Boardroom Alpha Digest: Thurs, Jan 5

by | Jan 5, 2023

Executive News

  • Stitch Fix (SFIX) CEO Elizabeth Spaulding has resigned after having just taken the post in August 2021. Co-Founder and former CEO Katrina Lake returns as Interim CEO until the company finds a replacement. SFIX also announced 20% layoffs in its workforce
  • David Flitman officially took over as CEO of US Foods (USFD) replacing Andrew Iacobucci in a move that was announced in November

Activism Situations

  • Impactive Capital has officially nominated 4 directors to the board of Envestnet, Inc. (ENV). The firm cites underperformance, poor governance and lack of shareholder alignment as its catalysts, and follows a letter the company sent the board last November. See the proxy here.

IPOS

  • Johnson & Johnson (JNJ)‘s Consumer Health arm Kenvue Inc. has filed for an IPO. The company has yet to set terms on the offering but boasts over $15.1B net sales for 2021 and includes “iconic brands Tylenol, Neutrogena, Listerine, Johnson’s, Band-Aid, Aveeno, Zyrtec and Nicorette”

SPACs

  • For the second time this week a sponsor forfeited its private placement assets (Class A shares this time), in what some are calling a potential tax-loss harvesting play. In this case it was two’s (TWOA) sponsor
  • DTRT Health Acquisition Corp. (DTRT) and Consumer Direct Holdings terminated their merger agreement and DTRT announced that it will liquidate

SPAC Calendar

Recent Analysis

Daily SPAC Update – June 14, 2024

PLMI Extension Vote. TETE Extends. COOL Sets Extension Vote. GPAC Investor Deck. BAYA, RCFA, GAMC Merger Agreements. COOL, RWOD, FLFV Update Trust Values.

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.

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