InsideArbitrage Event Driven Monitor – January 5, 2023

  • January 5, 2023

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

Merger Arbitrage

  1. Orthofix (OFIX) completed the acquisition of SeaSpine Holdings Corporation (SPNE).
  2. Opiant Pharmaceuticals (OPNT) announced that the special meeting of stockholders will be on March 1, 2023. The waiting period under the HSR Act was initially scheduled to expire on January 3, 2023. On December 30, 2022 and January 3, 2023, Indivior withdrew and refiled its HSR Notification. The renewed HSR waiting period will expire on February 2, 2023. The companies filed a voluntary CFIUS Notice seeking approval of the Merger on December 19, 2022. The CFIUS review period is expected to conclude no later than February 6, 2023.
  3. Maverix Metals (MMX) announced that independent proxy advisory firms, Institutional Shareholder Services and Glass Lewis have recommended that Maverix shareholders vote in favor of the arrangement with Triple Flag Precious Metals (TFPM).

Deals In The Works

  1. The board of directors of Sesen Bio (SESN) reiterates its desire to merge with Carisma Therapeutics.
  2. According to Bloomberg, Western Digital Corp.Western Digital (WDC) has restarted talks with Japan’s Kioxia Holdings Corp. in a deal that could unite two technology storage providers.
  3. According to Bloomberg, Payments-software provider ACI Worldwide (ACIW) is in talks with private equity firms about a potential sale.

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. Andrew R. Heyer, Chairman of the Board of furniture company Lovesac Co (LOVE), purchased 38,000 shares at an average price of $22.28 totaling $846,770. Mr. Heyer’s timing with buying and selling Lovesac in the past, has been impeccable.
  2. Craig L. Nix, the Chief Financial Officer of regional bank First Citizens Bancshares (FCNCA), purchased 104 shares at an average price of $777.45 totaling $80,855.
  3. Noah G. Levy, a Director of biotechnology company Merrimack Pharmaceuticals, Inc. (MACK), purchased 6,600 shares at an average price of $11.24 totaling $74,179.
  4. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,206.85 totaling $46,344.

Spinoffs

  1. GE (GE) announced that it has completed the separation of its healthcare business, launching GE HealthCare Technologies. Starting today, January 4, 2023, GE HealthCare will trade on Nasdaq under the ticker symbol “GEHC”.

SPACs

  1. Nocturne Acquisition Corporation (MBTC) entered into a definitive business combination agreement with Cognos Therapeutics.
  2. Alpha Healthcare Acquisition Corp. III (ALPA) announced the execution of a definitive business combination agreement with Carmell Therapeutics Corporation.
  3. MultiMetaVerse and Model Performance Acquisition Corp. (MPACU) announced the completion of their business combination.

Stock Buyback Announcements

  1. Collegium Pharmaceutical, Inc. (COLL) authorized a new $100 million share repurchase program for 2023, representing around 13% of its market cap at announcement.
  2. Simulations Plus, Inc. (SLP) has authorized a $50 million share repurchase program. This represents 6.5% of its market cap at announcement.

Update:

  1. ReneSola Ltd (SOL) has entered into a securities repurchase agreement with ReneSola Singapore Pte. Ltd., pursuant to which, the Company will repurchase 3 million ADSs from ReneSola Singapore at a price of $4.4 per ADS, totaling US$13.2 million through a privately negotiated transaction.
  2. Blackboxstocks Inc. (BLBX) announced that it has extended its $2.5 million stock buyback program to December 31, 2023 from its initial expiration date of December 31, 2022.

C-Suite Transitions

Appointments

  1. Unrivaled Brands (UNRV): appoints Sabas Carrillo as Chief Executive Officer and James Miller as Chief Operating Officer.
  2. Eterna Therapeutics (ERNA): appoints Matthew Angel as President and Chief Executive Officer.
  3. Thorne HealthTech (THRN): Paul F. Jacobson, Chief Executive Officer, was appointed to serve as the interim Principal Financial Officer.

Departures

  1. Spectrum Pharmaceuticals (SPPI): Francois Lebel resigned as Chief Medical Officer, effective December 31, 2022.
  2. BigBear.ai Holdings (BBAI): Joshua Kinley,  Chief Development Officer steps down.
  3. Bentley Systems (BSY): Gus Bergsma, Chief Revenue Officer intends to retire effective March 31, 2023.
  4. Thorne HealthTech (THRN): Bryan Conley resigned as Chief Financial Officer.
  5. BWX Technologies (BWXT): Thomas E. McCabe, General Counsel, and Chief Compliance Officer inform he intends to retire.

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.