InsideArbitrage Event Driven Monitor – March 31, 2023

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

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Merger Arbitrage

1. Vista Equity Partners completed the acquisition of Duck Creek Technologies (DCT).
2. Oak Street Health (OSH) announced that the special meeting of stockholders will be on April 28, 2023. The waiting period under the HSR Act expired on March 27, 2023.
3. According to Reuters, Canadian Minister of Innovation, Science and Industry Francois-Philippe Champagne is set to rule on Rogers Communication’s (RCI) deal to buy Shaw Communications (SJR) on Friday.
4. Shareholders of AgroFresh Solutions (AGFS) approved the company’s merger with Paine Schwartz Partners at a special meeting of shareholders.

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. GreenLight Biosciences (GRNA) confirmed that it has received a non-binding indication of interest from Fall Line Endurance Fund, L.P. to acquire all of the outstanding capital stock of the Company for $0.60 per share in cash.

Insider Purchases

1. Robert Lorne Hopfner, a Director of Biotechnology company Inozyme Pharma, Inc. (INZY), purchased 344,592 shares at an average price of $4.54 totaling $1.56 million. These shares were acquired indirectly through Pivotal bioVenture Partners Fund.
2. Christopher Shackelton, a Director of education & training services company Universal Technical Institute Inc (UTI), purchased 149,232 shares at an average price of $6.93 totaling $1.03 million. These shares were acquired indirectly through Coliseum Capital Management.
3. Richard Douglas, a Director of life science devices company Maxcyte, Inc. (MXCT), purchased 80,000 shares at an average price of $4.32 totaling $345,480.
4. Beth C. Seidenberg, a Director of biotechnology company Vera Therapeutics, Inc. (VERA), purchased 23,908 shares at an average price of $7.24 totaling $173,192. These shares were acquired indirectly through the venture capital firm Kleiner Perkins.
5. Philip Liang, a Director of medical devices company Vicarious Surgical Inc. (RBOT), purchased 74,300 shares at an average price of $2.32 totaling $172,227.
6. Robert Carey, a Director of medical devices company Beyond Air, Inc. (XAIR), purchased 20,000 shares at an average price of $6.38 totaling $127,500.
7. Jay M. Short, the Chief Executive Officer of biotechnology company BioAtla, Inc. (BCAB), purchased 40,800 shares at an average price of $2.47 totaling $100,862.
8. Arthur X. Suazo, the EVP, Leasing of office REIT Hudson Pacific Properties, Inc. (HPP), purchased 10,000 shares at an average price of $5.86 totaling $58,600.
9. Chris A. Ramsey, a Director of regional bank German American Bancorp, Inc. (GABC), purchased 1,442 shares at an average price of $33.32 totaling $48,045. Jack Sheidler, a Director of the bank, also purchased 51 shares at an average price of $33.50 totaling $1,708.
10. Ann C. Dee, a Director of regional bank First Internet Bancorp (INBK), purchased 2,000 shares at an average price of $17.26 totaling $34,520.

Spinoffs

1. Madison Square Garden Entertainment (MSGE) Board approves spin-off of its traditional live entertainment business, which is expected to be completed on April 20th.

SPACs

1. Apollomics (APLM) announced the completion of its business combination with Maxpro Capital Acquisition Corp. (JMAC).
2. DiamondHead Holdings Corp. (DHHC) completed its business combination with Great Southern Homes, Inc. (UHG).

Stock Buyback Announcements

1. Carter Bankshares, Inc. (CARE), has authorized a new 1 million share repurchase program, effective May 1, 2023, over a period of twelve months. This represents around 4% of its market cap at announcement.
2. IZEA Worldwide, Inc. (IZEA) has authorized a $1 million share repurchase of the company’s common stock. This represents around 2% of its market cap at announcement.

C-Suite Transitions

Appointments

1. Ra Medical Systems (RMED): appoints Steven Passey as Chief Financial Officer effective April 1, 2023.
2. Nu Skin Enterprises (NUS): appoints James D. Thomas as Interim Chief Financial Officer.
3. Spark Networks (LOV): appoints Chelsea A. Grayson as permanent Chief Executive Officer.
4. Pathfinder Bancorp (PBHC): appoints James A. Dowd as President and Chief Executive Officer.
5. Health Catalyst (HCAT): appoints Anne Marie Bickmore as Chief Operating Officer effective April 3, 2023, and Benjamin Landry as General Counsel effective May 1, 2023.
6. Presto Automation (PRST): appoints Dan Mosher as President and Xavier Casanova as Chief Operating Officer.

Departures

1. Ra Medical Systems (RMED): Brian Conn Acting Chief Financial Officer steps down.
2. Nu Skin Enterprises (NUS): Mark H. Lawrence Chief Financial Officer resigns.
3. Unity Bancorp (UNTY): John Kauchak Chief Operating Officer retires and Janice Bolomey Chief Administrative Officer resigns effective June 30, 2023.
4. Nkarta (NKTX): Dr. Nadir Mahmood Chief Financial and Business Officer resigns effective June 30, 2023.
5. Health Catalyst (HCAT): Daniel Orenstein General Counsel resigns effective April 30, 2023

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