KEDM 12 04 21 Vol 58

KUPPY’S
EVENT DRIVEN MONITOR

Vol. 58 www.KEDM.com December 5, 2021
Dear Reader,
We realize that the size of KEDM may be intimidating—it shouldn’t be. KEDM is meant for those in
a hurry, along with those who want to spend a weekend fishing for ideas. Here are some tips on
how to navigate KEDM based on how much time you intend to spend.
Up front, we have “KEDM Kliff Notes” where we flag what we consider to be the most interesting
events of the week. Mind you, these are not buy and sell recommendations, but simply notes on
the corporate event. This is then followed by “Weekly Changes” where we note all the material
changes since the prior week. For many of you, these two sections should give you all the
information you need to be informed of what’s changing in the world of Event-Driven
opportunities. The next few pages are our trading watchlists and notes on beaten down stocks
that are on our radar for possible inflections in the coming months.
For those who want to dive in, the supporting data then follows. The index on page 2 links to the
corresponding sections, allowing you to rapidly jump around to the sections that you are most
interested in. We have color coded the data with green indicating a new ticker was added and
yellow for when data changes. This is meant to allow you to rapidly scan the data and focus on only
the information that has changed since last time. To make the data more user friendly, we have
added links that rapidly take you to the appropriate press release, SEC filing or corporate
presentation. Finally, we’ve flagged certain data orange to show that it’s moved materially within
the data-set. This is for people looking for leaders and laggards.
We know that some of you want to pull charts or go back to old data, so it’s all there for you. It
really comes down to what you want to do. KEDM can be a quick weekly reminder of pending
events, or it can become a full-time obsession, along with everything in between. We hope you find
it as valuable as we do.
Sincerely,
KEDM Team
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Table of Contents
KEDM Kliff Notes ................................................................................................................................................................................ 3
Weekly Changes ............................................................................................................................................................................... 12
KEDM Fallen Angel Monitor ............................................................................................................................................................. 13
KEDM Left for Dead Monitor ........................................................................................................................................................... 16
Announced Spin-offs, Carve-outs, or Spin-Mergers ........................................................................................................................ 18
Completed Domestic Spin-offs, Carve-outs, or Spin-Mergers ........................................................................................................ 25
Completed International Spin-offs, Carve-outs, or Spin-Mergers .................................................................................................. 30
Cluster Insider Buy Monitor ............................................................................................................................................................. 33
Buyback Monitor .............................................................................................................................................................................. 44
Short Squeeze Monitor .................................................................................................................................................................... 49
IPO Monitor ...................................................................................................................................................................................... 51
Completed IPO Monitor ................................................................................................................................................................... 53
Unlock Monitor ................................................................................................................................................................................ 58
Priced Secondaries Monitor ............................................................................................................................................................. 66
CEO Change Monitor ........................................................................................................................................................................ 70
Bankruptcy Monitor ......................................................................................................................................................................... 74
Bankruptcy Exit Monitor .................................................................................................................................................................. 75
Announced SPAC Monitor ............................................................................................................................................................... 77
Completed SPAC Monitor ................................................................................................................................................................ 87
Newsletter Short Monitor ................................................................................................................................................................ 93
13D Monitor ..................................................................................................................................................................................... 97
Mergers and Acquisitions Monitor ................................................................................................................................................ 100
Busted M&A Monitor ..................................................................................................................................................................... 104
Stock Split Monitor......................................................................................................................................................................... 105
Listing Change Monitor .................................................................................................................................................................. 107
Strategic Alternatives Monitor ...................................................................................................................................................... 110
Privatization Monitor ..................................................................................................................................................................... 112
Demutualization Monitor .............................................................................................................................................................. 117
ARK Monitor ................................................................................................................................................................................... 120
Index Addition Monitor ................................................................................................................................................................. 121
Index Deletion Monitor .................................................................................................................................................................. 122
Contingent Value Right Monitor .................................................................................................................................................... 123
Tender Offer Monitor..................................................................................................................................................................... 125
Rights Offering Monitor ................................................................................................................................................................. 127
Disclaimer ....................................................................................................................................................................................... 130
Page | 2 KEDM December 5, 2021

The securities mentioned do NOT represent buy or sell recommendations. These notes represent events and possible
catalysts only. The editors and contributors of this publication may or may not have positions in the securities listed in this
publication.
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KEDM Kliff Notes

Too busy to read everything? The KEDM team summarizes the most interesting Event-Driven information of the
week/month.
We picked a hell of a week to go on a holiday break! Before we left we noted:
“We continue to focus on our idiosyncratic investments (e.g. uranium) while de-grossing our Event Driven
book. We’ve missed some of the action but have few complaints as we near year-end with a solid year.
While we’ve called something like 7 of the last zero selloffs, we remain cognizant that we could go into a
risk-off environment at any time—especially as the FED pulls back on the stimulus. While a Santa-spurred
rally may still be in the cards, after a year filled with yolos, stonks, and memes, it may be a time to raise
some cash and be thankful for the Crayon-Eaters and the transfer of wealth during this holiday season.”
Not much has changed in our thinking. Hopefully you raised some cash! We’re now in the second week of QT
and the whole neighborhood is having a meltdown. ARKK is completing a massive year-long breakdown. Ponzi
has been for sale for months, though TSLA held her year together. Now high-multiple SAAS is starting to break
as well. Let’s look at DOCU. It’s a fine business. It’s just insanely overvalued. DOCU missed by a bit and got
blasted…and I do mean blasted. What’s a subscription business worth when it encounters slowing growth??
Maybe there’s some village in Africa that hasn’t heard of DOCU. Maybe they invent some new doodad, but
maybe it’s just hitting saturation and growth was meant to slow and get monetized. What is such a business
worth? 30 or maybe 40 times cash flow? We’re sitting at north of 100 times and that’s after DOCU dropped
in half. What were these people thinking?? Well, they were thinking that valuation never mattered before, so
why now?
We’ve been harping on ARKK for ages. We were early (as usual). Now we’re going to start talking about all the
Hedge Fund Hotel names. Fortunately, there’s an index of these (cause there’s always an index for
everything…)
Hedge Fund Hotel

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It’s all fun and games when your buddies are getting inflows and buying the same names
on margin. What happens when it all goes in reverse? What happens when the valuations are stretched
beyond all logic? Below is the list of the top 40 positions at Tiger Global Management. For the record, we have
the upmost respect for Tiger and what they’ve consistently accomplished over decades. The problem now, is
that most investors agree with us. Tiger’s book is mostly high-multiple growth and that sector is suddenly
having an identity crisis—compounded by copious leverage amongst PMs. 2H/2021 was when Cathie got
wrecked. Will 2022 will be when high-multiple HF Hotel tech gets wrecked?? Scan this list, look at the melt-
downs this week outside of a few mega-caps like MSFT. It’s happening.
Tiger Management holdings
Hedge Fund hotel names don’t just melt with a whimper. They absolutely detonate when everyone decides
to exit at the same time—especially as Hedge Funds mostly operate with insane leverage levels. If rates are
going up (we think they are) then multiples have to compress. It’s amazing how many funds have the same

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high-multiple, tech books. When it’s been working for years, PMs often stop thinking
about why it’s working. They just focus on marketing and re-allocating the inflows into the same names.
DOCU is just the first of many to detonate—gradually, then suddenly… As the de-grossing gathers steam, we
expect that many of the names on these lists will get plunged. It won’t matter if they beat guidance or miss
guidance. Valuation won’t even matter that much (what’s 60 vs. 100 times revenue amongst friends??). These
names will all get caught up in the maelstrom as they’re all cross-owned. If you look at our uranium position,
it should be no surprised that it became a hedge fund favorite, then went no bid this week. This is what
happens with cross-ownership. It’s worth pruning your books b/c the HF faves seem like they’re on borrowed
time. For us, outside of uranium, we don’t have much overlap. We’re just going to watch the fireworks, and
find spots to add to names that become collateral damage…
With that in mind, our Event-Driven book continues to be de-grossed and we’ve taken some decent losses on
Event-Driven positions for the first time in ages, as all correlations went to 1 this week. That said, we will likely
be taking some shots on tax loss plays for the back half of the month and holding into January. Keep an eye
on some names in the garbage bin - busted IPOs, busted SPACs, post-unlocks or beaten-up stocks with
aggressive insider buying. There are a lot of trapped longs that will want out.
Shifting a bit… we rarely flag insider sells. We find them lacking quantitative meaning as people sell for all
sorts of reasons—taxes, college funds, retirement, new vacation house, divorce etc. BUT it’s worth flagging
when we see selling across specific sectors, especially when the rate of change picks up. Now some of these
are cloaked under the guise of a 10b plan but it’s massive selling nonetheless. And this is big tech/FANG - you
can guess what’s going on under the hood at the small Ponzi Sector companies. Insiders are aggressively
ringing the register in tech…has the great rotation from Ponzi to RealCos started? Its worth reiterating what
we said back in October which still rings true: “the coming rotation from Ponzi to real businesses could be the
biggest fund-flow event of the decade. We are laser focused on it. Almost nothing else matters, because once
it gets going, it won’t stop for a VERY long time…” Strap in…2022 is going to be interesting…
Sales by Satya at MSFT

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Did Bezo’s retirement mark the AMZN top (timestamp 7/5/21 on your charts…)
They must not accept FB shares in the Metaverse.

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The last time Sergey and Larry blasted stock was back in 2017
Just for taxes, right?

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Russell Value to Russell Growth
Now on to the Events of the week:
Spin Notes:
• Daimler, DAI GY, is on deck for its spin of its Truck and Bus business. Will trade on Frankfurt exchange on
12/10
• HOC LN’s carve out of its Chilean assets will IPO on the TSX under ARA CN
• TOBII SS spins its assistive communication tech company, Dynavox on 12/9. Investor Day was held on
11/30, recording of presentation here
• GASS spun its tanker unit (3 product tankers, 1 Aframax); SpinCo will begin trading under IMPP next week
• Dry bulker, DSX, spun its 3 old ships into OceanPal, OP, this week (11/30)
• Ecoark, ZEST, filed its S1 for its carve out of its crypto miner and broker/deal Trend Discovery (now named
Agora (DEFY)
• Our “old friend” Ault Milton from DPW is financial engineering a pure play Bitcoin Miner (and renaming
itself NILE) with a spin of its EV charging unit. Ault has a bit of a sketchy persona. Back in September we
noted the following in a Cluster Insider Buy which seems pertinent still - “We are flagging DPW only
because the Chairman is none other than Ault Milton who continues to buy in the open market. Ault was
being discussed in the Discord room over his relationship with ALZN as a 30% holder [Search the Discord
room for Ault or ALZN]. Check out his YouTube channel and its likely all you need to know…caveat emptor”
• Good primer on ELTA LN, the RemainCo (DTC Shoe Company - Hotter Shoes) that split with TGI Fridays
(MORE LN). Both sides have traded weak since the demerge. With Omicron on the loose, TGI Fridays may
be a difficult play, but won’t women buy more shoes during another lockdown??

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• SK Telecom finally came off its trading halt with its spinco trading, SK Square (402340
KS). Square is an investment company that will oversee 16 of SK Telecom's existing non-telecom and tech
units, including SK hynix Inc., app market operator ONE Store, e-commerce platform 11Street and T Map
Mobility
Cluster Buying Notes:
• Ton of new names on this list. We are flagging a handful that we are watching but it’s worth quickly
flipping through. Let us know in the Discord room if any trades catch your eye
• Jason Wild (and his fund) continue to buy CannabisCo, TER CN
• Another week, another big buy by the CEO of SLVM; 10k shares for around $300k
• Not a small cap but worth pointing out the CLF C-suite stepped up for around 70k shares
• Marky Mark’s SPAC turned IPO, FXLV saw some decent buying. After being down some 40% from the IPO
its now trading around the same valuation it was when it tried to SPAC
• The COB/CEO (and largest shareholder) continues to aggressively buy ARC under a 10b plan. Worth noting
since it has graced KEDM in the past with an active buyback program (appx 2% of the Company in the
TTM)
• Recent SpinCos, LYLT and KD, had decent size step in
• NGL is back yet again with the CEO and EVP buying nearly $500k this month. Those prefs continue to sit
there well below par, but up in the cap structure.
• We mentioned ZEST above in the Spin Monitor, but worth noting the CEO and CFO bought decent size last
week
• A few SPACs are starting to pop up again: MKTW, HIPO, UP, SNAX
Buyback Notes:
• A lot of new names on the list. Not from earnings or completed buyback, but rather getting spanked in
the market. This monitor tracks stocks with large buybacks that are down at least 30%+ from highs..
Short Squeeze Notes:
• Even the high short interest names are selling off – down around 15% in the trailing 2 weeks
IPO Notes:
• As we get near year-end, it’s worth going through the list of busted IPOs and looking for tax loss selling
candidates. There’s a surprising number of busted names and some of them are actually real businesses.
Look for the orange names.
• Last week we mentioned the upcoming Chobani IPO: “Chobani, CHO, is finally coming public with a heavy
debt load. OTLY has been smacked up and the competition in the dairy/alternative aisle is fierce. It was
on the ropes a few years back when TPG stepped in; worth flipping through the old TPG deal deck.” This
week Petition did a deeper dive…worth a skim
IPO Unlock Notes:
• With the markets limp, we are seeing outsized alpha on the short side of unlocks. Keep an eye on this
list both on the short and long side… Take a look at HOOD as a recent example
CEO Turnover Notes:
• After an absolute bloodbath for the past 6 months, Howard Jonas is BACK as CEO of RFL.

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• The big CEO news was the departure of Dorsey from TWTR. In a final act of giving
shareholders the middle finger, he took his CTO (i.e. the guy who spent billions on R&D but couldn’t
design an edit button) and made him CEO. Dorsey +1/Activists 0. At least we’ll always have the memes…
Bankruptcy Notes:
• LTMAQ filed and will exit. Plan overview here
SPAC Notes:
• Back in July we flagged the rumor of tie-up; this week its official. Back then we noted: We are old enough
to remember when coming to the public markets meant you cleaned up your financials/business to show
profitability. These days even non-SaaS companies are forgoing profit: “Rather than pursuing profitability,
it has invested in new products and geographical expansion.” What type of business is this, you ask? It’s
a recurring revenue, high margin SaaS company, right? Nope. Its Manscaped and they sell electric
trimmers for your scrotum that is merging with BLTS.” This SPAC is a bit hairy…how long til they sack the
CEO?
• The fun never stops for WeWork, WE; this time its forced to restate 2 yrs of financials due to a
misstatement by its SPAC, BOWX
• DWAC popped as Trump tries to garner support for its $1B PIPE at a 20% discount to 20day VWAP
• Another termination, this time between NSTB and Apex Clearing
• FST was pounded as Fertitta’s Morton’s Restaurant tries to back out of the merger. FST doesn’t want to
say goodbye though
• ENFA/BuzzFeed (BZFD) closed their merger. A cool 94% of the $287.5 million the SPAC raised has been
redeemed
• The fun never ends at Bill Ackman’s financial engineering tontine. SPARC will offer 244.4 million
subscription warrants, giving the holder the right to purchase common stock at a minimum price of $10
per share. SPARC S1 here. The SPARs will be distributed to PSTH securityholders and be listed on the
NYSE...Once a merger agreement is signed, SPARC would do a raise and SPAR holders would have 20 days
to exercise
• IBC’s Announced This Week: APSG; BOAS; ACTD; SCLE; CFVI; BLTS; BENE; ACAH; ADEX
• Closed or DeSPAC’d This Week: TPGS; GRAB; GNRS; CTV; TNIE GR; LOCL; CDRO; ENFA; DMYQ; FORE/PII;
• Votes Next Week: CBAH; DGNS; DCRC; PFDR; SVOK; CFV
Newsletter Short Notes:
• Keep an eye on this list as shorts are beginning to work in this market. Filter the smash and grab hit pieces
and there are some decent short research/names in the list
13D and Activist Notes:
• CSU (now known as Sonida, SNDA), has been a KEDM flag for months on end as Ortelius fought
(unsuccessfully) against the recent financing/rights offering (see Rights Offering Monitor). Now that the
financing is in place, its worth looking at this with fresh eyes. Clark Street dives in here.
• The ZEN/MNTV is not well liked. First Legion (from the MNTV side), now Jana (from the ZEN side)
• GLEN LN is getting a push from BlueBell to sell or separate its coal unit. ESG driven policies always pique
our interest. We will watch how this develops

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Merger Notes:
• Longtime KEDM name, RRD, is the gift that keeps giving. Chatham upped their offer to 10.25/sh which
was finally accepted by the BoD. Atlas has until 12/7 to come over the top
• As noted above, MNTV/ZEN spread blew out (now 13%) as Jana Partners becomes the second prominent
activist to oppose the acquisition
Busted Merger Notes:
• SPWH hammered as the FTC blocked its $18/sh acquisition by the parent of Bass Pro Shops. SPWH will
receive a 55m break fee which is ~10% of the market cap. We expect them to re-set earnings when they
announce Q3, but then it may be quite interesting.
Listing Change Notes:
• KEDM stalwart, HRTH finds itself back in KEDM with an uplist to the Nasdaq. Now trading under HHS
Demutualization Notes:
• Solid writeup on a recent demutualization, NECB, here
ARK Notes:
• Sorry, we cannot resist…
CVR Notes:
• FLXN merger closed. Good luck to those who participated
Tender Offer Notes:
• As the market gets weak, its worth keeping an eye out for some risk-free beer money in some odd lot
tenders for the smaller accounts…

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Weekly Changes
KEDM Fallen Angel Monitor: No changes
KEDM Left for Dead Monitor: U-U CN (update)
Announced Spin-off Monitor: CFEB BB; DPW; LGIQ (update); HOC LN (update); HXOH (update); ZEST (update); CHN AU (update);
RUAL RX (update); TOBII SS (update); ABBN SW (update); AMP AU (update); OLAM SP (update); DAI GE (update; SPI SS (update)
Completed Domestic Spin Monitor: IMPP; OP
Completed International Spin Monitor: 402340 KS
Cluster Buy Monitor: TER CN; BDSX; UP; UNS CN; NVRO; NAUT; SRPT; MITT; HIPO; FXLV; KD; EHTH; AXIS CN; MPLN; CLF; VWE /U
CN; LSYN; OEC; FINW; TALO; LMPX; AKYA; SWM; VRAY; TURN; LFMD; SMRT; PMKR CN; SNAX; BCRX; BLBX; CION; ATCX; MYE; OPT
CN; FDGE CN; AXSM; CUTR; TIG; ATNX; AMBC; NMTR; IONM; LCI; BCBP; CUB CN; MYMD; CXB CN; ZEST; NXGN; CYTH; AFBI; OPGN;
MOVE; KMPH; HZN; CCAP; WM CN; PGEN; AHCO
Announced Buyback Monitor: RCII; CHK; RJF; NUE; ONTF; TSE; ZG; AXS; MUSA; JBT; MA; BZUN; CTRN; LAD; HSTM; BOX; FICO;
GAN; BBW; RUSHA; HTZ; EYE; MOV; ANF; NSP; DSX; KEYS; AEL; ACEL; AVNW; LTRN; FETM; AMX; BIGZ; PIPR
Completed Buyback Monitor: DDS; BSY; REAL CN; JACK; MPC; MOMO; HURN; DSKE; LBTYA; FFBC; SSRM CN; DVA; KIRK; ARNC;
MBT; BWXT; PRG; CCMP; CASS; WOR; DD; FLT; CATO; YELP
Short Squeeze Monitor: PPSI; WEBR; SKYT; ATUS; XMTR
IPO Monitor: VINE; AUST; HCP; NU; REFI; INTS; NVCT; FLXE
Completed IPO Monitor: AERC
Unlock Monitor (next 30 days): LZ, IAS, CVRX, INTA, AVTE, BTTR, YOU, ARBK, ACXP, ELEV, GRPH, GHRS, MF, TKNO, BHG, GRVI,
MCW, GLUE, MIRO, FA, KLTR, YMM, SDIG, CYT , DNAY, ATAI, AMAM, RERE, VERV, FEMY, LYEL, ISPC, CNVY, ALZN, JANX, TASK, LFST,
ZETA, MQ
Secondaries Monitor: APP; ESPR; IMGN; MEIP; LGVN; ADTX; KRYS; PTPI; INTU; QLGN; KTTA; OTLK; ALPP; SCPS; DPW; ALHC; PRVA
CEO Change Monitor: NSC; ZVO (update); GRPN (update); IART (update); TRNF; TWTR; BFNH; NPO (update); AMPE; RFL; AVB;
MDWT; ARRY; PLMI
Bankruptcy Monitor: LTMAQ (update)
Bankruptcy Exit Monitor: No change
Announced SPAC Monitor: APSG; BOAS; ACTD; SCLE; CFVI; BLTS; BENE; ACAH; ADEX
Completed SPAC Monitor: HGTY; BZFD; GRAB; GNRS; CTV; TNIE GR; LOCL; CDRO; PII
Newsletter Short Monitor: SOL; RDW
13D Monitor: LKNCY; RMCF; SKX; LAZY; BERY; GLEN LN; 6502 LN; ZEN; NTP; SWX (update); NR; GFF; SWKH (update); LEE; VG
(update); FHLB; SMIT
M&A Monitor: RRD (update; NFH (update)
Busted M&A Monitor: SPWH; INTER NA
Stock Split Monitor: No change
Listing Change Monitor: MODDD; CELZ; HHS; BAFN; MCLD; IAIC; GMTN CN; CTGO
Strategic Alternatives Monitor: IWSY (update); LUNE; ESNT LN; SWKH (update)
Privatizations Monitor: Saudi Stock Exchange; PTER4 BZ (update); 316140 KS (update); Israel Aerospace (update); Israel Post
(update); ELET3 BZ
Demutualization Monitor: No change
ARK Monitor: RBLX; XPEV; TWTR; MNDY
Index Change Monitor: AGFY; UGRO; AFCG; BRKR; KAR; CARS; NVEE; EBS
Contingent Value Right Monitor: FLXN (update); ADMS (update)
Tender Offer Monitor: LEU (update); HTZ; MLC ID; DSX
Rights Offering Monitor: DTC AU; ABDX LN; 1030 HK; TRVX NO; ACARIX SS (update); VIK1V FH (update; GUD AU; SYNL (update;
ATORX SS (update); CIB SS; FCT AU; ICN AU; VLS LN; CCD LN; HZM LN; BAT SJ; FREY; KEI CN; 360 AU; SWK AU; JUVE IM (update);
GR1T LN; UCMN AU; VNA GR; FGO AU; IES LN; AAGB MK

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KEDM Fallen Angel Monitor

The KEDM team’s “scrubbed” list of stocks down more than 65% over 2 years that are on his watchlist for potential recovery.
Good for turnarounds, deep value and put writing.
Short
% Down Mkt Net Insider
Interest EV
Ticker Company Sector Business Description From 52 Cap Debt Buying ($ Kuppy's Notes
(% of ($M)
High ($M) ($M) Value)
float)
Alpha Services and Holdings SA provides commercial Recently completed a recapitalization transaction that finally cleared up the NPE
banking services. The Bank offers lease financing, exposure from 2008 (famous last words). Cheap on a multiple of book along
Alpha Services Commer insurance, corporate banking, asset management, with pre-provision NOI. Will they make more crappy loans in the future
ALPHA
and Holdings Banks private banking, investment banking and securities -23 - 2,486 4,121 - - (probably) but in a recovering economy, more loans should stay current.
GA
SA Non-US brokerage, venture capital, portfolio management, Meanwhile, the cost structure has declined materially over the past decade of
payment systems, consulting, and real estate restructuring. With loan growth expected, Alpha is a new company (maybe??).
management services. Q2 was roughly inline, but NIM compression.
Slowly melting ice cube of a regional newspaper that trades at a negative EV. I
suspect that insiders who own a lot will either turn this around through digital
Publishing DallasNews Corporation prints and publishes
intiatives or they'll sell it to a wealthy Texan who wants his name in the news.
DallasNews - newspapers. The Company offers marketing solutions,
DALN -50 2 38 -18 26 - Q2 and Q3 results showed the first quarters of subscriber revenue growth since
Corp Newspap niche publications, commercial printing, and direct mail
Q1/2015, with an uptick in advertising as well. Digital subscriber growth
ers services. DallasNews serves clients in the United States.
continued but at a slower pace than 2020. Still losing money, but seems to be
rounding the corner if current trends continue.
Best in class low cost thermal coal play. Reasonably clean balance sheet with
focus on de-leveraging. High insider ownership. If nat gas pricing improves, ARLP
Alliance Resource Partners, L.P. produces and markets
Alliance is likely a multi-bagger, with minimal near-term risk. Q3 results were quite
coal to United States utilities and industrial users. The
ARLP Resource Coal -22 2 1,273 554 1,638 - strong with recovering production/sales volume and guidance for 2021 of
Company operates its facilities in Kentucky, Illinois, and
Partners LP continued recovery. Focus is on de-leveraging which will reduce interest
Maryland.
expense. Q3 showed continued cash flow with debt paydown and the dividend
was increased. Cost pressures were noted in the CC.
Bank of Cyprus Holdings Public Limited Company
operates as a holding company. The Company, through Largest bank in Cyprus. Has shed majority of NPL/NPEs. Core business has
Commer
BOCH Bank of Cyprus its subsidiaries, provides retail and commercial banking, stabilized and when Cyprus returns to growth, banking is consolidated in Cyprus.
Banks -12 - - - - -
LN Holdings PLC finance, factoring, investment banking, brokerage, fund Trades at massive discount to Book as no one believes the book. As reserving
Non-US
management, insurance, and other related services. slows, should lead to a re-valuation. Issued a 300m Pref at 2.5%.
Bank of Cyprus Holdings serves customers worldwide.
Pressure pumping is an awful business. However, Calfrac recently exited
bankruptcy where they equitized most of their debt (~$575m of debt
eliminated). The balance sheet is reasonably clean and the equipment is trading
Calfrac Well Services Ltd. provides specialized oilfield
at a fraction of replacement value at a time when there hasn't been much cap-
CFW Calfrac Well Oil-Field services. The Company uses fracturing equipment to
-71 0 166 317 559 726,250 ex and a lot of equipment has been cannabolized. 37m shares outstanding and
CN Services Ltd Services increase the production of hydrocarbons from wells
88m FD including the converts. There's nearly $1b of equipment at cost and WC
drilled in Canada and the United States.
offsets most of the net debt. Should trade up to equipment value on a NAV basis
as more rigs are added in North America. Q2 results were disappointing and did
not see much recovery, but guidance was for a recovery by 2H.
Highly financially leveraged agriculture play. The leverage cuts both ways but
agriculture pricing is up and ARS/BRL costs are down. Should have some margin
Cresud SACIF y A operates as an agricultural company.
expansion and they have rolled their debt to buy time. There's a lot of land and
Real The Company produces grains, sugar cane, meat, and
property ownership, which should work with increased inflation. We all know
Cresud SACIF y Estate milk, as well as focuses on acquisition, development, and
CRESY -39 - - - - - that Argentina is where capital goes to die, but every few years, there is a sick
A Oper/Dev exploitation of agricultural properties for rental,
rally in CRESY when agriculture works. The chart is setting up. Ag prices are
elop shopping centers, and hotels. Cresud serves customers
currently "en fuego" (throwing some Spanish at you--haha) which doesn't hurt.
in Latin America.
Q1 was pretty messy, but it's CRESUD and it's always messy. Watch soybeans.
They're the key...
Source: The KEDM team; Bloomberg LP; Company filings
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Short
Interest EV
(% of ($M)
float)
Mexican hotel chain focused on business travellers, trading at substantial
discount to NAV. As they slow growth, FCF should increase, especially as COVID
ends. Q4 was weak but continuing to recover and cash leakage is slowing.
Termed out maturities and cov-lite until Q4/21. Shares are up recently on
positive coverage out of https://macro-ops.com/ Worth tracking down a copy
Hoteles City Express S.A.B. de C.V. operates an
Hoteles City of the report. I think it is the first time this has been covered by a US research
HCITY Hotels&M integrated hospitality business platform in Mexico. The
Express SAB de -27 - - - - - shop. (Currently behind paywall). Check FINN13 MM as they give monthly
MM otels Company develops, acquires, manages, and franchises
CV industry numbers. Should be a useful read-through on HCITY and indicates that
hotels in the economy and budget segments.
HCITY is likely inflecting into positive FCF, allowing them to de-lever and
refinance. Recently announced the refinancing of debt along with a rights
offering at MXN 7.0 for all shareholders. Rumored that there's a backstop. Q2
showed positive adjusted EBITDA and Q3 continued the trend, but they cannot
cover their financial costs still. No Bueno...
Hill International, Inc. operates as a construction HIL is a construction consulting firm. New management began turning it around
consulting firm. The Company manages all phases of the right as COVID hit. Backlog starting to recover and margins should improve.
Hill
Consultin construction process, from concept through completion. Balance sheet is reasonable. It's a solid play on a global infrastructure spending
HIL International -43 1 109 33 159 137,651
g Services Hill International provides program development, plan with lots of exposure in Mid-East. Likely acquired once it stabilizes. Recent
Inc
project management, construction, quality assurance, insider buying. Won a $125m contract with Southern California Edison which
and construction claims services worldwide. should secure the backlog.
Small regional newspapers + Buffalo and all newspaper assets of Berkshire.
Highly leveraged, but all is non-covenant termed out debt from Berkshire. Print
is dying but digital is actually growing and at decent margins. All cashflow is
swept to amortize the Berkshire note. There's decent FCF here and trades at
Lee Enterprises, Incorporated operates as a media
roughly 1x pre-COVID FCF assuming mgmt synnergies are achieved. I don't know
Publishing company. The Company publishes newspapers, weekly,
what a melting regional newspaper is worth, but likely has an equity stub value
Lee Enterprises - classified, and specialty publications, as well as offers
LEE -31 4 149 576 683 - here and if digital can outpace the negative comps in print, this could be a home
Inc Newspap online services, including websites supporting its daily
run. Calendar Q2 results showed continued subscriber growth with roughly flat
ers newspapers and other publications. Lee Enterprises
subscriber revenue growth against peak engagement comps in Q2/2020 due to
serves customers in the United States.
COVID and Trump. Advertising is still under pressure, but slowly recovering.
Announced first analyst day in years to discuss the digital transition.That said,
advertising rates remained below expectations and costs have bounced back
somewhat. $26m of adjusted EBITDA but no cash flow??
Natural Resource Partners L.P. owns and manages coal Royalty company with coal and soda ash royalties. Both are suffering currently,
properties in Appalachia, the Illinois Basin, and the leading leverage to look artificially high. Company has been focused on debt
Natural
Western United States. The Company leases coal paydown with cash flow. Insiders own 25%. Just over 1x FCF to equity. Q3
NRP Resource Coal -11 0 385 372 1,211 -
reserves to experienced mine operators under long-term showed some recovery, and cash flow picked up. Coal is clearly helping and
Partners LP
leases that grant the operator the right to mine its coal there appears to be a turn here on soda ash as well. Still highly leveraged and
reserves in exchange for royalty payments. the Pref continues to PIK.
Low quality Mid-Con resource now in terminal decline as drilling has been
suspended. Highly leveraged to changes in gas prices as they eliminated natural
gas hedges. New CEO has slowed capital spending and is focused on cutting
costs. Company is focused on either buying someone to grow or selling out--my
hunch is that they sell. Recently acquired one of its royalty yield-co's at an
unusually attractive PDP PV-55 though the absolute magnitude of the
SandRidge Energy, Inc. explores and produces natural
acquisition is somewhat marginal. Q2 came in surprisingly strong with excellent
Oil Comp- gas and crude oil. The Company owns and operates gas
SandRidge realized pricing on NGLs, though nat gas realized pricing was still soft. Cash
SD Explor&Pr gathering, processing facilities, carbon dioxide treating, -35 4 359 -2 263 -
Energy Inc keeps building as expected. $85m net cash at Aug 6/2021 + PDP PV-10 of $321m
odtn and transportation facilities. SandRidge Energy serves
as of July 1 making it highly undervalued, especially as production is expected
customers in the United States.
to increase as shuttered wells are brought back online. Rockstar turn-around
CEO, Carl Giesler, has left to become the CFO of SWN. This doesn't appear to
signal a strategy change. The strategy remains to monetize the existing PDP as
intelligently as possible--now with the added impact of a $25m buyback in place.
Recent increases in NGL and nat gas prices should lead Q3 to show dramatic
improvement in cash flow from Q2.
www.KEDM.com
Short
Interest EV
(% of ($M)
float)
SEACOR Marine Holdings Inc. operates a fleet of offshore Operates AHTS/FSV/OSV/PSV/Crew Vessels/Liftboats mainly for offshore
marine support vessels. The Company offers crew energy but also increasingly for offshore wind. Has approximately $450m of net
transportation, platform supply, offshore tangible assets and trades for a MC/NTA of ~10%. Is OCF positive but FCF
SEACOR Marine Marine
SMHI accommodation, maintenance support, standby safety, -38 1 95 452 409 - negative after maintenance spend. Has a tax refund coming. Will recover if
Holdings Inc Services
and anchor handling and mooring services. SEACOR demand for offshore services recovers. Potential growth of offshore wind
Marine Holdings serves the offshore oil and gas business as an added driver. Has balance sheet strenght to potentially outlast
exploration and production industry. the cycle. Insider buying in August
Piraeus Financial Holdings S.A. offers financial products Recently completed a recapitalization transaction that finally cleared up the NPE
and services in the areas of retail, business, SMEs, exposure from 2008 (famous last words). Cheap on a multiple of book along
Piraeus Commer
TPEIR wholesale, investment banking, agri-banking, treasury with pre-provision NOI. Will they make more crappy loans in the future
Financial Banks -94 0 1,617 2,739 - 3,600
GA and financial markets, asset management, leasing, and (probably) but in a recovering economy, more loans should stay current.
Holdings SA Non-US
bank assurance. The Company serves customers in Meanwhile, the cost structure has declined materially over the past decade of
Greece. restructuring. With loan growth expected, Piraeus is a new company (maybe??)
VAL emerged from BK with roughly $100m in net cash. They have $10b of
carrying value of equipment and the replacement cost is dramatically higher
when you consider that a drillship costs $500m-$1b new and VAL has 11 of them
along with roughly 40 jackups/semi-subs. Right now, there’s excess equipment
offshore and rates are terrible, if you can even secure a contract. However,
these things can change fast when brent is over $80. If the stock trades up
towards depreciated equipment value, it is a multi-bagger and it should be
roughly FCF positive in 2021 based on current contracts in hand—so any new
contracts are upside to this. Q3 results were roughly inline, but remobilization
Valaris Limited provides offshore contract drilling
expenses really take a bite out of near-term cash flow + recent contracts aren't
Oil&Gas services. The Company owns, operates, and manages rig
VAL Valaris Ltd -21 2 2,312 - - - at very good rates. Strategically, they're mobilizing rigs at roughly break-even
Drilling fleets and provides drilling services. Valaris serves
and fronting the re-mobilization costs, with the hope of recouping them through
customers worldwide.
the contracts (though some counter-parties are paying up-front fees too). The
goal is to ensure that rigs don't get scrapped if the cycle turns down, which
protects the asset value of the Balance Sheet. Other drillers are too highly
leveraged to do this and clearly VAL adding supply, is pushing out the timing of
a rate recovery and hurting those other player's chances to survive without
scrapping. Former SDRL CEO is taking over on an interim (potentially permanent
basis). Recently announced the mobilization of a 6th-Generation Drillship which
was expected to get scrapped. Makes realization of book value increasingly
likely.
WFRD is in energy services. It exited BK by eliminating $6b of net debt and
increasing cash dramatically. Back in 2018 when energy services still had a
purpose, WFTLF did $750m of EBITDA. Even in 2019 after some asset sales, they
Weatherford International Public Limited Company
still did $400m of EBITDA. Splitting the difference after some asset sales, you
Weatherford provides oil field services and equipment. The Company
Oil-Field have about $500-$600m of run-rate EBITDA even before future cost savings
WFRD International offers drilling solutions, gas well unloading, restoration, -22 1 1,920 1,580 3,343 -
Services plans are initiated. This seems cheap on a MC and EV basis. Debt is termed out
PLC and other related activities. Weatherford International
and it should be FCF positive going forward (was positive in Q2 though some of
serves customers worldwide.
that was WC related). Q2 was better than expected on cash flow though
revenue was still weak. Margins are inflecting. Recently up-listed to NASDAQ
and got the usual up-listing pop. New ticker symbol is WFRD.
www.KEDM.com
KEDM Left for Dead Monitor

The KEDM team’s “scrubbed” list of value stocks that have been forgotten by the market and “left for dead”
Mkt Net Insider
Date EV
Ticker Company Sector Business Description Cap Debt Buying Kuppy's Notes
Added ($M)
($M) ($M) (value)
Large florida land holdings mainly used for citrus. Now largest citrus grower
in Florida which should give economies of scale. Recent hurricanes have
impacted prior year crops and pricing is soft this year. Trades at large
discount to land value. Theoretically, should have decent economics
Alico, Inc. manufactures citrus fruit. The Company is involved in
through the cycle. Recently announced the acquisition of 3,300 additional
various agribusiness activities and operations including fruit
Agricultural contiguous orange grove acres that should add economies of scale.
ALCO Alico Inc production, cattle ranching, sugarcane, sod, and forestry, as well - 263 148 368 -
Operations Suddenly engaged in quite a lot of road shows which is a change from what
as leases land for farming, cattle grazing, recreation, and oil
was always a sleepy company. Q2 results were inline. The company expects
exploration. Alicoserves customers worldwide.
recently planted trees to lead to higher cash flow when they mature. This
remains a turn-around story. Sold additional ranch land to repay debt.
Announced an increase in the quarterly dividend to 50c/quarter. Is now a
more pure-play higher ROIC business with the added land sales.
JOE is one of the largest landholders in Florida, focused on the Florida
Panhandle. It is rapidly developing residential lots, multifamily housing,
hotels, clubs and commercial real estate. Results have accelerated since the
start of COVID as Florida has increasingly become a refuge for wealthy
The St. Joe Company is a real estate operating company. The
Real Estate Americans fleeing higher state taxes and Covid regulations in other states.
JOE St Joe Co/The Company is primarily engaged in real estate development, asset 10/30/2021 2,816 53 3,004 -
Oper/Develop JOE is likely to remain a beneficiary of these demographic trends. While
management, and sales, with significant interests in timber.
quarterly results are lumpy, cashflow is inflecting rapidly and the recurring
base of revenue is growing impressively. It likely trades at a substantial
discount to its NAV, despite a NAV that is also rapidly growing as the
population of the Panhandle expands.
Kazatomprom is the world's largest producer of uranium. It is also one of
NAC Kazatomprom JSC produces and markets minerals. The the lowest cost producers. It has remained steadfastly profitable despite
NAC Company specializes in natural uranium production. NAC terrible pricing of uranium, even paying a healthy dividend. As uranium
Non-Ferrous
KAP LI Kazatomprom Kazatomprom also imports and exports uranium compounds, 9/4/2021 10,737 - - - prices increase, so will profits at KAP LI. The main risk to the uranium bull
Metals
JSC nuclear power plant fuel, and uranium components. NAC market is that KAP ramps production. We think this is unlikely. KAP/CCJ are
Kazatomprom serves customers worldwide. the OPEC of uranium and they are focused on rationalizing production and
uranium prices. Raised production guidance for 2024.
Major Drilling is a sizable hard rock drilling company. It has been forgotten
as the past decade was unkind to them. The mining industry has
underspent on existing mines and general exploration for over a decade,
with depletion exceeding reserve growth in almost every year since 2008.
Now that hard rock commodities have increased in price, companies will be
forced to use their cash flow to catch up on years of deferred exploration
Major Drilling Group International Inc. is a contract drilling
and mine delineation. MDI has a clean balance sheet and low equipment
company. The Company has drilling operations in Canada, United
Major Drilling utilization. Any uptick in spend should benefit them--particularly if per
Mining States, Mexico, South America, Australia, Europe, Asia, and Africa.
MDI CN Group - 696 -3 710 7,595 meter drill rates expand. This used to be a crowded field, but key
Services Major Drilling also conducts directional, environmental, and
Internati competitor Boart Longyear is once again on the ropes and many smaller
geotechnical drilling and, in addition, manufactures drills and
players have disbanded or been merged into larger players, which should
support equipment.
reduce competition on a recovery. Most recent quarter showed a dramatic
increase in revenues, though expectations may have been too high.
Margins compressed as there were increased costs to scale up. Fleet
utilization is increasing, but still quite low and pricing is weak. This remains
an inflection story with a lot of upside torque. Calendar Q2 numbers were
surprisingly strong and guidance for the rest of the year was even better.
www.KEDM.com
Mkt Net Insider

Date EV
Ticker Company Sector Business Description Cap Debt Buying Kuppy's Notes
Added ($M)
($M) ($M) (value)
Dominant New Zealand newspaper and radio company. Also owns the 2nd
most popular and fastest growing housing listing website (OneRoof). Both
newspaper and radio are gaining share with particular growth in the digital
newspaper business. Company is almost debt free and will return to
dividends in 2H/2021. At AUD $0.80, shares trade at around 4x FCF
assuming advertising rates revert to 2019 levels while subscriber counts
NZME Limited operates as an integrated media company. The stay constant at current levels and cost cuts during 2020 stay in place. This
Company has a portfolio of publishing, radio, digital, newspapers, seems unusually cheap for a dominant media company in an insulated
Publishing-
NZM AU NZME Ltd and e-commerce brands. NZME offers advertisers access to its - 274 141 403 - market--particularly if it is growing. While newspaper and radio are hated
Newspapers
multi-platform presence and serves customers throughout New industries, with almost no debt, the dividend payout ratio will be high.
Zealand. Should trade on the dividend yield. Recently announced big gains in
audience market share in print/digital/radio. 1H numbers were solid,
though dividend guidance was a bit light at a 7% yield. Recent commentary
notes impressive wins in terms of audience and page-views. Recently
guided to an earnings miss as a result of lockdowns/weak advertising rates.
Stock traded up anyway. Held its 2021 Analyst Day on Nov 17. Worth a
watch.
Uranium has been in a 14 year bear market, caused by persistent annual
production surpluses along with secondary supplies from
underfeeding/MOX/govt stockpile sales/etc. This has now flipped to a
Sprott Physical Uranium Trust was created to participate in the
Sprott deficit as demand continues to accelerate, while large mines deplete or get
arrangement and to subsequently invest and hold substantially all
Physical Closed-end put on care & maintenance. It seems as though CCJ/KAP are now colluding
U-U CN of its assets in uranium. The Trust seeks to provide a secure, 8/27/2021 1,577 - - -
Uranium Funds to keep supplies down, rather than in the past where KAP rapidly expanded
convenient and exchange-traded investment alternative for
Trust production. While Macarthur River and ISL in KAZ can turn back on, there's
investors interested in holding uranium.
a 2-3 year lag. Meanwhile, financial buyers are consuming the available
supply. Will there be a squeeze? 22.8m lbs added since Sprott took over.
$32m for stacking.
www.KEDM.com
Announced Spin-offs, Carve-outs, or Spin-Mergers

Distributions may be structured as spins, spin/mergers, Reverse Morris, spilt-offs, exchange offers, carve outs.
Parent PR to
Parent Expected Corp.
PR Date Parent Company Market Sector Date PR Notes
Ticker Timing Presentation
Cap ($M) (%)
Cie d'Entreprises Building-Heavy CFE will spin its DEME division allowing the marine engineering as well as the contracting and real
12/2/2021 CFEB BB 2519 H2 2022 -1 LINK LINK
CFE Construct estate activities to develop as two solid and separately listed companies; demerger in summer of 2022
Ault Global Ault is renaming itself BitNile (NILE) and pivoting into Bitcoin mining while spinning off Ault Alliance
11/22/2021 DPW 219 Investment Companies 2022 -18 LINK -
Holdings Inc which will focus on EV charging products
PRELIMINARY DISCUSSIONS: Macy's has hired AlixPartners to explore a seperation of its ecomm unit
11/18/2021 Macy's Inc M 8291 Retail-Regnl Dept Store - -26 - -
after Jana Partners pushes for a shakeup
PRELIMINARY DISCUSSIONS: Vendata has formed a Board committee to evaluate a seperation into 3
11/17/2021 Vedanta Ltd VEDL IN 1256041 Diversified Minerals - 0 LINK -
listed entites (Aluminum; Iroan and Steel; Oil and Gas)
PRELIMINARY DISCUSSIONS: CMC Markets is working with advisers on a possible seperation of its
11/13/2021 CMC Markets PLC CMCX LN 679 Finance-Invest Bnkr/Brkr - -10 LINK - leveraged trading/spread betting operations from its non-levered tech and investment product
division. Both entities to trade on LSE
Johnson & CEO announced the company will spin its consumer division (Band-Aid, Tylenol and Baby Powder) with
11/12/2021 JNJ 413555 Medical-Drugs 2023 -4 LINK LINK
Johnson RemainCo focused on healthcare, biopharm and med device. Spin within 18-24 months
General Electric GE plans to split into 3 publicly-traded businesses (Aviation; Healthcare; Renewables). Spins to occur
11/9/2021 GE 104576 Diversified Manufact Op 2023 -14 LINK LINK
Co in 2023 (Healthcare) and early 2024 (Renewables)
Ligand
Medical- Ligand plans to spin its OmniAB business, a leading antibody discovery platform. RemainCo will retain
11/9/2021 Pharmaceuticals LGND 2622 - 3 LINK LINK
Biomedical/Gene royalties and pipeline and contracts relating to it protien expression platform.
Inc
Vector is spinning the residential brokerage firm, Douglas Elliman Real Estate to trade on NYSE under
11/8/2021 Vector Group Ltd VGR 2388 Tobacco - 9 LINK LINK
DOUG. RemainCo hold the company's cigarette assets/unit. 1 SpinCo per 2 VGR
Toshiba will divide into 3 publicly traded units (Infrastructure, Devices; Semiconductors). Seperations
11/8/2021 Toshiba Corp 6502 JP 2034667 Diversified Manufact Op 2023 -5 LINK LINK
likely within 2 years
MLX is spinning its nickel assets into Nico (NewCo). Prospectus expected in November. Spin/IPO in
11/4/2021 Metals X Ltd MLX AU 422 Metal-Diversified 2022 18 LINK -
2022.
LGIQ plans to separate its DataLogiq and AppLogiq businesses into two independent publicly traded
companies.The AppLogiq segment includes mobile e-commerce solutions, fintech platform for
11/2/2021 Logiq Inc LGIQ 66 Applications Software - -27 LINK -
microlending, and the company’s beneficial stake in PT Weyland Indonesia Perkasa (WIP). UPDATE
12/01: LGIQ aquired control position in LOVA to reverse merge
11/2/2021 CVR Energy Inc CVI 1644 Oil Refining&Marketing - -5 LINK - PRELIMINARY DISCUSSIONS: Icahn's CVI is contemplating a spin of its renerwable-fuel unit
EHC expects to effect a partial or full separation of its home health and hospice business into an
Encompass Phys Therapy/Rehab
10/27/2021 EHC 5803 2022 -11 LINK - independent public company via a carve-out IPO, spin-off, or split-off. The company is targeting such a
Health Corp Cntrs
transaction in the first half of 2022.
Hochschild will demerge its development-stage, Chilean rare earths unit, Aclara Resources. HOC will
Hochschild list 80% on TSX; prospectus filed (link left) UPDATE 11/18: Aclara launches IPO book building for TSX
10/18/2021 HOC LN 657 Silver Mining - -9 LINK LINK
Mining PLC IPO, seeking to raise 100m UPDATE 12/2: Final prospectus filed; IPO for 35m shares at 1.70/sh for
275m mkt cap; will trade 12/10 on TSX
www.KEDM.com
Parent PR to
Cap ($M) (%)
VVV plans to separate its two business segments, Retail Services and Global Products. Retail Services
include passenger car and light truck quick lube market and their retail network of Company-operated,
10/12/2021 Valvoline Inc VVV 6188 Chemicals-Specialty - -1 LINK - independent franchise and Express Care stores. Global Products segment sells lubricants and other
automotive and engine maintenance products primarily to automotive retailers, installers and original
equipment manufacturers (OEMs). No timetable for seperation.
Eni is carving out its Retail and Renewal business via an IPO on the Milan exchange. Eni will retain a
10/7/2021 Eni SpA E 49018 Oil Comp-Integrated 2022 1 LINK - majority stake post-IPO. Expected listing in 2022. UPDATE 10/26 Will seek IPO valuation of appx. $17B
Update 11/15: IPO to occur in H1 2022; NewCo to be named Plentitude
Piramal
10/7/2021 PIEL IN 600967 Finance-Commercial - -12 LINK LINK PIEL will demerge its financial services and pharma businesses (Piramal Pharma) into two listed entities.
Enterprises Ltd
LGL Group LGL is spinning its MTronPTI subsidiary, which engineers and manufactures customized spectrum and
10/1/2021 LGL 61 Electronic Compo-Misc - -11 LINK -
Inc/The frequency control solutions
Reverse Morris: Amicus is spinning its gene therapy unit (Caritas Therapeutics) and merging it with
Amicus Medical-
9/29/2021 FOLD 3101 Q4 2021 15 LINK LINK Perceptive Advisors' SPAC, ARYD. Amicus will retain 36% stake in ARYD. ARYD to be listed on Naz
Therapeutics Inc Biomedical/Gene
under SPES
Hexion plans to split into two; Hexion Holdings,composed of the Company’s Adhesives and Versatic
Acids and Derivatives product lines, and “Hexion Coatings and Composites (US) Inc.” (“HCC”),
Hexion Holdings
9/29/2021 HXOH 1526 Chemicals-Specialty Q4 2021 26 LINK LINK composed of Hexion Holdings’ former epoxy-based Coatings and Composites products. Q4 spin; SpinCo
Corp
to be listed on NYSE via IPO under HXN UPDATE 10/20: HXOH filed pro formas on SpinCo (link left)
UPDATE 11/24: Hexion sells is Coatings and Composite unit to Westlake for $1.2B
RMI is distributing its stakes in its heath insurance group, Discovery, and insurance firm, Momentum
Rand Merchant
9/20/2021 RMI SJ 65240 Investment Companies Q2 2022 22 LINK - Metropolitan, to its shareholders. RMI currently owns 25% of Discovery (DSY SJ) and 27.3% of
Investment Holdi
Momentum (MTM SJ)
THG plans to carve out and list its beauty products business, which includes GlossyBox and Cult Beauty,
9/16/2021 THG PLC THG LN 2162 E-Commerce/Products 2022 -69 LINK -
in 2022 while retaining its logistics platform
Internet Content- LIVX announced its intention to spin its Pay-Per-View business (rebranded as "PPVOne") by March
9/15/2021 LiveOne Inc LVO 139 March 2022 -48 LINK -
Info/Ne 2022. Details forthcoming.
Teck Resources
9/14/2021 TECK 14164 Diversified Minerals - 3 LINK - PRELIMINARY DISCUSSIONS: Teck is exploring a spin or sale of its met coal unit.
Ltd
Swedish Match is spinning its cigar business as it exits the combustible tobacco business and focuses
Swedish Match SWMA
9/14/2021 101657 Tobacco H2 2022 -17 LINK - on smoke-less products (snus and pouches). Transaction planned for H2 2022 with a US listing for
AB SS
SpinCo.
Stride Property Group is carving out its commercial office property business, Fabric Property. IPO will
Stride Property Real Estate be held on 10/6/21 and raise $250m on the New Zealand Exchange. SPG shareholders will receive 1
9/12/2021 SPG NZ 1088 10/4/2021 -21 LINK -
Group Oper/Develop Fabric share for every 4 shares. Stride will retain appx. 25% post-demerger. UPDATE 9/20: IPO
withdrawn due to market volatility
Engineering/R&D PRELIMINARY DISCUSSIONS: SEMC is exploring a listing of its Product Information business (40% of
9/9/2021 Semcon AB SEMC SS 2228 - -7 LINK LINK
Services sales), which focusses on digital after sales.
Ecoark is spinning its financial services unit, "Trend Discovery" (Venture Capital fund, fund
Ecoark Holdings Invest Mgmnt/Advis administration/consulting business, crypto mining, broker/dealer). Ecoark will distribute ~80% of Trend
8/26/2021 ZEST 82 - -30 LINK LINK
Inc Serv and retain 20% UPDATE 11/19: S1 filed to IPO spinco, renamed Agora Digital Holdings; will trade on
Nasdaq under DEFY; prospectus link left
CONTX PRELIMINARY DISCUSSIONS: Context is undergoing a review for a possible spin of its Digital Pathology
8/26/2021 ContextVision AB 1565 Applications Software - -7 - -
NO unit; expected listing on Euronext; review complete in Q4 2021
8/25/2021 Paz Oil Co Ltd PZOL IT 3687 Oil Refining&Marketing - 16 LINK - PAZ is spinning its refining business from its retail unit. SpinCo to trade on the Tel Aviv exchange
Aarti got board approval to demerge Aarti Pharmalabs (Specialty Chemical and Pharma units). 1 SpinCo
Aarti Industries
8/19/2021 ARTO IN 354239 Chemicals-Diversified 2022 0 LINK - share for every 4 shares of ARTO. Update 11/1: Timeline mentioned on the quarterly conference call
Ltd
of 9-12 months to complete demerger
www.KEDM.com
Parent PR to
Cap ($M) (%)
POST is distributing a "significant portion" of its holdings in BellRing Brands (BRBR) to shareholders.
POST owns 71% of BRBR (98m shares) and will distribute nearly 80m shares. At closing, BRBR to issue
special cash divvy to shareholders. UPDATE 10/27: Formal agreement signed; POST to contribute its
8/5/2021 Post Holdings Inc POST 6147 Food-Misc/Diversified Q1 2022 -1 LINK LINK
units of BRBR into a new subsidiary (DistributionCo) in exchange for Distribution stock; BRBR will
then merge with the DistributionCo with each BRBR share converted into shares of the company plus
cash; POST will own <14% of DistributionCo; distribution in Q1 2022
SCI, a shipping company (dry bulk, tanker, container, etc) is demerging its non-core assets. SCI
Shipping Corp of shareholders to receive 1 NewCo share for every SCI. NewCo to be listed on BSE and NSE exchanges.
8/4/2021 SCI IN 73224 Transport-Marine - 42 LINK -
India Ltd UPDATE: Government approves demerger UPDATE 11/11: SCI incorporates spinco "Shipping
Corporation of India Land and Assets Ltd."
Bausch intends to carve out and IPO Solta Medical, a provider of medical aestetics and skin
Bausch Health rejuvenation solutions. The IPO will pay down debt to prep for the upcoming spin of its Bausch + Lomb
8/3/2021 BHC 8430 Medical-Drugs Q4 2021 -11 LINK -
Cos Inc eye unit (see spin below). Solta will trade on Naz and complete in Q4 2021 or H1 2022. UPDATE 9/13:
Confidential Form 10 filed. UPDATE 11/2: Plans to IPO Solta in Dec or Jan
Preliminary discussions: CEO is mulling a spin of its offshore wind business to fund its expansion
7/21/2021 Iberdrola SA IBE SM 61305 Electric-Integrated - -5 LINK -
UPDATE 10/27: CEO indicated the spin is still being discussed
GreenBox is spinning its stablecoin platform and announced a special divvy. Shareholders of record on
8/16 AND who hold their shares for a "specific period of time after the record date" will receive a right
to .35 shares of common in the SpinCo for each 1 GBOX share/ Shareholders of record on the second
tranch special divvy will be entitled to .20 common for each GBOX share BUT shareholders cannot
7/15/2021 GreenBox POS GBOX 207 Applications Software Q4 2021 -54 LINK LINK
recieve both divvys, i.e. no shareholder can recieve the full .55 right UPDATE 7/29: Chairman issues
letter to shareholders re:spin (link in Corp. Presentation column) and will host a webinar on 8/3
UPDATE 8/12: Record date is postponed UPDATE 9/21: GBOX will move SpinCo operations to Florida
UPDATE 11/4: CEO of spinco appointed (Paul Levine)
State-owned (Republic of India - 61%) iron-ore company NMDC approved a demerger of its Steel unit.
7/14/2021 NMDC Ltd NMDC IN 414974 Diversified Minerals Q3 2022 -15 LINK -
Shareholders to receive 1 share of NMDC Steel for each share of NMDC.
Chalice intends to demerge its Australian gold assets (i.e. Pyramid Hill Gold Project) into a stand alone
Chalice Mining ASX listed company in Q4 2021. SpinCo named Falcon Metals Ltd. (FAL AU) Shareholders to receive 1
7/11/2021 CHN AU 3905 Gold Mining 12/15/2021 24 LINK LINK
Ltd FAL share for every 3 CHN share UPDATE 11/3: Prospectus and presentation filed (see links left);
record date 12/9; pay date 12/15
After failed talks with Entain, Tabcorp officially announced its intention to demerge its Lottery and
Tabcorp Holdings Keno business from its Wagering and Gaming Unit. Spinco to trade on ASX; pay date expected in June
7/4/2021 TAH AU 11132 Gambling (Non-Hotel) June 2022 -1 LINK LINK
Ltd 2022 UPDATE 8/17: Reaffirms May/June deadline for spin UPDATE 10/18: Update at AGM (link left); ;
demerger information filing in April; vote in May; Spin by June 2022
Vinco Ventures Vinco will spin Cryptyde, Inc its crypto mining and NFT subsidiary; to be listed under TYDE. RemainCo
6/24/2021 BBIG 389 Toys H1 2022 -33 LINK -
Inc will then merge with Zash Global Media and Entertainment. 1 TYDE per 10 BBIG;
Rusal is splitting its high-carbon assets from its low-carbon "green aluminum" assets; company hopes
to be carbon neutral by 2050; company to change its name to AL+; shareholder meeting scheduled for
June 24 UPDATE 6/25: Minority shareholder vote against renaming to AL+; Sual partners objected to
United Co RUSAL
5/19/2021 RUAL RX 1059637 Metal-Aluminum 2022 27 LINK - the split in its form. UPDATE 7/22: Split is postponed until full analysis of the aluminum export tax can
International
be examined UPDATE 11/1: 2 largest shareholders support the high carbon split now scheduled for H2
2022; Spin co to hold five older aluminium smelters, four alumina refineries and two bauxite mines in
Russia UPDATE 11/22: HK regulators probe the demerge plan after Odey Asset complains
REVERSE MORRIS: T spinning out its entertainment assets, WarnerMedia, and combining with DISCA;
5/17/2021 AT&T Inc T 164600 Telephone-Integrated Mid-2022 -24 LINK LINK
T shareholders to retain 71% of NewCo
BDX will spin its diabetes-care unit in H1 2022. UPDATE 7/12: Chairman and director named; spin stll
Becton Dickinson
5/6/2021 BDX 68717 Drug Delivery Systems H1 2022 1 LINK LINK expected for H1 2022 UPDATE 10/26: Investor Day on 11/12; slinde 22 discusses spin (presentation
and Co
link left)
www.KEDM.com
Parent PR to
Cap ($M) (%)
ODP plans to spin its Business Services Division and regional supply distribution operations. ODP will
retain its 1100 retail locations, and consumer and SME facing businesses. Staples continues to pursue
an acquisition and still in discussion. UPDATE: Staples proposes to buy the Consumer facing business
(i.e. RemainCo) for 1B. UPDATE: ODP provided a spin update on their Q2 release; spin is progressing;
5/5/2021 ODP Corp/The ODP 1961 Retail-Office Supplies H1 2022 -18 LINK LINK Company expects to seperate into Office Depot (NewCo) which will house its consumer-facing 1100
retail locations, and ODP (RemainCo) which will consist of its B2B solutions for SMEs; expected
completion in H1 2022 UPDATE 8/24: Still on pace for a H1 2022 spin; Gerry Smith to continue as CEO
for ODP; Kevin Moffett to lead Office Depot UPDATE 11/5: Staples reaffirms its offer to purchase ODP
consumer for 1B
Tobii, an eye-tracking company, is spinning Tobii Dynavox, its unit that supplies assistive technologies
for communication. The spin is set for Q4 2021. SpinCo to trade on Nasdaq Stockholm. UPDATE 9/2:
Computers-Peripher
4/29/2021 Tobii AB TOBII SS 7170 Q4 2021 0 LINK LINK BoD elected for SpinCo UPDATE 10/4: Information Brochure released (link left); EGM on 10/25;
Equip
APPROVED UPDATE 11/4: Investor day planned for 11/30 at https://tech.tobii.com/cmd-2021/
UPDATE 11:14: Spin on 12/9 under ticker TDVOX
FLEX is carving out its solar farm tracking business, NEXTracker. NEXTracker filed a confidential S1 for
4/28/2021 Flex Ltd FLEX 8170 Electronic Compo-Misc - -5 LINK -
an IPO. NEXT has appx. 32% market share and >1B in revenue. See VIC for more details.
CARVE OUT: ABB plans to IPO its EV charging business to allow it to raise capital to fund growth and
pursue "software-related acquisitions". Expected valuation of appx. 2B. UPDATE 7/1: ABB plans to list
ABBN Power Conv/Supply the spin in 2022 UPDATE 7/22: CEO reaffirms the IPO for Q2 2022; ABB to retain control aftrer the IPO
4/27/2021 ABB Ltd 66419 Q2 2022 9 LINK LINK
SW Equip UPDATE 10/21: IPO still on pace for early 2022; Prospectus in Q4 or Q1; Capital Markets Day on 12/7:
https://capitalmarketsday.abb.com/?_ga=2.138697456.2135564681.1638374977-
1818173781.1638374977
After failed talks with Ares (see busted M&A); AMP plans to demerge in H1 2022. AMP will retain the
retail-focused, wealth management and banking while SpinCo will focus on private market
Invest Mgmnt/Advis infrastructure and real estate. SpinCo to trade on ASX. UPDATE 6/10: Shawn Jonson to head up the
4/22/2021 AMP Ltd AMP AU 3119 H1 2022 -16 LINK LINK
Serv AMP Capital business for the proposed demerger UPDATE 8/11: Update on earnings call; spin still on
track for H1 2022; SpinCo Chairman appointed UPDATE 11/29: Operational seperation by YE 2021;
demerge in H1 2022; ASX listing in June 2022; Capital Markets Day (presentation filed)
Russian steel maker Evraz is planning a demerger its coal business, Raspadskaya, which is currently
traded on Moscow exchange. Evraz will distribute pro rata its 91% holding of Raspadskaya. Evraz
intends to offer a cash payout in lieu of SpinCo shares. UPDATE 8/5: On the earnings release, EVR noted
that the coal demerger is progressing and aiming for a December completion. UPDATE 8/31
4/15/2021 Evraz PLC EVR LN 8609 Steel-Producers H1 2022 5 LINK LINK
Abramovich, largest holder of EVR LN to hold 27% of RASP post-demerger UPDATE 10/28: Work
continues on the spin but no final decision UPDATE 11/4: Russian watchdog approved a 27% sale to
Greenleas in a deal UPDATE 11/10: Investor Day held; presentation filed (link left); expect Board
approval in Q4 and execution in Q1/Q2 2022
Steven Roth to create a tracking stock for its Penn Station development projects. Views VNO as "stupid
Vornado Realty cheap." The tracker will separate the high growth Penn assets from its traditional core real estate
4/13/2021 VNO 7899 REITS-Office Property - -7 LINK
Trust assets. UPDATE 8/3: On the CC Roth says they are in the middle of the process re:the spin and "full
speed ahead"
CommScope Telecommunication CommScope which provides connectivity solutions for communication networks, plans to spin its home
4/8/2021 COMM 2082 Q2 2022 -38 LINK LINK
Holding Co Inc Equip networks business.Spin to complete by Q1 2022. UPDATE: Spin pushed to Q2 2022
AGL plans to restructure into two separate business to seprerate its ESG and coal assets UPDATE 5/04:
Interim CEO reiterates the commitment to the demerger. UPDATE 6/29: BoD officially approves
3/29/2021 AGL Energy Ltd AGL AU 3565 Electric-Integrated Q4 2022 -43 LINK LINK demerger; AGL will become Accel Energy (coal and gas base-load assets) and trade under ticker AXL;
Accel will then demerge AGL Australia (ESG compliant retail assets) and retain the AGL ticker. UPDATE:
7/23: Issues letter to shareholders explaining the transaction; AGM on 9/22
Lennar will spin its Mortgage Finance unit, commercial mortgage unit and technology investment
Bldg-
3/17/2021 Lennar Corp LEN 34227 - 13 LINK - business to become a pure play homebuilder. UPDATE 6/17: Q2 Conference call, CEO stated they
Residential/Commer
were upsizing the asset base of the spin from 3B to 5-6B.
www.KEDM.com
Parent PR to
Cap ($M) (%)
Flutter
Preliminary discussions: Flutter is mulling a spin or carve out of its US sports betting unit, FanDual.
3/13/2021 Entertainment FLTR LN 17783 Gambling 2022 -36 LINK -
UPDATE 7/11: Delaying the IPO/spin until 2022
PLC
MTN Group is planning to spin of its fiber and fintech units from its wireless unit. UPDATE: Spin should
3/11/2021 MTN Group Ltd MTN SJ 312789 Cellular Telecom Q1 2022 100 LINK -
be finalized by March 2022
CFX intends to separate its fabrication technology and specialty medical technology businesses into
two differentiated, independent, and publicly-traded companies. Colfax is targeting completion of the
Industrial
3/4/2021 Colfax Corp CFX 7117 Q1 2022 -4 LINK LINK separation in the first quarter of 2022. UPDATE 11/4: "Meaningful progress" on the spin; spin still
Automat/Robot
expected in Q1 2022; CFX will be renamed (enovis) UPDATE 111/30: Discussed spin at Evercore Health
Conference; Spin still on track for Q1
Asia's large ag-trader, Olam, plans to IPO its food ingredients unit. Expected complete in Q2 2022
Olam UPDATE 8/12: Olam is planning a primary listing on the LSE and a secondary listing in Singapore;
2/25/2021 OLAM SP 6348 Food-Wholesale/Distrib Q2 2022 15 LINK LINK
International Ltd demerger/IPO on track for H1 2022 UPDATE 9/20: Demerger info released; new presentation link left)
UPDATE 11/20: New presentation filed for SpinCo ("ofi"); link left
On 11/3 EXC announced it is undergoing a strategic review. Possible spin of its generation unit.
Preliminary talks, not confirmed. UPDATE 2/24: Exelon announced plans to spin its power-gen unit
from its utilities business. SpinCo will be the largest US supplier of clean energy with the nation's largest
2/24/2021 Exelon Corp EXC 51690 Electric-Integrated Q1 2022 36 LINK LINK fleet of nuclear. Spin to occur Q1 2022; distribution ratio TBD. UPDATE 8/25: Government
organization, FERC, approves the split Update 10/1: Spinco to be named Constellation; CEO appointed
UPDATE 11/17: US Nuclear Regulatory Commission (NRC) approved the separation; Joint proposal
filed with State regarding the spin; see 8k filed 11/23
Firefinch intends to spin its lithium asset, Goulamina, into a separate lithium focused company which
is expected to be listed on ASX. UPDATE 6/27: Raised 47M AU to bolster its projects and progress the
demerger; Macquarie hired to advise UPDATE 8/15: Signed agreements with Chinese producer
2/9/2021 Firefinch Ltd FFX AU 842 Diversified Minerals March 2022 195 LINK LINK Ganfeng to invest 130m in the project; demerger expected in March 2022 UPDATE 9/1: Ganfeng
received approval for the JV investment; full demerger on pace for 2022 UPDATE 10/19: Expected
shareholder meeting in February 2022; ASX listing of spinco in March 2022; FFX AU will retain 20%
of spinco
Carlos Slim's AMX approved a plan to spin its telecommunication towers and passive infrastructure in
Latin America. UPDATE 4/28: CEO commented on spin on CC; spin is progressing; may be completed
America Movil
2/9/2021 AMX 59219 Cellular Telecom 2021 37 LINK - this year; still considering Mexico or US listings UPDATE 9/10: AMX will submit the spin plan to
SAB de CV
shareholder at its upcoming meeting on 9/29 UPDATE 9/29: Shareholders approve the spin; SpinCo
to be called Sitios Latam and own appx. 36k telecom towers throughout Latin America; 1:1 ratio
Zimmer Biomet Holdings, a global leader in musculoskeletal healthcare, announced its intention to spin
off the Company’s Spine and Dental businesses to form a new and independent, publicly traded
Zimmer Biomet
2/5/2021 ZBH 25681 Medical Products H1 2022 -23 LINK LINK company (“NewCo” - ZimVie). NewCo’s 2019 and 2020 pro forma revenue totaled approximately
Holdings Inc
$1.022 billion and $897 million. Spin expected in mid-2022. UPDATE 9/14: NewCo named ZimVie; CFO
named; spin still scheduled for mid-2022
CarveOut: ThaiBev is listing its beer business (BeerCo) on the Singapore Exchange. The company will
IPO 20% of BeerCo. The BeerCo Group has a total of three breweries in Thailand and a network of 26
Thai Beverage THBEV breweries in Vietnam. UPDATE 4/01: ThaiBev recevied a conditional "eligilie to list" letter from the
2/4/2021 16578 Brewery - -16 LINK -
PCL SP Singapore Exchange for the listing of its brewery unit. UPDATE 4/16: Spin is being defered, citing
"uncertain market conditions and volitile outlook" UPDATE 9/29: After postponing due to Covid, the
spin-IPO is back on
Strides Pharma will demerge its biotech business (Stelis) in order to focus on its core pharma business.
Strides Pharma
2/4/2021 STR IN 44106 Medical-Generic Drugs 2021 -45 LINK - UPDATE 3/19: Stelis raised 195m in private funding to prep it as a stand alone entity. UPDATE 11/10:
Science Ltd
Company mentioned they have not yet decided on a spin or IPO per the Q2 conference call on 11/10
www.KEDM.com
Parent PR to
Cap ($M) (%)
Daimler is spinning its Truck and Bus business from its core luxury business with a separate listing in
Frankfurt under Daimler Truck. Shareholder meeting for approval will be held in Q2 2021 with an
anticipated spin date by end of 2021. UPDATE 6/27: CFO commented that spin is still on track by end
of FY UPDATE 7/21: Company states spin is on schedule before year end; currently in the prep and
2/3/2021 Daimler AG DAI GR 92616 Auto-Cars/Light Trucks H2 2021 37 LINK LINK audit phase UPDATE 7/30: BoD approves spin; ratio .5:1; RemainCo to retain 35% on spinco; listing
by YE; shareholder meeting set for 10/1 UPDATE 8/12: Listing of SpinCo possible by 12/1/21 UPDATE
10/1: Shareholders approve spin;spinco to trade on Frankfurt and part of DAX; RemainCo to rebrand
as Mercedes Benz Group in 2022 UPDATE: Daimler Truck will trade on 12/10 on the Frankfurt
Exchange
2/3/2021 Repsol SA REP SM 15430 Oil Comp-Integrated Q2 2021 22 LINK - Repsol has hired JPM to explore a spin of its renewable energy unit.
Carve out; SPI plans to IPO its subsidiary, Phoenix Motorcars. SPI will retain 70m shares after the IPO.
Energy-Alternate Phoenix Motorcars is a leader in developing medium-duty electric vehicles for commercial markets
1/27/2021 SPI Energy Co Ltd SPI 112 - -56 LINK LINK
Sources with a primary focus on class 3 & 4 vehicles. UPDATE 11/29: IPO filed; will trade on Nasdaq under
PEV; prospectus link left
Hallmark HALL is discussing spinning off its Specialty-Commercial Business which represents nearly 75% of gross
1/21/2021 Financial Services HALL 73 Property/Casualty Ins - 13 LINK - premiums written. UPDATE 4/13: HALL officially announced its intent to carve out its Specialty
In Commercial segment (Hallmark Specialty Group) via an IPO; trade date in Q3 2021
UPDATE 5/11: BYD BoD approved the previously announced spin of its Semiconductor unit from its EV
unit. BYD owns appx. 73% of the semiconductor unit. SpinCo to be listed on Shenzhen Stock
Exchange/ChiNext UPDATE 6/1: Shareholder vote to approve spin set for June 16 UPDATE 6/16:
Shareholders approved the spin at the AGM. UPDATE 6/30: ChiNext exchange accepts the application
12/30/2020 BYD Co Ltd 1211 HK 1019454 Auto-Cars/Light Trucks - 53 LINK - of the listing; application currently still under review by HKSE UPDATE 8/22: BYD's IPO of its
semiconductor business has been postponed due to the Chinese tech crack down and an investigation
into BYD's lawfirm/adviser UPDATE 9/01: In a quick turnaround, Shenzhen exchanges resumes the IPO
Review UPDATE 10/25: HKEX approved spin; still awaiting approval from Shenzhen exchange UPDATE
12/1: Shenzhen changes status from Accepted to Inquired; final step is "under review"
NRZ, a mREIT, is carving out its mortgage originator, NewRez, via an IPO. Primer on the transaction can
New Residential be found in the "corp. presentation" cell. UPDATE: Acquired Caliber to be combined with NewRez; spin
11/20/2020 NRZ 5090 REITS-Diversified - 25 LINK LINK
Investment Cor or IPO may be revived after the deal closes in Q3 UPDATE 8/23: Caliber transaction closed; IPO may be
back on table UPDATE 11/15: IPO withdrawn
AIG plans to separate its Life & Retirement business from its core business. Timeline and terms not yet
American disclosed. IPO likely UPDATE 7/15: Sold 10% stake in the unit to BX for 2.2B (1.1x BV); IPO still
10/26/2020 International AIG 44803 Multi-line Insurance Q1 2022 77 LINK - progessing. UPDATE 10/26: Executives named for the SpinCo; continues to pursue the IPO versus a sale
Group I of stake UPDATE 11/2: Completes sale of 9.9% stake in Life & Retirement unit to BX; continues to
pursue IPO for 19.9% to be completed in 2022
Bausch Health Companies (BHC) announced that it intends to spin off its leading eye health business
into an independent publicly traded entity NewCo from the remainder of Bausch Health (“BHC”). The
spinoff will establish two separate companies that include: A fully integrated, pure play eye-health
Bausch Health company built on the iconic Bausch + Lomb brand and long history of innovation; and a diversified
8/6/2020 BHC 8430 Medical-Drugs H1 2022 17 Link LINK
Cos Inc pharmaceutical company with leading positions in gastroenterology, aesthetics/dermatology,
neurology and international pharmaceuticals. UPDATE: Uncle Carl goes activist (see 13D monitor).
UPDATE 11/2: Plans to IPO Solta (see above on 8/3) in Dec or Jan; Spin of Bausch + Lomb 30 days
after the IPO
Spin-off of Consumer Healthcare unit (OTC, Advil, Excedrin). To merge with PFE. GSK will retain R&D
approach focused on immune and genetics. UPDATE 4/28: CEO noted the seperation is well underway;
details of the spin to be released on June 23, 2021 UPDATE 6/11: Elliott Management approves the
GlaxoSmithKline split but wants management changes; details will be released on the 6/23 Investor Day. UPDATE 6/23:
2/1/2020 GSK 104334 Medical-Drugs July 2022 -1 LINK LINK
PLC Investor Day held; demerger confirmed for mid-2022; SpinCo will list on LSE; RemainCo to retain 20%
of SpinCo; new presentation posted (link left) UPDATE 7/22: CEO appointed for NewCo, Brian
McNamara UPDATE 10/12: GSK fielding interest from PE on a buyout of the unit; Company confirms
spin is still on track
www.KEDM.com
Parent PR to
Cap ($M) (%)
Separation of ‘On-Highway’ (commercial vehicles and powertrain segments) and ‘Off-Highway’ assets
(agriculture, construction and specialty segments). The spin-off expected to be completed in early
2021, subject to approval at an Extraordinary General Meeting of shareholders, which is anticipated to
be held in H2 2020. UPDATE: Ongoing talks with China based FAW for a sale of the unit. UPDATE 4/17:
CNH Industrial
9/3/2019 CNHI 23104 Machinery-Farm 12/31/2021 72 LINK LINK Ends talks with FAW; spin being considered. UPDATE 5/5: Spin back on for early 2022 UPDATE 6/11:
NV
Gerrit Marx elected new CEO of SpinCo (named Inveco Group); Spin still scheduled for H1 2022.
UPDATE 9/16: Reports of a January 2022 spin date with a Milan listing; Investor Day on 11/18 UPDATE
11/11: Prospectus filed (link left); Demeger on 12/31; 1 spinco for every 5 CNHI UPDATE 11/16:
Investor Day on 11/18; UPDATE 11/18: Iveco summarizes the demerger and business plans (link left)
Tenet intends to spin Conifer, a tech enabled healthcare services company providing rev cycle
Tenet Healthcare
7/1/2019 THC 7929 Medical-Hospitals Mid-2022 278 LINK LINK management and health management services. UPDATE 2/10: 15% holder, Glenview Capital,
Corp
announced support for the spin.
www.KEDM.com
Completed Domestic Spin-offs, Carve-outs, or Spin-Mergers

Spins, spin/mergers, Reverse Morris, spilt-offs, exchange offers, carve outs (TTM)
Spin- Spinco Parent Share
Parent
Co Spin to Spin to Turnover
Parent Market SpinCo
Parent Co. Spin Co. Mkt Ex- Date Terms Date Date of Spin PR Presentation SpinCo Description
Ticker Cap Ticker
Cap Return Return since
($M)
($M) (%) (%) Spin (%)
StealthGas will spin its 3 product tanker and 1 Aframax vessels into a
standalone Nasdaq listed company called Imperial Petroleum Inc
Imperial (trading under IMPP). RemainCo will become a pure play LPG shipper
StealthGas Inc GASS 100 IMPP - 12/6/2021 .125:1 - - - LINK LINK
Petroleum with 45 vessels. Spin to occur in December 2021. F1 filed (see link under
"Corp. Presentation" UPDATE 11/12: Record date on 11/23; pay date
on 12/3
DSX will spin 3 older dry bulk ships into a standalone Nasdaq listed
company. 20F filed (link left); date of record on 11/3, spin on 11/9, will
Diana Shipping Inc DSX 360 OceanPal Inc OP 48 11/30/2021 .1:1 4 -6 606 LINK LINK
trade under OP. Spin raio of 1 per 10 DSX UPDATE 11/9: Spin date
pushed to 11/17; Spin date extended to 11/29
O and VER to merge; Realty Income will acquire VEREIT in an all-stock
transaction. Post-close, MergeCo will effectuate a taxable spin-off of
substantially all of the office properties of both companies into a new,
Orion Office
Realty Income Corp O 38,204 ONL 1016 11/15/2021 1:1 -16 -5 76 LINK LINK self-managed, publicly-traded REIT (SpinCo). Following the merger and
REIT Inc
the spin-off, Realty Income will continue as the surviving public entity.
UPDATE 8/12: Merger approved UPDATE 10/22: Merger close on
11/1; Record date for spin 11/2; spindate 11/12 to trade under ONL
ADS plans to spin its loyalty business (LoyaltyOne) which owns

Canadian AirMiles and BrandLoyalty businesses. ADS will retain appx.
Alliance Data Loyalty 19% of SpinCo. Spin to occur in 2021; UPDATE 9/1: Form 10 filed
ADS 3,552 LYLT 738 11/8/2021 .4:1 -39 -5 63 LINK LINK
Systems Corp Ventures Inc UPDATE 9/29: New exhibit filed; spinco to trade under LYLT on Naz
UPDATE 10/13: BoD approves spin; record date on 10/27; spin date
11/5; ADS spinning 81% of shares; 1 LYLT share per 2.5 ADS
bluebird intends to separate its severe genetic disease and oncology

businesses into independent publicly traded companies. bluebird bio,
Inc. will retain focus on severe genetic disease (SGD) and will launch its
oncology business (2seventy) as a new entity. UPDATE 9/8: BLUE raised
2seventy bio
Bluebird Bio Inc BLUE 745 TSVT 664 11/5/2021 .33:1 -15 -19 45 LINK LINK 75m to offset the costs with spinning its onocology company; spin still
Inc
planned for October 2021 UPDATE 9/13: Investor day held; link left
UPDATE 10/8: Spin on track for early November; 3:1 ratio (1 2seventy
per 3 BLUE); 2seventy files updated Form 10 (link left); trade under
ticker TSVT UPDATE 10/18: Spin on 11/4
IBM is spinning off part of its Global Technology Services division as a

new company with a focus on providing infrastructure services while
keeping its cloud computing group. Announced on 1/7 that Martin
Schroeter will be CEO of NewCo. CEO stated in CC on 1/21 that spin is
still on track for 2021 completion. UPDATE: IBM announced senior
International Kyndryl
IBM 104,836 KD 3866 11/4/2021 .2:1 -35 -2 68 LINK LINK roles for spinco; spin is progressing as planned. UPDATE 4/12: IBM to
Business Machine Holdings Inc
name SpinCo, KYNDRYL. UPDATE 9/28: Form 10 filed; spin expected by
YE; spinco to trade under ticker KD; Investor Day on 10/4 UPDATE
10/12: BoD approved spin; Kyndryl will spin on 11/3; IBM will
distribute 80% to shareholders; 1 Kyndryl per 5 IBM shares; record
date on 10/25
www.KEDM.com

Parent
Ticker Cap Ticker
($M)
($M) (%) (%) Spin (%)
Dell Technologies is exploring a potential spin-off of its 81% ownership
of Vmware. Any potential spin-off would not occur prior to September
2021 and would be intended to qualify as tax-free for U.S. federal
income tax purposes. UPDATE 2/25: VMW & DELL CEOs mentioned
good progress on the spin on their Q1 earnings CC. UPDATE 4/14: Dell
Dell Technologies
DELL 43,726 VMware Inc VMW 49243 11/2/2021 .44:1 -13 5 20 LINK LINK officially announces the spin; Dell will spin 81% of VMW; Shareholders
Inc
to receive .44 shares of VMW for each DELL sh plus 27 special divvy;
Michael Dell to remain CEO of DELL and Chairman of VMW; spin to
complete in Q4; Elliott "strongly supports" the spin UPDATE 8/26: DELL
released earnings and reaffirmed the spin for November 2021 UPDATE
10/19: BoD approves spin; Date of record (10/29); spin date on 11/1
On 2/22, PAVM announced the speration of its majority held
Lucid
subsidiary, Lucid Diagnostics, via an IPO carve out. UPDATE 9/23:
PAVmed Inc PAVM 303 Diagnostics LUCD 265 10/14/2021 - -39 -48 37 LINK LINK
Registration statement filed for IPO; will trade under LUCD; UPDATE
Inc
10/14: IPO listed
JCOM to spin 80% of its secure healthcare data exchange, Consensus.
JCOM to retain 20%. UPDATE 8/17: Announced it will change its name
Consensus to Ziff Davis, Inc (ticker ZD) post spin of Consensus. Will begin trading
Ziff Davis Inc ZD 5,318 Cloud CCSI 1279 10/8/2021 .333:1 - -3 65 LINK LINK in September; Analyst Day on 9/9; prospectus filed (link left) UPDATE
Solutions Inc 9/8: JCOM SpinCo, Consensus, will host an Investor Call on 9/14; Spin
to occur on 10/1; when-issued as CCSIV; regular on 10/8 under CCSI;
RemainCo to trade under ZD
Reverse Morris: RXN's process and motion control segment will spin
and combine with Regal Beloit Corp. Regal will own appx. 60% of the
NewCo; RXN shareholders will own appx. 40% of NewCo and 100% of
the RemainCo's water management business. UPDATE 7/20: On the
Regal conference call, Rexnord disclosed it will change its name to Zurn
Zurn Water
ZWS 4,335 Rexnord RRX 10894 10/5/2021 1:1 15 8 50 - LINK Water Solutions after the transaction and trade under ZWS;
Solutions Corp
Corp shareholder vote scheduled for 9/1 UPDATE 8/18: Private letter ruling
from IRS regarding the Reverse Morris UPDATE 9/1: Shareholders
approve the transaction; Q4 execution UPDATE 9/13: Transaction to
occur on 10/4; Regal will be named Regal Rexnord (RRX) and Rexnord
will be renamed Zurn Water Solutions (ZWS)
International Paper announced a plan to pursue a spin-off of the
Company’s Printing Papers segment to focus RemainCo on Industrial
Packaging (corrugated Packaging). UPDATE 8/9: IP announced name of
SpinCo (Sylvamo Corporation; aka "Forest Love"); CEO announced
International Paper Sylvamo (Jean Ribieras); Spin still planned for 2021 UPDATE 8/23: Spin off
IP 17,768 SLVM 1364 10/1/2021 .09:1 -6 -13 97 LINK LINK
Co Corp update and dates set; shareholders expected to recieve 1 Sylvamo
share (SLVM) for every 11 IP shares IP shares; Record date 9/15; when-
issued on 9/14 distribution date and regular trading on 10/1; Form 10
filed (link left); Investor Day on 9/9 UPDATE 9/14: BoD approved
UPDATE 10/1: Trading
On 1/28 PRU announced the spin of its US unit, Jackson Financial.
Seperation will occur in Q2 2021. Jackson will trade under the ticker
JXN. UPDATE 2/11: CEO of SpinCo JAX announced as Laura Prieskorn.
UPDATE 3/3: PRU gave an update in its earnings release; spin to be
PRU Jackson completed by Q2 2021 UPDATE 5/13: Spin delayed until H2 2021 due
Prudential PLC 35,291 JXN 3215 9/20/2021 .05:1 32 -3 131 LINK LINK
LN Financial Inc to regulatory hold-ups and review of its Form 10. UPDATE 7/20: Analyst
report suggesting demerger by mid-September UPDATE 8/03: PRU
confirms the spin to complete in September pending a shareholder
vote on 8/27; When-issued trading on 9/1; spin to complete on 9/17;
and regular trading on 9/20 under JXN; Spin approved at EGM
www.KEDM.com

Parent
Ticker Cap Ticker
($M)
($M) (%) (%) Spin (%)
Ardagh Group is carving out its metal packaging subsidiary (i.e. White
Ardagh Claw cans) via a SPAC merger (see Announced SPAC for more details).
#N/A
Ardagh Group SA ARD Metal AMBP - 8/5/2021 - -12 - 12 LINK LINK ARD will retain appx. 80% of NewCo and trade on NYSE under "AMBP"
N/A
Packaging SA UPDATE: Shareholder meeting for the SPAC to vote on merger set for
8/3; Approved and trading on 8/5 under AMBP
LB is considering seperating its Victoria's Secret business. Both SPAC
and a possible spin are being discussed. UPDATE: Mgt continues to
evaluate either a spin or sale. UPDATE 5/11 L Brands officially
announces spin of Victoria Secret from Bath & Body Works; pro rata
Bath & Body Works Victoria's distribution; spin to complete by August 2021 UPDATE 6/21: LB filed its
BBWI 19,698 VSCO 4767 8/3/2021 .333:1 -7 13 200 LINK LINK
Inc Secret & Co Form 10 registration (see link in PR column) and updated corporate
presentation (see link left); to trade under VSCO UPDATE 7/01:
Investor Day for Victoria's Secret on 7/19; www.lb.com UPDATE 7/9:
BoD approves the spin; RemainCo to be renamed Bath & Body (BBWI)
effective August 2
XPO intends to separate into two independent companies:
XPORemainCo, a global provider of less-than-truckload (LTL) and truck
brokerage transportation services; and NewCo, the second largest
contract logistics provider in the world with appx. 200m sq.ft. of
warehouse space. The transaction is expected to be completed in H2
GXO Logistics 2021. UPDATE 3/18: Confidential Form 10 filed with SEC; Names
XPO Logistics Inc XPO 8,571 GXO 10559 8/2/2021 1:1 46 -11 77 LINK LINK
Inc NewCo "GXO Logistics" UPDATE 4/6: CFO named (Baris Oran); spin
continues to progress with expected spin in H2 UPDATE 6/9: Form 10
filed; spin to complete in Q3; SpinCo EBITDA 700-735m; updated
presentation UPDATE 7/6: Investor day for SpinCo set for July 13;
https://gxo.com/investors/ UPDATE 7/13: BoD approves spin; trades
when-issued July 22 and regular on 8/2 under GXO
NewCo (NABL) to provide broad and scalable IT service management
solutions designed to enable managed service providers, or MSPs, to
deliver outsourced IT services for their small and medium size business
end-customers and more efficiently manage their own businesses.
SolarWinds would retain its Core IT Management business focused
SolarWinds Corp SWI 2,280 N-able Inc NABL 1917 7/19/2021 .5:1 -33 -13 36 LINK LINK
primarily on corporate IT organizations. Confidential Form 10 filed on
12/9. UPDATE 3/31: Form 10 filed with SEC. UPDATE 6/25: SWI sets the
record date for 7/12 and pay date for 7/19; spinco will trade on NYSE
under NABL; each SWI shareholder to recieve 1 NABL share for each 2
SWI shares; NABL to trade when-issued on 7/9 and regular on 7/20
DTE spun its mid-stream business and transformed DTE into a pure-play
regulated electric and gas utility. UPDATE 2/19: DTE issued a PR
DT announcing they have commenced the Form 10 registration process.
DTE Energy Co DTE 21,313 Midstream DTM 4485 7/1/2021 .5:1 12 -1 125 LINK LINK Reiterated their expected spin in mid-2021 and announced the
Inc executive leadership team of spinCo. UPDATE: Spin set for July 2021;
announces 7 directors for SpinCo. UPDATE: DT Midstream to begin
trading when-issued June 17 under ticker DTM; regular trading July 1
BAM distributed BAM Reinsurance via a special divvy. Class A shares of
BAM Reinsurance will be structured with the intention of being
Brookfield economically equivalent to the Class A shares of BAM. Each share of
Brookfield Asset Asset BAM Reinsurance will have the same dividend as a BAM share and
BAM 89,962 BAMR 631 6/28/2021 .00689:1 -6 10 61 LINK -
Management In Management shares of BAM Reinsurance will be exchangeable into shares of
Re Brookfield at the shareholder’s option. UPDATE 6/8: Date of record set
6/18; spin to occur on 6/28; ratio 1:145; will trade on TSX and NYSE
under ticker BAMR
www.KEDM.com

Parent
Ticker Cap Ticker
($M)
($M) (%) (%) Spin (%)
Merck spun its Women's Health, Trusted Legacy Brands, and

Biosimilars Products into NewCo ("Organon"). UPDATE 3/17: MRK filed
Form 10; names Kevin Ali as CEO; spin expected in late Q2. UPDATE
Organon & 3/30: MRK announced that post spin, SpinCo will acquire Alydia Health,
Merck & Co Inc MRK 186,642 OGN 7523 6/3/2021 .1:1 -18 2 152 LINK LINK
Co a commercial-stage medical device company. UPDATE 5/03: Investor
day held for spinco, Organon; SpinCo seeking bolt-on acquisitions in
fertility, menopause and contraception businesses; Date of record
5/17; Spin to close on June 2 and trade June 3; trade under ticker OGN
IAC spun its high-growth video platform, Vimeo. Vimeo provides

turnkey tools "to make video work: livestreaming, screen recording,
creation, collaboration, distribution, storage and monetization. Terms
and timeline in discussion. BoD has approved the spin-off; shareholder
IAC/InterActiveCorp IAC 11,430 Vimeo Inc VMEO 3043 5/25/2021 1.6235:1 -59 -20 150 LINK LINK meeting in Q1 2021 with an expected spin in Q2 2021. IAC reported on
1/25 that Vimeo raised $300m in new equity funding ahead of the
anticipated spin. UPDATE 4/01: BoD announced; Spike Lee will take a
board seat; Spin to complete in Q2. UPDATE 5/14: Shareholders
approve the spin; completion prior to open on 5/25
The Company split its customer engagement division (optimize

Cognyte
Verint Systems Inc VRNT 3,099 CGNT 1326 2/2/2021 1:1 -28 -9 223 LINK LINK engagement, increase loyalty) from its cyber intelligence division,
Software Ltd
Cognyte (security intelligence). Spin completion date of 2/1.
Reverse Morris transaction. Merger of IFF (flavors and fragrances;

NYSE: IFF) with DuPont's Nutrition & Biosciences unit. Shareholder
International
DuPont de approved merger on 8/27. Spin to occur in Q1 2021. DD's BoD
DD 39,003 Flavors & IFF 35764 2/1/2021 - 10 - - LINK LINK
Nemours Inc approved the seperation on 12/18. DD expects the closing of IFF on
Fragra
2/1/21. Transaction complete; the combined company will continue to
trade under the ticker IFF.
Carve out; SAP is IPO'ing Qualtrics (XM). Upon completion of this

offering, XM will have two classes of common stock outstanding: Class
A common stock and Class B common stock. SAP America will own all
423,170,610 shares of Class B common stock, representing
approximately 84.2% of our total outstanding shares of common stock.
Qualtrics
The rights of the holders of Class A and Class B common stock are
SAP SE SAP 159,914 International XM - 1/28/2021 - -28 1 296 LINK -
identical, except with respect to voting and conversion rights, certain
Inc
actions that require the consent of holders of Class B common stock
and other protective provisions as set forth in this prospectus. Each
share of Class A common stock is entitled to one vote and each share
of Class B common stock is entitled to ten votes. SAP America will hold
approximately 98.2% of the combined voting power. Pricing 1/27.
GORO intends to spin its Nevada Mining unit to shareholders. Expected

to be structured as a pro-rata distribution of 100% of spinco. Appx.
Fortitude 20m shares of spinco to be distributed. BoD has approved the spin of
Gold Resource Corp GORO 136 FTCO - 12/24/2020 1:3.5 - -45 - LINK -
Gold Corp Fortitude Gold Corp. Date of record is 12/28; distribution date is 12/31.
Shareholders will receive 1 share of Fortitude for every 3.5 shares of
GORO.
www.KEDM.com

Parent
Ticker Cap Ticker
($M)
($M) (%) (%) Spin (%)
Recent SPAC MFAC purchased BankMobile from Customers Bancorp
(CUBI). ProForma, CUBI shareholder's will hold appx. 47% of newly
listed BankMobile. Shares received for consideration will be divvy'd out
directly to shareholders of CUBI (record date 12/18). Shares received
in the distribution will not be immediately tradeable following the
BM
Customers Bancorp completion of the distribution. The shares will be subject to a lock-up
CUBI 1,939 Technologies BMTX 144 12/17/2020 11:100 -11 229 257 LINK LINK
Inc period that begins on the closing date of the Merger and ends on (i) the
Inc
date that is 12 months from the closing date and (iii) the date on which
the closing sale price of the common stock of Megalith equals or
exceeds $12.00 per share for any 20 trading days within any 30 trading
day period beginning at least 150 days following the closing. Pay date
1/04/21
Aimco spun AIRC, a newly formed, self-managed real estate investment
trust that will provide a simple and transparent way to invest in the
multi-family sector: ownership with public market liquidity of a
Apartment Apartment
diversified portfolio of apartment communities, with low financial
Investment and AIV 1,155 Income REIT AIRC 8110 12/15/2020 1:1 41 51 145 LINK LINK
leverage, limited execution risk, best-in-class operations, and sector
Manag Corp
low management costs. Aimco will retain its growing business of
developing and redeveloping apartment communities while also
pursuing other accretive transactions.
Neurotrope merged with Metuchen Pharmateuticals on 12/2 which
Synaptogenix
Neurotrope Inc NTRP - SNPX - 12/3/2020 1:5 - - - LINK - will trade under the ticker PTPI. Legacy assets of Neurotrope will spin
Inc
into NewCo, Neurotrope BioScience.
SYNNEX Corporation completed its separation into two publicly traded
Concentrix companies: comprising of SYNNEX Technology Solutions, a leading IT
TD SYNNEX Corp SNX 10,216 CNXC 8899 12/1/2020 1:1 62 41 109 LINK -
Corp distribution, services and integrated solutions company, and
Concentrix, a leading global CX solutions company.
Aaron's separated its leasing and finance unit (Progressive Leasing and
Vive Financial) from its core furniture division. The compnay was
Aaron's Co
PROG Holdings Inc PRG 3,055 AAN 719 12/1/2020 1:2 25 -16 337 LINK LINK renamed PROG Holdings and trades under ticker PRG with the spin
Inc/The
trading under ticker AAN. A shareholder of 2 AAN shares will receive 2
shares of PRG and once share of spinco AAN.
Reverse Morris transaction. Mylan combination with PFE subsidiary
Upjohn (generic, off-patent subsidiary) to create Viatris. Received FTC
Pfizer Inc PFE 297,706 Viatris Inc VTRS 14755 11/17/2020 .1241:1 -24 53 220 LINK LINK
anti-trust clearance to move forward. Record date 11/13/2020, close
date 11/16/2020. Ticker VTRS. See link for PR.
1847 Holdings spun its subsidiary, Goedekers, a DTC appliance
1847
1847 Holdings LLC EFSH 11 GOED 218 10/26/2020 .7105:1 -70 -13 1,055 LINK LINK company. 90% of sales come from ecomm. 1847 DISTRIBUTED 54% of
Goedeker Inc
GOED to shareholders
www.KEDM.com
Completed International Spin-offs, Carve-outs, or Spin-Mergers

International Spins (ex-China); trailing 180 days
Spinco
Parent Spin-Co Spin Date/ Spin to
Parent SpinCo Links to PR or
Parent Co. Market Spin Co. Mkt Cap Listing Terms Date Notes
Ticker Ticker Presentation
Cap ($M) ($M) Date Return
(%)
SK Telecom (AI, 5G and digital infrastructure) will spin SKT Investment (semiconductors and IT
SK Telecom Co SK Square Co investments). Spin to occur 11/1 and begin trading on 11/29. UPDATE 8/10: Shareholder
017670 KS 12429723 402340 KS 9336860 11/29/2021 .39:1 -13 LINK
Ltd Ltd meeting on 10/12 UPDATE 8/17: SpinCo to be renamed SK Square, Ltd.; EGM scheduled for
10/12 UPDATE 10/12: Shareholder approve spin at EGM; spin on track for 11/29 spin; 6:4 ratio
Electra is demerging the restaurant, TGI Fridays, which will list on LSE in Q3. RemainCo will
rebrand under Unbound and include its shoe business, Hotter Shoes, which will list on AIM by
reclassifying its own listing as the PE shop winds down. UPDATE 6/16: Hostmore PLC will be the
Electra Private
ELTA LN 28 Hostmore Plc MORE LN 131 11/2/2021 3:1 -23 new parent company of TGI Fridays and 63rd+1st. UPDATE 8/17: Demerger is progressing; spin LINK
Equity PLC
by year end; RemainCo parent of Hotter Shoes to be renamed Unbound; Investor Day to be held
on 9/15 UPDATE 10/15: Vote on 11/1; trading on LSE 11/2; presentation and prospectus
released (link right)
Santander Brasil is mulling a spin of its payment unit GetNet. UPDATE 2/24: BoD approved the
Getnet spin; shareholder meeting to be held on 3/31 for vote. GetNet will file a request to be listed on
Banco
SAN SM 48190 Adquirencia e GETT3 BZ 1977 10/18/2021 - -61 the Brazilian exchange. UPDATE: Received approval from Brazilian Securities Commision; LINK
Santander SA
Servicos pending approval of the ADRs from SEC and Nasdaq; filed with Nasdaq (link left) UPDATE 10/6:
Will begin trading on BZ exchange on 10/18 and Nasdaq on 10/22
Liontown is carving out its Western Australia gold-PGE-nickel assets, Minerals 260; shareholder
Liontown Minerals 260
LTR AU 2982 MI6 AU 122 10/11/2021 .0837:1 11 meeting 9/22; shareholders receiving 1 Spinco share for every 11.94486 LTR shares UPDATE: LINK
Resources Ltd Ltd
trading on 10/11
Itau is separating its core banking business and brokerage business. Itau currently holds 46% of
XP and is planning to spin 41% into seperatly listed NewCo (XPart S.A.). Board approved on
11/26; pending shareholder approval. Shareholder meeting for approval set for 1/31/21.
Shareholders approved the spin on 1/31; shareholder of record TBD. UPDATE 7/27: Central
Itau Unibanco
ITUB4 BZ 218443 XP Inc XP 16285 10/4/2021 ..023:1 -28 Bank of Brazil approves the spin of XP shares UPDATE 8/21: XP and XPart to hold shareholder LINK
Holding SA
meetings on 10/1 re:incorporation of XPart and absorption into XP; final exchange ratio will be
43.3 shares issued by XPart to 1 Class A share from XP or 1 BDR backed by Class A share issued
by XP. Itausa will hold 15.07% of XP’s total capital and 4.74% of voting shares UPDATE: Vote on
October 1 with expected spin 10/4
Sulzer will spin its Applicator Systems unit (named "medmix") so it can focus on recycling and
waste water. Spin ratio of 1:1 ; shareholder vote in September; spin in H2. Medmix to be lsited
Sulzer AG SUN SW 3070 Medmix AG MEDX SW 1773 9/30/2021 1:1 -2 on Swiss exchange UPDATE 8/17: Shareholder meeting to be held on 9/20 to vote on the LINK
demerger UPDATE 9/6: AGM on 9/20; 1:1 ratio; medmix to trade on Swiss SIX Exchange on
9/30 under ticker MEDX SW
NMT is demerging its nickel assets, Widgie Nickel. Shareholder vote on 8/18; Date of record
Widgie Nickel
Neometals Ltd NMT AU 642 WIN AU 53 9/21/2021 .237:1 -16 8/24; trading on 9/22. NMT shareholders to receive 1 Widgie share for every 4.22 shares of NMT. LINK
Ltd
NewCo to trade on ASX UPDATE 8/18; EGM on 8/18; new presentation filed (link left)
Vivendi intends to distirbute 60% of UMG to shareholders (currently hold 80%) to be listed on
EuroNext NV In Amsterdam. Shareholder meeting set for 3/29/21. UPDATE 3/29: Approved at
shareholder meeting. UPDATE: Spin date set for 9/27/2021 UPDATE: VIVHY plans to sell 10% to
Universal
Ackman's SPAC; spin still anticipated UPDATE 6/20: Vivendi agrees to sell 10% of UMG to PSTH
Vivendi SE VIV FP 12571 Music Group UMG NA 45788 9/21/2021 1:1 1 LINK
for 4B UPDATE 6/23: Spin approved at AGM on 6/22; the 60% UMG distribution to shareholders
NV
will list on EuroNext Amsterdam in September. UPDATE: Ackman's fund to assume the purchase
agreement from Tontine; will acquire 10% of UMG UPDATE 8/10: Pershing buys 7% stake in
UMG UPDATE 9/21: Ex date
www.KEDM.com
Spinco
(%)
Viszla is spinning its copper assets from its silver assets; one SpinCo share for every 3 RemainCo
Vizsla Silver Vizsla Copper
VZLA CN 399 VCU CN - 9/20/2021 .33:1 - share. UPDATE 6/21: Shareholders and Court approve spin UPDATE 9/20: Spin completed; LINK
Corp Corp
trading pending TSXV approval
Spin-off of powertrain business. UPDATE 3/09/21: CFO noted on the CC that they are back on
pace to spin the powertrain unit (Vitesco Technologies) in H2 2021. UPDATE 3/16: Supervisory
Vitesco
board approves spin; shareholder meeting set for April 29. UPDATE 4/29: Approved; Spin to
Continental AG CON GR 18747 Technologies VTSC GR 1673 9/16/2021 .2:1 -29 LINK
complete in September 2021 UPDATE 7/28: CEO notes Vitesco is expected to "consolidate" the
Group AG
sector post-spin. UPDATE 9/7: Vitesco will begin trading on the Frankfurt Exchange on 9/16
under ticker VTSC
Vulcan to demerge its non-core Norwegian battery metal assets. Spinco will be named Kuniko
and focused on non-lithium assets (copper, nickel and cobalt) in Scandinavia for the EU markets.
Vulcan Energy
VUL AU 1242 Kuniko Ltd KNI AU 69 8/24/2021 - 44 Vulcan shareholders to benefit from 1 for 4 priority offer to raise funds at 20c in Kuniko, in LINK
Resources Ltd
conjunction with a planned IPO VUL to retain appx. 27%. UPDATE 6/11: Prospectus for Kuniko
filed (link on left); ticker KNI AU; UPDATE 8/24: Trading commences on ASX
ORPH is in late stage talks to seperate its non-core pharma IP portfolio from its development
Open Orphan Poolbeg portfolio. SpinCo to trade on AIM. Shareholder meeting set for 4/29/2021. UPDATE: Court
ORPH LN 146 POLB LN 45 7/19/2021 - -16 LINK
PLC Pharma PLC approved the demerger UPDATE: Open Orphan intends to spin and list its Poolbeg unit on AIM.
Date of record 6/17 UPDATE 6/29: SpinCo, Poolbeg, to begin trading on 7/23 in AIM
Altri, a Portuguese pulp producer, carved out its GreenVolt Unit, a biomass subsidiary that
Greenvolt- operates 5 biomass fired thermoelectric plants. Greenvolt to list on Lisbon exchange and expand
Altri SGPS SA ALTR PL 1077 Energias GVOLT PL 790 7/14/2021 - 53 in renewable including Solar Parks and Wind Farms. Altri to retain appx. 25% stake. Altri LINK
Renovaveis shareholders to recieve 1 SpinCo share for each 55; IPO bookbuilding in process; Will trade on
July 13; trading
VOW demerged its Green Metals unit . Vow Green Metals will offer industrial production of
biocarbon to the metallurgical industry through a “build-own-operate” model, and focus on
commercialisation, development, and further expansion of the Biocarbon Business. Parent will
Vow Green
Vow ASA VOW NO 2595 VGM NO 664 7/12/2021 1:1 -27 retain 31% of SpinCo; Shareholder vote in May 2021. UPDATE 5/14: Shareholders approved the LINK
Metals AS
spin of Vow Green Metals; spin expected on a date after June 25 UPDATE 6/30: SpinCo applies
to trade on EuroNext Growth Oslo under VGM NO UPDATE: To trade "on or around July 12"
(VGM NO)
Woolworth spun its drinks/liquor and hotel business unit, Endeavour Group. WOW will retain
its food business. WOW shareholders to receive 1 SpinCo shares for every WOW share. SpinCo
Endeavour
Woolworths will own over 1600 retail liquor stores, several brands as well as a portfolio of over 300 venues
WOW AU 47982 Group EDV AU 11928 6/24/2021 1:1 12 LINK
Group Ltd with 12k poker machines. SpinCo will have nearly 700m in EBITDA on 10B in revenue. Vote to
Ltd/Australia
be held on June 18 UPDATE 6/16: Spin plan approved at AGM; to list on ASX under EDV AU
when-issued on 6/24 and regular on 7/1
Anglo is spun its thermal coal operations in South Africa. SpinCo, Thungela Resources Ltd, will
trade on Joberg exchange. AAL shareholders will receive one Thungela share for every 10 .
Anglo American Thungela
AAL LN 33648 TGA LN 458 6/7/2021 .1:1 203 Shareholder meeting will be held on 5/5/21; CalSTRS to support the plan on 5/5 UPDATE: LINK
PLC Resources Ltd
Shareholder meeting held; all resolutions passed; Thungela to trade on June 7 on JoBerg and
LSE; UPDATE 5/26: Court approves demerger; UPDATE: Trading 6/7
EKF is spinning its unit that treats chronic inflammatory bowel disease. Spin completed in
EKF Diagnostics Trellus Health
EKF LN 352 TRLS LN 85 5/28/2021 .0615:1 -19 December 2020 and exepcted to trade on AIM in 2021. UPDATE: Spin to list on AIM and raise LINK
Holdings PLC Plc
25m on 5/28/21 under ticker TRLS
LG plans to spin 5 subs into a new holding company (LX Holdings) as a means of sucession
LX Holdings
LG Corp 003550 KS 12898681 383800 KS 692629 5/27/2021 .44:1 -24 planning. UPDATE: Whitebox and large investors oppose the spin (see link in Corp. Presentation) LINK
Corp
UPDATE 3/25: Shareholders approve the spin UPDATE: Spin date set for 5/27
JD, spin-off JD Logistics, is listing on the Main Board of the Hong Kong Stock Exchange. JD
JD Logistics
JD.com Inc 9618 HK 1002739 2618 HK 159212 5/27/2021 - -36 currently owns appx. 80% of spinco and will retain >50% post spin. Company is raising appx. LINK
Inc
3.4B from the IPO
www.KEDM.com
Spinco
(%)
Kinnevik is distributing its Zalando (fashion platform) to shareholders. Shareholders will receive
28 Zalando shares for every 143 shares. Company is offering cash in lieu of shares. Zalando is
Kinnevik AB KINVB SS 90136 Zalando SE ZAL GR 19787 5/18/2021 .1948:1 -13 LINK
currently trading on the Frankfurt exchange; UPDATE: Record date set for May 18 with a pay
date of 6/18
Jupiter is spinning it Central Yilgarn Iron Ore assets into NewCo (Juno Minerals) to be listed on
the ASX. Juno intends to issue 120,000,000 shares to Jupiter, in exchange for the CYIP assets
and $5 million in seed capital, provided by Jupiter. Jupiter will then distribute these shares in-
Jupiter Mines Juno Minerals specie to its shareholders. Distribution will be 3/8/2021 and trading will begin on 3/11/2021.
JMS AU 372 JNO AU 17 5/7/2021 .0613:1 -50 LINK
Ltd Ltd UPDATE 3/7: Demerger has been halted; BoD are reassessing. UPDATE 3/14: Shareholder
meeting to be held end of April to re-approve the spin; expected ASX listing in May 2021.
UPDATE 4/12: Calsters to back mgt proposals at the 4/27 shareholder meeting. UPDATE: Spin
completed; pay date 5/07/21; Trade date on ASX on 5/14/2021
UPDATE: TPK resumed its previously announced (2018) and postponed demerger of its home
Travis Perkins Wickes Group
TPK LN 3377 WIX LN 633 4/28/2021 1:1 -7 improvement subsidiary, Wickes. UPDATE 3/24: Wickes shares to be admitted to trading on LSE; LINK
PLC PLC
Prospectus and circular approved. UPDATE 4/15: Wickes expected to trade on April 28
Linea Directa
Bankinter spun a majority stake in Linea. BKT distributed 83% to shareholders at 1.3175
Bankinter SA BKT SM 3907 Aseguradora LDA SM 1672 4/29/2021 1:1 -3 LINK
euros/sh. Linea specializes in car insurance, , home and health coverage.
SA C
Strike is spinning its lithium and graphite assets ("Lithium Energy Ltd"). Lithium Energy will IPO
Strike Resources Lithium
SRK AU 25 LEL AU 64 5/19/2021 - 118 on ASX and raise 9m; SRK will retain appx 43% post spin. UPDATE 3/30: IPO prospectus filed (link LINK
Ltd/Australia Energy Ltd
in "corp presentation"). UPDATE: Trading as of 5/19
SeaBird, a provider of marine 2D and 3D seismic data for oil and gas, spun Green Minerals AS
Seabird Green
SBX NO - GEM NO 129 3/23/2021 1:10 -67 which provides deep sea mining of marine minerals and rare earth element. UPDATE 3/23: LINK
Exploration PLC Minerals AS
SpinCo begins trading under ticker GEM
Vodafone Group Vantage Vodafone is IPO'ing its phone tower unit, Vantage Towers (82k phone sites in 10 EU countries).
VOD GR - VTWR GR 14966 3/18/2021 19 LINK
PLC Towers AG VOD set the IPO date for the end of March. SpinCo will be listed on the Frankfurt Stock Exchange.
Each holder of CBD common will receive one Sendas common share held at close of trading on
February 26, 2021. Beginning on March 1, 2021, Sendas common shares are expected to
Sendas
Cia Brasileira de commence trading on a standalone basis on the B3 under the ticker symbol “ASAI3”. On that
CBD 1069 Distribuidora ASAI 2965 3/8/2021 1:1 -10 LINK
Distribuicao date, CBD common shares will trade on the B3 “ex-distribution,” without the right to receive
SA
Sendas shares in the distribution. The distribution of Sendas common shares in Brazil is expected
to settle on March 3, 2021. ASAI currently trading "when-issued" until 3/5.
Separated into two industry-leading, independent, publicly traded companies: RemainCo, a
fully-integrated technology and services provider, continuing to drive energy development; and
Technip SpinCo, a leading engineering and construction (E&C) player, poised to capitalize on the global
TechnipFMC PLC FTI 2655 TE FP 2158 2/16/2021 1:5 -6 LINK
Energies NV energy transition. FTI spun 50.1% ofTechnip Energies in Q1 2021. Technip Energies (spinCo)
shares to start trading on 2/16 on EuroNext Paris exchange with an ADR trading OTC.
RemainCo will also be removed from SP500 (see Index Deletion Monitor).
www.KEDM.com
Cluster Insider Buy Monitor

Small Cap Stocks (<3B) with multiple insiders buying (25,000 min. purchase; no sales); Trailing 30 days
# of Trading
# of Shares Short
Insiders % Change Avg. Amount; Below
Mkt Cap Bought by Interest
Ticker Company Sector Business Description Buying in Insider PX trailing 180 Price
($M) Officers (Last (% of
(Last 6 Ownership Paid days Insiders
6 Months) float)
Months) Paid
B. Riley Financial, Inc. offers diversified financial services. The Company
provides investment banking corporate finance research, sales, and
B Riley Financial Finance-Invest
RILY 2,180 trading, as well as advisory, valuation, and wealth management services. 4 266,683 3 63.57 16,954,114 NO 10
Inc Bnkr/Brkr
B. Riley Financial serves high net worth individuals and public and private
companies worldwide.
Weave Communications, Inc. provides software solutions. The Company

Weave
offers customer communications and engagement software platform for
WEAV Communications 1,049 Computer Software 4 405,771 338 23.93 9,711,051 YES 0
small and medium-sized businesses. Weave Communications operates in
Inc
the United States.
TerrAscend Corp. operates as an integrated cannabis company. The

Company offers prescription cannabinoids and medical cannabis solutions
TER CN TerrAscend Corp 2,770 Medical-Drugs for patients suffering from chronic pain and debilitating illnesses. 2 1,036,052 1 7.16 7,413,281 NO -
TerrAscend focuses on drug research and development, cannabis devices,
delivery systems, and hemp health products.
Krispy Kreme, Inc. operates as an American doughnut company. The

Company owns, operates, and franchises retail stores that sell doughnuts
DNUT Krispy Kreme Inc 2,370 Food-Baking 4 464,778 - 15.22 7,074,640 YES 21
and complementary food products. Krispy Kreme serves customers in the
United States.
Texas Capital Bancshares, Inc. is the holding company for Texas Capital
Bank, NA. The Bank attracts deposits from the general public and invests
Texas Capital Commer Banks-Central those funds in loans secured by single-family residential loans and
TCBI 2,949 9 102,155 21 60.53 6,183,950 YES 4
Bancshares Inc US commercial real estate, secured and unsecured commercial loans, and
consumer loans. Texas Capital Bancshares serves customers in the State of
Texas.
Claros Mortgage Trust, Inc. operates as a real estate investment trust. The
Claros Mortgage Company focuses primarily on originating senior and subordinate loans on
CMTG 2,566 REITS-Diversified 7 329,297 13 18.58 6,119,889 YES 1
Trust Inc transitional commercial real estate assets located in major markets across
the United States.
Volcon, Inc. is an all-electric, off-road powersports vehicle company. The
Motorcycle/Motor Company develops and builds electric two and four-wheel motorcycles and
VLCN Volcon Inc 168 2 508,381 48 9.88 5,024,241 NO 2
Scooter utility terrain vehicles (UTVs). Volcon serves customers in the United
States.
Bluegreen Vacations Holding Corp is a vacation ownership company. The
Bluegreen
Company markets and sells vacation ownership interests (VOIs) and
BVH Vacations 649 Hotels&Motels 5 125,178 16 30.42 3,808,149 NO 2
manages resorts in popular leisure and urban destinations. Bluegreen
Holding Co
Vacations serves customers worldwide.
Biodesix, Inc. operates as a biotechnology company. The Company offers
Medical- non-small cell lung cancer pretreatment serum tests and laboratory
BDSX Biodesix Inc 161 4 473,298 3 7.16 3,389,230 YES 6
Biomedical/Gene testing. Biodesix provides diagnostic tools and equipment for blood and
tissue analysis in the United States.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Wheels Up Experience Inc. provides private aviation services. The
Wheels Up Company offers services that allows members to book short-and-medium
UP 1,121 Airlines 3 484,000 1,193 6.64 3,214,990 YES 2
Experience Inc range private charter flights at an all-inclusive hourly rates. Wheels Up
Experience serves customers in the United States.
CommScope Holding Company, Inc. operates as a holding company. The
CommScope Telecommunication Company, through its subsidiaries, provides end-to-end solutions
COMM 2,082 4 255,209 6 12.20 3,113,488 YES 4
Holding Co Inc Equip connecting technology and wireless and wired networks. CommScope
Holding serves customers worldwide.
Uni-Select Inc. specializes in the wholesale distribution of automotive
UNS CN Uni-Select Inc 1,104 Distribution/Wholesale replacement parts, equipment, tools, and accessories. The Company 4 160,350 27 18.91 3,032,001 NO 1
operates distribution centers throughout North America.
Nevro Corp. operates as a medical device company focused on providing
products for patients suffering from debilitating chronic pain. The
NVRO Nevro Corp 3,187 Medical Products 3 29,000 1 91.18 2,644,209 NO 6
Company develops and commercializes a spinal cord stimulation system
for the treatment of chronic pain. Nevro markets its products worldwide.
Nautilus Biotechnology, Inc. operates as a life sciences company. The
Nautilus Company develops a proteomics platform to enable fundamental
NAUT Biotechnology 621 Diagnostic Equipment advancements across biomedical research and drug discovery. Nautilus 5 474,470 1 5.19 2,462,788 YES 14
Inc Biotechnology focuses on patients and healthcare professionals
worldwide.
MoneyGram International, Inc. provides payment services to consumers
MoneyGram Commercial Serv- and businesses through a network of agents and its financial institution
MGI 561 10 408,329 6 5.86 2,392,483 NO 4
International Inc Finance customers. The Company enables consumers to make payments and to
transfer money. MoneyGram International serves customers worldwide.
Sarepta Therapeutics, Inc. is a biopharmaceutical company focused on the

Sarepta discovery and development of unique RNA-based therapeutics for the
SRPT 7,244 Therapeutics 2 28,806 1 79.86 2,300,446 NO 6
Therapeutics Inc treatment of both rare and infectious diseases. The Company offers its
products to the medical industry in countries around the world.
Skillz Inc. operates as a mobile games platform. The Company helps
Entertainment developers build franchises by enabling social competition in their games,
SKLZ Skillz Inc 3,517 3 186,401 5 12.09 2,254,352 YES 42
Software as well as hosts casual esports tournaments for players. Skillz serves clients
worldwide.
Knight Therapeutics Inc. is a specialty pharmaceutical company. The
Knight
GUD CN 641 Medical-Drugs Company acquires and licenses pharmaceutical products. Knight offers its 5 420,300 53 5.29 2,221,287 YES 3
Therapeutics Inc
products to the healthcare industry around the world.
Paper&Related Sylvamo Corporation manufactures bulk paper, as well as raw pulp
SLVM Sylvamo Corp 1,364 5 70,340 3,025 31.13 2,189,994 YES 3
Products materials.
AG Mortgage Investment Trust, Inc. operates as a real estate investment
AG Mortgage trust. The Company invests, acquires, and manages a portfolio of
MITT Investment 240 REITS-Mortgage residential mortgage and financial assets and other real estate related 2 210,000 - 10.25 2,152,750 NO 1
Trust I securities. AG Mortgage Investment Trust serves customers in the State of
New York.
iHeartMedia, Inc. provides media entertainment services. The Company

IHRT iHeartMedia Inc 2,836 Radio offers radio broadcasting, entertainment data distribution, and media 2 94,749 6 21.38 2,025,790 YES 4
advertising services. iHeartMedia serves customers worldwide.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Hippo Holdings, Inc.operates as a holding company. The Company, through
Hippo Holdings
HIPO 1,919 Property/Casualty Ins its subsidiaries, offers home insurance services for electronics and home 6 435,371 8,318,052 4.21 1,832,641 YES 1
Inc
office equipment. Hippo Holdings serves customers in the United States.
F45 Training Holdings Inc. operates as a holding company. The Company,
F45 Training
FXLV 926 Recreational Centers through its subsidiaries, provides fitness services. F45 Training Holdings 1 170,500 105 10.46 1,783,870 YES 9
Holdings Inc
serves clients worldwide.
Kyndryl Holdings, Inc. operates as a holding company. The Company,
Kyndryl Holdings through its subsidiaries, provides applications, data, AI, cloud, core
KD 3,866 Computer Services 3 102,300 2,715,623 17.07 1,745,856 NO 3
Inc enterprise, digital workplace, security, and other related services. Kyndryl
Holdings serves customers in the United States.
eHealth, Inc. sells health insurance over the Internet. The Company serves
individuals, families, and small businesses. eHealth offers short-term,
EHTH eHealth Inc 646 Insurance Brokers 4 59,056 14 27.82 1,642,940 YES 10
dental, vision, group, life, accident, critical illness, pet, and travel insurance
services. eHealth serves customers in the United States.
NGL Energy Partners LP serves as a full service midstream provider. The
NGL Energy Company's operations focus on crude oil logistics, water treatment
NGL 270 Pipelines 4 930,000 13 1.70 1,581,252 NO 2
Partners LP services, NGL logistics and retail propane. NGL Energy Partners operates in
the United States.
ViacomCBS Inc. operates as a multimedia company. The Company provides

television and radio stations, produces and syndicates television programs,
VIACA ViacomCBS Inc 19,259 Multimedia 2 41,525 - 36.01 1,495,315 YES 4
broadcasting, publishes books, and online content, as well as provides
outdoor advertising. ViacomCBS serves clients worldwide.
Axis Auto Finance Inc operates as a non-standard finance company. The
Axis Auto
AXIS CN 65 Finance-Auto Loans Company offers financing options for clients who do not qualify for 2 41,525 9 36.00 1,494,900 YES 0
Finance Inc
traditional financing. Axis Auto Finance serves in Canada.
MultiPlan Corporation provides software solutions. The Company offers
Commercial Serv- cost management solutions with payment integrity, healthcare networks,
MPLN Multiplan Corp 2,732 3 337,000 5 4.37 1,473,000 YES 8
Finance and data analytics services. MultiPlan serves customers in the State of New
York.
Cleveland-Cliffs Inc. manufactures custom-made pellets and hot
briquetted iron (HBI); flat-rolled carbon steel, stainless, electrical, plate,
Cleveland-Cliffs
CLF 10,067 Steel-Producers tinplate and long steel products; as well as carbon and stainless steel 3 70,000 4 20.19 1,413,350 YES 11
Inc
tubing, hot and cold stamping and tooling. The Company is headquartered
in Cleveland, Ohio with employees spanning across the US and Canada.
Vintage Wine Estates, Inc. manufactures alcohol products. The Company

VWE/U Vintage Wine Beverages-
671 produces wines and other alcoholic products. Vintage Wine Estates serves 3 120,000 1 11.04 1,325,200 NO 0
CN Estates Inc Wine/Spirits
Blue Foundry Bancorp provides banking services. The Bank offers saving
Blue Foundry accounts, account checking, consumer and business loans, credit and debit
BLFY 418 Commer Banks Non-US 8 96,090 48 13.73 1,319,294 NO 2
Bancorp cards, online and mobile banking, bill payment, and other financial
services. Blue Foundry Bancorp serves customers in the United States.
Liberated Syndication Inc. specializes in podcast hosting, distribution, and
Liberated monetization. The Company offers hosting and distribution tools which
LSYN 128 Computer Software 3 366,667 14 3.55 1,300,001 NO 0
Syndication Inc include storage, bandwidth, RSS creation, distribution, and statistics
tracking.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Bed Bath & Beyond Inc. operates a nationwide chain of retail stores. The
Company, through its retail stores, sells a wide assortment of merchandise
Bed Bath &
BBBY 1,834 Retail-Bedding principally including domestic merchandise and home furnishings, as well 3 61,000 2 21.05 1,284,222 YES 23
Beyond Inc
as food, giftware, health and beauty care items, and infant and toddler
merchandise.
ARC Document Solutions, Inc. provides commercial services. The Company

ARC Document
ARC 115 Printing-Commercial designs, builds, and operates printing and technology solutions for various 2 418,267 7 2.83 1,184,758 YES 1
Solutions Inc
industries. ARC Document Solutions serves customers in the United States.
Payfare Inc. provides financial transaction processing services. The

Company offers mobile banking and micro-lending solutions for rideshare
Commercial Serv-
PAY CN Payfare Inc 386 drivers, as well as master card that allows users to pay bill, shop online, 5 126,207 2 8.71 1,099,849 NO 1
Finance
transfer money, and withdraw cash from ATM. Payfare serves customers
in Canada.
MarketWise, Inc. is a multi-brand subscription services platform. The

Commercial Serv- Company offers platform of subscription businesses that provides
MKTW MarketWise Inc 2,030 8 144,084 2,292 7.63 1,098,899 YES 10
Finance premium financial research, software, education and tools. MarketWise
Orion Orion Engineered Carbons S.A. is a global supplier of Carbon Black. The
OEC Engineered 1,086 Chemicals-Diversified company offers products for coatings, printing inks, polymers, rubber and 2 62,500 14 17.41 1,087,875 NO 1
Carbons SA other applications.
Adtalem Global Education Inc. owns and manages higher education
institution. The Institution offers undergraduate and graduate programs in
Adtalem Global
ATGE 1,421 Schools healthcare, law, business management, engineering and technology, 3 31,550 37 33.84 1,067,685 YES 5
Education Inc
sciences, liberal and media arts, and nursing. Adtalem Global Education
serves students worldwide.
BGSF, Inc. provides workforce solutions. The Company recruits commercial
and professional staff in information technology, accounting and finance,
BGSF BGSF Inc 146 Human Resources 4 74,198 18 13.41 995,238 NO 1
light industrial, and real estate fields. BGSF serves clients in the United
States.
FinWise Bancorp. operates as a bank holding company. The Company,

through its subsidiaries, offers saving accounts, account checking,
FINW Finwise Bancorp 165 Commer Banks Non-US consumer and business loans, credit and debit cards, online and mobile 12 88,500 3 10.50 929,250 NO -
banking, bill payment, and other financial services. FinWise serves
PB Bankshares, Inc. operates as a holding company. The Company through

PB Bankshares its subsidiaries, provides checking and savings account, loans, mobile
PBBK 39 Commer Banks Non-US 4 69,319 120 13.21 915,891 NO 0
Inc banking, cash management, and other banking services. PB Bankshares
serves customers in the State of Pennsylvania.
Bally's Corporation is a casino-entertainment company with a growing

omni-channel presence of online sports betting and iGaming offerings. The
BALY Bally's Corp 2,037 Gambling (Non-Hotel) Company owns and manages casinos, hotels and resorts, spa, and horse 5 20,250 2 44.97 910,675 YES 5
racetracks, as well as provides online gaming and sports betting solutions.
Bally's serves clients worldwide.
Talos Energy Inc. operates as an oil and gas company. The Company
Oil Comp-
TALO Talos Energy Inc 807 engages in exploration, development, and production of oil and natural gas 4 93,000 20 9.73 904,590 NO 3
Explor&Prodtn
properties. Talos Energy serves customers worldwide.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
LMP Automotive Holdings, Inc. retails automobiles. The Company offers
LMP Automotive new and used cars, spare parts, and accessories, as well as provides
LMPX 111 Retail-Automobile 3 61,581 1 14.46 890,233 YES 10
Holdings Inc maintenance, repairing, funding, insurance, and vehicle renting services.
LMP Automotive Holdings serves customers in the State of Florida.
Akoya Biosciences, Inc. provides spatial biology solutions. The Company
offers end-to-end solutions for high-parameter tissue analysis from
Akoya Medical- discovery through clinical and translational research, enabling the
AKYA 469 3 68,573 3 12.87 882,198 YES 2
Biosciences Inc Biomedical/Gene development of more precise therapies for immuno-oncology and other
drug development applications. Akoya Biosciences serves customers
worldwide.
Bankwell Financial Group, Inc. operates as a bank. The Bank provides
Bankwell
Commer Banks- personal and business banking services, as well as offers online banking,
BWFG Financial Group 245 8 27,643 1 30.66 847,515 NO 1
Eastern US loans, and commercial mortgages. Bankwell Financial Group serves clients
Inc
in the United States.
CVR Partners, LP was formed to own, operate and grow its nitrogen
fertilizer business. The Company's nitrogen fertilizer manufacturing facility
UAN CVR Partners LP 833 Agricultural Chemicals utilizes a petroleum coke, or pet coke, gasification process to produce 2 12,200 48 69.42 846,946 NO 0
nitrogen fertilizer. CVR Partners facility includes an ammonia unit, an urea
ammonium nitrate, or UAN, unit, and a gasifier complex.
Five Star Bancorp operates as a bank holding company. The Company,

through its subsidiaries, offers saving and current account, investment and
Five Star Commer Banks-
FSBC 514 financial services, online banking, mortgage, and non-mortgage loan 4 33,020 1 25.53 843,005 NO 0
Bancorp Western US
facilities, as well as issues credit card and business loans. Five Star Bancorp
serves client in the state of California.
Schweitzer-Mauduit International, Inc. manufactures and sells fine papers

Schweitzer-
Paper&Related to the tobacco industry. The Company also produces specialty paper
SWM Mauduit 923 4 24,022 7 34.48 828,218 YES 1
Products products for use in other applications such as alkaline batteries, vacuum
Internation
cleaner bags, business forms, and printing and packaging applications.
ViewRay Inc. develops radiation therapy technology for the treatment of

cancer. The Company offers radiation therapy systems that images and
VRAY ViewRay Inc 926 X-Ray Equipment 2 147,142 - 5.52 812,795 YES 5
treats cancer patients simultaneously. ViewRay serves customers
worldwide.
180 Degree Capital Corp. operates as an investment management

180 Degree company. The Company focuses on investing in and providing value-added
TURN 76 Closed-end Funds 4 104,161 15 7.45 775,945 YES 0
Capital Corp assistance through constructive activism. 180 Degree Capital serves
Centessa Pharmaceuticals PLC is a pharmaceutical company. The Company

Centessa focuses on the research and development productivity by scaling the asset-
CNTA Pharmaceuticals 1,146 Medical-Drugs centric model with a deconstructed R&D environment that prioritizes data 8 52,750 4 14.40 759,642 YES -
PLC driven decision making. Centessa Pharmaceuticals operates in the United
Kingdom.
United Insurance Holdings Corporation operates as a holding company.
United
The Company, through its subsidiaries, writes and services property and
UIHC Insurance 192 Property/Casualty Ins 6 219,242 1 3.33 730,700 NO 1
casualty insurance. United Insurance Holdings serves customers in the
Holdings Corp
United States.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Xeris Biopharma Holdings, Inc. operates as a holding company. The
Xeris Biopharma Medical- Company, through its subsidiaries, offers novel formulation technology
XERS 249 3 345,000 116 2.09 721,200 YES 4
Holdings Inc Biomedical/Gene platforms to develop and commercialize ready-to-use, liquid-stable
injectables. Xeris Biopharma Holdings serves customers worldwide.
LifeMD, Inc. operates as a tele-healthcare company. The Company
Internet Content- combines virtual medical treatment with prescription medications and
LFMD LifeMD Inc 121 6 148,743 9 4.67 694,549 YES 6
Info/Ne over the counter products, as well as offers direct-to-consumer pharmacy
and telemedicine services. LifeMD serves clients worldwide.
SmartRent Inc operates as an enterprise smart home automation
company. The Company develops software and hardware that empowers
Bldg&Construct Prod-
SMRT SmartRent Inc 1,966 property owners, managers, and homebuilders to manage, protect, and 3 60,664 - 10.81 655,843 YES 2
Misc
automate daily operational processes. SmartRent serves customers
worldwide.
Playmaker Capital Inc. operates as a sports media company. The Company
Playmaker focuses on building highly engaged communities of sports fans in order to
PMKR CN 171 Advertising Services 7 864,300 3 0.75 649,271 NO 0
Capital Inc deliver outsized value to sports betting companies, leagues, teams, and
advertisers. Playmaker Capital serves customers worldwide.
Greenland Resources Inc. provides exploration and mining services. The
Greenland Company explores and develops molybdenum mineral deposit near
MOLY CN 49 Diversified Minerals 4 1,414,600 6 0.45 630,150 NO -
Resources Inc tidewater in east-central Greenland. Greenland Resources serves
Rekor Systems, Inc. provides license plate recognition and security
Rekor Systems solutions. The Company offers solutions for surveillance, electronic toll
REKR 284 Computers-Other 3 87,000 - 7.10 617,930 YES 21
Inc collection, parking operations, and traffic management. Rekor Systems
Stryve Foods, Inc. operates as a packaged food company. The Company
SNAX Stryve Foods Inc 81 Food-Confectionery manufactures protein snacks. Stryve Foods serves customers in the United 7 120,230 24 4.90 588,719 YES 2
States.
Loyalty Ventures Loyalty Ventures Inc. tech-enabled, data-driven consumer loyalty
LYLT 738 Applications Software 2 16,205 237 35.48 574,917 YES 3
Inc solutions. The Company serves customers in the United States.
BioCryst Pharmaceuticals, Inc. operates as a biotech company. The
BioCryst Company discovers novel, oral, small-molecule medicines that treat rare
Medical-
BCRX Pharmaceuticals 2,136 diseases in which significant unmet medical needs exist and an enzyme 2 42,758 3 12.43 531,445 YES 13
Biomedical/Gene
Inc plays a key role in the biological pathway of the disease. BioCryst
Pharmaceuticals serves clients worldwide.
Blackboxstocks Blackboxstocks Inc provides investment services. The Company operates in
BLBX 31 Investment Companies 2 113,000 4 4.70 530,640 YES 0
Inc the United States.
CION Investment Corporation operates as a business development
CION company. The Company invests in secured loans, corporate bonds, debt
CION 816 Investment Companies 4 36,794 478 13.56 498,795 NO 0
Investment Corp securities, and private companies. CION Investment conducts its business
in the United States.
Westwood Westwood Holdings Group, Inc. provides investment advisory services to a
Invest Mgmnt/Advis
WHG Holdings Group 136 broad range of institutional clients. The Company also offers trust and 3 28,522 3 17.36 495,155 YES 0
Serv
Inc custodial services to institutions and high-net-worth individuals.
Amarillo Gold Corp produces gold. The Company manufactures gold on
Amarillo Gold
AGC CN 156 Gold Mining development stage project and an advanced exploration stage project. 3 1,977,000 7 0.24 484,050 NO 0
Corp
Amarillo Gold serves worldwide.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Martinrea International Inc. manufactures metal parts, assemblies, and
Martinrea Metal systems focused on the automotive/industrial sectors. The Company also
MRE CN 864 6 42,682 3 11.03 470,791 YES 2
International Inc Processors&Fabrica manufactures automotive fluid management systems, tubing, tooling, and
other products.
Atlas Technical Consultants, Inc. provides technical testing, inspection
engineering, and consulting services. The Company offers technical
Atlas Technical Engineering/R&D
ATCX 324 services for transportation, commercial, water, government, education, 6 42,078 3 9.97 419,662 YES 1
Consultants In Services
and industrial markets. Atlas Technical Consultants serves customers in the
United States.
Myers Industries, Inc. manufactures plastic and rubber products for
industrial, agricultural, automotive, commercial, and consumer markets.
Myers Industries Rubber/Plastic The Company's products include plastic containers, rubber tire repair
MYE 709 3 18,100 5 21.53 389,746 YES 1
Inc Products products, and custom rubber materials. Myers is also a wholesale
distributor of tools, equipment, and supplies for the tire service and
automotive underbody repair industry.
Optiva Inc. provides software solutions and services. The Company offers
a portfolio of subscriber management software that enables real-time
OPT CN Optiva Inc 181 Computer Software 4 19,128 291 19.40 371,100 NO 0
billing, charging, and policy management. Optiva serves customers in
Canada.
Augmedix, Inc. provides health care applications. The Company develops
AUGX Augmedix Inc 129 Commercial Services document and information management platforms. Augmedix markets to 4 94,909 31 3.84 364,917 YES 0
health care organizations throughout the United States.
Farmers Edge Inc. provides digital agriculture services. They combine
connected field sensors, AI, big data analytics and agronomy. The Company
Farmers Edge
FDGE CN 142 Applications Software helps farmers grow more with less through smart farming practices. Their 3 84,771 5 4.28 362,755 YES 3
Inc
solutions bring together sustainability, productivity, and profitability. The
result is verifiable, low-carbon grain and high-quality carbon offsets.
Axsome Therapeutics, Inc. operates as a biopharmaceutical company. The

Axsome Medical- Company focuses on developing therapies for pain, neurological disorders,
AXSM 1,257 4 9,635 1 35.82 345,107 YES 11
Therapeutics Inc Biomedical/Gene and other central nervous system. Axsome Therapeutics serves patients
worldwide.
Cutera, Inc. develops and manufactures aesthetic laser systems. The
Company markets products for removal of unwanted hair and treatment
CUTR Cutera Inc 628 Medical Laser Systems 4 7,807 4 44.05 343,927 YES 9
of vascular lesions. Cutera markets the systems to dermatologists, plastic
surgeons, and other practitioners worldwide.
Nicholas Financial, Inc. acquires and services installment sales contracts for
purchases of new and used automobiles and light trucks. The Company
Nicholas also makes direct consumer loans and sells consumer-finance related
NICK 90 Finance-Auto Loans 3 28,748 30 11.85 340,718 NO 0
Financial Inc products. Nicholas also designs, develops, markets, and supports industry
specific computer application software for small businesses in the
Southeast United States.
Asure Software, Inc. develops and markets workforce management

computer software. The Company offers human capital management
Asure Software Enterprise
ASUR 169 (HCM) such as payroll and tax, HR, time, attendance, benefits enrollment 3 40,000 3 8.45 338,000 YES 2
Inc Software/Serv
tracking, pay stubs, expense management, and training software solutions.
Asure Software serves small and mid-sized businesses in the United States.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Primis Financial Corp. provides banking services. The Bank offers saving
Primis Financial Commer Banks- accounts, account checking, consumer and business loans, credit and debit
FRST 383 6 20,930 2 15.71 328,777 YES 1
Corp Southern US cards, online and mobile banking, bill payment, and other financial
services. Primis Financial serves customers in the United States.
Heritage Global Inc. operates as an asset services company. The Company

specializes in financial and industrial asset transactions, as well as provides
Heritage Global Invest Mgmnt/Advis market making, acquisitions, dispositions, valuations, and secured lending
HGBL 55 4 181,445 9 1.81 328,662 YES 0
Inc Serv services. Heritage Global focuses on turnkey manufacturing facilities,
surplus industrial machinery and equipment, inventories, and charged-off
portfolios.
Trean Insurance Group, Inc. operates as an insurance broker. The Company

provides specialty casualty insurance products, as well as a variety of
Trean Insurance
TIG 436 Insurance Brokers services including issuing carrier services, claims administration, and 4 37,900 - 8.42 319,069 NO 1
Group Inc
reinsurance brokerage services. Trean Insurance Group serves customers
in the State of Minnesota.
Athenex, Inc. operates as a biopharmaceutical company. The Company
ATNX Athenex Inc 185 Medical-Drugs offers discovery, development, and commercialization of novel therapies 4 119,952 2 2.58 309,233 YES 5
for the treatment of cancer. Athenex serves patients globally.
Better Choice Company Inc. operates as an international animal health and
wellness company. The Company sources and provides premium foods,
Better Choice Co Medical-Whsle Drug
BTTR 104 treats and supplements for dogs and cats, as well as other services and 7 83,461 2 3.59 299,488 YES 3
Inc Dist
products that support pet wellness. Better Choice offers kibble and canned
food derived from real whole meat and minimally processed proteins .
Ambac Financial Group, Inc., a holding company provides financial

guarantee, insurance, and financial management services. The Company,
Ambac Financial through its subsidiaries, insures municipal and structured finance
AMBC 697 Property/Casualty Ins 2 18,300 2 15.56 284,805 YES 6
Group Inc obligations. Ambac provides investment agreements, interest rate swaps,
investment management advisory, and cash management services to
states and municipalities.
9 Meters Biopharma, Inc. operates as a biotechnological company. The
9 Meters Medical- Company focuses on development of drugs and treatments for rare
NMTR 240 4 226,529 7 1.18 266,269 YES 3
Biopharma Inc Biomedical/Gene disorders and unmet needs. 9 Meters Biopharma serves customers
worldwide.
Alimera Sciences Inc. operates as a biopharmaceutical company. The
Alimera Sciences Company researches, develops, and commercializes prescription
ALIM 34 Medical-Drugs 4 59,491 38 4.38 260,702 NO 4
Inc ophthalmic pharmaceuticals. Alimera Sciences is focused on diseases
affecting the back of the eye and retina.
Yangarra Oil Comp- Yangarra Resources Ltd. acquires, explores, and develops oil and gas
YGR CN 128 9 152,811 4 1.57 239,843 YES 6
Resources Ltd Explor&Prodtn properties in Canada.
Orthofix Medical Inc. develops, produces, and markets medical devices.
Orthofix Medical
OFIX 619 Medical Products The Company offers spine fixation, biological, and other orthopedic and 5 7,730 5 30.65 236,962 NO 1
Inc
spine solutions. Orthofix Medical serves the healthcare sector worldwide
Assure Holdings, Corp. develops technologies to monitor nervous system.
Assure Holdings The Company offers a technology to identify changes in brain, spinal cord,
IONM 78 Medical Products 3 38,000 6 6.19 235,220 NO 0
Corp and peripheral nerve function in order to prevent complications that could
result in irreversible nerve damage.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Lannett Company, Inc. manufactures and distributes pharmaceutical
products under its own trade name and under generic names. The
Company also distributes competitive pharmaceutical products
LCI Lannett Co Inc 73 Medical-Drugs 3 91,000 14 2.45 222,840 YES 17
manufactured by other companies. The principal products include
antifungals, antacids, dermatological preparations, and analgesic
sedatives.
Cidara Therapeutics, Inc. operates as a clinical-stage biotechnology
Cidara company. The Company develops anti-infectives for the treatment and
CDTX 97 Medical-Drugs 3 127,000 57 1.67 211,840 YES 1
Therapeutics Inc prevention of fungal, bacterial, and viral pathogens. CidaraTherapeutics
serves patients in the United States.
BCB Bancorp, Inc. operates as a bank. The Company offers a full array of
Commer Banks- deposit and loans, as well as provides services such as courier, phone
BCBP BCB Bancorp Inc 260 6 14,217 2 14.47 205,652 NO 0
Eastern US banking, debit card, and digital banking. BCB Bancorp serves customers in
the United States.
CubicFarm Systems Corp. operates as an agriculture technology and
CubicFarm vertical farming company. The Company develops and employs a modular
CUB CN 214 Machinery-Farm 6 155,673 1 1.27 198,481 YES 0
Systems Corp growing system with patented technology to provide predictable crop
yields for farms. CubicFarm Systems serves customers worldwide.
MYMD Pharmaceuticals Inc. operates as a clinical-stage pharmaceutical

MyMD company. The Company focuses on the development of drug products that
MYMD Pharmaceuticals 264 Diagnostic Kits represent a transformation in the targeting of aging and age-related 2 30,000 7 6.46 193,780 NO 3
Inc diseases, chronic pain, anxiety, and sleep disorders. MYMD
Pharmaceuticals serves customers worldwide.
Calibre Mining Calibre Mining Corp. is an exploration company. The Company explores
CXB CN 425 Diversified Minerals 4 127,800 1 1.49 190,158 YES 4
Corp and develops properties for precious and base metals in Nicaragua.
Eyenovia, Inc. operates as a biopharmaceutical company. The Company

provides therapeutics for the treatment of eye diseases. Eyenovia
EYEN Eyenovia Inc 103 Medical-Drugs 4 42,700 4 4.23 180,608 YES 3
discovers and develops ophthalmology products for glaucoma, mydriasis,
and dry eyes diseases. Eyenovia serves customers in the United States.
Ecoark Holdings, Inc. is a diversified holding company. The Company,

Ecoark Holdings Invest Mgmnt/Advis
ZEST 82 through its subsidiaries, delivers long-term shareholder value. Ecoark 3 63,112 - 2.85 179,580 NO 0
Inc Serv
Holdings serves customers in the United States.
NextGen Healthcare, Inc. develops and markets healthcare information

systems. The Company's systems automate medical group practices,
NextGen Medical Information
NXGN 1,109 physical hospitals, management service organizations, community health 2 11,500 12 15.55 178,880 NO 2
Healthcare Inc Sys
centers, and dental schools. NextGen Healthcare offers its services
throughout the United States.
Cyclo Therapeutics, Inc. operates as a biotechnology company. The
Cyclo Medical-
CYTH 42 Company develops treatment of disease with unmet medical need. Cyclo 3 31,788 8 5.33 169,429 YES 1
Therapeutics Inc Biomedical/Gene
Therapeutics serves patients in the United States.
Inseego Corp. operates as a technology company. The Company provides
Enterprise
INSG Inseego Corp 668 5G and intelligent device-to-cloud solutions. Inseego serves customers 3 25,000 6 6.74 168,550 YES 14
Software/Serv
worldwide.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Community Bancorp of Vermont operates as a bank. The Bank provides a
range of financial services, including offers checking and savings accounts,
Community Commer Banks- card facilities, overdraft protection, safe deposit boxes, personal and
CMTV 103 8 8,001 2 19.50 156,041 YES 0
Bancorp/VT Eastern US business loans, payroll management, investments, and online banking
services. Community Bancorp serves individuals and corporate customers
in the State of Vermont.
Affinity Bancshares, Inc. provides banking services. The Bank offers saving
Affinity Commer Banks- accounts, account checking, consumer and business loans, credit and debit
AFBI 102 2 10,771 3 14.38 154,896 NO 0
Bancshares Inc Southern US cards, online and mobile banking, bill payment, and other financial
services. Affinity Bancshares serves customers in the United States.
OpGen, Inc. operates as a microbial genetics analysis company. The

Company offers a platform for automated and microbial whole genome
Medical-
OPGN OpGen Inc 58 analysis that brings comparative genomics, whole genome sequence 3 70,000 207 2.16 151,269 YES 2
Biomedical/Gene
assembly, and strain characterization into the laboratory. OpGen serves
customers throughout the United States.
Movano Inc. operates as a health-focused technology company. The

Company develops wearable personalized devices that uses radio
MOVE Movano Inc 105 Retail-Jewelry frequency ("RF") technology to measure and continuously monitor vital 3 34,200 3 3.92 133,992 YES 0
health data and provide actionable feedback to jumpstart changes in
behaviors. Movano serves customers in the United States.
BioRestorative Therapies, Inc. develops medical procedures using adult
stem cells (non-embryonic) allowing patients to undergo minimally
Biorestorative Medical- invasive cellular-based treatments. The Company is developing technology
BRTX 20 2 20,021 7 6.56 131,386 YES 0
Therapies Inc Biomedical/Gene that involves the use of adult stem cells to treat bulging and herniated discs
and a brown fat stem cell-based program focusing on treatments for
metabolic disorders.
KemPharm Inc. provides biopharmaceutical services. The Company offers
Medical-
KMPH KemPharm Inc 290 discovery and development of therapies for the treatment of attention 4 14,215 4 9.12 129,592 YES 11
Biomedical/Gene
deficit hyperactivity disorder (ADHD), pain, and cardiovascular diseases.
Adcore Inc. provides advertising technological solutions. The Company
ADCO CN Adcore Inc 40 Advertising Services offers designing, freelancing, marketing sevices for food, education, travel, 3 131,324 1 0.92 121,025 YES 0
and financial sectors. Adcore serves customers in Canada.
Horizon Global Corporation designs, manufactures, and distributes a wide
Horizon Global Bldg-Mobil Home/Mfd variety of towing, trailering, cargo management, and other related
HZN 194 2 16,409 1 6.97 114,390 NO 0
Corp Hous accessories. The Company serves the automotive aftermarket, retail and
original equipment, and channels worldwide.
New Peoples Bankshares Inc. is a commercial bank. The Bank attracts
New Peoples Commer Banks-
NWPP 51 deposits from the general public and uses those funds to originate a variety 6 50,633 1 2.16 109,354 YES 0
Bankshares Inc Southern US
of loans.
Crescent Capital BDC, Inc. operates as a business development company.
Crescent Capital The Company focuses on originating and investing in debt of private
CCAP 570 Investment Companies 4 5,625 2 18.33 103,128 NO 0
BDC Inc middle-market companies. Crescent Capital BDC serves customers in the
United States.
Brightcove Inc. provides video hosting and publishing services. The
Company operates a video platform whose services include uploading and
BCOV Brightcove Inc 389 Applications Software 1 10,000 24 10.24 102,370 YES 2
encoding, content management, players and styling, delivery, and live
streaming. Brightcove serves customers worldwide.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Wallbridge Mining Company Limited acquires and explores mineral
Wallbridge
WM CN 323 Gold Mining properties. The Company specialize advanced base metals and exploration 4 210,450 2 0.48 101,123 YES 1
Mining Co Ltd
properties. Wallbridge Mining Company serves customers in Canada.
Precigen, Inc. operates as a biopharmaceutical company. The Company
Medical- develops gene and cell therapies to target the diseases in immuno-
PGEN Precigen Inc 825 1 26,500 1 3.80 100,831 NO 14
Biomedical/Gene oncology, autoimmune disorders, and infections. Precigen serves
Galecto, Inc. operates as a clinical stage biotechnology company. The
Medical- Company develops small molecules for the treatment of severe diseases,
GLTO Galecto Inc 62 4 19,500 34 4.24 82,640 YES 0
Biomedical/Gene including fibrosis, cancer, and inflammation. Galecto serves customers
worldwide.
Heartbeam, Inc. operates as a medical technology company. The Company
Medical Information focuses on telemedicine solutions that enable the detection and
BEAT HeartBeam inc 33 1 9,000 53 5.99 53,910 YES 0
Sys monitoring of cardiac disease outside a healthcare facility setting.
Heartbeam serves customers worldwide.
AdaptHealth Corp. provides home medical equipment. The Company sells
AdaptHealth Medical-Whsle Drug and leases mobility and oxygen equipment, wheelchairs, walkers, sleep
AHCO 2,507 2 51,000 10 19.46 - NO 10
Corp Dist therapy supplies, and hospital beds. AdaptHealth serves the hospitals,
sleep labs, skilled nursing facilities, and clinics.
www.KEDM.com
Announced Buyback Monitor

Stocks that have announced a stock repurchase in the past week
# of insiders
Announced Next Insider Equity Short % of 52
Date Market Cap buying
Ticker Company Sector Amount ($M) % of Mkt Earnings Buying ($ Options Int (% week
Announced ($M) (trailing 6
Cap Date value) (Y/N) of float) low
months)
12/3/2021 RCII Rent-A-Center Inc/TX Computer & Electronics Retail 3,021 500 17% 2/24/2022 2 1,767,162 Y 5 36
12/2/2021 CHK Chesapeake Energy Corp Oil & Gas Exploration & Produc 7,053 1,000 14% 3/1/2022 - - Y 10 51
12/2/2021 RJF Raymond James Financial Inc Investment Banking & Brokerage 19,926 1,000 5% 1/26/2022 - - Y 2 60
12/2/2021 NUE Nucor Corp Steel 31,663 4,000 13% 1/28/2022 - - Y 3 131
12/2/2021 ONTF ON24 Inc Application Software 754 50 7% 3/17/2022 3 2,039,238 Y 2 5
12/2/2021 TSE Trinseo PLC Commodity Chemicals 1,969 200 10% 2/3/2022 1 242,650 Y 3 27
12/2/2021 ZG Zillow Group Inc Real Estate Services 15,197 750 5% 2/10/2022 - - Y 6 13
12/2/2021 AXS Axis Capital Holdings Ltd Property & Casualty Insurance 4,424 100 2% 1/27/2022 - - Y 1 18
12/1/2021 MUSA Murphy USA Inc Automotive Retail 4,796 1,000 21% 2/3/2022 - - Y 6 57
12/1/2021 JBT John Bean Technologies Corp Industrial Machinery 5,028 30 1% 2/22/2022 - - Y 4 43
11/30/2021 MA Mastercard Inc Data Processing & Outsourced S 314,681 8,000 3% 1/28/2022 - - Y 0 5
11/30/2021 BZUN Baozun Inc Internet & Direct Marketing Re 943 50 5% 3/4/2022 - - Y - 4
11/30/2021 CTRN Citi Trends Inc Apparel Retail 694 30 4% 3/16/2022 - - Y 25 114
11/30/2021 LAD Lithia Motors Inc Automotive Retail 8,793 750 9% 2/3/2022 - - Y 4 8
11/30/2021 HSTM HealthStream Inc Health Care Technology 741 20 3% 2/22/2022 1 100,120 Y 1 20
11/30/2021 BOX Box Inc Application Software 3,919 200 5% 3/2/2022 - - Y 7 56
11/30/2021 FICO Fair Isaac Corp Application Software 10,248 500 5% 1/28/2022 - - Y 2 11
11/30/2021 GAN GAN Ltd Casinos & Gaming 386 5 1% 3/25/2022 1 373,385 Y 6 1
11/30/2021 BBW Build-A-Bear Workshop Inc Specialty Stores 344 25 7% 3/10/2022 - - Y 6 448
11/30/2021 RUSHA Rush Enterprises Inc Trading Companies & Distributo 2,956 100 3% 2/10/2022 - - Y 2 40
11/29/2021 HTZ Hertz Global Holdings Inc Trucking 11,046 2,000 18% 2/25/2022 - - Y 2 69
11/29/2021 EYE National Vision Holdings Inc Specialty Stores 3,987 50 1% 3/3/2022 - - Y 8 16
11/23/2021 MOV Movado Group Inc Apparel, Accessories & Luxury 967 50 5% 3/25/2022 - - Y 5 163
11/23/2021 ANF Abercrombie & Fitch Co Apparel Retail 2,007 500 25% 3/2/2022 2 60,321 Y 12 88
11/22/2021 NSP Insperity Inc Human Resource & Employment Se 4,397 1m (shares) - 2/11/2022 - - Y 2 52
11/22/2021 DSX Diana Shipping Inc Marine 352 3.5m (shares) - 2/22/2022 - - Y 2 156
11/22/2021 KEYS Keysight Technologies Inc Electronic Equipment & Instrum 36,147 1,200 3% 2/18/2022 - - Y 3 63
www.KEDM.com
# of insiders
Announced Next Insider Equity Short % of 52
Date Market Cap buying
Ticker Company Sector Amount ($M) % of Mkt Earnings Buying ($ Options Int (% week
Announced ($M) (trailing 6
Cap Date value) (Y/N) of float) low
months)
11/22/2021 AEL American Equity Investment Lif Life & Health Insurance 3,216 500 16% 2/17/2022 - - Y 1 33
11/22/2021 ACEL Accel Entertainment Inc Casinos & Gaming 1,222 200 16% 3/15/2022 - - Y 3 47
11/22/2021 AVNW Aviat Networks Inc Communications Equipment 332 10 3% 2/3/2022 1 61,580 Y 3 86
11/22/2021 LTRN Lantern Pharma Inc Biotechnology 86 7 8% 3/10/2022 - - Y 3 5
11/22/2021 FETM Fentura Financial Inc Regional Banks 101 5 5% 2/2/2022 - - N 0 36
11/22/2021 AMX America Movil SAB de CV Wireless Telecommunication Ser 59,371 1,214 2% 2/9/2022 - - Y - 44
11/19/2021 BIGZ BlackRock Innovation & Growth #N/A N/A 3,558 5% of shares - #N/A N/A - - N 0 1
11/19/2021 PIPR Piper Sandler Cos Investment Banking & Brokerage 3,002 150 5% 2/4/2022 - - Y 1 91
www.KEDM.com
Completed Buyback Monitor

Stocks down 30%+ from a 3-year high and actively repurchasing stock (largest QoQ % decrease in shares outstanding)
% Change in Value
# of insiders
Shares Next Value Purchased Insider Equity Short Int
Market Cap buying
Ticker Company Sector Outstanding in Earnings Purchased in (% of Buying ($ Options (% of
($M) (trailing 6
Trailing 2 Date TTM ($M) current Mkt value) (Y/N) float)
months)
Quarters Cap)
AGIO Agios Pharmaceuticals Inc Biotechnology 1892 -22 2/25/2022 783 41% - - Y 14
CAR Avis Budget Group Inc Trucking 15135 -17 2/16/2022 - - 1 149965 Y 24
TV Grupo Televisa SAB Cable & Satellite 5436 -16 2/18/2022 225 4% - - Y -
VRS Verso Corp Paper Products 615 -11 2/25/2022 86 14% - - Y 3
SWBI Smith & Wesson Brands Inc Leisure Products 1106 -10 12/2/2021 150 14% - - Y 7
DDS Dillard's Inc Department Stores 5622 -9 2/22/2022 410 7% - - Y 22
BBD Banco Bradesco SA Diversified Banks 33088 -9 2/3/2022 667 2% - - Y -
ELVT Elevate Credit Inc Consumer Finance 101 -9 2/8/2022 30 29% - - Y 3
GTYH GTY Technology Holdings Inc Application Software 383 -9 2/16/2022 15 4% 1 104661 Y 3
BFIN BankFinancial Corp Regional Banks 143 -9 2/1/2022 16 11% 1 39603 Y 0
BIG Big Lots Inc General Merchandise Stores 1420 -8 12/3/2021 429 30% - - Y 19
BBBY Bed Bath & Beyond Inc Homefurnishing Retail 1834 -8 1/7/2022 570 31% 3 1284222 Y 23
WEF CN Western Forest Products Inc Forest Products 651 -8 2/11/2022 62 10% 2 57680 N 1
SNBR Sleep Number Corp Homefurnishing Retail 1798 -7 2/17/2022 575 32% - - Y 17
LAUR Laureate Education Inc Education Services 1842 -7 2/25/2022 436 24% - - Y 5
LOPE Grand Canyon Education Inc Education Services 2857 -7 2/17/2022 397 14% - - Y 3
AAN Aaron's Co Inc/The Homefurnishing Retail 719 -7 2/23/2022 82 11% 2 153028 Y 2
XRX Xerox Holdings Corp Technology Hardware, Storage & 3552 -7 1/26/2022 650 18% 2 181181 Y 6
LUMN Lumen Technologies Inc Alternative Carriers 12584 -7 2/10/2022 909 7% 1 59900 Y 10
DQJCY Pan Pacific International Hold General Merchandise Stores 10244 -6 2/4/2022 80941 - - - N -
TMX Terminix Global Holdings Inc Specialized Consumer Services 4570 -6 2/25/2022 529 12% 2 274418 Y 1
REAL CN Real Matters Inc Real Estate Services 635 -6 1/28/2022 98 15% 2 1467956 Y 4
AAIC Arlington Asset Investment Cor Mortgage REITs 116 -6 2/16/2022 8 7% 1 95400 Y 1
RCMT RCM Technologies Inc Research & Consulting Services 82 -5 4/1/2022 4 5% - - Y 1
JACK Jack in the Box Inc Restaurants 1749 -5 2/17/2022 200 11% 1 9894 Y 7
LFVN Lifevantage Corp Personal Products 86 -5 2/2/2022 13 16% - - Y 1
ALSN Allison Transmission Holdings Construction Machinery & Heavy 3749 -5 2/17/2022 355 9% 1 200330 Y 3
SATS EchoStar Corp Alternative Carriers 2325 -5 2/23/2022 267 11% - - Y 19
WSBC WesBanco Inc Regional Banks 2167 -5 1/26/2022 - - - - Y 1
IRBT iRobot Corp Household Appliances 1986 -5 2/10/2022 150 8% - - Y 25
ODP ODP Corp/The Specialty Stores 1961 -5 2/24/2022 122 6% - - Y 8
PAM Pampa Energia SA Electric Utilities 1039 -5 3/10/2022 4380 - - - Y -
www.KEDM.com
% Change in Value
# of insiders
Market Cap buying
($M) (trailing 6
months)
Quarters Cap)
HLF Herbalife Nutrition Ltd Personal Products 4218 -5 2/17/2022 989 23% 3 640166 Y 7
VTOL Bristow Group Inc Oil & Gas Equipment & Services 843 -5 2/2/2022 - - 1 133750 Y 2
VALE Vale SA Steel 66671 -5 2/25/2022 25261 38% - - Y -
MPC Marathon Petroleum Corp Oil & Gas Refining & Marketing 38985 -5 2/2/2022 1912 5% 1 64300 Y 3
BHLB Berkshire Hills Bancorp Inc Regional Banks 1333 -5 1/25/2022 69 5% 3 276820 Y 3
UEIC Universal Electronics Inc Consumer Electronics 486 -5 2/18/2022 52 11% - - Y 1
MOMO Hello Group Inc Interactive Media & Services 2288 -4 3/25/2022 1067 47% - - Y -
FICO Fair Isaac Corp Application Software 10411 -4 1/28/2022 874 8% - - Y 2
MMP Magellan Midstream Partners LP Oil & Gas Storage & Transporta 9885 -4 2/2/2022 498 5% - - Y 4
CFF CN Conifex Timber Inc Forest Products 87 -4 3/2/2022 - - - - N 0
GHL Greenhill & Co Inc Investment Banking & Brokerage 333 -4 2/4/2022 134 40% 1 795149 Y 8
HURN Huron Consulting Group Inc Research & Consulting Services 1058 -4 2/23/2022 65 6% - - Y 2
WNC Wabash National Corp Construction Machinery & Heavy 896 -4 2/3/2022 64 7% - - Y 7
DSKE Daseke Inc Trucking 604 -4 1/28/2022 20 3% - - Y 6
FRGI Fiesta Restaurant Group Inc Restaurants 249 -4 3/4/2022 4 2% - - Y 6
KSS Kohl's Corp Department Stores 6943 -4 3/2/2022 807 12% - - Y 10
LBTYA Liberty Global PLC Alternative Carriers 14777 -4 2/16/2022 1113 8% - - Y 2
FFBC First Financial Bancorp Regional Banks 2224 -4 1/28/2022 108 5% - - Y 2
M Macy's Inc Department Stores 8291 -4 2/23/2022 295 4% - - Y 13
SSRM CN SSR Mining Inc Gold 4687 -4 2/16/2022 78 2% - - Y 2
DVA DaVita Inc Health Care Services 10023 -4 2/11/2022 - - - - Y 4
SLG SL Green Realty Corp Office REITs 4802 -4 1/27/2022 453 9% - - Y 9
ANGI Angi Inc Interactive Media & Services 4622 -3 2/3/2022 45 1% - - Y 12
KIRK Kirkland's Inc Homefurnishing Retail 200 -3 12/2/2021 13 7% - - Y 21
GUD CN Knight Therapeutics Inc Pharmaceuticals 641 -3 3/25/2022 61 9% 5 2221287 Y 3
SU CN Suncor Energy Inc Integrated Oil & Gas 45013 -3 2/9/2022 1665 4% 3 730750 Y 2
DXPE DXP Enterprises Inc/TX Trading Companies & Distributo 504 -3 12/6/2021 9 2% 2 894162 Y 2
ARNC Arconic Corp Aluminum 3026 -3 2/11/2022 106 4% 2 595190 Y 4
NTGR NETGEAR Inc Communications Equipment 809 -3 2/3/2022 55 7% - - Y 12
MBT Mobile TeleSystems PJSC Wireless Telecommunication Ser 8233 -3 3/4/2022 26805 - - - Y -
BWXT BWX Technologies Inc Aerospace & Defense 4441 -3 2/22/2022 188 4% 1 244950 Y 2
NGS Natural Gas Services Group Inc Oil & Gas Equipment & Services 139 -3 3/30/2022 4 3% - - Y 1
QRTEA Qurate Retail Inc Internet & Direct Marketing Re 3143 -3 2/25/2022 286 9% - - Y 5
TRUE TrueCar Inc Interactive Media & Services 320 -3 2/24/2022 64 20% 1 251520 Y 6
PRG PROG Holdings Inc Consumer Finance 3055 -3 2/25/2022 128 4% 3 536825 Y 5
GLRE Greenlight Capital Re Ltd Reinsurance 235 -3 3/10/2022 15 6% - - Y 6
www.KEDM.com
% Change in Value
# of insiders
Market Cap buying
($M) (trailing 6
months)
Quarters Cap)
SXP CN Supremex Inc Paper Products 69 -3 2/25/2022 2 3% - - N 0
CCMP CMC Materials Inc Semiconductor Equipment 3881 -3 2/3/2022 126 3% - - Y 2
DHT DHT Holdings Inc Oil & Gas Storage & Transporta 887 -3 2/8/2022 29 3% - - Y 3
CASS Cass Information Systems Inc Data Processing & Outsourced S 583 -3 1/28/2022 20 3% - - Y 1
NEU NewMarket Corp Specialty Chemicals 3489 -3 2/3/2022 92 3% - - Y 1
HOPE Hope Bancorp Inc Regional Banks 1768 -3 1/26/2022 47 3% - - Y 2
UWMC UWM Holdings Corp Thrifts & Mortgage Finance 11457 -3 2/3/2022 0 0% 1 456250 Y 10
WOR Worthington Industries Inc Steel 2538 -3 12/16/2021 199 8% - - Y 5
DD DuPont de Nemours Inc Specialty Chemicals 39003 -3 2/9/2022 1643 4% 1 379700 Y 2
EEX Emerald Holding Inc Advertising 292 -3 2/18/2022 11 4% - - Y 1
FLT FleetCor Technologies Inc Data Processing & Outsourced S 16879 -3 2/4/2022 884 5% - - Y 2
CATO Cato Corp/The Apparel Retail 370 -3 3/18/2022 18 5% 1 49830 Y 4
TCW CN Trican Well Service Ltd Oil & Gas Equipment & Services 699 -3 2/23/2022 25 4% 3 147100 Y 1
BIIB Biogen Inc Biotechnology 33568 -2 2/3/2022 2200 7% - - Y 1
MHK Mohawk Industries Inc Home Furnishings 11617 -2 2/11/2022 593 5% - - Y 2
CAH Cardinal Health Inc Health Care Distributors 13190 -2 2/4/2022 700 5% - - Y 2
GPMT Granite Point Mortgage Trust I Mortgage REITs 663 -2 3/4/2022 18 3% 5 490215 Y 1
BHE Benchmark Electronics Inc Electronic Manufacturing Servi 882 -2 2/4/2022 46 5% 3 236010 Y 2
HVT Haverty Furniture Cos Inc Homefurnishing Retail 543 -2 2/17/2022 19 4% - - Y 20
LAKE Lakeland Industries Inc Apparel, Accessories & Luxury 147 -2 12/9/2021 5 3% - - Y 5
HFWA Heritage Financial Corp/WA Regional Banks 844 -2 1/28/2022 21 3% - - Y 3
TOT CN Total Energy Services Inc Oil & Gas Equipment & Services 245 -2 3/11/2022 5 2% 6 765357 N 1
ENR Energizer Holdings Inc Household Products 2515 -2 2/8/2022 96 4% 2 340229 Y 7
YELP Yelp Inc Interactive Media & Services 2544 -2 2/9/2022 202 8% - - Y 6
CURO Curo Group Holdings Corp Consumer Finance 663 -2 2/4/2022 17 3% - - Y 3
KMPR Kemper Corp Property & Casualty Insurance 3471 -2 2/1/2022 165 5% 3 1701695 Y 1
RFP Resolute Forest Products Inc Paper Products 926 -2 2/4/2022 64 7% - - Y 4
www.KEDM.com
Short Squeeze Monitor

Highest short interest as a percentage of float
MoM Insider Buys
YTD Trailing Short Implied
Market Cap Change % From % From 52 Days to - # of Shares
Ticker Company Sector Return 15 day Interest (% Borrow
($M) in SI 200MA week high Cover (trailing
(%) return float) Rate
(%) 6months)
CRTX Cortexyme Inc Medical-Biomedical/Gene 421 -49 9 58 250 -73 -88 2 8 763
AGC Altimeter Growth Corp Specified Purpose Acquis 688 -14 -20 42 14 -7 -39 3 150 -
ASLE AerSale Corp Aerospace/Defense 803 33 -3 41 35 29 -26 5 1 -
PPSI Pioneer Power Solutions Inc Power Conv/Supply Equip 74 124 3 41 12,740 90 -32 0 - 6,000
BLNK Blink Charging Co Power Conv/Supply Equip 1,533 -15 -14 37 3 4 -44 2 9 -
BYND Beyond Meat Inc Food-Misc/Diversified 4,266 -46 -14 36 31 -45 -70 4 3 -
ICPT Intercept Pharmaceuticals Inc Medical-Biomedical/Gene 503 -31 -3 35 8 -8 -56 6 2 -
BGFV Big 5 Sporting Goods Corp Retail-Sporting Goods 501 135 -23 34 -20 -2 -52 1 - -
BTBT Bit Digital Inc Finance-Consumer Loans 633 -58 -6 34 -20 -18 -72 1 104 -
LMND Lemonade Inc Property/Casualty Ins 2,919 -61 -12 33 -7 -43 -75 5 0 -
ESPR Esperion Therapeutics Inc Medical-Biomedical/Gene 261 -66 17 33 11 -52 -77 7 5 -
BEEM Beam Global Energy-Alternate Sources 216 -67 -14 33 -2 -26 -68 7 - -
FUV Arcimoto Inc Auto-Cars/Light Trucks 349 -30 -11 33 -5 -28 -75 12 5 150
GOGO Gogo Inc Satellite Telecom 1,415 34 -8 32 0 3 -34 12 2 -
TTCF Tattooed Chef Inc Food-Misc/Diversified 1,297 -31 -8 32 14 -18 -43 9 21 -
CRSR Corsair Gaming Inc Computers-Other 2,055 -40 -13 32 -3 -28 -56 10 6 -
PRLD Prelude Therapeutics Inc Medical-Biomedical/Gene 674 -80 -1 31 8 -58 -85 24 - -
WKHS Workhorse Group Inc Auto-Med&Heavy Duty Trks 822 -73 -17 30 -9 -53 -88 3 4 -
HRTX Heron Therapeutics Inc Drug Delivery Systems 954 -56 -11 30 9 -32 -58 17 0 -
GOEV Canoo Inc Auto-Cars/Light Trucks 2,720 -17 18 29 -8 25 -54 13 7 -
SDC SmileDirectClub Inc Medical Products 1,161 -75 -19 29 -4 -61 -81 2 16 4,170
RMO Romeo Power Inc Auto/Trk Prts&Equip-Orig 511 -83 -14 29 11 -49 -90 7 2 -
GOTU Gaotu Techedu Inc Educational Software 608 -95 -18 29 3 -89 -98 4 1 -
BKKT Bakkt Holdings Inc Commercial Serv-Finance 3,593 38 -19 28 57 8 -73 1 121 -
DOCS Doximity Inc Medical Information Sys 12,659 - 3 28 35 - -37 3 2 -
CURV Torrid Holdings Inc Apparel Manufacturers 1,681 - -22 28 -20 - -54 5 1 -
FSR Fisker Inc Auto-Cars/Light Trucks 5,625 30 -5 28 -3 16 -41 3 1 58,699
IVC Invacare Corp Medical Products 89 -72 -36 27 -2 -65 -77 5 - -
OTRK Ontrak Inc Medical-HMO 119 -90 -14 27 -1 -74 -94 1 0 -
GTHX G1 Therapeutics Inc Therapeutics 513 -33 -8 27 6 -35 -67 9 - -
APPH AppHarvest Inc Agricultural Operations 501 -68 -7 26 5 -62 -88 7 5 38,870
NKLA Nikola Corp Auto-Med&Heavy Duty Trks 4,020 -35 -20 26 -15 -25 -67 3 - -
CRCT Cricut Inc Retail-Office Supplies 5,409 - 1 25 2 - -49 8 16 -
IRBT iRobot Corp Appliances 1,986 -8 -17 25 -6 -23 -63 13 - -
WEBR Weber Inc Appliances 3,977 - -2 25 -16 - -32 14 - -
SFT Shift Technologies Inc Retail-Automobile 380 -47 -19 25 7 -44 -60 4 1 -
PETS PetMed Express Inc Retail-Pet Food&Supplies 568 -15 -8 25 -9 -11 -52 12 - -
SBTX Silverback Therapeutics Inc Medical-Biomedical/Gene 252 -84 -11 25 3 -74 -89 11 0 -
STAR iStar Inc REITS-Diversified 1,710 66 0 25 1 13 -11 27 - -
IGMS IGM Biosciences Inc Medical-Biomedical/Gene 1,605 -44 -16 24 11 -32 -63 12 1 -
www.KEDM.com
MoM Insider Buys

YTD Trailing Short Implied
Market Cap Change % From % From 52 Days to - # of Shares
Ticker Company Sector Return 15 day Interest (% Borrow
($M) in SI 200MA week high Cover (trailing
(%) return float) Rate
(%) 6months)
MSTR MicroStrategy Inc Enterprise Software/Serv 7,468 76 -6 24 -5 4 -48 3 - -
BYSI Beyondspring Inc Medical-Drugs 174 -64 -67 24 8 -68 -87 9 - -
OCGN Ocugen Inc Therapeutics 1,257 245 -13 24 -18 -23 -66 1 - -
SKYT SkyWater Technology Inc Semiconductor Equipment 712 - -10 24 35 - -50 3 2 -
CTRN Citi Trends Inc Retail-Discount 727 61 -17 24 2 -5 -28 16 - -
ATUS Altice USA Inc Cable/Satellite TV 7,597 -56 -3 23 10 -43 -56 7 1 77,500
JOAN JOANN Inc Retail-Arts&Crafts 395 - -10 23 -10 - -46 8 - 14,700
ROOT Root Inc/OH Applications Software 889 -78 -21 23 -24 -59 -86 2 11 -
XMTR Xometry Inc Metal Processors&Fabrica 2,049 - -20 22 66 - -53 9 0 -
SKLZ Skillz Inc Entertainment Software 3,517 -57 -19 22 -7 -46 -81 3 7 186,401
www.KEDM.com
IPO Monitor
IPO pipeline for the coming week (ex- SPACs)
Expected Net
Revenue
Shares Expected Amount Income Corporate
Company Ticker Description Expected Range (TTM) S1
(M) Trade Date Raised (TTM) Website
($M)
($M) (M)
Fresh Grapes, LLC, doing business as Fresh Vine, produces alcoholic beverages. The Company offers
Fresh Grapes
VINE bold, crisp, and creamy wines that embody health, warmth, and a deeper connection to wellness and 2.20 12/14/2021 9.0000 - 10.0000 22.00 1 -7 LINK LINK
LLC
an active lifestyle. Fresh Vine serves customers in the United States.
Austin Gold Austin Gold Corp. provides exploration and mining services. The Company explores and develops
AUST 3.00 11/19/2021 4.0000 - 6.0000 18.00 0 2 LINK LINK
Corp gold and silver projects. Austin Gold serves customers worldwide.
HashiCorp, Inc. operates as a software company. The Company provides open-source tools and
HashiCorp Inc HCP commercial products that enable developers, operators and security professionals to provision, 15.30 12/9/2021 68.0000 - 72.0000 1101.60 259 -57 LINK LINK
secure, run, and connect cloud-computing infrastructure. HashiCorp serves customers worldwide.
NU Holdings
NU Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, provides
Ltd/Cayman NU 289.15 12/9/2021 8.0000 - 9.0000 2602.36 1,265 -206 - LINK
financial services.
Islands
Chicago Chicago Atlantic Real Estate Finance, Inc. operates as a commercial real estate finance company. The
Atlantic Real REFI Company focuses on originating, structuring, and investing in first mortgage loans and structured 6.25 12/8/2021 16.0000 - 18.0000 112.50 5 5 LINK LINK
Estate F financings secured by commercial real estate properties.
Intensity
Intensity Therapeutics, Inc. provides biomedical services. The Company focuses on human clinical
Therapeutics INTS 1.50 next week 9.0000 - 11.0000 16.50 0 -7 LINK LINK
testing to treat refractory solid tumor cancers. Intensity Therapeutics serves customers worldwide.
Inc
Nuvectis Pharma, Inc. operates as a bio-pharmaceutical company. The Company specializes in
Nuvectis
NVCT developing novel targeted therapeutics for treatment of cancer as well as provides research and 2.30 next week 12.0000 - 14.0000 32.20 0 -6 LINK LINK
Pharma Inc
testing services. Nuvectis Pharma serves customers worldwide.
FlexEnergy Flexenergy Green Solutions, Inc. operates as an energy focused technology company. The Company
Green Solutions FLXE designs, manufactures, sells, and leases gas turbine generators and custom-fit heat exchangers. 3.89 next week 8.0000 - 10.0000 38.89 21 -7 LINK LINK
Inc Flexenergy Green Solutions serves customers worldwide.
ProFrac Holding Corp. operates as a holding company. The Company, through its subsidiaries,
ProFrac
PFHC provides hydraulic fracturing and completion services to upstream oil and gas companies engaged in - TBD - - 656 -82 LINK LINK
Holding Corp
the exploration and production of North American unconventional oil and natural gas resources.
Samsara Inc. develops hardware-software platform. The Company offers GPS fleet tracking, dash
Samsara Inc IOT cam, reefer monitoring, and wifi hotspot services. Samsara serves clients in the United States and - TBD - - 379 -138 LINK LINK
the United Kingdom.
FOGO Hospitality, Inc. owns and operates full-service restaurants. The Company offers seasonal
FOGO
FOGO salads, irresistibly fresh vegetables, imported meats, cheeses, artisan breads, and desserts. FOGO - TBD - - 296 10 LINK LINK
Hospitality inc
Hospitality serves customers in the United States, Puerto Rico, and Brazil.
Chobani Inc CHO Greek yogurt - TBD - - 2 0 LINK LINK
5.11 ABR Corp. designs and manufactures apparels. The Company offers purpose-built technical
5 11 ABR Corp VXI - TBD - - 440 21 LINK LINK
apparel, footwear, and gears. 5.11 ABR serves customers worldwide.
www.KEDM.com
Leading premium and luxury off-price eCommerce company in the U.S., delivering a daily
Rue Gilt
RGG curated, high-end shopping experience for our members. We operate primarily through RueLaLa and - TBD - - 702 -9 LINK LINK
Groupe Inc
Gilt (“Rue+Gilt”)
BrightSpring BrightSpring Health Services, Inc. provides health care services. The Company offers home and
Health Services - community-based healthcare services platform, focused on delivering complementary provider and - TBD - - 6,043 33 LINK LINK
I pharmacy services to complex patients. BrightSpring Health Services serves customers worldwide.
Claire's Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides
Claire's
CLRS earrings, necklaces, body jewellery, rings, anklets, watches, and other accessories, as well as ear - TBD - - 1,214 -72 LINK LINK
Holdings LLC
piercing services. Claire's Holdings serves customers worldwide.
Gerson Gerson Lehrman Group, Inc. provides professional services. The Company offers technology platform
Lehrman Group GLGX that connects professionals with insight. Gerson Lehrman Group serves industrial, media, life - TBD - - 628 -1 LINK LINK
Inc sciences, private equity, hedge funds, and law sectors worldwide.
ICZOOM Group Inc. operates an e-commerce trading platform. The Company engages in sales of
Iczoom Group electronic component products. ICZOOM Group offers integrated circuits, power driver modules,
IZM - TBD - - 165 1 - LINK
Inc sensors, passive components, memory cards, display panels, cables, connectors, test tools, batteries,
and switches.
Keter Group SA provides indoor and outdoor lifestyle solutions. The Company manufactures and
Keter Group SA KETR markets resin-based household and garden consumer products. Keter Group serves customers - TBD - - 1,684 -65 LINK LINK
worldwide.
OYO Hotels and Homes Private Limited owns and operates hotels. The Company offers
OYO Hotels &
- accommodation rooms, dining, and fitness center facilities. OYO Hotels and Homes serves customers - TBD - - 9 -9 LINK -
Homes Pvt Ltd
in Asia.
Rotech Healthcare Holdings Inc. operates as a holding company. The Company, through its
Rotech
subsidiaries, offers home medical products including respiratory and sleep apnea treatment and
Healthcare ROTK - TBD - - 565 136 LINK LINK
other medical equipment, as well as provides oximetry and nebulizers therapies. Rotech Healthcare
Holdings Inc
Holdings serves patients in the United States.
www.KEDM.com
Completed IPO Monitor

Recent IPOs that have not unlocked (Ex-SPAC)
Shares IPO + 1 to Short
Mkt
Issued IPO Raised EBITDA IPO to Date Date Interest Unlock Days Until
Ticker IPO Date Company Sector Cap Busted
in IPO Price ($M) ($M) Return (%) Return (% of Date Unlock
($M)
($M) (%) float)
AERC 11/24/2021 Aeroclean Technologies Inc Air Pollution Control Eq 3 10 25 226 - 68 -79 - NO - -
FINW 11/19/2021 Finwise Bancorp Commer Banks Non-US 4 11 42 170 - 23 4 - NO 5/18/2022 166
SG 11/18/2021 Sweetgreen Inc Food-Retail 13 28 364 3,276 - 10 -42 - NO 5/17/2022 165
BRZE 11/17/2021 Braze Inc Computer Software 9 65 572 5,820 -31 3 -24 - NO 5/16/2022 164
USER 11/17/2021 UserTesting Inc Applications Software 10 14 140 1,209 -33 -39 -39 - YES 5/16/2022 164
IREN 11/17/2021 Iris Energy Ltd Electric-Generation 8 28 232 932 - -38 -28 - YES 2/15/2022 74
SEV 11/17/2021 Sono Group NV Auto-Cars/Light Trucks 12 15 173 1,021 -54 -6 -51 - YES 5/16/2022 164
MYNA 11/12/2021 Mynaric AG Wireless Equipment 5 17 76 315 -19 -9 -22 - YES 5/11/2022 159
DERM 11/12/2021 Journey Medical Corp Medical-Drugs 4 10 35 112 8 -33 -29 - YES 5/11/2022 159
PIK 11/11/2021 Kidpik Corp E-Commerce/Products 2 9 18 51 -4 -24 -11 - YES 5/10/2022 158
WBEV 11/11/2021 Winc Inc Food-Retail 2 13 22 105 -6 -39 -24 1 YES 5/10/2022 158
TIVC 11/11/2021 Tivic Health Systems Inc Medical Products 3 5 15 41 -3 -19 -20 0 YES 5/10/2022 158
BLZE 11/11/2021 Backblaze Inc Internet Applic Sftwr 6 16 100 654 9 37 1 2 NO 5/10/2022 158
VAXX 11/11/2021 Vaxxinity Inc Medical-Biomedical/Gene 7 13 85 1,224 -32 -28 -28 2 YES 5/10/2022 158
LVLU 11/11/2021 Lulu's Fashion Lounge Holdings E-Commerce/Products 6 16 92 433 -1 -30 -18 1 YES 5/10/2022 158
WEAV 11/11/2021 Weave Communications Inc Computer Software 5 24 120 1,062 - -31 -9 0 YES 5/10/2022 158
CINT 11/10/2021 CI&T Inc Computer Services 15 15 225 1,614 238 -17 -35 0 YES 5/9/2022 157
EXFY 11/10/2021 Expensify Inc Enterprise Software/Serv 11 27 302 3,475 9 57 -3 2 NO 5/9/2022 157
RIVN 11/10/2021 Rivian Automotive Inc Auto-Cars/Light Trucks 176 78 13,724 97,019 -981 42 -12 4 NO 5/9/2022 157
TCBX 11/9/2021 Third Coast Bancshares Inc Commer Banks-Central US 4 25 101 356 - 8 7 0 NO 5/8/2022 156
SOPA 11/9/2021 Society Pass Inc Applications Software 3 9 28 137 -3 -19 -84 4 YES 5/8/2022 156
RGF 11/5/2021 Real Good Food Co Inc/The Food-Misc/Diversified 5 12 64 213 -9 -31 -25 0 YES 5/4/2022 152
ARHS 11/4/2021 Arhaus Inc Home Furnishings 13 13 168 1,229 - -32 -28 1 YES 5/3/2022 151
NRDS 11/4/2021 NerdWallet Inc Finance-Consumer Loans 8 18 150 1,067 23 -10 -37 3 YES 5/3/2022 151
CMTG 11/3/2021 Claros Mortgage Trust Inc REITS-Diversified 6 19 103 2,520 - -2 6 1 YES 5/2/2022 150
CDRE 11/4/2021 Cadre Holdings Inc Electronic Secur Devices 7 13 90 700 65 56 34 0 NO 5/3/2022 151
BIRD 11/3/2021 Allbirds Inc Footwear&Related Apparel 23 15 348 2,218 -22 7 -41 12 NO 5/2/2022 150
BSFC 11/3/2021 Blue Star Foods Corp Fisheries 1 5 4 66 -1 -45 -39 2 YES 5/2/2022 150
CMPX 11/2/2021 Compass Therapeutics Inc Medical-Biomedical/Gene 36 4 125 339 -25 3 0 0 NO 1/31/2022 59
SONX 10/29/2021 Sonendo Inc Medical Instruments 8 12 94 239 -43 -27 -1 1 YES 4/27/2022 145
TRDA 10/29/2021 Entrada Therapeutics Inc Medical-Biomedical/Gene 9 20 182 896 -26 45 25 4 NO 4/27/2022 145
AURA 10/29/2021 Aura Biosciences Inc Medical-Biomedical/Gene 5 14 76 551 -21 37 27 2 NO 4/27/2022 145
GFS 10/28/2021 GLOBALFOUNDRIES Inc Electronic Compo-Semicon 61 47 2,855 35,351 866 40 36 3 NO 4/26/2022 144
FLNC 10/28/2021 Fluence Energy Inc Energy-Alternate Sources 36 28 998 5,925 -37 21 -3 2 NO 4/26/2022 144
DTC 10/28/2021 Solo Brands Inc E-Commerce/Products 15 17 252 1,623 -15 0 -8 6 NO 4/26/2022 144
HRT 10/29/2021 HireRight Holdings Corp Enterprise Software/Serv 22 19 422 1,318 - -12 -4 2 YES 4/27/2022 145
UDMY 10/29/2021 Udemy Inc Educational Software 15 29 439 3,050 -62 -22 -20 7 YES 4/27/2022 145
AIRS 10/29/2021 AirSculpt Technologies Inc Commercial Services 7 11 77 631 - -5 -28 0 YES 4/27/2022 145
AIP 10/27/2021 Arteris Inc Software Tools 5 14 70 757 -3 71 34 3 NO 4/25/2022 143
INFA 10/27/2021 Informatica Inc Applications Software 33 29 967 9,315 336 17 14 1 NO 4/25/2022 143
www.KEDM.com

Mkt
($M)
($M) (%) float)
RENT 10/27/2021 Rent the Runway Inc Rental Auto/Equipment 17 21 357 794 -95 -40 -33 9 YES 4/25/2022 143
AUGX 10/26/2021 Augmedix Inc Commercial Services 10 4 40 134 -13 -13 2 0 YES 1/24/2022 52
MRAI 10/27/2021 Marpai Inc Medical Labs&Testing Srv 7 4 29 88 -3 10 -20 1 NO 4/25/2022 143
XLO 10/22/2021 Xilio Therapeutics Inc Medical-Biomedical/Gene 8 16 130 386 -53 -11 -12 2 YES 4/20/2022 138
ARIS 10/22/2021 Aris Water Solution Inc Building-Heavy Construct 20 13 264 768 - 11 0 0 NO 4/20/2022 138
UTRS 10/22/2021 Minerva Surgical Inc Medical Products 6 12 75 179 -8 -52 -31 1 YES 4/20/2022 138
PX 10/21/2021 P10 Inc Private Equity 23 12 276 1,685 26 20 20 0 NO 4/19/2022 137
PTLO 10/21/2021 Portillo's Inc Retail-Restaurants 23 20 466 2,816 82 98 2 3 NO 4/19/2022 137
COCO 10/21/2021 Vita Coco Co Inc/The Beverages-Non-alcoholic 12 15 179 627 49 -26 -20 3 YES 4/19/2022 137
ENFN 10/21/2021 Enfusion Inc Applications Software 22 17 367 2,227 - 10 -2 2 NO 4/19/2022 137
VTYX 10/21/2021 Ventyx Biosciences Inc Medical-Biomedical/Gene 11 16 174 966 - 17 3 6 NO 4/19/2022 137
RWAY 10/21/2021 Runway Growth Finance Corp Venture Capital 7 15 100 576 48 -6 13 1 YES 4/19/2022 137
SDIG 10/20/2021 Stronghold Digital Mining Inc Finance-Other Services 8 19 146 938 -2 4 -25 28 NO 4/18/2022 136
CYN 10/20/2021 CYNGN Inc Applications Software 4 8 26 149 -8 -22 -25 2 YES 2/17/2022 76
CNTX 10/20/2021 Context Therapeutics Inc Medical-Biomedical/Gene 6 5 29 61 - 15 -10 0 NO 4/18/2022 136
INKT 10/15/2021 MiNK Therapeutics Inc Medical-Biomedical/Gene 3 12 40 341 -15 -11 -15 0 YES 4/13/2022 131
FNA 10/15/2021 Paragon 28 Inc Medical Products 9 16 144 1,537 8 25 8 3 NO 4/13/2022 131
LUCD 10/14/2021 Lucid Diagnostics Inc Medical-Biomedical/Gene 5 14 70 265 - -49 -23 1 YES 4/12/2022 130
IHS 10/14/2021 IHS Holding Ltd Building-Heavy Construct 18 21 378 4,396 741 -36 -20 - YES 4/12/2022 130
GTLB 10/14/2021 Gitlab Inc Enterprise Software/Serv 11 77 881 12,846 - 18 -22 12 NO 4/12/2022 130
CLST 10/13/2021 Catalyst Bancorp Inc Investment Companies 5 10 53 72 - 37 0 0 NO - -
AVDX 10/13/2021 AvidXchange Holdings Inc Applications Software 30 25 759 3,880 -47 -19 -19 12 YES 4/11/2022 129
HCTI 10/13/2021 Healthcare Triangle Inc Medical Information Sys 5 4 19 77 - -43 -36 2 YES 4/11/2022 129
PYXS 10/8/2021 Pyxis Oncology Inc Medical-Biomedical/Gene 11 16 168 399 -12 -24 -8 5 YES 4/6/2022 124
ISO 10/8/2021 IsoPlexis Corp Medical-Biomedical/Gene 8 15 125 426 -26 -28 -5 4 YES 4/6/2022 124
CGTX 10/8/2021 Cognition Therapeutics Inc Medical-Drugs 4 12 52 195 -17 -27 -31 0 YES 4/6/2022 124
LTH 10/7/2021 Life Time Group Holdings Inc Recreational Centers 41 18 730 3,809 72 10 15 13 NO 4/5/2022 123
NVEI 10/6/2021 Nuvei Corp Commercial Serv-Finance 3 123 425 13,164 134 -22 -32 2 YES - -
THRX 10/7/2021 Theseus Pharmaceuticals Inc Medical-Biomedical/Gene 10 16 160 614 -7 -2 -6 8 YES 4/5/2022 123
TCN 10/7/2021 Tricon Residential Inc Real Estate Mgmnt/Servic 41 12 513 3,914 193 15 11 0 NO - -
VLCN 10/6/2021 Volcon Inc Motorcycle/Motor Scooter 3 6 18 167 - 165 66 2 NO 1/4/2022 32
NTRB 10/1/2021 Nutriband Inc Medical-Drugs 1 6 7 49 -2 0 -7 5 YES 3/30/2022 117
FWRG 10/1/2021 First Watch Restaurant Group I Retail-Restaurants 11 18 196 1,216 25 13 -7 6 NO 3/30/2022 117
OLPX 9/30/2021 Olaplex Holdings Inc Retail-Perfume&Cosmetics 85 21 1,780 16,637 86 22 12 3 NO 3/29/2022 116
WRBY 9/29/2021 Warby Parker Inc Retail-Catalog Shopping DIRECT LISTING - 5,608 - - -7 6 NO - -
AMPL 9/28/2021 Amplitude Inc Applications Software DIRECT LISTING - 6,851 -22 - 15 2 NO - -
CWAN 9/24/2021 Clearwater Analytics Holdings Applications Software 35 18 621 4,997 - 18 -17 3 NO 3/23/2022 110
HLTH 9/24/2021 Cue Health Inc Medical Products 14 16 230 1,683 -37 -25 -43 39 YES 3/23/2022 110
RELY 9/23/2021 Remitly Global Inc Commercial Services 12 43 523 3,559 -22 -49 -51 15 YES 3/22/2022 109
ARBK 9/23/2021 Argo Blockchain PLC Finance-Other Services 9 15 128 772 8 9 -1 - NO 12/22/2021 19
SOVO 9/23/2021 Sovos Brands Inc Food-Catering 27 12 322 1,546 71 27 12 0 NO 3/22/2022 109
ESMT 9/23/2021 EngageSmart Inc Applications Software 17 26 435 3,624 17 -14 -36 3 YES 3/22/2022 109
STER 9/23/2021 Sterling Check Corp Computer Data Security 16 23 378 2,106 68 0 -17 3 YES 3/22/2022 109
BRLT 9/23/2021 Brilliant Earth Group Inc Retail-Jewelry 10 12 115 1,520 - 39 6 4 NO 3/22/2022 109
THRN 9/23/2021 Thorne HealthTech Inc Medical Labs&Testing Srv 7 10 70 368 10 -31 -16 2 YES 3/22/2022 109
www.KEDM.com

Mkt
($M)
($M) (%) float)
FRSH 9/22/2021 Freshworks Inc Enterprise Software/Serv 31 36 1,129 8,049 -45 -10 -36 12 YES 3/22/2022 109
TOST 9/22/2021 Toast Inc Commercial Serv-Finance 25 40 1,000 17,358 -193 -11 -42 11 YES 3/21/2022 108
AKA 9/22/2021 aka Brands Holding Corp E-Commerce/Products 10 11 110 1,487 - 5 19 3 NO 3/21/2022 108
ACT 9/16/2021 Enact Holdings Inc Finance-Mtge Loan/Banker 15 19 291 3,477 - 12 13 0 NO 3/15/2022 102
FORG 9/16/2021 ForgeRock Inc Computer Data Security 13 25 316 2,037 -31 1 -47 9 NO 3/15/2022 102
DH 9/15/2021 Definitive Healthcare Corp Medical Information Sys 16 27 420 4,390 45 6 -40 2 NO 3/14/2022 101
DICE 9/15/2021 DICE Therapeutics Inc Medical-Biomedical/Gene 14 17 235 1,212 -23 87 -9 10 NO 3/14/2022 101
BROS 9/15/2021 Dutch Bros Inc Retail-Restaurants 24 23 557 7,701 26 110 -2 7 NO 3/14/2022 101
ONON 9/15/2021 On Holding AG Apparel Manufacturers 36 24 858 12,310 -5 61 6 8 NO 3/15/2022 102
PRCT 9/15/2021 PROCEPT BioRobotics Corp Medical Instruments 8 25 188 1,490 -45 40 -5 3 NO 3/14/2022 101
TWKS 9/15/2021 Thoughtworks Holding Inc Computer Services 42 21 890 8,693 147 38 -9 0 NO 3/14/2022 101
TYRA 9/15/2021 Tyra Biosciences Inc Medical-Biomedical/Gene 12 16 199 770 -9 19 -10 13 NO 3/14/2022 101
EZFL 9/15/2021 EzFill Holdings Inc Oil Refining&Marketing 7 4 29 61 -6 -42 -55 3 YES 3/14/2022 101
KTTA 9/15/2021 Pasithea Therapeutics Corp Medical-Biomedical/Gene 5 5 24 71 - -33 -4 0 YES 3/14/2022 101
SRAD 9/14/2021 Sportradar Holding AG Gambling (Non-Hotel) 19 27 513 4,705 150 -39 -41 1 YES 3/13/2022 100
DDI 8/31/2021 DoubleDown Interactive Co Ltd Entertainment Software 6 18 114 787 - -12 -11 - YES 2/27/2022 86
RNXT 8/26/2021 RenovoRx Inc Medical-Biomedical/Gene 2 9 17 59 - -25 -14 27 YES 2/22/2022 81
NLCP 8/20/2021 Newlake Capital Partners Inc/M Private Equity 4 26 102 590 5 8 -7 2 NO 2/16/2022 75
DRMA 8/13/2021 Dermata Therapeutics Inc Medical-Biomedical/Gene 3 7 18 20 -3 -65 -53 3 YES 2/9/2022 68
SSBK 8/12/2021 Southern States Bancshares Inc Commer Banks-Southern US 2 19 44 177 - - 2 0 NO 2/8/2022 67
ELYM 8/10/2021 Eliem Therapeutics Inc Medical-Biomedical/Gene 7 13 92 299 - -9 -45 15 YES 2/6/2022 65
ADGI 8/6/2021 Adagio Therapeutics Inc Medical-Biomedical/Gene 21 17 356 5,108 - 173 120 18 NO 2/2/2022 61
OBT 8/5/2021 Orange County Bancorp Inc Commer Banks-Eastern US 1 34 34 218 - 15 15 0 NO 2/1/2022 60
WEBR 8/5/2021 Weber Inc Appliances 21 14 287 3,963 - -1 -24 25 YES 2/1/2022 60
EWCZ 8/5/2021 European Wax Center Inc Commercial Services 11 17 194 1,683 6 59 18 6 NO 2/1/2022 60
TNYA 7/30/2021 Tenaya Therapeutics Inc Medical-Biomedical/Gene 14 15 207 843 -36 32 33 11 NO 1/26/2022 54
RANI 7/30/2021 Rani Therapeutics Holdings Inc Medical-Biomedical/Gene 8 11 84 1,301 -16 133 141 26 NO 1/26/2022 54
INAB 7/30/2021 IN8bio Inc Medical-Biomedical/Gene 4 10 40 119 -5 -39 -36 0 YES 1/26/2022 54
DPRO 7/30/2021 Draganfly Inc Computers-Other 5 4 20 74 -8 -31 -28 0 YES 1/26/2022 54
OMGA 7/30/2021 Omega Therapeutics Inc Medical-Biomedical/Gene 7 17 126 860 -27 4 13 3 NO 1/26/2022 54
MXCT 7/30/2021 MaxCyte Inc Medical-Biomedical/Gene 16 13 202 1,013 -9 -20 -39 2 YES - -
DOLE 7/30/2021 Dole PLC Agricultural Operations 27 16 428 1,158 - -18 -16 2 YES 1/26/2022 54
RSKD 7/29/2021 Riskified Ltd Applications Software 20 21 423 1,396 -5 -58 -69 3 YES 1/25/2022 53
ICVX 7/29/2021 Icosavax Inc Medical-Biomedical/Gene 14 15 209 881 -19 44 -9 10 NO 1/25/2022 53
COOK 7/29/2021 Traeger Appliances 27 18 487 1,562 100 -25 -40 15 YES 1/25/2022 53
RLYB 7/29/2021 Rallybio Corp Medical-Biomedical/Gene 7 13 93 403 -25 -6 -26 6 YES 1/25/2022 53
HOOD 7/29/2021 Robinhood Markets Inc Internet Brokers 59 38 2,255 20,298 35 -36 -33 4 YES 1/25/2022 53
NUVL 7/29/2021 Nuvalent Inc Medical-Biomedical/Gene 11 17 180 1,009 - 23 15 16 NO 1/25/2022 53
DUOL 7/28/2021 Duolingo Inc Educational Software 6 102 599 4,043 -12 8 -20 16 NO 1/24/2022 52
PWSC 7/28/2021 PowerSchool Holdings Inc Educational Software 45 18 817 4,105 118 17 14 5 NO 1/24/2022 52
SNPO 7/28/2021 Snap One Holdings Corp Appliances 15 18 271 1,709 72 23 27 4 NO 1/24/2022 52
MLNK 7/28/2021 MeridianLink Inc Applications Software 14 26 374 1,740 86 -16 -12 3 YES 1/24/2022 52
CADL 7/27/2021 Candel Therapeutics Inc Medical-Biomedical/Gene 10 8 79 288 -14 25 46 1 NO 1/23/2022 51
SOPH 7/23/2021 Sophia Genetics SA Medical Information Sys 14 18 243 837 -35 -27 -22 3 YES 1/19/2022 47
USCB 7/23/2021 US Century Bank Commer Banks-Southern US 4 10 40 385 - 54 43 0 NO - -
www.KEDM.com

Mkt
($M)
($M) (%) float)
XPOF 7/23/2021 Xponential Fitness Inc Recreational Centers 11 12 131 959 - 69 67 3 NO 1/19/2022 47
GAMB 7/23/2021 Gambling.com Group Ltd E-Marketing/Info 5 8 42 376 13 42 39 2 NO 1/19/2022 47
BASE 7/22/2021 Couchbase Inc Internet Infrastr Sftwr 10 24 230 1,151 -31 15 -22 57 NO 1/18/2022 46
RYAN 7/22/2021 Ryan Specialty Group Holdings Insurance Brokers 65 24 1,538 10,254 247 68 38 9 NO 1/18/2022 46
ZENV 7/22/2021 Zenvia Inc Applications Software 12 13 150 327 27 -34 -18 1 YES 1/18/2022 46
ZVIA 7/22/2021 Zevia PBC Beverages-Non-alcoholic 11 14 150 477 -4 -46 -46 11 YES 1/18/2022 46
ABSI 7/22/2021 Absci Corp Medical-Biomedical/Gene 14 16 230 962 -12 -34 -55 22 YES 1/18/2022 46
CRBU 7/23/2021 Caribou Biosciences Inc Medical-Biomedical/Gene 22 16 350 1,053 -35 13 7 7 NO 1/19/2022 47
CTKB 7/23/2021 Cytek Biosciences Inc Medical-Biomedical/Gene 17 17 285 2,604 - 15 4 5 NO 1/19/2022 47
CNM 7/23/2021 Core & Main Inc Distribution/Wholesale 40 20 802 4,274 338 33 13 3 NO 1/19/2022 47
OB 7/23/2021 Outbrain Inc Applications Software 8 20 160 785 29 -28 -29 3 YES 1/19/2022 47
KLTR 7/21/2021 Kaltura Inc Applications Software 17 10 173 557 -1 -55 -62 4 YES 1/17/2022 45
PYCR 7/21/2021 Paycor HCM Inc Enterprise Software/Serv 19 23 426 5,017 57 28 6 3 NO 1/17/2022 45
INST 7/22/2021 Instructure Holdings Inc Educational Software 14 20 284 2,969 -76 8 4 7 NO 1/18/2022 46
LAW 7/21/2021 CS Disco Inc Computer Software 8 32 242 2,069 -20 14 -17 7 NO 1/17/2022 45
VTEX 7/21/2021 VTEX Applications Software 22 19 415 2,779 9 -25 -44 3 YES 1/17/2022 45
BLND 7/16/2021 Blend Labs Inc Applications Software 22 18 404 2,275 -69 -42 -53 14 YES - -
BRDG 7/16/2021 Bridge Investment Group Holdin Private Equity 20 16 323 2,297 69 29 33 0 NO 1/12/2022 40
ERAS 7/16/2021 Erasca Inc Medical-Biomedical/Gene 22 16 345 1,814 -109 -5 -14 24 YES 1/12/2022 40
IMGO 7/16/2021 Imago Biosciences Inc Medical-Biomedical/Gene 10 16 155 746 -18 41 37 10 NO 1/12/2022 40
STVN 7/16/2021 Stevanato Group SpA Medical Products 33 21 693 6,967 157 10 20 14 NO 1/12/2022 40
TCRX 7/16/2021 TScan Therapeutics Inc Medical-Biomedical/Gene 7 15 100 153 -24 -56 -39 1 YES 1/12/2022 40
FXLV 7/15/2021 F45 Training Holdings Inc Recreational Centers 20 16 325 902 -4 -36 -38 9 YES 1/11/2022 39
MCG 7/15/2021 Membership Collective Group In Applications Software 31 14 428 2,641 -85 -5 4 4 YES 1/11/2022 39
PECO 7/15/2021 Phillips Edison & Co Inc REITS-Shopping Centers 20 28 547 3,780 306 16 18 4 NO 1/11/2022 39
RPID 7/15/2021 Rapid Micro Biosystems Inc Drug Detection Systems 9 20 180 437 -29 -36 -47 5 YES 1/11/2022 39
SERA 7/15/2021 Sera Prognostics Inc Diagnostic Equipment 5 16 75 303 -17 -36 -6 6 YES 1/11/2022 39
SGHT 7/15/2021 Sight Sciences Inc Miscellaneous Manufactur 12 24 276 1,026 -32 -10 -34 9 YES 1/11/2022 39
UNCY 7/13/2021 Unicycive Therapeutics Inc Medical-Biomedical/Gene 5 5 25 30 - -60 -48 1 YES 1/9/2022 37
AGRI 7/8/2021 AGRIFORCE GROWING SYSTEMS Medical-Biomedical/Gene 3 5 15 30 -3 -60 -65 6 YES - -
RNAZ 7/9/2021 TransCode Therapeutics Inc Medical-Biomedical/Gene 7 4 29 36 - -32 -47 0 YES 1/5/2022 33
MITQ 7/8/2021 Moving Image Technologies Inc Computers-Other 5 3 14 21 -1 -34 -88 3 YES 7/8/2022 217
DNUT 7/1/2021 Krispy Kreme Inc Food-Baking 33 17 560 2,407 158 -17 -25 21 YES 12/28/2021 25
NYXH 7/2/2021 Nyxoah SA Medical Instruments 3 30 98 508 - -34 -34 0 YES 12/29/2021 26
CURV 7/1/2021 Torrid Holdings Inc Apparel Manufacturers 13 21 266 1,735 - -27 -41 28 YES 12/28/2021 25
HEPS 7/1/2021 D-MARKET Elektronik Hizmetler E-Commerce/Products 65 12 783 743 -88 -81 -84 - YES 12/28/2021 25
ABOS 7/1/2021 Acumen Pharmaceuticals Inc Medical-Biomedical/Gene 11 16 184 336 -8 -49 -59 6 YES 12/28/2021 25
EVCM 7/1/2021 EverCommerce Inc Applications Software 19 17 325 3,133 61 -5 -7 8 YES 12/28/2021 25
VRAR 7/1/2021 Glimpse Group Inc/The Computer Software 2 7 12 138 -5 63 -8 9 NO 6/26/2022 205
CPOP 6/30/2021 Pop Culture Group Co Ltd Commercial Services 6 6 37 44 6 -69 -97 7 YES 12/27/2021 24
DDL 6/29/2021 DingDong Cayman Ltd E-Commerce/Products 5 24 110 3,882 -3,047 -14 -49 - YES 12/26/2021 23
S 6/30/2021 SentinelOne Inc Computer Software 40 35 1,409 12,845 -113 43 21 18 NO 12/22/2021 19
XMTR 6/30/2021 Xometry Inc Metal Processors&Fabrica 8 44 348 2,026 -25 5 -30 46 NO - -
LZ 6/30/2021 Legalzoom.com Inc Commercial Services 22 28 616 3,616 69 -34 -52 22 YES 12/27/2021 24
IAS 6/30/2021 Integral Ad Science Holding Co Computer Services 15 18 270 3,294 52 18 6 4 NO 12/27/2021 24
www.KEDM.com

Mkt
($M)
($M) (%) float)
CVRX 6/30/2021 CVRx Inc Medical Instruments 8 18 145 228 -11 -36 -57 6 YES 12/27/2021 24
INTA 6/30/2021 Intapp Inc Enterprise Software/Serv 12 26 314 1,600 -10 2 -4 3 NO 12/27/2021 24
AVTE 6/30/2021 Aerovate Therapeutics Inc Medical-Biomedical/Gene 10 14 140 336 -9 -7 -29 4 YES 12/27/2021 24
BTTR 6/29/2021 Better Choice Co Inc Medical-Whsle Drug Dist 8 5 40 101 -25 -29 -19 3 YES 12/26/2021 23
YOU 6/30/2021 Clear Secure Inc Applications Software 15 31 471 4,184 -11 -6 -40 12 YES 12/27/2021 24
ACXP 6/25/2021 Acurx Pharmaceuticals Inc Medical-Biomedical/Gene 3 6 17 44 - -30 -45 4 YES 12/22/2021 19
MCW 6/25/2021 Mister Car Wash Inc Auto Repair Centers 38 15 563 4,909 267 13 -19 4 NO 12/22/2021 19
ELEV 6/25/2021 Elevation Oncology Inc Medical-Biomedical/Gene 6 16 100 154 -17 -60 -42 2 YES 12/22/2021 19
GRPH 6/25/2021 Graphite Bio Inc Medical-Biomedical/Gene 16 17 274 510 -13 -48 -53 21 YES 12/22/2021 19
GHRS 6/25/2021 GH Research PLC Medical-Biomedical/Gene 10 16 160 1,196 - 35 19 8 NO 12/22/2021 19
MF 6/25/2021 Missfresh Ltd Food-Retail 21 13 273 1,125 -167 -61 -51 - YES 12/22/2021 19
TKNO 6/25/2021 Alpha Teknova Inc Medical-Biomedical/Gene 7 16 110 539 7 28 -23 3 NO 12/22/2021 19
BHG 6/24/2021 Bright Health Group Inc Internet Content-Info/Ne 56 18 1,002 2,023 -244 -82 -81 15 YES 12/21/2021 18
CFLT 6/24/2021 Confluent Inc Applications Software 23 36 828 19,970 -221 114 64 6 NO 12/22/2021 19
DOCS 6/24/2021 Doximity Inc Medical Information Sys 27 26 697 11,742 59 160 12 28 NO 12/21/2021 18
GRVI 6/24/2021 Grove Inc Consumer Products-Misc 2 5 11 73 3 -10 -43 7 YES 12/21/2021 18
GLUE 6/24/2021 Monte Rosa Therapeutics Inc Medical-Biomedical/Gene 13 19 256 819 -26 -10 -7 23 YES 12/21/2021 18
MIRO 6/24/2021 Miromatrix Medical Inc Medical-Biomedical/Gene 6 9 50 141 -10 -23 -45 0 YES 12/21/2021 18
FA 6/23/2021 First Advantage Corp Human Resources 28 15 416 2,625 135 16 -14 4 NO 12/20/2021 17
CXM 6/23/2021 Sprinklr Inc Internet Applic Sftwr 18 16 293 2,966 -23 -16 -33 12 YES - -
YMM 6/22/2021 Full Truck Alliance Co Ltd Transport-Services 83 19 1,568 11,673 -3,551 -37 -49 - YES 12/19/2021 16
TRMR 6/18/2021 Tremor International Ltd Advertising Services 8 19 148 1,132 39 -21 -18 - YES - -
CYT 6/18/2021 Cyteir Therapeutics Inc Medical-Biomedical/Gene 8 18 149 567 - -13 -8 29 YES 12/15/2021 12
DNAY 6/18/2021 Codex DNA Inc Medical-Biomedical/Gene 8 16 123 215 -15 -55 -60 6 YES 12/15/2021 12
ATAI 6/18/2021 ATAI Life Sciences NV Medical-Biomedical/Gene 15 15 225 1,758 -104 -26 -44 9 YES 12/15/2021 12
AMAM 6/18/2021 Ambrx Biopharma Inc Medical-Biomedical/Gene 8 18 142 350 -10 -49 -47 - YES 12/15/2021 12
RERE 6/18/2021 ATRenew Inc Applications Software 18 14 254 1,512 -98 -50 -60 - YES 12/15/2021 12
VERV 6/17/2021 Verve Therapeutics Inc Medical-Biomedical/Gene 16 19 307 1,533 -39 73 -16 25 NO 12/14/2021 11
FEMY 6/18/2021 Femasys Inc Medical Instruments 3 13 34 58 -6 -63 -59 0 YES 12/15/2021 12
LYEL 6/17/2021 Lyell Immunopharma Inc Medical-Drugs 29 17 489 2,223 -196 -44 -43 20 YES 12/14/2021 11
ISPC 6/17/2021 iSpecimen Inc Internet Content-Info/Ne 3 8 21 105 -3,245 60 98 5 NO 12/14/2021 11
CNVY 6/16/2021 Convey Health Solutions Holdin Medical Information Sys 13 14 187 459 38 -54 -50 1 YES 12/13/2021 10
ALZN 6/15/2021 Alzamend Neuro Inc Medical-Biomedical/Gene 3 5 14 173 - -60 -81 133 YES 12/12/2021 9
JANX 6/11/2021 Janux Therapeutics Inc Medical-Biomedical/Gene 13 17 223 658 -5 -7 -37 23 YES 12/8/2021 5
TASK 6/11/2021 TaskUS Inc Computer Services 13 23 304 3,866 89 80 28 8 NO 12/8/2021 5
DIBS 6/10/2021 1stdibs.com Inc E-Commerce/Products 7 20 132 485 -7 -35 -47 29 YES 12/7/2021 4
LFST 6/10/2021 LifeStance Health Group Inc Medical Labs&Testing Srv 46 18 828 3,214 46 -50 -64 9 YES 12/7/2021 4
MNDY 6/10/2021 Monday.com Ltd Applications Software 4 155 631 12,435 -149 99 51 30 NO 12/7/2021 4
www.KEDM.com
Unlock Monitor
Initial Public Offering unlocks (last 30, next 30 days)
T - 30
Shares Unlock to
180 Next Shares Short Next Link
Price Earnings Unlocking Busted to Date Unlock Options
Ticker Sector IPO Date Lockup Earnings Unlocking Interest Unlock Notes to
Condition Condition (% of IPO Return Date (Y/N)
(Y/N) Date (M) (%) Date Filings
S/O) (%) Return
(%)
10 days >
36.4 Release ~175M shares in lockup post IPO.
Met - first Of these, ~17.5M shares unlocked
Commercial
LZ 6/30/2021 N ~17.5M quarterly 2/4/2022 158 80% 22 Y 12/27/2021 - -5 Y on 11/8. The remaining ~157.5M Link
Services
shares earnings shares will unlock 180 days after
unlocked (8-K) IPO, on 12/28.
on 11/8
Computer
IAS 6/30/2021 Y - - 2/5/2022 134 89% 4 N 12/27/2021 - -9 N Link
Services
Medical
CVRX 6/30/2021 Y - - 3/10/2022 12 62% 6 Y 12/27/2021 - -14 N Link
Instruments
Enterprise
INTA 6/30/2021 Y 2/22/2022 48 80% 3 N 12/27/2021 - -5 N Link
Software/Serv
Medical-
AVTE Biomedical/Gen 6/30/2021 Y - - 2/11/2022 14 64% 4 Y 12/27/2021 - 4 N Link
e
Medical-Whsle
BTTR 6/29/2021 Y - - 2/11/2022 20 79% 3 N 12/27/2021 - -2 Y Link
Drug Dist
Applications
YOU 6/30/2021 Y - - 2/10/2022 60 80% 12 Y 12/27/2021 - -17 Y Link
Software
Finance-Other Y (90
ARBK 9/23/2021 - - 4/29/2022 6 1% - N 12/22/2021 - -4 Y Link
Services days)
If in the last 17 days of the 180-day
lockup, the company releases
Medical- earnings or announces "material
ACXP Biomedical/Gen 6/25/2021 Y - - 2/14/2022 7 71% 4 Y 12/22/2021 - -7 N news", the lockup will be extended Link
e for 18 days following said
announcement. See p.102 of S-1A
filing (link right).
Medical-
ELEV Biomedical/Gen 6/25/2021 Y - - 2/10/2022 17 70% 2 Y 12/22/2021 - 3 N Link
e
Medical-
GRPH Biomedical/Gen 6/25/2021 Y - - 2/28/2022 42 74% 21 Y 12/22/2021 - -4 N Link
e
Medical-
GHRS Biomedical/Gen 6/25/2021 Y - - 12/3/2021 41 81% 8 N 12/22/2021 - -7 N Link
e
MF Food-Retail 6/25/2021 Y - - 8/26/2022 634 89% - Y 12/22/2021 - -4 Y Link
www.KEDM.com
T - 30
Shares Unlock to
S/O) (%) Return
(%)
Medical-
TKNO Biomedical/Gen 6/25/2021 Y - - 2/9/2022 21 79% 3 N 12/22/2021 - -19 N Link
e
~260M shares were locked-up
post-IPO. Of these, ~79M shares
10 days >
unlocked on 8/29 since price and
20.25
earnings conditions were met as of
Auto Repair Met - ~79M
MCW 6/25/2021 N - 2/11/2022 161 54% 4 N 12/22/2021 - -2 Y that date. Another ~161M shares Link
Centers shares
will unlock 120 days after IPO, on
unlocked
10/22/2021. The remaining ~20M
on 8/14
shares will unlock 180 days after
IPO, on 12/22/2021.
~564M shares in lockup post IPO.
10 days >
Internet All shares unlock 180 days after
BHG 6/24/2021 N 23.94 - 2/16/2022 564 89% 15 Y 12/21/2021 - -21 Y Link
Content-Info/Ne IPO, on 12/21, as early release
EXPIRED
conditions failed.
~12M shares in lockup post IPO. Of
these, ~4.1M shares unlocked 60
days after IPO, on 8/23. The
Consumer
GRVI 6/24/2021 N - - 2/14/2022 8 54% 7 Y 12/21/2021 - -11 N remaining ~7.9M shares Link
Products-Misc
(belonging to directors and
officers) unlock 180 days after
IPO, on 12/21.
Medical-
GLUE Biomedical/Gen 6/24/2021 Y - - 3/4/2022 33 76% 23 Y 12/21/2021 - -10 N Link
e
Medical-
MIRO Biomedical/Gen 6/24/2021 Y - - 2/11/2022 14 75% 0 Y 12/21/2021 - -1 N Link
e
Human
FA 6/23/2021 Y - - 3/1/2022 119 79% 4 N 12/20/2021 - -7 N Link
Resources
10 days >
Applications All shares unlock 150 days after
KLTR 7/21/2021 N 13 - 2/24/2022 109 86% 4 Y 12/20/2021 - -22 N Link
Software IPO, on 12/20/2021, as early
EXPIRED
release conditions were not met.
Transport-
YMM 6/22/2021 Y - - 8/12/21 20,078 91% - Y 12/19/2021 - -22 Y Link
Services
~39.3M shares in lockup. Of these,
~12.2M shares unlock 60 days
Finance-Other after IPO, on 12/19/21. The
SDIG 10/20/2021 N - - 8/12/22 12 26% 28 N 12/19/2021 - -20 Y Link
Services remaining ~27.1M shares will
unlock 180 days after IPO, on
4/18/2022.
Medical-
CYT Biomedical/Gen 6/18/2021 Y - - 2/25/2022 27 76% 29 Y 12/15/2021 - -4 N Link
e
Medical-
DNAY Biomedical/Gen 6/18/2021 Y - - 2/25/2022 22 74% 6 Y 12/15/2021 - -14 N Link
e
www.KEDM.com
Shares Unlock T - 30
Price Earnings Unlocking Busted to Date to Options
Condition Condition (% of IPO Return Unlock (Y/N)
S/O) (%) Date
Medical-
ATAI Biomedical/Gen 6/18/2021 Y - - 2/15/2022 138 89% 9 Y 12/15/2021 - -15 Y Link
e
Medical-
AMAM Biomedical/Gen 6/18/2021 Y - - - 215 79% - Y 12/15/2021 - -20 N Link
e
Applications
RERE 6/18/2021 Y - - 8/17/2022 136 92% - Y 12/15/2021 - -25 N Link
Software
Medical-
VERV Biomedical/Gen 6/17/2021 Y - - 2/25/2022 32 69% 25 N 12/14/2021 - -34 Y Link
e
Medical
FEMY 6/18/2021 Y - - 2/25/2022 9 75% 0 Y 12/15/2021 - -29 N Link
Instruments
LYEL Medical-Drugs 6/17/2021 Y - - 2/25/2022 218 88% 20 Y 12/14/2021 - -19 Y Link
Internet
ISPC 6/17/2021 Y - - 2/25/2022 4 65% 5 N 12/14/2021 - 142 N Link
Content-Info/Ne
Medical
CNVY 6/16/2021 Y - - 2/25/2022 60 80% 1 Y 12/13/2021 - -16 N Link
Information Sys
~40.2M shares in lockup post IPO.
Of these, ~13.4M unlocked on
9/27. The remaining ~26.8M
Medical- shares will unlock 180 days after
ALZN Biomedical/Gen 6/15/2021 N - 12/10/2021 27 31% 133 Y 12/12/2021 - -15 Y IPO, on 12/12, or earlier if price is Link
e above $10 for 10 consecutive
trading days. Exact lockup terms
buried deep in Exhibits of
prospectus.
Medical-
JANX Biomedical/Gen 6/11/2021 Y - - 2/10/2022 29 72% 23 Y 12/8/2021 - -37 N Link
e
Computer
TASK 6/11/2021 Y - - 2/17/2022 82 84% 8 N 12/8/2021 - -37 Y Link
Services
Medical
LFST Labs&Testing 6/10/2021 Y - - 2/16/2022 334 88% 9 Y 12/7/2021 - -37 Y Link
Srv
Of these, ~26M shares will unlock
180 days after IPO, on 12/7. An
additional ~20.5M shares will also
unlock on 12/7 if (i) the share price
is higher than $12.5 on that day,
and (ii) the average share price is
higher than $12.5 over the 10
Applications 10 days >
ZETA 6/10/2021 N - 2/16/2022 26 14% 12 Y 12/7/2021 - -13 Y preceding trading days. After that, Link
Software 12.5
~20.9M shares will unlock on
1/6/2022 and an additional
~20.9M shares will unlock on
3/7/2022 if the same conditions as
above are met, using $13 and
$13.5 respectively. The remaining
~77M shares will unlock 365 days
after IPO, on 6/10/2022.
www.KEDM.com
T - 30
Shares Unlock to
S/O) (%) Return
(%)
2 days ~484M shares in lockup post IPO.
E- 10 days >
after first All shares will unlock 181 days
MQ Commerce/Servi 6/9/2021 N 35.91 2/16/2022 484 90% 9 Y 12/7/2021 - -33 Y Link
quarterly after IPO, on 12/7, as early release
ces EXPIRED
earnings conditions failed.
Shares are expected to unlock on
12/2, according to the prospectus,
Applications because the 180-day lockup is
MLNK 7/28/2021 Y - - 2/8/2022 65 79% 3 Y 12/2/2021 -1 -12 N Link
Software expected to occur during a
blackout period. Company will
press release 2 trading days prior
to unlock.
Of these, ~12.6M unlocked on the
day of the IPO. Another ~61.5M
shares unlock on 10/26 (90 days
after IPO in accordance with Rule
144). Also on 10/26, another
~58.56M shares will unlock if price
is above $50.54 (or 107.5M shares
HOOD Internet Brokers 7/29/2021 N - - 3/17/2022 568 68% 4 Y 12/1/2021 -2 -31 Y Link
if price is above $57). ~48.9M
shares will unlock 28 days after Re-
Sale S-1 is declared effective (and
no later than 12/1). (See p.247 of
S-1 filed on 8/5 for requisite price
condition dates.) Then, ~567.9M
shares unlock 126 days after IPO,
on 12./1.
2 days
10 days > Of these, ~79M shares unlocked
after
26.25 on 8/18 as price and earnings
second
Commercial Met - ~79M conditions were met on that date.
DLO 6/3/2021 N earnings 2/25/2022 185 63% 4 N 11/30/2021 -4 -32 Y Link
Serv-Finance shares The remaining ~185M shares
(quarterly
unlocked unlock 2 trading days after second
or
on 8/18. (quarterly or annual) earnings, on
annual)
11/30.
~231.5M shares in lockup. Of
Day of these, ~69.5M shares unlocked on
first 11/5 as all early release conditions
Internet Applic 3 out of 5
CXM 6/23/2021 N quarterly 12/9/2021 162 64% 12 Y 11/25/2021 -13 -14 Y were met as of that date. The Link
Sftwr days > 19.2
earnings remaining ~162M locked-up
(10-Q) shares unlock 1 day after second
quarterly earnings, on 11/25.
First
4/5 days > Of these, ~23.6M shares unlock
quarterly
52.6 11/24 if the following conditions
Commercial earnings
RELY 9/23/2021 N between 2/15/2022 24 15% 15 Y 11/24/2021 -16 -22 Y are met: i) price is above $52.6 for Link
Services released
11/15 and 4 out of 5 days between 11/15 and
before
11/19 11/19, ii) first earnings release
11/15
occurred before 11/15.
www.KEDM.com
Shares Unlock T - 30
Price Earnings Unlocking Busted to Date to Options
Condition Condition (% of IPO Return Unlock (Y/N)
S/O) (%) Date
CNTA Medical-Drugs 5/28/2021 Y - - 2/10/2022 71 80% - Y 11/24/2021 12 -33 N Link
Medical-
ZIVO Biomedical/Gen 5/28/2021 Y - - 2/25/2022 5 54% 4 Y 11/24/2021 -2 -11 N Link
e
Of these, ~2.4M shares unlock on
Applications
CWAN 9/24/2021 N - - 2/15/2022 2 1% 3 N 11/24/2021 -7 -12 Y 11/24. The remaining shares Link
Software
unlock on 3/23/2022 (assuming no
blackout period).
Medical-
OMIC Biomedical/Gen 5/27/2021 Y - - 2/16/2022 54 78% 4 Y 11/24/2021 -20 -2 N Link
e
10 days > 2 days ~140M shares in lockup post-IPO.
29.26 after Of these, ~23.3M shares unlocked
E- Met - second on 8/27 as early release conditions
FIGS Commerce/Prod 5/27/2021 N ~23.3M earnings 2/14/2022 117 71% 12 N 11/23/2021 2 -17 Y were met on that date. The Link
ucts shares (quarterly remaining ~116.7M shares unlock
unlocked or 2 days after the second earnings
on 8/27 annual) release.
Computer
PAY 5/26/2021 Y - - 1/14/2022 106 90% 8 N 11/22/2021 -5 10 Y Link
Software
these, ~11.7M shares will unlock 3
3 days
days after the price and earnings
Computer Data 5/10 days > after first
FORG 9/16/2021 N 2/17/2022 12 14% 9 N 11/22/2021 -4 -20 Y conditions are met, on 11/22. The Link
Security 33.75 quarterly
remaining shares unlock on the
earnings
earlier of i) 3/15/22 and 2) 2 days
after second quarterly earnings.
Of these, ~11.8M shares will
unlock 3 trading days after price
Apparel 10/15 days condition is met. The remaining
ONON 9/15/2021 N - 2/17/2022 12 4% 8 N 11/19/2021 -12 43 Y Link
Manufacturers > 31.2 shares will unlock on the earlier of
i) 3/15/22 and ii) 3 trading days
after second quarterly earnings,
but not earlier than 2/15/22.
~167.2M shares in lockup post IPO
(~41.7M of which are owned by
affiliates and subject to Rule 144).
Of these, ~1.6M shares unlocked
on 11/19. Another ~20% unlock
3 days
when the following conditions are
after
Applications met: i) 90 days have passed since
AVDX 10/13/2021 N - second 2/15/2022 2 1% 12 Y 11/19/2021 -26 13 Y Link
Software IPO, ii) price is above 30 for 5/10
quarterly
trading days ending on such date,
earnings
iii) company has had an earnings
release. Remaining shares unlock
3 trading days after second
quarterly earnings, or 180 days
after IPO (whichever is earlier).
www.KEDM.com
T - 30
Shares Unlock to
S/O) (%) Return
(%)
3 days ~477M shares in lockup post IPO.
Commercial after Q3 Of these, ~10.7M shares unlock 3
TOST 9/22/2021 N - 2/15/2022 11 2% 11 Y 11/18/2021 -21 -18 Y Link
Serv-Finance 2021 days after Q3 2021 earnings, on
earnings 11/18.
Of these, ~10.7M shares unlock 3
days after Q3 2021 earnings, on
11/18. Another ~65.4M shares
2 days
unlock 2 days after the following
Commercial 10/15 days after Q2
TOST 9/22/2021 N 2/15/2022 65 13% 11 Y 11/17/2021 -27 -9 Y condition is met: share price is Link
Serv-Finance > 50 2021
above $50 i) for 10 out of 15
earnings
trading days ending on or after
11/15 but ending no later than
11/30, including the day this
condition is met.
Beverages-Non-
OTLY 5/20/2021 Y - - 3/1/2022 495 84% - Y 11/16/2021 -20 -30 Y Link
alcoholic
Expired - 3 days Of these, ~7.4M shares could have
E- No shares after unlocked on 9/13, but early-
DIBS Commerce/Prod 6/10/2021 N unlocked second 2/11/2022 31 82% 29 Y 11/15/2021 -5 -10 N release conditions were not met Link
ucts due to price quarterly and thus expired. All shares will
release earnings unlock 3 days after second
quarterly earnings.
3 days
Of these, ~1.5M shares unlock 3
Applications after first
ESMT 9/23/2021 N - 2/15/2022 2 1% 3 Y 11/15/2021 -24 -12 N days after first quarterly earnings, Link
Software quarterly
on 11/18. The remaining shares
earnings
unlock on 3/22/2022.
these, ~6.6M shares unlock on
11/15 as early release conditions
Computer 10 days >
LAW 7/21/2021 N - 3/4/2022 7 12% 7 N 11/15/2021 -31 6 Y will have been met on that date. Link
Software 40
The remaining ~43.4M shares
unlock 180 days after IPO, on
1/17/2022.
these, ~11M shares unlock on
Educational 10/15 days 11/15 as early release conditions
DUOL 7/28/2021 N 3/11/2022 6 17% 16 N 11/15/2021 -24 -10 Y Link
Software > 102 will have been met on that date.
The remaining ~15M shares unlock
180 days after IPO, on 1/24/22.
2 days
10 days > ~40M shares in lockup post IPO.
after
206.15 ~4.42M shares unlocked early, on
second
Applications Met ~4.4M 9/8, as early release conditions
MNDY 6/10/2021 N quarterly 12/13/2021 36 91% 30 N 11/12/2021 -23 0 Y Link
Software shares were met. All remaining shares
earnings
unlocked unlock two days after second
on Form
on 9/8 quarterly earnings, on 11/12/21.
6-K
www.KEDM.com
T - 30
Shares Unlock to
S/O) (%) Return
(%)
3 days Of these, 4.9M shares unlocked on
after 8/13 as price and earnings
Medical 10 days >
DOCS 6/24/2021 N second 2/24/2022 148 81% 28 N 11/12/2021 -15 -6 Y conditions were met on that date. Link
Information Sys 33.8
quarterly The remaining ~147.6M shares
earnings unlock 3 days after second
quarterly earnings, on 11/12/21.
10 days >
~91M shares in lockup post-IPO.
31.92
Of these, ~27M shares unlocked 2
Met - ~27M 2 days
days after first quarterly earnings
shares after
Finance-Other as both price and earnings
FLYW 5/26/2021 N unlocked 2 second 2/14/2022 64 63% 3 N 11/11/2021 -10 -7 N Link
Services conditions were met as of that
days after quarterly
date. The remaining ~64M shares
first earnings
unlock 2 days after second
quarterly
quarterly earnings.
earnings
Medical- Of these, ~1.7M shares are
DRMA Biomedical/Gen 8/13/2021 N - - 2/17/2022 2 20% 3 Y 11/11/2021 -52 17 N subject to a 90-day lockup. The Link
e remaining shares are subject to a
180-day lockup.
~6.25M shares in lockup post-IPO.
Of these, ~2.37M shares unlocked
Retail-
DBGI 5/14/2021 N - - 2/14/2022 4 35% 6 Y 11/10/2021 -38 38 N 90 days after IPO, on 8/12. The Link
Apparel/Shoe
remaining ~3.88M shares unlock
180 days after IPO, on 11/10.
28M shares in lockup post IPO. Of
these, ~1.2M shares unlock 180
days after IPO, on 11/10 (these
are employee shares). The
Retail-
EJH 5/14/2021 N - - 12/7/2021 1 4% 6 Y 11/10/2021 -20 -2 N remaining ~26.8M shares unlock Link
Appliances
365 days after IPO, on 5/12/2022
(these are directors', executives',
and principal shareholders'
shares).
Medical-
VERA Biomedical/Gen 5/14/2021 Y - - 2/14/2022 16 76% 1 N 11/10/2021 23 46 N Link
e
~140.9M shares were locked-up as
of the latest offering. Of these,
~17.6M shares were released from
lockup on 8/9, but ~16.15M of the
~17.6M shares entered "follow-
Computer Data
KNBE 4/22/2021 N - - 3/15/2022 138 81% 3 N 11/9/2021 -21 15 Y on" lock-ups in connection with Link
Security
the latest offering. In addition,
~1.56M shares unlock on 8/19.
The remaining ~137.9M shares
unlock 90 days after the latest
offering, on 11/9.
www.KEDM.com
T - 30
Shares Unlock to
S/O) (%) Return
(%)
~67.5M shares in lockup post-IPO.
Of these, up to ~3.5M shares
unlocked 91 days after IPO, on
E- 8/11. An additional ~13.4M shares
5 days >
SMWB Commerce/Servi 5/12/2021 N - 12/10/2021 51 67% 1 Y 11/8/2021 -15 -2 Y will unlock when price condition is Link
27.5
ces met (5 out of 10 consecutive
trading days above $27.5). The
remaining ~50.6M shares unlock
180 days after IPO, on 11/8.
Of these, 35-40M shares unlocked
1 day
for a period starting 1 day after
Applications after first
GLBE 5/12/2021 N - 3/3/2022 92 64% 8 N 11/8/2021 2 -7 Y first quarterly earnings and ending Link
Software quarterly
on 9/15 (buried in the footnotes).
earnings
The remaining shares unlock 180
days after IPO, on 11/8.
2 days These shares unlock on the earlier
after of 181 days after IPO (11/17) and 2
Applications
PCOR 5/20/2021 N - second 2/28/2022 110 85% 5 N 11/8/2021 -15 3 Y trading days after second Link
Software
quarterly quarterly earnings. The company's
earnings recent 8-K (link right) details that
the shares will unlock on 11/8.
~17.12M shares were locked-up
post-IPO. Of these, ~16.25M
shares unlock 181 days after IPO,
E-
on 11/8. The remaining ~0.87M
IPW Commerce/Prod 5/12/2021 N - - 2/3/2022 16 62% 3 Y 11/8/2021 -12 -4 N Link
shares (or less than 5% of s/o)
ucts
unlock at various times thereafter,
and unlock completely 365 days
after IPO, on 5/12/2022.
Of these, ~17.5M shares will
Release
unlock on 11/8; this is because
first
Commercial 10 days > price and earnings conditions have
LZ 6/30/2021 N quarterly 2/4/2022 18 9% 22 Y 11/8/2021 -27 13 Y Link
Services 36.4 been met, but no early release can
earnings
happen until 11/8. The remaining
(8-K)
~157.5M shares will unlock 180
days after IPO, on 12/28.
~231.5M shares in lockup. Of
these, ~69.5M shares will unlock
Day of
on 11/5 as all early release
first
Internet Applic 3 out of 5 conditions were met as of that
CXM 6/23/2021 N quarterly 12/9/2021 70 28% 12 Y 11/5/2021 -24 7 Y Link
Sftwr days > 19.2 date. The remaining ~162M
earnings
locked-up shares unlock 1 day
(10-Q)
after second quarterly earnings,
on 11/25.
Underwriters have deemed early
Enterprise release conditions to have been
FRSH 9/22/2021 2/15/2022 58 20% 12 Y 11/4/2021 -24 -2 Y Link
Software/Serv met. As a result, ~58.2M shares
unlock on 11/4.
www.KEDM.com
Priced Secondaries Monitor

US secondaries that are priced and trading (trailing 60 days)
Shares
Offering offered Short YTD Return From
Market % Shares of Offer
Ticker Priced Date Company Sector Amount w/ Interest Return Offer Price
Cap ($M) outstanding Price ($)
($M) greenshoe (%) (%) (%)
(M)
APP 12/3/2021 AppLovin Corp Entertainment Software 31004 623 8 3 83 3 - 0%
ESPR 12/2/2021 Esperion Therapeutics Inc Medical-Biomedical/Gene 160 225 32 -1049 7 31 -79 -22%
IMGN 12/2/2021 ImmunoGen Inc Medical-Biomedical/Gene 1485 77 12 6 7 5 7 5%
MEIP 12/1/2021 MEI Pharma Inc Medical-Biomedical/Gene 355 45 18 16 3 7 3 5%
LGVN 12/1/2021 Longeveron Inc Medical-Biomedical/Gene 478 20 1 34 18 6 - 35%
ADTX 12/1/2021 Aditxt Inc Diagnostic Equipment 35 17 17 62 1 3 -61 -24%
KRYS 11/30/2021 Krystal Biotech Inc Medical-Biomedical/Gene 1743 200 3 12 75 11 17 -7%
PTPI 11/30/2021 Petros Pharmaceuticals Inc Medical-Drugs 48 6 2 14 3 4 -38 -9%
INTU 11/29/2021 Intuit Inc Applications Software 188422 1036 2 1 669 1 75 -1%
QLGN 11/29/2021 Qualigen Therapeutics Inc Medical-Biomedical/Gene 44 9 6 20 2 5 -58 -16%
KTTA 11/24/2021 Pasithea Therapeutics Corp Medical-Biomedical/Gene 71 30 9 66 4 0 - -8%
OTLK 11/23/2021 Outlook Therapeutics Inc Therapeutics 305 58 46 26 1 5 5 9%
ALPP 11/23/2021 Alpine 4 Holdings Inc Metal Processors&Fabrica 395 24 9 6 3 4 -35 -16%
SCPS 11/22/2021 Scopus Biopharma Inc Medical-Biomedical/Gene 46 10 3 17 3 1 -85 -33%
DPW 11/19/2021 Ault Global Holdings Inc Investment Companies 211 200 52 64 4 4 -64 -59%
ALHC 11/18/2021 Alignment Healthcare Inc Medical Information Sys 2825 193 9 5 21 4 - -28%
PRVA 11/18/2021 Privia Health Group Inc Medical Information Sys 2303 174 6 6 29 3 - -25%
BXMT 11/19/2021 Blackstone Mortgage Trust Inc REITS-Mortgage 5130 318 10 6 32 4 11 -4%
ROVR 11/19/2021 Rover Group Inc E-Commerce/Products 1820 69 7 4 10 3 - 0%
ECVT 11/18/2021 Ecovyst Inc Chemicals-Specialty 1335 76 8 6 10 1 -16 3%
EQT 11/18/2021 EQT Corp Oil Comp-Explor&Prodtn 7140 232 11 3 21 4 49 -10%
SEMR 11/18/2021 SEMrush Holdings Inc Applications Software 2669 103 5 20 21 2 - -7%
AQB 11/18/2021 AquaBounty Technologies Inc Fisheries 175 27 13 22 2 6 -72 18%
KHC 11/18/2021 Kraft Heinz Co/The Food-Misc/Diversified 40883 - 31 3 - 4 -4 -
CBAY 11/18/2021 Cymabay Therapeutics Inc Medical-Biomedical/Gene 276 63 16 23 4 2 -43 -18%
FTHM 11/18/2021 Fathom Holdings Inc Real Estate Mgmnt/Servic 359 44 2 12 25 10 -39 -11%
LTRX 11/18/2021 Lantronix Inc Networking Products 236 35 5 16 8 1 55 -8%
GRIL 11/18/2021 Muscle Maker Inc Retail-Restaurants 26 9 7 38 1 4 -39 -23%
DH 11/17/2021 Definitive Healthcare Corp Medical Information Sys 4355 396 11 13 36 2 - -22%
NWE 11/17/2021 NorthWestern Corp Electric-Integrated 3008 325 6 13 54 2 -5 4%
CERT 11/17/2021 Certara Inc Medical-Biomedical/Gene 4094 310 10 7 31 3 -23 -16%
CLOV 11/17/2021 Clover Health Investments Corp Medical-HMO 2048 300 52 19 6 11 -74 -25%
DV 11/17/2021 DoubleVerify Holdings Inc Enterprise Software/Serv 4738 288 9 6 31 5 - -4%
NOG 11/17/2021 Northern Oil and Gas Inc Oil Comp-Explor&Prodtn 1488 230 12 18 20 13 120 -4%
VCTR 11/17/2021 Victory Capital Holdings Inc Private Equity 2459 136 4 6 34 5 46 6%
CTOS 11/17/2021 Custom Truck One Source Inc Rental Auto/Equipment 1815 105 12 5 9 4 0 -14%
MITT 11/17/2021 AG Mortgage Investment Trust I REITS-Mortgage 239 72 7 44 10 1 18 2%
PTON 11/16/2021 Peloton Interactive Inc Athletic Equipment 14460 1100 24 9 46 8 -71 -4%
CUBE 11/16/2021 CubeSmart REITS-Storage 11927 792 16 8 51 1 62 7%
APLS 11/16/2021 Apellis Pharmaceuticals Inc Medical-Biomedical/Gene 4189 403 10 12 40 7 -25 8%
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Shares
($M) greenshoe (%) (%) (%)
(M)
PSTL 11/16/2021 Postal Realty Trust Inc REITS-Diversified 403 83 5 36 17 1 7 6%
VRAY 11/16/2021 ViewRay Inc X-Ray Equipment 901 80 14 9 6 5 32 -10%
EYPT 11/16/2021 EyePoint Pharmaceuticals Inc Medical-Biomedical/Gene 513 70 5 18 14 3 130 10%
OPTN 11/16/2021 Optinose Inc Medical-Drugs 126 46 29 54 2 6 -63 -4%
CYTH 11/16/2021 Cyclo Therapeutics Inc Medical-Biomedical/Gene 43 12 2 30 6 1 18 -14%
SUI 11/15/2021 Sun Communities Inc REITS-Manufactured Homes 23390 648 4 3 185 3 29 6%
STEP 11/15/2021 StepStone Group Inc Invest Mgmnt/Advis Serv 4671 236 5 8 52 1 8 -18%
NETI 11/12/2021 Eneti Inc Energy-Alternate Sources 306 175 19 99 9 4 -54 -13%
HAIN 11/11/2021 Hain Celestial Group Inc/The Food-Misc/Diversified 3716 563 12 15 46 6 -2 -14%
MRTX 11/10/2021 Mirati Therapeutics Inc Medical-Biomedical/Gene 7499 500 3 7 145 7 -38 -6%
FA 11/10/2021 First Advantage Corp Human Resources 2613 345 17 13 20 4 - -15%
DSEY 11/10/2021 Diversey Holdings Ltd Chemicals-Specialty 4295 225 15 5 15 4 - -10%
KNBE 11/10/2021 KnowBe4 Inc Computer Data Security 3713 237 9 29 26 3 - -16%
APR 11/10/2021 Apria Inc Medical Products 1046 142 5 15 32 4 - -6%
EWCZ 11/10/2021 European Wax Center Inc Commercial Services 1710 157 6 21 26 6 - 2%
MASS 11/10/2021 908 Devices Inc Engineering/R&D Services 749 101 3 11 32 8 -58 -25%
CYRX 11/10/2021 CryoPort Inc Transport-Services 3120 249 3 7 81 5 44 -22%
KDNY 11/10/2021 Chinook Therapeutics Inc Medical-Biomedical/Gene 848 134 10 21 14 5 -2 11%
BLBX 11/10/2021 Blackboxstocks Inc Investment Companies 31 12 2 30 5 0 -1 -40%
HSDT 11/10/2021 Helius Medical Technologies In Medical-Biomedical/Gene 22 11 1 58 8 1 -56 -28%
SITM 11/9/2021 SiTime Corp Electronic Compo-Semicon 5956 518 2 13 225 3 159 29%
PING 11/9/2021 Ping Identity Holding Corp Computer Data Security 1935 283 10 14 28 8 -19 -18%
SGRY 11/9/2021 Surgery Partners Inc Medical-Hospitals 4172 321 7 8 47 4 61 0%
PLYA 11/9/2021 Playa Hotels & Resorts NV Hotels&Motels 1180 70 8 5 8 2 21 -14%
KRP 11/9/2021 Kimbell Royalty Partners LP Oil-US Royalty Trusts 875 53 4 9 14 2 72 -3%
ATXI 11/9/2021 Avenue Therapeutics Inc Medical-Drugs 25 3 2 13 1 2 -78 -4%
TALO 11/8/2021 Talos Energy Inc Oil Comp-Explor&Prodtn 808 - 6 8 - 3 20 -
MOS 11/5/2021 Mosaic Co/The Agricultural Chemicals 12962 - 34 10 - 1 52 -
XM 11/4/2021 Qualtrics International Inc Enterprise Software/Serv 17362 1150 27 30 42 4 - -24%
TRNO 11/4/2021 Terreno Realty Corp REITS-Warehouse/Industr 5820 261 4 5 75 1 33 4%
STAG 11/3/2021 STAG Industrial Inc REITS-Warehouse/Industr 7785 391 9 6 43 1 39 2%
ANIP 11/3/2021 ANI Pharmaceuticals Inc Medical-Biomedical/Gene 669 75 2 10 50 2 38 -20%
OLB 11/3/2021 OLB Group Inc/The Internet Applic Sftwr 44 25 5 73 6 9 -17 -25%
TMBR 11/3/2021 Timber Pharmaceuticals Inc Medical-Biomedical/Gene 25 17 27 73 1 6 -47 -39%
ABG 11/2/2021 Asbury Automotive Group Inc Retail-Automobile 3872 691 4 20 182 6 15 -8%
VRT 11/2/2021 Vertiv Holdings Co Machinery-Electric Util 9629 500 20 6 25 4 37 3%
ABR 11/2/2021 Arbor Realty Trust Inc REITS-Mortgage 2961 148 8 5 20 5 24 -11%
RKFL 11/2/2021 RocketFuel Blockchain Inc Commercial Serv-Finance 13 5 7 26 1 0 -80 -45%
NXTP 11/1/2021 NextPlay Technologies Inc E-Commerce/Services 107 30 19 20 2 2 -59 -40%
EIC 10/29/2021 Eagle Point Income Co Inc Closed-end Funds 107 12 1 12 18 - 23 -4%
STAF 10/29/2021 Staffing 360 Solutions Inc Human Resources 17 9 5 37 2 3 -75 -49%
FDMT 10/28/2021 4D Molecular Therapeutics Inc Medical-Biomedical/Gene 732 119 5 17 25 5 -45 -9%
CWBR 10/28/2021 Cohbar Inc Medical-Biomedical/Gene 40 15 21 32 1 1 -65 -35%
BBI 10/28/2021 Brickell Biotech Inc Medical-Biomedical/Gene 33 10 26 30 0 1 -63 -24%
KREF 10/27/2021 KKR Real Estate Finance Trust REITS-Mortgage 1269 110 5 9 22 4 16 -5%
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Shares
($M) greenshoe (%) (%) (%)
(M)
TWO 10/26/2021 Two Harbors Investment Corp REITS-Mortgage 2057 196 30 10 7 4 -6 -8%
CLAR 10/26/2021 Clarus Corp Athletic Equipment 988 85 3 9 27 1 74 -1%
OMF 10/26/2021 OneMain Holdings Inc Finance-Consumer Loans 6650 542 10 8 54 3 21 -5%
CRTD 10/25/2021 Creatd Inc Applications Software 35 4 1 6 5 6 -48 -52%
GMGI 10/25/2021 Golden Matrix Group Inc Entertainment Software 195 3 0 2 7 0 4 2%
FGF 10/25/2021 FG Financial Group Inc Property/Casualty Ins 20 3 1 13 4 11 -17 -12%
ISEE 10/21/2021 IVERIC bio Inc Medical-Biomedical/Gene 1691 173 10 10 17 11 113 -12%
CRNX 10/21/2021 Crinetics Pharmaceuticals Inc Medical-Biomedical/Gene 1223 173 9 22 20 2 82 30%
ADMA 10/21/2021 ADMA Biologics Inc Medical-Biomedical/Gene 257 58 58 42 1 6 -33 32%
WHF 10/21/2021 WhiteHorse Finance Inc Investment Companies 356 30 2 9 16 0 14 -3%
TASK 10/20/2021 TaskUS Inc Computer Services 3818 767 12 80 64 8 - -38%
HPK 10/20/2021 HighPeak Energy Inc Oil Comp-Explor&Prodtn 1331 22 2 2 10 2 -12 40%
LMFA 10/18/2021 LM Funding America Inc Finance-Commercial 65 35 7 131 5 6 50 6%
ADTX 10/18/2021 Aditxt Inc Diagnostic Equipment 35 17 17 62 1 3 -61 -24%
PYCR 10/15/2021 Paycor HCM Inc Enterprise Software/Serv 4971 384 12 7 32 3 - -11%
SNCY 10/14/2021 Sun Country Airlines Holdings Airlines 1511 276 9 17 33 6 - -19%
NAPA 10/14/2021 Duckhorn Portfolio Inc/The Beverages-Wine/Spirits 2149 283 14 14 21 4 - -9%
KOS 10/14/2021 Kosmos Energy Ltd Oil Comp-Explor&Prodtn 1611 142 43 11 3 5 52 8%
PALT 10/14/2021 Paltalk Inc Internet Content-Entmnt 30 12 2 19 8 5 108 -59%
PTPI 10/14/2021 Petros Pharmaceuticals Inc Medical-Drugs 48 6 2 14 3 4 -38 -9%
SRPT 10/13/2021 Sarepta Therapeutics Inc Therapeutics 7091 575 7 9 81 6 -52 1%
APEN 10/13/2021 Apollo Endosurgery Inc Medical Instruments 329 65 8 27 8 1 145 7%
RZLT 10/13/2021 Rezolute Inc Medical-Biomedical/Gene 68 39 6 64 7 0 -63 -32%
NMTC 10/13/2021 NeuroOne Medical Technologies Medical Products 35 12 4 31 3 0 -53 -30%
RLAY 10/12/2021 Relay Therapeutics Inc Medical-Biomedical/Gene 3106 350 13 14 27 21 -31 8%
SBRA 10/12/2021 Sabra Health Care REIT Inc REITS-Health Care 2996 - 7 3 - 2 -25 -
EFC 10/12/2021 Ellington Financial Inc REITS-Mortgage 977 105 6 11 18 2 15 -7%
CDTX 10/8/2021 Cidara Therapeutics Inc Medical-Drugs 101 26 17 34 2 1 -24 -2%
AGRX 10/8/2021 Agile Therapeutics Inc Medical-Drugs 73 23 27 28 1 1 -79 -29%
OSMT 10/6/2021 Osmotica Pharmaceuticals PLC Medical-Biomedical/Gene 96 40 16 24 3 1 -72 -54%
HESM 10/5/2021 Hess Midstream LP Pipelines 6611 195 8 29 26 4 29 -3%
INDT 10/5/2021 Indus Realty Trust Inc REITS-Warehouse/Industr 749 161 2 32 66 2 23 13%
PED 10/5/2021 PEDEVCO Corp Oil Comp-Explor&Prodtn 85 7 4 6 2 0 -33 -36%
UPH 10/4/2021 UpHealth Inc Medical-Outptnt/Home Med 333 46 26 22 2 2 -79 32%
PROG 10/4/2021 Progenity Inc Diagnostic Kits 414 20 13 9 2 21 -52 69%
PESI 10/4/2021 Perma-Fix Environmental Servic Hazardous Waste Disposal 91 6 1 8 6 0 16 11%
NRBO 10/1/2021 NeuroBo Pharmaceuticals Inc Medical-Drugs 39 14 4 19 3 0 -72 -55%
INVO 10/1/2021 INVO BioScience Inc Medical Products 36 4 1 12 3 1 3 -5%
MEG 9/29/2021 Montrose Environmental Group I Environ Consulting&Eng 2052 178 3 11 62 5 125 12%
LFMD 9/29/2021 LifeMD Inc Internet Content-Info/Ne 118 23 4 14 6 6 -41 -36%
JRSH 9/29/2021 Jerash Holdings US Inc Apparel Manufacturers 84 10 1 13 7 0 16 -3%
KAVL 9/29/2021 Kaival Brands Innovations Grou Distribution/Wholesale 29 8 5 20 2 4 -80 -41%
EQT 9/28/2021 EQT Corp Oil Comp-Explor&Prodtn 7140 232 11 3 21 4 49 -10%
ABML 9/27/2021 American Battery Technology Co Diversified Minerals 708 39 25 4 2 2 -20 -27%
SKYE 9/27/2021 Skye Bioscience Inc Medical-Drugs 32 7 78 20 0 0 70 -24%
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Shares
($M) greenshoe (%) (%) (%)
(M)
TOMZ 9/27/2021 TOMI Environmental Solutions I Environ Consulting&Eng 38 5 3 17 2 1 -57 12%
MGY 9/24/2021 Magnolia Oil & Gas Corp Oil Comp-Explor&Prodtn 4308 123 8 4 16 11 164 14%
CSCW 9/24/2021 Color Star Technology Co Ltd Internet Content-Info/Ne 73 22 32 28 1 4 -29 -26%
ONTX 9/24/2021 Onconova Therapeutics Inc Medical-Biomedical/Gene 58 21 5 31 4 2 -60 -34%
KTRA 9/24/2021 Kintara Therapeutics Inc Medical-Drugs 29 9 7 17 1 2 -53 -51%
INVH 9/23/2021 Invitation Homes Inc REITS-Apartments 24903 575 14 2 40 2 41 4%
FLUX 9/23/2021 Flux Power Holdings Inc Energy-Alternate Sources 79 15 2 15 7 4 -71 -29%
BILL 9/22/2021 Bill.com Holdings Inc Enterprise Software/Serv 24464 1380 5 5 272 8 75 -12%
ROLL 9/22/2021 RBC Bearings Inc Metal Processors&Fabrica 5858 638 3 14 185 3 13 10%
WMG 9/22/2021 Warner Music Group Corp Music 21528 103 2 2 44 4 10 -5%
LPTX 9/22/2021 Leap Therapeutics Inc Medical-Drugs 216 79 28 45 3 13 9 -14%
VRDN 9/21/2021 Viridian Therapeutics Inc Medical-Biomedical/Gene 413 81 7 51 11 1 16 73%
LIFE 9/16/2021 aTyr Pharma Inc Therapeutics 222 86 11 63 8 3 106 0%
GRTS 9/16/2021 Gritstone bio Inc Medical-Drugs 837 55 5 8 11 3 213 12%
VINC 9/16/2021 Vincerx Pharma Inc Medical-Biomedical/Gene 209 51 4 20 15 6 -52 -31%
APG 9/15/2021 API Group Corp Commercial Services 5196 460 23 11 20 2 27 14%
LYV 9/15/2021 Live Nation Entertainment Inc Theaters 23437 455 5 2 87 10 42 20%
FIGS 9/15/2021 Figs Inc E-Commerce/Products 5116 413 10 7 40 12 - -22%
LESL 9/15/2021 Leslie's Inc Distribution/Wholesale 3807 400 18 11 22 12 -28 -9%
LAW 9/15/2021 CS Disco Inc Computer Software 2014 321 6 12 53 7 - -34%
MCB 9/15/2021 Metropolitan Bank Holding Corp Commer Banks-Eastern US 1025 173 2 28 75 5 165 28%
ELY 9/15/2021 Callaway Golf Co Golf 4807 135 5 3 29 8 8 -12%
NXTD 9/15/2021 NXT-ID Inc Electronic Secur Devices 24 13 28 -147 0 10 -83 -
NUWE 9/15/2021 Nuwellis Inc Medical Products 15 10 4 61 3 2 -80 -43%
ASO 9/14/2021 Academy Sports & Outdoors Inc Retail-Sporting Goods 3969 834 19 25 45 12 105 -5%
OPEN 9/14/2021 Opendoor Technologies Inc E-Commerce/Services 8647 544 32 6 17 11 -38 -16%
BRP 9/14/2021 BRP Group Inc Insurance Brokers 4230 281 9 19 31 1 26 24%
MP 9/14/2021 MP Materials Corp Diversified Minerals 7582 149 4 2 35 13 33 22%
PAR 9/14/2021 PAR Technology Corp Computers-Integrated Sys 1425 55 1 4 56 18 -16 -5%
VRPX 9/14/2021 Virpax Pharmaceuticals Inc Medical-Biomedical/Gene 48 40 7 132 6 3 - -31%
AVTX 9/14/2021 Avalo Therapeutics Inc Medical-Biomedical/Gene 208 31 14 15 2 3 -30 -16%
AVTR 9/13/2021 Avantor Inc Diagnostic Equipment 23756 1000 24 4 42 3 38 -7%
LSI 9/13/2021 Life Storage Inc REITS-Storage 11252 352 3 4 122 2 72 12%
CLRO 9/13/2021 ClearOne Inc Telecommunication Equip 29 10 4 19 3 0 -42 -52%
www.KEDM.com
CEO Change Monitor

Firings and resignations of the CEO position (trailing 60 days)
TTM
Mkt Return Resign Successor Effective Days Link
Initial PR Departing Return Interim
Ticker Company Cap since Immediate CEO Date of Til Notes/Synopsis/Reasons for Leaving to
Date CEO Before (Y/N)
($M) PR (%) (Y/N) Announced New CEO ER PR
PR (%)
Chairman and CEO James A. Squires plans to retire on May 1, 2022, at which
Norfolk James A.
NSC 12/02/2021 68,667 18 - N Y N 05/01/2022 55 time Executive Vice President and Chief Marketing Officer Alan H. Shaw will LINK
Southern Corp Squires
become CEO.
Andrew Clark, Founder, President and CEO, and the Zovio Board of Directors,
Andrew mutually agreed to his departure from the Company as its CEO and all other
ZVO 03/22/2021 Zovio Inc 47 317 - N N N 12/06/2021 83 LINK
Clark offices of the Company, effective as of March 31, 2021. Update 12/01/2021:
Randy Hendricks has been appointed as CEO, effective December 06, 2021.
Groupon Inc. GRPN, +2.62% shares slipped 1.5% on Wednesday after the
online marketplace announced its chief executive and chief operating officer
Rich
GRPN 03/25/2020 Groupon Inc 588 -74 - Y N Y 12/10/2021 84 are leaving. Williams and Krenzer will continue as employees of the company. LINK
Williams
Update 12/01/2021: Kedar Deshpande has been appointed as CEO, effective
12/10/2021.
Peter Arduini will step down as Chief Executive Officer at the end of 2021 to
Integra
Peter accept the role of President and Chief Executive Officer of GE Healthcare.
IART 06/24/2021 LifeSciences 5,342 45 - N N N 12/01/2021 77 LINK
Arduini Update 10/28/2021: Jan De Witte has been appointed as President and CEO.
Holdings
Update 12/01/2021: Jan D. De Witte has taken the reins.
Taronis Fuels Kevin Foti will resign from his position as President and CEO, effective
TRNF 11/30/2021 Kevin Foti 32 -65 - N N Y - - LINK
Inc December 10, 2021. This marks the second CEO resignation in 8 months.
Jack Dorsey has decided to step down as Chief Executive Officer. The Board of
TWTR 11/29/2021 Twitter Inc Jack Doresy 33,272 -2 - Y Y N 11/29/2021 69 Directors has unanimously appointed Parag Agrawal as CEO and a member of LINK
the Board, effective immediately.
BioForce Merle Ferguson has resigned as President and CEO. The board has appointed
Merle
BFNH 11/29/2021 Nanosciences 35 41 - Y Y N 11/30/2021 - both Steve Gagnon and John LaViolette as Co-Chief Executive Officers, LINK
Ferguson
Holdings effective November 30, 2021.
Marvin Riley will step down as President, CEO and as a member of the Board,
EnPro Industries
NPO 08/03/2021 Marvin Riley 2,193 82 - Y N Y 11/28/2021 81 effective immediately. No reason was given for his departure. Update LINK
Inc
11/28/2021: Eric A. Vaillancourt has been appointed as President and CEO.
Ampio
Michael Michael Macaluso is taking a one-year medical leave of absence from his role
AMPE 11/22/2021 Pharmaceuticals 206 32 - Y N Y - 90 LINK
Macaluso as Chairman and CEO, effective immediately.
Inc
Rafael Holdings Ameet Ameet Mallik will transition his Chief Executive Officer responsibilities to
RFL 11/22/2021 113 -73 - N Y N 02/01/2022 12 LINK
Inc Mallik Chairman, Howard Jonas, as of February 1, 2022.
AvalonBay Timothy J. Naughton will retire as the Company’s Chief Executive Officer and
Timothy J.
AVB 11/22/2021 Communities 33,018 43 - N Y N 01/01/2022 62 assume the role of Executive Chairman of the Board. Benjamin Schall will be LINK
Naughton
Inc his successor, effective 01/03/2022.
A. Michael Salem, one of the company's Co-Chief Executive Officers, has
Midwest A. Michael
MDWT 11/22/2021 60 -70 - Y Y N 11/22/2021 102 resigned as an officer and director and will leave the company, effective LINK
Holding Inc Salem
immediately. Georgette Nicholas has been appointed as CEO.
Array Jim Fusaro has informed the board of his intent to retire from the company
ARRY 11/22/2021 Technologies Jim Fusaro 2,359 -46 - N N N - 96 on or before December 31, 2022. The Board of Directors is engaged in a search LINK
Inc to identify Mr. Fusaro’s successor.
Plum Clay Whitehead resigned his positions as Chief Executive Officer and Director
Clay
PLMI 11/21/2021 Acquisition Corp 388 - - Y N N - 104 of the Company in order to pursue other investment opportunities, LINK
Whitehead
I EFFECTIVE IMMEDIATELY.
www.KEDM.com
TTM
PR (%)
Founders Oren and Roni Frank will step down effective immediately. The
TALK 11/18/2021 Talkspace Inc Oren Frank 311 -77 - Y N Y Searching 13 LINK
recent deSPAC is down 80% from highs.
Bakhu Holdings Teddy C. Teddy C. Scott Jr. has resigned from the company, effective November 10,
BKUH 11/16/2021 902 -27 -32 Y N Y - - LINK
Corp Scott, Jr. 2021. No reason was given for his departure.
Steven R. Mumma will transition to the role of Executive Chairman and that
New York
Steven R. the Company’s current President,
NYMT 11/16/2021 Mortgage Trust 1,426 43 -9 N Y N 01/01/2022 83 LINK
Mumma Jason T. Serrano, will succeed as CEO of the Company effective on January 1,
Inc
2022.
Scott Clements has resigned as CEO to pursue other interests and has stepped
Scott
OSPN 08/04/2021 OneSpan Inc 660 -23 -34 Y N Y 11/29/2021 82 down from the Board. Update 11/15/2021: Matthew Moynahan has been LINK
Clements
appointed as President and CEO, effective 11/29/2021.
Doug Doug Merritt has stepped down after having served as President and CEO for
SPLK 11/15/2021 Splunk Inc 17,592 -29 -19 Y N Y - 91 LINK
Merritt the past six years. Graham Smith named Interim CEO, effective immediately.
Bragg Gaming Richard Richard Carter will step down from the CEO role, effective immediately. Paul
BRAG 11/15/2021 112 28 -20 Y N Y - 112 LINK
Group Inc Carter Godfrey has been appointed to the role of Interim CEO.
Six Flags Michael Spanos has stepped down after two years of service, as CEO,
Michael
SIX 11/15/2021 Entertainment 3,199 53 -14 Y Y N 11/15/2021 83 President and a member of the Board. Selim Bassoul has been appointed CEO LINK
Spanos
Corp and President of Six Flags, effective immediately.
John Van Siclen plans to retire effective December 13, 2021. Rick McConnell
John Van
DT 11/15/2021 Dynatrace Inc 16,628 101 -17 N Y N 12/13/2021 62 has been appointed as the Company’s new CEO and Director, effective the LINK
Siclen
same date.
Norwood Lewis J.
NWFL 11/15/2021 213 4 -6 N N N - 55 Lewis J. Critelli has announced his plans to retire as President and CEO. LINK
Financial Corp Critelli
Dr. Vithalbhai Dhaduk, the former Interim Chief Executive Officer, resigned
Vithalbhai
MRZM 11/15/2021 Marizyme Inc 52 -11 -3 Y Y N 11/10/2021 - from this position on November 10, 2021 and remains Chairman of the Board. LINK
Dhaduk
The board appointed David Barthel as the CEO.
Hikmet Ersek announced his retirement from the role as CEO and Director of
Western Union Hikmet
WU 11/15/2021 6,921 -13 -3 N Y N 12/31/2021 69 Western Union effective December 31st, 2021. Devin B. McGranahan has LINK
Co/The Ersek
been appointed as the new Chief Executive Officer.
Brian Coe resigned from his position as President and Chief Executive
Talis Biomedical Officer and as a member of the Board of Directors. Update 11/15/2021:Brian
TLIS 08/31/2021 Brian Coe 264 - -42 Y N Y 12/1/2021 118 LINK
Corp Blaser has been appointed as President, Chief Executive Officer and
Director, effective 12/01/2021.
The Board of Kintara Therapeutics Inc. have appointed Robert E. Hoffman to
Kintara Saiid
KTRA 11/15/2021 28 -42 -33 Y Y N 11/08/2021 70 succeed Saiid Zarrabian as President and Chief Executive Officer of the LINK
Therapeutics Inc Zarrabian
Company.
Philip Krim notified the Board of his decision to retire from the CEO position,
CSPR 11/15/2021 Casper Sleep Inc Philip Krim 268 -10 -4 Y Y N 11/15/2021 161 effective as of November 15, 2021. The Board has appointed Emilie Arel as LINK
the new President and Chief Executive Officer.
TherapeuticsMD Robert G. Hugh O'Dowd to succeed Robert Finizo as Chief Executive Officer, effective on
TXMD 11/11/2021 198 -51 -29 N Y N 12/31/2021 62 LINK
Inc Finizio or before December 31, 2021.
www.KEDM.com
TTM
PR (%)
Intrusion Inc's Board of Directors terminated the services of Jack B. Blount as

Jack B. President and Chief Executive Officer. No reason for this termination was
INTZ 07/23/2021 Intrusion Inc 63 -56 -13 Y N Y 11/15/2021 84 LINK
Blount given. Update 11/11/2021: Tony Scott has been appointed as the new
President and CEO, effective November 15, 2021.
Jonathan E. Jonathan Michael announces plan to retire, and will continue to serve as
RLI 11/10/2021 RLI Corp 4,763 12 -3 N Y N 01/01/2022 55 LINK
Michael Chairman of the Board of Directors. Craig Kliethermes identified as successor.
Piotr Szulczewski will be stepping down as Chief Executive Officer. He will

Piotr remain on the Company’s board of directors. Mr. Szulczewski will remain CEO
WISH 11/10/2021 ContextLogic Inc 2,077 - -37 N N N 02/01/2022 95 LINK
Szulczewski until either a successor is appointed by the Company’s board of directors, or
no later than February 1, 2022.
Anand Gopalan has informed the Board of Directors that he is stepping down
as CEO and a member of the Board. The company's Board has created an
Velodyne Lidar Anand
VLDR 07/19/2021 967 -52 -43 N Y N 11/10/2021 84 Office of the Chief Executive (OCE), comprising several members of LINK
Inc Gopalan
Velodyne’s senior leadership team. Update 11/10/2021: Theodore
Tewksbury is appointed CEO.
Bryan J. Merryman agreed to voluntarily step down as President and Chief
Rocky Mountain Bryan J. Executive Officer. The Company is actively engaged in the search for a new
RMCF 11/09/2021 53 208 -5 Y N Y - 41 LINK
Chocolate Facto Merryman CEO to succeed Mr. Merryman who will continue until such time in the
capacity of interim CEO.
Beauty Health Clint Carnell will be transitioning out of his role as Chief Executive Officer,
SKIN 11/09/2021 Clint Carnell 3,383 164 -21 N N Y - 105 LINK
Co/The effective December 31, 2021.
StepStone Scott Hart to become the sole CEO. Monte Brem to transition from co-CEO to
STEP 11/09/2021 Monte Brem 4,607 77 -14 N Y N 01/01/2022 68 LINK
Group Inc Executive Chairman. The transition to become effective January 1, 2022.
Royal Caribbean Richard Fain has decided to step down as CEO on January 3, 2022. Jason
RCL 11/09/2021 Richard Fain 17,107 21 -27 N Y N 01/03/2022 81 LINK
Cruises Ltd Liberty will succeed him as CEO and join the Board of Directors.
Karl Glassman to retire as CEO effective December 31, 2021; will become
Leggett & Platt Karl
LEG 11/09/2021 5,614 8 -3 N Y N 01/01/2022 66 Executive Chairman. Mitch Dolloff will succeed him as CEO and President at LINK
Inc Glassman
that time.
Jerry McMahon will resign as President and CEO in order to retire. Julie
Harpoon Jerry
HARP 10/26/2021 190 -58 -8 N Y N 11/08/2021 97 Eastland will be his successor. Update 11/08/2021: Julie Eastland has taken LINK
Therapeutics Inc McMahon
the reins.
Harry Stylli, Ph.D. has resigned as the CEO and as a member and Chairman of
the Board of Directors effective immediately. The search for a permanent
PROG 09/01/2021 Progenity Inc Harry Stylli 406 -89 155 Y N Y 11/08/2021 105 LINK
Chief Executive Officer is underway. Update 11/08/2021: Adi Mohanty has
been appointed as CEO, effective immediately.
Dr. Elazar Rabbani, Founder and CEO, to step down as CEO and transition to a
scientific role with the Company once a qualified successor is identified and
Enzo Biochem Dr. Elazar
ENZ 03/15/2021 159 13 10 N N N 11/08/2021 12 hired by the Board. UPDATE: BOD rejected resignation Update 10/18/2021: LINK
Inc Rabbani
Hamid Erfanian has been appointed as Chief Executive Officer, effective
11/08/2021. Update 11/08/2021: Hamid Erfanian has taken the reins.
Richard Pascoe has stepped down as President, CEO and as a member of the
Richard
HSTO 11/08/2021 Histogen Inc 18 -57 -40 Y N N - 98 company’s Board of Directors, to pursue different opportunities. A search has LINK
Pascoe
commenced to identify a permanent CEO.
www.KEDM.com
TTM
PR (%)
Josep Josep Bassaganya-Riera, Ph.D., has stepped down as Chairman, President and
Landos
LABP 11/08/2021 Bassaganya- 249 - -59 Y N Y - 117 Chief Executive Officer, effective immediately. No reason was given for his LINK
Biopharma Inc
Riera departure.
Aris Kekedjian has resigned due to certain personal family issues that make it
Icahn Aris
IEP 11/08/2021 14,047 28 -10 Y Y N 11/08/2021 84 impossible for him to continue his permanent relocation in Florida. David LINK
Enterprises LP Kekedjian
Willetts has been named Chief Executive Officer, effective immediately.
Joseph Cammarata has become the subject of recently announced civil and
criminal charges purportedly related to activities involving a class action
Joseph claims aggregator through a separate and unrelated entity called Alpha Plus
INVU 11/05/2021 Investview Inc 248 276 -12 Y N Y - 75 LINK
Cammarata Recovery, LLC. The Company’s Board of Directors placed Mr. Cammarata on
administrative leave and removed him from all duties and responsibilities.
James R. Bell has been appointed as acting CEO.
Alkami Mike Mike Hansen will step down as CEO, effective November 05, 2021. Alex
ALKT 11/04/2021 2,105 - -26 Y Y N 11/05/2021 90 LINK
Technology Inc Hansen Shootman succeeds Hansen.
Effective March 1, 2022, Joseph M. Harvey will succeed Robert H. Steers as
Cohen & Steers Robert H.
CNS 11/04/2021 4,329 73 -8 N Y N 03/01/2022 55 Chief Executive Officer and maintain his role as President. At that time, Mr. LINK
Inc Steers
Steers will assume the role of Executive Chairman of the company.
Shift
Toby Russell will be stepping down as Co-CEO on Feb. 1, 2022. George Arison,
SFT 11/04/2021 Technologies Toby Russell 364 -17 -42 N Y N 02/01/2022 95 LINK
Co-founder and Co-CEO, will serve as sole CEO.
Inc
NeuroBo Richard J. Kang, is stepping down later this month to pursue other
Richard J. following
NRBO 11/04/2021 Pharmaceuticals 38 -60 -29 Y Y N 136 opportunities while remaining on the Board of Directors. Gil Price, M.D. has LINK
Kang the filing
Inc been appointed as President and CEO.
Cara Derek Derek Chalmers will transition to a senior advisor role. Christopher Posner,
CARA 11/03/2021 677 34 -28 N Y N 11/09/2021 84 LINK
Therapeutics Inc Chalmers appointed as new President and Chief Executive Officer.
Effective November 3, 2021, company co-founder Brandon Stump has

Charlie's Brandon
CHUC 11/03/2021 32 -41 -11 Y N N - 123 resigned for personal reasons and to allow Charlie's to appoint an LINK
Holdings Inc Stump
independent director in his place.
On Track Yehuda Yehuda Holtzman provided a notice of his resignation for personal reasons.
OTIVF 11/03/2021 11 -50 -18 Y Y N 11/03/2021 118 LINK
Innovations Ltd Holtzman Amir Eilam has been appointed as CEO, effective November 3, 2021.
The Board of Trustees terminated Fred Boehler without cause from his
Americold Fred
COLD 11/03/2021 8,483 -16 5 Y N Y - 77 position as President and Chief Executive Officer of the Company, effective LINK
Realty Trust Boehler
immediately. George Chappelle has been appointed interim CEO.
www.KEDM.com
Bankruptcy Monitor
Recent bankruptcy filings of public companies with a remaining market cap >5m
BK Filing BK Market Cap

Company Sector Description Notes Docket
Date Ticker (M)
Liquidity squeeze due to Texas power outages; ERCOT charges >250m. Ch 15 in

Just Energy Group, Inc. sells natural gas and/or electricity to
Texas. Protection until June 4. Downlist from TSX to Venture and OTC Pink.
residential and commercial customers under long-term fixed-
UPDATE: Stay period under CCAA extended until 12/17 UPDATE 11/11:
Just Energy Group price and price-protected contracts. The Company also offers
3/9/2021 JENGQ Gas-Distribution 52 Extension of stay until 2/17/22; DIP maturity extended to 9/30/22; Court Link
Inc its customers the option to receive all or part of their
approved the ecobee sale to Generac UPDATE 11/12: Initiates litigation against
electricity and natural gas from renewable sources. Just
ERCOT UPDATE: Sale of ecobee to Generac closed; net proceeds of 15m and
Energy operates in Canada and the United States.
80k shares of GNRC
Ch. 22 - Seadrill files for the second time in 5 years. Equitization of debt; expect
limited to no equity recovery. UPDATE 3/23: Forbearance extention (3x).
UPDATE: Company proposes to write off 86% of debt (appx. 5B) to 750m; equity
to receive 1% of NewCo UPDATE 6/24: Forebearance extension UPDATE 7/20:
RIG lobs an offer into the mix alongside Noble; offer consists of cash, shares and
assumption of debt UPDATE 7/24: Agreement with senior secured; will swap
Seadrill Limited provides offshore drilling services. The
5.6B for 750m in 2nd lien takeback plus 83% of NewCo equity; exit facility of
Company owns and operates semi- submersible rigs, deep-
2/10/2021 Seadrill Ltd SDRLF Oil&Gas Drilling 19 300m to recieve 16.75% of NewCo; shareholders to recieve .25% of NewCo if all Link
water drilling ships, semi-tenders, and jack-ups. Seadrill
classes vote in favor of the plan. Will exit later this year or early 2022; Disclosure
serves clients worldwide.
statement hearing 9/2 UPDATE 9/2: Disclosure Statement approved; creditor
vote forthcoming; plan hearing on 10/26; requesting extention to solicit votes
UPDATE 10/11: Plan accepted by creditors; confirmation hearing on 10/26; exit
appx. 12/25 UPDATE 10/27: Plan confirmed by the Court; exit within 60 days;
shareholders to exit with .25% of NewCo UPDATE 11/18: New Board
announced; targeting early 2022 exit
New plan filed; revolver paid in full; first & second lien term repaid in cash or
Mallinckrodt PLC develops, manufactures, and markets
takeback term loans; unsecured recieves pro rata share of takeback 2nd lien
specialty pharmaceutical products and diagnostic imaging
notes and equity in NewCo UPDATE 6/16: Judge approves company to collect
10/12/2020 Mallinckrodt PLC MNKKQ Medical-Drugs agents. The Company specializes in the manufacturing of pain 16 Link
votes on the plan UPDATE 9/3: Reaches settlement with Opioid creditors;
management medications. Mallinckrodt offers its products to
amended plan to be filed next week; confirmation hearing in September
major wholesalers and retail drug store chains worldwide.
UPDATE 11/1: Confirmation hearing begins
UPDATE 6/9: Company requests 2nd DIP for 500m; seeks to extend exclusive
period to 9/15. Plan expected to be filed by 9/15; LatAm holders (DAL, Qatar
Airlines) discussing possible transactions; several offers on the table; extension
to file exit plan until 10/15 UPDATE 9/29: Third tranche, 750m DIP from Oaktree
LATAM Airlines Group S.A. is an airline that provides both
and APO; plan deadline is 10/15 UPDATE: Company files for exetension of
domestic and international flight services. The Company
exclusivity period until 11/26; hearing set for 10/28 UPDATE 10/18: Court
Latam Airlines provides passenger and cargo services to destinations in Chile,
5/25/2020 LTMAQ Airlines 230 approves the APO and Oaktree financing UPDATE 10/28: Court approves 1- Link
Group SA South America, the Caribbean, Europe, North America, and
month extension of exclusivity period; mediation in November UPDATE 11/2:
the Pacific. LATAM Airlines operates passenger aircraft and
Airline AZUL is considering a offer if the restructuring plan fails UPDATE 11/9: Q3
cargo freighters.
earnings; 200m draw on DIP UPDATE: BK Plan filed; plan calls for $5B stock and
convert raise; debt slashed by 4B; SVP and Sculptor to gain control; will resume
trading in Santiago with NYSE ADRs; 800m common stock raise backstopped
by SVP/Sculptor; exsisting shareholders to recieve ~30% of NewCo equity
www.KEDM.com
Bankruptcy Exit Monitor

Companies that have successfully restructured and re-emerged from bankruptcy with tradeable NewCo
Mkt
BK Filing BK Exit Exit to Date EV/ Net Debt/
Company Ticker Sector Description Cap
Date Date Return (%) EBITDA CF
($M)
3/22 - Entered into RSA with lenders. Eliminates 1.4B in debt, CBL equity and prefs each get
5.5% of the new restructured equity UPDATE 4/16: Filed amended Ch11 plan & disclosure
CBL & UPDATE 5/18: Files amended reorg plan; court approves disclosure statement; creditor vote
Associates CBL REITS-Regional Malls forthcoming UPDATE 7/22: Amended plan supplement filed UPDATE: Confirmation hearing on 11/1/2020 11/2/2021 620 3 - 28
Properties In 8/11; amended plan filed UPDATE 8/11: Plan approved; exit 11/1/21; as noted, pref and equity
to recieve up to 11% in NewCo UPDATE 10/27: Exit on 11/1; will relist on NYSE under CBL on
11/2
Company has proposed an asset sale (10 of 12 airplanes) to fund repayment of its only secured
lender, Drake Asset Management. Drake has stalking horse bid to acquire the aircraft. Company
intends to remain public post asset sales and with a clean B.S. UPDATE: AeroCentury Aircraft
Sale Approved, Erasing $83 Million in Debt UPDATE 6/22: Plan filed (link right); hearing date of
AeroCentury Finance-Leasing July 12; two paths - Sponsored Plan (ACY has yet to find a sponsor) and a Standalone Plan
ACY 3/29/2021 9/30/2021 152 -40 - -
Corp Compan (liquidation) UPDATE 7/12: Revised Plan and Disclosure; judge approves combined docs; 8/31
final hearing UPDATE 7/27: ACY files to extend exclusivity until 10/25 UPDATE: LOI signed with
Plan Sponsors; 11m equity investment as part of the plan of exit; NewCo pro forma ownership:
65% Plan Sponsors and 35% Legacy ACY shareholders UPDATE 8/17: Plan Sponsor Agreement
filed UPDATE 8/31: Received court approval for the plan; targeting exit prior to 9/30
The Company, offers renting and leasing of cars from its corporate and franchise locations, as
well as maintains separate airport counters, reservations and reservation systems, marketing,
Hertz Global
HTZ Rental Auto/Equipment and other customer contact activities. Update 5/11: Knighthead sweetens offer to 6B; wins 5/22/2020 7/1/2021 11245 -11 10 -
Holdings Inc
auction; equity to recieve 240m plus warrants (appx. 8$ value) UPDATE 6/10: Plan confirmed;
June 30 exit Update 7/1: Trading; warrants trading under HTZZW
Will emerge in late Q1. UPDATE 3/19: Extended stay until June 4. UPDATE 5/04: Seeking
authorization from Quebec courts to file a plan of arrangement with creditors on May 7;
creditors meeting called for June 11 to vote on 18m distribution to creditors in a "full and final
settlement of all claims" UPDATE 5/11: Court authorized DTEA to file its Plan; simple majority
DavidsTea Inc DTEA Tea 7/8/2020 6/17/2021 96 -29 - -
on June 17 needed to ratify; extended the stay to July 16. UPDATE 6/11: Creditors approve plan;
Company to disribute 18m UPDATE 6/16: Quebec Court and US Delaware Bankruptcy Court
approved the plan to pay 18m to creditors UPDATE 6/21: 8k filed with details of the 18m
settlement
Gulfport Energy Corporation operates as an energy exploration and production company. The
Gulfport Energy Oil Comp-
GPOR Company focuses on oil and natural gas exploration and production services. Gulfport Energy #N/A N/A 5/18/2021 1369 -7 - -
Corp Explor&Prodtn
serves clients in the United States.
Valaris Limited provides offshore contract drilling services. The Company owns, operates, and
Valaris Ltd VAL Oil&Gas Drilling 8/19/2020 5/03/2021 2309 30 23 -1
manages rig fleets and provides drilling services. Valaris serves customers worldwide.
Garrett Motion Inc. operates as an automobile technology provider. The Company offers
Garrett Motion Auto/Trk Prts&Equip-
GTX turbocharging, electric boosting, and automotive software solutions. Garrett Motion serves 9/20/2020 4/30/2021 472 33 2 -
Inc Orig
Diamond Plan submitted 1/25 to emerge. Equitization of senior unsecured. Exit likely in April. UPDATE:
Offshore Drilling PRIVATE Oil&Gas Drilling Plan confirmed. Current shareholders to receive rights to purchase 7% of NewCo. 625m in exit 4/26/2020 - - - -
Inc financing. UPDATE 6/22: S-1 filed
Frontier Communications Parent, Inc. operates as a telecommunications company. The
Frontier
Company offers a variety of communications solutions services through its fiber-optic and
Communications FYBR Telecom Services 4/14/2020 4/15/2021 8386 27 6 7
copper networks, including video, high-speed internet, advanced voice, and frontier secure
Parent
digital protection.
www.KEDM.com
Mkt
BK Filing BK Exit Exit to Date EV/ Net Debt/
Company Ticker Sector Description Cap
Date Date Return (%) EBITDA CF
($M)
Ferrellgas Partners, L.P. sells, distributes, markets, and trades propane and other natural gas
Ferrellgas liquids. The Partnership serves residential, industrial and commercial, portable tank exchange,
FGPR Retail-Propane Distrib 3/30/2021 407 10 - -
Partners LP agricultural, wholesale and other customers throughout the United States, the District of
Columbia, and Puerto Rico.
Chesapeake Energy Corporation produces oil and natural gas. The Company's operations are
Chesapeake Oil Comp-
CHK focused on discovering, developing, and acquiring conventional and unconventional natural gas 6/28/2020 2/10/2021 7129 38 3 0
Energy Corp Explor&Prodtn
reserves onshore in the United States.
Noble Corporation PLC provides diversified services for the oil and gas industry. The Company
provides contract drilling services with its fleet of offshore drilling units located in markets
Noble Corp plc NE Oil&Gas Drilling 7/31/2020 2/05/2021 1375 -9 - -
worldwide. Noble also provides labor contract drilling services, well site and project
management services, and engineering services. UPDATE: To trade under NE on June 9
Extraction Oil & Gas, Inc. operates as an energy company. The Company focuses on the
Extraction Oil & Oil Comp-
XOG acquisition, development, and production of oil, natural gas, and natural gas liquid reserves in 6/14/2020 1/21/2021 1771 - - 0
Gas Inc Explor&Prodtn
the Rocky Mountains. Extraction Oil & Gas serves customers in the United States.
Tuesday Morning Corporation retails home furnishing, gifts, and related items. The Company
Tuesday Retail-Home
TUEM offers bath and body, bed, craft, dining, kitchen, furniture, fashion accessories and products. 5/27/2020 1/4/2021 190 15 - -
Morning Corp Furnishings
Tuesday Morning serves customers in the United States.
Pennsylvania Real Estate Investment Trust is a self-administered real estate investment trust
Pennsylvania involved in acquiring, managing, and holding real estate interests for current yield and long-
PEI REITS-Regional Malls 2/11/2021 12/11/2020 97 7 - -
Real Estate Inves term appreciation. The Company's real estate holdings consist of shopping malls, strip and
power centers, and industrial properties in the Mid-Atlantic and Southeastern United States.
Oasis Petroleum Inc. operates as an oil and gas exploration company. The Company acquires,
Oasis Petroleum Oil Comp-
OAS explores, produces, and supplies petroleum products. Oasis Petroleum serves customers in the 9/30/2020 11/19/2020 2339 307 5 -
Inc Explor&Prodtn
United States.
FTS International, Inc. provides oil field services. The Company offers pressure pumping,
FTS
FTSI Oil-Field Services wireline and perforating, reservoir optimization, hydraulic fracturing, and equipment 9/22/2020 11/19/2020 368 86 5 -
International Inc
manufacturing services. FTS International serves customers worldwide.
California Resources Corporation is an independent oil and natural gas company. The Company
California Oil Comp- focuses on maximizing the value of land, mineral and technical resources for decarbonization
CRC 7/15/2020 10/27/2020 3310 174 4 1
Resources Corp Explor&Prodtn by developing carbon capture and storage and other emissions reducing projects. California
Resources serves customers in the State of California.
Denbury Inc. operates as an independent oil and natural gas company. The Company acquires,
Oil Comp-
Denbury Inc DEN develops, operates, and explores oil and gas properties. Denbury markets its services to 7/30/2020 9/18/2020 3930 335 13 0
Explor&Prodtn
customers in the Gulf Coast region of the United States.
Whiting Petroleum Corporation operates as an oil and gas exploration company. The Company
Whiting Oil Comp-
WLL acquires, explores, produces, and supplies petroleum products. Whiting Petroleum serves 4/1/2020 9/1/2020 2491 230 3 0
Petroleum Corp Explor&Prodtn
PG&E Corporation is a holding company that holds interests in energy based businesses. The
Company's holdings include a public utility operating in northern and central California that
PG&E Corp PCG Electric-Integrated 1/29/2019 7/1/2020 23824 32 10 20
provides electricity and natural gas distribution, electricity generation, procurement, and
transmission, and natural gas procurement, transportation, and storage.
Mcdermott International, Ltd provides engineering and construction solutions. The Company
Mcdermott Engineering/R&D
MCDIF offers engineering, fabrication, onshore construction, procurement, commissioning, and - 6/30/2020 83 -81 - -
International Ltd Services
consulting services. Mcdermott International serves clients worldwide.
Weatherford Weatherford International Public Limited Company provides oil field services and equipment.
International WFRD Oil-Field Services The Company offers drilling solutions, gas well unloading, restoration, and other related 7/2/2019 12/13/2019 1973 14 6 5
PLC activities. Weatherford International serves customers worldwide.
www.KEDM.com
Announced SPAC Monitor

SPACs that have announced an Initial Business Combination (IBC) but not yet closed
Pre Deal Warrant IBC PR Link to 8K or Corp. Current Warrant Listed

Target Name Target Business Description Arb
Ticker Ticker Date PR Presentation Price Price Options
American Express Global Business Travel (GBT) is the world’s leading B2B travel platform,
AMEX GLOBAL
APSG APSG/WS providing software and services to manage travel, expenses, and meetings & events for 12/3/21 LINK LINK 9.95 1.33 -2.88 Y
BUSINESS TRAVEL
companies of all sizes.
Selina is one of the world's largest hospitality brands built to address the needs of Millennial
BOAS BOAS/WS SELINA and Gen Z travelers, blending beautifully designed accommodation with coworking, 12/2/21 LINK LINK 9.85 0.72 -2.37 N
recreation, wellness, and local experiences.
OPAL Fuels LLC, a FORTISTAR portfolio company, is a leading vertically integrated renewable
ACTD ACTDW OPAL FUEL fuels platform involved in the production and distribution of renewable natural gas (RNG) for 12/2/21 LINK LINK 10.04 1.83 -3.29 N
the heavy-duty truck market.
Voltus is the leading software technology platform connecting distributed energy resources
SCLE SCLEW VOLTUS to electricity markets, delivering less expensive, more reliable, and more sustainable 12/1/21 LINK LINK 9.85 1.24 -2.89 N
electricity.
Rumble is a high growth neutral video distribution platform. Rumble has created rails and
CFVI CFVIW RUMBLE 12/1/21 LINK LINK 10.30 2.03 -3.23 N
independent infrastructure that are immune to cancel culture.
MANSCAPED™ is the leading men’s lifestyle consumer brand and male grooming category
creator trusted by over four million men worldwide. The product range includes a diversified
BLTS BLTSW MANSCAPED 7/30/21 LINK LINK 9.90 0.83 -2.43 N
line of premium tools, formulations, and accessories that are intelligently designed to
introduce a whole new self-care routine for men.
BENE BENEW ECOMBUSTIBLE Miami-based ECombustible is developing a hydrogen-based alternative fuel 11/24/21 LINK LINK 10.11 1.03 -2.42 Y
Essentium manufactures and delivers innovative industrial 3D printers, materials, software,

ACAH ACAHW ESSENTIUM and services, enabling the world’s top manufacturers to bridge the gap between 3D printing 12/1/21 LINK LINK 9.89 0.99 -2.60 N
and machining
Griid, procures cheap, carbon-free energy to manage, build and operate a portfolio of U.S.-
ADEX ADEX/WS GRIID 11/24/21 LINK LINK 9.91 1.03 -2.62 N
based Bitcoin mining facilities
Bitdeer is a world-leading technology company for the cryptocurrency mining community
headquartered in Singapore. Bitdeer has committed to providing comprehensive digital asset
mining solutions for its customers. Bitdeer handles complex processes involved in mining
BSGA - BITDEER 11/18/21 LINK - 10.15 - - N
such as miner procurement, transport logistics, mining datacenter design and construction,
mining machine management and daily operations. Bitdeer has mining datacenters deployed
in the United States and Norway.
Semantix is Latin America’s first fully integrated data software platform, with expected 2022
ASPC ASPCW SEMANTIX revenue of nearly $73 million. More than 300 clients in over 15 countries use Semantix 11/17/21 LINK LINK 9.86 0.82 -2.46 N
software and services.
SoundHound Inc., a leading innovator of conversational intelligence, offers an independent
ATSPT ATSPW SOUNDHOUND voice AI platform that enables businesses across industries to deliver best-in-class 11/16/21 LINK LINK 9.87 1.04 -2.67 N
conversational experiences to their customers.
Accelus is committed to accelerating minimally invasive spine surgery through its enabling
technology with broad accessibility to previously underserved markets. Established through
CHPM CHPMW ACCELUS the combination of Integrity Implants and Fusion Robotics, Accelus is focused on providing 11/15/21 LINK LINK 10.08 0.58 -2.00 N
its proprietary Adaptive GeometryTM technology with pragmatic and economical navigation
and robotic solutions with broad clinical use in spine surgery.
Obagi is an industry-leading, advanced skin care line formulated with scientifically proven
ingredients. Founded in 2016, Milk Makeup quickly became a cult-favorite among the beauty
MILK MAKEUP &
WALD WALDW community for its values of self-expression and inclusion, captured by its signature Live Your 11/15/21 LINK LINK 9.93 1.14 -2.71 N
OBAGI
Look, its innovative formulas and clean ingredients. The brand creates vegan, cruelty-free,
clean formulas from its Milk Makeup HQ in Downtown NYC.
www.KEDM.com

Brivo is the global leader in mobile, cloud-based access control for commercial real estate,
large distributed enterprises, and multifamily residential. The comprehensive product
CPTK CPTK/WS BRIVO 11/10/21 LINK LINK 9.88 0.80 -2.42 N
ecosystem and open API provide businesses with powerful digital tools to increase security
automation, elevate employee and tenant experience, and improve the safety of all people
Enterprise-grade touch, vision, and voice technologies help hospitality businesses thrive
VTAQ VTAQW PRESTO while delighting guests. With over 250,000 systems shipped, we are one of the largest labor 11/10/21 LINK LINK 10.01 0.48 -1.97 N
automation technology providers in the industry.
Gett’s cloud-based software offers the choice of more than 1,700 transportation providers,
including corporate fleets, ride-hailing services, taxis, and limousines, on one single platform,
RCLF RCLFW GETT forming a truly global transportation grid. The technology helps save businesses time and 11/10/21 LINK LINK 9.85 0.87 -2.52 N
money by centrally managing all of their ground transportation spending and optimizes the
entire employee experience from booking and riding to invoicing and analytics.
Panera Brands is one of the world’s largest fast casual restaurant companies, with nearly
HUGS HUGS/WS PANERA 4,000 locations and 110,000 employees across 10 countries.Panera Brands is comprised of 11/9/21 LINK - 10.30 1.95 -3.15 N
Panera Bread®, Caribou Coffee® and Einstein Bros.® Bagels.
springbig is a leading provider in customer loyalty and text message communications
solutions for cannabis retailers and cannabis brands. Founded in 2017, springbig offers a
TCAC TCACW SPRINGBIG single source of truth CRM that becomes the database of record for your in-store and online 11/9/21 LINK LINK 9.86 0.68 -2.32 N
customers that captures key purchasing and behavioral data and seamlessly integrates with
existing dispensary POS and eCommerce systems.
Blade Therapeutics, Inc. is a biopharmaceutical company focused on developing cutting-edge
treatments for debilitating, incurable fibrotic and neurodegenerative diseases that impact
BIOT BIOTW BLADE THERAPEUTICS 11/8/21 LINK LINK 9.81 0.70 -2.39 N
millions of people worldwide. The company has deep expertise in novel biological pathways
– including autotaxin / LPA and calpain biology
FiscalNote is a leading global technology provider of legal and policy data and insights. By
combining AI capabilities, expert analysis, and legislative, regulatory, and geopolitical data,
DSAC DSACW FISCAL NOTE 11/8/21 LINK LINK 9.91 1.31 -2.90 N
FiscalNote is reinventing the way that organizations minimize risk and capitalize on
opportunity.
Market-leading personal 'wealth and health' platform company in the Greater Bay Area
(GBA). offering a full-suite financial products and services to individual and corporate
customers, by leveraging existing infrastructure, customer base and business partners to
AGBA AGBAW TAG HOLDINGS 11/4/21 LINK - 11.02 0.27 -0.75 N
optimize customer experience empowered by technology. Particularly well-positioned to
capture opportunities emerging from the Wealth Management Connect and Insurance
Connect schemes.
TradeStation provides award-winning trading and analysis platforms and self-clearing online
brokerage services for stocks, ETFs, equity and index options, commodity and financial
QFTA QFTA/WS TRADESTATION 11/4/21 LINK LINK 9.88 0.56 -2.18 N
futures, futures options, and cryptocurrencies. These trading platforms are accessible on
desktop, Web and mobile, as well as via API technologies
Black Rifle Coffee Company (BRCC) is a Veteran-founded coffee company serving premium
SBEA SBEAW BLACK RIFLE COFFEE 11/2/21 LINK LINK 10.11 1.60 -2.99 Y
coffee to people who love America.
Terran Orbital Corporation is a leading vertically integrated provider of end-to-end satellite
solutions. Terran Orbital combines satellite design, production, launch planning, mission
TWNT TWNT/WS TERRAN ORBITAL 10/28/21 LINK LINK 9.91 1.05 -2.64 N
operations, and in-orbit support to meet the needs of the most demanding military, civil and
commercial customers.
FaZe Clan is a digital-native lifestyle and media platform rooted in gaming and youth culture,
reimagining traditional entertainment for the next generation. Founded in 2010 by a group
BRPM BRPMW FaZe Clan of kids on the internet, FaZe Clan was created for and by Gen Z and Millennials, and today 10/25/21 LINK LINK 10.08 1.93 -3.35 Y
operates across multiple verticals with transformative content, tier-one brand partnerships,
a collective of notable talent, and fashion and consumer products.
www.KEDM.com

Trump Media & Technology Group's mission is to create a rival to the liberal media
DWAC DWACW TMTG consortium and fight back against the "Big Tech” companies of Silicon Valley, which have 10/20/21 LINK LINK 44.02 14.96 17.56 Y
used their unilateral power to silence opposing voices in America.
Equinox Holdings, Inc. operates as a holding company. The Company, through its subsidiaries,
EQUINOX HOLDINGS
AAC AAC/WS provides fitness services such as yoga classes, studio cycling, cardio exercises, martial arts, 10/20/21 PRELIMINARY - IN TALKS 9.78 1.01 -2.73 N
INC
spa, and personal training. Equinox Holdings serves customers worldwide.
Okada Manila is the premier casino and integrated resort in Entertainment City, Manila.
Okada Manila is the largest integrated resort in the Philippines and amongst the largest in
the world. Located in one of the fastest-growing gaming markets in Asia, Okada Manila sits
ADER ADERW OKADA 10/15/21 LINK - 9.82 0.79 -2.47 N
on over 50 acres of land, and upon final completion will have licensed capacity to operate
974 gaming tables and 6,890 electronic gaming machines and have nearly 1,000 luxury hotel
rooms.
Tempo Automation is a leading software-accelerated electronics manufacturer, transforming
TEMPO the way top companies innovate and bring new products to market. Tempo’s unique
ACEV ACEVW 10/14/21 LINK LINK 9.94 1.16 -2.72 Y
AUTOMATION automated manufacturing platform optimizes the complex process of printed circuit board
manufacturing to deliver unmatched quality, speed and agility.
CompareAsia Group Limited develops and operates a financial comparison website. The
COMPAREASIAGROUP
PAQC PAQCW Company offers free and independent comparison of banking, insurance, and 10/12/21 PRELIMINARY - IN TALKS 9.77 0.66 -2.39 N
LTD
telecommunication products. CompareAsia Group mainly serves customers in Asia.
SeatGeek is a platform which enables buying and selling of tickets for sports, concerts,
RBAC RBAC/WS SEATGEEK 10/13/21 LINK LINK 10.01 1.34 -2.83 Y
theater and other live events.
TradeZero Holding Corp provides commission-free stock trading, short selling, free limit
DUNE DUNEW TRADEZERO 10/12/21 LINK LINK 9.92 0.61 -2.20 N
orders, and other services.
Starry is deploying fiber-quality broadband to the home without bundles, data caps, or long-
term contracts. Starry is a different kind of internet service provider. We’re building a
FMAC FMAC/WS STARRY 10/7/21 LINK LINK 9.88 1.35 -2.97 Y
platform for the future by putting our customers first, protecting their privacy, ensuring
access to an open and neutral net, and putting the customer experience at the heart
Rigetti has operated quantum computers over the cloud since 2017 and serves global
SNII SNII/WS RIGETTI COMPUTING enterprise, government, and research clients through its Rigetti Quantum Cloud Services 10/6/21 LINK LINK 10.38 2.60 -3.72 N
platform.
MoonLake Immunotherapeutics AG, founded in 2021, is a clinical-stage biotechnology
HLXA - MOONLAKE company advancing the tri-specific Nanobody®, sonelokimab, to address significant unmet 10/4/21 LINK LINK 9.91 - - N
needs in inflammatory skin and joint diseases.
AgiiPlus offers transformative integrated working solutions to its enterprise customers,
including a digital office marketplace to match enterprises with landlords, customized
GBRG GBRGW AGIIPLUS 10/4/21 LINK - 9.94 0.26 -1.82 N
prefabricated renovation with smart building solutions, high quality flexible workspace with
plug-in software and on-demand enterprise services.
The mission of Caritas, the Latin word for compassion, will be to transform the lives of
children and adults living with rare genetic diseases by harnessing the power of next-
ARYD - CARITAS 9/29/21 LINK LINK 9.90 - - N
generation genetic medicine and gene therapy technologies through advanced protein
engineering and innovative gene therapy vector technologies.
SAITECH is a Eurasia-based energy saving mining operator that engages in the hosting of
bitcoin mining machines for its clients. SAITECH uses a proprietary liquid cooling and heat
TUGC TUGCW SAITECH 9/29/21 LINK - 9.80 0.65 -2.35 N
exchange technology towards mining machines that enables utilization of waste heat to
provide recycled energy
Polestar is a Swedish premium electric performance car brand founded by Volvo Cars and
GGPI GGPIW POLESTAR 9/27/21 LINK LINK 11.62 3.71 -3.59 Y
Geely Holding
www.KEDM.com

Transfix is a market-leading, next-generation freight platform offering competitive pricing,

GSQD GSQD/WS TRANSFIX superior service and reliability, and unmatched intelligence for optimizing the supply chain 9/21/21 LINK LINK 9.91 1.19 -2.78 N
from start to finish.
Alvarium is an independent investment firm, global multi-family office and merchant banking
boutique providing tailored solutions for families, foundations and institutions across the
ALVARIUM &
GLBL GLBLW Americas, Europe and Asia-Pacific. Tiedemann Advisors is an independent investment and 9/20/21 LINK LINK 9.90 1.15 -2.75 N
TIEDEMANN
wealth advisor for high-net-worth individuals, family offices, trusts, foundations and
endowments.
Gogoro a leader in vehicle design and electric propulsion, smart battery design, battery
PPGH PPGHW GOGORO swapping, and advanced cloud services that utilize artificial intelligence to manage battery 9/16/21 LINK LINK 9.91 1.68 -3.27 N
availability and safety.
Prenetics is a global leader in genomic and diagnostic testing that is disrupting and
ARTA ARTAW PRENETICS 9/15/21 LINK LINK 9.91 0.89 -2.48 N
decentralising healthcare with a focus on prevention, diagnostics and personalized care.
Pagaya is a financial technology company working to reshape the lending marketplace by
PAGAYA
EJFA EJFAW using machine learning, big data analytics, and sophisticated AI-driven credit and analysis 9/15/21 LINK LINK 9.90 1.58 -3.17 N
TECHNOLOGIES
technology.
Forge is a leading provider of marketplace infrastructure, data services and technology
solutions for private market participants. By combining world-class trading technology and
MOTV MOTV/WS FORGE 9/13/21 LINK LINK 9.90 1.35 -2.95 N
operating expertise, Forge Markets enables private company shareholders to trade private
company shares with accredited investors.
MC is focused on the R&D and application of holographic technology. The company provides
high-precision holographic LiDAR solutions based on holographic technology, and technical
GPCO GPCOW MC HOLOGRAM solution of holographic image, design of holographic LiDAR point cloud algorithms 9/10/21 LINK - 9.98 0.23 -1.75 N
architecture design, holographic LiDAR sensor chip design and holographic vehicle intelligent
vision technology to provide customers with holographic ADAS services
Packable is a leading e-commerce company with a proprietary technology platform that
HTPA HTPA/WS PACKABLE empowers brands with a complete and cost-effective logistics, fulfilment, data science, digital 9/9/21 LINK LINK 9.92 1.99 -3.57 N
marketing and sales solution.
Energy Vault is the creator of sustainable energy storage products that apply conventional
physics fundamentals of gravity and potential energy. The system combines advanced
NXU NXU/WS ENERGY VAULT material science and proprietary, machine-vision AI software that autonomously 9/9/21 LINK LINK 9.95 1.19 -2.74 N
orchestrates the charging and discharging of electricity using ultra low cost composite bricks
and innovative mechanical crane systems.
Revelation Biosciences, Inc. is a clinical stage life sciences company focused on the
development of immunologic-based therapies for the prevention and treatment of disease.
REVELATION Revelation has several product candidates in development. REVTx-99, the lead therapeutic
PAIC PAICW 8/30/21 LINK LINK 10.20 0.67 -1.97 N
BIOSCINECE candidate, is an intranasal immunomodulator to prevent or treat infections caused by various
respiratory viruses such as SARS-CoV-2 including its variants, influenza A and B,
parainfluenza, rhinovirus, and RSV. UPDATE: Shareholder meeting set for 10/8
Forbes Media, LLC provides magazine publishing and printing services. The Company offers a
range of business magazines and online articles with news and information related to
OPA OPA/WS FORBES MEDIA 8/26/21 LINK LINK 9.92 1.22 -2.80 N
finance, international business, marketing, law, taxes, science, technology, communications,
investments, and entrepreneurship.
Founded in 2009, San Francisco-based Getaround operates a peer-to-peer car-sharing
ALTU ALTUW GETAROUND 8/25/21 PRELIMINARY - IN TALKS 9.87 0.70 -2.33 Y
marketplace that allows vehicle owners to rent out their cars on an hourly or daily basis.
Virgin Orbit builds and operates one of the most flexible and responsive satellite launchers
NGCA NGCAW VIRGIN ORBIT ever invented: LauncherOne, a dedicated launch service for commercial and government- 8/23/21 LINK LINK 10.09 2.12 -3.53 N
built small satellites.
www.KEDM.com

DDC and its subsidiaries, i.e. the Group, is a digital publisher and merchandiser for Asian
cooking based in Hong Kong and Mainland China. The Group mainly runs the leading content-
ACBA ACBAW DayDayCook 8/23/21 LINK - 10.10 0.50 -1.90 N
driven lifestyle brand, DayDayCook for young food lovers, who are seeking quality food and
convenience from ready-to-heat (RTH), ready-to-cook (RTC) and plant-based food products.
Aspiration is a leading platform to help people and businesses put automated sustainable
impact into their hands and integrate it into their daily lives. Aspiration has earned the trust
IPVF IPVF/WS ASPIRATION 8/18/21 LINK LINK 9.93 2.02 -3.59 N
of its more than 5 million members by helping them spend, save, shop, and invest to both
"Do Well" and "Do Good."
Syniverse powers mobile experiences for almost every person and device on earth. The
SYNIVERSE world’s largest companies and nearly all mobile carriers rely on Syniverse’s global network to
MBAC MBAC/WS 8/16/21 LINK LINK 9.93 1.19 -2.76 N
TECHNOLOGIES LLC seamlessly bridge mobile ecosystems and securely transmit data, enabling billions of
transactions, conversations and connections
SLCR SLCRW TIM HORTONS CHINA Master franchisor of Tim Hortons in China; expected closing in Q1 2022 8/12/21 LINK LINK 9.81 0.67 -2.36 N
Memic was founded in 2013 and based in Tel Aviv, Israel with a wholly owned subsidiary
MEMIC INNOVATIVE
MTAC MTACW based in Fort Lauderdale, Florida, is a medical device company dedicated to transforming 8/13/21 LINK LINK 9.97 1.48 -3.01 N
SURGERY LTD
surgery with its proprietary surgical robotic technology.
Juuce Limited, trading as EO Charging, is a leading technology solutions provider in the EV
FRSG FRSGW JUUCE sector. EO designs and manufactures EV charging stations and hardware-agnostic cloud- 8/12/21 LINK LINK 9.91 1.09 -2.68 N
based charge-point management software for fleets at its headquarters in the UK.
BGP/U
BGP-WU HERBL California weed supplier 8/12/21 PRELIMINARY - IN TALKS 9.55 0.78 -2.73 N
CN
HotelPlanner is a leading travel technology company that combines proprietary artificial
intelligence capabilities with a 24/7 global gig-based reservations and customer service
ASAX ASAXW HOTELPLANNER 8/11/21 LINK LINK 9.90 0.65 -2.25 N
network. HotelPlanner travel agents can customize all traveler hotel & accommodation
needs from a single platform while providing localized advice
GreenLight Biosciences is an integrated life sciences company with a breakthrough
GREENLIGHT biomanufacturing platform for discovering, developing, scaling, and commercializing
ENVI ENVIW 8/10/21 LINK LINK 9.93 1.10 -2.67 N
BIOSCIENCE ribonucleic acid (RNA) solutions at volume for a diverse product pipeline across agriculture
and human health
ADS-TEC Energy is drawing on decades of experience with lithium-ion technologies, storage
solutions and fast charging systems, including the corresponding energy management
EUSG EUSGW ADS-TEC 8/11/21 LINK LINK 10.03 1.98 -3.46 N
systems. Its new fast charging technology for electric vehicles has the potential to be
transformative and features a unique compact design.
MultiMetaVerse Inc. engages in developing and publishing animations and mobile games.
MULTIMETAVERSE
MPAC MPACW The Company produces animation, games, comics, and more. MultiMetaVerse conducts 8/9/21 LINK - 9.99 0.63 -2.14 N
INC
businesses in China.
Leafly helps more than 125 million annual visitors discover cannabis each year. Our powerful
tools help shoppers make informed purchasing decisions and empower cannabis businesses
MCMJ MCMJW LEAFLY 8/10/21 LINK LINK 10.01 1.21 -2.70 Y
to attract and retain loyal customers through advertising and technology services. UPDATE:
Shareholder meeting to extend deadline set for 10/29; POSTPONED until 12/21
EQRx is purpose-built, at scale, to develop and deliver innovative medicines to patients at
radically lower prices through a late-stage and growing product pipeline across high-cost
CMLT CMLTW EQRx 8/6/21 LINK LINK 9.97 1.80 -3.33 Y
therapeutic categories and emerging partnerships with leading payers and healthcare
providers.
Cepton provides state-of-the-art, intelligent, lidar-based solutions for a range of markets
CEPTON such as automotive (ADAS/AV), smart cities, smart spaces and smart industrial applications.
GCAC GCACW 8/5/21 LINK LINK 9.93 0.93 -2.50 N
TECHNOLOGIES Cepton’s patented MMT®-based lidar technology enables reliable, scalable and cost-effective
solutions that deliver long range, high resolution 3D perception for smart applications.
www.KEDM.com

Pico is a leading provider of technology services for the financial markets community. Pico
FTAA FTAAW PICO 8/4/21 LINK LINK 9.97 1.32 -2.85 N
provides a best-in-class portfolio of innovative, transparent, low-latency markets solutions
Hydrow offers live and on-demand workouts -- also sells heart-rate monitors, headphones,
SBII SBII/WS HYDROW 8/3/21 PRELIMINARY - IN TALKS 9.74 0.60 -2.37 N
yoga blocks, resistance bands and foam rollers
Sky Harbour LLC is an aviation infrastructure company building the first nationwide network
YSAC YSACW SKY HARBOUR 8/2/21 LINK LINK 10.14 0.96 -2.32 N
of Home-Basing solutions for business aircraft. Boston Omaha-backed.
Kredivo provides customers instant credit financing for e-commerce and offline purchases,
VPCB VPCBW KREDIVO as well as personal loans, based on proprietary, AI-enabled real-time decisioning. BNPL 8/2/21 LINK LINK 9.85 1.71 -3.36 N
platform.
Vacasa is the leading vacation rental management platform in North America, transforming
the vacation rental experience from inefficient and inconsistent, to reliable and technology-
forward. Vacasa’s integrated technology and operations helps optimize vacation home care
TPGS - VACASA 7/29/21 LINK LINK 9.74 - - N
and income for homeowners, offers guests a seamless and consistent stay, and provides
distribution partners with highly valuable vacation rental supply. UPDATE: Meeting set for
11/30; APPROVED; Closing on 12/6; trade under VCSA on 12/7
Allego is a leading electric vehicle, or EV, charging company in Europe and has deployed over
SPAQ SPAQ/WS ALLEGO 26,000 charging ports across 12,000 public and private locations, spanning 12 European 7/28/21 LINK LINK 9.93 1.35 -2.92 N
countries.
Swvl is a global tech startup based in Dubai that provides a semi-private alternative to public
GMBT GMBTW SWVL 7/28/21 LINK LINK 9.96 1.04 -2.58 N
transportation for individuals who cannot afford or access private options.
Nanosys, Inc. provides display solutions. The Company offers nanotechnology materials to
GIW GIWWW NANOSYS INC improve LCD display color performance and battery storage. Nanosys serves customers in 7/28/21 PRELIMINARY - IN TALKS 9.92 0.58 -2.16 N
the United States.
AdTheorent uses advanced machine learning technology and solutions to deliver impactful
advertising campaigns for marketers. AdTheorent's industry-leading machine learning
MACQ MACQW ADTHEORENT 7/27/21 LINK LINK 9.95 1.14 -2.70 N
platform powers its predictive targeting, geo-intelligence, audience extension solutions and
in-house creative capability, Studio A\T.
Cvent, Inc. operates as an organization that offers a platform for cloud-based enterprise
event management. The Company provides software solutions to event planners for online
DGNS - CVENT INC event registration, venue selection, event management, mobile applications for events, e- 7/23/21 LINK LINK 9.03 - - Y
mail marketing, and web surveys. Zoom (ZM) and Cathie are buying. UPDATE: meeting set
for 12/7
PropertyGuru Pte. Ltd., doing business as PropertyGuru, property real estate services. The
PROPERTYGURU PTE
BTNB - Company offers buying and renting of real estate properties. PropertyGuru serves clients in 6/8/21 - LINK 9.93 - - Y
LTD
Asia. Thiel-backed SPAC
Core Scientific provides high-performance infrastructure that powers the world’s leading
XPDI XPDIW CORE SCIENTIFIC 7/21/21 LINK LINK 12.67 4.14 -2.97 Y
blockchain companies, aka bitcoin miner.
Olive.com, the leader in payment services and online vehicle protection plans, was built to
MDH MDH/WS OLIVE give customers peace of mind. Vehicle protection plans cover mechanical failure of the 7/21/21 LINK LINK 9.86 0.61 -2.25 N
vehicle after the manufacturer’s warranty has expired.
Kin is the home insurance company For Every New Normal. By leveraging proprietary
technology, Kin delivers fully digital homeowners insurance with an elegant user experience,
OCA OCA/WS KIN INSURANCE INC 7/19/21 LINK LINK 9.93 0.95 -2.52 N
accurate pricing and fast, high-quality claims service. Kin offers homeowners, landlord,
condo, and mobile home insurance
Gelesis is a consumer-centered biotherapeutics company advancing a novel category of
CPSR CPSR/WS GELESIS 7/19/21 LINK LINK 9.95 0.96 -2.51 N
treatments for weight management and gut related chronic diseases.
Fast Radius, Inc. is a leading cloud manufacturing and digital supply chain company offering
ENNV ENNVW FAST RADIUS 7/19/21 LINK LINK 9.93 0.96 -2.54 N
3D printing
www.KEDM.com

Ermenegildo Zegna Group is a leading global luxury group, internationally recognised for the
excellent quality and designs of its brands Zegna and Thom Browne and the noble fabrics and
IIAC IIAC/WS ZEGNA 7/19/21 LINK LINK 9.99 1.86 -3.38 N
fibres by means of the in-house entirely Made in Italy lab UPDATE: Shareholder vote set for
12/15
Fathom Digital Manufacturing Corp manufactures machinery and equipment. The Company
ATMR ATMR/WS FATHOM DIGITAL provides additive and advanced rapid prototyping and on-demand low volume production 7/16/21 PRELIMINARY - IN TALKS 9.93 - Y
services.
ServiceMax’s mission is to help customers keep the world running with asset-centric field
service management software. As the recognized leader in this space, ServiceMax’s mobile
PFDR PFDRW SERVICEMAX 7/15/21 LINK LINK 9.84 1.07 -2.73 N
apps and cloud-based software provide a complete view of assets to field service teams.
UPDATE: Shareholder meeting set for 12/7
HeartFlow's non-invasive HeartFlow FFRCT Analysis leverages artificial intelligence to create
a personalized three-dimensional model of the heart. By using this model, clinicians can
LGV LGV/WS HEARTFLOW 7/15/21 LINK LINK 9.91 1.11 -2.70 N
better evaluate the impact a blockage has on blood flow and determine the best treatment
for patients.
PolicyGenius Inc. operates as an insurance broker. The Company offers life, renters, long-
FRW FRWAW POLICYGENIUS INC term disability, and pet insurances, as well as provides online insurance checkup services. 7/13/21 PRELIMINARY - IN TALKS 9.75 0.83 -2.58 N
PolicyGenius serves customers in the United States.
SES Holdings Pte. Ltd. operates as a holding company. The Company, through its subsidiaries,
IVAN IVAN/WS SES HOLDINGS 7/13/21 LINK LINK 10.08 2.49 -3.91 Y
provides electronic batteries. SES Holdings serves customers in Singapore.
Altus Power, based in Greenwich, Connecticut, is creating a clean electrification ecosystem,
serving its commercial, public sector and community solar customers with locally-sited solar
CBAH CBAH/WS ALTUS POWER 7/13/21 LINK LINK 10.11 2.26 -3.65 N
generation, energy storage, and EV-charging stations across the U.S. UPDATE: Shareholder
meeting set for 12/6
MSP Recovery, LLC provides professional services. The Company offers comprehensive
LCAP LCAPW MSP RECOVERY LLC platform to recover on any claims where the law places primary payment responsibility on 7/12/21 LINK LINK 9.94 0.80 -2.36 N
another payer. MSP Recovery serves clients in the State of Florida.
FPAC FPAC/WS BULLISH GLOBAL Pre-product Crypto exchange; Thiel-backed 6/23/21 LINK LINK 10.15 2.62 -3.97 Y
Alpha Tau Medical Ltd, is an Israeli oncology therapeutics company that focuses on research,
HCCC HCCCW ALPHA TAU development, and commercialization of the Alpha DaRT™ technology for the treatment of 7/8/21 LINK LINK 9.93 0.65 -2.22 N
solid tumors.
Hyperfine’s Swoop™ Portable MR Imaging System is designed to address the limitations of
current imaging technologies and make MRI accessible anytime, anywhere, to any patient.
HCAQ HCAQW HYPERFINE INC Swoop™ wheels directly to the patient’s bedside, plugs into a standard electrical wall outlet, 7/8/21 LINK LINK 9.96 - - N
and is controlled by an Apple iPad®. Designed as a complementary system to traditional MRIs
at a fraction of the cost UPDATE: Shareholder meeting set for 12/21
Circle is a global financial technology firm that enables businesses of all sizes to harness the
power of digital currencies and public blockchains for payments, commerce and financial
applications worldwide. Circle is the principal operator of USD Coin (USDC), which has
CND CND/WS CIRCLE 7/8/21 LINK LINK 10.52 2.67 -3.65 Y
become the fastest growing, regulated, fully reserved dollar digital currency. USDC in
circulation is greater than $25 billion and has supported over $785 billion in on-chain
transactions.
Planet is a leading provider of daily data and insights about Earth, committed to using space
to help life on Earth. Planet is driven by a mission to image the world every day, and make
change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet
DMYQ DMYQ/WS PLANET LABS INC 7/7/21 LINK LINK 10.00 3.55 -5.05 Y
designs, builds, and operates the largest earth observation fleet of imaging satellites,
capturing and compiling data from over 3 million images per day. UPDATE: Shareholder
www.KEDM.com

ATHN ATHN/WS HELIOGEN INC AI-enabled, concentrated solar power modules UPDATE: Shareholder meeting set for 12/28 7/7/21 LINK LINK 9.97 1.55 -3.08 N
Satellogic is the first vertically integrated geospatial analytics company, driving real outcomes
with planetary-scale insights. Satellogic is building the first scalable, fully automated Earth
CFV CFFVW SATELLOGIC USA INC Observation platform with the ability to remap the entire planet at both high-frequency and 7/6/21 LINK LINK 9.88 0.85 -2.47 N
high-resolution, providing accessible and affordable solutions for customers. Q4 close; will
trade under SATL UPDATE: Meeting set for 12/8
Bowlero, World’s Largest Owner and Operator of Bowling Centers and Owner of the
ISOS ISOS/WS BOWLERO 7/1/21 LINK LINK 10.00 1.49 -2.99 N
Professional Bowlers Association UPDATE: Shareholder vote set for 12/14
FreeWire Technologies, Inc. manufactures electrical products. The Company offers a range
FREEWIRE
DHCA DHCAW of electrical charging batteries, as well as provides mobile electric vehicle charging stations 6/30/21 PRELIMINARY - IN TALKS 9.76 0.74 -2.49 N
TECHNOLOGIES INC
and zero-emission and quiet mobile power.
Inspirato is the innovative luxury travel subscription brand that provides affluent travelers
access to a managed and controlled portfolio of hand-selected vacation options, delivered
TVAC TVACW INSPIRATO LLC 6/30/21 LINK LINK 10.13 1.30 -2.67 N
through a subscription model to ensure the service and certainty that affluent customers
demand.
System1 combines best-in-class technology & data science to operate the world’s most
advanced Responsive Acquisition Marketing Platform (RAMP). System1’s RAMP is omni-
TREB TREB/WS SYSTEM1 6/29/21 LINK LINK 9.93 1.51 -3.08 Y
channel and omni-vertical, and built for a privacy-centric world. RAMP enables the building
of powerful brands across multiple consumer verticals
Pardes leverages structure-based drug design and a tunable, reversible covalent chemistry
platform for novel drug discovery. The company’s lead product candidate, PBI-0451, is being
FSII - PARDES BIOSCIENCES 6/29/21 LINK LINK 14.56 - - N
developed as a potential direct-acting, oral antiviral drug to treat and prevent SARS-CoV-2
infections. UPDATE: Shareholder meeting set for 12/23
Pear Therapeutics is the leader in prescription digital therapeutics, or PDTs. Pear is redefining
medicine by discovering, developing, and delivering clinically validated software-based
THMA THMAW PEAR THERAPEUTICS 6/22/21 LINK LINK 9.12 1.10 -3.48 N
therapeutics to provide better outcomes for patients UPDATE: Shareholder rmeeting set for
11/23; APPROVED
Quanergy Systems’ mission is to create powerful, affordable smart LiDAR solutions for
automotive and IoT applications to enhance people’s experiences and safety. Quanergy has
CCAC CCAC/WS QUANERGY SYSTEMS 6/22/21 LINK LINK 9.99 0.79 -2.30 Y
developed the only true 100% solid state CMOS LiDAR sensor built on optical phased array
(OPA) technology
Founded in 2012, QualTek is a world-class, technology driven provider of infrastructure
services to the 5G wireless, telecom, and renewable energy sectors across North America.
ROCR ROCRW QUALTEK QualTek has a national footprint with more than 80 operation centers across the U.S. and 6/16/21 LINK LINK 9.93 1.34 -2.91 N
Canada and a workforce of over 5,000 people. The company is also a leader in providing
disaster recovery logistics services for electric utilities.
InFarm - Indoor Urban Farming GmbH produces crops. The Company develops indoor vertical
KRNL KRNLW INFARM farming system to grow herbs, lettuce, vegetables, and fruits. InFarm - Indoor Urban Farming 6/16/21 PRELIMINARY - IN TALKS 9.76 0.59 -2.33 N
serves customers in Germany.
Solid Power is an industry-leading producer of all-solid-state rechargeable batteries for
electric vehicles and mobile power markets. Solid Power replaces the flammable liquid
DCRC DCRCW SOLID POWER 6/15/21 LINK LINK 10.90 3.87 -4.47 Y
electrolyte in a conventional lithium-ion battery with a proprietary sulfide solid electrolyte.
Boxed is an e-commerce platform selling bulk, high-repeat consumables to consumers and
businesses. Founded in 2013, the Company makes shopping for bulk consumables easy and
SVOK SVOKW BOXED 6/14/21 LINK LINK 9.47 0.92 -2.95 N
convenient without the requirement of a “big-box” store membership. UPDATE: Shareholder
meeting set for 12/7; will trade under BOXD on 12/9
CCV CCV/WS THRASIO LLC Thrasio is a roll-up of private-label businesses on Amazon.com 6/13/21 PRELIMINARY - IN TALKS 9.90 1.17 -2.77 Y
www.KEDM.com

Based in Berlin, Germany, SIGNA Sports United is a leading global sports e-commerce and
SIGNA SPORTS tech platform in Bike, Tennis, Outdoor and Team Sports with more than 7 million active
YAC YAC/WS 6/11/21 LINK LINK 9.96 1.35 -2.89 N
UNITED GMBH customers and close to 500 million annual webshop visitors. UPDATE: Shareholder meeting
set for 12/13
Vertical Aerospace’s mission is to make air travel personal, on demand and carbon free. With
projected speeds over 200mph, near silent when in flight, zero emissions and low cost per
BSN BSN/WS VERTICAL AEROSPACE 6/10/21 LINK LINK 9.97 1.11 -2.64 Y
passenger mile, the VA-X4 is expected to open up urban air mobility to a whole new range of
passengers and transform how we travel. UPDATE: Shareholder meeting set for 12/14
EVE URBAN AIR Eve is a new, independent company dedicated to accelerating the Urban Air Mobility (UAM)
ZNTE ZNTEW 6/10/21 LINK - 10.16 0.78 -2.12 Y
MOBILITY ecosystem.
VIYI Algo is dedicated to the development and application of bespoke central processing
VENA VENAW VIYI ALGO 6/10/21 LINK - 10.05 0.33 -1.78 N
algorithms.
Dave Inc develops mobile software. The Company offers application that helps users predict
VPCC VPCC/WS DAVE INC 6/7/21 LINK LINK 9.93 1.42 -2.99 N
their expenses and avoid overdrafting their checking accounts.
BigBear.ai provides a comprehensive suite of solutions including artificial intelligence and
machine learning, data science, advanced analytics, offensive and defensive cyber, data
GIG GIGGW BIGBEAR.AI 6/4/21 LINK LINK 9.86 1.14 -2.78 Y
management, cloud solutions, digital engineering, and systems integration. UPDATE:
Shareholder meeting set for 12/3
Acorns Grow Incorporated is the largest subscription service in U.S. consumer finance,
helping 4+ million everyday American subscribers save and invest for the future. Acorns has
PACX PACXW ACORNS GROW INC easy-to-use, mobile-first technology that makes it simple for anyone to set aside and invest 5/27/21 LINK LINK 9.94 1.13 -2.69 N
life's spare money. Acorns customers automatically invest in a low-cost, diversified portfolio
of exchange-traded funds
Tritium designs and manufactures proprietary hardware and software to create advanced
DCRN DCRNW TRITIUM PTY LTD 5/26/21 LINK LINK 9.99 1.94 -3.45 N
and reliable DC fast chargers for electric vehicles.
P3 is a patient-centered and physician-led population health management company.
P3 HEALTH PARTNERS Founded and led by physicians, P3 is a team of doctors, clinicians and support service
FORE FOREW 5/25/21 LINK LINK 9.50 1.25 -3.25 N
LLC professionals with a shared passion for delivering value-based care UPDATE: Shareholder
meeting set for 11/18; POSTPONED until 11/24; POSTPONED until 12/3
Global Tiket Network PT operates as an online travel agency. The Company offers train, flight,
GLOBAL TIKET
COVA COVAW and hotel booking, as well as car renting services. Global Tiket Network serves customers in 5/18/21 PRELIMINARY - IN TALKS 9.75 0.60 -2.35 N
NETWORK PT
Indonesia.
Bright Machines is an industry leading technology company that offers an innovative
approach to intelligent, software-defined manufacturing. It leverages computer vision,
SCVX SCVX/WS BRIGHT MACHINES 5/17/21 LINK LINK 9.97 0.80 -2.33 N
machine learning, 3D simulation, and adaptive robotics to fundamentally change the
flexibility, scalability, and economics of production.
Better is a digital-first homeownership company whose services included mortgage, real
estate, title, and homeowners insurance. From its founding in 2016 through 2020, Better
AURC AURCW BETTER HOLDCO INC funded $30.9B in home loans and provided over $7B in cumulative coverage through Better 5/11/21 LINK LINK 9.94 1.37 -2.93 N
Cover and Better Settlement Services, the insurance divisions of Better. Better has raised
over $400M in equity capital since inception.
Alto Pharmacy LLC is a telehealth pharmacy that helps people live healthier by making the
prescription experience easier, more supportive, and affordable. The Company offers online
GTPB GTPBW ALTO PHARMACY LLC 5/6/21 PRELIMINARY - IN TALKS 9.86 1.30 -2.94 N
prescribed medicines. Alto pharmacy serves patients and healthcare professionals in the
United States.
Sonder is revolutionizing hospitality through innovative, tech-powered service and inspiring,
SONDER HOLDINGS
GMII GMIIW thoughtfully designed accommodations combined into one seamlessly managed 4/7/21 LINK LINK 9.90 1.95 -3.55 N
PTY LTD
experience. TLDR: disrupting the check-in process.
www.KEDM.com

SGHC (Super Group) is the holding company for leading global online sports betting and
gaming businesses: Betway, a premier online sports betting brand, and Spin, a multi-brand
SEAH SEAH/WS SGHC LTD 4/26/21 LINK LINK 10.43 3.04 -4.11 Y
online casino offering. The group is licensed in 23 jurisdictions, with leading positions in key
markets throughout Europe, the Americas and Africa.
CompoSecure, L.L.C. designs and manufactures custom plastic identification and metal cards
and pre-laminated materials. The Company offers professional services such as new product
DBDR DBDRW COMPOSECURE LLC development, contract manufacturing, and consulting services. CompoSecure serves the 4/19/21 LINK LINK 10.14 1.91 -3.27 N
government and security, luxury resort and casinos, and plastic card manufacturers. UPDATE:
Simplifi Holdings, Inc. operates as a holding company. The Company, through its subsidiaries,
SIMPLIFI HOLDINGS provides Internet marketing services, as well as develops and produces software offering the
DNZ DNZ/WS 4/15/21 PRELIMINARY - IN TALKS 9.74 0.70 -2.46 N
INC analysis of unstructured data for digital advertising. Simplifi Holdings serves customers in the
United States.
Grab Holdings Inc provides software application ride-hailing transport, food delivery, and
AGC AGCWW GRAB HOLDINGS INC 4/13/21 LINK LINK 11.01 3.58 -4.07 Y
payment solutions. Grab Holdings serves customers in Singapore.
eToro USA LLC operates as a online currency trading platform. The Company offers trading
FTCV FTCVW ETORO USA LLC tools, charts, feeds, and software for trading currencies on the foreign exchange market. 3/16/21 LINK LINK 10.04 2.07 -3.53 Y
eToro serves customers worldwide.
Anghami owns and operates an online music website; "Spotify" for the Middle East. The
VMAC VMACW ANGHAMI Company offers regional music streaming, as well as sharing and downloading services. 3/3/21 LINK LINK 10.12 0.82 -2.20 N
Anghami serves customers in the United Arab Emirates.
Apex Clearing Corporation provides digital wealth management solutions. The Company
offers account and cash management, paperless account opening and funding processing,
NSTB NSTB/WS APEX CLEARING CORP 2/22/21 LINK LINK 9.75 0.73 -2.48 Y
automated re-balancing, investment planning, portfolio construction, and other back office
services. UPDATE: Shareholder meeting to approve merger re-scheduled TBD
Founded in 1997, Liberty Tax is a nationwide tax return preparation and related services firm.
In 2020, Liberty Tax serviced over 1.6 million customers online and through approximately
LIBERTY TAX;
NPF/U NPF-WU 2,700 franchised and owned locations across the U.S. and Canada. LoanMe is an established 2/22/21 LINK LINK 6.36 0.65 -5.79 N
LOANME
tech-enabled consumer and small business lender that has originated over US$2 billion loans
on behalf of over 340,000 borrowers since inception.
JHD is an online and offline merchant enablement services platform that provides almost
90,000 independent retailers, in five provinces, with a full suite of services and technologies,
including Point-of-Sale (POS), supply chain and logistics, and fintech/payment capability. To
ESSC ESSCW JHD HOLDINGS enable financial inclusion of communities that are significantly underbanked, JHD’s platform 9/23/20 LINK LINK 10.93 0.22 -1.00 Y
has already enabled 3,000 outlets to become licensed rural area financial stations, enabling
established banks to extend their branch network to serve more consumers. UPDATE:
Deadline extended to 2/24
Fertitta's Morton's Restaurants, Inc. owns and operates a chain of restaurants. The
FERTITTA'S
Company's restaurants are located worldwide and feature a high-end steakhouse menu and
FST FST/WS MORTON'S 2/1/21 LINK LINK 10.14 3.54 -4.90 Y
atmosphere. UPDATE: Shareholder meeting set for 12/14 UPDATE 12/2: FST received notice
RESTAURA
that Fertitta intends to terminate the deal
EVBox B.V. designs, manufactures, and sells charging stations for electric and semi-electric
vehicles. The Company offers charging columns, wall model with fixed cables, home chargers
TPGY TPGY/WS EVBOX BV 12/10/20 LINK LINK 10.27 1.52 -2.75 Y
of electric vehicles, and charging solutions for businesses. EV-Box also provides advice and
support for public charging infrastructure. EVBox serves customers worldwide.
www.KEDM.com
Completed SPAC Monitor

SPACs that have completed their Initial Business Combination (trailing 180)
Return
Corp.
Warrant Mkt Cap Closing Current Current Price Listed since
Ticker Company Name Business Description Presentation or Arb
Ticker ($M) Date Price of Warrants Options merger
PR
(%)
Hagerty is a specialty insurance provider focused on the global automotive
enthusiast market and an automotive enthusiast brand offering integrated
membership products and programs. Hagerty is home to Hagerty Drivers
Club, Hagerty DriveShare, Hagerty Valuation Tools, Hagerty Media,
HGTY HGTY/WS Hagerty Inc 179 12/3/2021 LINK 12.00 3.15 N - -2.65
Hagerty Drivers Club magazine, MotorsportReg, Hagerty Garage + Social,
the Amelia Island Concours d'Elegance, the Concours d'Elegance of
America, the Greenwich Concours d'Elegance, the California Mille,
Motorworks Revival and more.
BuzzFeed, Inc. provides entertainment contents. The Company streams
popular videos, pictures, movies, games, politics, sports, jokes, food,
BZFD - BUZZFEED business, science, and music online, as well as over social and mobile 347 12/3/2021 LINK 9.46 0.92 N - -2.96
media. UPDATE: Shareholder meeting set for 12/2; Closing 12/3; trade
as BZFD on 12/6
Grab Holdings Inc provides software application ride-hailing transport,

GRAB GRABW Grab Holdings Ltd food delivery, and payment solutions. Grab Holdings serves customers in 35,425 12/1/2021 LINK 8.97 2.90 Y -18.53 -5.43
Singapore. UPDATE: Closing 12/1 and trading under GRAB on 12/2
Acquiring four cannabis companies (The Platform). The companies are
Shango Holdings Inc. (Shango), Futureworks LLC (d/b/a The Health
Greenrose Center), Theraplant, LLC, and True Harvest, LLC. UPDATE: Shareholder
GNRS GNRSW 167 11/29/2021 LINK 7.63 0.37 Y 4.52 -4.24
Acquisition Corp meeting set for 10/27; APPROVED; Closing in early November; will trade
under same ticker; UPDATE: Company closes with Theraplant only;
Company will work towards closing the other 3 targets
Innovid is the only independent omni-channel advertising and analytics
platform built for television. We use data to enable the personalization,
CTV CTV/WS Innovid Corp delivery, and measurement of ads across the widest breadth of channels 301 11/30/2021 LINK 9.53 1.50 N 19.87 -3.47
in the market including TV, video, display, social, audio, and DOOH
UPDATE: Meeting set for 11/29
International children's digital media and entertainment business.
UPDATE: Shareholder meeting set for 11/15; minimum cash amount
TNIE GR SPAW Tonies SE 1,482 11/29/2021 LINK 12.90 2.00 N -7.19 -0.60
reached (190m); APPROVED (zero redemptions); closing end of
November
Local Bounti is a premier controlled environment agriculture (CEA)
company redefining conversion efficiency and environmental, social and
governance (ESG) standards for indoor agriculture. The company operates
LOCL LOCL/WS Local Bounti Corp 554 11/22/2021 LINK 6.42 0.88 N -35.20 -5.96
an advanced indoor growing facility in Hamilton, Montana, within a few
hours’ drive of its retail and food service partners. UPDATE: Shareholder
meeting set for 11/16; Will close the week of 11/22 and trade under LOCL
Codere Online launched in 2014 as part of the renowned casino operator
Codere Group. Codere Online offers online sports betting and online
Codere Online casino through its state-of-the art website and mobile application. Codere
CDRO CDROW 375 11/30/2021 LINK 8.31 1.26 N -11.83 -4.45
Luxembourg SA currently operates in its core markets of Spain, Italy, Mexico, Colombia and
Panama UPDATE: Shareholder meeting set for 11/18; APPROVED; Closing
on 11/30; to trade under CDRO
www.KEDM.com
Return
Corp.
PR
(%)
Wejo Limited provides online automotive data services. The Company
WEJO WEJOW Wejo Group Ltd offers a trading platform for connected car data and analytics. Backed by 476 11/18/2021 LINK 5.07 0.90 N -65.07 -7.33
PLTR. UPDATE: Shareholder meeting set for 11/16
The Oncology Institute is leading the shift to value-based oncology care by
utilizing a highly scalable and replicable operating model. The Oncology
Oncology Institute
TOI TOIIW Institute currently manages over 50 community-based practice locations 492 11/15/2021 LINK 6.71 0.74 N -31.32 -5.53
Inc/The
in California, Nevada, Arizona, and Florida. TOI serves approximately 1.3
million UPDATE: Shareholder meeting set for 11/12
Embark Trucks, Inc. is a United States-based autonomous vehicle
software-as-a-service provider focused exclusively on improving the
safety, efficiency, and sustainability of the nearly $700 billion a year
Embark Technology
EMBK EMBKW trucking market. Embark’s customers are carriers, who deploy Embark’s 2,664 11/10/2021 LINK 7.35 1.40 N -25.98 -5.55
Inc
Driver software to enable self-driving trucks within their fleets. UPDATE:
Shareholder meeting set for 11/9; preannounuced vote; will close 11/10
and trade on 11/11 under EMBK
NEXTDOOR.COM Nextdoor is an app that connects neighborhoods UPDATE: Shareholder
KIND - 3,981 11/5/2021 LINK 10.40 - Y -6.52 -
INC meeting set for 11/2
Ambulnz, Inc.,DBA DocGo, specializes in telehealth and transportation as
well as provides integrated medical mobility services for public and private
DCGO DCGOW DocGo Inc sector organizations. DocGo serves customers in the United States and 814 11/5/2021 LINK 8.13 1.85 N -20.68 -5.22
United Kingdom. UPDATE: Shareholder vote set for 11/2; APPROVED;
will trade under DCGO on 11/8
Bird is an electric vehicle transportation company dedicated to bringing
affordable, environmentally friendly transportation solutions to
BRDS BRDS/WS BIRD RIDES INC communities across the world. Today, it provides a fleet of shared electric 2,148 11/4/2021 LINK 7.83 1.33 Y -6.12 -5.00
scooters to riders in over 200 cities. UPDATE: Shareholder meeting set for
11/2
Aurora Innovation, Inc. deliver self-driving technology to move both
AURORA people and goods. The Company offers a platform that autonomously
AUR AUROW 12,426 11/3/2021 LINK 11.06 3.11 Y 11.55 -3.55
INNOVATION INC operates passenger vehicles, commercial vehicles, and heavy-duty trucks.
NextNav provides next generation GPS. NextNav Pinnacle uses highly
NN NNAVW NextNav Inc accurate vertical positioning to transform location services so they reflect 685 10/28/2021 LINK 7.17 1.29 N -33.98 -5.62
the 3D world around us. UPDATE: Shareholder vote set for 10/27
AutoLotto, Inc. provides software solutions. The Company offers
application for mobile lottery services which allows users to play and get
LTRY LTRYW LOTTERY.COM lottery results on phone. AutoLotto serves customers in the State of 311 10/29/2021 LINK 6.18 1.30 Y -59.17 -6.62
California. UPDATE: Shareholder meeting set for 10/28; closing 10/29;
trades under LTRY 11/1
Better Therapeutics, Inc. develops as a health care software. The Company
offers prescription digital therapeutics platform for treating
BETTER
BTTX - cardiometabolic diseases that helps to treat patients as well as provides 149 10/28/2021 LINK 6.30 - N -39.60 -
THERAPEUTICS
consulting services. UPDATE: Shareholder meeting set for 10/27;
Approved; will close 10/28 and trade under BTTX on 10/29
Redbox offers digital rental and purchase as well as free live TV and free
On Demand content, and a nationwide footprint of more than 40,000
Redbox entertainment kiosks. Redbox Entertainment, a new content acquisition
RDBX RDBXW 462 10/22/2021 LINK 10.17 1.58 N 5.73 -2.91
Entertainment Inc and production division, has further transformed Redbox into a multi-
channel content provider. UPDATE: Shareholder meeting set for 10/20;
closed on 10/22; trading 10/25
www.KEDM.com
Return
Corp.
PR
(%)
Babylon Healthcare Services Limited offers web-based health care
Babylon Holdings services. The Company provides health tracking and tests, medical
BBLN BBLN/WS 3,013 10/21/2021 LINK 7.35 1.21 N -20.11 -5.36
Ltd/Jersey consultations, and ancillary solutions. UPDATE: Shareholder vote set for
10/20; will trade under BBLN
SAB Biotherapeutics, Inc. (SAB) is a clinical-stage biopharmaceutical
company advancing a new class of immunotherapies based on its human
SAB polyclonal antibodies. SAB has applied advanced genetic engineering and
SABS SABSW BIOTERAPEUTICS, antibody science to develop transchromosomic (Tc) bovine herds that 416 10/22/2021 LINK 9.58 2.57 N 13.45 -4.50
INC produce fully-human antibodies targeted at specific diseases. UPDATE:
Shareholder meeting set for 10/20; will close 10/22; will trade under
SABS on 10/25
The We Company provides coworking spaces for individuals and
entrepreneurs throughout the world. The Company offers private offices,
WE WE/WS WeWork Inc office suites, headquarters, and custom buildout options to fit a variety of 5,754 10/20/2021 LINK 8.03 2.09 Y -22.74 -5.56
office needs, as well as desk spaces and conference rooms. UPDATE:
Shareholder vote set for 10/19
Navitas Navitas Semiconductor Inc manufactures semiconductor devices.
NVTS NVTSW Semiconductor UPDATE: Shareholder vote set for 10/12; will close on 10/19 and trade 2,233 10/19/2021 LINK 18.97 7.13 Y 41.78 0.34
Corp under NVTS on 10/20
Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated
steel producer of hot and cold rolled steel products including sheet and
plate. With a current raw steel production capacity of an estimated 2.8
Algoma Steel Group
ASTL ASTLW million tons per year, Algoma’s size and diverse capabilities enable it to 1,126 10/19/2021 LINK 10.05 2.68 N -10.67 -4.13
Inc
deliver responsive, customer-driven product solutions UPDATE:
Shareholder vote set for 10/14; Closed on 10/19; trades 10/20 under
ASTL
Mirion Technologies is a leading provider of detection, measurement,
analysis and monitoring solutions to the nuclear, defense, medical and
Mirion
MIR MIR/WS research end markets. The organization aims to harness its unrivaled 2,220 10/20/2021 LINK 10.67 2.62 Y 1.23 -3.45
Technologies Inc
knowledge of ionizing radiation for the greater good of humanity.
Vivid Seats Ltd. provides online based services. The Company retails
sports, concerts, and theater events tickets online, as well as provides
SEAT SEATW VIVID SEATS LTD corporate program, discounts, data monitoring, and subscription services. 1,992 10/18/2021 LINK 10.21 2.55 N -15.52 -3.84
UPDATE: Shareholder meeting set for 10/14; WILL CLOSE ON 10/18 AND
TRADE UNDER SEAT ON 10/19
Enjoy Technology, Inc. provides e-commerce platform. The Company
ENJOY offers online retailing of entertainment products, tablets, rides, and
ENJY ENJYW 680 10/15/2021 LINK 5.71 0.74 N -47.71 -6.53
TECHNOLOGY INC computers. Enjoy Technology serves customers in the United States.
UPDATE: Shareholder vote set for 10/13; will trade under ENJY on 10/18
Bakkt, LLC provides software solutions. The Company designs and
BKKT BKKT/WS BAKKT LLC develops trading, warehousing, and commerce digital platform. UPDATE: 3,437 10/15/2021 LINK 13.36 3.84 Y 42.41 -1.98
Shareholder vote set for 10/14; will trade under BKKT on 10/18
ESS Inc. designs, builds and deploys environmentally sustainable, low-
cost, iron flow batteries for long-duration commercial and utility-scale
GWH GWH/WS ESS Tech Inc 2,223 10/8/2021 LINK 15.69 4.44 Y 91.11 -0.25
energy storage applications requiring from 4 to 12 hours of flexible energy
capacity. UPDATE: Shareholder vote set for 10/5
Arbe is a global leader in next-generation 4D Imaging Radar Chipset
Solutions, and is spearheading a radar revolution, enabling truly safe
ARBE ARBEW Arbe Robotics Ltd - 10/7/2021 LINK 10.25 1.55 N 24.94 -2.81
driver-assist systems today while paving the way to full autonomous-
driving. UPDATE: Shareholder vote set for 10/5
www.KEDM.com
Return
Corp.
PR
(%)
Science 37, Inc. enables access to clinical research—making it easier for
patients and providers to participate and accelerate the development of
Science 37 Holdings new and innovative treatments that seek to improve and extend patient
SNCE - 1,112 10/7/2021 LINK 9.70 - N -3.53 -
Inc lives. As one of the early developers of decentralized clinical trials, Science
37 created an Operating System (OS) for clinical research now and in the
future. UPDATE: Shareholder meeting set for 10/4
Wallbox creates smart charging systems that combine innovative
technology with outstanding design and manage the communication
WBX WBX/WS Wallbox NV 1,651 10/1/2021 LINK 11.99 2.81 Y 44.75 -2.33
between vehicle, grid, building and charger. UPDATE: Shareholder vote
set for 9/30
KORE Wireless Group Inc. provides mobile to mobile communications

services. The Company offers applications solutions for mobile to mobile
KORE Group
KORE KORE/WS communications including energy management, location based tracking, - 10/1/2021 LINK 6.91 1.16 N -3.83 -5.76
Holdings Inc
and homeland security initiatives. UPDATE: Shareholder meeting set for
9/29
Procaps Group is a developer of pharmaceutical and nutraceutical
solutions, medicines, and hospital supplies that reach more than 50
countries in all five continents. Procaps has a direct presence in 13
countries in Latin America and has more than 5,000 collaborators working
PROC PROCW Procaps Group SA 1,151 9/29/2021 LINK 10.20 0.93 N 3.45 -2.23
under a sustainable model. Procaps develops, manufactures, and markets
over-the-counter (OTC) and prescription drugs, nutritional supplements
and high-potency clinical solutions. UPDATE: Shareholder meeting set for
9/22
Benson Hill, Inc. operates as an agricultural biotechnology company. The
Company offers platform with plant biology, big data analytics, and cloud
BHIL BHIL/WS Benson Hill Inc 1,157 9/29/2021 LINK 6.50 1.24 Y -34.14 -6.24
computing services. Benson Hill serves customers worldwide. UPDATE:
Roivant Sciences Ltd. operates as a healthcare company. The Company
offers investigational drugs in development for therapeutic areas such as
Roivant Sciences
ROIV ROIVW dermatology, immunology, and respiratory diseases, as well as provides - 10/1/2021 LINK 8.37 1.58 N -10.48 -4.71
Ltd
healthcare technologies which help healthcare institutions share and
aggregate data. UPDATE: Shareholder meeting set for 9/28
LumiraDx develops, manufactures and commercializes an innovative point
of care diagnostic Platform. The LumiraDx Platform is designed to deliver
lab comparable diagnostic results at the point of care in minutes. It is
LMDX LMDXW LumiraDx Ltd 2,355 9/29/2021 LINK 9.32 1.73 N 17.38 -3.91
designed to be affordable and accessible for healthcare providers globally,
and to strengthen community-based healthcare. UPDATE: Shareholder
Shapeways, Inc. operates a 3D printing marketplace and community. The
Shapeways Company offers art, fashion, lamp, necklace, gadgets, jewelry, games, and
SHPW SHPW/WS 179 9/30/2021 LINK 3.71 0.57 Y -51.82 -8.36
Holdings Inc printed materials. Shapeways markets its products worldwide. UPDATE:
Valens Semiconductor Ltd develops and manufactures semiconductors.
Valens The Company offers solution for transferring multimedia content,
VLN VLN/WS 813 9/30/2021 LINK 8.29 0.63 N 12.03 -3.84
Semiconductor Ltd including uncompressed HD video and audio, internet, power, and control
signals over longer distances. UPDATE: Shareholder meeting set for 9/28
Velo3D, Inc. provides 3D printing services. The Company offers metal 3D
printing services for contract manufacturers, aerospace, energy, and
VLD VLD/WS Velo3D Inc 1,634 9/30/2021 LINK 8.92 2.27 Y 6.57 -4.85
industrial sectors. Velo3D is a supplier to SPACEX. UPDATE: Shareholder
vote set for 9/28
www.KEDM.com
Return
Corp.
PR
(%)
ionQ, Inc. operates as a software company. The Company develops
quantum information processors. ionQ offers an application that
IONQ IONQ/WS IonQ Inc combines physical performance, qubit replication, optical networkability, 3,844 9/30/2021 LINK 19.97 9.02 Y 92.02 -0.55
and algorithms to create a quantum computer. UPDATE: Shareholder
Sarcos Corp. designs and manufactures robotic systems. The Company
Sarcos Technology provides mobile, dexterous, and tele-operated robotic systems for use in
STRC STRCW 1,087 9/27/2021 LINK 7.26 0.86 N -20.22 -5.10
and Robotics unpredictable and unstructured environments. UPDATE: Shareholder
meeting set for 9/15; will trade under STRC on 9/27
Jasper Therapeutics is a biotechnology company focused on the
development of novel curative therapies based on the biology of the
Jasper Therapeutics hematopoietic stem cell. The company’s lead compound, JSP191, is in
JSPR JSPRW 307 9/24/2021 LINK 8.10 1.30 Y -46.43 -4.70
Inc clinical development as a conditioning antibody that clears hematopoietic
stem cells from bone marrow in patients undergoing a hematopoietic cell
transplantation. UPDATE: Shareholder vote set for 9/22
HomeToGo GmbH provides internet based services. The Company offers

HTG GR HTGW HomeToGo SE search engine to compare prices for rentals for family vacations and day 927 9/22/2021 LINK 7.29 0.85 Y -16.21 -5.06
trips. HomeToGo serves customers worldwide.
MobileLion is a mobile banking, lending and investment platform.

ML ML/WS Moneylion Inc 850 9/22/2021 LINK 3.76 0.66 Y -62.40 -8.40
Vicarious Surgical Inc. provides health care services. The Company offers
Vicarious Surgical
RBOT RBOT/WS minimally invasive robotic surgery through a single micro-incision. 1,413 9/20/2021 LINK 11.91 2.02 Y -5.48 -1.61
Inc
Archer Aviation, Inc. was founded in 1970. The company's line of business
ACHR ACHR/WS Archer Aviation Inc includes performing crop planting, cultivating, and protecting services. 1,479 9/17/2021 LINK 6.23 1.28 Y -34.27 -6.55
Ginkgo is building a platform to program cells as easily as we can program
computers. The company’s platform is enabling the growth of
Ginkgo Bioworks
DNA DNA/WS biotechnology across diverse markets, from food and agriculture to 12,972 9/17/2021 LINK 8.73 2.19 Y -28.45 -4.97
Holdings Inc
industrial chemicals to pharmaceuticals. UPDATE: Shareholder meeting
set for 9/14
Archaea Energy LLC was founded in 2018 by landfill owners and RNG
technologists with the goal of building a cost-efficient solution for
generating high-BTU RNG projects in the U.S. Archaea LLC’s development
LFG LFG/WS Archaea Energy Inc strategy and industry-leading gas separation expertise enables it to 2,090 9/15/2021 LINK 18.04 6.57 Y -1.26 -0.03
capture and convert LFG emissions with lower development
costs. UPDATE: Shareholder meeting set for 9/9; APPROVED; will close
9/15
Live Learning Technologies LLC, doing business as Nerdy, operates an
NRDY NRDY/WS Nerdy Inc online educational platform. The Company, through its platform, offers 889 9/20/2021 LINK 5.63 0.97 Y -49.73 -6.84
online tutoring and classes. Update: Shareholder meeting set for 9/14
Lilium GmbH operates as an aircraft manufacturer. The Company designs
LILM LILMW Lilium NV and manufactures electric vertical take-off and landing jets that is faster 1,963 9/11/2021 LINK 6.91 1.36 Y -30.83 -5.95
than a car. UPDATE: Shareholder meeting set for 9/10
Blacksky Global LLC manufactures aerospace electronics. The Company
provides monitoring services combine the state-of-the-art in artificial
BlackSky
BKSY - intelligence, cloud computing, multi-sensor data fusion, activity analysis, 930 9/9/2021 LINK 8.01 1.19 Y -29.80 -4.68
Technology Inc
and autonomous satellite tasking to rapidly deliver essential alerts to
those who need to know. UPDATE: Shareholder meeting set for 9/8
www.KEDM.com
Return
Corp.
PR
(%)
Arqit Limited provides technology solutions. The Company develops a
ARQQ ARQQW Arqit Quantum Inc radical crypto system and tested it with government and enterprise users. 4,252 9/7/2021 LINK 35.41 8.12 Y 214.34 15.80
Update: Shareholder approved on 9/1; will trade under ARQQ on 9/7
DeepGreen Metals Inc. produces base and strategic metals. The Company
TMC the metals co offers high-grade seafloor polymetallic nodule deposits containing
TMC TMCWW 537 9/7/2021 LINK 2.39 0.50 Y -79.60 -9.62
Inc manganese, nickel, copper, cobalt, and molybdenum. UPDATE:
www.KEDM.com
Newsletter Short Monitor

Campaigns by notable short sellers and newsletters (trailing 60)
Return
Date of Mkt Insider Short YTD
since initial Link to
Research Firm Initial Ticker Company Sector Cap Selling (# Interest Return Thesis
publication Research
Report ($M) of shares) (%) (%)
(%)
Misrepresented pipelines; projects that are inexistent (non-
existent projects are categorized as "late-stage"); ongoing
Grizzly Energy-Alternate
12/2/2021 SOL ReneSola Ltd 359 0 - -15% -55% LINK projects in Europe are delayed by years; similar situations with US
research Sources
projects; lack of corporate governance; spun-off entities are in
legal troubles (1 bil RMB fine from China);
Paywalled (The site mentioned: (NYSE: RDW — $484 million) is a

Jacksonville, Florida-based roll-up of seven space equipment
manufacturers. Redwire went public through a SPAC merger at a
Bear Cave 12/2/2021 RDW Redwire Corp Aerospace/Defense 442 0 4 -8% - LINK $620 million valuation, but its seven underlying companies were
acquired for approximately $150 million between February 2020
and June 2021. The premium appears to be a symptom of
aggressive SPAC projections and spurious metrics).
Economically unviable (low lithium recovery rates that was

undisclosed to investors - estimated 13% vs. projected 90%);
unscalable (produced $900 worth of products compared to its
capacity of 150 tonnes of lithium in the last 18 months);
Blue Orca
11/18/2021 SLI Standard Lithium Ltd Diversified Minerals 1,346 0 2 20% 309% LINK production proof of concept was denied by its German partner -
Capital
extraction not ready; another chemical giant gave up on its
lithium project after 10 years of trying; classic penny stock
(dilutive equity issuances; zero revenue; high consulting
payments; cash burning)
Paywalled (The site mentioned: Playtika Holding Corp (NASDAQ:
PLTK — $8.54 billion) is a China-backed Israel-based app
Entertainment developer whose “mission is to entertain the world through
Bear Cave 11/18/2021 PLTK Playtika Holding Corp 6,792 0 8 -18% - LINK
Software infinite ways to play.” Investors believe Playtika has a healthy user
base and a strong playbook for acquiring popular games and
improving monetization. The Bear Cave doesn’t).
Iceberg agrees with Blue Orca's findings on HYZN and revealed
new information. Its parent company (Horizon) had a revenue
surge due to one customer which had financial trouble by the
year-end that this information was not disclosed. Horizon is also
the largest shareholder and controls the management and two
board seats and has a troubling track record with spin-offs - HYZN
is the third one and could not be an exception. HYZN also
Iceberg Auto-Med&Heavy
10/6/2021 HYZN Hyzon Motors Inc 1,594 -45,782 8 7% -39% LINK exaggerated its fuel cell technology; Update 11/12 - Iceberg
Research Duty Trks
tweeted: $HYZN continues to trumpet 62 orders from HongYun
that has no substance. No information on the "end user" behind.
Anything to do with the lock up release for 170m stocks on
January 17th? No cash flow statement provided in the
presentation. Update 11/16 - Q3 results announced: sold only 2
trucks; 62 trucks were ordered by a questionable / related
company; threatened by battery-electric trucks;
www.KEDM.com
Return
(%)
Initial research was on Jul 29: Insider enrichment through
undisclosed related party acquisitions; stock promotion through
pie-in-the-sky projections (estimated maintenance cost 30x the
company's analysis); insiders liquidating (CEO's ownership
Culper Energy-Alternate reduced from 16.8% to 8.8% since 2017); confliction claims
7/29/2021 AMTX Aemetis Inc 516 -364,947 10 56% 522% LINK
Research Sources regarding its "Carbon Zero" plan (shift to entirely different
product within 2 years) Update 11/11 - Culper visited the diary
partner and found no progress; misrepresented the construction
progress; needs significant additional capital to get off the
ground.
Paywalled (The site mentioned: Seer Inc (NASDAQ: SEER — $2.26
billion) describes itself as “a life sciences company focused on
Medical- enabling exceptional scientific outcomes by commercializing
Bear Cave 11/4/2021 SEER Seer Inc 1,248 -120,000 10 -41% -64% LINK
Biomedical/Gene transformative products that will drive breakthrough ideas by
unlocking the deep, unbiased biological information that can
make them a reality.” The company may be more bark than bite.).
The only real-life test back in 2019 failed, yet the founder
White mischaracterized the results and lied his way into a SPAC deal; the
Diamond 10/28/2021 MNTS Momentus Inc Aerospace/Defense 433 -195,023 4 -48% -70% LINK company admitted its base technology does not work; called by
Research SEC 'fraud' and reached a settlement; founders still cashed out on
the deal;
Payment processor focused on Brazil. The research raised
concerns regarding PAGS's operational integrity after PAX Global
Technology Ltd’s (327 HK) Florida office was raided by the FBI due
Viceroy 10/27/2021 PAGS Pagseguro Digital Ltd Finance-Credit Card 8,305 0 6 -31% -56% LINK
to reports that the machines are being used as malware droppers
and command-and-control locations. PAGS is dependent on PAX
for its POS terminals. FBI investigation remains active.
Payment processor focused on Brazil. The research raised
concerns regarding STNE's operational integrity after PAX Global
Commercial Serv- Technology Ltd’s (327 HK) Florida office was raided by the FBI due
Viceroy 10/27/2021 STNE StoneCo Ltd 4,830 0 5 -54% -81% LINK
Finance to reports that the machines are being used as malware droppers
and command-and-control locations. STNE is dependent on PAX
for its POS terminals. FBI investigation remains active.
Misled investors with a pre-feasibility study based on unrealistic
assumptions and untested technology, done by experts with close
ties to the management; unrealistic product projections
Vulcan Energy (production cost lower than the global leader, unrealistic flow and
J Capital 10/26/2021 VUL AU Metal-Diversified 1,242 0 3 -33% 262% LINK
Resources Ltd recovery rates); severe environmental impact with a high risk of
public outcry; Update 10/28 - VUL issued a response to the
report. J Capital stated that the response still fails to address
major concerns in the report.
Significant shareholder and a related party accounting 99% of
MP's revenue leads to the Chinese government; the second
iteration of the bankrupt company with the same plan;
Grizzly uneconomic operation (mines less valuable rare earth,
10/26/2021 MP MP Materials Corp Diversified Minerals 7,600 -1,093,727 13 23% 33% LINK
research unsupported valuation, necessary CAPEX which leads back to
bankruptcy); benefited from green energy and EV hype by
mischaracterizing itself; uncredible management; insiders sold
$356 mil of stock since IPO; ~60% downside;
Tweet: We are short $DWAC. Now that initial excitement has
Iceberg Digital World Specified Purpose passed, we see only risks for investors in near future. Based on
10/26/2021 DWAC 1,857 0 11 -26% - LINK
Research Acquisition Corp Acquis Trump's track record, at the current price, renegotiation is likely
to keep more of the merged company for him.
www.KEDM.com
Return
(%)
Uninvestable by ESG standards (massive mercury chemical
disposal, largely a distributor of others' products, CEO and Board
Veterinary with conflicts of interest and poor governance); continued selling
Spruce Point 10/25/2021 HSKA Heska Corp 1,698 -13,000 3 -28% 9% LINK
Diagnostics by insiders; overvalued (negative organic growth with -4% CAGR,
x9 2022E sales); losing market share; low-quality acquisitions only
to boost revenue growth; ~60% downside;
Minimal revenue (2021 revenue was $5.1K); questionable
White transactions ($10mil to strange companies with no revenues and
NextPlay Technologies
Diamond 10/20/2021 NXTP E-Commerce/Services 104 0 2 -63% -60% LINK customers); fraudulent acquisitions ($11.2mil acquisition -
Inc
Research NextBank has one employee); executives with bad history
(previous company AXNVF now trades at $0.001);
Paywalled (The site mentioned: The Joint Corp (NASDAQ: JYNT —
$1.39 billion) describes itself as “a rapidly growing franchisor and
operator of chiropractic clinics.” The company’s franchise base
Medical-
Bear Cave 10/7/2021 JYNT Joint Corp/The 1,050 -102,991 7 -16% 177% LINK has grown from 309 clinics in 2016 to 555 today. Over that time,
Outptnt/Home Med
shares are up ~3,500% and currently trade at ~80x profit and ~40x
franchise royalty and fee revenue.) Update 10/22 - the Bear Cave
published an update "More Problems at JYNT".
Stock promotion with expiring lock-ups in a few weeks; CEO who
run two companies into the ground (BSCG, WLYW); failed app
Culper Computer Data business (only 22k monthly active users after 6+ years, being used
10/14/2021 DATS DatChat Inc 69 0 13 -71% - LINK
Research Security by scammers, prostitution etc); false claims and fantastical stories
(such as the app is based on a blockchain, pivoting into crypto
mining etc.);
Destined for delisting after >1000% rise due to promotion-driven
excitement; business pivots in a short period (from iPhone
software to zero revenue IT services to impaired e-commerce to
commercial lending hub); fraudulent transactions (overpaid
acquisitions, money paid to unrelated company); revenue growth
Grizzly Tenet Fintech Group
10/6/2021 PKKFF Finance-Commercial 556 -124,125 2 -27% 132% LINK from a segment the company never owned UPDATE: Grizzly
research Inc
issued a report on Oct 6 and the Company published several
press releases including a Q&A with the CEO. Grizzly stated that
the company's statements confirmed its findings but tried to
mischaracterize certain actions. Grizzly also revealed
undisclosed lawsuits and a related party.
Twitter feed: We are short $AMC. Fundamentals are obvious.

Iceberg AMC Entertainment
10/12/2021 AMC Theaters 14,312 -1,577,719 17 -25% 1214% LINK After one month of trading sideways and lots of money lost in call
Research Holdings Inc
options, the pump seems increasingly shaky.
Zero organic growth vs. hyped 9% growth in 2022 (historical

organic growth was even negative 10%); short-lived growth
Jehoshaphat Semicon Compo-Intg
10/12/2021 MXL MaxLinear Inc 5,214 -426,609 3 45% 78% LINK stories; failed acquisitions (recent three acquisitions were
Research Circu
structurally declining assets); executives dumping the stock; price
downside ~60%;
Insider enrichment (acquires asset-rich companies with
undisclosed related parties and channels cash and assets out of
the company, assets are sold to the company at an inflated price);
Real Estate financial fraud (assets artificially marketed up by unrecoverable
Viceroy 10/6/2021 ADJ GR ADLER Group SA 1,414 0 - 24% -59% LINK
Oper/Develop receivables) UPDATE: Viceroy obtained whistleblower report on
the company and was informed that the management had been
aware of the information as early as March. The report confirms
Viceroy's findings and also revealed other breaches.
www.KEDM.com
Return
(%)
Produced zero cars in eight years; sued by dozens of unpaid
suppliers and assets being frozen in China; ~20% shareholder -
Evergrande is expected to sell off its shares when the lockup
Faraday Future period ends on Jan 2022; inflated sales (78% to an unknown,
J Capital 10/7/2021 FFIE Applications Software 1,959 -221,681 5 -32% -40% LINK
Intelligent Ele related party); massive dilution (constant issuance of convertibles
and an additional funding gap of $1.4 bil by 2024); the founder
who is banned for life from being associated with listed
companies in China;
Overpaid license fee to undisclosed insiders (paid $4 mil in cash

and 7.8 mil shares for $0.25 mil worth of license); artificially
Bonitas 10/6/2021 TMC TMC the metals co Inc Metal-Diversified 536 0 3 -43% -78% LINK
inflated exploration expenses (2019 expense reported over
100%); questionable license; history of bad actors;
Large scale, fraudulent related-party scheme (100% revenue from

Scorpion Ginkgo Bioworks Medical Labs&Testing related parties, majority of customers are fake); delivering zero
10/6/2021 DNA 12,898 0 2 -18% - LINK
Capital Holdings Inc Srv value to customers using "Synthetic biology" (a decade of failure);
fake partners and collaborations; >70% downside in share price;
Potential stock delisting (failed to file its financials to SEC); out-of-

Oil Comp- control dilution (diluted share is x3 the reported number, shares
Kerrisdale 10/5/2021 CEI Camber Energy Inc 263 0 9 -31% 14% LINK
Explor&Prodtn increased x50mil in 5 years); stock price frenzy using ESG Clean
Energy; core assets are low-quality and dangerously levered;
www.KEDM.com
13D Monitor
13D filings and activist campaigns by notable investors (trailing 60 days)
Return
Link
Initial Filing Market since TTM Return
Ticker Company Activist Fund Sector Objective/Notes to
Date Cap (M) objective (%)
13D
(%)
Cancel the EGM; make a full disclosure of Centurium Capital’s attempt to
LKNCY Luckin Coffee Inc GS Wealth 12/3/2021 Retail-Restaurants 3,202 - 217 Link
become a controlling shareholder
Rocky Mountain Chocolate
RMCF Radoff 12/2/2021 Food-Confectionery 53 New COB; New CEO 1 86 Link
Facto
Tremblant Capital
SKX Skechers USA Inc 12/1/2021 Footwear&Related Apparel 6,829 Collapse dual share class; buyback; initiate divvy; Investor Relations -2 28 Link
Group
LAZY Lazydays Holdings Inc Kanen Wealth 11/30/2021 Retail-Automobile 224 New CEO; Buyback -7 20 Link
BERY Berry Global Group Inc Ancora 11/29/2021 Containers-Paper/Plastic 9,605 Sale of company; strategic review; open letter filed to BoD (link right) -1 32 Link
GLEN
Glencore PLC Bluebell 11/29/2021 Metal-Diversified 46,329 Sale of its thermal coal unit -2 58 Link
LN
6502
Toshiba Corp 3D Investment 11/24/2021 Diversified Manufact Op 2,053,719 Opposes spin/breakup 1 65 Link
JP
ZEN Zendesk Inc Jana Partners 11/30/2021 Internet Applic Sftwr 11,366 Opposes acquisition of Momentive; possible BoD changes -8 -30 Link
Greater Sail
NTP Nam Tai Property Inc 11/25/2021 Real Estate Oper/Develop 599 BoD representation -27 205 Link
Limited
Objects to Company's takeout of Questar; open letter filed UPDATE: Icahn
launched tender for $75 and proxy to replace the BoD UPDATE 11/2: New
open letter filed UPDATE 11/11: Open letter filed; will pursue legal action if
SWX Southwest Gas Holdings Inc Icahn 10/5/2021 Building-Heavy Construct 3,916 -5 6 Link
company sells stock below tender of $75 UPDATE 11/15: Icahn announces
nominations for new BoD (link right) UPDATE 11/24: Pushes for
mamangement changes; Icahn files updated presentation (link right)
Seperation of its higher margin/higher growth unit, Industrial Solutions from
NR Newpark Resources Inc Radoff 11/23/2021 Oil-Field Services 264 -1 75 Link
the unprofitable Fluid Systems unit
BoD representation; comp changes; governance issues; strategic review; open
GFF Griffon Corp Voss 11/23/2021 Bldg Prod-Doors&Windows 1,499 -2 37 Link
letter filed (link right)
Purchase more shares; letter to CEO; UPDATE 11/23: Carlson Capital offer
SWKH SWK Holdings Corp Cannell 5/27/2021 Finance-Other Services 245 - 44 Link
19/sh
Alden proposes a 24/sh cash offer for the company UPDATE: Proposes 3 new
LEE Lee Enterprises Inc Alden 11/22/2021 Publishing-Newspapers 147 7 125 Link
candidates for the BoD
Strategic Alternatives; Break up of company UPDATE 9/13: VG has hired
VG Vonage Holdings Corp Jana Partners 8/31/2021 Telecom Services 5,219 advisers to run a review UPDATE 11/22: VG to be aquired by Ericsson for 47 49 Link
21/sh (6.2B deal)
FHLB Friendly Hills Bancorp Frank Kavanaugh 11/22/2021 Commer Banks-Western US - BoD and Management changes -3 23 Link
Activist
SMIT Schmitt Industries Inc Investing/David 11/19/2021 Electronic Measur Instr 22 Strategic options to drive shareholder value 6 5 Link
Lazar
AD NA Koninklijke Ahold Delhaize NV Elliott 11/17/2021 Food-Retail 31,110 Seperation of bol.com 0 31 Link
GPRE Green Plains Inc Ancora 11/17/2021 Energy-Alternate Sources 2,000 BoD shakeup -5 151 Link
TREC Trecora Resources Radoff 11/17/2021 Oil Refining&Marketing 206 Pushing for sale of company; BoD shakeup -7 21 Link
RUMOR: Mantle has taken a 1.8B stake to push the company to improving the
DLTR Dollar Tree Inc Mantle 11/17/2021 Retail-Discount 30,523 3 21 Link
FD unit and pricing strategy
www.KEDM.com
Return
Link
13D
(%)
Preliminary: Dow Jones reporting Elliott and Starboard taking large stakes in
WLTW UPDATE 10/22: Bloomberg confirming Starboard position and pushing
WLTW Willis Towers Watson PLC Starboard, Elliott 9/30/2021 Insurance Brokers 28,729 -1 10 Link
for shakeup UPDATE 11/18: The Company is preparing to replace 4 Directors
including COB after pressure from Elliott
QUOT Quotient Technology Inc Engaged Capital 11/17/2021 Direct Marketing 641 Declassify board; remove Poison Pill; open letter to BoD filed (link right) -10 -14 Link
BKEP Blueknight Energy Partners LP DG Capital 11/16/2021 Pipelines 135 Opposes Ergon, Inc.'s offer of 3.32/unit; open letter filed (link right) -5 97 Link
TPL Texas Pacific Land Corp Gabi Gliksberg 11/16/2021 Oil-US Royalty Trusts 9,392 Declassify board; open letter filed (link right) -6 93 Link
JHG Janus Henderson Group PLC Trian 11/16/2021 Invest Mgmnt/Advis Serv 7,000 Board shakeup -11 33 Link
FARM Farmer Bros Co JCP 11/15/2021 Coffee 111 Opposes the increase in share authorization -23 39 Link
BoD shakeup; CEO succession; sell assets; strategic review; activist website
LXP Lexington Realty Trust Land & Building 11/15/2021 REITS-Diversified 4,263 -1 51 Link
launched (link right) and new presentation
RIO Rio Tinto PLC Pentwater 11/11/2021 Metal-Diversified 101,359 Governance; BoD representation -3 -5 Link
NE Noble Corp Standard Drilling 11/10/2021 Oil&Gas Drilling 1,360 Against the merger with Maersk Drilling -14 - Link
NNUP Nocopi Technologies Inc Cedar Creek 11/10/2021 Chemicals-Other 10 Remove management and Directors; declassify BoD -21 6 Link
Southeastern The purpose of this amendment to our Schedule 13D is to urge re-
LUMN Lumen Technologies Inc 11/4/2021 Telephone-Integrated 12,763 -7 28 Link
Asset authorization
Strategic review; board representation UPDATE 11/8: THS caves and
THS TreeHouse Foods Inc Jana Partners 2/9/2021 Food-Misc/Diversified 2,142 -10 -6 Link
announces Strategic Alternatives
Sell non-core assets; strategic options; presentation filed (link right) UPDATE
8/12: Klarman/Baupost filed a 645m purchase UPDATE: Cat Rock urges a
GRUB Just Eat Takeaway.com NV Cat Rock; Baupost 7/27/2021 Internet Content-Info/Ne 12,236 -34 - Link
spin/sale of Grubhub; gets support from Oceanwood Capital UPDATE 11/10:
Cat rock reiterates its call for GRUB to refocus on EU
CBRL Cracker Barrel Old Country Sto Biglari 11/5/2021 Retail-Restaurants 2,899 and resumption of share repurchase. - -13 Link
M Macy's Inc NuOrion 11/4/2021 Retail-Regnl Dept Store 8,027 Accept crypto and sell Teslas -13 141 Link
Driver
FRBK Republic First Bancorp Inc 11/1/2021 Commer Banks-Eastern US 203 Management changes; opposes financing 11 20 Link
Management
CNC Centene Corp Politan 11/3/2021 Medical-HMO 41,365 BoD refresh -4 11 Link
TRQ Turquoise Hill Resources Ltd Pentwater 11/2/2021 Metal-Copper 2,884 Open letter filed 14 34 Link
Sale of company; management changes UPDATE 11/2: Elliott sends open
HTA Healthcare Trust of America In Elliott 10/6/2021 REITS-Health Care 7,497 11 38 Link
letter to HTA
Strategic alternatives;declassify board; sale of company ($40/sh) UPDATE
MNTV Momentive Global Inc Legion 10/6/2021 Enterprise Software/Serv 2,900 10/28: ZenDesk (ZEN) made offer for MNTV; Legion is "strongly against" the -6 -7 Link
acquisition and will do what is necessary to end it
Open letter to management; buyback; remove poison pill; non-deal road
show UPDATE 7/27: Chatham files amended 13; pushing for strategic review
and reiterate that the BoD should not renew the Shareholder Rights plan on
RRD RR Donnelley & Sons Co Chatham 4/29/2021 Printing-Commercial 768 8/28 UPDATE 9/1: Chatham issues letter to BoD re: Shareholder Rights Plan 139 680 Link
and governance UPDATE 9/27: Chatham send letter to board re:unlocking
value (link right) UPDATE 10/12: Chatham made an offer for the entire
company for $7.50 UPDATE 11/3: RRD recieved an offer of 8.52
Letter to BoD urging CEO Rabbani removal and hiring of executive search firm
UPDATE 9/30: Nominates 2 Directors and pushes to declassify BoD UPDATE
Roumell; James
10/6: Two new 13D filers; both nominating additional directors UPDATE
ENZ Enzo Biochem Inc Wolf; Radoff; 5/5/2021 Medical-Biomedical/Gene 159 13 50 Link
10/19: Radoff files open letter (link right); continues to push for Rabbani to
Harbert
exit the company completely; nominates Director slate UPDATE 10/27:
Harbert files open letter pushing for Rabbani's retirement and BoD changes
BoD changes; management changes UPDATE 10/21: David Hall isuues open
David Hall
VLDR Velodyne Lidar Inc 5/25/2021 Auto/Trk Prts&Equip-Orig 967 letter (link right); will nominate new BoD slate UPDATE 10/27: VLDR issues -53 -67 Link
(founder)
press release in response to David Hall (link right)
www.KEDM.com
Return
Link
13D
(%)
RDSA Third Point argues the company should split into multiple businesses;
Royal Dutch Shell PLC Third Point 10/27/2021 Oil Comp-Integrated 148,981 -7 32 Link
NA disclosed in its Q3 Investor Letter
CBIO Catalyst Biosciences Inc JDS1 10/26/2021 Medical-Drugs 34 BoD and management changes; BoD declassify -67 -81 Link
Strategic alternatives; sale of company; open letter (link right) UPDATE 9/8:
Comtech Telecommunications Nominates 3 candidates for BoD UPDATE 10/7: New open letter; Board and
CMTL Outerbridge 6/14/2021 Electronic Compo-Misc 679 10 41 Link
Cor management changes UPDATE 10/25: Outerbridge sends open letter to BoD
against the new financing and urging a strategic review
Opposes upcoming offering UPDATE 8/16: Ortelius files preliminary proxy

UPDATE 8/24: Files open letter to CSU shareholders against the financing and
their intent on voting against the proposal UPDATE 8/31: CSU files its proxy
statement and issues letter to shareholders; vote on 10/12 to approve
financing UPDATE 9/15: Ortelius files new presentation (link right); CSU
SNDA Sonida Senior Living Inc Ortelius 8/9/2021 Retirement/Aged Care 206 34 110 Link
commenses the offering UPDATE 9/30: Shareholder, Invictus, offers cheaper
financing alternative UPDATE: Ortelius and company both file presentations;
Ortelius open letter link right; VOTE ON 10/22 UPDATE 10/12: Ortelius
demands CSU open the books; Vote on 10/22 UPDATE 10/27: Shareholders
approve the financing with Conversant
Discussions; BoD representation with founder of CarParts.com, Mehran Nia
UPDATE 9/9: Kanen nominates 5 directors UPDATE 9/22: Cannell files 13D
Philotimo, Kanen
GOED 1847 Goedeker Inc 6/8/2021 Retail-Consumer Electron 211 update 9/28: Steve Goedeker issues open letter to shareholders UPDATE -40 -72 Link
Wealth, Cannell
10/18: Campaign concludes; Kanen and GOED sign Cooperation Agreement;
2 new Directors and one legacy director retired
Wheeler Real Estate
WHLR Steamboat 10/14/2021 REITS-Shopping Centers 19 Demand payment of the Series B and D prefs -29 -30 Link
Investment
BoD, management and strategy changes UPDATE 9/23: AB Value files lawsuit
against company's attempt to shrink the BoD ahead of AGM UPDATE 9/30:
Rocky Mountain Chocolate Strategic partner Immaculate Confection issues open letter to shareholders
RMCF AB Value 6/18/2021 Food-Confectionery 53 45 86 Link
Facto against AB Value; Company issues open letter ahead of vote (link right)
UPDATE 10/8: Shareholders elected 2 AB Value nominees and 4 Company
nominees
www.KEDM.com
Mergers and Acquisitions Monitor

Announced mergers or acquisitions of US-listed targets with a premium spread greater than 5%
Target Acquirer Deal Spread Spread Annualized

Date of PR Target Company Acquirer Type Cash Stock Notes
Ticker Ticker Price ($) (%) (%)
11/3/2021 - Entered into a definitive merger agreement with Atlas after

Chatham's offer of $7.50. Chatham, the largest shareholder, increased
the bid to $9.0 - $9.5. Update 11/12 - RRD sent an open letter to Chatham,
RR Donnelley & Chatham Asset competing bidder with Atlass, stating that the company is open to
10/12/2021 RRD Private Cash 10.2500/sh. - 10.25 -0.19 - -
Sons Co Management LLC negotiation upon executing confidentiality agreement. Update 11/17 -
Received revised proposal from Chatham for $9.10 per share. Update
12/1 - The Board announced Chatham's increased proposal of 10.25$ as
a superior offer. Atlas can renegotiate the agreement before Dec 7.
Entered definitive merger agreement on Mar 26, 2021 and MX will go
private. Expected to complete in Q2 2021. Update 6/15/2021: The
company received an Interim Order from the US Department of Treasury
to take no action regarding the Merger. The company is assessing the
impact of the order and expects to postpone stockholders meeting
scheduled on Jun 17, 2021. Update 6/16/2021: MX's Korean subsidiary
received a letter from the Korean Ministry of Trade, Industry and Energy
to either apply for an approval or file a report for the Act on Prevention
of Divulgence and Protection of Industrial Technology. The closing of the
Merger now being conditioned on the receipt of the Approval. Update
Magnachip 6/30 - The Merger was cleared pursuant to the Anti-monopoly Law. Other
Wise Road Capital
3/26/2021 Semiconductor MX Private Cash 29.0000/sh. - 29.00 11.47 65.47 approvals are pending. Update 7/26/2021 - Company received a letter 853
Ltd
Corp from CFIUS notifiying its investigation of the merger. Investigation will be
completed no later than Sep 13, 2021. Update 8/23/2021 - Parties
amended the Merger agreement regarding the its termination date.
Update 8/27 - Parties received a letter from the Department of Treasury
indicating risks related to national security because of the merger. No
mitigation measures were identified in the letter and the matter will be
referred to the US President for decision. Update 9/13 - Company re-filed
the Merger notice to CFIUS to permit discussions regarding mitigating the
national security risks. Thus review period started on Sep 14 and will be
concluded no later than Oct 28. Update 10/28 - CFIUS extended the
deadline to Dec 13, 2021.
11/15/2021 - Received non-binding offer for $24.00 per share in cash on

Hollysys
Sep 10. Lonsen reaffirmed its interest, subject to due diligence. HOLI
9/12/2021 Automation HOLI Consortium Private Cash 24.0000/sh. - 24.00 9.26 62.74 -
Board will provide additional information to Lonsen for a potential
Technologi
binding offer.
8/2/2021 - Announced non-binding offer for $23.00 per share in cash. The
acquirer is controlled by HOLI's founder, who retired from the company
in 2013. HOLI's board will evaluate the current offers. Update 8/24/2021
Hollysys - Three employees of HOLI agreed to join Emerald as members in
8/2/2021 Automation HOLI Consortium Private Cash 23.0000/sh. - 23.00 8.26 55.96 connection with the transaction. Update 11/2 - HOLI changed its auditor -
Technologi from EY to Union Power. EY did not issue its audit report for year ended
Jun 30, 2021. Update 11/8 -Received late filing notice from NASDAQ.
Update 11/15 - Lonsen reaffirmed its interest to acquire HOLI for
$24.00. Board will engage with Lonsen for a potential binding offer.
www.KEDM.com

7/22/2021 - Going-private transaction. Shares and ADSs will be
exchanged for the right to receive $79.05 in cash. Expected to close in 2H
2021. Update 11/1 - The management entered into a facilities agreement
6/21/2021 51job Inc JOBS Consortium Private Cash 79.0500/sh. - 79.05 23.95 43.43 567
for USD 1.7 bil financing to finance portion of the Merger consideration.
Update 11/8 - Parties have been in consultation with Chinese regulators
on recent regulatory changes that might be applicable to the Merger.
Expected to close in H2 2021. CHNG merged with Optum, a part of UNH.
Update 3/26/2021: Parties have been requested additional documentary
materials from the DOJ for the Merger. American Hospital Association
raised antitrust concerns after the merger announcement and CHNG
disclosed on Apr 7 that nine lawsuits challenging the Transaction have
been filed. CHNG states that the lawsuits are without merit and
Change UnitedHealth Group supplemental disclosures are not required or necessary under applicable
1/6/2021 CHNG UNH Cash 25.7500/sh. - 25.75 5.40 26.54 111
Healthcare Inc Inc laws. Update 4/14: CHNG shareholders approved the combination with
Optum. Update 8/7/2021 - Parties entered into a timing agreement with
DOJ, not to consummate the Merger before 120 days. Also both parties
agreed to not certify substantial compliance with the Second Request
before September 15, 2021. Update 11/1/2021 - Parties entered into a
timing amendment with DOJ that parties agreed not to consummate the
Merger before Feb 22, 2022 without written notice from the DOJ.
Tronox Holdings Apollo Global
9/13/2021 TROX APO Cash 27.0000/sh. - 27.00 4.88 22.06 9/13/2021 - PROPOSED - Made an unsolicited, all-cash offer. -
PLC Management Inc
Cash .2710 Aqr
Wow Unlimited Genius Brands 10/27/2021 - Entered into a definitive agreement. Cash and stock
10/27/2021 WOW GNUS and 1.1690/sh. sh./Tgt 1.59 0.32 25.20 -
Media Inc International In transaction.
Stock sh.
Deal price includes $5 special dividend, with a registration date of Mar
10, 2021 and payment date of Mar 24, 2021. Update 3/10/2021:
Shareholders of AJRD approved the merger, which is expected to close in
Aerojet
Lockheed Martin H2 2021. Update 3/24/2021: AJRD announced $5.0 per share special
12/20/2020 Rocketdyne AJRD LMT Cash 51.0000/sh. - 51.00 7.94 18.44 240
Corp dividend to shareholders as of Mar 10, 2021 which adjusts the
Holdings In
consideration to be acquired by LMT. Update 8/13 - FTC urges blocking
LMT deals due to antitrust concerns. Update 9/22 - AJRD won $600 mil
NASA awards.
Feb 7, 2021, the Consortium initiated litigation against HOLI to reverse
recent amendments made to HOLI's charter, which according to the
Consortium limits shareholders' rights and empowers the Board. Mar 14,
2021 - The Consortium claimed that they won the preliminary victory
against HOLI. Mar 16, 2021 - HOLI responded that no final decision has
been made and the Consortium's claim is misleading. Update 7/8/2021 -
The buyer Consortium states the proposed acquisition is the best way for
current shareholders to exit at an attractive premium and reminded
shareholders to sign, date and return the WHITE consent card before Jul
22, 2021. HOLI urged shareholders to take no action on the letter.
Hollysys
7/15/2021 - HOLI issued an open letter claiming the Consortium's bid
12/8/2020 Automation HOLI Consortium Private Cash 17.1000/sh. - 17.10 2.36 15.99 -
undervalued the company and its allegations are misrepresentations and
Technologi
hypocritical. Update 7/22/2021 - The buyer consortium extended the
deadline for HOLI shareholders to submit consents to Aug 20, 2021.
Update 8/2/2021 - Received non-binding offer from Superior Emerald
(Cayman) Limited, which is controlled by HOLI's founder. HOLI's board will
evaluate the current offers. Update 8/24/2021 - Three employees of HOLI
agreed to join Emerald as members in connection with the transaction.
Update 9/24 - BVI Court decided in favor of HOLI and denied the
Consortium's claim. Update 11/2 - HOLI changed its auditor from EY to
Union Power. EY did not issue its audit report for year ended Jun 30, 2021.
Update 11/8 -Received late filing notice from NASDAQ.
www.KEDM.com

Jan 28, 2021 - Expected to close by the end of 2021. If the merger is not
1.7234 complete, XLNX is required to pay $1.0 bil to AMD under certain
Advanced Micro Aqr conditions. Mar 8, 2021 - AMD and XLNX announced to hold Special
10/27/2020 Xilinx Inc XLNX AMD Stock - 245.64 29.24 13.51 176
Devices Inc sh./Tgt Meetings of Stockholders on Apr 7 to vote on the proposed acquisition.
sh. On April 7, 2021 at the Special Meetings of Stockholders, XLNX
shareholders voted for the Merger.
10/14/2021 - Icahn Enterprises LP announced the acquisition of SWX.

Southwest Gas
10/14/2021 SWX Icahn Enterprises LP IEP Cash 75.0000/sh. - 75.00 8.95 13.55 Parties will negotiate. Update 10/27 - Icahn Enterprises commenced an 206
Holdings Inc
unsolicited tender offer.
5/10/2021 - Entered into a merger agreement. All-cash transaction.
7/21/2021 - SOLY shareholders voted for the merger. 8/6/2021 - FTC
requested additional documents regarding the merger. Update 11/7 -
5/10/2021 Soliton Inc SOLY AbbVie Inc ABBV Cash 22.6000/sh. - 22.60 2.50 12.43 -
ABBV submitted a notice to extend the Merger termination date from
Nov 8 to Feb 8, 2022. The merger is expected to be completed in 1H
2022.
Feb 12, 2021 - Shareholders voted for the merger. HSR is cleared.
PNM Resources Expected to close in 2Q 2021. UPDATE 3/3: Citi downgrade; Texas
10/21/2020 PNM Avangrid Inc AGR Cash 50.3000/sh. - 50.30 5.29 11.75 153
Inc outages have created uncertainty in getting regulatory approval;
significant hurdles in PNM's sale of Four Corners Power Plant
10.6900
Aqr 10/8/2021 - All-stock transaction. The deal is expected to close by Q1
10/7/2021 Alcanna Inc CLIQ Sundial Growers Inc SNDL Stock - 7.61 0.70 10.13 31
sh./Tgt 2022.
sh.
.2250 Aqr
Momentive 10/28/2021 - Entered into a definitive agreement. All-stock transaction.
10/28/2021 MNTV Zendesk Inc ZEN Stock - sh./Tgt 21.41 2.49 13.16 23
Global Inc Expected to close in H1 2022; opposed by JANA Partners
sh.
Expected to close in H1 2022. Update 4/14: Special shareholders meeting
Shaw
Rogers will be held on May 20 and 2/3 of the shareholders shall vote for the
3/15/2021 Communications SJR/B RCI/B Cash 40.5000/sh. - 40.50 3.18 8.52 15
Communications Inc transaction. Other approvals are also pending. Update 5/21:
Inc
Shareholders voted for the transaction.
8/9/2021 - Entered into a definitive agreement for a joint venture. All-
Sanderson Cargill Inc,
8/9/2021 SAFM Private Cash 203.0000/sh. - 203.00 14.30 7.58 cash transaction. Expected to be closed by Q1 2022. Update 10/22 - 13
Farms Inc Continental Grain Co
SAFM shareholders voted for the Merger.
Durational Capital
11/15/2021 Casper Sleep Inc CSPR Private Cash 6.9000/sh. - 6.90 0.48 7.48 11/15/2021 - All-cash transaction. Expected to close in Q1 2022. 23
Management
COHR received competing bids from LITE, IIVI and MKSI. After multiple
revised bids, on Mar 24, COHR considered IIVI's proposal superior ($220
in cash and 0.91 shares of IIVI) and signed a merger agreement. COHR will
Cash .9100 Aqr terminate the previously signed Merger agreement with LITE and pay
3/25/2021 Coherent Inc COHR II-VI Inc IIVI and 220.0000/sh. sh./Tgt 275.80 17.58 6.81 $217.6 mil for the termination fee. Update 5/6/2021 - COHR announced 21
Stock sh. a proposed combination with IIVI. Update 6/24/2021 - Shareholders of
COHR and IIVI voted for the merger. Update 8/25/2021 - COHR and IIVI
received unconditional clearance by the Federal Cartel Office in
Germany. Pending clearances from China and South Korea.
8/4/2021 - Entered into a definitive merger agreement to go private.
New Frontier Unicorn II Holdings
8/4/2021 NFH Private Cash 12.0000/sh. - 12.00 0.57 4.99 Expected to close in Q4 2021. Update 12/2 - EGM will be convened on 65
Health Corp Ltd
Jan 7 to vote on the merger.
NeoPhotonics Lumentum Holdings 11/4/2021 - Entered into a Merger Agreement. All-cash transaction.
11/4/2021 NPTN LITE Cash 16.0000/sh. - 16.00 0.76 4.99 9
Corp Inc Expected to close in H2 2022.
www.KEDM.com

8/5/2021 - VNE confirmed receipt of QCOM proposal for $37 per share in
cash. The board will evaluate the offer. Update 8/5 - Board decided
QCOM's offer as superior and will engage in discussion. Update
10/4/2021 Veoneer Inc VNE QCOM/SSW QCOM Cash 37.0000/sh. - 37.00 1.69 4.79 4
10/4/2021 - Terminated the agreement with MGA and entered into a
definitive agreement with QCOM for $37.0 per share. The deal is
expected to close in 2022.
9/1/2021 - Entered into a definitive merger agreement. All-stock

.3001 Aqr
Gage Growth transaction. Expected to close in H1 2022. Update 11/12 - Shareholders
9/1/2021 GAGE TerrAscend Corp TER Stock - sh./Tgt 2.53 0.17 7.20 13
Corp voted for the merger. Update 11/15 - Received final court approval.
sh.
Certain cannabis regulatory approvals are pending.
8/6/2021 - Entered into a definitive agreement. All-cash transaction.
Intersect ENT Expected to close in Q4 2021. Update 9/22 - Filed for HSR and additional
8/6/2021 XENT Medtronic PLC MDT Cash 28.2500/sh. - 28.25 1.18 4.36 57
Inc information requested by FTC. Update 10/8 - Shareholders voted for the
Merger.
Cash .9940 Aqr
10/25/2021 Fiore Gold Ltd F Calibre Mining Corp CXB and .1000/sh. sh./Tgt 1.38 0.08 6.15 39
Stock sh.
.8084 Aqr
Pretium Cash or Shareholders can elect to receive shares or cash. Expected to close on Q1
11/8/2021 PVG Newcrest Mining Ltd NCM 18.5000/sh. sh./Tgt 17.53 0.73 4.35 13
Resources Inc Stock 2022.
sh.
.4609 Aqr
Royal Financial Cash or 7/28/2021 - Entered into a Merger Agreement. Expected to be completed
7/29/2021 RYFL Finward Bancorp FNWD 20.1400/sh. sh./Tgt 20.90 0.75 3.72 12
Inc Stock in Q1 2022.
sh.
.0526 Aqr
11/8/2021 - Entered into a definitive agreement. All-stock transaction -
11/8/2021 MetroMile Inc MILE Lemonade Inc LMND Stock - sh./Tgt 2.29 0.06 2.70 5
MILE to LMND will be 19:1. Expected to close Q2 2022.
sh.
The transaction has been approved by the Boards and is expected to close
Heritage late 2021. VyStar will pay HSBI an aggregate amount estimated to provide
3/31/2021 Southeast HSBI VyStar Credit Union Private Cash 27.0000/sh. - 27.00 0.82 3.13 HSBI with sufficient cash to have $27.00 per share in cash available for 41
BanCorp Inc distribution to its shareholders after satisfaction of all of HSBI’s
unconsolidated debt and any other obligations
Golden Star Chifeng Jilong Gold

11/1/2021 GSC Private Cash 3.9100/sh. - 3.91 0.15 3.11 11/1/2021 - All-cash transaction. Expected to close in Jan 2022. 25
Resources Ltd Mining Co
Oct 18, 2020. AEL rejected the offer from MassMutual and partnered with
BAM, which will a) reinsure up to $10 billion of AEL’s annuities b) make a
American Equity
10/1/2020 AEL Consortium Private Cash 36.0000/sh. - 36.00 1.33 3.84 19.9% equity investment at $37 a share. Equity investment will take two -
Investment Lif
stages: i) 9.9% at $37.00 after HSR and ii) 10% at least $37.00. Nov 30,
2020 - Announced the closing of first stage.
www.KEDM.com
Busted M&A Monitor

TTM Deals that have been canceled or withdrawn
Target Proposed
Date of Acquirer Target Current Target Return since Equity Options
Acquiror Target Company Target Sector Mkt Cap Deal Price ($
Termination Ticker Ticker Price ($) Termination (Y/N)
($M) per)
12/3/2021 Bass Pro Shops - Sportsman's Warehouse SPWH Retail-Sporting Goods 597 13.62 18.00 - Y
12/1/2021 CVC Advisers Ltd - Intertrust NV INTER NA Finance-Other Services 1659 18.32 22.00 -3 Y
11/18/2021 Carlyle Group Inc/The CG Metro Bank PLC MTRO LN Commer Banks Non-US 174 101.20 - -5 N
11/15/2021 Management Group - Tarena International Inc TEDU Schools 39 0.70 4.00 -9 N
10/26/2021 DraftKings Inc DKNG Entain PLC ENT LN Internet Gambling 9593 1636 145.00 -18 Y
10/25/2021 PayPal Holdings Inc PYPL Pinterest Inc PINS Internet Content-Entmnt 23341 36 145.00 -29 Y
10/20/2021 Hopson Development Holdings Lt 754 HK Evergrande Property 6666 HK Real Estate Mgmnt/Servic 39459 4 145.00 -29 N
9/30/2021 Zoom Video Communications Inc ZM Five9 Inc FIVN Applications Software 8570 126 145.00 -21 Y
9/6/2021 BGH Capital Pty Ltd PRIVATE Hansen Technologies Ltd HSN AU Applications Software 1083 5 6.50 -4 N
9/1/2021 Ingersoll Rand Inc IR SPX FLOW Inc FLOW Machinery-Pumps 3501 83 269.00 3 Y
8/31/2021 Equity Commonwealth EQC Monmouth Real Estate MNR REITS-Warehouse/Industr 2052 21 270.00 11 Y
8/20/2021 Salmar ASA SALM NO Norway Royal Salmon ASA NRS NO Fisheries 7059 162 270.00 -41 N
7/26/2021 Willis Towers Watson PLC WLTW Aon PLC AON Insurance Brokers 64698 294 - 17 Y
7/19/2021 Autodesk Inc ADSK Altium Ltd ALU AU Circuit Boards 5658 43 38.50 23 Y
7/12/2021 HUYA Inc HUYA DouYu International DOYU Entertainment Software 694 2 10.86 -57 Y
4/20/2021 CVC Advisers Ltd - Toshiba Corp 6502 Diversified Manufact Op 2053719 4743 5000 12 Y
4/6/2021 China Oceanwide Holdings Group - Genworth Financial Inc GNW Multi-line Insurance 1983.88 3.91 5.43 11 Y
4/2/2021 Air Canada AC CN Transat AT Inc TRZ CN Airlines 165.15 4.20 6.23 -23 N
3/29/2021 Obsidian Energy Ltd OBE CN Bonterra Energy Corp BNE CN Oil Comp-Explor&Prodtn 186.68 5.53 2:1 40 N
2/15/2021 Dorel Industries Inc Cerberus Dorel Industries Inc DII/B CN Home Furnishings 613.80 18.83 16.00 19 N
2/11/2021 Cordlife Group Ltd CLGL SP Global Cord Blood Corp CO Medical-Outptnt/Home Med 482.56 3.97 7.50 -13 Y
2/10/2021 Ares Management Co. AMP Ltd AMP AU Invest Mgmnt/Advis Serv 3086.47 0.95 1.85 -39 Y
2/1/2021 Atos SE ATO FP DXC Technology Co DXC Computer Services 7683.19 30.46 29.00 19 Y
1/19/2021 MGM Resorts International MGM Entain PLC ENT LN Internet Gambling 9593.07 1635.50 32 Y
1/5/2021 Mill Road Capital - Huttig Building Products Inc HBP Retail-Building Products 233.96 8.54 2.75 159 Y
Pending China Oceanwide - Genworth Financial Inc GNW Multi-line Insurance 1983.88 3.91 5.43 - Y
11/12/2020 Minerals Technologies Inc MTX Elementis PLC ELM Chemicals-Specialty 766.85 131.80 1.30 22 N
11/5/2021 Durational - Sanderson Farms Inc SAFM Poultry 4208.92 188.50 142.00 - Y
10/5/2020 Comtech Telecommunications Cor CMTL Gilat Satellite Networks Ltd GILT Wireless Equipment 1256.30 2222.00 8.48 39 N
10/5/2020 NextEra Energy Inc NEE Duke Energy Corp DUK Electric-Integrated 75423.52 98.08 - 12 Y
9/21/2020 Nexpoint Hospitality Trust NHT/U Condor Hospitality Trust Inc CDOR REITS-Hotels 107.03 7.27 11.00 146 N
9/8/2020 Private - StoneMor Inc STON Funeral Serv&Rel Items 295.15 2.50 0.80 217 Y
8/17/2020 Apollo Global Management Inc APO Big Lots Inc BIG Retail-Discount 1488.80 45.73 - -6 Y
6/29/2020 Synacor Inc SYNC Qumu Corp QUMU Applications Software 34.76 1.96 1.61 -19 Y
8/13/2020 Thermo Fisher Scientific Inc TMO QIAGEN NV QGEN Diagnostic Kits 12278.42 54.01 43.00 11 Y
6/16/2020 B Riley Financial Inc RILY Spok Holdings Inc SPOK Telecom Services 181.14 9.30 12.00 5 Y
6/10/2020 Simon Property Group Inc SPG Taubman Centers Inc TCO REITS-Regional Malls - - 52.50 Y
6/5/2020 Ebix Inc EBIX Yatra Online Inc YTRA E-Commerce/Services 113.63 1.89 4.87 26 N
5/26/2020 Independent Bank Group Inc IBTX Texas Capital Bancshares TCBI Commer Banks-Central US 2944.35 58.18 5.87 112 Y
5/14/2020 Apollo Global Management Inc APO Tutor Perini Corp TPC Building-Heavy Construct 653.98 12.81 17.00 93 Y
4/27/2020 Alphatec Holdings Inc ATEC EOS Imaging SA EOSI Medical Imaging Systems - - 2.80 - N
www.KEDM.com
Stock Split Monitor

Splits and Reverse Splits (trailing 60)
Options
Ticker Company Market Cap ($M) Sector Effective Date Days Til Split Split Terms Return since split (%)
Available
MBIN Merchants Bancorp/IN 1309 Commer Banks-Central US 1/18/2022 46 3 for 2 - Y

PLUS ePlus Inc 1407 B2B/E-Commerce 12/14/2021 11 2 for 1 - Y
ANET Arista Networks Inc 37333 Networking Products 11/18/2021 - 4 for 1 -8 Y
YQ 17 Education & Technology Grou 74 Educational Software 11/17/2021 - 1 for 4 -46 Y
OFSTF Carbon Streaming Corp 225 Invest Mgmnt/Advis Serv 10/25/2021 - 1 for 5 -8 N
MCHP Microchip Technology Inc 47677 Electronic Compo-Semicon 10/13/2021 - 2 for 1 23 Y
BBLG Bone Biologics Corp 37 Medical-Biomedical/Gene 10/13/2021 - 2 for 5 -29 N
ISRG Intuitive Surgical Inc 112990 Medical Instruments 10/5/2021 - 3 for 1 -4 Y
HCANF Halo Collective Inc 39 Medical-Drugs 10/12/2021 - 1 for 100 -51 N
XPRO Expro Group Holdings NV 1504 Oil-Field Services 10/4/2021 - 1 for 6 -34 Y
USWS US Well Services Inc 77 Oil-Field Services 10/1/2021 - 2 for 7 -42 N
INMD Inmode Ltd 5089 Medical Products 10/1/2021 - 2 for 1 -16 Y
TOYOF Toyota Motor Corp 294649 Auto-Cars/Light Trucks 9/29/2021 - 5 for 1 -8 N
EVGDF Elevation Gold Mining Corp 40 Precious Metals 9/24/2021 - 1 for 6 -44 N
XRTX XORTX Therapeutics Inc 26 Medical-Biomedical/Gene 9/23/2021 - .085179 : 1 -60 N
NEVDF Nevada Copper Corp 186 Metal-Copper 9/21/2021 - 1 for 10 -20 N
FSFG First Savings Financial Group 187 S&L/Thrifts-Central US 9/16/2021 - 3 for 1 -7 N
JAGX Jaguar Health Inc 55 Veterinary Diagnostics 9/8/2021 - 1 for 3 -54 Y
ACST Acasti Pharma Inc 54 Medical-Drugs 8/31/2021 - 1 for 8 -54 Y
STG Sunlands Technology Group 45 Internet Content-Info/Ne 8/31/2021 - 2 for 25 -50 N
AADI Aadi Bioscience Inc 407 Medical-Biomedical/Gene 8/27/2021 - 1 for 15 -25 Y
MEAUF Moneta Gold Inc 125 Gold Mining 8/26/2021 - 1 for 6 -22 N
PTMN Portman Ridge Finance Corp 222 Investment Companies 8/26/2021 - 1 for 10 5 Y
BTCS BTCS Inc 56 E-Commerce/Products 8/17/2021 - 1 for 10 -14 N
ATXS Astria Therapeutics Inc 65 Medical-Biomedical/Gene 8/20/2021 - 1 for 6 -34 Y
ZPTAF Surge Energy Inc 260 Oil Comp-Explor&Prodtn 8/20/2021 - 2 for 17 -1 N
AAZZF A2Z Smart Technologies Corp 164 Electronics-Military 8/20/2021 - 1 for 3 29 N
LEMLF Leaf Mobile Inc 173 Entertainment Software 8/17/2021 - 1 for 10 -22 N
MIGI Mawson Infrastructure Group In 621 Computer Software 8/13/2021 - 1 for 10 13 N
CRDV Community Redevelopment Inc 128 Real Estate Oper/Develop 8/4/2021 - 1 for 100 34 N
WKSP Worksport Ltd 66 Auto/Trk Prts&Equip-Orig 8/4/2021 - 1 for 20 -9 Y
GE General Electric Co 101799 Diversified Manufact Op 8/2/2021 - 1 for 8 -8 Y
SWI SolarWinds Corp 2235 Computer Software 8/2/2021 - 1 for 2 -31 Y
SBET SharpLink Gaming Ltd 52 Applications Software 7/28/2021 - 1 for 2 -56 N
MITT AG Mortgage Investment Trust I 239 REITS-Mortgage 7/23/2021 - 1 for 3 -1 Y
SCVL Shoe Carnival Inc 1087 Retail-Apparel/Shoe 7/20/2021 - 2 for 1 18 Y
AHT Ashford Hospitality Trust Inc 335 REITS-Hotels 7/19/2021 - 1 for 10 -41 Y
REAX Real Brokerage Inc/The 517 Real Estate Mgmnt/Servic 7/23/2021 - 4 for 1 83 N
BTTR Better Choice Co Inc 103 Medical-Whsle Drug Dist 6/29/2021 - 1 for 6 -14 Y
CSGP CoStar Group Inc 31137 Commercial Services 6/28/2021 - 10 for 1 -7 Y
MMAT Meta Materials Inc 909 Advanced Materials/Prd 6/28/2021 - 1 for 2 -59 Y
www.KEDM.com
Options
Ticker Company Market Cap ($M) Sector Effective Date Days Til Split Split Terms Return since split (%)
Available
TPST Tempest Therapeutics Inc 56 Medical-Biomedical/Gene 6/28/2021 - 1 for 15 -40 Y

TTD Trade Desk Inc/The 43714 Advertising Services 6/17/2021 - 10 for 1 46 Y
CHUC Charlie's Holdings Inc 32 Consumer Products-Misc 6/16/2021 - 1 for 100 -54 N
SBEV Splash Beverage Group Inc 46 Beverages-Non-alcoholic 6/11/2021 - 1 for 3 -57 N
DALN DallasNews Corp 39 Publishing-Newspapers 6/8/2021 - 1 for 4 -3 Y
NEOG Neogen Corp 4272 Diagnostic Equipment 6/7/2021 - 2 for 1 -13 Y
REAX Real Brokerage Inc/The 517 Real Estate Mgmnt/Servic 7/23/2021 - 4 for 1 83 N
CTRM Castor Maritime Inc 167 Transport-Marine 5/28/2021 - 1 for 10 -42 Y
NOVN Novan Inc 90 Medical-Drugs 5/26/2021 - 1 for 10 -48 Y
ONTX Onconova Therapeutics Inc 57 Medical-Biomedical/Gene 5/21/2021 - 1 for 15 -71 Y
ASRT Assertio Holdings Inc 60 Medical-Drugs 5/18/2021 - 1 for 4 -13 Y
CP Canadian Pacific Railway Ltd 45901 Transport-Rail 5/14/2021 - 5 for 1 -14 Y
www.KEDM.com
Listing Change Monitor

Companies whose primary equity exchange has changed in the past month
Return since
Market Uplist or
Ticker Company Effective Date Business Description Prior Exchange New Exchange listing
Cap ($M) downlist?
change (%)
T Stamp Inc develops proprietary artificial intelligence powered solutions through biometric
IDAI T Stamp Inc FILED science, cryptography, and data mining. The Company offers identification and defense against 86 - - - -
fraudulent identity attacks. T Stamp serves clients in the United States.
Galaxy Digital Holdings Ltd. is a limited partner in Galaxy Digital LP, a merchant banking
Galaxy Digital institution dedicated to the digital assets and blockchain technology sector. The firm operates
GLXY CN FILED 8,547 - - US Listing -
Holdings Ltd across four business lines: asset management, trading, principle investments, and advisory
services.
The Singing Machine Company, Inc. produces and distributes consumer-oriented karaoke
Singing Machine Co machines, including compact disc and graphics (CD+G) machines. The Company also produces
SMDM FILED 10 OTC - - -
Inc/The and distributes CD+G and audio karaoke music. UPDATE: Company is "pursuing a strategy tp
uplist to a major national exchange"
Sunshine Biopharma, Inc. operates as a pharmaceutical company. The Company focuses on the
Sunshine Biopharma
SBFM FILED research, development, and commercialization of oncology and antiviral drugs. Sunshine 28 OTC - - -
Inc
Biopharma serves customers worldwide.
Global Clean Energy Holdings, Inc. operates as an integrated biofuels company. The Company
Global Clean Energy
GCEH FILED develops, grows, processes, refines, and distributes renewable diesel that help reduce 242 OTC Nasdaq Uplist -
Holdings I
greenhouse gas emissions. Global Clean Energy Holdings serves clients worldwide.
PlantX Life Inc. operates as an one-stop-shop for everything plant-based on an e-commerce
VEGA CN PlantX Life Inc FILED platform. The Company offers personalized services and shipping of plant-based meals and 29 Venture TSX Uplist -
juices, as well as indoor plants. PlantX Life serves customers in North America.
Carbon Streaming Corporation is an investment vehicle that offers investors exposure to carbon
Carbon Streaming
OFSTF FILED credits, a key instrument being used by both governments and corporations to achieve their - OTC - Uplist -
Corp
climate goals. The Company provides investors a way to invest in a low carbon future.
Modular Medical, Inc. provides medication delivery technology. The Company offers a device
MODDD Modular Medical Inc FILED that remove the burden of daily injections. Modular Medical serves customers in the United 64 OTC NASDAQ Uplist -
States.
Creative Medical Technology Holdings, Inc. operates as a commercial stage biotechnology
company. The Company focuses on immunology, urology, neurology and orthopedics using
Creative Medical
CELZ 12/3/2021 adult stem cell treatments and interrelated regenerative technologies for the treatment of 6 PINK NASDAQ Uplist/Offering -
Technology Ho
multiple indications. Creative Medical Technology Holdings serves customers in the United
States.
Harte-Hanks, Inc. owns and operates a direct marketing company that provides a full range of
specialized, coordinated, and integrated direct marketing services to companies in a wide variety
HHS Harte Hanks Inc 12/1/2021 of industries. The Company's customers are located in the United States and other countries. 55 OTC Nasdaq Uplist -1
Harte-Hanks also publishes shopper publications which are highly targeted advertising vehicles.
UPDATE: Approved by Naz; will trade 12/1 under HHS
Bayfirst Financial Corp. operates as a bank holding company. The Company, through its
Bayfirst Financial subsidiaries, offers banking products and services such as savings and deposit accounts, debit
BAFN 11/30/2021 90 OTC Nasdaq Uplist -4
Corp and credit cards, personal loans, online banking, online bill pay, home equity loans, and safe
deposit boxes. Bayfirst Financial serves customers in the United States.
mCloud Technologies Corp. provides asset management solutions. The Company offers artificial
mCloud intelligence based prescriptive maintenance, smart energy savings, and performance optimized
MCLD 11/24/2021 59 OTC Nasdaq Uplist/Offering -1
Technologies Corp solutions for wind turbines, transformers, oil and gas equipment, and HVAC products. mCloud
Technologies serves customers worldwide.
Information Analysis Inc provides information technology services. The Company's products
Information Analysis
IAIC 11/23/2021 include migration and modernization services, IT staffing and outsourcing solutions, and 44 OTC NASDAQ Uplist 7
Inc
products and tools that help automate conversion processes.
www.KEDM.com
Return since
Market Uplist or
Cap ($M) downlist?
change (%)
Gold Mountain Gold Mountain Mining Corp. is a gold mining company. The Company is focused on the Elk Gold
GMTN CN 11/22/2021 102 Venture TSX Uplist -21
Mining Corp Project located within the Similkameen Mining District in southern British Columbia.
Contango ORE, Inc. operates as a mineral exploration company. The Company explores gold,
CTGO Contango ORE Inc 11/19/2021 178 OTC AMEX Uplist 27
copper, silver, and other valuable minerals. Contango ORE serves clients in the United States.
Annovis Bio, Inc. operates as a biotechnology company. The Company develops drugs for
ANVS Annovis Bio Inc 11/18/2021 alzheimer's and parkinson's disease, including the orphan indication dementia and alzheimer's 171 AMEX NYSE Uplist -22
in down syndrome. Annovis Bio serves customers in the State of Pennsylvania.
kneat.com, inc. designs and develops application software. The Company offers a software
KSI CN kneat.com inc 11/15/2021 platform for electronic validation life cycle management solutions for pharmaceutical, biotech, 291 Venture TSX Uplist -11
and medical device manufacturers worldwide.
Digihost Technology Inc. operates as a blockchain company. The Company focuses on validation
Digihost Technology
DGHI 11/15/2021 through mining, hosting solutions, and blockchain software solutions. Digihost Technology 117 OTC Nasdaq Uplist -38
Inc
BLBX Blackboxstocks Inc 11/10/2021 Blackboxstocks Inc provides investment services. The Company operates in the United States. 31 OTC Nasdaq Uplist/Offering -22
The Company, offers renting and leasing of cars from its corporate and franchise locations, as
Hertz Global
HTZ 11/9/2021 well as maintains separate airport counters, reservations and reservation systems, marketing, 11,078 OTC Nasdaq Uplist/Offering -9
Holdings Inc
and other customer contact activities. Will trade under HTZ
Bright Minds Biosciences Inc. operates as a biotechnology company. The Company develops
Bright Minds
DRUG 11/8/2021 therapeutics to improve the lives of patients with severe and life altering brain diseases. Bright 45 OTC Nasdaq Uplist -54
Biosciences Inc
Minds Biosciences serves patients in Canada.
Finward Bancorp. is the holding company for Peoples Bank SB. The Bank grants residential,
FNWD Finward Bancorp 11/3/2021 commercial real estate, commercial business, and installment loans to customers in its primary 164 OTC Nasdaq Uplist 1
market area of Lake County, in northwest Indiana.
Compass Therapeutics, Inc. is a clinical-stage, oncology-focused biopharmaceutical company.
Compass
CMPX 11/2/2021 The Company focuses on developing proprietary antibody-based therapeutics for treatment of 318 OTC Nasdaq Uplist/Offering -18
Therapeutics Inc
cancer and multiple human diseases. Compass Therapeutics serves clients in the United States.
SurgePays, Inc. provides prepaid wireless and underbanked financial products and services. The
Company offers fintech software platform that processes third-party prepaid wireless
SURG SurgePays Inc 11/2/2021 29 OTC Nasdaq Uplist/Offering -31
activations and top-ups, gift card activation, and loads, and wireless SIM activation. SurgePays
Sangoma Technologies Corporation develops, manufactures, and markets connectivity
Sangoma hardware and software products for wide area networks and Internet infrastructure. The
STC CN 11/1/2021 401 Venture TSX Uplist -23
Technologies Corp Company's product lines include wide area network routing solutions, communications
modules, and technology licensing to original equipment manufacturers.
Tellurian Inc. develops low-cost liquefied natural gas projects. The Company owns and operates
TELL Tellurian Inc 11/2/2021 natural gas liquefaction and storage facilities and loading terminals. Tellurian serves customers 1,487 Nasdaq AMEX - -25
worldwide.
Skeena Resources Limited is a junior Canadian mining exploration company focused on

Skeena Resources
SKE 11/1/2021 developing prospective precious metal properties in the Golden Triangle of northwest British 565 OTC NYSE Uplist -16
Ltd
Columbia, Canada. UPDATE: Company will trade under SKE on 11/1 on NYSE
Brooklyn Brooklyn Immunotherapeutics, Inc. operates as a bio-tech company. The Company focuses on
BTX ImmunoTherapeutics 10/22/2021 exploring the role that the human immune system can have in treating patients with cancer and 271 AMEX Nasdaq - -42
In immunologic diseases, both as a single agent and in combination with other therapies.
www.KEDM.com
Return since
Market Uplist or
Cap ($M) downlist?
change (%)
Alpine 4 Holdings, Inc. operates as a holding company. The Company, through its subsidiaries,
manufactures aircrafts, defense systems, and printed circuit board, as well as offers
ALPP Alpine 4 Holdings Inc 10/20/2021 380 OTC Nasdaq Uplist -44
construction, technology, and corporate services. Alpine 4 Holdings serves customers
worldwide.
The Very Good Food Company Inc. operates as a food company. The Company designs, develops,
Very Good Food Co
VGFC 10/13/2021 produces, distributes, and sells a variety of plant-based meat and other food alternatives. Very 97 OTC Nasdaq Uplist -66
Inc/The
Good Food serves customers in Canada and the United States.
XORTX Therapeutics Inc. focuses on development of drug therapies for metabolic and
XORTX Therapeutics cardiovascular disease. The Company engages in treatment of kidney disease due to diabetes,
XRTX 10/13/2021 26 OTC Nasdaq Uplist -36
Inc as well as develops therapies for health consequences that accompany pre-diabetes, diabetes,
and cardiovascular disease. XORTX Therapeutics serves patients worldwide.
InvenTrust Properties Corp. operates as a real estate investment trust. The Company owns,
InvenTrust
IVT 10/12/2021 leases, redevelops, acquires, and manages retail real estate properties such as open-air 1,721 OTC NYSE Uplist -7
Properties Corp
shopping centers. InvenTrust Properties serves clients in the United States.
IntelGenx IntelGenx Technologies Corporation develops pharmaceutical products. The Company seeks to
IGX CN 10/7/2021 87 Venture TSX Uplist -5
Technologies Corp establish contracts with pharmaceutical companies.
Expro Group Holdings N.V. operates as a holding company. The Company, through its
Expro Group subsidiaries, provides engineered tubular services to exploration and production companies in
XPRO 10/4/2021 1,504 - NYSE - -34
Holdings NV both offshore and onshore environments, with a focus on complex and technically demanding
wells. Expro Group Holdings serves customers worldwide.
Filo Mining Corp. provides mining services. The Company explores, develops, and mines copper,
FIL CN Filo Mining Corp 10/1/2021 1,319 Venture TSX Uplist 27
gold, and silver deposits. Filo Mining operates in Chile, and Argentina.
Nutriband Inc. manufactures pharmaceutical products. The Company develops drug delivery
NTRB Nutriband Inc 10/1/2021 systems and devices such as injected compounds, proteins, peptides, macromolecules, and 45 OTC NASDAQ Uplist/Offering -13
biologics items. Nutriband serves customers in the United States.
Washington Prime Group Inc. operates as a real estate investment trust. The Company owns,
Washington Prime
WPGGQ 9/30/2021 acquires, and develops shopping centers. Washington Prime Group serves customers in the 20 NYSE OTC Downlist -
Group Inc
United States.
Mawson Mawson Infrastructure Group Inc. is a digital infrastructure provider. The Company operates
MIGI Infrastructure Group 9/29/2021 physical infrastructure assets, as well as provides cryptocurrency mining and digital asset 621 OTC NASDAQ Uplist -5
In management services.
Assure Holdings, Corp. develops technologies to monitor nervous system. The Company offers
IONM Assure Holdings Corp 9/29/2021 a technology to identify changes in brain, spinal cord, and peripheral nerve function in order to 79 OTC NASDAQ Uplist -12
prevent complications that could result in irreversible nerve damage.
New Found Gold Corp. operates as a mining company. The Company focuses on acquisition,
New Found Gold
NFGC 9/29/2021 exploration, and evaluation of resource properties with a focus on gold properties located in the 844 OTC AMEX - -13
Corp
Provinces of Newfoundland and Labrador in Canada.
Semler Scientific, Inc. operates as a medical risk-assessment company. The Company develops,
manufactures, and markets diagnostic and testing products that identify the risk profile of
SMLR Semler Scientific Inc 9/28/2021 641 OTC NASDAQ Uplist -25
medical patients to allow healthcare providers to capture full reimbursement potential for their
services. Semler Scientific market its products in the United States.
www.KEDM.com
Strategic Alternatives Monitor

Companies currently exploring strategic alternatives or reviews to unlock shareholder value (trailing 30)
Initial Return
Ticker Company Announcement Market Cap ($M) Sector since PR Link Notes and Type of Transaction
Date (%)
Retains Imperial Capital to initiate a review of available strategic
IWSY ImageWare Systems Inc 8/16/2021 9 Data Processing/Mgmt -48 Link alternatives to maximize shareholder value UPDATE: Review update; "all
options on the table still"; Conference call update on 12/6
LUNE Lundin Energy AB 11/29/2021 99902 Oil Comp-Explor&Prodtn 3 LINK Oil and gas company Lundin Energy is considering a potential sale
ESNT LN Essentra PLC 11/26/2021 938 Containers-Paper/Plastic 1 LINK Initiated a review for its Packaging Division; review to conclude in Q2 2022
SWK Holdings and its controlling stockholder, funds affiliated with

Carlson Capital, announced that the Board and Carlson have jointly agreed
that the Board will form a strategic review committee to identify, review
and explore strategic alternatives for the Company with a view to
SWKH SWK Holdings Corp 5/17/2021 245 Finance-Other Services 20 Link maximizing stockholder value. UPDATE 6/23: Announced 5m buyback
UPDATE 11/1: Review complete; no transaction or alternative strategies
found; will focus on Specialty Finance; increase leverage to boost ROE;
continue to look to cleave non-core; consider divvy and buybacks UPDATE
11/23: Carlson Capital offers 19/sh
Board has initiated a process to evaluate potential strategic and financial
alternatives to maximise shareholder value.The Board and management
OOUT LN Ocean Outdoor Ltd 11/15/2021 507 Advertising Sales 7 LINK
believe that Ocean is undervalued and that there is meaningful upside
potential from the current share price
The company is conducting a strategic review of its 100% owned Norasa

Uranium Project located in Namibia, Africa. The strategic review will
FSY CN Forsys Metals Corp 11/15/2021 174 Non-Ferrous Metals -12 LINK consider, evaluate and compare a broad selection of potential options for
the purpose of identifying opportunities to maximise the value of Norasa
for the Company’s shareholders.
The Board of Bragg Gaming has made the decision to embark upon a
BRAG Bragg Gaming Group Inc 11/15/2021 112 Applications Software -20 LINK strategic review of the overall Company, including the immediate
restructuring of the CEO role.
The Board initiated a strategic review of our body armor business after a
AVON LN Avon Protection PLC 11/12/2021 329 Firearms&Ammunition - Link
failure during testing
Sonim has retained B. Riley as its investment bank to explore strategic

SONM Sonim Technologies Inc 11/10/2021 21 Wireless Equipment -33 Link alternatives and capital market options, including both buy and sell side
opportunities.
The Company’s considerations include various alternatives, including joint
venture; option; outright sale; or a spin-out into a newly listed company
SILV CN Silver Valley Metals Corp 11/10/2021 5 Silver Mining -13 Link where all shareholders would receive a share or partial share and Silver
Valley Metals would retain a certain percentage of the new publicly traded
entity.
Alternatives may include, but are not limited to, fast-tracking the
Company’s expansion and life-of-mine extension potential, balance sheet
AFM CN Alphamin Resources Corp 11/9/2021 1140 Non-Ferrous Metals -6 Link
restructuring including revenue prepayments and streaming, shareholder
distributions or a corporate merger or sale transaction.
www.KEDM.com
Initial Return
Ticker Company Announcement Market Cap ($M) Sector since PR Link Notes and Type of Transaction
Date (%)
After a push from activist JANA, Treehouse began a review for its meal
THS TreeHouse Foods Inc 11/8/2021 2142 Food-Misc/Diversified 3 Link prep business to refocus its efforts on its high growth Snacking and
Beverage business
Fluidigm is undertaking a review of various options to maximize
FLDM Fluidigm Corp 11/8/2021 321 Instruments-Scientific -13 Link stockholder value, including with regard to strategic alternatives, cost and
capital structure, and operations and supply chain
Initiates a review for possible sale UPDATE: 11/8: Acquired by Cerebus
CPLG CorePoint Lodging Inc 7/14/2021 895 REITS-Diversified 14 Link
for 15.65/sh
Cedar is exploring, among other alternatives, a potential sale or merger
involving the entire company, and alternatively the potential sale of its
core grocery-anchored shopping center portfolio UPDATE: the Company
CDR Cedar Realty Trust Inc 9/9/2021 301 REITS-Shopping Centers 30 Link has determined that certain of the Company’s operating properties
would be sold significantly prior to the end of their previously estimated
hold periods. Therefore, the Company recorded $82.7 million in
impairment charges
HTA Healthcare Trust of America In 11/4/2021 7497 REITS-Health Care 3 Link After a 13D push from Elliott, HTA announced a review for a sale or merger
Lionsgate is considering separating its pay-TV and streaming business (dba

LGF/B Lions Gate Entertainment Corp 11/4/2021 3141 Motion Pictures&Services 11 Link Starz) from the rest of its operations through a variety of means, including
a sale or spinoff
HSC Harsco Corp 11/2/2021 1217 Recycling 6 Link Harsco will explore alternatives for its rail division
www.KEDM.com
Privatization Monitor
Recent or proposed government privatizations
Announcement
Company Ticker Government Sector Exchange Expected Date Notes Link
Date
The government owns a controlling stake (~54%) and plans to sell part of it. Bolsonaro will
discuss the plan with the advisors. Update 10/20 - Bloomberg reported on the privatization
challenges, regardless of Bolsonaro's talks. Update 10/26 - The privatization is 'on our
10/15/2021 Petrobras PETR4 BZ Brazil Petroleum Sao Paulo Exchange Unknown LINK
radar', Bolsonaro said. Update 11/5 - Company told investors that the govt. has no plan to
reduce its controlling shares. Update 12/2 - Economy minister urged privatization, stating
the "future is green".
Govt. plans to sell $8.9 bil stake in Oct 2021, to bring down its stake to ~61%, the minimum
Japan Post
9/30/2021 6178 JP Japan Postal Service Tokyo Oct 2021 required by the law. Update 10/25 - Secondaries were priced at 820.6 yen apiece and the LINK
Holding Co.
total amount to raise will be ~$1 bil short, Bloomberg reported.
It is close to announcing an IPO to raise more than $1 billion. Plans to offer 11.1% of the
company. ACWA runs the Kingdom's natural gas power plants but will be the main vehicle
ACWA Power
8/31/2021 - Saudi Arabia Power Tadawul - for solar and hydrogen going forward. Update 9/2 - Prospectus issued. Retail offering will LINK
International
be between Sep 29 and Oct 1. Update 9/24 - IPO price will be announced on Sep 27.
Update 9/28 - IPO price is set at $14.93, the top end of the range
National Seeds Govt to sell up to 25% and is seeking advisors for the IPO. The company's net asset as of
8/12/2021 - India Agriculture TBD TBD LINK
Corporation Ltd. Mar 31, 2020 was ~87 mil USD.
Housing &
Govt to sell 8% stake in HUDCO through an offer for sale and raise ~ USD 97 mil. Non-retail
Urban
7/26/2021 HUDCO IN India Financial National India 7/27/2021 investors can participate on Tue and retail investors on Wed. Floor price is INR 45. After LINK
Development
the sale, govt's stake will reduce to 81.8%.
Corp.
Japan's Transport ministry approved the idea of IPO which operates 9 subwqay lines in the
world's largest metro area. Currently owned by national govt. (53.4%) and Tokyo Metro
7/15/2021 Tokyo Metro Co. - Japan Metro - TBD LINK
Govt (46%); each would sell half their holdings in the listing. The IPO could be worth 1 tril
yen ($9.1 bil).
The government will sell 7.49% stake through an offer for sale (OFS) from Jul 6th, 2021.
7/6/2021 NMDC Ltd. NMDC IN India Materials BSE Jul 2021 LINK
The floor price was fixed at INR 165 per share. The offer was fully subscribed.
UK Ministers to start formal consultation within weeks on the privatization. The gov.t has
an option regarding the flotation, a sale to a private buyer, the sale of a minority stake or
6/17/2021 Channel 4 - UK Television - Q1 2022 LINK
moving to a mutual ownership model. Update 9/15 - Channel 4 CEO and the Govt
disagrees on privatization.
Bank of Ireland The Irish government, owning 13.9% of the bank, plans to sell part of its 676 million euro
6/23/2021 BIRG ID Ireland Banking Dublin Dec 2021 LINK
Group PLC ($807 million) stake over the next six months, through pre-arranged trading plan.
Elm Information Saudi Stock The IPO is worth ~2 billion. Saudi's public investment fund is planning to sell up to 30% of
6/2/2021 - Saudi Arabia e-Services 2022 LINK
Security Exchange the company. The plan is at an early stage.
A Saudi oilfield-services and drilling company, which is partly owned by Schlumberger NV

5/2/2021 Arabian Drilling - Saudi Arabia Energy - - LINK
(49%), is preparing for an IPO with a valuation of ~$2.0 billion.
The company explores and produces petrochemical products and could be valued at ~$7.0
Abu Dhabi United Arab billion. Advisers of the listings were appointed. The company is also considering an IPO of
4/26/2021 - Energy - - LINK
National Oil Emirates its drilling business for ~1.0 billion. Update 9/22 - Increased the IPO offering amid heavy
demand - 11% will be listed for $1.1 bil.
www.KEDM.com
Announcement
Date
Brazilian power utility Cemig is planning an initial public offering of its gas distribution unit
4/28/2021 Cemig CMIG3 BZ Brazil Utilities Sao Paulo Exchange 2022 and nearly 1.7Billion of assets including its hydrodams. The state, Minas Gerais, currently LINK
owns 51%.
Oman is considering a sale of is appx. 54% stake in Oman Cement. Oman Investment
4/26/2021 Oman Cement OCOI OM Oman Cement Muscat - LINK
Authority, its internal SWF, controls the stake.
Saudi Arabian Saudi hired HSBC to explore an IPO of the cargo unit of the kingdom's airline. Saudi Arabian
4/1/2021 - Saudi Arabia Logistics - - LINK
Logistics Airlines owns 70% of SAL.
Rail Vikas Nigam Indian govt is selling 10% stake (plus another 5% option) via a secondary offering. Govt.
3/23/2021 RVNL IN India Infrastructure National India - LINK
Ltd. currently holds appx. 87%
Brazil's Rio Grande do Sul intends to privatize its water utility, Corsan. The state plans to
sell a controlling stake (180m USD) through an IPO in October 2021. Update 6/4/2021 -
The local newspaper reported that the final details of the privatization will be announced
in June or July. Update 7/13/2021 - Southern Brazil's Rio Grande do Sul state filed a request
3/19/2021 Corsan - Brazil Water Utility - Feb 2022 for local lawmakers to authorize the privatization. Update 8/31 - The state legislature LINK
approved the proposal and the law permitting the sale was enacted. Update 9/28 -
Contracted with the federal development bank to get advice on its $187 mil IPO. Update
9/2 - The privatization plan is ongoing and the expected timing is changed from Oct 2021
to Feb 22.
Angola's largest lender by assets, intends to sell appx. 10% of its shares through an IPO by
3/18/2021 Banco Angolano - Angola Financial Bodiva LINK
2022.
The UK government intend to sell its 62% stake in NWG by 2025. The govt injected capital
into NWG (Royal Bank of Sctoland) in 2008/2009. UPDATE 3/19: NatWest bought back
$1.5B USD from the govt. thereby reducing the govt stake from 62 to 59.8% UPDATE 5/10:
3/3/2021 NatWest NWG LN UK Banking London 2025 Govt sold another 580m shares (5% of shares outstanding) for appx. 1.56B; reduced LINK
ownership to 54.8%. Update 7/23/2021 - The govt will sell the shares on the open market
(could be from Aug 12 and will end no later than Aug 11, 2022). Not more than 15% of
the aggregate volume will be sold. The selling price will not be below the 'fair value'.
General Government is mulling a secondary offering to reduce their stake from the current 86%.
2/17/2021 Insurance of GICRE IN India Insurance National India 2021 GIC is the largest reinsurer in India. UPDATE 3/16: stock up 60% on rumors of LINK
India privatisation.
National Indian Government intends to offer 20% of their 75% stake in NFL via a secondary offering.
2/10/2021 NFL IN India Agricultual Chemicals National India 2021 LINK
Fertilizer UPDATE 4/14: Govt to sell 20% stake in NFL; govt accepting bids until May 5
Tata Government intends to dispose of its 26.12% stake through a secondary by year end.
1/19/2021 TCOM IN India Telcom National India - LINK
Communications Update 3/16: Govt. offered 46m shares reducing their stake to appx. 10%
1/20/2021 PostFinance - Swiss Banking - - Switzerland contemplating privatization of post office bank PostFinance LINK
Icelandic State Financial Investment proposed to sell the government's holding of
Islandbanki in H1 2021 via an IPO on the domestic stock market. UPDATE 3/19: Citi and
JPM retained to advise. Update 5/27/2021: ISFI confirmed the listing on Nasdaq Iceland
12/1/2020 Islandsbanki ISB IR Iceland Banking - 6/22/2021 LINK
and will offer a minimum of 25% of the bank; to be listed before June-end UPDATE 6/15:
IPO offer price set for 79/sh for 636m shares for a value of 457m; mkt cap on listing of
1.3B; shares to trade on Nasdaq Iceland 6/22 UPDATE 6/22: Trading
The South Korean government plans to divest remaining stake in Woori Financial Group
Inc. by 2022 to fully privatize the financial institution. The gov't intends to sell the
remaining 17.25 percent stake held by Korea Deposit Insurance Corp. by 2022 as originally
planned; target price 13,800 Won/sh. UPDATE: Woori cut the divvy, stock languishes
Korea Stock
12/1/2020 Woori Financial 316140 KS South Korea Banking End of 2021 under target price. Update 9/9 - Govt to open a bidding process, letter of intent until Oct LINK
Exchange
8. Update 9/10 - The full privatization is feasible by end of 2021, the Financial Services
Commission stated. Update 10/21 - The bid is ongoing until Nov 18. The preferred bidder
will be named on Nov 22. Update 11/22 - Govt. sold 9.3% of the 15.13% ownership to 5
short-listed investors. Commenced the latest round of the open bidding.
www.KEDM.com
Announcement
Date
Israel's largest aerospace and defense company is set to go public on the Tel Aviv Stock
Exchange (TASE) in the first half of 2021 after the ministerial committee on privatization
approved the proposed IPO 11/20. The shares of the publicly-owned company are set to
Tel Aviv Stock be issued at a planned valuation of NIS 12 billion (approximately $4.8 billion), with only
11/20/2020 Israel Aerospace - Israel Aerospace Q2 2022 LINK
Exchange 25% likely to be on offer initially. The Israeli government will remain the majority
shareholder in the company. Update 8/18/2021 - Filed Q2 financial statements with strong
results. IPO is expected by the end of 2021. Update 11/24 - The company is aiming for
25% privatization in H1 2022, CEO said.
Privatization being planned. Possible IPO or sale to PE. Government currently holds 51%.
11/25/2020 ES Gas - Brazil Gas distribtution Sao Paulo Exchange - Update 10/21 - End of September, the govt. signed a contract with the Development LINK
Bank for its privatization
11/22/2020 MIDHANI MIDHANI IN India Steel & Alloy BSE - Secondary offering. Government to sell another 10% of holdings. LINK
IRCON Government plans to sell 15% of its stake in IRCON by December 2020. India currently
11/7/2020 IRCON IN India Railway engineering BSE Q4 2020 LINK
International holds appx. 89% of IRCON shares.
Government named 4 banks to finalize the secondary for their shares. Government
Indian Railway
currently owns 87% of IRCTC and looks to sell 20% in a secondary offering in Q4.
10/28/2020 Catering and IRCTC IN India Rail National India Q4 2020 LINK
Government names legal advisors for sale (11/22). The share sale will take place on 12/10
Tourism
and 12/11 (retail investors only).
Caixa Economica Government is planning to IPO its "digital" bank. The virtual-only bank was established to
10/20/2020 - Brazil Bank - Q1 2021 LINK
Federal provide aid to Brazil's poor during Covid. The Bank now has 64m accounts.
Republic of India currently owns 76%. The government may look at the strategic sale of
Hindustan Hindustan Copper Limited by Q1 2021. Update 9/15 - Govt to sell 10% stake via offer for
10/19/2020 HCP IN India Copper National India Q1 2021 LINK
Copper sale with a floor price at INR 116. OFS has a 5% Green-shoe option. Update 10/17 -
Vedanta (VEDL) willing to bid for govt's stake.
The government currently owns appx. 47%. Finance Minister Nirmala Sitharaman in the
Budget had proposed plans for the sale of the government's remaining stake in IDBI Bank.
Update 5/5/2021: The Govt. approved a plan to sell all or part of its 45.5% stake. Update
6/22/2021: Govt. announces Request for Proposals for transaction and legal advisors until
10/16/2020 IDBI Bank IDBI IN India Bank National India - Jul 13. The stake offloaded could be between 26% - 45.5%. Update 7/12/2021 - Deadline LINK
was extended until Jul 22. Update 8/8/2021 - 7 firms in race for transaction advisor
(Deloitte, E&Y, ICICI, JP Financial, KPMG, RBSA, SBI Capital Markets). Update 8/14/2021 -
KPMG India emerged as a front-runner for the Advisor's role. Update 8/26/2021 - KPMG
appointed as the transaction advisor. Expression of Interest will be organized in October.
The government is selling shares constituting 15.17% of Mazagon Dock Shipbuilders. The
Mazagon Dock
10/12/2020 MAZDOCKS India Shipbuilding National India - company is the only shipyard to have built destroyers and conventional submarines for the -
Shipbuilders
Indian Navy.
State-owned telecom infrastructure provider RailTel has filed Draft Red Herring Prospectus
10/1/2020 RailTel RAILTEL IN India Telecom - 2/25/2021 (DRHP) with the market regulator Sebi for an initial public offer (IPO) of up to 8.66 crore LINK
equity shares. Prospectus filed October. UPDATE: IPO on 2/25
Russia’s top shipping company Sovcomflot plans to sell a 15.5%-17% stake in new shares
9/1/2020 Sovcomflot FLOT RX Russia Oil and LNG Shipping Moscow 2020 and raise around 42.25 billion roubles ($534 million) in an initial public offering (IPO) on LINK
the Moscow Exchange.
Environmental
Tel Aviv Stock According to the Government Companies Authority plan, the state will sell a 49% stake in
10/1/2020 Services - Isreal Hazardous Waste Unknown LINK
Exchange the company which handles hazardous waste.
Company
www.KEDM.com
Announcement
Date
‘Caixa Seguradora,’ the insurance company of the federal bank, is said to be the first in-
Caixa line to be privatized as the government of Brazil pursues an IPO of R$15 billion (Euros 2,5
8/1/2020 CXSE 3 BZ Brazil Insurance Sao Paulo Balcao Unknown LINK
Seguridade billion) for the state assets to be floated on the Sao Paulo Balcão. UPDATE: PROSPECTUS
FILED; UPDATE: IPO priced 9.67 reais
The government is looking at launching initial public offering (IPO) of Indian Railway
Indian Railway
7/1/2020 IRFC IN India Finance; rail National India 1/29/2021 Finance Corp Ltd (IRFC) in Q1. The government has set a price of 25-26/sh to be sold 1/18- LINK
Finance Corp
1/20 for appx. 14% of the company.
The actuarial firm selected on 12/31; IPO is slowly progressing. On 2/2, the Finance
Minister stated that the IPO will take place in 2021. Up to 10% of the issue size to be
reserved for policyholders. On 5/5, Bloomberg stated the Govt. plans to sell all or part of
49.2% ownership in LIC. Update 7/13/2021 - The cabinet committee cleared the IPO
proposal. Ministers will decide on various issues. LIC could be valued at $261 bil. Update
7/15/2021 - The govt invites bids from bankers and legal advisors. Update 7/23/2021 -
Local newspaper reported that the 10% sale could be offered in two stages to avoid price
Life Insurance
pressure. 8/25/2021 - The govt considers allowing FDI in LIC IPO. The govt is gathering
6/1/2020 Corporation of - India Insurance - 2022 LINK
proposals from banks. Update 8/27 - Ten banks were selected to manage the IPO. Govt is
India
now seeking bids for law firms and legal advisers. Update 9/5/2021 - 16 merchant banks
expressed interest to manage the IPO. Update 9/8/2021 - LIC employee union is planning
to protest against the IPO, stating it will kill jobs. Update 9/9 - Govt appointed 10 merchant
bankers for LIC IPO (inc. Goldman Sachs, JP Morgan, Citigroup etc). Update 9/22 - India
may block China investors from participating in the IPO. Update 9/23 - Four law firms bid
to work on the IPO. Update 11/18 - Govt. confirmed that the IPO would take place
between Jan and Mar of 2022.
Indonesian Stock The company is looking to make its upstream subholding, Pertamina EP, the next
6/1/2020 Pertamina EP - Indonesia Upstream oil By 2022 LINK
Exchange subsidiary to conduct an initial public offering (IPO)
Vietnam's Power Generation Corp, a sub of Vietnam Electricity will hold a public auction
Vietnam Ho Chi Minh City
5/1/2020 GE2 VN Vietnam Utilities on 2/8 for 49% of the corp; initial price indicated at 24,520 dong. UPDATE: IPO'd in May LINK
Electricity Stock Exchange
2021
The privatization of the postal service was halted because of Israel's repeated elections
and the delay in forming a new government. Now, The Israel Postal Company seeks to get
the process moving again. It has decided to sell 40% of the shares in the company in two
Israel Postal Tel Aviv Stock stages: first, an sale of 20% of the state's shares to a private investor, followed by an
5/1/2020 - Israel Postal Service Unknown LINK
Company Exchange offering on the Tel Aviv Stock Exchange. Update 10/19 - State Comptroller published a
report showing company's declining financial condition for years, despite its privatization
preparation. Update 11/29 - The Treasury proposed IPO for 40%. A number of
privatization options are being considered.
Brazilian state-run power firm Eletrobras (ELET3 BZ) could raise more than 14 billion reais
($2.64 billion) with a share offering planned by the government that would reduce its stake
in the company to 49%. 4/25/2021 - The govt cut the stake in Eletrobras to 45% from 61%
in privatization and expects to raise 60 bil reais ($11 bil). 5/7/2021 - Expected date is
updated to Jan 2022. Update 5/18/2021 - The lower house of Congress will vote on the
company's privatization plan in May. Update 6/2/2021: Fitch Affirmed Eletrobras' IDRs at
'BB-'; Outlook Negative. Update 6/11/2021 - Eletrobras workers to strike if privatization is
put to Senate vote, says union leader. Update 6/17/2021 - The Senate will vote on the
4/1/2020 Eletrobras ELET3 BZ Brazil Power - Q4 2021 privatization bill and must be approved by the Congress by Jun 22 or it will expire. LINK
6/18/2021 - The Senate voted on the basic bill. Now the lower house shall agree on the
final passage. Update 6/21: Approved by Lower house of Congress; waiting on Bolsonaro's
signature; will raise appx. %B and dilute the 61% govt stake. Update 7/13/2021 -
Privatization advisors were hired and Bolsonaro signed the law for the privatization.
Update 10/19 - The govt. approved the privatization. Govt's stake will be cut to 45% or
less. Update 10/21 - Brazil approved price parameters for electricity to be generated by
the Angra 3 power plant. Update 11/17 - The follow-up offering is expected by May 2022.
Update 11/19 - Hired multiple investment banks to lead the privatization.
www.KEDM.com
Announcement
Date
The government of Egypt has postponed the sale of stakes in the public bank Banque du
Cairo Stock
4/1/2020 Banque du Caire - Egypt Bank POSTPONED Caire in an Initial Public Offering (IPO) due to Covid. Initially scheduled for mid-April, the LINK
Exchange
operation is deferred to a future date.
SBI Cards & Payment Services (SBIC) is a subsidiary of SBI and the second largest credit
SBI Cards and
3/1/2020 SBICARD IN India Credit Cards National India card issuer in India with 18% market share in terms of cards outstanding, with 9.83 million LINK
Payment
credit cards outstanding
Several The government will sell 49 percent of state shares in Uzbekistan Airways, 24 percent in
Airlines, O&G, Mining, N/A; Still in
2/1/2020 companies being - Uzbekistan - the Uzbekneftegaz oil and gas company, as well as 10 percent each in Navoi and Almalyk LINK
alcohol distilleries discussion
considered mining and metal companies, according to the document.
Angola will kick off the process to list 30% of oil company Sonangol in the next two years
after non-core businesses get privatized. The stake is worth about $6.4 billion. Update 9/14
1/1/2020 Sonangol - Angola Oil - By 2022 - Company took $3 bil net loss for 2020. The restructuring process will be concluded by the LINK
end of 2022 and IPO will happen after that. Update 10/14 - First 30% will be offered
through an IPO.
Aramco announced on November 3, 2019 its plan to list 1.5% of its value as an IPO on
the Tadawul stock exchange. On 4 December 2019, Saudi Aramco priced its offering at
11/1/2019 Saudi Aramco 2222.00 Saudi Arabia Oil Tadawul Dec-19 32 Saudi riyal (approximately $8.53) per share. UPDATE 1/28: Crown Prince indicated that LINK
the govt. will sell more shares to fund their SWF. UPDATE 4/29: Saudi is in talks with
investors to sell additional stakes in Aramco.
Francaise des
11/1/2019 FDJ FP France National Lottery EuroNext Nov-19 The French government will hold 27.85% of the FDJ after the IPO LINK
Jeux
The government is attempting to sell part or all of its 50.6 percent stake in ADP, which
Aeroports de
11/1/2019 ADP FP France Airports EuroNext 2022 operates airports including Paris Charles de Gaulle and Orly. France’s stake is worth about LINK
Paris
7.6 billion euros ($8.5 billion). Plans have been postponed to due Covid.
www.KEDM.com
Demutualization Monitor
Recent mutual-to-stock conversions
Announcement
Company Status Ticker Description/ Synopsis Trade Date Link
Date
NSTS Bancorp, Inc. is offering shares of common stock for sale in connection with the conversion of North Shore MHC from
North Shore Trust and
Announced NSTS the mutual holding company to stock form of organization. Update 10/18: Amended S1 filed (link right) UPDATE 11/10: - - LINK
Savings
Agency agreement signed with Keefe (KBW) to market the offering
Texas Community Bancshares, Inc, the holding company of Mineola Community Bank, S.S.B. (“Mineola Community Bank”),
completed its initial public offering in connection with the conversion of Mineola Community Mutual Holding Company from
Texas Community
Trading TCBS the mutual holding company to the stock holding company form of organization. The Company’s common stock is expected - 7/15/2021 LINK
Bancshares Inc
to begin trading on the Nasdaq under the trading symbol “TCBS” on July 15. A total of 3,257,759 shares of common stock of
the Company are issued and outstanding.
Ponce Bank Mutual Holding Company and PDL Community Bancorp (NASDAQ: PDLB), the holding company for Ponce Bank
and Mortgage World Bankers, Inc., announced a Plan of Conversion and Reorganization. Will reorganize into a new stock
PDL Bancorp. Announced PDLB 5/25/2021 - LINK
holding company and will conduct a second-step stock offering of new shares of common stock; to be named PDL Community
Financial Corp. UPDATE 11/16: Agency agreement signed with Janney Montgomery Scott (Janney) to market the offering
St. Landry Homestead Federal Savings Bank intends to convert to a fully public stock holding company from a mutual holding
company. The bank's initial public offering of common stock is being made by Catalyst Bancorp, which applied on the Nasdaq
Capital Market under the symbol CLST. Upon conversion, Catalyst will become the savings and loan holding company for St.
St Landry Homestead
Trading CLST Landry Homestead by owning all of its outstanding shares of capital stock. UPDATE 8/6: Notice of Effectiveness; Agency 3/12/2021 10/13/2021 LINK
Federal Sa
agreement signed with Piper Sandler to lead the offering of 5.3m shares in accordance with the Plan of Conversion UPDATE
8/16: Prospectus filed UPDATE 9/8: Extended the subscription deadline from 9/8 to 9/17 due to Hurricane Ida; UPDATE 10/7:
Nasdaq approves the listing; will trade on 10/12 UPDATE: Opened trading on 10/13 at 13.33
PB Bankshares is planning a second-step conversion to a pubco and raise appx. 20m in an offering. HQ'd in Pennsylvania,
Prosper had $275 million in assets, $231 million in deposits, $186 million in loans and total equity of $22 million as of 12/ 31.
Prosper Bank Trading PBBK UPDATE 4/23: Amended S1 filed UPDATE 5/7: S1-A filed UPDATE 5/20: Company enetered into an Agency Agreement with 3/12/2021 7/15/2021 LINK
Piper Sandler who will run the upcoming offering UPDATE 6/29: Depositors approved the Conversion; sufficient orders
recieved; no syndicated offering UPDATE 7/14: PBBK sold 2.778m shares; trading on 7/15
Cullman will reorganize into a new fully public stock holding company structure and as part of the conversion will conduct a
second-step stock offering of new shares of common stock. UPDATE 4/23: Amended S1 filed UPDATE 5/11: Amended S1 filed
UPDATE 5/19: Company entered into an Agency Agreement with Raymond James to assist in the upcoming offering UPDATE
5/24: Stock offering commencing; 3.7-4.3m shares offered at 10; open until June 17. UPDATE: Offering complete; no
Cullman Bancorp, Inc Trading CULL 3/10/2021 7/15/2021 LINK
syndicated offering will be held; meeting called for July 2 UPDATE 7/6: Approved; closing subject to customary regulatory
approvals. UPDATE 7/12: Cullman Bancorp, Inc. (CULL) second step conversion. The sold 4,284,375 shares which is almost
the supermax. Exchange ratio=2.8409. Shares outstanding after the conversion 7,406,000. TBV around $12.96. Trades on
Nasdaq on 07/15/21.
TC Federal Bank, a federally chartered savings bank headquartered in Thomasville, Georgia, adopted a Plan of Conversion
pursuant to which TC Federal Bank will convert from a mutual to a stock savings institution. December 31, 2019 has been
TC Federal Bank Trading TCBC established as the eligibility record date for determining eligible account holders entitled to receive non-transferable rights to 3/10/2021 7/21/2021 LINK
subscribe for the shares of common stock offered in the reorganization. UPDATE 7/20: IPO complete; will trade on Nasdaq
under TCBC on 7/21
1895 Bancorp of Wisconsin, the parent company for PyraMax Bank, announced today that its Board of Directors, together
with the Boards of Directors of 1895 Bancorp of Wisconsin, MHC (the "MHC") and the Bank, have unanimously adopted a Plan
of Conversion and Reorganization (the "Plan of Conversion"). In the stock offering, depositors of the Bank with qualifying
deposits as of December 31, 2019 will have first priority to purchase shares of common stock. 1895 Bancorp of Wisconsin,
1895 Bancorp of Inc. is headquartered in Greenfield, Wisconsin and is the registered savings and loan holding company of the Bank. The Bank
Wisconsin (PyraMax Trading BCOW conducts its operations from our six full-service banking offices. UPDATE 5/11: BCOW retains KBW to assist in selling the 3/2/2021 7/15/2021 LINK
Bank) shares; agency agreement at link on right UPDATE 5/17: Stock offering commences; offering 3.542m at 10$ UPDATE 6/22:
OFfering complete; sufficient orders, no community or syndicated offering UPDATE 6/28: Conversion approved by
stakeholders; UPDATE 7/12: 1895 Bancorp of Wisconsin (BCOW) second step conversion according to the Bank sold
3,542,000 shares which is the max. Exchange ratio= 1.3163. Shares outstanding after the offering approximately 6,397,982.
New stock to trade on 07/15/21 under same symbol. Approximate TBV = $13.99; Trading as of 7/15
www.KEDM.com
Announcement
Date
On February 25, 2021, Magyar Bancorp, MHC (the “MHC”), the parent mutual holding company of Magyar Bancorp, Inc. (the
“Company”), adopted a Plan of Conversion and Reorganization (the “Plan”) pursuant to which the MHC will undertake a
“second-step” conversion and Magyar Bank, the Company’s wholly owned subsidiary, will reorganize from the two-tier mutual
holding company structure to the fully-public stock holding company structure. Magyar is HQ'd in New Brunswick, NJ and
operates 7 locations. UPDATE: S1 filed (link right) UPDATE 4/20: Earnings release. UPDATE 5/3 Amended S1 filed UPDATE
Magyar Bancorp Trading MGYR 2/26/2021 7/15/2021 LINK
5/14: Agency agreement signed with Keefe; selling 2.9-3.9m shares UPDATE 5/24: Offering commenced; 3.9m shares at 10$
UPDATE 6/30: Stockholders and depositors approved the Conversion; sufficient orders recieved; no community or syndicated
offering; transaction to close in mid-July UPDATE 7/12: Magyar Bancorp, Inc. (MGYR) second step conversion . The Bank sold
3,910,000 shares which is the max. Exchange ratio=1.2213. Shares outstanding after the conversion 7,098,070. New stock
trades 07/15/21 under the same symbol. Approximate TBV= $12.83.
Blue Foundry Bancorp adopted a Plan of Conversion whereby the Mutual Holding Company will convert to the fully stock
holding company structure. As a result of the conversion, the Mutual Holding Company will no longer exist and Blue Foundry
Bancorp, which is currently the mid-tier stock holding company subsidiary of the Mutual Holding Company and owns all of the
Blue Foundry Trading BLFY Bank’s common stock, will be succeeded by a Delaware corporation. UPDATE 3/10: Prospectus filed; link right. UPDATE 4/20: 1/20/2021 7/16/2021 LINK
Amended S1 filed UPDATE 5/5: Amended S1 filed UPDATE 5/18: Agency agreement signed; selling 18-24m shares at 10$
update 5/21: Offering commenced; 24m shares at 10$ UPDATE 6/28: Offering completed and approved UPDATE: Company
sold 27.7772m shares; trading on 7/16
Marathon Bank has approved the Plan of Reorganization pursuant to which the Bank will reorganize from a Wisconsin -
chartered mutual savings bank into a two-tier mutual holding company structure. . S-1 filed on 12/11; must live in Wisconsin
Marathon Bancorp Trading MBBC or hold over 50$ at the bank. UPDATE: Filed an amended S1 on 1/29. UPDATE 2/17 - Filed an 8k on the hiring of Janney who 11/20/2020 4/16/2021 LINK
will market the common stock during the offering. UPDATE 3/30: Memeber of Marathon Bank approved the Bank's Plan of
Reorg to a Mutual Holding Company. UPDATE 4/16: Expected to trade on OTC Pink on 4/16 under ticker MBBC
NorthEast will sell its majority ownership in the Company to the public and the Company, which is currently in the mutual
holding company structure, will reorganize to a fully public stock holding company in a transaction commonly referred to as a
NorthEast Community
Trading NECB “second step” conversion. UPDATE 3/8: S1 filed UPDATE 4/26: Amended S-1 filed. UPDATE 5/10: Amended S1 filed UPDATE 11/4/2020 Q1 2021 LINK
Bancorp, Inc.
5/20: Entered into an Agency Agreement with Piper Sandler who will assist in the offering and serve as sole book-runner
UPDATE 7/9: Conversion approved; closing 7/12, trading on 7/13 under NECB
Nigerian Stock Exchange (NSE) will list its shares on the stock market for public trading after the completion of the ongoing
conversion from a non-profit, member-owned mutual company limited by guarantee to a public limited liability company with
issued share capital and shareholders. The NSE will list its entire issued share capital of 2.0 billion ordinary shares of 50 kobo
NGXGROUP each by way of introduction on the Nigerian Exchange Limited. Shareholders approved the demutualization at the AGM on
Nigerian Stock Exchange Trading 11/2/2020 4/14/2021 LINK
NL 11/18. Listing imminent. New CEO of the holdco was announced on 1/06 pending the demutualization and listing. UPDATE
2/9, CAC expressed their support and indicated that the demutualization was in its final stages. UPDATE 3/10: NSE has
received all final approvals for the demutualization and completed the process; shares will trade once shares are fully allotted
and distributed (link right). UPDATE: Trading on the Nigerian OTC bourse, NASD Plc.
The company expects to raise between $90 million and $127 million by offering shares in connection with its conversion from
a mutual holding company into a publicly traded stock form of organization. The bank is currently listed on the OTC under the
symbol WMPN and plans to list on the Nasdaq under the symbol WMPN upon completion of the conversion. Filed amended
Willliam Penn Bancorp Trading WMPN S1 (see link). UPDATE: Hired Piper Sandler to assist in selling shares in the conversion and offering. UPDATE 2/12: WMPN filed 9/16/2020 3/25/2021 LINK
an 8k extending the stock order deadline to 2/22/21. UPDATE 3/23: The closing of the conversion and offering, is expected
to occur on March 24, 2021 and raise appx. 125m. Beginning on March 25, 2021, the common shares of William Penn
Bancorporation are expected to trade on the Nasdaq under the trading symbol "WMPN."
Community First Bancshares, the stock holding company of Newton Federal Bank (the “Bank”), announced on 11/23 that
Affinity Bancshares, Inc., a newly formed Maryland corporation that is the proposed successor holding company of the Bank
(“Affinity Bancshares”), is commencing its stock offering in connection with the proposed conversion of Community First
Bancshares, MHC (the “MHC”) from the mutual holding company structure to the stock holding company form of organization.
Affinity Bancshares is offering for sale up to 3,220,000 shares, subject to increase to up to 3,703,000 shares, of common stock
AFBI
Affinity Bancshares Inc Trading at a purchase price of $10.00 per share. The shares will be offered in a subscription offering to certain depositors of the Bank 9/8/2020 LINK LINK
(old:CFBI)
as well as certain depositors of the former Affinity Bank, and to the Bank’s employee stock ownership plan. Shares of common
stock that are not subscribed for in the subscription offering may be offered for sale to members of the general public in a
community offering, with preference given to residents of specified counties in the State of Georgia. Members approved the
conversion at a special meeting held on 1/12. Question regarding the conversion can be directed to 678-729-9788.
Conversion completed on 1/21. Trading under AFBI.
www.KEDM.com
Announcement
Date
Eastern Bankshares, Inc. operates as a bank holding company. The Company, through its subsidiaries, provides a variety of
Eastern Bankshares Inc Trading EBC banking, trust, and investment services, as well as insurance services, through its full-service bank branches and insurance 6/18/2020 10/15/2020 LINK
offices.
The Company and the Bank expect to implement a second step stock conversion in which the MHC would sell its majority
Seneca/Generations
Trading GBNY ownership in the Company in a "second-step" stock offering. Simultaneously, the Company, which is currently in the mutual 5/6/2020 1/13/2021 LINK
Bank
holding company structure, would reorganize to a fully public stock holding company.
Systematic Savings Bank Announced - Waiting on regulatory approval. 3/20/2020 - LINK
P&C insurance company in Canada. Would become the first P&C to demutualize in Canada. Aiming for an IPO in fall of 2021.
Final policy holder vote to occur in Q2 2021. Update from the Chairman on 12/10. UPDATE 2/22: Chariman Bowey provided
an update and request to vote; link on right. UPDATE 3/15: Economical has called the third and final meeting on the
Economical Insurance Trading - demutualization to be held on May 20, 2021. Economical is planning to complete its demutualization in Fall 2021. UPDATE 2019 11/18/2021 LINK
5/20: Policyholders voted in favor of the demutualization; company must now get federal approval. UPDATE: Parent company
formed, Definity Financial Corporation; preliminary prospectus filed (link right) UPDATE 11/8: Definity is targeting a 1B IPO
between 19-22/sh; will trade on TSX under DFY
Provident Bancorp, Inc. of Maryland provides banking services. The Company offers commercial and small business lending,
Provident Bancorp Trading PVBC working capital loans, export credit insurance loans, term financing, and depository services. Provident Bancorp operates in 6/7/2019 10/17/2020 -
the United States.
Pioneer Bancorp, Inc. provides banking services. The Bank offers saving accounts, debit and credit cards, loans, wealth
Pioneer Bancorp Inc/NY Trading PBFS 3/21/2020 7/18/2020 -
management, insurance, and online banking services. Pioneer Bancorp serves customers in the United States.
HarborOne Bancorp, Inc. provides banking services. The Bank offers checking accounts, certificate of deposits, wealth
HarborOne Bancorp Inc Trading HONE management, debit and credit cards, home loans, mortgages, online banking, and cash flow solutions. HarborOne Bancorp 3/11/2020 8/15/2020 -
Richmond Mutual Bancorporation, Inc. operates as a bank holding company. The Company, through its subsidiaries, provides
Richmond Mutual
Trading RMBI savings accounts, online and mobile banking, loans, home equity line of credit, mortgages, credit cards, cash management, 3/11/2020 7/2/2020 -
BanCorp Inc
investment, and custody services. Richmond Mutual Bancorporation serves customers in the United States.
www.KEDM.com
ARK Monitor
New additions to active ETFs managed by ARK Invest; trailing 60 days
Amount
ETF AUM Value ETF (% of Return since
Ticker Name Sector Date Of Add Fund ETF Name
(M) Bought (M) Weighting Mkt add (%)
Cap)
RBLX ROBLOX Corp Entertainment Software 12/2/2021 ARKK ARK Innovation ETF 17113 43 0.25% 0.25% -5%
XPEV XPeng Inc Auto-Cars/Light Trucks 12/2/2021 ARKQ ARK Autonomous Technology & Ro 2384 13 0.56% 0.55% -11%
TWTR Twitter Inc Internet Content-Entmnt 11/30/2021 ARKF ARK Fintech Innovation ETF 2643 14 0.51% 0.53% -5%
MNDY Monday.com Ltd Applications Software 11/22/2021 ARKW ARK Next Generation Internet E 4390 10 0.20% 0.23% -16%
MYNA Mynaric AG Wireless Equipment 11/12/2021 ARKX ARK Space Exploration & Innova 487 7 1.18% 1.33% -24%
DDD 3D Systems Corp Computers-Other 11/11/2021 ARKK ARK Innovation ETF 17113 51 0.25% 0.30% -16%
ALLO Allogene Therapeutics Inc Medical-Biomedical/Gene 11/1/2021 ARKG ARK Genomic Revolution ETF 5316 4 0.05% 0.08% -4%
FB Meta Platforms Inc Internet Content-Entmnt 10/28/2021 ARKW ARK Next Generation Internet E 4390 27 0.50% 0.62% -3%
PAGS Pagseguro Digital Ltd Finance-Credit Card 10/25/2021 ARKF ARK Fintech Innovation ETF 2643 3 0.09% 0.11% -35%
DDD 3D Systems Corp Computers-Other 10/25/2021 ARKX ARK Space Exploration & Innova 487 2 0.38% 0.41% -26%
TOST Toast Inc Commercial Serv-Finance 9/22/2021 ARKF ARK Fintech Innovation ETF 2643 1 0.03% 0.04% -47%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 9/17/2021 ARKK ARK Innovation ETF 17113 121 0.56% 0.71% -29%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 9/17/2021 ARKG ARK Genomic Revolution ETF 5316 116 1.54% 2.18% -29%
ACHR Archer Aviation Inc Aerospace/Defense 9/17/2021 ARKQ ARK Autonomous Technology & Ro 2384 42 1.40% 1.76% -35%
ACHR Archer Aviation Inc Aerospace/Defense 9/17/2021 ARKX ARK Space Exploration & Innova 487 6 1.00% 1.23% -35%
PFE Pfizer Inc Medical-Drugs 8/18/2021 ARKG ARK Genomic Revolution ETF 5316 8 0.10% 0.15% 10%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKQ ARK Autonomous Technology & Ro 2384 14 0.50% 0.59% -25%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKG ARK Genomic Revolution ETF 5316 43 0.50% 0.81% -25%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKF ARK Fintech Innovation ETF 2643 9 0.25% 0.34% -25%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKX ARK Space Exploration & Innova 487 2 0.25% 0.41% -25%
SGFY Signify Health Inc Medical Information Sys 8/11/2021 ARKK ARK Innovation ETF 17113 20 0.09% 0.12% -43%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 8/5/2021 ARKK ARK Innovation ETF 17113 19 0.08% 0.11% -13%
GENI Genius Sports Ltd Internet Gambling 8/5/2021 ARKW ARK Next Generation Internet E 4390 5 0.08% 0.11% -50%
LPSN LivePerson Inc Enterprise Software/Serv 8/4/2021 ARKW ARK Next Generation Internet E 4390 16 0.26% 0.36% -45%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 8/3/2021 ARKG ARK Genomic Revolution ETF 5316 2 0.02% 0.04% -12%
ETSY Etsy Inc E-Commerce/Products 8/2/2021 ARKF ARK Fintech Innovation ETF 2643 12 0.33% 0.45% 21%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKK ARK Innovation ETF 17113 126 0.55% 0.74% -35%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKW ARK Next Generation Internet E 4390 21 0.35% 0.48% -35%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKF ARK Fintech Innovation ETF 2643 13 0.36% 0.49% -35%
CRBU Caribou Biosciences Inc Medical-Biomedical/Gene 7/23/2021 ARKG ARK Genomic Revolution ETF 5316 25 0.28% 0.47% 9%
SMFR Sema4 Holdings Corp Medical-Biomedical/Gene 7/23/2021 ARKG ARK Genomic Revolution ETF 5316 53 0.60% 1.00% -53%
KIND Nextdoor Holdings Inc Internet Content-Entmnt 7/12/2021 ARKW ARK Next Generation Internet E 4390 1 0.02% 0.03% -3%
FTCH Farfetch Ltd E-Commerce/Products 7/12/2021 ARKF ARK Fintech Innovation ETF 2643 4 0.09% 0.14% -31%
FTCH Farfetch Ltd E-Commerce/Products 7/6/2021 ARKW ARK Next Generation Internet E 4390 21 0.34% 0.48% -31%
SPLK Splunk Inc Computer Software 6/18/2021 ARKW ARK Next Generation Internet E 4390 24 0.41% 0.55% -14%
QSI Quantum-Si Inc Diagnostic Equipment 6/17/2021 ARKG ARK Genomic Revolution ETF 5316 6 0.06% 0.11% -29%
VERV Verve Therapeutics Inc Medical-Biomedical/Gene 6/17/2021 ARKG ARK Genomic Revolution ETF 5316 17 0.19% 0.32% -6%
BZ Kanzhun Ltd E-Commerce/Services 6/11/2021 ARKW ARK Next Generation Internet E 4390 1 0.03% 0.03% -16%
GOOG Alphabet Inc Web Portals/ISP 6/3/2021 ARKF ARK Fintech Innovation ETF 2643 11 0.30% 0.42% 18%
ETSY Etsy Inc E-Commerce/Products 6/2/2021 ARKW ARK Next Generation Internet E 4390 28 0.50% 0.64% 30%
www.KEDM.com
Index Addition Monitor

Additions to the S&P 500, S&P 400, S&P 600, Nasdaq 100, S&P High Yield Dividend, Alerian MLP, TSX 60, Dow Jones REIT, MVIS
Junior Miner (GDXJ)
Return
Announcement (announced Return Since
Ticker Company Sector Index Previous Index Effective Date Market Cap
Date to effective) Effective
(%)
AGFY Agrify Corp Machinery-Farm MSOS - 12/02/2021 12/02/2021 285 - -7
UGRO Urban-Gro Inc Machinery-Farm MSOS - 12/02/2021 12/02/2021 99 - -6
AFCG AFC Gamma Inc REITS-Mortgage MSOS - 12/02/2021 12/02/2021 362 - 2
BRKR Bruker Corp Medical Instruments MidCap 400 - 11/24/2021 12/02/2021 11922 5 -3
KAR KAR Auction Services Inc Distribution/Wholesale SmallCap 600 MidCap 400 11/24/2021 12/02/2021 1966 5 4
CARS Cars.com Inc E-Commerce/Services SmallCap 600 - 11/24/2021 12/02/2021 1123 25 -2
NVEE NV5 Global Inc Building&Construct-Misc SmallCap 600 - 11/24/2021 12/02/2021 1971 12 -1
SITM SiTime Corp Electronic Compo-Semicon MidCap 400 - 11/22/2021 11/30/2021 5700 18 -7
EBS Emergent BioSolutions Inc Medical-Biomedical/Gene SmallCap 600 MidCap 400 11/22/2021 11/30/2021 2319 11 -2
THRY Thryv Holdings Inc Publishing-Periodicals SmallCap 600 - 11/17/2021 11/24/2021 1335 - -
ONL Orion Office REIT Inc REITS-Office Property SmallCap 600 - 11/09/2021 11/16/2021 - - -
ONL Orion Office REIT Inc REITS-Office Property High yield aristocrats - 11/09/2021 11/15/2021 - - -
LYLT Loyalty Ventures Inc Applications Software SmallCap 600 - 11/04/2021 11/09/2021 710 3 -30
KD Kyndryl Holdings Inc Computer Services MidCap 400 - 11/01/2021 11/05/2021 3892 -28 -28
NTCT NetScout Systems Inc Computers-Integrated Sys SmallCap 600 MidCap 400 11/01/2021 11/05/2021 2175 20 -13
CDMO Avid Bioservices Inc Medical-Biomedical/Gene SmallCap 600 - 10/25/2021 10/29/2021 1853 18 -2
KRG Kite Realty Group Trust REITS-Shopping Centers MidCap 400 SmallCap 600 10/18/2021 10/22/2021 4456 -4 -4
HRMY Harmony Biosciences Holdings I Medical-Drugs SmallCap 600 - 10/18/2021 10/22/2021 2120 7 -11
TREE LendingTree Inc Finance-Consumer Loans SmallCap 600 MidCap 400 10/18/2021 10/22/2021 1433 -4 -26
SPWR SunPower Corp Energy-Alternate Sources MidCap 400 - 09/30/2021 10/05/2021 4423 0 13
OPRX OptimizeRx Corp Retail-Drug Store SmallCap 600 - 09/29/2021 10/04/2021 1062 12 -29
SLVM Sylvamo Corp Paper&Related Products SmallCap 600 - 09/28/2021 10/04/2021 1377 -16 11
GLASF Glass House Brands Inc Consumer Products-Misc MSOS - 09/23/2021 09/23/2021 212 - -21
AYA CN Aya Gold & Silver Inc Silver Mining GDXJ - 09/11/2021 09/11/2021 887 - -18
GGD CN GoGold Resources Inc Gold Mining GDXJ - 09/11/2021 09/11/2021 831 - -4
FFX AU Firefinch Ltd Diversified Minerals GDXJ - 09/11/2021 09/11/2021 832 - 32
FSV FirstService Corp Real Estate Mgmnt/Servic TSX60 - 09/14/2021 09/20/2021 8663 2 3
CDAY Ceridian HCM Holding Inc Enterprise Software/Serv S&P 500 MidCap 400 09/03/2021 09/20/2021 15787 -8 -2
BRO Brown & Brown Inc Insurance Brokers S&P 500 MidCap 400 09/03/2021 09/20/2021 18314 -4 15
MTCH Match Group Inc E-Commerce/Services S&P 500 - 09/03/2021 09/20/2021 34603 2 -19
UNM Unum Group Life/Health Insurance MidCap 400 S&P 500 09/03/2021 09/20/2021 4759 -10 -1
NOV NOV Inc Oil Field Mach&Equip MidCap 400 S&P 500 09/03/2021 09/20/2021 4716 0 -6
PRGO Perrigo Co PLC Medical-Generic Drugs MidCap 400 S&P 500 09/03/2021 09/20/2021 4774 4 -17
TNDM Tandem Diabetes Care Inc Healthcare Safety Device MidCap 400 - 09/03/2021 09/20/2021 7896 7 2
WW WW International Inc Commercial Services SmallCap 600 MidCap 400 09/03/2021 09/20/2021 1241 -10 -14
www.KEDM.com
Index Deletion Monitor

Deletions from the S&P 500, S&P 400, S&P 600, Nasdaq 100, S&P High Yield Dividend, Alerian MLP, TSX 60, Dow Jones REIT, MVIS
Junior Miner (GDXJ)
Listed Return
on new Announcement Effective Market Cap (since
Ticker Company Deletion Index New Index Sector
index Date Date (M) effective)
(Y/N) (%)
KAR KAR Auction Services Inc MidCap 400 Y SmallCap 600 11/24/2021 12/02/2021 1,966 Distribution/Wholesale 4
EBS Emergent BioSolutions Inc MidCap 400 Y SmallCap 600 11/22/2021 11/30/2021 2,319 Medical-Biomedical/Gene -2
DAKT Daktronics Inc SmallCap 600 N - 11/09/2021 11/16/2021 212 Audio/Video Products -
AAOI Applied Optoelectronics Inc SmallCap 600 N - 11/04/2021 11/09/2021 148 Electronic Compo-Misc -5
NTCT NetScout Systems Inc MidCap 400 Y SmallCap 600 11/01/2021 11/05/2021 2,175 Computers-Integrated Sys -
IVC Invacare Corp SmallCap 600 N - 11/01/2021 11/05/2021 84 Medical Products -
HRVSF Harvest Health & Recreation In MSOS N - 10/27/2021 10/27/2021 - Medical-Drugs -
CERAF Ceres Acquisition Corp MSOS N - 10/27/2021 10/27/2021 117 SPAC 0
CWEB CN Charlottes Web Holdings Inc MSOS N - 10/27/2021 10/27/2021 226 Medical-Drugs -25
TREE LendingTree Inc MidCap 400 Y SmallCap 600 10/18/2020 10/22/2021 1,433 Finance-Consumer Loans -
KRG Kite Realty Group Trust SmallCap 600 Y MidCap 400 10/18/2021 10/22/2021 4,456 REITS-Shopping Centers -
MRCQF Glass House Brands Inc MSOS N - 09/23/2021 09/03/2021 212 Consumer Products-Misc -
UNM Unum Group S&P 500 Y MidCap 400 09/03/2021 09/20/2021 4,759 Life/Health Insurance -1
NOV NOV Inc S&P 500 Y MidCap 400 09/03/2021 09/20/2021 4,716 Oil Field Mach&Equip -6
PRGO Perrigo Co PLC S&P 500 Y MidCap 400 09/03/2021 09/20/2021 4,774 Medical-Generic Drugs -17
CDAY Ceridian HCM Holding Inc MidCap 400 Y S&P 500 09/03/2021 09/20/2021 15,787 Enterprise Software/Serv -2
BRO Brown & Brown Inc MidCap 400 Y S&P 500 09/03/2021 09/20/2021 18,314 Insurance Brokers 15
WW WW International Inc MidCap 400 Y SmallCap 600 09/03/2021 09/20/2021 1,241 Commercial Services -14
HCSG Healthcare Services Group Inc MidCap 400 Y SmallCap 600 09/03/2021 09/20/2021 1,257 Food-Catering -32
TISI Team Inc SmallCap 600 N - 09/03/2021 09/20/2021 38 Commercial Services -66
UIHC United Insurance Holdings Corp SmallCap 600 N - 09/03/2021 09/20/2021 189 Property/Casualty Ins 36
MSTR MicroStrategy Inc SmallCap 600 N - 09/03/2021 09/20/2021 7,009 Enterprise Software/Serv 9
THS TreeHouse Foods Inc MidCap 400 Y SmallCap 600 08/30/2021 09/03/2021 2,142 Food-Misc/Diversified 1
LGND Ligand Pharmaceuticals Inc MidCap 400 Y SmallCap 600 08/30/2021 09/07/2021 2,557 Medical-Biomedical/Gene 16
TECH Bio-Techne Corp MidCap 400 Y S&P 500 08/24/2021 08/30/2021 18,029 Medical Instruments -9
CNK Cinemark Holdings Inc MidCap 400 Y SmallCap 600 08/24/2021 08/30/2021 1,830 Theaters -10
TRMK Trustmark Corp MidCap 400 Y SmallCap 600 08/24/2021 08/30/2021 1,975 Commer Banks-Southern US 2
SAIA Saia Inc SmallCap 600 Y MidCap 400 08/24/2021 08/30/2021 8,359 Transport-Truck 30
GNLN Greenlane Holdings Inc MSOS N - 08/25/2021 08/25/2021 88 Cannabis -58
STRA Strategic Education Inc MidCap 400 Y SmallCap 600 07/27/2021 08/03/2021 1,323 Schools -31
BELFB Bel Fuse Inc SmallCap 600 N - 07/27/2021 08/03/2021 157 Electronic Compo-Misc -11
INT World Fuel Services Corp MidCap 400 Y SmallCap 600 07/27/2021 08/04/2021 1,589 Retail-Petroleum Prod -24
www.KEDM.com
Contingent Value Right Monitor

Target Date to be
CVR Still PR
Date of Ticker/ shareholder CVR Expiration
Ticker Company Target Outstanding Notes Terms or
PR Shareholder of record to Ticker Date
(Y/N) Filing
of Record receive CVR
Milestones are: $1.00 per share if total Parties entered into a definitive agreement. PCRX will
calendar year ZILRETTA net sales achieve $250 pay (i) $8.50 in cash per share plus (ii) one CVR worth
mil; $2.00 per share if total calendar year up to $8.00 per share in cash. Pacira will commence
Flexion
Pacira ZILRETTA net sales achieve $375 mil; $3.00 Tender Offer for all Flexion shares. Non-tendered
10/12/21 PCRX FLXN Therapeutics 11/18/2021 - PENDING 12/31/2030 LINK
BioSciences, Inc. per share if total calendar year ZILRETTA net shares will be acquired through a second-step
Inc.
sales achieve $500 mil; $1.00 per share upon merger. Update 10/22 - Tender was announced and
U.S. FDA approval of FX201; and $1.00 per will expire on Nov 18. Update 11/18 - Merger
share upon U.S. FDA approval of FX301. consummated. Will be removed next week.
Two CVRs collectively worth up to $1.00 per
share. The first CVR, worth $0.50 per share, is
Tender offer announced for ADMS for (i) $8.10 per
payable upon achieving net sales of
share, plus (ii) two CVRs per share. The offer will
GOCOVRI® of $150 mil in any consecutive 12-
Supernus Adamas expire on Nov 5, 20 business days from the
month period between closing and the end of
10/10/21 SUPN Pharmaceuticals, ADMS Pharmaceuticals 11/23/2021 - PENDING 12/31/2025 announcement. Update 10/25: Tender expiry date LINK
2024. The second CVR, worth $0.50 per share,
Inc. Inc was announced as Nov 23. Update 11/23 - HSR
is payable upon achieving net sales of
waiting period expired. Update 11/24 - Merger
GOCOVRI of $225 mil in any consecutive 12-
consummated. Will be removed next week.
month period between closing and the end of
2025.
Signed business combination agreement and will
trade under the symbol WULF. The company plans to
become an environmentally sustainable bitcoin
TeraWulf to come public. IKNX shareholders
miner. Update 7/30/2021 - Registration statement
to receive $5, one CVR and one share of
18 months filed. Update 8/11/2021 - Made a few amendments
6/25/21 - TeraWulf IKNX Ikonics Corp. H2 2021 - PENDING MergedCo. CVRs to receive 95% of proceeds LINK
from close to the Merger agreement and plans to announce
from sale of any legacy businesses following
Extraordinary General Meeting. Update 9/20 -
18 months after close
Registration statement filed. Update 11/12 -
Prospectus filed. The special meeting will be held on
Dec 10 to vote on the Merger.
The CVR Agreement will be terminated upon the
earlier of (a) the payment of the full amount of all CVR
Payment Amounts or b) 18 month anniversary of the
closing of the Merger. Update 6/29/2021 - JCS
entered into an agreement with institutional
investors to make $25.0 mil in JCS (convertible
JCS/Pineapple merging; JCS will sell assets and
preferred shares at $3.40), which will be used to fund
provide 1$ to shareholders and a CVR. CVR
Pineapple's strategic initiatives. The financing is
(non-transferable) holders will have the rights
subject to JCS's shareholders. The institutional
to receive percentage of the net proceeds
investors will not receive any CVRs. Update
Pineapple Communications 18 months from remaining sale of legacy JCS asset after
3/2/21 (private) JCS TBD - PENDING 7/28/2021 - JCS to sell part of its business to Lantronix LINK
Energy Systems from close the merger. The CVR Agreement will be
(LTRX) for $25.0 mil at the closing plus $7.0 mil in
terminated upon the earlier of (a) the
earnout payments. JCS expects to declare $3.5 per
payment of the full amount of all CVR
share dividend. Earnout payments will be distributed
Payment Amounts or b) 18 month anniversary
through CVRs between Pineapple and JCS. Update
of the closing of the Merger.
8/2/2021 - JCS closed the transaction for $24.16. 9/15
- JCS announced $32.0 mil equity financing to close
the Merger and announced $3.5 per share special
dividend. Pending approval from JCS shareholders.
Update 11/15 - Registration statement filed.
Meeting date pending.
www.KEDM.com
Target Date to be
CVR Still PR
Date of Ticker/ shareholder CVR Expiration
Ticker Company Target Outstanding Notes Terms or
PR Shareholder of record to Ticker Date
(Y/N) Filing
of Record receive CVR
One public contingent value right, or Public
CVR, at the closing of the business
combination in exchange for each share of
Pure Class A common stock which provides
holders with a 10% per annum preferred Part of IBC of SPAC. Each public stockholder of Pure
simple return including downside protection (SPAC) received one share of HighPeak Energy
to $4.00 per share. CVRs provide significant common stock, one HighPeak Energy warrant and
Pure Acquisition
7/2/20 PACQ HPK HighPeak Energy 8/23/2020 HPKER Y 8/24/2022 valuation protection if the trading price of one CVR in exchange for each share of Pure’s Class A LINK
Corp.
HighPeak Energy's common stock is below the common stock. Update 10/18 - HPK filed a
price that would provide the CVR holder with preliminary prospectus to issue 1.7 mil shares (post
a 10% preferred simple annual return based issuance shares - 94.4 mil)
on $10.00 per share at the closing of the
business combination, subject to a floor
downside per-share price of $4.00 at the CVR
maturity date of two years
SG shares will be canceled and shareholders
will choose from one of the following options.
The other 2 options not related to CVRs are:
An option related to CVR is stated below and
a) $9.50 in cash
the other two options are stated in "Notes"
c) combination of (1) $0.905 in cash, (2) 0.496 TPRE
Third Point Sirius section.
TPRE Shares (3) 0.106 Series A preference shares of TPRE
8/6/20 Reinsurance SG International 2/11/2021 SSPCF Y 2/26/2023 b) 0.743 shares of TPRE and one CVR which, LINK
(SPNT) (4) 0.190 of a warrant and (5) $0.905 aggregate
(SiriusPoint) Insurance taken together with the fraction of the TPRE
principal amount of an “upside right” issued by TPRE
Share received, guarantee that on the second
The merger was consummated and TPRE changed its
anniversary of the Effective Time, the electing
name to SiriusPoint Ltd
shareholder will have received equity and
cash equal to at least $13.73 per Sirius Share
Each CVR has a 10 year term and will be
exchanged for 0.0497 of a Pan American share Tahoe shareholders received 1 CVR for each share.
PAN AMERICAN Tahoe upon first commercial shipment of Update 3/4/2021: PAAS reported Q4 2020 financials.
11/13/18 PAAS - 2/22/2019 PAASF Y 2/22/2029 LINK
SILVER CORP Resources concentrate following the restart of The company is now debt-free. However, no
operations at the Escobal mine. The Company development at the Escobal mine operation.
issued an aggregate of 313,887,490 CVRs
www.KEDM.com
Tender Offer Monitor

Tender offers and Mini-Tenders; trailing 30
Amount
Announced Amount (shares Current Expiration Odd Lot
Ticker Company (value in Tender Px Description/Notes Link
Date in MM) Px of Offer Provision
MM)
The Company announced tender offer to purchase Series B Senior

LEU Centrus Energy Corp 10/20/2021 51.0 0.04 1,145.20 50.46 11/18/2021 N Preferred Stock. Update 11/23 - Final results announced: 0.04 mil LINK
shares were tendered for $42.2 mil.
Announced tender to purchase all Series A preferred shares. On Nov
HTZ Hertz Global Holdings Inc 11/23/2021 1,875.0 1.50 1,250.00 23.92 12/21/2021 N 29, the company announced another $2.0 bil share repurchase LINK
program.
MLC ID Malin Corp PLC 11/23/2021 EUR 80 9.64 8.30 12/21/2021 N Tender is conditional upon EGM on Dec 16. LINK
DSX Diana Shipping Inc 11/22/2021 15.0 3.52 4.25 3.85 12/21/2021 N The third tender for 2021. Announced tender for ~4% of the shares. LINK
Tender offer will be financed from company's cash and borrowing

KMR LN Kenmare Resources PLC 11/16/2021 GBP 61.8 14.82 4.17 418.00 12/9/2021 N LINK
facilities. The TO is subject to shareholders' approval on Dec 9.
Exchange offer of shares / cash for CVRs, which were issued on Aug 18,
ILMN Illumina Inc 11/15/2021 291.5 364.4mil CVRs 0.80 - 12/15/2021 N LINK
2021. Offering either a) 0.0022 shares or b) 0.80 in cash per CVR.
HCG CN Home Capital Group Inc 11/15/2021 CAD 300 6.90 43.5 - 48.5 41.40 12/21/2021 Y Modified Dutch auction. Tendering ~13.7% of the shares outstanding. LINK
The company intends to commence a tender offer for up to 5% of

shares outstanding. Details are pending. Update 10/4 - The tender will
Herzfeld Caribbean Basin
CUBA 8/20/2021 1.7 ~0.3 97.5% of NAV 5.34 11/8/2021 N be commenced by Oct 31. Update 10/12 - Tender offer commenced. LINK
Fund
Update 11/12 - Announced TO results - Oversubscribed. The
purchase price will be $6.9810.
Modified Dutch Auction self-tender offer. The company received an

approval to be listed on NYSE under "IVT" from Oct 12. OTC trading
InvenTrust Properties
IVT 10/12/2021 100.0 3.57 25 - 28 24.16 11/8/2021 Y will be ceased. Update 11/9 - Announced preliminary results - 9.2 mil LINK
Corp
shares were tendered at $25. Update 11/12 - Final result was
announced.
Modified Dutch Auction tender. The company also declared a special
RRR Red Rock Resorts Inc 11/10/2021 350.0 6.60 46 - 53 47.19 12/9/2021 Y LINK
dividend of $3 per share.
CORT Corcept Therapeutics Inc 11/8/2021 23.8 10.00 20.75 - 23.75 21.16 12/7/2021 N Modified Dutch auction, tendering ~11.5% of the shares outstanding. LINK
Modified Dutch auction tender. The company will purchase ~15% of

its shares outstanding. This tender is part of a $1 bil share repurchase
PRG PROG Holdings Inc 11/3/2021 425.0 8.50 44 - 50 46.68 12/3/2021 Y LINK
program. Update 11/8 - Announced $600 mil Senior Unsecured Notes
to finance the tender offer and share repurchases.
Templeton Global Income Self-tender for up to 70% of its shares. The tender will commence on
GIM 10/13/2021 525.0 93.90 99% of NAV 5.35 12/7/2021 N LINK
Fund Nov 8. Update 11/8 - Self-tender commenced.
www.KEDM.com
Amount
Announced Amount (shares Current Expiration Odd Lot
Ticker Company (value in Tender Px Description/Notes Link
Date in MM) Px of Offer Provision
MM)
ECPG Encore Capital Group Inc 11/4/2021 300.0 5.00 52 - 60 59.20 12/2/2021 N Modified Dutch auction, tendering ~19.7% of the outstanding shares. LINK
Brightsphere Investment
BSIG 11/4/2021 1,049.0 33.30 31.50 27.84 12/6/2021 Y The company is tendering ~41.7% of its shares. LINK
Group
Icahn Enterprises Holdings announced a tender for any or all shares of
Southwest Gas Holdings
SWX 10/27/2021 4,214.6 56.19 75.00 66.27 12/27/2021 N SWX. Icahn issued an open letter (see 13D monitor). Update 11/2 - LINK
Inc
Proxy statement filed.
www.KEDM.com
Rights Offering Monitor

Right
Announced Record Amt to be Subscription Backstopped Free
Company Ticker Rights Ratio Description/Notes Link
Date Date raised (M) Px (Y/N) Traded
(Y/N)
To raise another AUD 10 mil via an institutional placement. Proceeds will be
Damstra Holdings Pty Ltd DTC AU 12/2/2021 12/6/2021 AUD 10 4 per 27 0.34 N N LINK
used for business development. The offer will expire on Dec 16.
Raised another GBP 5.5 mil via Placing. The proceeds will be used for working
Abingdon Health PLC ABDX LN 12/1/2021 11/30/2021 GBP 1.0 .0418 per 1 0.25 N N LINK
capital.
HKD
Seazen Group Ltd 1030 HK 12/1/2021 12/28/2021 1 per 21 5.30 N N The proceeds will be mostly used as additional capital reserve. LINK
1,567.3
1 per
Targovax AS TRVX NO 11/30/2021 11/29/2021 NOK 175 1.72 N Y The offer will expire on Dec 14. Rights will be traded under TRVXT until Dec 10. LINK
1.175114
Subscription is 100% guaranteed. Rights will be traded between Dec 1 and Dec
ACARIX
Acarix AB 11/5/2021 11/30/2021 SEK 79.3 1 per 0.75 0.75 Y Y 10. The offer will close on Dec 15. Proceeds will be used to expand the business LINK
SS
and develop the product. Update 11/30 - Prospectus filed.
The offering will be executed by Mar 2022. EGM will be convened on Nov 22
and further details will be announced. Update 11/30 - Prospectus filed. Details
Viking Line Abp VIK1V FH 10/29/2021 12/1/2021 EUR 50 3 per 5 8.000 N Y LINK
announced. The offer will expire on Dec 21. Rights will be traded under
"VIK1VU0121" until Dec 15.
The company is to raise AUD 405 mil equity and AUD 281 mil debt to fund its
GUD Holdings Ltd GUD AU 11/30/2021 12/2/2021 AUD 285 .289 per 1 10.40 N N acquisition. AUD 120 mil is Placement. Accelerated bookbuilding. The retail LINK
offer will expire on Dec 15.
Oversubscription privilege is available. The offer will expire on Dec 16, 2021.
Synalloy Corp SYNL 11/16/2021 11/29/2021 10.00 .0838 per 1 12.75 N N Proceeds will be used for acquisitions and general purposes. Update 11/30 - LINK
Rights offering commenced.
17% is committed by the largest shareholder. The remaining rights are
guaranteed. Proceeds will be used for the project development. Pending
Alligator Bioscience AB ATORX SS 10/7/2021 11/10/2021 SEK 257 1.5 per 3 2.00 Y N approval from Extraordinary Meeting on Nov 8. Update 11/12 - Rights offering LINK
started. Prospectus published. Update 11/29 - Preliminary results announced.
Oversubscribed.
The proceeds will be used to expand production capacity. Subscription will
Cell Impact AB CIB SS 11/29/2021 12/7/2021 SEK 349 2 per 7 20.75 Y Y expire on Dec 23. Full subscription is 100% guaranteed. Rights will be traded LINK
until Dec 20.
The company is to acquire 100% of Opmantek. Raising another AUD 7.0 mil
Firstwave Cloud Technology Ltd FCT AU 11/29/2021 12/2/2021 AUD 7.0 3 per 23 0.07 N N through Placement and the proceeds will be used to fund the acquisition. The LINK
offer will close on Dec 15.
Attaching one free option for every new share, exercisable at $0.05 by Sep 12,
Icon Energy Ltd ICN AU 11/29/2021 12/2/2021 AUD 3.28 1 per 2 0.01 N N LINK
2022. The options will be listed.
Raised another GBP 25 mil through a Placement. The proceeds will be used for
Velocys PLC VLS LN 11/26/2021 11/25/2021 GBP 2.0 2 per 85 0.08 N N LINK
business development.
The offer will expire on Jan 13, 2022. The rights will be traded on TSX under
Cascadero Copper Corp CCD CN 11/25/2021 12/9/2021 CAD 1.5 1 per 2 0.015 N Y LINK
"CCD" until Jan 13.
The company announced a total of USD 633 mil funding package to put its
Horizonte Minerals PLC HZM LN 11/24/2021 11/22/2021 GBP 6.0 1 per 20 0.07 N N LINK
mining into production.
Brait PLC BAT SJ 11/23/2021 - LINK
www.KEDM.com
Right
(Y/N)
Rights will be traded (ISIN code FR0014006O40) until Dec 6. The offer will expire
Frey FREY 11/23/2021 11/25/2021 EUR 102 3 per 22 30.00 Y Y on Dec 8. Proceeds will be used to strengthen the company's financials. Main LINK
shareholders committed 100% of the capital raising.
The rights will be traded under KEI.RT until Dec 29. Proceeds will be used to
Kolibri Global Energy Inc KEI CN 11/23/2021 12/1/2021 CAD 8.86 .5435 per 1 0.07 N Y initiate a new drilling program. ~29% of the offering is committed by a LINK
shareholder.
Raised another AUD 249 mil through a Placement. The retail offer is open now
Life360 Inc 360 AU 11/23/2021 11/25/2021 AUD 31.1 1 per 15.64 12.00 N N LINK
and will close on Dec 13.
The offer will close on Dec 22. The proceeds will be used for its mine
Swick Mining Services Ltd SWK AU 11/23/2021 12/1/2021 AUD 1.5 1 per 1 0.25 N N LINK
development.
The rights issue will be finalized in September. Exor (EXOR IM), 63.8%
shareholder, plans to subscribe to the rights. Update 8/25/2021 - Juventus
Juventus JUVE IM 6/30/2021 11/30/2021 EUR 400 9 per 10 0.334 N Y board approved the plan. Shareholders' meeting will be held on Oct. 29. Update LINK
11/23 - Rights offering commenced. Will expire on Dec 16. 63.8% is pledged
by Exor.
Grit Real Estate Income Group Ltd GR1T LN 11/22/2021 11/19/2021 215.60 1.3011 per 1 0.52 N N The proceeds will be used to reduce the company's debt. LINK
UCMN The offer will expire on Dec 10. The proceeds will be used for business
Uscom Ltd 11/22/2021 11/25/2021 AUD 5.17 3 per 10 0.11 N N LINK
AU development. AUD 2.5 mil is committed.
The proceeds will be used to finance an acquisition with Deutsche Wohnen SE.
EUR
Vonovia SE VNA GR 11/21/2021 11/25/2021 7 per 20 40.00 N Y The offer will expire on Dec 7. Rights will be traded (ISIN DE000A3MQB30) until LINK
8,000
Dec 2.
The public offer is open from Nov 29. Proceeds will be used to finance business
Fargo Enterprises Ltd FGO AU 11/19/2021 11/18/2021 AUD 6.0 1 per 1 0.02 N N LINK
developments and exploration programs.
To raise another GBP 25 mil through a Placement. Attaching 2 warrants (short
Invinity Energy Systems PLC IES LN 11/18/2021 11/22/2021 GBP 4.0 3 per 65 1.00 N N term exercisable at 1.5 GBP, long term warrant at 2.25 GBP) for every two LINK
shares. Proceeds will be used for a business expansion.
MYR Shareholders approved USD 240 mil rights issue. Pending details. Update 11/18
AirAsia Group Bhd AAGB MK 11/11/2021 12/2/2021 1 per 3 0.75 N N LINK
1,000 - Rights issue commenced. Details announced.
Rights will be traded under the ISIN code FR0014006KI3 until Nov 30. The offer
Altarea SCA ALTA FP 11/18/2021 11/18/2021 EUR 350 3 per 22 143.75 N Y LINK
will expire on Dec 2. Proceeds will be used to finance an acquisition.
Raised another AUD 1.6 mil through private placement. The offering will close
West Wits Mining Ltd WWI AU 11/17/2021 11/26/2021 AUD 7.86 1 per 6 0.03 N N LINK
on Dec 14, 2021. Proceeds will be used for mine development.
HKD Also proposed 10 to 1 share consolidation. Proceeds will be used for business
King Stone Energy Group Ltd 663 HK 11/16/2021 12/23/2021 1 per 2 0.25 N N LINK
98.94 development.
GBP The company is not targeting a specific amount of new capital to raise. The offer
Ruffer Investment Co Ltd RICA LN 11/15/2021 11/10/2021 1 per 4 296.50 N N LINK
166.6 will expire on Dec 1, 2021.
The rights will trade under GDC.RT between Nov 17 and Dec 17. Proceeds will
Genesis Land Development Corp GDC CN 11/10/2021 11/18/2021 CAD 30.0 2.7909 per 1 2.00 N Y LINK
be used for project development. The rights offering will close on Dec 22.
Raised another AUD 117 mil through Placement. The retail offer will be open
Nitro Software Ltd NTO AU 11/10/2021 11/12/2021 AUD 23 5 per 57 3.43 N N LINK
between Nov 16 and Nov 30.
Weebit Nano Ltd WBT AU 11/10/2021 11/15/2021 AUD 9.0 1 per 41 2.84 N N To raise another AUD 25.7 mil through Placement. LINK
www.KEDM.com
Right
(Y/N)
Entered into a conditional agreement to buy 100% shares of Arena Living for
$345 mil, of which $155 mil will be raised through a Placement at $1.96 per
Arvida Group Ltd ARV NZ 10/15/2021 10/24/2021 NZD 175 1 per 6.57 1.85 N Y share. The remaining will be from the renounceable Rights Offer and bank debt. LINK
Rights offer will be open between Oct 27 and Nov 8. Update 10/27 - Rights
offering opens. Update 11/10 - The rights offering completed.
The rights will be traded between Nov 10 and Nov 19. Subscription will close on
NHOA NHOA FP 11/9/2021 11/11/2021 EUR 140 1 per 1 10.96 N Y Nov 23. Proceeds will be used for business expansion. 65% shareholder LINK
committed.
The company is to raise another AUD 5.4 mil through a Placement. Attaching 1
Amplia Therapeutics Ltd ATX AU 11/8/2021 11/16/2021 AUD 7.0 1 per 4 0.18 N N option for every 3 new shares (exercisable at $0.28 on Dec 31 2023). Fully LINK
underwritten.
The rights offering will close during 2nd week of Dec. Rights will trade under
MCAN Mortgage Corp MKP CN 11/8/2021 11/15/2021 CAD 33.3 1 per 14 16.86 N Y LINK
MKP.RT between Nov 2 and Dec 8.
AUD One option (exercisable at AUD 0.115 by Oct 28, 2024) for every 4 shares held.
Thomson Resources Ltd TMZ AU 11/8/2021 11/15/2021 1 per 4 0.001 N N LINK
0.135 The proceeds will be used to finance exploration activities and working capital.
Tenaz Energy Corp. TNZ CN 11/8/2021 11/15/2021 CAD 2.45 8 per 1 0.18 Y The rights will be traded under TNZ.RT. The offer will expire on Dec 13. LINK
The rights will trade under RIV RT. The subscription price will be higher of 97.5%
RiverNorth Opportunities Fund,
RIV 9/22/2021 10/1/2021 73.50 1 per 3 Varies N Y of the reported net asset value or 95% of the market price. Update 11/8 - LINK
Inc.
Announced preliminary results - Oversubscribed. Expects to raise $73.5 mil.
Proposed acquisition of Boom Battle Bears for GBP 17.38 mil, which will be
Escape Hunt plc ESC LN 11/3/2021 11/2/2021 GBP 2.2 1 per 12 30.00 N N LINK
raised through cash, placement and an open offer.
The rights offering will expire on Nov 2. Rights will be traded from Oct 5 to Oct
CLP 21. ADS Rights CUSIP: 45033E113. Update 10/4 - The rights offering launched.
Itau CorpBanca Chile SA ITCB 9/24/2021 10/4/2021 .8999 : 1 3.790 N Y LINK
830,000 Rights will be traded under "ITCB RT". Update 11/4 - Announced results of the
rights offering.
The company is to raise $78 mil capital through a rights offering and private
placement. The rights offering will commence soon. Fully backstopped. Update
9/21 - Registration statement filed. Attaching three 7-year warrants to purchase
- i) fraction of 0.8 shares with an exercise price of $15; ii) 0.4 shares with an
Blue Apron Holdings, Inc. APRN 9/15/2021 10/8/2021 45.00 1 per 1 1.8505 Y N LINK
exercise price of $18; iii) 0.2 shares with an exercise price of $20; Update 9/28
- Record date announced. Update 10/12 - Prospectus filed, details announced.
RO will commence on Oct 12 and expire on Oct 28. Update 11/4 - Announced
the closing of the capital raise.
The company plans to raise in total $152.5 mil through a) private placement to
Conversant Capital and b) rights offering, from which $42.5 mil is backstopped
by Conversant. Rights are non-transferrable and has over-subscription right.
Further details will be announced. Expected to close in Q4 2021. Update
8/16/2021 - Preliminary proxy statement filed. Update 8/30 - Filed definitive
proxy statement and announced key dates. Rights will expire on Oct 18. Update
Capital Senior Living Corp CSU 7/22/2021 9/10/2021 70.00 1 per 1 30.00 Y N 9/10 - Commenced the Rights Offering. Update 9/28 - Special Stockholders LINK
Meeting postponed to Oct 22. Update 10/1 - Agreement restated. The company
intends to revise the price to $30 per share. The issue is now fully backstopped
by Conversant and Arbiter. Update 10/22 - Based on preliminary results, CSU
received the requisite votes to approve all proposals. Update 10/28 -
Shareholders voted for $154.8 mil financing. Raised $34 mil from the rights
offering. Update 11/3 - Announced closing of the financing transaction.
www.KEDM.com
Disclaimer
ANY ADVICE CONTAINED IN THIS PUBLICATION IS BEING PROVIDED IN EACH PROVINCE OF CANADA, EXCEPT ONTARIO, PURSUANT TO SECTION 8.25(2) OF NATIONAL INSTRUMENT 31-103, AND IN ONTARIO PURSUANT TO SECTION 34 OF THE SECURITIES ACT (ONTARIO),
AND DOES NOT PURPORT TO BE TAILORED TO THE NEEDS OF THE PERSON OR COMPANY RECEIVING THE ADVICE.
The information contained in this publication has been compiled by Kimura LLC (“Kimura”), an independent entity engaged by Mongolia Growth Group Ltd. (“MGG”) to produce KEDM. Kimura and MGG believe the information contained is from sources believed to be reliable,
but no representation or warranty, express or implied, is made by Kimura, MGG, its affiliates, or any other person or company as to its accuracy, completeness, or correctness. MGG’s role is strictly limited to the marketing, distribution, web hosting and billing for KEDM. MGG
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The information contained in this publication is not intended to constitute legal, accounting, or tax advice or individually-tailored investment advice and is not designed to meet your personal financial situation. The investments discussed in this publication may not be suitable
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KUPPY’S

EVENT DRIVEN MONITOR

Page | 1 KEDM Subscribe at KEDM.com

Page | 2 KEDM December 5, 2021

KEDM Kliff Notes

We picked a hell of a week to go on a holiday break! Before we left we noted:

Hedge Fund Hotel

Page | 3 KEDM December 5, 2021

Tiger Management holdings

Page | 4 KEDM December 5, 2021

Sales by Satya at MSFT

Page | 5 KEDM December 5, 2021

They must not accept FB shares in the Metaverse.

Page | 6 KEDM December 5, 2021

Just for taxes, right?

Page | 7 KEDM December 5, 2021

Russell Value to Russell Growth

Now on to the Events of the week:

Page | 8 KEDM December 5, 2021

Cluster Buying Notes:

Short Squeeze Notes:

IPO Unlock Notes:

CEO Turnover Notes:

Page | 9 KEDM December 5, 2021

• LTMAQ filed and will exit. Plan overview here

Newsletter Short Notes:

13D and Activist Notes:

Page | 10 KEDM December 5, 2021

Busted Merger Notes:

Listing Change Notes:

• Solid writeup on a recent demutualization, NECB, here

• Sorry, we cannot resist…

• FLXN merger closed. Good luck to those who participated

Tender Offer Notes:

Page | 11 KEDM December 5, 2021

Page | 12 KEDM December 5, 2021

KEDM Fallen Angel Monitor

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

KEDM Left for Dead Monitor

Source: The KEDM team; Bloomberg LP; Company filings

Mkt Net Insider

Source: The KEDM team; Bloomberg LP; Company filings

Announced Spin-offs, Carve-outs, or Spin-Mergers

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Completed Domestic Spin-offs, Carve-outs, or Spin-Mergers

ADS plans to spin its loyalty business (LoyaltyOne) which owns

bluebird intends to separate its severe genetic disease and oncology

IBM is spinning off part of its Global Technology Services division as a

Source: The KEDM team; Bloomberg LP; Company filings

Spin- Spinco Parent Share

Spin- Spinco Parent Share

Source: The KEDM team; Bloomberg LP; Company filings

Spin- Spinco Parent Share

Merck spun its Women's Health, Trusted Legacy Brands, and

IAC spun its high-growth video platform, Vimeo. Vimeo provides