InsideArbitrage Event Driven Monitor – March 13, 2023

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

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Merger Arbitrage

1. Qualtrics International (XM) to be acquired by Silver Lake and CPP Investments for $12.5 billion or $18.15 per share in cash.
2. NRG Energy (NRG) completed the acquisition of Vivint Smart Home (VVNT).
3. Sumitovant Biopharma completed the acquisition of Myovant Sciences (MYOV).
4. AgroFresh Solutions (AGFS) announced that the special meeting of stockholders will be on March 30, 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. Thilo Schroeder, a Director of biotechnology company Revolution Medicines, Inc. (RVMD), purchased 650,000 shares at an average price of $21.76 totaling $14.15 million. These shares were purchased indirectly through various Nextech funds.
2. Richard W. Dreiling, the Chief Executive Officer of discount retailer Dollar Tree, Inc. (DLTR), purchased 7,100 shares at an average price of $142.00 totaling $1 million.
3. Ruffner Page, a Director of regional bank SouthState Corp (SSB), purchased 14,000 shares at an average price of $71.75 totaling $1 million.
4. Anthony Noto, the Chief Executive Officer of FinTech company SoFi Technologies, Inc. (SOFI), purchased 180,000 shares at an average price of $5.53 totaling $995,094.
5. Ernest S. Rady, the Chairman & CEO of diversified REIT American Assets Trust, Inc. (AAT), purchased 40,000 shares at an average price of $21.98 totaling $879,200.
6. James M. Garnett, a Director of regional bank Bankwell Financial Group, Inc. (BWFG), purchased 30,000 shares at an average price of $27.50 totaling $825,000.
7. Joseph S. Konowiecki, the Chairman of the Board of healthcare plans company Alignment Healthcare, Inc. (ALHC), purchased 100,000 shares at an average price of $6.62 totaling $661,610.
8. Jon E. Bortz, the Chairman and CEO of hotel REIT Pebblebrook Hotel Trust (PEB), purchased 43,000 shares at an average price of $14.59 totaling $627,504.
9. Thurman J. Rodgers, a Director of lithium-ion battery technology company Enovix Corp (ENVX), purchased 65,134 shares at an average price of $9.56 totaling $622,681.
10. Ronald J. Kruszewski, the Chief Executive Officer of mid-market investment bank Stifel Financial Corp (SF), purchased 10,000 shares at an average price of $59.00 totaling $590,000.
11. Brent R. Cobb, a Director of regional bank QCR Holdings Inc (QCRH), purchased 10,000 shares at an average price of $46.30 totaling $462,993. Two other directors also purchased 1,000 and 600 shares.
12. Bogdan Nowak, a Director of regional bank Brookline Bancorp Inc (BRKL), purchased 25,000 shares at an average price of $11.59 totaling $289,819.
13. Thomas A. Cleves, the SVP, Corporate Affairs of paper & paper products company Sylvamo Corp (SLVM), purchased 4,976 shares at an average price of $50.37 totaling $250,641.
14. Stephen T. Boswell, a Director of regional bank ConnectOne Bancorp, Inc. (CNOB), purchased 10,000 shares at an average price of $20.95 totaling $209,490.
15. Brian N. Hansen, a Director of office REIT Franklin Street Properties Corp. (FSP), purchased 100,000 shares at an average price of $2.08 totaling $207,500.
16. Craig A. Langel, a Director of regional bank Glacier Bancorp, Inc. (GBCI), purchased 5,000 shares at an average price of $40.21 totaling $201,062.
17. Philip Austin Singleton, the CEO of recreational boat retailer OneWater Marine Inc. (ONEW), purchased 5,000 shares at an average price of $26.81 totaling $134,050.
18. Randall H. Talbot, a Director of regional bank Washington Federal Inc (WAFD), purchased 3,500 shares at an average price of $31.10 totaling $108,850.
19. Daniel Lee Jones, a Director of regional bank Southern Missouri Bancorp, Inc. (SMBC), purchased 2,495 shares at an average price of $42.78 totaling $106,736.
20. Michelle S. Hickox, the EVP/CFO of regional bank First Financial Bankshares Inc (FFIN), purchased 3,000 shares at an average price of $35.46 totaling $106,366. Johnny Trotter, a Director of the bank, also purchased 2,000 shares at an average price of $34.43 totaling $68,860.
21. Michael A. Bless, a Director of lithium mining company Piedmont Lithium Inc. (PLL), purchased 1,750 shares at an average price of $60.14 totaling $105,254.
22. Andrew J. Harmening, the President & CEO of regional bank Associated Banc-Corp (ASB), purchased 4,850 shares at an average price of $20.58 totaling $99,789.
23. Todd J. Stein, a Director of healthcare communication services company Spok Holdings, Inc (SPOK), purchased 9,073 shares at an average price of $10.32 totaling $93,607.
24. Philip Liang, a Director of medical devices company Vicarious Surgical Inc. (RBOT), purchased 37,100 shares at an average price of $2.50 totaling $92,624.
25. Richard Ball, a Director of regional bank Landmark Bancorp Inc (LARK), purchased 3,294 shares at an average price of $22.30 totaling $73,470.
26. Charles Michael Cirillo, a Director of regional bank NorthEast Community Bancorp, Inc./MD/ (NECB), purchased 4,000 shares at an average price of $15.48 totaling $61,930.
27. Herbert S. Vogel, the President & CEO of oil & gas E&P company SM Energy Co (SM), purchased 2,000 shares at an average price of $29.31 totaling $58,630.
28. Kevin Fennell, the EVP & CFO of diversified REIT Broadstone Net Lease, Inc. (BNL), purchased 3,250 shares at an average price of $16.45 totaling $53,463. Michael B. Caruso, the SVP, Corporate Strategy & IR of the company, also purchased 1,000 shares at an average price of $16.33 totaling $16,332.
29. Thomson Leighton, the Chief Executive Officer of content delivery network company Akamai Technologies Inc (AKAM), purchased 676 shares at an average price of $74.04 totaling $50,048.
30. William Bobbora, the Executive Vice President and Chief Banking Officer of regional bank Third Coast Bancshares, Inc. (TCBX), purchased 2,900 shares at an average price of $16.87 totaling $48,914.
31. Robert F. Mccadden, a Director of healthcare REIT Universal Health Realty Income Trust (UHT), purchased 1,000 shares at an average price of $48.12 totaling $48,123.
32. Haeyoung Cho, a Director of regional bank PCB Bancorp (PCB), purchased 2,580 shares at an average price of $17.04 totaling $43,963.
33. William M. Aiken, the Chief Risk Officer of regional bank Southern First Bancshares Inc (SFST), purchased 1,000 shares at an average price of $38.21 totaling $38,210.
34. Thomas J. Schuetz, the CEO of biotechnology company Compass Therapeutics, Inc. (CMPX), purchased 10,000 shares at an average price of $3.37 totaling $33,700.
35. Steven C. Fletcher, a Director of publishing company Lee Enterprises, Inc (LEE), purchased 2,000 shares at an average price of $15.98 totaling $31,960.
36. George Lista, the President/CEO Provident Protection Plus of regional bank Provident Financial Services Inc (PFS), purchased 1,500 shares at an average price of $20.62 totaling $30,928.
37. Gary C. Dake, a Director of regional bank Arrow Financial Corp (AROW), purchased 1,000 shares at an average price of $27.57 totaling $27,566.
38. Jeffrey J. Vorholt, a Director of aircraft leasing company Air Transport Services Group, Inc. (ATSG), purchased 1,250 shares at an average price of $20.80 totaling $26,000.
39. Sam Landman, a Director of specialty insurance company Hippo Holdings Inc. (HIPO), purchased 1,985 shares at an average price of $12.89 totaling $25,587.
40. Jan Lynn Owen, a Director of regional bank MVB Financial Corp (MVBF), purchased 984 shares at an average price of $25.41 totaling $25,003.

Spinoffs

1. MDU Resources Group (MDU): Knife River to be listed under ticker KNF on NYSE upon spinoff from MDU Resources.
2. Ecoark Holdings (ZEST): announced its plan to rename the company to “BitNile Metaverse Inc.”, and change its stock ticker symbol to “BNMV”.

C-Suite Transitions

Appointments

1. MarketWise (MKTW): appoints Stephen M. Park to serve as interim Chief Financial Officer.
2. Mullen Automotive (MULN): appoints Chester Bragado as Chief Accounting Officer.
3. LL Flooring Holdings (LL): appoints Terry Blanchard as Interim Chief Financial Officer, effective as of March 13, 2023.
4. Digital Realty Trust (DLR): appoints Peter Olson as interim Chief Accounting Officer.
5. American Shared Hospital Services (AMS): appoints Peter Gaccione, Chief Operating Officer as Chief Executive Officer.

Departures

1. MariaDB (MRDB): Jon Bakke, Chief Revenue Officer resigns effective March 31, 2023.
2. Mullen Automotive (MULN): Kerri Sadler Chief Accounting Officer resigns effective immediately.
3. Digital Realty Trust (DLR): Camilla Harris, Chief Accounting Officer intends to resign from her position, effective March 17, 2023.
4. Integral Ad Science Holding (IAS): Oleg Bershadsky, Chief Operating Officer resigns effective March 31, 2023.
5. American Shared Hospital Services (AMS): Raymond Stachowiak steps down as Chief Executive Officer and transitions to the role of Executive Chairman.
6. Enstar Group Limited (ESGR): Michael P.H. Murphy Chief Accounting Officer steps down.
7. Neoleukin Therapeutics (NLTX): Jonathan G. Drachman, M.D. resigns as President, Chief Executive Officer effective March 31, 2023.
8. Ipsidy (AUID): Tom Thimot Chief Executive Officer steps down.

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.