These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from June 22 through June 28, 2023. Source: VerityData
Activist Holdings
Cardlytics
(CDLX)
CAS Investment Partners reported as an active investor on June 16 when it disclosed 5,416,116 shares in the digital-marketing company, equal to 16% of the outstanding stock.
CAS Investments switched to an active investor as it plans to meet with Cardlytic’s C-suite to discuss “opportunities to enhance stockholder value,” including through improved operational efficiencies, capital structure, and board composition.
CAS Investment noted that it supports Cardlytics CEO Karim Temsamani, named to the role in September 2022, and believes his “history of building growth-oriented technology businesses will enable him to execute on much needed change” at the company.
Increases in Holdings
Motorcar Parts of America
(MPAA)
Bison Capital Partners raised its economic interest in the maker of aftermarket automotive parts to the equivalent of 2,183,333 shares. All but 50,000 of those Motorcar Parts shares may be granted upon conversion of 10% convertible promissory notes.
The 50,000 common shares were purchased by Bison Capital on June 23 at a price of $7.00 apiece. With the fresh investment, Bison Capital now owns 10.1% of Motorcar Parts. Bison acquired the convertible notes, $32 million in principal, at the end of March through a private transaction with Motorcar Parts.
In conjunction with the notes purchase, Bison Capital co-founder Doug Trussler was appointed to Motorcar Parts’ board on March 31.
Decreases in Holdings
Eagle Bulk Shipping
(EGLE)
Oaktree Capital liquidated its interest in the shipping-vessel operator through a June 22 securities purchase agreement. Through that agreement, Eagle Bulk Shipping purchased 3,781,561 of its shares, nearly 28% of the outstanding stock, directly from Oaktree Capital at a price of $58 apiece. Those shares were Oaktree Capital’s long remaining stake in the shipping firm, a position that hadn’t changed since early April 2021.
Dice Therapeutics
(DICE)
Northpond Ventures slashed its position in the pharmaceutical company as it took advantage of the news that
Eli Lilly
(LLY) will acquire Dice Therapeutics for $2.4 billion, or $48 per share in cash. Northpond Ventures offloaded 2,492,871 Dice Therapeutics shares on June 22 at prices ranging from $46.44 and $46.63 each, cutting its holding down to a mere 800,000 shares, just 1.7% of the outstanding.
Lilly announced its $2.4 billion deal to acquire Dice Therapeutics before the market opened on June 20, propelling Dice stock to open at $46.55, a 37.5% jump from the previous trading day’s closing price. Lilly said the transaction is expected to close in the third quarter.
Email: editors@barrons.com
Read the full article here