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 July 20 through July 26, 2023. Source: VerityData
Activist Holdings
Sportsman’s Warehouse Holdings
(SPWH)
Cannell Capital holds 3,689,372 shares of the outdoor sporting-goods retailer, 9.8% of the outstanding stock. In a July 24 letter addressed to the Sportsman’s Warehouse chairman, Cannell Capital called for “the incumbent board to resign.”
In April, Cannell introduced four individuals to Sportsman’s Warehouse in the hope of one being appointed to the retailer’s board.
Discussions broke down upon a May 5 cooperation agreement presented by Sportsman’s, one that Cannell Capital deemed too restrictive, as it called for Cannell Capital’s support “for all board measures for two years” in exchange for appointing a nominee. Cannell Capital believes that Sportsman’s should “make immediate arrangements to allow shareholders to select” a new board.
Original Filings
Quotient Technology
(QUOT)
Magnetar Capital initiated a position in the digital advertising company of 5,318,060 shares. That entire amount was purchased at prices of $3.78 to $3.90 each from June 20 through July 12. Magnetar Capital is making an arbitrage play in Quotient Technology, as the ad-tech company agreed in June to be acquired by Neptune Retail Solutions for $4 per share in cash, a deal valued at approximately $430 million.
The acquisition is expected to close before the end of this year, subject to shareholder and regulatory approvals.
Absolute Software
(ABST)
Gamco Investors
(GBL) disclosed a fresh position in the Canadian software company of 3,042,565 shares. Gamco Investors bought 2,156,120 of those Absolute Software shares at prices of $11.02 to $11.49 from May 25 through July 20 and now holds 5.7% of Absolute Software’s tradable stock.
In May, Absolute Software agreed to be taken private by Crosspoint Capital Partners for $11.50 per share in cash.
The deal won approval from the Supreme Court of British Columbia in early July and soon after was cleared in Australia under its Foreign Acquisitions and Takeovers Act. The deal will probably close before the end of July.
Decreases in Holdings
Alta Equipment Group
(ALTG)
B. Riley Financial
(RILY) sold 2,200,000 shares of the construction-equipment parts supplier through a July 21 stock offering. Shares were offered at $16.25 apiece, and left B. Riley Financial with 4,593,217 Alta Equipment shares after the offering closed on July 25. B. Riley Financial now holds 14.2% of Alta Equipment’s tradable stock, including almost 653,500 shares held by namesake chairman and co-CEO Bryant R. Riley.
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