Boardroom Alpha Digest: Mon, Jan 9

by | Jan 9, 2023

Executive News

  • Rite Aide Corporation (RAD) fired CEO Heyward Donigan and appointed Elizabeth (“Busy”) Burr as Interim CEO and member of the board. Donigan had served as CEO since 2019 with a (19)% annualized TSR during her tenure.
  • Emergent BioSolutions Inc. (EBS) announced a 5% workforce reduction and the elimination of various senior positions including Chief People Officer and Chief Strategy Officer.
  • Netflix (NFLX) poached Jeffrey Karbowski from PayPal Holdings (PYPL) where he will assume the role of Chief Accounting Officer
  • Morgan Stanley (MS) COO Jonathan M. Pruzan will retire at the end of January

IPOS

  • Skyward Specialty Insurance Group, Inc. (SKWD) and MGO Global Inc. (MGOL) are expected to price IPOs this week

SPACs

  • Former DeSPAC Paya Holdings Inc. (PAYA), via Betsy Cohen’s FinTech Acquisition Corp. III, agreed to be purchased by Nuvei Corporation (NVEI) in an all-cash deal valuing the company at $9.75 per share and a $1.3B EV.
  • First Light Acquisition Group (FLAG) announced a definitive agreement to take Calidi Biotherapeutics public. Calidi previously had plans to go public thru a different SPAC (ADOC) in a deal that was scrapped in August.

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.

Know Who Drives Return

Objective, data-driven assessments for every public company director and officer.

SPAC Analytics & Database

Comprehensive research and analytics on every SPAC, sponsor, and deal. Real-time alerts, yields, red flags, filings, investors, and much more. API access to institutional grade SPAC database.

Monthly SPAC Review

SPAC Market Review – December 2022

December’s SPAC market review takes a look by the numbers of the month’s SPAC activity and how the market currently stands going into 2023.

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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