InsideArbitrage Event Driven Monitor – March 16, 2023

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

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Merger Arbitrage

1. Pursuant to the HSR Act, Aerojet Rocketdyne Holdings (AJRD) and L3Harris (LHX) each received a request for additional information and documentary material, “Second Request,” from the FTC.
2. Biosynex SA announced that it has extended its tender offer for Chembio Diagnostics (CEMI) from March 14, 2023, to March 28, 2023.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

Deal In The Works

1. According to Bloomberg, First Republic Bank (FRC) the San Francisco-based lender is exploring strategic options including a sale.

Insider Purchases

1. Patrick G. Ryan, the CEO of specialty insurance company Ryan Specialty Holdings, Inc. (RYAN), purchased 208,100 shares at an average price of $37.39 totaling $7.78 million.
2. Ben M. Brigham, the Executive Chairman and CEO of oil and gas logistics and services company Atlas Energy Solutions Inc. (AESI), purchased 280,000 shares at an average price of $18.00 totaling $5.04 million. The EVP of Sales and Marketing as well as a Director also purchased shares. Atlas Energy recently went public with an IPO valued at $18 per share.
3. Bill Ackman, a Director of real estate manager and developer Howard Hughes Corp (HHC), purchased 62,474 shares at an average price of $74.68 totaling $4.67 million. These shares were purchased through Pershing Square Capital. 
4. Amirali Talasaz, the Co-CEO of oncology company Guardant Health, Inc. (GH), purchased 97,000 shares at an average price of $25.79 totaling $2.5 million.
5. Stephen A. Ellis, a Director of Charles Schwab Corp. (SCHW), purchased 34,387 shares at an average price of $58.26 totaling $2 million.
6. Jennifer W. Steans, a Director of regional bank Valley National Bancorp (VLY), purchased 150,000 shares at an average price of $10.04 totaling $1.51 million. Many other insiders also purchased shares, with the next largest purchase coming from Eric P. Edelstein (a Director) for a total of $202,916.
7. Thurman J. Rodgers, a Director of silicon and lithium battery company Enovix Corp (ENVX), purchased 129,111 shares at an average price of $10.47 totaling $1.35 million.
8. Chris Villavarayan, the CEO and President of coating company Axalta Coating Systems Ltd. (AXTA), purchased 34,440 shares at an average price of $29.20 totaling $1 million. A Director also purchased 2,500 shares for a total of $73,875.
9. Clay M. Gaspar, the EVP and COO of hydrocarbon exploration company Devon Energy Corp. (DVN), purchased 20,000 shares at an average price of $49.98 totaling $999,600. The President and CEO also purchased 7,500 shares for a total of $377,250.
10. Matthew J. Lustig, a Director of office REIT company Boston Properties Inc. (BXP), purchased 10,000 shares at an average price of $52.92 totaling $529,200.
11. James E. Davison, a Director of regional bank Origin Bancorp, Inc. (OBNK), purchased 14,117 shares at an average price of $34.29 totaling $484,072. Another Director also purchased 500 shares for a total of $17,220.
12. Thomas J. Smach, a Director of footwear company Crocs, Inc. (CROX), purchased 3,000 shares at an average price of $113.15 totaling $339,438.
13. James J. Filler, a Director of regional bank ServisFirst Bancshares, Inc. (SFBS), purchased 5,000 shares at an average price of $56.14 totaling $280,675.
14. Christopher W. Hamm, a Director of independent oil and natural gas company Amplify Energy Corp. (AMPY), purchased 40,000 shares at an average price of $6.89 totaling $275,800.
15. James M. Garnett, a Director of regional bank Bankwell Financial Group, Inc. (BWFG), purchased 10,179 shares at an average price of $26.41 totaling $268,853.
16. Randall James Levitt, a Director of regional bank Capital Bancorp Inc (CBNK), purchased 15,000 shares at an average price of $17.25 totaling $258,750. The EVP and COO also purchased 1,000 shares for a total of $16,999.
17. Jeffrey Glajch, the CFO of carbon black products supplier Orion Engineered Carbons S.A. (OEC), purchased 10,000 shares at an average price of $23.82 totaling $238,185. The SVP of Global Operations also purchased 3,800 shares for a total of $91,124.
18. Sally Crawford, a Director of medical devices company ZimVie Inc. (ZIMV), purchased 40,000 shares at an average price of $5.60 totaling $224,120.
19. Christopher L. Conoscenti, the CEO of mineral and royalty interest company Sitio Royalties Corp. (STR), purchased 10,000 shares at an average price of $22.12 totaling $221,200.
20. Patrick Mcgough, the VP  of Operations of natural gas producer Comstock Resources Inc. (CRK), purchased 20,000 shares at an average price of $10.05 totaling $201,000. The VP of Financial Reporting also purchased 5,000 shares for a total of $50,400.
21. Stephen W. Bergstrom, a Director of oil and gas midstream company Williams Companies Inc. (WMB), purchased 6,895 shares at an average price of $29.00 totaling $199,955. Two other Directors also purchased shares of the company.
22. Daniel Lee Jones, a Director of regional bank Southern Missouri Bancorp Inc. (SMBC), purchased 5,000 shares at an average price of $39.51 totaling $197,550.
23. Ernest S. Rady, the Chairman and CEO of vertically integrated diversified REIT American Assets Trust, Inc. (AAT), purchased 10,000 shares at an average price of $19.29 totaling $192,900.
24. Henry N. Nassau, a Director of mortgage REIT Blackstone Mortgage Trust Inc. (BXMT), purchased 10,000 shares at an average price of $17.81 totaling $178,067.
25. Pat S. Bolin, a Director of regional bank Veritex Holdings, Inc. (VBTX), purchased 10,000 shares at an average price of $17.52 totaling $175,200. The Chief Talent Officer also purchased 1,000 shares for a total of $17,705.
26. Carol Jean Severyn, the GEVP and Chief Risk Officer of regional bank Cullen Frost Bankers Inc. (CFR), purchased 1,500 shares at an average price of $107.30 totaling $160,950. Another GEVP also purchased 700 shares for a total of $75,796.
27. Robert Piconi, the CEO of energy storage company Energy Vault Holdings, Inc. (NRGV), purchased 66,000 shares at an average price of $2.27 totaling $149,695.
28. Thomas R. Flynn, a Director of regional bank CapStar Financial Holdings, Inc. (CSTR), purchased 9,375 shares at an average price of $14.98 totaling $140,437.
29. John Mazarakis, the Executive COB of diversified REIT Chicago Atlantic Real Estate Finance, Inc. (REFI), purchased 10,000 shares at an average price of $13.19 totaling $131,900.
30. Ivan Kaufman, the COB, CEO and President of diversified REIT Arbor Realty Trust Inc. (ABR), purchased 10,000 shares at an average price of $12.43 totaling $124,280. A Director also purchased 4,200 shares for a total of $54,329.
31. Jonathan Craig Kinney, a Director of regional bank John Marshall Bancorp, Inc. (JMSB), purchased 5,481 shares at an average price of $21.93 totaling $120,208.
32. Marston Becker, a Director of regional bank MVB Financial Corp. (MVBF), purchased 5,000 shares at an average price of $21.82 totaling $109,114.
33. William J. Lewis, a Director of regional bank Hope Bancorp Inc. (HOPE), purchased 10,000 shares at an average price of $10.60 totaling $106,040.
34. James W. Green, the CEO of drug development tools supplier Harvard Bioscience Inc. (HBIO), purchased 40,000 shares at an average price of $2.63 totaling $105,400.
35. Ray T. Charley, a Director of regional bank First Commonwealth Financial Corp.  (FCF), purchased 8,000 shares at an average price of $13.03 totaling $104,240.
36. Matthew Alan Switzer, the EVP and CFO of regional bank Primis Financial Corp. (FRST), purchased 10,000 shares at an average price of $10.02 totaling $100,160. Many other insiders also purchased shares, with the next largest purchase coming from Allen R. Jones (a Director) for a total of $45,204.
37. David H. Keyte, a Director of oil and gas midstream company Antero Midstream Corp (AM), purchased 10,000 shares at an average price of $10.01 totaling $100,100.
38. Jim Barnes, a Director of online car parts retailer CarParts.com, Inc. (PRTS), purchased 18,700 shares at an average price of $5.34 totaling $99,858.
39. Wendye Robbins, a Director of biopharmaceutical company RAPT Therapeutics, Inc. (RAPT), purchased 5,000 shares at an average price of $19.52 totaling $97,612.
40. Joseph Foran, the Chairman and CEO of independent energy company Matador Resources Co (MTDR), purchased 2,000 shares at an average price of $48.77 totaling $97,540. A Director also purchased 300 shares for a total of $14,745.
41. Mosich Nick, a Director of regional bank Axos Financial, Inc. (AX), purchased 2,862 shares at an average price of $34.00 totaling $97,308.
42. Robert S. Colligan, the EVP and CFO of mortgage REIT Dynex Capital Inc. (DX), purchased 8,000 shares at an average price of $12.16 totaling $97,280.
43. Nitin J. Mhatre, the President and CEO of regional bank Berkshire Hills Bancorp Inc. (BHLB), purchased 3,900 shares at an average price of $24.62 totaling $96,015.
44. David Hoover, a Director of animal healthcare company Elanco Animal Health Inc (ELAN), purchased 10,000 shares at an average price of $9.50 totaling $95,038.
45. Robert Carey, a Director of medical device company Beyond Air, Inc. (XAIR), purchased 14,173 shares at an average price of $6.64 totaling $94,164. The Chief Business Officer also purchased 1,000 shares for a total of $6,400.
46. Jeffrey V. Haley, the President and CEO of regional bank American National Bankshares Inc. (AMNB), purchased 2,955 shares at an average price of $31.67 totaling $93,583.
47. Marianne Boyd Johnson, a Director of regional bank Western Alliance Bancorporation (WAL), purchased 2,475 shares at an average price of $25.79 totaling $63,830.
48. Michael M. Ozimek, the VP and CFO of regional bank Trustco Bank Corp. (TRST), purchased 1,750 shares at an average price of $33.11 totaling $57,943.
49. Carlos P. Naudon, the President and CEO of regional bank Ponce Financial Group, Inc. (PDLB), purchased 7,500 shares at an average price of $7.23 totaling $54,247.
50. Christopher Brent Smith, the President and CEO of office REIT Piedmont Office Realty Trust, Inc. (PDM), purchased 7,000 shares at an average price of $7.67 totaling $53,690.
51. Robert M. Deutschman, a Director of content discovery and delivery platform Digital Turbine, Inc. (APPS), purchased 5,000 shares at an average price of $10.24 totaling $51,200.
52. Hurley Doddy, a Director of middle market lender Sixth Street Specialty Lending, Inc. (TSLX), purchased 2,900 shares at an average price of $17.51 totaling $50,779.
53. Robin M. Raju, the CFO of diversified insurance company Equitable Holdings, Inc. (EQH), purchased 2,096 shares at an average price of $23.78 totaling $49,836.
54. Stephen M. Moore, the SVP and General Counsel of oil and gas midstream company Equitrans Midstream Corp (ETRN), purchased 8,500 shares at an average price of $5.86 totaling $49,810.
55. Bryan M. Hackworth, the SVP and CFO of smart home electronics company Universal Electronics Inc. (UEIC), purchased 5,000 shares at an average price of $9.65 totaling $48,254.
56. David R. Pelizzon, a Director of medical device company Alphatec Holdings, Inc. (ATEC), purchased 3,100 shares at an average price of $15.24 totaling $47,244.
57. Dana D. Behar, a Director of regional bank First Northwest Bancorp (FNWB), purchased 3,900 shares at an average price of $11.98 totaling $46,737.
58. Thomas J. Kemly, the President and CEO of regional bank Columbia Financial, Inc. (CLBK), purchased 2,500 shares at an average price of $17.59 totaling $43,975.
59. Dennis M. Craven, the EVP and COO of hotel REIT Chatham Lodging Trust (CLDT), purchased 4,000 shares at an average price of $10.30 totaling $41,200.
60. Richard Caring, a Director of hospitality company Membership Collective Group Inc. (MCG), purchased 5,500 shares at an average price of $6.84 totaling $37,616.
61. David L. Hauser, a Director of regulated electric utility company OGE Energy Corp. (OGE), purchased 1,000 shares at an average price of $35.09 totaling $35,089.
62. John E. Noone, a Director of regional bank Mid Penn Bancorp Inc. (MPB), purchased 1,300 shares at an average price of $26.82 totaling $34,872.
63. John A. Heffern, a Director of regional bank First Bancorp (FBP), purchased 3,000 shares at an average price of $11.61 totaling $34,827.
64. Bryan Cho, a Director of healthcare company CareMax, Inc. (CMAX), purchased 10,000 shares at an average price of $3.46 totaling $34,600.
65. Louis C. Grassi, a Director of regional bank Flushing Financial Corp. (FFIC), purchased 2,000 shares at an average price of $15.07 totaling $30,140.
66. Terence J. Mitchell, a Director of regional bank Metropolitan Bank Holding Corp. (MCB), purchased 919 shares at an average price of $32.50 totaling $29,868. Another Director also purchased 500 shares for a total of $19,000.
67. Andrew M. Cohn, a Director of water resource management company Global Water Resources, Inc. (GWRS), purchased 2,362 shares at an average price of $12.13 totaling $28,649.
68. Eric R. Newell, the CFO of regional bank Equity Bancshares Inc. (EQBK), purchased 1,000 shares at an average price of $26.80 totaling $26,800. A Director also purchased 500 shares for a total of $12,615.
69. Sigurdur O. Olafsson, the President and CEO of pharmaceutical company Mallinckrodt plc (MNK), purchased 3,000 shares at an average price of $8.37 totaling $25,121. An EVP also purchased 1,000 shares for a total of $8,480.
70. Mark D. Hogan, a Director of regional bank BCB Bancorp Inc. (BCBP), purchased 1,000 shares at an average price of $15.50 totaling $15,500. The CFO and another Director also both purchased 1,000 shares of this company.

Spinoffs

1. Kellogg Co’s (K) global snacking business will be called “Kellanova” following the spin-off of its North American cereal unit.

Stock Buyback Announcements

1. Victory Capital Holdings, Inc. (VCTR) has approved a new $100 million common stock repurchase program through March 31, 2025. This represents around 5% of its market cap at announcement.
2. ProPhase Labs, Inc. (PRPH) has authorized a new $6 million stock repurchase program, representing around 5% of its market cap at announcement.

C-Suite Transitions

Appointments

1. Silk Road Medical (SILK): appoints Mhairi Jones as Chief Accounting Officer effective immediately.
2. PG&E (PCG): appoints Carolyn J. Burke as Chief Financial Officer effective May 4, 2023.
3. CenterPoint Energy (CNP): appoints Christopher A. Foster as Chief Financial Officer effective May 5, 2023.
4. AEye (LIDR): appoints Conor B. Tierney as interim Chief Financial Officer effective March 31, 2023.
5. Essent Group (ESNT): promotes David B. Weinstock to the role of Chief Financial Officer.

Departures

1. iRhythm Technologies (IRTC): Douglas Devine resigned from his position as Chief Operating Officer.
2. UiPath (PATH): Chris Weber Chief Business Officer steps down.
3. PG&E (PCG): Christopher A. Foster Chief Financial Officer resigns effective May 4, 2023 to pursue another opportunity.
4. AEye (LIDR): Robert A. Brown Chief Financial Officer resigns effective March 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.