Boardroom Alpha Digest: Mon, Jan 23

by | Jan 23, 2023

Executive News

  • Newell Brands Inc. (NWL) announced a 13% workforce reduction as part of a cost cutting plan, joining several other companies who have recently announced layoffs. Shares closed +6% on the day.

Activist Situations

  • It has been reported that Elliott Management has taken a multi-billion dollar position in Salesforce Inc. (CRM). Elliott’s Jesse Cohn tweeted that they “look forward to working constructively”
  • Emerson Electric Co. (EMR) announced that it plans to continue to pursue its acquisition of National Instruments (NATI) without nominating a slate of directors at its upcoming annual meeting

IPOS

  • Several IPOs are on tap to potentially price this week including BullfrogAI Holdings and Lucy Scientific Discovery, Inc.
  • Cadrenal Therapeutics Inc (CVKD) fell another 5% following its IPO last week. Shares closed at $3.92 after pricing at $5.00

SPACs

  • AIB Acquisition Corp. (AIB) shareholders approved an extension out till October 2023, and just over 1M shares remain following redemptions.
  • Just under 17M shares redeemed in accordance with Stonebridge Acquisition Corp. (APAC) extension (monthly) until July 2023

SPAC Calendar

Recent Analysis

Daily SPAC Update – June 13, 2024

Catcha Investment (CHAA) + Crown LNG Approved. DHAC + VSee Labs Deal Approved. SEDA Investor Deck. Feutune Light (FLFV) Updates Trust & Redemptions.

Daily SPAC Update – June 10, 2024

Bayview Acquisition Corp + Oabay Inc. SPAC deal announced. EVE extension vote today. BUJA sets extension vote. PWUP amends merger agreement. COOL postpones to June 26.

Activism Update – June 7

Wisdom Tree (WT) gets Glass Lewis, ISS, and Egon-Jones support. Medallion (MFIN) calls ZimCal self-serving. F9 Investments continues to hammer LL Flooring (LL).

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