InsideArbitrage Event Driven Monitor – March 24, 2023

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

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Merger Arbitrage

1. According to Reuters, UBS Group AG (UBS) races to seal Credit Suisse (CS) deal as soon as late April.

Deals In The Works

1. Nano Dimension (NNDM) to review its options relative to Stratasys (SSYS) and other strategic acquisition targets.

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. Lecil E. Cole, the Chief Executive Officer of food distribution company Calavo Growers Inc (CVGW), purchased 50,000 shares at an average price of $24.29 totaling $1.21 million.
2. Jeffrey Gould, the President and CEO of apartment REIT BRT Apartments Corp. (BRT), purchased 18,935 shares at an average price of $18.77 totaling $355,392.
3. James M. Garnett, a Director of regional bank Bankwell Financial Group, Inc. (BWFG), purchased 10,000 shares at an average price of $26.50 totaling $265,000.
4. Albert P. Behler, the Chairman, CEO and President of office REIT Paramount Group, Inc. (PGRE), purchased 50,000 shares at an average price of $4.35 totaling $217,670.
5. Robert W. Gerrity, the Chief Executive Officer of oil & gas E&P company Vitesse Energy, Inc. (VTS), purchased 5,000 shares at an average price of $16.85 totaling $84,250.
6. Louis Salamone Jr., the Chief Financial Officer of specialty industrial machinery company Babcock & Wilcox Enterprises, Inc. (BW), purchased 15,000 shares at an average price of $5.27 totaling $79,110.
7. Matthew Scott Harris, the Chief Medical Officer of clinical state biotechnology company Altimmune, Inc. (ALT), purchased 10,000 shares at an average price of $4.22 totaling $42,200.
8. Philippe D. Katz, a Director of specialty business services company Eastman Kodak Co (KODK), purchased 10,000 shares at an average price of $3.85 totaling $38,500.
9. Clay M. Dean, the CEO-First Mid Insurance Group of regional bank First Mid Bancshares, Inc. (FMBH), purchased 1,000 shares at an average price of $27.06 totaling $27,060.

SPACs

1. Graf Acquisition Corp. IV (GFOR) and NKGen Biotech announced that they have signed a non-binding letter of intent to pursue a business combination.

Stock Buyback Announcements

1. ABB Ltd (ABB) plans to launch a new share buyback of up to $1 billion in April 2023. This represents around 1.6% of its market cap at announcement.
2. Logan Ridge Finance Corporation (LRFC) announced a $5 million share repurchase program through March 31, 2024.

C-Suite Transitions

Appointments

1. Albany International (AIN): appoints Robert Starr as Chief Financial Officer effective April 10, 2023.
2. SomaLogic (SLGC): appointed Pi Zheng as its Interim Chief Accounting Officer.
3. Levi Strauss & Co. (LEVI): appoints David Jedrzejek as General Counsel.

Departures

1. Albany International (AIN): Stephen Nolan Chief Financial Officer resigns effective April 7, 2023.
2. Lifevantage Corporation (LFVN): Matt Cooley Chief Operating Officer resigns effective April 4, 2023.
3. SomaLogic (SLGC): Amy Graves Chief Accounting Officer departs.
4. Torrid Holdings (CURV): Anne Stephenson Chief Merchandising and Product Officer resigns effective March 23, 2023.
5. Ethan Allen Interiors (ETD): Eric D. Koster General Counsel retires effective April 28, 2023.
6. Levi Strauss & Co. (LEVI): Seth Jaffe Chief Legal Officer retires effective June 2, 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.