InsideArbitrage Event Driven Monitor – June 1, 2023

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

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Merger Arbitrage

1. MNTV: Symphony Technology Group completed the acquisition of Momentive Global.
2. RUTH: Ruth’s Hospitality Group (RUTH) and Darden Restaurants (DRI) filed notifications under the HSR Act with the Antitrust Division and the FTC on May 15, 2023. The waiting period under the HSR Act expired on May 30, 2023.
3. KBAL: Kimball International (KBAL) announced that its shareholders approved the adoption of the merger agreement with HNI Corporation (HNI). The transaction is expected to close on June 1, 2023.
4. BRMK: Ready Capital Corporation (RC) completed the acquisition of Broadmark Realty Capital.

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. CNX: Bernard Lanigan, a Director of natural gas exploration, development, and production company CNX Resources Corp (CNX), purchased 137,835 shares at an average price of $15.24 totaling $2.10 million.
2. ALGN: Kevin J. Dallas, a Director of dental devices company Align Technology Inc (ALGN), purchased 7,000 shares at an average price of $285.26 totaling $2.00 million.
3. NSA: Arlen Nordhagen, the Vice Chair of storage REIT National Storage Affiliates Trust (NSA), purchased 25,000 shares at an average price of $36.92 totaling $923,000.
4. LNW: Jamie Odell, a Director of casino and gaming company Light & Wonder, Inc. (LNW), purchased 10,000 shares at an average price of $58.98 totaling $589,800.
5. OSUR: Kenneth J. McGrath, the CFO of medical instruments and supplies company Orasure Technologies Inc (OSUR), purchased 100,000 shares at an average price of $4.93 totaling $492,810.
6. MP: Michael Stuart Rosenthal, the COO of rare earth materials producer MP Materials Corp. (MP), purchased 18,000 shares at an average price of $21.21 totaling $381,700.
7. TBLA: Stephen C. Walker, the CFO of user engagement company Taboola.com Ltd. (TBLA), purchased 75,000 shares at an average price of $2.63 totaling $197,250.
8. FRPH: John D. Baker, the CEO of real estate company FRP Holdings, Inc. (FRPH), purchased 3,518 shares at an average price of $53.58 totaling $188,490.
9. CMCT: Shaul Kuba, the Chief Investment Officer of office REIT Creative Media and Community Trust Corp. (CMCT), purchased 34,622 shares at an average price of $5.09 totaling $176,099.
10. AESI: Ben M. Brigham, the Executive Chairman and CEO of oil and gas logistical services company Atlas Energy Solutions Inc. (AESI), purchased 10,000 shares at an average price of $16.29 totaling $162,900.
11. NFE: Desmond Iain Catterall, a Director of clean energy infrastructure company New Fortress Energy Inc. (NFE), purchased 4,734 shares at an average price of $26.54 totaling $125,640.
12. ET: Bradford D. Whitehurst, the EVP of oil and gas midstream company Energy Transfer Lp (ET), purchased 10,000 shares at an average price of $12.43 totaling $124,334.
13. OVLY: Randolph H. Holder, a Director of regional bank Oak Valley Bancorp (OVLY), purchased 5,000 shares at an average price of $23.03 totaling $115,150.
14. AMPS: Gregg J. Felton, the Co-CEO of clean electrification company Altus Power, Inc. (AMPS), purchased 22,500 shares at an average price of $4.49 totaling $101,131.
15. APPS: Roy H. Chestnutt, a Director of content discovery and delivery company Digital Turbine, Inc. (APPS), purchased 6,515 shares at an average price of $9.17 totaling $59,743.
16. SLND: Rudolph V. Renda, the Co-COO and EVP of construction company Southland Holdings, Inc. (SLND), purchased 5,853 shares at an average price of $8.77 totaling $51,341.
17. AKAM: Thomson Leighton, the CEO of infrastructure software company Akamai Technologies Inc (AKAM), purchased 547 shares at an average price of $91.53 totaling $50,065.
18. ACTG: Jason W. Soncini, the General Counsel of business equipment & supplies company Acacia Research Corp (ACTG), purchased 12,500 shares at an average price of $3.96 totaling $49,500.
19. NRIM: Aaron Michael Schutt, a Director of regional bank Northrim Bancorp Inc (NRIM), purchased 794 shares at an average price of $37.63 totaling $29,874.

Stock Buyback Announcements

1. SHCR: Sharecare, Inc. (SHCR) has authorized a new $50 million share repurchase program. This represents around 9.4% of its market cap at announcement.
2. FFIC: Flushing Financial Corporation (FFIC) has authorized an increase in the purchase of its common stock by 1,000,000 shares bringing the combined remaining authorization to 1.2 million shares. This represents around 3.4% of its market cap at announcement.
3. GBNY: Generations Bancorp NY (GBNY) announced a stock repurchase program pursuant to which the Company intends to repurchase up to approximately 91,000 shares, or approximately 4%, of the Company’s outstanding common stock.

SPACs

1. PGSS: Gebr. SCHMID GmbH and Pegasus Digital Mobility Acquisition Corp. (PGSS) announced a definitive business combination agreement.

C-Suite Transitions

Appointments

1. SLDP: Solid Power appoints John Van Scoter as President, Chief Executive Officer effective June 14, 2023.
2. KEYS: Keysight Technologies appoints Lisa Poole as Chief Accounting Officer effective August 1, 2023.
3. AEHR: Aehr Test Systems appoints Chris Siu as Chief Financial Officer.
4. VINE: Fresh Vine Wine appoints Hitesh Dheri as Chief Financial Officer.
5. EGHT: 8X8 appoints Samuel Wilson as permanent Chief Executive Officer.
6. VRME: VerifyMe appoints Adam Stedham as Chief Executive Officer, effective June 19, 2023.

Departures

1. SLDP: Solid Power Interim CEO David Jansen steps down.
2. AEHR: Aehr Test Systems Chief Financial Officer Kenneth B. Spink and Chief Technology Officer David S. Hendrickson retires.
3. CMPS: COMPASS Pathways Chief Innovation Officer Dr. Ekaterina Malievskaia steps down effective June 16, 2023.
4. VRME: VerifyMe Interim Chief Executive Officer Scott Greenberg steps down effective June 19, 2023.
5. PRMW: Primo Water Corporation Chief Executive Officer Thomas J. Harrington retires effective December 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.