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

<a href="https://www.boardroomalpha.com/author/draps/" target="_self">David Drapkin</a>

David Drapkin

Spent his formative years at Goldman Sachs and now embraces the start-up life in NYC. A long suffering Oakland (Las Vegas) Raiders fan and graduate of the Wharton School at the University of Pennsylvania. Semi-professional go-kart racer waiting for his shot.

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Monthly SPAC Review

SPAC Market Review – December 2022

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SPAC Market Review – November 2022

November’s SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs.

SPAC Research & Analysis

Boardroom Alpha Digest: Wed, Feb 1

Fedex Corp. (FDX) announced it would be laying off ~10% of its corporate workforce and Ryan McInerney officially takes over at Visa (V).

Know Who Drives Return Podcast

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