retired as Chief Marketing Officer.
  9. Sonos (SONO): Matthew Siegel, Chief Commercial Officer resigns effective February 17, 2023.
  10. Catalyst Biosciences (CBIO): terminates Grant Blouse from his position as the Chief Scientific Officer.
  11. MGO Global (MGOL): Martin Scott resigns as Chief Financial Officer.
  12. Spar Group (SGRP): Fay DeVriese Chief Financial Officer departs effective January 31, 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.