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Boardroom Alpha Digest: Mon, Jan 23

Executive News

  • Newell Brands Inc. (NWL) announced a 13% workforce reduction as part of a cost cutting plan, joining several other companies who have recently announced layoffs. Shares closed +6% on the day.

Activist Situations

  • It has been reported that Elliott Management has taken a multi-billion dollar position in Salesforce Inc. (CRM). Elliott’s Jesse Cohn tweeted that they “look forward to working constructively”
  • Emerson Electric Co. (EMR) announced that it plans to continue to pursue its acquisition of National Instruments (NATI) without nominating a slate of directors at its upcoming annual meeting

IPOS

  • Several IPOs are on tap to potentially price this week including BullfrogAI Holdings and Lucy Scientific Discovery, Inc.
  • Cadrenal Therapeutics Inc (CVKD) fell another 5% following its IPO last week. Shares closed at $3.92 after pricing at $5.00

SPACs

  • AIB Acquisition Corp. (AIB) shareholders approved an extension out till October 2023, and just over 1M shares remain following redemptions.
  • Just under 17M shares redeemed in accordance with Stonebridge Acquisition Corp. (APAC) extension (monthly) until July 2023

SPAC Calendar

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