Boardroom Alpha Digest: Weds, Mar 1

by | Mar 1, 2023

Executive News

  • Richard De Schutter and Dr. Argeris Karabelas will step down from the Board of Bausch Health Companies (BHC)
  • Robert William Bennett officially took over as CEO and a Director at Innovative Food Holdings Inc. (IVFH)
  • Sean Menke, CEO of Sabre Corporation (SABR), will transition the CEO role to Kurt J. Ekert who is the current President. Menke will remain Executive Chair of the Board

Activism

  • Amidst an potential proxy battle with Elliott Investments, Salesforce (CRM) shares surged after hours on a strong earnings report

IPOs Upcoming

  • Opti-Harvest (OPHV) is looking at price ~$6.5M at a $3.5 – $4.0 range
  • NAVA HEALTH MD, LLC (NAVA) is looking to price $8.1M at $5 per share
  • Ultimax Digital, Inc. (NFTX) is looking to price ~$8.5M at a $4.0 – $5.0 range

SPACs

  • Sagalim Acquisition Corp. (SAGA) and Saudi Arabia Entertainment Corp.‘s merger agreement was called off by AEC due to the SPAC’s inability to raise enough committed financing to meet 50% of the min. cash requirement. The SPAC’s CEO is fighting a $1mm termination fee and attempting to sell its interest in the SPAC.
  • Capitalworks Emerging Markets Acquisition (CMCA) and Lexasure Financial agreed to combine in a business combination agreement

SPAC Calendar

Recent Analysis

Daily SPAC Update – July 17, 2024

ZLS – Zalatoris II Updates Trust Ahead of Vote. AFAR Extension Approved w/ 2.7M Redemptions. AVHI – Achari Ventures Extends. MACI Separate Trading Today. Ocean Capital Withdraws Registration.

Daily SPAC Update – July 12, 2024

LPAA Launch One Acquisition $200M IPO. ALSA Extension Vote. VCXB Liquidation. QETA LOI Triggers Auto-Extension. MCAC Deal Approved w/ 3.7M Redemptions.

Daily SPAC Update – July 11, 2024

KRNL and AACI Deal Votes Set. TGAA, DECA Extensions Approved. CETU Deal Approved. Non-Redemption Agreements for PEGR and CDAQ. VCXB Delays Vote to July 12.

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