InsideArbitrage Event Driven Monitor – March 22, 2023

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

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Merger Arbitrage

1. U.S. Xpress Enterprises (USX) to be acquired by Knight-Swift Transportation Holdings (KNX) for $808 million or $6.15 per share in cash.
2. Berkeley Lights (BLI) completed the acquisition of IsoPlexis Corporation (ISO).

Deals In The Works

1. Echo Lake Capital offered to acquire Quince Therapeutics (QNCX) for $1.60 per share in cash.
2. Franchise Group, Inc. (FRG) received an unsolicited non-binding proposal, to acquire the company for a price of $30 per share in cash.

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. Robert Robotti, a Director of offshore support vessels provider Tidewater Inc (TDW), purchased 27,000 shares at an average price of $39.64 totaling $1.07 million.
2. Leonard M. Tannenbaum, the Chief Executive Officer of the lender to cannabis companies AFC Gamma, Inc. (AFCG), purchased 51,000 shares at an average price of $13.55 totaling $691,190. Robyn Tannenbaum, the President of the company, also purchased 26,000 shares at an average price of $14.19 totaling $368,940.
3. Beth C. Seidenberg, a Director of biotechnology company Vera Therapeutics, Inc. (VERA), purchased 89,297 shares at an average price of $7.13 totaling $636,914. These shares were purchased indirectly through Kleiner Perkins funds.
4. Jeffrey L. Swope, a Director of office REIT Piedmont Office Realty Trust, Inc. (PDM), purchased 70,000 shares at an average price of $7.16 totaling $501,473. Two other insiders also purchased shares.
5. Albert P. Behler, the Chairman, CEO and President of office REIT Paramount Group, Inc. (PGRE), purchased 70,000 shares at an average price of $4.27 totaling $299,150.
6. Philip Austin Singleton, the CEO of boat retailer OneWater Marine Inc. (ONEW), purchased 10,000 shares at an average price of $24.09 totaling $240,900.
7. Maurizio Nicolelli, the Executive Vice President & CFO of operations management and analytics company ExlService Holdings, Inc. (EXLS), purchased 750 shares at an average price of $151.79 totaling $113,842.
8. Kerrie D. Macpherson, a Director of regional bank Community Bank System, Inc. (CBU), purchased 2,000 shares at an average price of $55.42 totaling $110,847.
9. Granetta B. Blevins, a Director of education & training services company American Public Education Inc (APEI), purchased 25,750 shares at an average price of $3.95 totaling $101,622. Two other insiders also purchased shares.
10. Steven A. Lisi, the CEO and Chairman of the Board of medical devices company Beyond Air, Inc. (XAIR), purchased 10,000 shares at an average price of $6.46 totaling $64,600. Ron Bentsur, a Director of the company, also purchased 2,300 shares at an average price of $6.48 totaling $14,904.
11. John J. Mazur, a Director of regional bank Kearny Financial Corp. (KRNY), purchased 6,000 shares at an average price of $8.68 totaling $52,080.
12. Larry J. Helling, the CEO, QCRH & CRBT of regional bank QCR Holdings Inc (QCRH), purchased 1,000 shares at an average price of $45.00 totaling $45,000.
13. Jon E. Bortz, the Chairman and CEO of hotel REIT Pebblebrook Hotel Trust (PEB), purchased 3,000 shares at an average price of $13.22 totaling $39,660.
14. Gerald F. Vinci, the VP & Chief Human Resources Officer of specialty industrial machinery company Chart Industries Inc (GTLS), purchased 300 shares at an average price of $119.28 totaling $35,784. Roger A. Strauch, a Director of the company, also purchased 100 shares at an average price of $109.86 totaling $10,986.
15. Charles E. Green, a Director of regional bank National Bankshares Inc (NKSH), purchased 1,000 shares at an average price of $34.79 totaling $34,790.
16. John D. Rayis, a Director of multifamily REIT Apartment Income REIT Corp. (AIRC), purchased 1,000 shares at an average price of $34.48 totaling $34,480.
17. Raymond E. Johns, a Director of aircraft leasing company Air Transport Services Group, Inc. (ATSG), purchased 1,290 shares at an average price of $20.13 totaling $25,967.

Spinoffs

1. Ecoark Holdings Changes its name to BitNile Metaverse (BNMV). The company’s ticker symbol will change from “ZEST” to “BNMV”.

SPACs

1. Northern Revival Acquisition Corporation (NRAC) entered into a business combination agreement with Braiin Limited.
2. Zura Bio Limited announced the closing of its business combination with JATT Acquisition Corp, (JATT).

Stock Buyback Announcements

1. Select Energy Services, Inc. (WTTR) has authorized a new $50 million share repurchase program. This represents around 7% of its market cap at announcement.
2. F&G Annuities & Life (FG) approved a new three-year $25 million share repurchase program, effective March 21, representing around 1.2% of its market cap at announcement.
3. Kingsway Financial Services Inc. (KFS) approved a $10 million share repurchase program, representing around 4.5% of its market cap at announcement.
4. Paysign, Inc. (PAYS) authorized a new stock repurchase program of up to $5 million of the company’s outstanding common stock. This represents around 2.7% of its market cap at announcement.

C-Suite Transitions

Appointments

1. Presto Automation (PRST): appoints Stanley Mbugua as Chief Accounting Officer.
2. Sealed Air (SEE): Dustin Semach joins as Chief Financial Officer, effective April 17, 2023.
3. Better Choice Company (BTTR): appoints Carolina Martinez as Interim Chief Financial Officer effective April 3, 2023.
4. SRAX (SRAX): appoints Alan Urban as Chief Financial Officer.
5. BlueLinx Holdings (BXC): appoints Shyam K. Reddy as President and Chief Executive Officer.

Departures

1. Better Choice Company (BTTR): Sharla A. Cook Chief Financial Officer resigns effective April 3, 2023.
2. Aris Water Solutions (ARIS): Dustin A. Hatley, Chief Accounting Officer retires effective June 30, 2023.
3. BlueLinx Holdings (BXC): Dwight Gibson President and Chief Executive Officer departs.
4. DaVita (DVA): John Winstel Chief Accounting Officer steps down effective September 5, 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.