Boardroom Alpha Digest: Thurs, Jan 19

by | Jan 19, 2023

Executive News

  • Longtime CEO (and Founder) Reed Hastings is stepping down as Co-CEO, but will remain as Executive Chairman for streaming giant Netflix Inc. (NFLX). COO Greg Peters has been promoted to Co-CEO alongside Ted Sarandos.
  • Kinder Morgan (KMI) CEO Steve Kean will step down in August and President Kim Dang will take over
  • John W. Gibson, Jr. has “transitioned” out of the roles of CEO and Chairman of Flotek Industries (FTK). Board member Harsha V. Agadi will be interim CEO while the company searches for a permanent replacement, and David Nierenberg has been named chairman.

Activist Situations

  • Trian Fund Management and Walt Disney Co. (DIS) continue to battle, and Trian today filed a collection of media content that appears to be in favor of Trian and/or Disney accepting Nelson Peltz as an addition to its board.

IPOS

  • Cadrenal Therapeutics (CVKD) is expected to price an IPO and trade tomorrow, January 20th, for an offering size of ~$7M

SPACs

  • Thrive Acquisition Corp. (THAC) announced that it will liquidate on 1/25 @ $10.36 per share
  • Broad Capital Acquisition Corp. (BRAC) announced a definitive agreement with Australian based Openmarkets Group for a $90M enterprise valuation.
  • Adara Acquisition Corp. (ADRA) shareholders approved its merger with Alliance Entertainment though, as mentioned earlier in the week, closing is subject to meeting or waiving of certain conditions including min cash and being listed on a major exchange. Both are in risk due to the high level of redemptions

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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