InsideArbitrage Event Driven Monitor – March 17, 2023

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

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Merger Arbitrage

1. Shareholders of IsoPlexis Corporation (ISO) approved the company’s merger with Berkeley Lights (BLI) at a special meeting of shareholders.
2. Aerojet Rocketdyne Holdings (AJRD) announced that its stockholders voted to approve the company’s proposed acquisition by L3Harris Technologies (LHX).
3. Maxar Technologies (MAXR) announced that the special meeting of stockholders will be on April 19, 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, Motive Partners, the fintech-focused private equity firm, is in talks to buy payments-software provider ACI Worldwide (ACIW).
2. According to WSJ, Several banks including JPMorgan Chase & Co (JPM) and Morgan Stanley (MS) are in talks with First Republic Bank (FRC) for a potential deal.

Insider Purchases

1. Helmy Eltoukhy, the Co-Chief Executive Officer of oncology focused company Guardant Health, Inc. (GH), purchased 93,052 shares at an average price of $26.32 totaling $2.45 million.
2. Edward Shapiro, a Director of United Airlines Holdings, Inc. (UAL), purchased 25,000 shares at an average price of $42.59 totaling $1.06 million.
3. Karin Rotem-Wildeman, the Chief R&D Officer of beverages company Keurig Dr Pepper Inc. (KDP), purchased 20,171 shares at an average price of $34.53 totaling $696,515. Anthony Shoemaker, the Chief Legal Officer of the company, also purchased 5,297 shares at an average price of $34.82 totaling $184,442.
4. Bryant R. Riley, the Chairman and Co-CEO of investment bank B. Riley Financial, Inc. (RILY), purchased 12,963 shares at an average price of $29.87 totaling $387,223. Two other insiders including the Co-CEO and a Director also purchased shares.
5. Thurman J. Rodgers, a Director of battery technology company Enovix Corp (ENVX), purchased 34,899 shares at an average price of $10.96 totaling $382,493.
6. James R. Sulat, a Director of generic drug manufacturer Mallinckrodt plc (MNK), purchased 30,000 shares at an average price of $8.48 totaling $254,475. Paul Bisaro, a Director of the company, also purchased 5,000 shares at an average price of $8.47 totaling $42,330.
7. Robert G. Sexton, a Director of credit services company Federal Agricultural Mortgage Corp (AGM), purchased 2,000 shares at an average price of $124.77 totaling $249,546.
8. Anthony Noto, the Chief Executive Officer of FinTech company SoFi Technologies, Inc. (SOFI), purchased 45,000 shares at an average price of $5.39 totaling $242,712.
9. Nathaniel Rose, the EVP & CIO of infrastructure investment company Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI), purchased 10,000 shares at an average price of $24.10 totaling $241,000. Four other insiders also purchased shares. 
10. Mark A. Goldfarb, a Director of  Charles Schwab Corp (SCHW), purchased 4,000 shares at an average price of $58.37 totaling $233,468.
11. Avigal Soreq, the President & CEO of oil & gas refining & marketing company Delek US Holdings, Inc. (DK), purchased 6,775 shares at an average price of $22.63 totaling $153,318. Reuven Spiegel, the CFO of the company, also purchased 2,000 shares at an average price of $22.60 totaling $45,200.
12. Justin P. Christian, a Director of regional bank First Internet Bancorp (INBK), purchased 8,247 shares at an average price of $18.10 totaling $149,271. David B. Becker, the Chairman and CEO of the company, also purchased 5,000 shares at an average price of $18.72 totaling $93,600.
13. Laura G. Kelly, a Director of financial services SaaS provider Jack Henry & Associates Inc (JKHY), purchased 1,000 shares at an average price of $145.29 totaling $145,292.
14. Gloria C. Larson, a Director of insurance company Unum Group (UNM), purchased 3,270 shares at an average price of $39.78 totaling $130,081.
15. Kieran John Fallon, the Executive Vice President of regional bank PNC Financial Services Group, Inc. (PNC), purchased 1,000 shares at an average price of $125.45 totaling $125,450.
16. Stanley J. Bradshaw, a Director of regional bank First Busey Corp (BUSE), purchased 5,000 shares at an average price of $21.59 totaling $107,950.
17. Sally A. Steele, a Director of regional bank Community Bank System, Inc. (CBU), purchased 2,000 shares at an average price of $53.46 totaling $106,923.
18. Spencer D. Armour, a Director of oil & gas company Viper Energy Partners LP (VNOM), purchased 4,000 units at an average price of $26.44 totaling $105,746.
19. Jeffrey H. Fisher, the Chairman, President and CEO of hotel REIT Chatham Lodging Trust (CLDT), purchased 10,000 shares at an average price of $10.28 totaling $102,800.
20. Francis X. Straub, a Director of regional bank CNB Financial Corp (CCNE), purchased 5,000 shares at an average price of $20.18 totaling $100,896.
21. David Powers, a Director of Internet Retail company Solo Brands, Inc. (DTC), purchased 15,500 shares at an average price of $6.49 totaling $100,638.
22. David G. Wight, a Director of regional bank Northrim Bancorp Inc (NRIM), purchased 2,000 shares at an average price of $46.91 totaling $93,820.
23. Lisa Chi, the Chief Merchandising Officer of home furnishings company Arhaus, Inc. (ARHS), purchased 10,613 shares at an average price of $8.53 totaling $90,563.
24. Robert Piconi, the Chief Executive Officer of energy storage company Energy Vault Holdings, Inc. (NRGV), purchased 40,000 shares at an average price of $2.24 totaling $89,728.
25. Joseph Foran, the Chairman and CEO of oil & gas company Matador Resources Co (MTDR), purchased 2,000 shares at an average price of $44.75 totaling $89,500. Two other insiders also purchased shares. 
26. Sara Grootwassink Lewis, a Director of healthcare REIT Healthpeak Properties, Inc. (PEAK), purchased 4,000 shares at an average price of $21.43 totaling $85,729.
27. Christopher I. Humber, the General Counsel and Secretary of oil & gas company Vitesse Energy, Inc. (VTS), purchased 5,000 shares at an average price of $16.57 totaling $82,850.
28. Alan I. Edrick, a Director of medical instruments & supplies company Harvard Bioscience Inc (HBIO), purchased 30,000 shares at an average price of $2.64 totaling $79,290.
29. Martin Tuchman, a Director of regional bank Princeton Bancorp, Inc. (BPRN), purchased 2,075 shares at an average price of $31.61 totaling $65,600. Richard J. Gillespie, a Director of the company, also purchased 999 shares at an average price of $31.65 totaling $31,617.
30. Alan Villalon, the Chief Financial Officer of regional bank Alerus Financial Corp (ALRS), purchased 3,000 shares at an average price of $16.35 totaling $49,052.
31. Patrick McNutt, the EVP Chief Admin Officer of organic ingredients company Darling Ingredients Inc. (DAR), purchased 900 shares at an average price of $54.07 totaling $48,663. Charles L. Adair, a Director of the company, also purchased 500 shares at an average price of $54.15 totaling $27,075.
32. Andrew C. Nelson, a Director of regional bank Investar Holding Corp (ISTR), purchased 3,000 shares at an average price of $15.77 totaling $47,310. Two other insiders also purchased shares. 
33. Glen William Herrick, the EVP, CFO of regional bank Pathward Financial, Inc. (CASH), purchased 1,000 shares at an average price of $43.47 totaling $43,466. Three other insiders also purchased shares. 
34. Kenneth Emerson, the SVP/Chief Strategy &Risk Officer of regional bank BCB Bancorp Inc (BCBP), purchased 3,000 shares at an average price of $14.39 totaling $43,155. Two other insiders also purchased shares. 
35. Jonathan Craig Kinney, a Director of regional bank John Marshall Bancorp, Inc. (JMSB), purchased 1,700 shares at an average price of $22.32 totaling $37,941.
36. Nathan E. Weaks, the Subsidiary Director of regional bank Civista Bancshares, Inc. (CIVB), purchased 2,000 shares at an average price of $17.55 totaling $35,100.
37. Richard A. Lechleiter, a Director of regional bank Stock Yards Bancorp, Inc. (SYBT), purchased 500 shares at an average price of $52.71 totaling $26,357.
38. Jonathan I. Lieber, the CFO of biotechnology company Rallybio Corp (RLYB), purchased 5,000 shares at an average price of $5.21 totaling $26,050.
39. Ruth Ann Gillis, a Director of regional bank Keycorp (KEY), purchased 2,000 shares at an average price of $12.95 totaling $25,900.
40. Herbert S. Vogel, the President & CEO of oil & gas E&P company SM Energy Co (SM), purchased 1,000 shares at an average price of $25.63 totaling $25,630.
41. John E. Sagartz, the Chief Strategy Officer of diagnostics & research company Inotiv, Inc. (NOTV), purchased 5,100 shares at an average price of $4.91 totaling $25,041.

SPACs

1. AI Transportation Acquisition Corp. filed its S-1 on March 15, 2023, and disclosed the terms for its SPAC IPO: 5.0 million units at $10.00 each to raise $50.0 million.
2. Four Leaf Acquisition Corp. priced its downsized $52 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FORL” Friday, March 17, 2023.
3. YS Biopharma Co., Ltd. (YS) completed the business combination with Summit Healthcare Acquisition Corp. (SMIH).

Stock Buyback Announcements

1. Williams-Sonoma, Inc. (WSM) has approved a new $1 billion stock repurchase authorization, which supersedes the company’s current stock repurchase authorization. This represents around 12.6% of its market cap at announcement.
2. New York Mortgage Trust, Inc. (NYMT) authorized the upsize of its previously announced common stock repurchase program to an aggregate value of $200 million. This represents around 18% of its market cap at announcement.
3. Destination XL Group, Inc. (DXLG) authorized a new stock repurchase program, effective March 16, 2023, whereby it may repurchase up to $15 million of its common stock. This represents around 4% of its market cap at announcement.

C-Suite Transitions

Appointments

1. Hallmark Financial Services (HALL): promotes Christopher J. Kenney as Chief Executive Officer.
2. Shoe Carnival (SCVL): appoints Erik Gast as Chief Financial Officer effective April 24, 2023.
3. Semtech Corporation (SMTC): promotes Asaf Silberstein as Chief Operating Officer.
4. Zebra Technologies Corporation (ZBRA): appoints Rob Armstrong as Chief Marketing Officer.

Departures

1. PLBY Group (PLBY): Lance Barton Chief Financial Officer departs effective June 30, 2023.
2. Marker Therapeutics (MRKR): Mythili Koneru, Chief Medical Officer resigns effective as of April 9, 2023.
3. Rite Aid Corp. (RAD): Paul D. Gilbert Chief Legal Officer resigns.
4. Independence Realty Trust (IRT): Farrell Ender President resigns effective May 1, 2023.
5. DigitalOcean Holdings (DOCN): Gabriel Monroy Chief Product 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.