KEDM 12 12 21 Vol 59

KUPPY’S
EVENT DRIVEN MONITOR

Vol. 59 www.KEDM.com December 12, 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 ....................................................................................................................................................................... 10
KEDM Fallen Angel Monitor ..................................................................................................................................................... 11
KEDM Left for Dead Monitor .................................................................................................................................................... 14
Announced Spin-offs, Carve-outs, or Spin-Mergers .................................................................................................................. 16
Completed Domestic Spin-offs, Carve-outs, or Spin-Mergers ................................................................................................... 22
Completed International Spin-offs, Carve-outs, or Spin-Mergers.............................................................................................. 27
Cluster Insider Buy Monitor...................................................................................................................................................... 30
Buyback Monitor ...................................................................................................................................................................... 42
Short Squeeze Monitor............................................................................................................................................................. 47
IPO Monitor ............................................................................................................................................................................. 49
Completed IPO Monitor ........................................................................................................................................................... 51
Unlock Monitor ........................................................................................................................................................................ 56
Priced Secondaries Monitor ..................................................................................................................................................... 63
CEO Change Monitor ................................................................................................................................................................ 66
Bankruptcy Monitor ................................................................................................................................................................. 69
Bankruptcy Exit Monitor .......................................................................................................................................................... 70
Announced SPAC Monitor ........................................................................................................................................................ 72
Completed SPAC Monitor ......................................................................................................................................................... 82
Newsletter Short Monitor ........................................................................................................................................................ 88
13D Monitor ............................................................................................................................................................................. 91
Mergers and Acquisitions Monitor ........................................................................................................................................... 94
Busted M&A Monitor ............................................................................................................................................................... 98
Stock Split Monitor................................................................................................................................................................... 99
Listing Change Monitor .......................................................................................................................................................... 100
Strategic Alternatives Monitor ............................................................................................................................................... 102
Privatization Monitor ............................................................................................................................................................. 104
Demutualization Monitor ....................................................................................................................................................... 109
ARK Monitor........................................................................................................................................................................... 112
Index Addition Monitor .......................................................................................................................................................... 113
Index Deletion Monitor .......................................................................................................................................................... 114
Contingent Value Right Monitor ............................................................................................................................................. 115
Tender Offer Monitor ............................................................................................................................................................. 117
Rights Offering Monitor.......................................................................................................................................................... 119
Disclaimer .............................................................................................................................................................................. 121
Page | 2 KEDM December 12, 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 t his
publication.
www.KEDM.com
KEDM Kliff Notes

Too busy to read everything? The KEDM team summarizes the most interesting Event-Driven information of the
week/month.
,
Busy week for the team at KEDM and one of our Fallen Angel themes. If you are a new subscriber, I would
point you to the August 7th Issue, where we first spoke about the newspaper theme to our KEDM
community. Obviously we can’t comment much outside of the public filings but worth pointing your
attention to the 13D Monitor Kliff Notes and a recent writeup posted on Adventures In Capitalism here.
We’ve skipped a 2nd trip into the weeds on the transition from print to digital, but as Q3 results are in, we’re
just going to plug away at this idea. Here’s the relevant data from some of the major papers for Q3 digital
growth.
NYT – 455,000 quarterly growth, 1,525,000 yearly growth, ending at 7,588,000 (25% annual)
GCI - 160,00 quarterly growth, 480,000 yearly growth, ending at 1,540,000 (31% annual)
LEE - 65,000 quarterly growth, 158,000 yearly growth, ending at 402,000 (65% annual)
DALN - 4,154 quarterly growth, 10,361 yearly growth, ending at 57,084 (22% annual)
NZM AU – appx 10,000 quarterly growth, appx 33,000 yearly growth, ending at appx 78,000 (73% annual)
PRS SM (El Pais) – 12,100 quarterly growth, 52,600 yearly growth, ending at 121,100 (77% annual)
NWS (News Corp Australia) - 170,000 annual growth, ending at 897,000 (23% annual)
If you don’t see this as a global trend of rapid growth, you’re missing something. The only question is if this
is sustainable or if this is tied to COVID (or something else). As far as we’re concerned, Q3 was a boring
news-cycle. Especially compared to 2020. To be lapping peak media engagement with massive growth is
quite impressive. We’re going to hazard a guess that people increasingly want local news in a consumable
format. Notice how local is mostly outperforming national at NYT. There’s a trend in play here…

publication.
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Pivoting a bit, last week we noted the following:
“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.”
For those unfamiliar, tax-loss selling is the idea that harvesting tax losses for the current year in December
will put undo pressure on certain stocks and lead to outsized performance in the new year, sometimes
called the January effect. It’s been debated whether it rings true or not (see here for links to some research)
but here at KEDM we have seen the effects first-hand over our 2 decades of trading and investing. Of
course, all bets are off if the market truly pulls a Billy Hwang-style collapse. Barring that, we will be looking
closely at some small positions in smallish stocks that are in the garbage bin or those with aggressive insider
buying for some possible idiosyncratic trades.

publication.
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While we can’t provide outright recommendations on our “garbage bin” stocks due to
compliance, we threw together a top-250 busted IPO/SPAC list sorted by the worst return since the merger
or IPO date and then the same list sorted for worst overall December return. We will be slowly working
through these for some possible names over the next week or two. Strip out the “fake” bio pharma and the
ponzi’s and there are likely some “real” companies (i.e. real products with real FCF like COCO, number 44
on the December sort) and some retail “crowd favorites” (like BZFD, number 4 or RENT, number 60) getting
thrown out. Point is that oversold bounces are quite possible here. Combined with some names that have
some aggressive insider buying along with the next 30-day unlock monitor and beaten-up names on the
spin monitors, you should be able to generate a solid list as we head into 2022. Good luck shopping…
One last item of note, as we head into 2022 one of our goals is to make the Discord rooms more active with
different points of view and more real-time trades. To that end, we are introducing a Referral program. If
you have any friends that you think would be a good fit for KEDM, send them to kedm.com and have them
enter your email address in the “Referral” section when they signup (screenshot below). Each referral that
signs up to the annual membership using your email will generate a free 6 months added to your
subscription, just to say thanks. Just remember to have them enter the exact email you use at KEDM so we
can track it each month!

publication.
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Now on to the Events of the Week:
Fallen Angel/Left for Dead Notes:
• The shipping legend, John Fredriksen has bought a 5% stake in VAL
Spin Notes:
• VGR’s spin, Douglas Elliman (DOUG), filed its S1 for its upcoming IPO here
• ABBN SW held a Capital Markets Day and issued a new presentation on its upcoming ESG carve out of its
E-mobility company here
• GASS 4-tanker spinoff, Imperial Petroleum (IMPP) began trading on 12/6
• VMEO is now the worst performing spinco on our Completed Domestic Spinoff list, down some 60%
since the spin. It came out the gate at 20x EV/Sales, now down to 6x NTM.
• Daimler’s (Mercedes Benz), DAI GR, spun its Truck and Bus division on 12/10; trading under DTG GR.
Recent presentation here
• TOBII SS spun TDVOX SS a leading supplier¹ of assistive technology for communication for people with
disabilities. Overview here
Cluster Buying Notes:
• Surprising increase in insider buying this week. Guessing a pullback will do that…
• B Riley continues to chip away in RILY. He popped back up again with a smallish $130k but has now bought
over $20m YTD
• EVER has a cluster buy. It’s interesting as multiple competitors like SLQT are also seeing cluster buys in
the past few months.
• NCU CN has been an unmitigated klusterfuk with multiple cost overruns and down rounds. Interesting
that insiders are stepping up with a cluster buy at a decent discount to yet another down round
financing. Dec 9 press release shows substantial progress—then again, this is mining and they’ll
probably screw it all up eventually. If they can make this mine work, it’s a multi-bagger from here…
• In our Kliff Notes back on October 30 we mentioned “AGC CN continues to be one of the few junior gold
names with consistent, repeated, insider buying from multiple insiders.” Last week they got an offer from
HOC LN (which happens to be on our Spin Monitor) which doubled the stock. Funny how these cluster
buys work sometimes…
• Not quite a cluster buy, but Silver Lake Technology Investors bought 2.1 million TWTR in the $43-46
area. They chose Parag, so guess they needed to back him up a bit. Still, not a small buy at $100m.
• More SPACs showing up on the list:
o PSFE press released that the CEO bought 290k shares (~$1m) alongside other officers and
Directors for another $1.8m
o The entire C-suite is stepped up in LOCL, a beaten up, high redemption (94%) deSPAC
o CEO chips away at MIMO
o GC and Director buy 35k shares at NRDY
o WeWork, WE, saw its CEO and a Director step up for almost 40k shares
• Names out of our circle of competence but seeing some decent clusters near lows: VERO, ALIM, OTLK
• More buying from the CEO in recent nano-cap, counter cyclical HGBL. This is on the heels of a cluster in
November. Worth watching for smaller accounts

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Buyback Notes:
• SWBI fell from our list as the company paused their buyback. They still have $50m in the authorization
through mid-2022, so we’ll be on the watch to see if they come back to the market after the shellacking
it took on the gap (down 28%). Big builds in inventory and declines in profitability weighted on the stock,
but it sure is cheap here.
• New to the list is OLLI which was slammed last week on supply issues and the effects of “inflation on our
customer on fixed income.” They repurchased $165m worth in Q3 and reupped another $200m on their
authorization
• SPLK is new to the list with after buying over $800m in Q3 (somewhat of a wash against the convert
dilution)
• Pure player in Capes, Seanergy Maritime (SHIP) bought back 1.6m shares, 4.3m warrants and $14m of
converts. CEO also stepped in for $300k in the open market. Also re-upped for another $10m on the
authorization. Admittedly, the company was buying back mostly from the CEO, but it does reduce dilution.
• A bit late, but worth noting the decent size in deSPAC, GENI. We missed this one since it’s a foreign issuer,
but thanks to “Onetime” who flagged it for us in the Discord
• KIRK popped up on our list last week but it’s worth noting that they repurchased $16.5m despite
knowing they’d miss Q3 badly. $26.5m cash and no debt. Stock got clobbered, but it’s likely that they’ll
step in and continue the buyback. 12.9m shares outstanding and 2.4m are short. Wouldn’t take much
incremental buying to tighten this one up good. Meanwhile, a lot of smart value guys are circling.
Short Squeeze Notes:
• Let’s face facts. For the first time since KEDM launched, stocks with high short interest actually act
terrible and have stopped squeezing.
IPO Notes:
• They’re breaking pricing in huge numbers. The market is struggling to absorb incremental supply…
IPO Unlock Notes:
• Similar to tax loss selling names, we will keeping a close eye on the unlocks on the back half of the
month. Generally speaking there is some strong alpha on the long side post-unlock…
• We’ve flagged DNUT a lot on these pages, most recently as a Cluster Buy as JAB Holdings (and the CEO
and COB) has/have repurchased a ton of stock for weeks on end. Worth flagging the Unlock coming up
on 12/28 There is a short writeup on VIC so caveat emptor
CEO Turnover Notes:
• Interim CEO, Aaron Dibowitz (from Seadrill), took the reins at VAL
• New leadership announced at Forum Energy, FET
• We typically don’t flag CFO changes (maybe we should for short ideas?) but worth flagging fintwit fave,
BABA had a change at the CFO level
• New leadership upcoming in embattled recent SpinCo GET; CEO change in March 2022

publication.
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SPAC Notes:
• It’s rare, but every once in a while, an actual business goes public through a SPAC. PRPB is merging Getty
Images. We almost assume it gets sold off—which should be an opportunity at the right price. Then
again, if this isn’t an NFT play, what is…??
• We have no skin in the game on the cannabis trade but worth flipping through Aaron Edelheit’s writeup
of deSPAC, GRAMF here
• LCID pummeled after SEC
• ISOS/Bowlero and IIAC/Zegna vote next week
• Absolute bloodbath in BZFD this week after it deSPAC’d with 94% redeeming. Insert a top 10 list of reasons
not to be long Buzzfeed for the long term
• Modular nuclear reactor, NuScale, is evaluating a listing via a SPAC
• Another 2 terminations. Many more of these to come in 2022….
o PFDR breaks with Service Max “Due To Market Conditions.”
o FST allows Fertitta to walk…for a $33m break fee
• IBCs Announced this week: OACB; PTOC; FOXW; VGII; VCKA
• DeSPAC’d this week: SLDP; BOXD; BBAI; PL; CVT; AMPS; VCSA; PEAR; PII
• Votes next week: YAC; BSN; ISOS; IIAC
Newsletter Short Notes:
• Newsletter shorts are hitting hard and not even bouncing when the companies come out and deny the
allegations…
13D and Activist Notes:
• We won’t be commenting much for obvious reasons but worth noting the new 13D filed on LEE; “You
now have your two largest shareholders, representing approximately 15.51% of the company explicitly
telling you that the Alden offer is light by roughly a zero.” Take a look at our August 7th issue for our
initial thoughts on newspapers and head over to the Discord room to discuss…
• NTP got crushed this week as China RE contagion spreads even though IsZo won its fight and got its entire
(6) slate elected. Case of throwing the baby out with the bath water?? Decent SA primer from a couple
months ago here. GL trying to quantify the Chinese contagion risk…
• The second largest shareholder of TESS (~15%), Lakeview Investment, offered out 7.50/sh cash for the
entire company; stock currently at $6.91 making a decent spread if they lift it
• Elliott is pushing SSE LN to separate/spin its wind farm unit
• Poor KSS. First Legion and Ancora, now its Engine Capital is shaking things up and pushing for them to spin
their ecomm unit. Macellum is rumored to be sharpening their pencils too for when their standstill expires
• GOED has graced these Kliff Notes 6 times, popping up in a variety of Monitors (Spin Monitor, CEO
Monitor, 13D). So its worth flagging the new writeup from Adam Wilk
• Friends of KEDM are opposing the merger over at PEBN; “no non-distressed California bank since the
Great Recession has sold for less than book value…Tying two rocks together will not make them float..”
ISS approved the merger so Shaul Kopelowitz rebutted
• Worth noting that Osmium filed their 13D on recent KEDM flag LOV. The overhang of Canaan selling
has cleared out…

publication.
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Merger Notes:
• The big day is upon us. MX should FINALLY hear back from the CFIUS by 12/13. Rumors are the company
doesn’t think it will get approval. Question then becomes, will other bidders emerge?
• Another week, another offer for RRD. Atlas came over the top by ten cents (10.35) which Chatham quickly
countered at 10.85
Busted Merger Notes:
• Last week we flagged the Bass Pro Shop/SPWH deal termination. Good friend, Andrew Walker, dove
into the valuation this week. Definitely worth a read. Q3 results seemed inline with expectations, even
with the SWBI and AOUT miss, though the company didn’t offer any guidance. The break fee, net of tax
is equal to almost 10% of the market cap as well…
Privatization Notes:
• Saudi’s Stock Exchange finally began trading on 12/8, TADAWULG AB. Saudi’s SWF, Private Investment
Fund (PIF) floated 30% of the exchange.
Index Addition/Deletion Notes:
• Naz announced its annual rebalance.

o Name to be added include: Airbnb, Inc. (Nasdaq: ABNB), Fortinet, Inc. (Nasdaq: FTNT), Palo Alto
Networks, Inc. (Nasdaq: PANW), Lucid Group, Inc. (Nasdaq: LCID), Zscaler, Inc. (Nasdaq: ZS),
Datadog, Inc. (Nasdaq: DDOG).
o Names to be dropped: CDW Corporation (Nasdaq: CDW), Fox Corporation (Nasdaq: FOXA/FOX),
Cerner Corporation (Nasdaq: CERN), Check Point Software Technologies Ltd. (Nasdaq: CHKP),
Trip.com Group Limited (Nasdaq: TCOM), Incyte Corporation (Nasdaq: INCY).
CVR Notes:
• Kinross, KGC CN, is taking out Great Bear, GBR CN, for 29/sh plus a CVR equal to 0.1330 a KGC share per
GBR or C$1.00 per GBR. The contingent will payout when the Dixie project hits commercial production,
and 8.5 million gold ounces of measured and indicated mineral resources have been disclosed.

publication.
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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: INTC; SLS NC; VGR (update); SCI IN (update); CHN AU (update); BDX (update); ABBN SW (update);
EVR LN (update); FFX AU (update); SPI (update)
Completed Domestic Spin Monitor: IMPP
Completed International Spin Monitor: ARA CN; DTG GR; TDVOX SS
Cluster Buy Monitor: EVER; LOCL; BTTX; VWE; UEPS; SUNL; RVNC; PRLB; VERV; WLMS; SNEX; VERO; CTS CN; GXE CN; HOT-U CN;
WE; UTZ; ASRV; CXDO; NCU CN; SLHG CN; LILA; NRDY; WMC; GSQ CN; OTLK; BLN CN; VYNT; GNSS; MIMO; PRVB; PBPB; AVNW;
FLNT; FLUX
Announced Buyback Monitor: AVGO; AOUT; LQDT; CHRW; HALO; WM; LH; CCK; CVS; HTD; BX; MCK; RLX; CADE; IBEX; RTX; ZTS;
EMN; WRLD; SHIP; PLAY; RFP; NRG; STG; SOL; BV; BYRN; DGLY; CLBK; KNDI; LHCG; SIMO; FISB
Completed Buyback Monitor: OLLI; SPLK
Short Squeeze Monitor: RIDE
IPO Monitor: IOT; VINE; SIDU; INTS; NVCT; AUST; FLXE
Completed IPO Monitor: NU; HCP; REFI; CING
Unlock Monitor (next 30 days): ZETA; DNUT; LZ; IAS; CVRX; INTA; AVTE; BTTR; YOU; ARBK; ACXP; ELEV; GRPH; GHRS; MF; TKNO;
MCW; BHG; GRVI; GLUE; MIRO; FA; KLTR; YMM; SDIG; CYT; DNAY; ATAI; AMAM; RERE; VERV; FEMY; LYEL; ISPC; CNVY; ALZN
Secondaries Monitor: BSVN; ADC; RLMD; ACET; ET; OWL; STWD; VRRM; SI ; GLPI; AEI
CEO Change Monitor: GET; PTRA; AWK; TCFC; AAL; GATX; ICAD; FET; KFRC; RYAM; SPPI
Bankruptcy Monitor: JENGQ
Bankruptcy Exit Monitor: No change
Announced SPAC Monitor: NMMC; PRPB; OACB; PTOC; FOXW; VGII; VCKA
Completed SPAC Monitor: AMPS; SLDP; BOXD; BBAI; PL; CVT; VCSA; PEAR; PIII
Newsletter Short Monitor: ZYXI; TGLS; NVEI; ARB LN (update)
13D Monitor: FBRK (update); CPSS; LEE; PEBN; SSE LN; KSS; MNTV (update); TESS (update); LXP (update); SMM; NTP (update);
LOV (update)
M&A Monitor: RRD (update); PPD (update); MX (update); PNM (update)
Busted M&A Monitor: No changes
Stock Split Monitor: QTT
Listing Change Monitor: IGAP; VLNS; MOBQ
Strategic Alternatives Monitor: CNC; LH (update); ISIG
Privatizations Monitor: TADAWULG AB; ELECT3 BZ
Demutualization Monitor: No change
ARK Monitor: NU
Index Change Monitor: EPAM; SBNY; SEDG; FDS; LEG; HBI; WU; M; VICR; POWI; TR; TDS; NKTR
Contingent Value Right Monitor: GBR CN
Tender Offer Monitor: BSIG (update); ECPG (update); CORT (update); GIM (update); PRG (update)
Rights Offering Monitor: VNA GR (update); TXMRE IN (update); WRM AU; CHAR LN; H20 GR; FML AU; RCG

publication.
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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 Cap Debt Buying ($ Kuppy's Notes
(% of ($M)
52 ($M) ($M) Value)
float)
High
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 with
Alpha insurance, corporate banking, asset management, private pre-provision NOI. Will they make more crappy loans in the future (probably) but
ALPHA Commer
Services and banking, investment banking and securities brokerage, -21 - 2,557 4,121 - - in a recovering economy, more loans should stay current. Meanwhile, the cost
GA Banks Non-US
Holdings SA venture capital, portfolio management, payment structure has declined materially over the past decade of restructuring. With loan
systems, consulting, and real estate management growth expected, Alpha is a new company (maybe??). Q2 was roughly inline, but
services. 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
DallasNews Corporation prints and publishes
intiatives or they'll sell it to a wealthy Texan who wants his name in the news. Q2
DallasNews Publishing- newspapers. The Company offers marketing solutions,
DALN -46 2 41 -18 29 - and Q3 results showed the first quarters of subscriber revenue growth since
Corp Newspapers niche publications, commercial printing, and direct mail
Q1/2015, with an uptick in advertising as well. Digital subscriber growth continued
services. DallasNews serves clients in the United States.
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 is likely
Alliance Resource Partners, L.P. produces and markets
Alliance a multi-bagger, with minimal near-term risk. Q3 results were quite strong with
coal to United States utilities and industrial users. The
ARLP Resource Coal -21 3 1,290 554 1,654 - recovering production/sales volume and guidance for 2021 of continued recovery.
Company operates its facilities in Kentucky, Illinois, and
Partners LP Focus is on de-leveraging which will reduce interest expense. Q3 showed
Maryland.
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 its Largest bank in Cyprus. Has shed majority of NPL/NPEs. Core business has
Bank of
BOCH Commer subsidiaries, provides retail and commercial banking, stabilized and when Cyprus returns to growth, banking is consolidated in Cyprus.
Cyprus -13 - - - - -
LN Banks Non-US finance, factoring, investment banking, brokerage, fund Trades at massive discount to Book as no one believes the book. As reserving slows,
Holdings PLC
management, insurance, and other related services. Bank should lead to a re-valuation. Issued a 300m Pref at 2.5%.
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 at a fraction of
Calfrac Well Services Ltd. provides specialized oilfield
replacement value at a time when there hasn't been much cap-ex and a lot of
CFW Calfrac Well Oil-Field services. The Company uses fracturing equipment to
-67 0 166 317 560 726,250 equipment has been cannabolized. 37m shares outstanding and 88m FD including
CN Services Ltd Services increase the production of hydrocarbons from wells
the converts. There's nearly $1b of equipment at cost and WC offsets most of the
drilled in Canada and the United States.
net debt. Should trade up to equipment value on a NAV basis as more rigs are
added in North America. Q2 results were disappointing and did not see much
recovery, but guidance was for a recovery by 2H.
Highly financially leveraged agriculture play. The leverage cuts both ways but
Cresud SACIF y A operates as an agricultural company. The agriculture pricing is up and ARS/BRL costs are down. Should have some margin
Company produces grains, sugar cane, meat, and milk, as expansion and they have rolled their debt to buy time. There's a lot of land and
Cresud Real Estate well as focuses on acquisition, development, and property ownership, which should work with increased inflation. We all know that
CRESY -32 - - - - -
SACIF y A Oper/Develop exploitation of agricultural properties for rental, shopping Argentina is where capital goes to die, but every few years, there is a sick rally in
centers, and hotels. Cresud serves customers in Latin CRESY when agriculture works. The chart is setting up. Ag prices are currently "en
America. fuego" (throwing some Spanish at you--haha) which doesn't hurt. Q1 was pretty
messy, but it's CRESUD and it's always messy. Watch soybeans. They're the key...
Source: The KEDM team; Bloomberg LP; Company filings
Page | 11 KEDM Back to Weekly Changes or Back to KEDM Kliff Notes December 12, 2021
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%
Short
Interest EV
(% of ($M)
52 ($M) ($M) Value)
float)
High
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
Hoteles City Express S.A.B. de C.V. operates an integrated of https://macro-ops.com/ Worth tracking down a copy of the report. I think it is
Hoteles City
HCITY hospitality business platform in Mexico. The Company the first time this has been covered by a US research shop. (Currently behind
Express SAB Hotels&Motels -32 - - - - -
MM develops, acquires, manages, and franchises hotels in the paywall). Check FINN13 MM as they give monthly industry numbers. Should be a
de CV
economy and budget segments. useful read-through on HCITY and indicates that 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
Consulting 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 33 160 137,651
Services Hill International provides program development, project plan with lots of exposure in Mid-East. Likely acquired once it stabilizes. Recent
Inc
management, construction, quality assurance, and insider buying. Won a $125m contract with Southern California Edison which
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 roughly 1x pre-
Lee Enterprises, Incorporated operates as a media
COVID FCF assuming mgmt synnergies are achieved. I don't know what a melting
company. The Company publishes newspapers, weekly,
Lee regional newspaper is worth, but likely has an equity stub value here and if digital
Publishing- classified, and specialty publications, as well as offers
LEE Enterprises -18 1 177 576 711 - can outpace the negative comps in print, this could be a home run. Calendar Q2
Newspapers online services, including websites supporting its daily
Inc results showed continued subscriber growth with roughly flat subscriber revenue
newspapers and other publications. Lee Enterprises
growth against peak engagement comps in Q2/2020 due to COVID and Trump.
serves customers in the United States.
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 reserves paydown with cash flow. Insiders own 25%. Just over 1x FCF to equity. Q3 showed
NRP Resource Coal -11 1 385 372 1,211 -
to experienced mine operators under long-term leases some recovery, and cash flow picked up. Coal is clearly helping and there appears
Partners LP
that grant the operator the right to mine its coal reserves to be a turn here on soda ash as well. Still highly leveraged and the Pref continues
in exchange for royalty payments. 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 acquisition is
SandRidge Energy, Inc. explores and produces natural gas
somewhat marginal. Q2 came in surprisingly strong with excellent realized pricing
and crude oil. The Company owns and operates gas
SandRidge Oil Comp- on NGLs, though nat gas realized pricing was still soft. Cash keeps building as
SD gathering, processing facilities, carbon dioxide treating, -31 3 380 -2 283 -
Energy Inc Explor&Prodtn expected. $85m net cash at Aug 6/2021 + PDP PV-10 of $321m as of July 1 making
and transportation facilities. SandRidge Energy serves
it highly undervalued, especially as production is expected to increase as shuttered
customers in the United States.
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)
52 ($M) ($M) Value)
float)
High
SEACOR Marine Holdings Inc. operates a fleet of offshore
Operates AHTS/FSV/OSV/PSV/Crew Vessels/Liftboats mainly for offshore energy
marine support vessels. The Company offers crew
but also increasingly for offshore wind. Has approximately $450m of net tangible
SEACOR transportation, platform supply, offshore
Marine assets and trades for a MC/NTA of ~10%. Is OCF positive but FCF negative after
SMHI Marine accommodation, maintenance support, standby safety, -44 1 86 452 400 -
Services maintenance spend. Has a tax refund coming. Will recover if demand for offshore
Holdings Inc and anchor handling and mooring services. SEACOR
services recovers. Potential growth of offshore wind business as an added driver.
Marine Holdings serves the offshore oil and gas
Has balance sheet strenght to potentially outlast the cycle. Insider buying in August
exploration and production industry.
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 with
Piraeus
TPEIR Commer wholesale, investment banking, agri-banking, treasury pre-provision NOI. Will they make more crappy loans in the future (probably) but
Financial -94 0 1,679 2,739 - 3,600
GA Banks Non-US and financial markets, asset management, leasing, and in a recovering economy, more loans should stay current. Meanwhile, the cost
Holdings SA
bank assurance. The Company serves customers in structure has declined materially over the past decade of restructuring. With loan
Greece. 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
Valaris Limited provides offshore contract drilling results were roughly inline, but remobilization expenses really take a bite out of
Oil&Gas services. The Company owns, operates, and manages rig near-term cash flow + recent contracts aren't at very good rates. Strategically,
VAL Valaris Ltd -14 2 2,513 - - -
Drilling fleets and provides drilling services. Valaris serves they're mobilizing rigs at roughly break-even and fronting the re-mobilization
customers worldwide. costs, with the hope of recouping them through 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 still did
Weatherford International Public Limited Company
$400m of EBITDA. Splitting the difference after some asset sales, you have about
Weatherford provides oil field services and equipment. The Company
Oil-Field $500-$600m of run-rate EBITDA even before future cost savings plans are initiated.
WFRD International offers drilling solutions, gas well unloading, restoration, -19 0 1,998 1,580 3,421 -
Services This seems cheap on a MC and EV basis. Debt is termed out and it should be FCF
PLC and other related activities. Weatherford International
positive going forward (was positive in Q2 though some of that was WC related).
serves customers worldwide.
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
Alico, Inc. manufactures citrus fruit. The Company is value. Theoretically, should have decent economics through the cycle. Recently
involved in various agribusiness activities and operations announced the acquisition of 3,300 additional contiguous orange grove acres
Agricultural including fruit production, cattle ranching, sugarcane, sod, that should add economies of scale. Suddenly engaged in quite a lot of road
ALCO Alico Inc - 275 125 405 -
Operations and forestry, as well as leases land for farming, cattle shows which is a change from what was always a sleepy company. Q2 results
grazing, recreation, and oil exploration. Alicoserves were inline. The company expects recently planted trees to lead to higher cash
customers worldwide. 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
The St. Joe Company is a real estate operating company.
COVID as Florida has increasingly become a refuge for wealthy Americans
Real Estate The Company is primarily engaged in real estate
JOE St Joe Co/The 10/30/2021 2,953 53 3,142 - fleeing higher state taxes and Covid regulations in other states. JOE is likely to
Oper/Develop development, asset management, and sales, with
remain a beneficiary of these demographic trends. While quarterly results are
significant interests in timber.
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 the
NAC Kazatomprom JSC produces and markets minerals.
lowest cost producers. It has remained steadfastly profitable despite terrible
The Company specializes in natural uranium production.
NAC pricing of uranium, even paying a healthy dividend. As uranium prices increase,
Non-Ferrous NAC Kazatomprom also imports and exports uranium
KAP LI Kazatomprom 9/4/2021 9,791 - - - so will profits at KAP LI. The main risk to the uranium bull market is that KAP
Metals compounds, nuclear power plant fuel, and uranium
JSC ramps production. We think this is unlikely. KAP/CCJ are the OPEC of uranium
components. NAC Kazatomprom serves customers
and they are focused on rationalizing production and uranium prices. Raised
worldwide.
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
Major Drilling Group International Inc. is a contract drilling flow to catch up on years of deferred exploration and mine delineation. MDI has
company. The Company has drilling operations in Canada, a clean balance sheet and low equipment utilization. Any uptick in spend should
Major Drilling
Mining United States, Mexico, South America, Australia, Europe, benefit them--particularly if per meter drill rates expand. This used to be a
MDI CN Group - 683 -3 697 7,595
Services Asia, and Africa. Major Drilling also conducts directional, crowded field, but key competitor Boart Longyear is once again on the ropes
Internati
environmental, and geotechnical drilling and, in addition, and many smaller players have disbanded or been merged into larger players,
manufactures drills and support equipment. which should 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
NZME Limited operates as an integrated media company. to 2019 levels while subscriber counts stay constant at current levels and cost
The Company has a portfolio of publishing, radio, digital, cuts during 2020 stay in place. This seems unusually cheap for a dominant media
Publishing-
NZM AU NZME Ltd newspapers, and e-commerce brands. NZME offers - 268 141 402 - company in an insulated market--particularly if it is growing. While newspaper
Newspapers
advertisers access to its multi-platform presence and and radio are hated industries, with almost no debt, the dividend payout ratio
serves customers throughout New Zealand. will be high. 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
Sprott Physical Uranium Trust was created to participate
underfeeding/MOX/govt stockpile sales/etc. This has now flipped to a deficit as
Sprott in the arrangement and to subsequently invest and hold
demand continues to accelerate, while large mines deplete or get put on care &
Physical Closed-end substantially all of its assets in uranium. The Trust seeks to
U-U CN 8/27/2021 1,552 - - - maintenance. It seems as though CCJ/KAP are now colluding to keep supplies
Uranium Funds provide a secure, convenient and exchange-traded
down, rather than in the past where KAP rapidly expanded production. While
Trust investment alternative for investors interested in holding
Macarthur River and ISL in KAZ can turn back on, there's a 2-3 year lag.
uranium.
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) (%)
Electronic Compo- INTC plans to carve out Mobileye via an IPO. Mobileye is a market leader in driver-assistance and
12/7/2021 Intel Corp INTC 205302 2022 -4 LINK -
Semicon autonomous driving solutions; INTC to retain majority stake
Solaris Resources Solaris will spin its LatAm assets into Solaris Exploration; spinco will not be listed intially but will apply
12/6/2021 SLS CN 1502 Metal-Copper - 9 LINK -
Inc in "due course" for a listing;
CFE will spin its DEME division allowing the marine engineering as well as the contracting and real
Cie d'Entreprises Building-Heavy
12/2/2021 CFEB BB 2648 H2 2022 4 LINK LINK estate activities to develop as two solid and separately listed companies; demerger in summer of
CFE Construct
2022
Ault Global Ault is renaming itself BitNile (NILE) and pivoting into Bitcoin mining while spinning off Ault Alliance
11/22/2021 DPW 215 Investment Companies 2022 -19 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 8014 Retail-Regnl Dept Store - -28 - -
after Jana Partners pushes for a shakeup
PRELIMINARY DISCUSSIONS: Vendata has formed a Board committee to evaluate a seperation into
11/17/2021 Vedanta Ltd VEDL IN 1295257 Diversified Minerals - 3 LINK -
3 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 699 Finance-Invest Bnkr/Brkr - -7 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)
11/12/2021 JNJ 436748 Medical-Drugs 2023 1 LINK LINK
Johnson with 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 107431 Diversified Manufact Op 2023 -12 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 2394 - -6 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 2374 Tobacco - 10 LINK LINK DOUG. RemainCo hold the company's cigarette assets/unit. 1 SpinCo per 2 VGR UPDATE 12/7: S1
filed for DOUG; 78m shares offered for 200m+
Toshiba will divide into 3 publicly traded units (Infrastructure, Devices; Semiconductors). Seperations
11/8/2021 Toshiba Corp 6502 JP 2032069 Diversified Manufact Op 2023 -6 LINK LINK
likely within 2 years UPDATE: 3D Investments objects to spin
MLX is spinning its nickel assets into Nico (NewCo). Prospectus expected in November. Spin/IPO in
11/4/2021 Metals X Ltd MLX AU 454 Metal-Diversified 2022 34 LINK -
2022. UPDATE 12/2: Received approval to spin NICO; AGM to vote on spin on 12/15
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 62 Applications Software - -31 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 1591 Oil Refining&Marketing - -8 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 6150 2022 -6 LINK - independent public company via a carve-out IPO, spin-off, or split-off. The company is targeting such
Health Corp Cntrs
a transaction in the first half of 2022.
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-
10/12/2021 Valvoline Inc VVV 6316 Chemicals-Specialty - 1 LINK - operated, 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.
www.KEDM.com
Parent PR to
Cap ($M) (%)
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 49811 Oil Comp-Integrated 2022 3 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 PIEL will demerge its financial services and pharma businesses (Piramal Pharma) into two listed
10/7/2021 PIEL IN 629046 Finance-Commercial - -8 LINK LINK
Enterprises Ltd entities.
LGL Group LGL is spinning its MTronPTI subsidiary, which engineers and manufactures customized spectrum and
10/1/2021 LGL 57 Electronic Compo-Misc - -16 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 2906 Q4 2021 8 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 composed of Hexion Holdings’ former epoxy-based Coatings and Composites products. Q4 spin;
9/29/2021 HXOH 1547 Chemicals-Specialty Q4 2021 28 LINK LINK
Corp SpinCo 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; will
ocntinues to evaluate "value creation for Adhesives including an IPO on NYSE"
RMI is distributing its stakes in its heath insurance group, Discovery, and insurance firm, Momentum
Rand Merchant
9/20/2021 RMI SJ 71321 Investment Companies Q2 2022 30 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
9/16/2021 THG PLC THG LN 2408 E-Commerce/Products 2022 -67 LINK -
Beauty, 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 14796 Diversified Minerals - 7 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 104375 Tobacco H2 2022 -10 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
Stride Property Real Estate will be held on 10/6/21 and raise $250m on the New Zealand Exchange. SPG shareholders will receive
9/12/2021 SPG NZ 1093 10/4/2021 -20 LINK -
Group Oper/Develop 1 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 2264 - -2 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
8/26/2021 ZEST 79 - -33 LINK LINK
Inc Serv Trend 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
8/26/2021 ContextVision AB 1470 Applications Software - -12 - -
NO Pathology unit; expected listing on Euronext; review complete in Q4 2021
8/25/2021 Paz Oil Co Ltd PZOL IT 3801 Oil Refining&Marketing - 19 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
Aarti Industries
8/19/2021 ARTO IN 355290 Chemicals-Diversified 2022 2 LINK - SpinCo share for every 4 shares of ARTO. Update 11/1: Timeline mentioned on the quarterly
Ltd
conference call of 9-12 months to complete demerger
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 6300 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
www.KEDM.com
Parent PR to
Cap ($M) (%)
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 69684 Transport-Marine - 38 LINK LINK
India Ltd UPDATE: Government approves demerger UPDATE 11/11: SCI incorporates spinco "Shipping
Corporation of India Land and Assets Ltd." UPDATE 12/3: Demerger scheme filed (link left)
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 +
8/3/2021 BHC 8897 Medical-Drugs Q4 2021 -6 LINK -
Cos Inc Lomb 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 62808 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
7/15/2021 GreenBox POS GBOX 208 Applications Software Q4 2021 -54 LINK LINK cannot 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) UPDATE 12/6: Corporate update call
scheduled for 12/9
State-owned (Republic of India - 61%) iron-ore company NMDC approved a demerger of its Steel unit.
7/14/2021 NMDC Ltd NMDC IN 430946 Diversified Minerals Q3 2022 -14 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
7/11/2021 CHN AU 3751 Gold Mining 12/15/2021 25 LINK LINK
Ltd 1 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
7/4/2021 TAH AU 11299 Gambling (Non-Hotel) June 2022 -1 LINK LINK
Ltd June 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 376 Toys H1 2022 -36 LINK LINK
Inc will then merge with Zash Global Media and Entertainment. 1 TYDE per 10 BBIG; Form 10 filed
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
United Co RUSAL
5/19/2021 RUAL RX 1091618 Metal-Aluminum 2022 29 LINK - to the split in its form. UPDATE 7/22: Split is postponed until full analysis of the aluminum export tax
International
can 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 163815 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 69617 Drug Delivery Systems Q2 2022 3 LINK LINK expected for H1 2022 UPDATE 10/26: Investor Day on 11/12; slide 22 discusses spin (presentation
and Co
link left) UPDATE 12/6: SpinCo named "embecta"; leadership team announced; Q2 spin
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 1969 Retail-Office Supplies H1 2022 -17 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
FLEX is carving out its solar farm tracking business, NEXTracker. NEXTracker filed a confidential S1
4/28/2021 Flex Ltd FLEX 8104 Electronic Compo-Misc - -5 LINK -
for 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
ABBN Power Conv/Supply list the spin in 2022 UPDATE 7/22: CEO reaffirms the IPO for Q2 2022; ABB to retain control aftrer
4/27/2021 ABB Ltd 69663 Q2 2022 12 LINK LINK
SW Equip the IPO UPDATE 10/21: IPO still on pace for early 2022; Prospectus in Q4 or Q1; UPDATE: Update at
the Capital Markets Day on 12/7; ABB will IPO its E-Mobility unit in Switerland in H1 2022
presentation (link left)
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 3062 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 8767 Steel-Producers H1 2022 7 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 UPDDATE 12/9: Directors approve the coal demerger
Steven Roth to create a tracking stock for its Penn Station development projects. Views VNO as
Vornado Realty "stupid cheap." The tracker will separate the high growth Penn assets from its traditional core real
4/13/2021 VNO 8139 REITS-Office Property - -4 LINK
Trust estate assets. UPDATE 8/3: On the CC Roth says they are in the middle of the process re:the
spin/tracker and "full speed ahead"
CommScope Telecommunication CommScope which provides connectivity solutions for communication networks, plans to spin its
4/8/2021 COMM 2294 Q2 2022 -31 LINK LINK
Holding Co Inc Equip home 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 3898 Electric-Integrated Q4 2022 -39 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 34967 - 15 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.
Flutter
Preliminary discussions: Flutter is mulling a spin or carve out of its US sports betting unit, FanDual.
3/13/2021 Entertainment FLTR LN 19477 Gambling 2022 -30 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
3/11/2021 MTN Group Ltd MTN SJ 298751 Cellular Telecom Q1 2022 89 LINK -
should be finalized by March 2022
www.KEDM.com
Parent PR to
Cap ($M) (%)
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
Industrial
3/4/2021 Colfax Corp CFX 7092 Q1 2022 -4 LINK LINK the 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 6495 Food-Wholesale/Distrib Q2 2022 17 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
2/24/2021 Exelon Corp EXC 51905 Electric-Integrated Q1 2022 37 LINK LINK largest 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 775 Diversified Minerals March 2022 175 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 UPDATE 12/6: Investor Update and Feasibility Study published (link left)
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
America Movil completed this year; still considering Mexico or US listings UPDATE 9/10: AMX will submit the spin
2/9/2021 AMX 61940 Cellular Telecom 2021 43 LINK -
SAB de CV plan to 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 26205 Medical Products H1 2022 -21 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 16830 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
Strides Pharma business. UPDATE 3/19: Stelis raised 195m in private funding to prep it as a stand alone entity.
2/4/2021 STR IN 41673 Medical-Generic Drugs 2021 -48 LINK LINK
Science Ltd UPDATE 11/10: Company mentioned they have not yet decided on a spin or IPO per the Q2
conference call on 11/10
2/3/2021 Repsol SA REP SM 15482 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 101 - -60 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
1/21/2021 Financial Services HALL 78 Property/Casualty Ins - 21 LINK - gross premiums written. UPDATE 4/13: HALL officially announced its intent to carve out its
In Specialty Commercial segment (Hallmark Specialty Group) via an IPO; trade date in Q3 2021
www.KEDM.com
Parent PR to
Cap ($M) (%)
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
of the listing; application currently still under review by HKSE UPDATE 8/22: BYD's IPO of its
12/30/2020 BYD Co Ltd 1211 HK 977291 Auto-Cars/Light Trucks - 49 LINK -
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
New Residential can be found in the "corp. presentation" cell. UPDATE: Acquired Caliber to be combined with
11/20/2020 NRZ 5254 REITS-Diversified - 29 LINK LINK
Investment Cor NewRez; spin 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
American yet 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 45509 Multi-line Insurance Q1 2022 80 LINK - progessing. UPDATE 10/26: Executives named for the SpinCo; continues to pursue the IPO versus a
Group I sale 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 8897 Medical-Drugs H1 2022 23 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
GlaxoSmithKline approves the split but wants management changes; details will be released on the 6/23 Investor Day.
2/1/2020 GSK 107680 Medical-Drugs July 2022 2 LINK LINK
PLC UPDATE 6/23: 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
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
CNH Industrial 4/17: Ends talks with FAW; spin being considered. UPDATE 5/5: Spin back on for early 2022 UPDATE
9/3/2019 CNHI 24147 Machinery-Farm 12/31/2021 80 LINK LINK
NV 6/11: 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 7995 Medical-Hospitals Mid-2022 281 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 (trading
Imperial
StealthGas Inc GASS 91 IMPP - 12/6/2021 .125:1 -64 -1 21 LINK LINK under IMPP). RemainCo will become a pure play LPG shipper with 45 vessels.
Petroleum
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; trading on 12/6
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 trade under OP.
Diana Shipping Inc DSX 369 OceanPal Inc OP 23 11/30/2021 .1:1 -50 -4 673 LINK LINK
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, self-
Orion Office
Realty Income Corp O 38,113 ONL 1070 11/15/2021 1:1 -11 -5 83 LINK LINK managed, publicly-traded REIT (SpinCo). Following the merger and the spin-
REIT Inc
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. 19% of SpinCo.
Alliance Data Loyalty Spin to occur in 2021; UPDATE 9/1: Form 10 filed UPDATE 9/29: New exhibit
ADS 3,656 LYLT 740 11/8/2021 .4:1 -39 -2 71 LINK LINK
Systems Corp Ventures Inc 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 75m to offset
2seventy bio
Bluebird Bio Inc BLUE 658 TSVT 723 11/5/2021 .33:1 -8 -29 56 LINK LINK the costs with spinning its onocology company; spin still planned for October
Inc
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
International Kyndryl completion. UPDATE: IBM announced senior roles for spinco; spin is
IBM 110,818 KD 4079 11/4/2021 .2:1 -31 4 76 LINK LINK
Business Machine Holdings Inc progressing as planned. UPDATE 4/12: IBM to 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 officially announces the
Dell Technologies
DELL 44,038 VMware Inc VMW 47409 11/2/2021 .44:1 -16 6 24 LINK LINK spin; Dell will spin 81% of VMW; Shareholders to receive .44 shares of VMW
Inc
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
Lucid On 2/22, PAVM announced the speration of its majority held subsidiary, Lucid
PAVmed Inc PAVM 291 Diagnostics LUCD 248 10/14/2021 - -43 -50 39 LINK LINK Diagnostics, via an IPO carve out. UPDATE 9/23: Registration statement filed
Inc for IPO; will trade under LUCD; UPDATE 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 to Ziff Davis,
Consensus
Inc (ticker ZD) post spin of Consensus. Will begin trading in September;
Ziff Davis Inc ZD 5,234 Cloud CCSI 1189 10/8/2021 .333:1 - -5 67 LINK LINK
Analyst Day on 9/9; prospectus filed (link left) UPDATE 9/8: JCOM SpinCo,
Solutions Inc
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 conference call, Rexnord
Regal
Zurn Water disclosed it will change its name to Zurn Water Solutions after the transaction
ZWS 4,483 Rexnord RRX 11058 10/5/2021 1:1 16 12 52 - LINK
Solutions Corp and trade under ZWS; shareholder vote scheduled for 9/1 UPDATE 8/18:
Corp
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 (Jean Ribieras); Spin still
International Paper Sylvamo
IP 17,880 SLVM 1351 10/1/2021 .09:1 -7 -12 103 LINK LINK planned for 2021 UPDATE 8/23: Spin off update and dates set; shareholders
Co Corp
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 completed by Q2 2021 UPDATE
PRU Jackson 5/13: Spin delayed until H2 2021 due to regulatory hold-ups and review of its
Prudential PLC 36,239 JXN 3575 9/20/2021 .05:1 47 0 146 LINK LINK
LN Financial Inc 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 Claw
Ardagh cans) via a SPAC merger (see Announced SPAC for more details). ARD will
#N/A
Ardagh Group SA ARD Metal AMBP - 8/5/2021 - -12 - 13 LINK LINK retain appx. 80% of NewCo and trade on NYSE under "AMBP" UPDATE:
N/A
Packaging SA 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 distribution; spin to complete by
Bath & Body Works Victoria's
BBWI 19,337 VSCO 4590 8/3/2021 .333:1 -11 14 206 LINK LINK August 2021 UPDATE 6/21: LB filed its Form 10 registration (see link in PR
Inc Secret & Co
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 2021. UPDATE 3/18:
GXO Logistics
XPO Logistics Inc XPO 9,123 GXO 10645 8/2/2021 1:1 47 -6 81 LINK LINK Confidential Form 10 filed with SEC; Names NewCo "GXO Logistics" UPDATE
Inc
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 primarily on
SolarWinds Corp SWI 2,269 N-able Inc NABL 2198 7/19/2021 .5:1 -23 -14 39 LINK LINK
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 announcing
DT they have commenced the Form 10 registration process. Reiterated their
DTE Energy Co DTE 22,326 Midstream DTM 4541 7/1/2021 .5:1 13 4 127 LINK LINK expected spin in mid-2021 and announced the executive leadership team of
Inc 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 economically
Brookfield
equivalent to the Class A shares of BAM. Each share of BAM Reinsurance will
Brookfield Asset Asset
BAM 89,969 BAMR 645 6/28/2021 .00689:1 -4 12 62 LINK - have the same dividend as a BAM share and shares of BAM Reinsurance will
Management In Management
be exchangeable into shares of Brookfield at the shareholder’s option.
Re
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 3/30: MRK announced
Organon & that post spin, SpinCo will acquire Alydia Health, a commercial-stage medical
Merck & Co Inc MRK 184,040 OGN 7269 6/3/2021 .1:1 -21 0 157 LINK LINK
Co 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 meeting in Q1 2021
IAC/InterActiveCorp IAC 11,778 Vimeo Inc VMEO 3073 5/25/2021 1.6235:1 -59 -17 158 LINK LINK 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 engagement,

Cognyte
Verint Systems Inc VRNT 3,210 CGNT 1321 2/2/2021 1:1 -29 -6 225 LINK LINK increase loyalty) from its cyber intelligence division, Cognyte (security
Software Ltd
intelligence). Spin completion date of 2/1.
Reverse Morris transaction. Merger of IFF (flavors and fragrances; NYSE: IFF)
International with DuPont's Nutrition & Biosciences unit. Shareholder approved merger
DuPont de
DD 40,744 Flavors & IFF 37541 2/1/2021 - 15 - - LINK LINK on 8/27. Spin to occur in Q1 2021. DD's BoD approved the seperation on
Nemours Inc
Fragra 12/18. DD expects the closing of IFF on 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
Qualtrics outstanding shares of common stock. The rights of the holders of Class A and
SAP SE SAP 163,219 International XM - 1/28/2021 - -26 4 304 LINK - Class B common stock are identical, except with respect to voting and
Inc conversion rights, certain 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. 20m shares
Fortitude
Gold Resource Corp GORO 134 FTCO - 12/24/2020 1:3.5 - -46 - LINK - of spinco to be distributed. BoD has approved the spin of Fortitude Gold
Gold Corp
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
BM will not be immediately tradeable following the completion of the
Customers Bancorp
CUBI 1,851 Technologies BMTX 130 12/17/2020 11:100 -20 214 267 LINK LINK distribution. The shares will be subject to a lock-up period that begins on the
Inc
Inc closing date of the Merger and ends on (i) the 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
Apartment Apartment sector: ownership with public market liquidity of a diversified portfolio of
Investment and AIV 1,207 Income REIT AIRC 8135 12/15/2020 1:1 42 57 147 LINK LINK apartment communities, with low financial leverage, limited execution risk,
Manag Corp best-in-class operations, and sector 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 will trade
Synaptogenix
Neurotrope Inc NTRP - SNPX - 12/3/2020 1:5 - - - LINK - under the ticker PTPI. Legacy assets of Neurotrope will spin into NewCo,
Inc
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 10,322 CNXC 8951 12/1/2020 1:1 63 42 111 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 renamed PROG
Aaron's Co
PROG Holdings Inc PRG 2,752 AAN 768 12/1/2020 1:2 34 -24 340 LINK LINK Holdings and trades under ticker PRG with the spin trading under ticker AAN.
Inc/The
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 anti-trust
Pfizer Inc PFE 292,318 Viatris Inc VTRS 15226 11/17/2020 .1241:1 -21 50 224 LINK LINK
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 company.
1847
1847 Holdings LLC EFSH 11 GOED 235 10/26/2020 .7105:1 -68 -15 1,067 LINK LINK 90% of sales come from ecomm. 1847 DISTRIBUTED 54% of GOED to
Goedeker Inc
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
(%)
Hochschild will demerge its development-stage, Chilean rare earths unit, Aclara Resources. HOC
Hochschild Aclara will list 80% on TSX; prospectus filed (link left) UPDATE 11/18: Aclara launches IPO book building
HOC LN 701 ARA CN - 12/13/2021 .1374:1 - LINK
Mining PLC Resources Inc for TSX 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
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
Daimler Truck
Daimler AG DAI GR 79221 DTG GR 23108 12/10/2021 .5:1 - prep and audit phase UPDATE 7/30: BoD approves spin; ratio .5:1; RemainCo to retain 35% on LINK
Holding AG
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 under DTG GR
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
Tobii Dynavox
Tobii AB TOBII SS 4044 TDVOX SS 3069 12/9/2021 1:1 -2 Stockholm. UPDATE 9/2: BoD elected for SpinCo UPDATE 10/4: Information Brochure released LINK
AB
(link left); EGM on 10/25; 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
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 12210889 402340 KS 8954897 11/29/2021 .39:1 -17 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 26 Hostmore Plc MORE LN 135 11/2/2021 3:1 -20 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 47002 Adquirencia e GETT3 BZ 1968 10/18/2021 - -62 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 3582 MI6 AU 112 10/11/2021 .0837:1 2 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 207428 XP Inc XP 16727 10/4/2021 ..023:1 -26 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
www.KEDM.com
Spinco
(%)
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 3126 Medmix AG MEDX SW 1924 9/30/2021 1:1 6 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 573 WIN AU 46 9/21/2021 .237:1 -26 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 12549 Music Group UMG NA 45742 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
Viszla is spinning its copper assets from its silver assets; one SpinCo share for every 3 RemainCo
Vizsla Silver Vizsla Copper
VZLA CN 410 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 19255 Technologies VTSC GR 1785 9/16/2021 .2:1 -25 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 1430 Kuniko Ltd KNI AU 72 8/24/2021 - 50 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 134 POLB LN 42 7/19/2021 - -21 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 1088 Energias GVOLT PL 773 7/14/2021 - 50 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 2650 VGM NO 660 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 49279 Group EDV AU 12214 6/24/2021 1:1 15 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
www.KEDM.com
Spinco
(%)
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 36399 TGA LN 532 6/7/2021 .1:1 251 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 361 TRLS LN 79 5/28/2021 .0615:1 -25 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 13622266 383800 KS 758993 5/27/2021 .44:1 -17 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 973430 2618 HK 173123 5/27/2021 - -31 currently owns appx. 80% of spinco and will retain >50% post spin. Company is raising appx. LINK
Inc
3.4B from the IPO
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 89101 Zalando SE ZAL GR 19708 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 411 JNO AU 18 5/7/2021 .0613:1 -48 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 3421 WIX LN 608 4/28/2021 1:1 -11 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 3886 Aseguradora LDA SM 1736 4/29/2021 1:1 1 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 27 LEL AU 58 5/19/2021 - 97 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 119 3/23/2021 1:10 -69 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 15275 3/18/2021 22 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 1099 Distribuidora ASAI 3425 3/8/2021 1:1 3 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 2925 TE FP 2124 2/16/2021 1:5 -7 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
B Riley Financial Finance-Invest provides investment banking corporate finance research, sales, and trading, as
RILY 2,146 4 235,089 3 63.19 14,854,173 NO 9
Inc Bnkr/Brkr well as advisory, valuation, and wealth management services. B. Riley Financial
serves high net worth individuals and public and private companies worldwide.
Weave Communications, Inc. provides software solutions. The Company offers
Weave
customer communications and engagement software platform for small and
WEAV Communications 852 Computer Software 4 405,771 338 23.93 9,711,051 YES 3
medium-sized businesses. Weave Communications operates in the United
Inc
States.
TerrAscend Corp. operates as an integrated cannabis company. The Company
offers prescription cannabinoids and medical cannabis solutions for patients
TER CN TerrAscend Corp 2,562 Medical-Drugs suffering from chronic pain and debilitating illnesses. TerrAscend focuses on 2 1,208,767 2 7.21 8,709,320 NO -
drug research and development, cannabis devices, delivery systems, and hemp
health products.
EverQuote, Inc. operates as an Internet based marketing firm. The Company,
through its platform, enables consumers to connect with auto insurance
EVER EverQuote Inc 452 E-Commerce/Services 4 531,473 25 14.75 7,840,187 NO 6
carriers and agents to meet their auto insurance needs. EverQuote serves
Krispy Kreme, Inc. operates as an American doughnut company. The Company
owns, operates, and franchises retail stores that sell doughnuts and
DNUT Krispy Kreme Inc 2,492 Food-Baking 4 464,778 - 15.22 7,074,640 YES 23
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 those funds
Texas Capital Commer Banks-Central
TCBI 2,956 in loans secured by single-family residential loans and commercial real estate, 9 102,155 21 60.53 6,183,950 YES 3
Bancshares Inc US
secured and unsecured commercial loans, and consumer loans. Texas Capital
Bancshares serves customers in the State of Texas.
Volcon, Inc. is an all-electric, off-road powersports vehicle company. The
Motorcycle/Motor
VLCN Volcon Inc 124 Company develops and builds electric two and four-wheel motorcycles and 2 508,381 48 9.88 5,024,241 NO 4
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 manages
BVH Vacations 688 Hotels&Motels 5 125,178 16 30.42 3,808,149 NO 2
resorts in popular leisure and urban destinations. Bluegreen Vacations serves
Holding Co
customers worldwide.
Biodesix, Inc. operates as a biotechnology company. The Company offers non-

Medical- small cell lung cancer pretreatment serum tests and laboratory testing. Biodesix
BDSX Biodesix Inc 144 4 473,298 3 7.16 3,389,230 YES 6
Biomedical/Gene provides diagnostic tools and equipment for blood and tissue analysis in the
United States.
Uni-Select Inc. specializes in the wholesale distribution of automotive
UNS CN Uni-Select Inc 1,118 Distribution/Wholesale replacement parts, equipment, tools, and accessories. The Company operates 4 170,350 28 19.32 3,290,833 NO 1
distribution centers throughout North America.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Wheels Up Experience Inc. provides private aviation services. The Company
Wheels Up offers services that allows members to book short-and-medium range private
UP 1,069 Airlines 3 484,000 1,193 6.64 3,214,990 YES 1
Experience Inc charter flights at an all-inclusive hourly rates. Wheels Up Experience serves
CommScope Holding Company, Inc. operates as a holding company. The
CommScope Telecommunication Company, through its subsidiaries, provides end-to-end solutions connecting
COMM 2,294 4 255,209 6 12.20 3,113,488 YES 4
Holding Co Inc Equip technology and wireless and wired networks. CommScope Holding serves
Nevro Corp. operates as a medical device company focused on providing
products for patients suffering from debilitating chronic pain. The Company
NVRO Nevro Corp 3,125 Medical Products 3 29,000 1 91.18 2,644,209 YES 6
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 Company
Nautilus
develops a proteomics platform to enable fundamental advancements across
NAUT Biotechnology 663 Diagnostic Equipment 5 474,470 1 5.19 2,462,788 NO 13
biomedical research and drug discovery. Nautilus Biotechnology focuses on
Inc
patients and healthcare professionals worldwide.
MoneyGram International, Inc. provides payment services to consumers and
MoneyGram Commercial Serv- businesses through a network of agents and its financial institution customers.
MGI 690 10 408,329 6 5.86 2,392,483 NO 8
International Inc Finance 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 7,442 Therapeutics 2 28,806 1 79.86 2,300,446 NO 7
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 developers
Entertainment
SKLZ Skillz Inc 3,721 build franchises by enabling social competition in their games, as well as hosts 4 186,455 5 12.09 2,254,801 YES 41
Software
casual esports tournaments for players. Skillz serves clients worldwide.
Knight Therapeutics Inc. is a specialty pharmaceutical company. The Company
Knight
GUD CN 641 Medical-Drugs acquires and licenses pharmaceutical products. Knight offers its products to the 5 422,500 52 5.28 2,231,299 YES 3
Therapeutics Inc
healthcare industry around the world.
Paper&Related
SLVM Sylvamo Corp 1,351 Sylvamo Corporation manufactures bulk paper, as well as raw pulp materials. 5 70,340 3,025 31.13 2,189,994 YES 3
Products
AG Mortgage Investment Trust, Inc. operates as a real estate investment trust.
AG Mortgage
The Company invests, acquires, and manages a portfolio of residential
MITT Investment 249 REITS-Mortgage 2 210,000 - 10.25 2,152,750 NO 2
mortgage and financial assets and other real estate related securities. AG
Trust I
Mortgage Investment Trust serves customers in the State of New York.
iHeartMedia, Inc. provides media entertainment services. The Company offers
IHRT iHeartMedia Inc 2,928 Radio radio broadcasting, entertainment data distribution, and media advertising 2 94,749 6 21.38 2,025,790 YES 5
services. iHeartMedia serves customers worldwide.
Hippo Holdings, Inc.operates as a holding company. The Company, through its
Hippo Holdings
HIPO 1,688 Property/Casualty Ins subsidiaries, offers home insurance services for electronics and home office 6 435,371 8,318,052 4.21 1,832,641 YES 1
Inc
equipment. Hippo Holdings serves customers in the United States.
F45 Training Holdings Inc. operates as a holding company. The Company,
F45 Training
FXLV 1,086 Recreational Centers through its subsidiaries, provides fitness services. F45 Training Holdings serves 1 170,500 105 10.46 1,783,870 NO 7
Holdings Inc
clients worldwide.
Kyndryl Holdings, Inc. operates as a holding company. The Company, through
Kyndryl Holdings its subsidiaries, provides applications, data, AI, cloud, core enterprise, digital
KD 4,079 Computer Services 3 102,300 2,715,623 17.07 1,745,856 NO 4
Inc workplace, security, and other related services. Kyndryl Holdings serves
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
eHealth, Inc. sells health insurance over the Internet. The Company serves
individuals, families, and small businesses. eHealth offers short-term, dental,
EHTH eHealth Inc 663 Insurance Brokers 4 59,056 13 27.82 1,642,940 YES 9
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 services,
NGL 262 Pipelines 4 930,000 13 1.70 1,581,252 NO 2
Partners LP NGL logistics and retail propane. NGL Energy Partners operates in the United
States.
Local Bounti Corporation operates as a controlled environment agriculture
Local Bounti
LOCL 506 Agricultural Operations company. The Company grows and distributes indoor fruits and vegetables. 7 231,442 9,513 6.76 1,564,494 YES 0
Corp
Local Bounti serves customers in the United States.
Better Therapeutics, Inc. operates as a biotech company. The Company offers
Better Medical-
BTTX 139 prescription digital therapeutics platform for treating cardiometabolic diseases. 2 41,525 367 36.00 1,494,900 YES 5
Better Therapeutics serves customers worldwide.
MultiPlan Corporation provides software solutions. The Company offers cost
Commercial Serv-
MPLN Multiplan Corp 2,655 management solutions with payment integrity, healthcare networks, and data 3 337,000 - 4.37 1,473,000 YES 8
Finance
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, tinplate and long steel
Cleveland-Cliffs
CLF 10,512 Steel-Producers products; as well as carbon and stainless steel tubing, hot and cold stamping 3 70,000 4 20.19 1,413,350 NO 10
Inc
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
Vintage Wine Beverages-
VWE 644 produces wines and other alcoholic products. Vintage Wine Estates serves 4 125,000 2 11.02 1,377,450 YES 20
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 416 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.
Optiva Inc. provides software solutions and services. The Company offers a
OPT CN Optiva Inc 169 Computer Software portfolio of subscriber management software that enables real-time billing, 6 64,128 975 19.82 1,271,100 NO 0
charging, and policy management. Optiva serves customers in Canada.
LifeMD, Inc. operates as a tele-healthcare company. The Company combines
Internet Content- virtual medical treatment with prescription medications and over the counter
LFMD LifeMD Inc 140 7 283,743 15 4.36 1,238,149 NO 6
Info/Ne products, as well as offers direct-to-consumer pharmacy and telemedicine
services. LifeMD serves clients worldwide.
Net 1 UEPS Technologies, Inc. holds a non-exclusive worldwide license to the
Net 1 UEPS Commercial Serv- Universal Electronic Payment System (UEPS). The Company commercializes the
UEPS 259 2 208,058 211 5.43 1,128,871 YES 1
Technologies Inc Finance smart card based service through alliances with banks, card services, and retail
organizations.
Payfare Inc. provides financial transaction processing services. The Company
Commercial Serv- offers mobile banking and micro-lending solutions for rideshare drivers, as well
PAY CN Payfare Inc 378 5 126,207 2 8.71 1,099,849 NO 1
Finance as master card that allows users to pay bill, shop online, transfer money, and
withdraw cash from ATM. Payfare serves customers in Canada.
MarketWise, Inc. is a multi-brand subscription services platform. The Company
Commercial Serv- offers platform of subscription businesses that provides premium financial
MKTW MarketWise Inc 1,977 8 144,084 2,292 7.63 1,098,899 YES 8
Finance research, software, education and tools. MarketWise serves customers in the
United States.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Orion Orion Engineered Carbons S.A. is a global supplier of Carbon Black. The
OEC Engineered 1,103 Chemicals-Diversified company offers products for coatings, printing inks, polymers, rubber and other 2 62,500 14 17.41 1,087,875 NO 1
Carbons SA applications.
Adtalem Global Education Inc. owns and manages higher education institution.
Adtalem Global The Institution offers undergraduate and graduate programs in healthcare, law,
ATGE 1,512 Schools 3 31,600 37 33.83 1,069,138 YES 4
Education Inc business management, engineering and technology, sciences, liberal and media
arts, and nursing. Adtalem Global Education serves students worldwide.
Sunlight Financial Holdings Inc. operates as a holding company. The Company,
Sunlight
Finance-Consumer through its subsidiaries, provides homeowners with financing for the
SUNL Financial 351 3 200,000 - 5.22 1,044,725 YES 3
Loans installation of residential solar systems and other home improvements. Sunlight
Holdings In
Financial Holdings serves customers in the United States.
AdaptHealth Corp. provides home medical equipment. The Company sells and
AdaptHealth Medical-Whsle Drug leases mobility and oxygen equipment, wheelchairs, walkers, sleep therapy
AHCO 2,899 2 51,300 11 19.43 996,701 NO 10
Corp Dist supplies, and hospital beds. AdaptHealth serves the hospitals, sleep labs, skilled
nursing facilities, and clinics.
BGSF, Inc. provides workforce solutions. The Company recruits commercial and
BGSF BGSF Inc 150 Human Resources professional staff in information technology, accounting and finance, light 4 74,198 18 13.41 995,238 NO 1
industrial, and real estate fields. BGSF serves clients in the United States.
PB Bankshares, Inc. operates as a holding company. The Company through its
PB Bankshares subsidiaries, provides checking and savings account, loans, mobile banking,
PBBK 38 Commer Banks Non-US 4 74,269 128 13.24 983,291 NO 0
Inc cash management, and other banking services. PB Bankshares serves customers
in the State of Pennsylvania.
Revance Therapeutics, Inc. produces biopharmaceutical products. The
Revance Company develops drug delivery and treatments for dermatology and aesthetic
RVNC 1,139 Drug Delivery Systems 1 70,000 - 13.56 948,900 NO 9
Therapeutics Inc medicine. Revance Therapeutics serves patients and doctors throughout the
United States.
FinWise Bancorp. operates as a bank holding company. The Company, through
its subsidiaries, offers saving accounts, account checking, consumer and
FINW Finwise Bancorp 170 Commer Banks Non-US 12 88,500 3 10.50 929,250 NO 0
business loans, credit and debit cards, online and mobile banking, bill payment,
and other financial services. FinWise serves customers in the United States.
Talos Energy Inc. operates as an oil and gas company. The Company engages in
Oil Comp-
TALO Talos Energy Inc 843 exploration, development, and production of oil and natural gas properties. 4 93,000 14 9.73 904,590 NO 4
Explor&Prodtn
Talos Energy serves customers worldwide.
180 Degree Capital Corp. operates as an investment management company.
180 Degree The Company focuses on investing in and providing value-added assistance
TURN 75 Closed-end Funds 4 120,280 17 7.41 891,182 YES 0
Capital Corp through constructive activism. 180 Degree Capital serves customers in the
United States.
LMP Automotive Holdings, Inc. retails automobiles. The Company offers new
LMP Automotive and used cars, spare parts, and accessories, as well as provides maintenance,
LMPX 94 Retail-Automobile 3 61,581 2 14.46 890,233 YES 10
Holdings Inc 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 discovery through
Akoya Medical-
AKYA 471 clinical and translational research, enabling the development of more precise 3 68,573 3 12.87 882,198 YES 2
Biosciences Inc Biomedical/Gene
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 personal
Bankwell
Commer Banks- and business banking services, as well as offers online banking, loans, and
BWFG Financial Group 252 8 28,172 1 30.67 864,173 NO 1
Eastern US commercial mortgages. Bankwell Financial Group serves clients in the United
Inc
States.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
United United Insurance Holdings Corporation operates as a holding company. The
UIHC Insurance 192 Property/Casualty Ins Company, through its subsidiaries, writes and services property and casualty 7 246,742 1 3.45 850,625 NO 1
Holdings Corp insurance. United Insurance Holdings serves customers 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 utilizes a
UAN CVR Partners LP 811 Agricultural Chemicals petroleum coke, or pet coke, gasification process to produce nitrogen fertilizer. 2 12,200 48 69.42 846,946 NO 0
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 financial
Five Star Commer Banks-
FSBC 544 services, online banking, mortgage, and non-mortgage loan facilities, as well as 3 33,000 1 25.53 842,507 NO 0
Bancorp Western US
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 to
Schweitzer-
Paper&Related the tobacco industry. The Company also produces specialty paper products for
SWM Mauduit 938 4 24,022 7 34.48 828,218 YES 1
Products use in other applications such as alkaline batteries, vacuum cleaner bags,
Internation
business forms, and printing and packaging applications.
ViewRay Inc. develops radiation therapy technology for the treatment of
VRAY ViewRay Inc 997 X-Ray Equipment cancer. The Company offers radiation therapy systems that images and treats 2 147,142 - 5.52 812,795 NO 5
cancer patients simultaneously. ViewRay serves customers worldwide.
Xeris Biopharma Holdings, Inc. operates as a holding company. The Company,
Xeris Biopharma Medical- through its subsidiaries, offers novel formulation technology platforms to
XERS 273 3 345,000 116 2.09 721,200 NO 3
Holdings Inc Biomedical/Gene develop and commercialize ready-to-use, liquid-stable injectables. Xeris
Biopharma Holdings serves customers worldwide.
SmartRent Inc operates as an enterprise smart home automation company. The
Bldg&Construct Prod- Company develops software and hardware that empowers property owners,
SMRT SmartRent Inc 2,154 3 60,664 - 10.81 655,843 NO 2
Misc managers, and homebuilders to manage, protect, and automate daily
operational processes. SmartRent serves customers worldwide.
Playmaker Capital Inc. operates as a sports media company. The Company
PMKR Playmaker focuses on building highly engaged communities of sports fans in order to
160 Advertising Services 7 864,300 3 0.75 649,271 YES 0
CN Capital Inc deliver outsized value to sports betting companies, leagues, teams, and
advertisers. Playmaker Capital serves customers worldwide.
Proto Labs, Inc. is low volume manufacturer of custom parts for prototyping and
short-run production. The Company utilizes computer numerical control,
Metal machining and injection molding to manufacture custom parts for their
PRLB Proto Labs Inc 1,404 2 13,138 8 48.89 642,316 NO 9
Processors&Fabrica customers. Proto Labs targets their services to product developers who use
three-dimensional computer-aided design to develop products across a diverse
range of end-markets.
Greenland Resources Inc. provides exploration and mining services. The
MOLY Greenland
51 Diversified Minerals Company explores and develops molybdenum mineral deposit near tidewater 4 1,414,600 6 0.45 630,150 NO -
CN Resources Inc
in east-central Greenland. Greenland Resources serves customers worldwide.
Axis Auto Finance Inc operates as a non-standard finance company. The
Axis Auto
AXIS CN 68 Finance-Auto Loans Company offers financing options for clients who do not qualify for traditional 8 1,386,809 9 0.45 629,638 NO 0
Finance Inc
financing. Axis Auto Finance serves in Canada.
Rekor Systems, Inc. provides license plate recognition and security solutions.
Rekor Systems The Company offers solutions for surveillance, electronic toll collection, parking
REKR 288 Computers-Other 3 87,000 - 7.10 617,930 YES 16
Inc operations, and traffic management. Rekor Systems serves customers in the
United States.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Stryve Foods, Inc. operates as a packaged food company. The Company
SNAX Stryve Foods Inc 75 Food-Confectionery manufactures protein snacks. Stryve Foods serves customers in the United 7 120,230 28 4.90 588,719 YES 2
States.
Loyalty Ventures Loyalty Ventures Inc. tech-enabled, data-driven consumer loyalty solutions. The
LYLT 740 Applications Software 2 16,205 409 35.48 574,917 YES 2
Inc Company serves customers in the United States.
BioCryst Pharmaceuticals, Inc. operates as a biotech company. The Company
BioCryst discovers novel, oral, small-molecule medicines that treat rare diseases in which
Medical-
BCRX Pharmaceuticals 2,120 significant unmet medical needs exist and an enzyme plays a key role in the 2 42,758 3 12.43 531,445 YES 14
Biomedical/Gene
Inc biological pathway of the disease. BioCryst Pharmaceuticals serves clients
worldwide.
Blackboxstocks Blackboxstocks Inc provides investment services. The Company operates in the
BLBX 33 Investment Companies 2 113,000 4 4.70 530,640 YES 1
Inc United States.
CION Investment Corporation operates as a business development company.
CION
CION 838 Investment Companies The Company invests in secured loans, corporate bonds, debt securities, and 4 36,794 478 13.56 498,795 NO 0
Investment Corp
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 147 broad range of institutional clients. The Company also offers trust and custodial 3 28,522 3 17.36 495,155 NO 0
Serv
Inc services to institutions and high-net-worth individuals.
Cutera, Inc. develops and manufactures aesthetic laser systems. The Company
markets products for removal of unwanted hair and treatment of vascular
CUTR Cutera Inc 691 Medical Laser Systems 5 12,008 4 41.11 493,708 YES 9
lesions. Cutera markets the systems to dermatologists, plastic surgeons, and
other practitioners worldwide.
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. Amarillo 3 1,977,000 7 0.24 484,050 NO 0
Corp
Gold serves worldwide.
Martinrea International Inc. manufactures metal parts, assemblies, and systems
Martinrea Metal
MRE CN 878 focused on the automotive/industrial sectors. The Company also manufactures 6 42,682 3 11.03 470,791 YES 2
International Inc Processors&Fabrica
automotive fluid management systems, tubing, tooling, and other products.
Centessa Pharmaceuticals PLC is a pharmaceutical company. The Company
Centessa focuses on the research and development productivity by scaling the asset-
CNTA Pharmaceuticals 1,125 Medical-Drugs centric model with a deconstructed R&D environment that prioritizes data 3 38,000 2 12.23 464,642 NO -
PLC driven decision making. Centessa Pharmaceuticals operates in the United
Kingdom.
Verve Therapeutics, Inc. operates as a biotechnology company. The Company
Verve Medical- discovers and develops therapies that safely edit adult human genome to
VERV 1,596 5 17,200 2 25.42 437,198 NO 30
Therapeutics Inc Biomedical/Gene permanently reduce a person's risk of coronary artery disease. Verve
Therapeutics serves customers worldwide.
Trean Insurance Group, Inc. operates as an insurance broker. The Company

provides specialty casualty insurance products, as well as a variety of services
Trean Insurance
TIG 427 Insurance Brokers including issuing carrier services, claims administration, and reinsurance 5 47,900 - 8.44 404,069 YES 1
Group Inc
brokerage services. Trean Insurance Group serves customers in the State of
Minnesota.
Myers Industries, Inc. manufactures plastic and rubber products for industrial,
agricultural, automotive, commercial, and consumer markets. The Company's
Myers Industries Rubber/Plastic
MYE 727 products include plastic containers, rubber tire repair products, and custom 3 18,100 5 21.53 389,746 YES 1
Inc Products
rubber materials. Myers is also a wholesale distributor of tools, equipment, and
supplies for the tire service and automotive underbody repair industry.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Williams Industrial Services Group Inc. operates as a construction company. The
Williams Company focuses on the construction of power, chemical, refining, pulp and
Building-Heavy
WLMS Industrial 86 paper, and other heavy industrial plants, as well as offers plant management 3 108,200 5 3.58 387,089 YES 0
Construct
Services G and maintenance services. Williams Industrial Services Group serves power
generation, petrochemical, and infrastructure sectors in the United States.
StoneX Group Inc. is an institutional-grade financial services network that
StoneX Group Finance-Invest connects companies, organizations, and investors to the global markets
SNEX 1,226 2 6,214 2 61.40 381,542 NO 1
Inc Bnkr/Brkr ecosystem through digital platforms, end-to-end clearing, and execution
services. StoneX Group operates worldwide.
Better Choice Company Inc. operates as an international animal health and
wellness company. The Company sources and provides premium foods, treats
Better Choice Co Medical-Whsle Drug
BTTR 97 and supplements for dogs and cats, as well as other services and products that 7 108,461 2 3.48 377,738 YES 2
Inc Dist
support pet wellness. Better Choice offers kibble and canned food derived from
real whole meat and minimally processed proteins .
Farmers Edge Inc. provides digital agriculture services. They combine connected
field sensors, AI, big data analytics and agronomy. The Company helps farmers
Farmers Edge
FDGE CN 142 Applications Software grow more with less through smart farming practices. Their solutions bring 3 84,771 4 4.28 362,755 YES 3
Inc
together sustainability, productivity, and profitability. The result is verifiable,
low-carbon grain and high-quality carbon offsets.
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
HGBL 56 market making, acquisitions, dispositions, valuations, and secured lending 4 196,945 9 1.79 353,462 YES 0
Inc Serv
services. Heritage Global focuses on turnkey manufacturing facilities, surplus
industrial machinery and equipment, inventories, and charged-off portfolios.
Axsome Therapeutics, Inc. operates as a biopharmaceutical company. The
Axsome Medical-
AXSM 1,285 Company focuses on developing therapies for pain, neurological disorders, and 4 9,635 1 35.82 345,107 YES 12
other central nervous system. Axsome Therapeutics serves patients worldwide.
Venus Concept Inc. designs and develops medical aesthetic equipment. The
Venus Concept
VERO 73 Medical Products Company provides hair transplantation systems for follicular unit extraction and 4 185,181 18 1.86 344,611 YES 2
Inc
harvesting. Venus Concept serves physicians and patients worldwide.
Nicholas Financial, Inc. acquires and services installment sales contracts for
purchases of new and used automobiles and light trucks. The Company also
Nicholas makes direct consumer loans and sells consumer-finance related products.
NICK 89 Finance-Auto Loans 3 28,748 30 11.85 340,718 YES 0
Financial Inc Nicholas also designs, develops, markets, and supports industry specific
computer application software for small businesses in the Southeast United
States.
Atlas Technical Consultants, Inc. provides technical testing, inspection
Atlas Technical Engineering/R&D engineering, and consulting services. The Company offers technical services for
ATCX 309 5 34,378 3 9.74 334,962 YES 1
Consultants In Services transportation, commercial, water, government, education, and industrial
markets. Atlas Technical Consultants serves customers in the United States.
Converge Technology Solutions Corp. provides information technology services.
Converge
The Company offers multi-cloud, identity management, resiliency, security, and
CTS CN Technology 2,464 Computer Services 5 30,507 - 10.91 332,977 NO 1
data center solutions to address business and IT issues. Converge Technology
Solutions
Solutions serves clients in Canada and the United States.
Gear Energy Ltd. provides oil exploration and production services. The Company
Oil Comp-
GXE CN Gear Energy Ltd 241 focuses on heavy oil production areas in eastern central Alberta and west 4 386,917 4 0.86 331,142 NO 0
Explor&Prodtn
central Saskatchewan.
HOT-U American Hotel American Hotel Income Properties REIT LP was formed to indirectly own and
298 REITS-Hotels 4 81,700 2 4.05 330,598 YES 0
CN Income Properti acquire hotel properties in the United States.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
WeWork Inc. provides co-working spaces for individuals and entrepreneurs. The
Real Estate Company offers private offices, office suites, headquarters, and custom build
WE WeWork Inc 6,047 2 37,600 486 8.50 319,776 YES 5
Oper/Develop out options to fit a variety of office needs, as well as desk spaces and conference
rooms. WeWork serves customers worldwide.
Utz Brands, Inc. provides packaged food products. The Company produces a full
line of potato chips, pretzels, cheese snacks, veggie snacks, pork skins, pub and
UTZ Utz Brands Inc 2,148 Food-Confectionery 3 18,478 - 17.00 314,185 YES 8
party mixes, tortilla chips, and other snacks. Utz Brands serves customers in the
United States.
9 Meters Biopharma, Inc. operates as a biotechnological company. The
9 Meters Medical-
NMTR 238 Company focuses on development of drugs and treatments for rare disorders 4 276,529 8 1.12 310,769 YES 3
Biopharma Inc Biomedical/Gene
and unmet needs. 9 Meters Biopharma serves customers worldwide.
Athenex, Inc. operates as a biopharmaceutical company. The Company offers
ATNX Athenex Inc 175 Medical-Drugs discovery, development, and commercialization of novel therapies for the 4 119,952 2 2.58 309,233 YES 5
treatment of cancer. Athenex serves patients globally.
Alimera Sciences Inc. operates as a biopharmaceutical company. The Company
Alimera Sciences researches, develops, and commercializes prescription ophthalmic
ALIM 33 Medical-Drugs 4 69,491 45 4.45 309,152 NO 1
Inc pharmaceuticals. Alimera Sciences is focused on diseases affecting the back of
the eye and retina.
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 363 6 19,630 2 15.72 308,549 YES 1
Corp Southern US cards, online and mobile banking, bill payment, and other financial services.
Primis Financial serves customers in the United States.
Augmedix, Inc. provides health care applications. The Company develops
AUGX Augmedix Inc 139 Commercial Services document and information management platforms. Augmedix markets to 4 82,865 27 3.66 303,675 NO 0
health care organizations throughout the United States.
Liberated Syndication Inc. specializes in podcast hosting, distribution, and
Liberated
LSYN 126 Computer Software monetization. The Company offers hosting and distribution tools which include 3 100,000 7 3.00 300,000 NO 0
Syndication Inc
storage, bandwidth, RSS creation, distribution, and statistics tracking.
AmeriServ Financial, Inc. operates as a bank. The Bank offers mortgage, home
equity, automobile, education, commercial, construction, and term loans, as
AmeriServ Commer Banks-
ASRV 66 well as provides letter of credit, securities brokerage, investment management, 5 75,464 5 3.80 286,677 NO 0
Financial Inc Eastern US
and municipal bond services. AmeriServ Financia serves customers in the
United States.
Ambac Financial Group, Inc., a holding company provides financial guarantee,
insurance, and financial management services. The Company, through its
Ambac Financial
AMBC 710 Property/Casualty Ins subsidiaries, insures municipal and structured finance obligations. Ambac 2 18,300 2 15.56 284,805 YES 7
Group Inc
provides investment agreements, interest rate swaps, investment management
advisory, and cash management services to states and municipalities.
Crexendo, Inc. offers Internet services to businesses. The Company offers
CXDO Crexendo Inc 111 E-Commerce/Services search engine optimization; web design, development and promotion; and 3 55,000 0 5.18 284,768 YES 1
offers web marketing education and training services.
Nevada Copper Corporation is a mineral exploration and production company
Nevada Copper that acquires and develops copper deposits located in the United States. The
NCU CN 254 Metal-Copper 4 450,000 35 0.62 277,500 YES 4
Corp Company owns the Pumpkin Hollow Copper Development Property in the
Walker Lane mineralized belt of Western Nevada.
Skylight Health Group Inc. is a healthcare services and technology company.
Skylight Health Skylight operates a network of physical multi-disciplinary medical clinics, as well
SLHG CN 76 Medical-Drugs 6 102,855 11 2.39 245,715 YES 0
Group Inc as virtual telehealth services. Skylight Health Group serves clients in Canada and
the United States.
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
LCI Lannett Co Inc 84 Medical-Drugs distributes competitive pharmaceutical products manufactured by other 4 101,000 14 2.40 242,140 YES 17
companies. The principal products include antifungals, antacids, dermatological
preparations, and analgesic sedatives.
Yangarra Oil Comp- Yangarra Resources Ltd. acquires, explores, and develops oil and gas properties
YGR CN 127 9 152,811 4 1.57 239,843 YES 6
Resources Ltd Explor&Prodtn in Canada.
Orthofix Medical Inc. develops, produces, and markets medical devices. The
Orthofix Medical
OFIX 591 Medical Products Company offers spine fixation, biological, and other orthopedic and spine 5 7,730 5 30.65 236,962 YES 1
Inc
solutions. Orthofix Medical serves the healthcare sector worldwide
Assure Holdings, Corp. develops technologies to monitor nervous system. The
Assure Holdings Company offers a technology to identify changes in brain, spinal cord, and
IONM 67 Medical Products 3 38,000 6 6.19 235,220 YES 0
Corp peripheral nerve function in order to prevent complications that could result in
irreversible nerve damage.
Liberty Latin America Ltd. operates as a telecommunication company. The
Company offers video, broadband Internet, telephony, and mobile services.
Liberty Latin
LILA 2,604 Cable/Satellite TV Liberty Latin America also delivers entertainment services. Liberty Latin 2 20,000 1 11.73 234,600 YES 1
America Ltd
America serves customers in Chile, Puerto Rico, the Caribbean, and Latin
America.
Calibre Mining Calibre Mining Corp. is an exploration company. The Company explores and
CXB CN 442 Diversified Minerals 4 154,300 1 1.45 224,068 YES 5
Corp develops properties for precious and base metals in Nicaragua.
Nerdy, Inc. provides educational services. The Company offers a platform for
Internet Content-
NRDY Nerdy Inc 938 learning via one-on-one or group settings. Nerdy serves students in the United 2 35,000 - 6.06 212,250 YES 8
Info/Ne
States.
Cidara Therapeutics, Inc. operates as a clinical-stage biotechnology company.
Cidara The Company develops anti-infectives for the treatment and prevention of
CDTX 109 Medical-Drugs 3 127,000 57 1.67 211,840 YES 1
Therapeutics Inc 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 deposit
Commer Banks-
BCBP BCB Bancorp Inc 255 and loans, as well as provides services such as courier, phone banking, debit 6 14,217 2 14.47 205,652 NO 0
Eastern US
card, and digital banking. BCB Bancorp serves customers in the United States.
CubicFarm Systems Corp. operates as an agriculture technology and vertical
CubicFarm farming company. The Company develops and employs a modular growing
CUB CN 219 Machinery-Farm 6 155,673 1 1.27 198,481 YES 0
Systems Corp system with patented technology to provide predictable crop yields for farms.
CubicFarm Systems serves customers worldwide.
Cyclo Therapeutics, Inc. operates as a biotechnology company. The Company
Cyclo Medical-
CYTH 38 develops treatment of disease with unmet medical need. Cyclo Therapeutics 3 37,652 9 5.26 198,183 YES 1
serves patients in the United States.
Western Asset Mortgage Capital Corp. invests in, finances, and manages
Western Asset
primarily residential mortgage-backed securities. The Company also invests
WMC Mortgage 142 REITS-Mortgage 4 90,741 37 2.18 197,365 NO 2
commercial mortgage-backed and residential mortgage-backed securities
Capital
guaranteed by the United States Government.
MYMD Pharmaceuticals Inc. operates as a clinical-stage pharmaceutical
MyMD company. The Company focuses on the development of drug products that
MYMD Pharmaceuticals 258 Diagnostic Kits represent a transformation in the targeting of aging and age-related diseases, 2 30,000 7 6.46 193,780 NO 2
Inc chronic pain, anxiety, and sleep disorders. MYMD Pharmaceuticals serves
Gamesquare Esports Inc. operates as an e-sports agency supported by
Gamesquare Entertainment
GSQ CN 59 complementary media and technology to support a cast of influencers, players, 3 632,100 14 0.29 186,192 YES -
Esports Inc Software
and on-screen talent in the gaming sector.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Outlook Therapeutics, Inc. operates as a clinical-stage biopharmaceutical
company. The Company engages in identifying, developing, manufacturing, and
Outlook
OTLK 334 Therapeutics commercializing complex biosimilar therapeutics. Outlook Therapeutics focuses 5 133,401 6 1.38 183,995 NO 3
Therapeutics Inc
on monoclonal antibodies in the disease areas of immunology and oncology
aspects. Outlook Therapeutics offers its services in the United States.
Eyenovia, Inc. operates as a biopharmaceutical company. The Company
provides therapeutics for the treatment of eye diseases. Eyenovia discovers and
EYEN Eyenovia Inc 107 Medical-Drugs 4 42,700 4 4.23 180,608 YES 2
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, through
Ecoark Holdings Invest Mgmnt/Advis
ZEST 79 its subsidiaries, delivers long-term shareholder value. Ecoark Holdings serves 3 63,112 - 2.85 179,580 NO 0
Inc Serv
NextGen Healthcare, Inc. develops and markets healthcare information
systems. The Company's systems automate medical group practices, physical
NextGen Medical Information
NXGN 1,116 hospitals, management service organizations, community health centers, and 2 11,500 12 15.55 178,880 NO 2
Healthcare Inc Sys
dental schools. NextGen Healthcare offers its services throughout the United
States.
Wallbridge Mining Company Limited acquires and explores mineral properties.
Wallbridge
WM CN 311 Gold Mining The Company specialize advanced base metals and exploration properties. 5 410,450 4 0.43 177,123 YES 1
Mining Co Ltd
Wallbridge Mining Company serves customers in Canada.
Asure Software, Inc. develops and markets workforce management computer
software. The Company offers human capital management (HCM) such as
Asure Software Enterprise
ASUR 170 payroll and tax, HR, time, attendance, benefits enrollment tracking, pay stubs, 2 20,000 2 8.75 175,000 YES 2
Inc Software/Serv
expense management, and training software solutions. Asure Software serves
small and mid-sized businesses in the United States.
Enterprise Inseego Corp. operates as a technology company. The Company provides 5G

INSG Inseego Corp 678 3 25,000 10 6.74 168,550 YES 13
Software/Serv and intelligent device-to-cloud solutions. Inseego serves customers worldwide.
Community Bancorp of Vermont operates as a bank. The Bank provides a range

of financial services, including offers checking and savings accounts, card
Community Commer Banks-
CMTV 105 facilities, overdraft protection, safe deposit boxes, personal and business loans, 8 8,001 2 19.50 156,041 YES 0
Bancorp/VT Eastern US
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 103 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.
Horizon Global Corporation designs, manufactures, and distributes a wide
Horizon Global Bldg-Mobil Home/Mfd variety of towing, trailering, cargo management, and other related accessories.
HZN 217 3 21,807 1 6.98 152,196 NO 0
Corp Hous The Company serves the automotive aftermarket, retail and original
equipment, and channels worldwide.
OpGen, Inc. operates as a microbial genetics analysis company. The Company
offers a platform for automated and microbial whole genome analysis that
Medical-
OPGN OpGen Inc 53 brings comparative genomics, whole genome sequence assembly, and strain 3 70,000 207 2.16 151,269 YES 1
Biomedical/Gene
characterization into the laboratory. OpGen serves customers throughout the
United States.
Blackline Safety Corp. provides safety monitoring technology products. The
Blackline Safety
BLN CN 372 Wireless Equipment Company develops and markets wireless worker safety monitoring products. 3 22,000 1 6.75 148,540 YES 0
Corp
Blackline Safety serves customers worldwide.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Movano Inc. operates as a health-focused technology company. The Company
develops wearable personalized devices that uses radio frequency ("RF")
MOVE Movano Inc 108 Retail-Jewelry technology to measure and continuously monitor vital health data and provide 3 34,200 3 3.92 133,992 YES 0
actionable feedback to jumpstart changes in behaviors. Movano serves
BioRestorative Therapies, Inc. develops medical procedures using adult stem
cells (non-embryonic) allowing patients to undergo minimally invasive cellular-
Biorestorative Medical-
BRTX 18 based treatments. The Company is developing technology that involves the use 2 20,021 7 6.56 131,386 YES 0
Therapies Inc Biomedical/Gene
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 307 discovery and development of therapies for the treatment of attention deficit 4 14,215 4 9.12 129,592 YES 9
Biomedical/Gene
hyperactivity disorder (ADHD), pain, and cardiovascular diseases.
Vyant Bio, Inc. is a biotechnology drug discovery company. The Company
Medical- develops and commercializes proprietary genomic tests and services to
VYNT Vyant Bio Inc 53 6 52,906 3 2.43 128,483 YES 0
Biomedical/Gene empower cancer treatment, as well as offers preclinical oncology and immuno-
oncology services. Vyant Bio serves customers worldwide.
Adcore Inc. provides advertising technological solutions. The Company offers
ADCO CN Adcore Inc 40 Advertising Services designing, freelancing, marketing sevices for food, education, travel, and 3 131,324 1 0.92 121,025 YES 0
financial sectors. Adcore serves customers in Canada.
Genasys Incorporated develops critical communications solutions. The
Company offers long range acoustic devices and platform that provides multi-
GNSS Genasys Inc 147 Computers-Other 3 27,000 7 4.30 116,175 YES 1
modal, geo-targeted cellphone alerts, and audible messages with industry-
leading vocal clarity. Genasys serves customers worldwide.
New Peoples Commer Banks- New Peoples Bankshares Inc. is a commercial bank. The Bank attracts deposits
NWPP 52 6 52,349 1 2.16 113,163 YES 0
Bankshares Inc Southern US from the general public and uses those funds to originate a variety of loans.
Airspan Networks Holdings Inc. operates as a holding company. The Company,

Airspan through its subsidiaries, offers software and hardware provducts for 5G
MIMO Networks 386 Networking Products networks, and a pioneer in end-to-end open RAN solutions that provides 2 22,250 54 4.91 109,145 NO 1
Holdings Inc interoperability with other vendors. Airspan Networks Holdings serves
Crescent Capital BDC, Inc. operates as a business development company. The
Crescent Capital
CCAP 573 Investment Companies Company focuses on originating and investing in debt of private middle-market 4 5,625 2 18.33 103,128 NO 0
BDC Inc
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 encoding,
BCOV Brightcove Inc 399 Applications Software 1 10,000 24 10.24 102,370 YES 2
content management, players and styling, delivery, and live streaming.
Brightcove serves customers worldwide.
Precigen, Inc. operates as a biopharmaceutical company. The Company
Medical-
PGEN Precigen Inc 808 develops gene and cell therapies to target the diseases in immuno-oncology, 1 26,500 1 3.80 100,831 NO 15
Biomedical/Gene
autoimmune disorders, and infections. Precigen serves customers worldwide.
Provention Bio, Inc. operates as a biopharmaceutical company. The Company
Provention Bio Medical- focuses on development of novel therapeutics and cutting-edge solutions to
PRVB 409 3 14,501 0 6.82 98,911 YES 6
Inc Biomedical/Gene intercept and prevent immune-mediated disease. Provention Bio serves
patients in the State of New Jersey.
Galecto, Inc. operates as a clinical stage biotechnology company. The Company
Medical-
GLTO Galecto Inc 64 develops small molecules for the treatment of severe diseases, including 4 25,500 44 3.83 97,560 YES 0
Biomedical/Gene
fibrosis, cancer, and inflammation. Galecto serves customers worldwide.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Potbelly Corporation operates as a chain of restaurants. The Company offers
PBPB Potbelly Corp 161 Retail-Restaurants sandwiches, salads, soups, chili, sides, shakes, malts, smoothies, chicken, and 2 16,350 0 5.72 93,544 YES 1
baked goods. Potbelly serves customers in the United States.
Aviat Networks, Inc. provides IP solutions to wireless public and private
telecommunication operators. The Company designs and installs microwave
Aviat Networks
AVNW 356 Telecom Services routers, switches, antenna stabilization systems, and network management 2 3,000 16 30.34 91,010 NO 3
Inc
tools, as well as offers network optimization, lifecycle support, and managed
network services. Aviat Networks serves customers worldwide.
Fluent, Inc. provides advertising and marketing services. The Company
specializes in digital consumer engagement such as data collection, acquisition,
FLNT Fluent Inc 178 Advertising Services 3 45,000 0 2.00 89,800 NO 2
targeting, and other related solutions. Fluent serves customers in the United
States.
Heartbeam, Inc. operates as a medical technology company. The Company
Medical Information focuses on telemedicine solutions that enable the detection and monitoring of
BEAT HeartBeam inc 30 1 9,000 53 5.99 53,910 YES 1
Sys cardiac disease outside a healthcare facility setting. Heartbeam serves
Flux Power Holdings, Inc. designs, develops, manufactures, and sells
rechargeable lithium-ion energy storage solutions. The Company offers LiFT
Flux Power Energy-Alternate
FLUX 80 packs, including the proprietary battery management system (BMS) for lift 3 9,391 - 5.04 47,363 YES 5
Holdings Inc Sources
trucks and other equipment including airport ground support equipment (GSE),
energy storage for solar applications, and industrial robotic applications.
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)
11/28/2021 AVGO Broadcom Inc Semiconductors 258,697 10 0% 3/4/2022 1 148,927 Y 1 58
11/29/2021 AOUT American Outdoor Brands Inc Leisure Products 263 15 6% 3/17/2022 2 200,065 Y 3 36
11/30/2021 LQDT Liquidity Services Inc Internet & Direct Marketing Re 711 20 3% 2/4/2022 - - Y 4 41
12/1/2021 CHRW CH Robinson Worldwide Inc Air Freight & Logistics 13,437 20 0% 1/26/2022 1 5,214 Y 8 22
12/2/2021 HALO Halozyme Therapeutics Inc Biotechnology 4,901 750 15% 2/23/2022 - - Y 5 9
12/3/2021 WM Waste Management Inc Environmental & Facilities Ser 68,836 1,500 2% 2/18/2022 - - Y 1 51
12/4/2021 LH Laboratory Corp of America Hol Health Care Services 27,947 2,500 9% 2/11/2022 - - Y 1 46
12/5/2021 CCK Crown Holdings Inc Metal & Glass Containers 13,913 3,000 22% 2/9/2022 1 211,240 Y 2 27
12/6/2021 CVS CVS Health Corp Health Care Services 130,158 10,000 8% 2/9/2022 1 238,650 Y 1 47
12/7/2021 HTD John Hancock Tax-Advantaged Di - 885 10% of shares - - - - N 0 22
12/8/2021 BX Blackstone Inc Asset Management & Custody Ban 161,261 2,000 1% 1/27/2022 - - Y 1 119
12/8/2021 MCK McKesson Corp Health Care Distributors 35,230 4,000 11% 2/2/2022 - - Y 1 36
12/8/2021 RLX RLX Technology Inc Tobacco 7,053 500 7% 3/26/2022 - - Y - 36
12/8/2021 CADE Cadence Bank Regional Banks 5,761 10 0% 1/25/2022 - - Y 2 20
12/8/2021 IBEX IBEX Holdings Ltd Data Processing & Outsourced S 248 20 8% 2/18/2022 - - N 1 24
12/7/2021 RTX Raytheon Technologies Corp Aerospace & Defense 128,962 6,000 5% 1/26/2022 - - Y 1 33
12/7/2021 ZTS Zoetis Inc Pharmaceuticals 108,895 3,500 3% 2/16/2022 - - Y 1 63
12/7/2021 EMN Eastman Chemical Co Specialty Chemicals 15,629 500 3% 1/28/2022 - - Y 1 21
12/7/2021 WRLD World Acceptance Corp Consumer Finance 1,514 50 3% 1/21/2022 - - Y 14 133
12/7/2021 SHIP Seanergy Maritime Holdings Cor Marine 180 10 6% 3/24/2022 - - N 3 124
12/7/2021 PLAY Dave & Buster's Entertainment Restaurants 1,658 100 6% 3/31/2022 - - Y 15 43
12/7/2021 RFP Resolute Forest Products Inc Paper Products 1,081 100 9% 2/4/2022 1 39,110 Y 4 149
12/6/2021 NRG NRG Energy Inc Electric Utilities 9,419 1,000 11% 3/1/2022 1 70,000 Y 4 20
12/6/2021 STG Sunlands Technology Group Education Services 49 15 30% 3/18/2022 - - N - 25
12/6/2021 SOL ReneSola Ltd Construction & Engineering 400 50 13% 3/29/2022 - - Y - 18
12/6/2021 BV BrightView Holdings Inc Environmental & Facilities Ser 1,506 250 17% 2/4/2022 1 86,220 Y 5 8
12/6/2021 BYRN Byrna Technologies Inc Aerospace & Defense 371 30 8% 2/15/2022 5 672,304 Y 5 45
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)
12/6/2021 DGLY Digital Ally Inc Electronic Equipment & Instrum 59 10 17% 3/31/2022 1 44,800 Y 16 15
12/6/2021 CLBK Columbia Financial Inc Thrifts & Mortgage Finance 2,137 5m (shares) - 1/27/2022 - - Y 3 38
12/6/2021 KNDI Kandi Technologies Group Inc Auto Parts & Equipment 289 20 7% 3/30/2022 - - Y 14 13
12/6/2021 LHCG LHC Group Inc Health Care Services 4,152 250 6% 2/25/2022 - - Y 3 21
12/6/2021 SIMO Silicon Motion Technology Corp Semiconductors 3,089 200 6% 2/3/2022 - - Y - 103
12/3/2021 FISB 1st Capital Bancorp Regional Banks - 5 - 1/31/2022 - - N 0 23
12/3/2021 RCII Rent-A-Center Inc/TX Computer & Electronics Retail 3,355 500 15% 2/24/2022 2 1,767,162 Y 6 51
12/2/2021 CHK Chesapeake Energy Corp Oil & Gas Exploration & Produc 7,415 1,000 13% 3/1/2022 - - Y 11 58
12/2/2021 RJF Raymond James Financial Inc Investment Banking & Brokerage 20,191 1,000 5% 1/26/2022 - - Y 2 62
12/2/2021 NUE Nucor Corp Steel 32,264 4,000 12% 1/28/2022 - - Y 3 136
12/2/2021 ONTF ON24 Inc Application Software 803 50 6% 3/17/2022 3 2,039,238 Y 3 12
12/2/2021 TSE Trinseo PLC Commodity Chemicals 2,064 200 10% 2/3/2022 1 242,650 Y 2 27
12/2/2021 ZG Zillow Group Inc Real Estate Services 15,815 750 5% 2/10/2022 - - Y 6 17
12/2/2021 AXS Axis Capital Holdings Ltd Property & Casualty Insurance 4,436 100 2% 1/27/2022 - - Y 1 18
12/1/2021 MUSA Murphy USA Inc Automotive Retail 4,727 1,000 21% 2/3/2022 - - Y 5 54
12/1/2021 JBT John Bean Technologies Corp Industrial Machinery 5,033 30 1% 2/22/2022 - - Y 3 43
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 1661 -22 2/25/2022 783 47% - - Y 14
CAR Avis Budget Group Inc Trucking 13898 -17 2/16/2022 - - 1 149965 Y 22
TV Grupo Televisa SAB Cable & Satellite 5352 -16 2/18/2022 225 4% - - Y -
VRS Verso Corp Paper Products 609 -11 2/25/2022 86 14% - - Y 3
KSS Kohl's Corp Department Stores 7050 -10 3/2/2022 807 11% - - Y 11
DDS Dillard's Inc Department Stores 5143 -9 2/22/2022 410 8% - - Y 26
BBD Banco Bradesco SA Diversified Banks 32407 -9 2/3/2022 667 2% - - Y -
ELVT Elevate Credit Inc Consumer Finance 103 -9 2/8/2022 30 29% - - Y 3
GTYH GTY Technology Holdings Inc Application Software 395 -9 2/16/2022 15 4% 1 298161 Y 3
BFIN BankFinancial Corp Regional Banks 138 -9 2/1/2022 16 11% 1 39603 Y 0
BBBY Bed Bath & Beyond Inc Homefurnishing Retail 1933 -8 1/7/2022 570 29% 3 1284222 Y 21
WEF CN Western Forest Products Inc Forest Products 682 -8 2/11/2022 62 9% 2 57680 N 1
SNBR Sleep Number Corp Homefurnishing Retail 1737 -7 2/17/2022 575 33% - - Y 17
LAUR Laureate Education Inc Education Services 1906 -7 2/25/2022 436 23% - - Y 5
LOPE Grand Canyon Education Inc Education Services 3026 -7 2/17/2022 397 13% - - Y 3
BSY Bentley Systems Inc Application Software 14881 -7 3/2/2022 114 1% 1 1251031 Y 4
AAN Aaron's Co Inc/The Homefurnishing Retail 768 -7 2/23/2022 82 11% 3 175428 Y 2
XRX Xerox Holdings Corp Technology Hardware, Storage & 3759 -7 1/26/2022 650 17% 2 181181 Y 8
LUMN Lumen Technologies Inc Alternative Carriers 12358 -7 2/10/2022 909 7% 1 59900 Y 10
DQJCY Pan Pacific International Hold General Merchandise Stores 10149 -6 2/4/2022 80941 798% - - N -
TMX Terminix Global Holdings Inc Specialized Consumer Services 4561 -6 2/25/2022 529 12% 2 274418 Y 1
REAL CN Real Matters Inc Real Estate Services 615 -6 1/28/2022 98 16% 2 1467956 Y 5
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 92 -5 4/1/2022 4 5% - - Y 2
JACK Jack in the Box Inc Restaurants 1764 -5 2/17/2022 200 11% - 9894 Y 6
LFVN Lifevantage Corp Personal Products 88 -5 2/2/2022 13 15% - - Y 1
ALSN Allison Transmission Holdings Construction Machinery & Heavy 3624 -5 2/17/2022 355 10% 1 200330 Y 4
SATS EchoStar Corp Alternative Carriers 2297 -5 2/23/2022 267 12% - - Y 20
WSBC WesBanco Inc Regional Banks 2103 -5 1/26/2022 - - - - Y 1
IRBT iRobot Corp Household Appliances 1921 -5 2/10/2022 150 8% - - Y 26
ODP ODP Corp/The Specialty Stores 1969 -5 2/24/2022 122 6% - - Y 16
PAM Pampa Energia SA Electric Utilities 1049 -5 3/10/2022 4380 418% - - Y -
www.KEDM.com
% Change in Value
# of insiders
Market Cap buying
($M) (trailing 6
months)
Quarters Cap)
HLF Herbalife Nutrition Ltd Personal Products 4187 -5 2/17/2022 989 24% 3 640166 Y 6
VTOL Bristow Group Inc Oil & Gas Equipment & Services 919 -5 2/2/2022 - - 1 133750 Y 2
VALE Vale SA Steel 69288 -5 2/25/2022 25261 36% - - Y -
BHLB Berkshire Hills Bancorp Inc Regional Banks 1334 -5 1/25/2022 69 5% 3 246828 Y 3
UEIC Universal Electronics Inc Consumer Electronics 506 -5 2/18/2022 52 10% - - Y 1
MOMO Hello Group Inc Interactive Media & Services 2381 -4 3/25/2022 1067 45% - - Y -
MMP Magellan Midstream Partners LP Oil & Gas Storage & Transporta 9579 -4 2/2/2022 498 5% - - Y 4
CFF CN Conifex Timber Inc Forest Products 90 -4 3/2/2022 - - - - N 0
GHL Greenhill & Co Inc Investment Banking & Brokerage 328 -4 2/4/2022 34 10% 1 795149 Y 8
HURN Huron Consulting Group Inc Research & Consulting Services 1032 -4 2/23/2022 65 6% - - Y 1
WNC Wabash National Corp Construction Machinery & Heavy 908 -4 2/3/2022 64 7% - - Y 7
DSKE Daseke Inc Trucking 612 -4 1/28/2022 20 3% - - Y 6
FRGI Fiesta Restaurant Group Inc Restaurants 256 -4 3/4/2022 4 2% - - Y 6
LBTYA Liberty Global PLC Alternative Carriers 14758 -4 2/16/2022 1113 8% - - Y 3
M Macy's Inc Department Stores 8014 -4 2/23/2022 295 4% - - Y 12
OLLI Ollie's Bargain Outlet Holding General Merchandise Stores 3139 -4 3/18/2022 200 6% 1 63530 Y 21
SSRM CN SSR Mining Inc Gold 4630 -4 2/16/2022 78 2% - - Y 1
SLG SL Green Realty Corp Office REITs 5008 -4 1/27/2022 453 9% - - Y 9
ANGI Angi Inc Interactive Media & Services 5039 -3 2/3/2022 45 1% - - Y 12
GUD CN Knight Therapeutics Inc Pharmaceuticals 641 -3 3/25/2022 61 9% 5 2231299 Y 3
SU CN Suncor Energy Inc Integrated Oil & Gas 45289 -3 2/9/2022 1665 4% 3 730750 Y 2
NTGR NETGEAR Inc Communications Equipment 857 -3 2/3/2022 55 6% - - Y 11
MBT Mobile TeleSystems PJSC Wireless Telecommunication Ser 7934 -3 3/4/2022 26805 338% - - Y -
BWXT BWX Technologies Inc Aerospace & Defense 4416 -3 2/22/2022 188 4% 1 244950 Y 2
NGS Natural Gas Services Group Inc Oil & Gas Equipment & Services 134 -3 3/30/2022 13 10% - - Y 1
QRTEA Qurate Retail Inc Internet & Direct Marketing Re 3225 -3 2/25/2022 286 9% - - Y 6
TRUE TrueCar Inc Interactive Media & Services 350 -3 2/24/2022 64 18% 1 251520 Y 7
PRG PROG Holdings Inc Consumer Finance 2752 -3 2/25/2022 128 5% 3 536825 Y 5
GLRE Greenlight Capital Re Ltd Reinsurance 250 -3 3/10/2022 15 6% - - Y 5
SXP CN Supremex Inc Paper Products 69 -3 2/25/2022 2 3% - - N 0
DHT DHT Holdings Inc Oil & Gas Storage & Transporta 910 -3 2/8/2022 29 3% - - Y 2
CASS Cass Information Systems Inc Data Processing & Outsourced S 591 -3 1/28/2022 20 3% - - Y 1
SPLK Splunk Inc Application Software 17967 -3 3/4/2022 1241 7% - - Y 3
NEU NewMarket Corp Specialty Chemicals 3541 -3 2/3/2022 92 3% - - Y 1
HOPE Hope Bancorp Inc Regional Banks 1725 -3 1/26/2022 47 3% - - Y 2
UWMC UWM Holdings Corp Thrifts & Mortgage Finance 11025 -3 2/3/2022 0 0% - - Y 16
www.KEDM.com
% Change in Value
# of insiders
Market Cap buying
($M) (trailing 6
months)
Quarters Cap)
WOR Worthington Industries Inc Steel 2599 -3 12/16/2021 199 8% - - Y 5
EEX Emerald Holding Inc Advertising 275 -3 2/18/2022 11 4% - - Y 1
FLT FleetCor Technologies Inc Data Processing & Outsourced S 18022 -3 2/4/2022 884 5% - - Y 2
CATO Cato Corp/The Apparel Retail 371 -3 3/18/2022 18 5% 1 49830 Y 5
TCW CN Trican Well Service Ltd Oil & Gas Equipment & Services 709 -3 2/23/2022 25 3% 3 147100 Y 1
BIIB Biogen Inc Biotechnology 34142 -2 2/3/2022 2200 6% - - Y 2
MHK Mohawk Industries Inc Home Furnishings 12143 -2 2/11/2022 593 5% - - Y 2
CAH Cardinal Health Inc Health Care Distributors 13661 -2 2/4/2022 700 5% - - Y 2
GPMT Granite Point Mortgage Trust I Mortgage REITs 645 -2 3/4/2022 18 3% 5 490215 Y 1
BHE Benchmark Electronics Inc Electronic Manufacturing Servi 898 -2 2/4/2022 46 5% 3 236010 Y 2
HVT Haverty Furniture Cos Inc Homefurnishing Retail 555 -2 2/17/2022 19 4% - - Y 20
LAKE Lakeland Industries Inc Apparel, Accessories & Luxury 150 -2 12/9/2021 5 3% - - Y 4
HFWA Heritage Financial Corp/WA Regional Banks 809 -2 1/28/2022 21 3% - - Y 3
TOT CN Total Energy Services Inc Oil & Gas Equipment & Services 250 -2 3/11/2022 5 2% 6 806081 N 1
ENR Energizer Holdings Inc Household Products 2638 -2 2/8/2022 96 4% 2 340229 Y 8
CURO Curo Group Holdings Corp Consumer Finance 665 -2 2/4/2022 17 3% - - Y 3
KMPR Kemper Corp Property & Casualty Insurance 3405 -2 2/1/2022 165 5% 3 1701695 Y 1
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 389 -53 7 58 16 -75 -89 7 2 763
BLNK Blink Charging Co Power Conv/Supply Equip 1,404 -22 -14 37 -5 -4 -48 3 5 -
BYND Beyond Meat Inc Food-Misc/Diversified 4,439 -44 -7 36 12 -41 -68 7 2 -
ICPT Intercept Pharmaceuticals Inc Medical-Biomedical/Gene 430 -41 -18 35 11 -20 -63 12 0 -
BGFV Big 5 Sporting Goods Corp Retail-Sporting Goods 458 115 -19 34 -29 -11 -56 3 - -
LMND Lemonade Inc Property/Casualty Ins 2,866 -62 -12 33 -1 -43 -75 7 - -
BEEM Beam Global Energy-Alternate Sources 212 -68 -15 33 -8 -26 -69 11 1 -
FUV Arcimoto Inc Auto-Cars/Light Trucks 347 -30 -9 33 -8 -27 -75 13 4 150
GOGO Gogo Inc Satellite Telecom 1,483 40 2 32 -1 7 -31 16 1 -
TTCF Tattooed Chef Inc Food-Misc/Diversified 1,308 -30 -7 32 9 -17 -43 6 15 -
WEBR Weber Inc Appliances 3,511 - -13 32 3 - -40 9 - -
CRSR Corsair Gaming Inc Computers-Other 2,005 -41 -9 32 -4 -28 -57 11 1 -
PRLD Prelude Therapeutics Inc Medical-Biomedical/Gene 640 -81 -5 31 9 -58 -86 19 - -
WKHS Workhorse Group Inc Auto-Med&Heavy Duty Trks 797 -74 -15 30 -8 -51 -88 8 - -
HRTX Heron Therapeutics Inc Drug Delivery Systems 948 -56 -5 30 6 -31 -58 18 - -
GOEV Canoo Inc Auto-Cars/Light Trucks 2,253 -32 -24 29 12 5 -62 2 4 35,313,268
ASLE AerSale Corp Aerospace/Defense 857 42 8 29 5 36 -21 6 - -
SDC SmileDirectClub Inc Medical Products 1,107 -76 -16 29 -17 -61 -82 3 6 4,170
RMO Romeo Power Inc Auto/Trk Prts&Equip-Orig 545 -82 -5 29 17 -43 -90 4 2 -
GOTU Gaotu Techedu Inc Educational Software 636 -95 -15 29 12 -87 -98 6 3 -
DOCS Doximity Inc Medical Information Sys 10,778 - -3 28 -52 - -47 2 - -
CURV Torrid Holdings Inc Apparel Manufacturers 1,242 - -35 28 -12 - -66 8 - -
FSR Fisker Inc Auto-Cars/Light Trucks 5,290 22 -12 28 -16 9 -44 3 - 58,699
ROOT Root Inc/OH Applications Software 889 -78 -16 27 -29 -57 -86 3 - -
IVC Invacare Corp Medical Products 98 -69 -20 27 -6 -60 -74 11 - -
OTRK Ontrak Inc Medical-HMO 119 -90 -10 27 -2 -72 -94 5 - -
GTHX G1 Therapeutics Inc Therapeutics 449 -41 -23 27 2 -42 -72 11 - -
BTBT Bit Digital Inc Finance-Consumer Loans 530 -65 -20 26 6 -30 -77 4 77 -
APPH AppHarvest Inc Agricultural Operations 531 -66 -2 26 1 -57 -88 12 5 38,870
NKLA Nikola Corp Auto-Med&Heavy Duty Trks 4,044 -35 -7 26 -12 -22 -67 4 - -
CRCT Cricut Inc Retail-Office Supplies 5,251 - 0 25 8 - -50 9 17 -
IRBT iRobot Corp Appliances 1,921 -11 -13 25 -5 -24 -64 20 - -
SFT Shift Technologies Inc Retail-Automobile 353 -51 -16 25 2 -47 -63 3 0 -
PETS PetMed Express Inc Retail-Pet Food&Supplies 551 -18 -7 25 -14 -13 -54 15 - -
SBTX Silverback Therapeutics Inc Medical-Biomedical/Gene 242 -85 -5 25 -43 -74 -89 6 0 -
STAR iStar Inc REITS-Diversified 1,741 69 1 25 1 14 -10 30 - -
IGMS IGM Biosciences Inc Medical-Biomedical/Gene 1,652 -42 -9 24 9 -29 -60 18 0 -
MSTR MicroStrategy Inc Enterprise Software/Serv 6,468 52 -16 24 -7 -9 -55 4 - -
BYSI Beyondspring Inc Medical-Drugs 176 -63 -66 24 13 -67 -86 3 - -
OCGN Ocugen Inc Therapeutics 1,125 209 -20 24 -10 -30 -70 3 - -
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
($M) in SI 200MA week high Cover (trailing
(%) return float) Rate
(%) 6months)
SKYT SkyWater Technology Inc Semiconductor Equipment 686 - -10 24 24 - -52 5 1 -
CTRN Citi Trends Inc Retail-Discount 699 65 -2 24 -17 -3 -26 5 - -
ATUS Altice USA Inc Cable/Satellite TV 6,829 -60 -8 23 -22 -48 -61 4 2 77,500
JOAN JOANN Inc Retail-Arts&Crafts 423 - 5 23 0 - -41 7 - 14,700
RIDE Lordstown Motors Corp Auto-Cars/Light Trucks 809 -79 -14 23 -12 -51 -87 3 3 -
XMTR Xometry Inc Metal Processors&Fabrica 2,084 - -9 23 16 - -52 11 - -
SKLZ Skillz Inc Entertainment Software 3,721 -54 -7 22 -12 -41 -80 5 5 186,455
www.KEDM.com
IPO Monitor
IPO pipeline for the coming week (ex- SPACs)
Expected Net
Revenue
Shares Expected Amount Income Corporate
Company Ticker Description Expected Range (TTM) S1
(M) Trade Date Raised (TTM) Website
($M)
($M) (M)
Samsara Inc. develops hardware-software platform. The Company offers GPS fleet tracking, dash cam,
Samsara Inc IOT reefer monitoring, and wifi hotspot services. Samsara serves clients in the United States and the United - 12/15/2021 20.000-23.000 - 379 -138 LINK LINK
Kingdom.
Fresh Grapes, LLC, doing business as Fresh Vine, produces alcoholic beverages. The Company offers bold,
Fresh Grapes
VINE crisp, and creamy wines that embody health, warmth, and a deeper connection to wellness and an active 2.20 12/14/2021 9.0000 - 10.0000 22.00 1 -7 LINK LINK
LLC
lifestyle. Fresh Vine serves customers in the United States.
Sidus Space, Inc. is a satellite operator. The Company focuses on commercial satellite design, manufacture,
Sidus Space Inc SIDU launch, and data collection with a vision to demonstrate space operations for new technologies and deliver 3.00 12/16/2021 4.0000 - 6.0000 18.00 1 -2 LINK LINK
data and predictive analytics. Sidus Space serves customers worldwide.
Intensity
Intensity Therapeutics, Inc. provides biomedical services. The Company focuses on human clinical testing
Therapeutics INTS 2.14 next week 6.0000 - 8.0000 17.14 0 -7 LINK LINK
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 developing
Nuvectis
NVCT novel targeted therapeutics for treatment of cancer as well as provides research and testing services. 2.30 next week 12.0000 - 14.0000 32.20 0 -6 LINK LINK
Pharma Inc
Nuvectis Pharma serves customers worldwide.
Austin Gold Austin Gold Corp. provides exploration and mining services. The Company explores and develops gold and
AUST 3.00 next week 4.0000 - 6.0000 18.00 0 2 LINK LINK
Corp silver projects. Austin Gold 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. Flexenergy 3.89 next week 8.0000 - 10.0000 38.89 21 -7 LINK LINK
Inc Green Solutions serves customers worldwide.
ProFrac Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides
ProFrac
PFHC hydraulic fracturing and completion services to upstream oil and gas companies engaged in the exploration - TBD - - 656 -82 LINK LINK
Holding Corp
and production of North American unconventional oil and natural gas resources.
FOGO Hospitality, Inc. owns and operates full-service restaurants. The Company offers seasonal salads,
FOGO
FOGO irresistibly fresh vegetables, imported meats, cheeses, artisan breads, and desserts. FOGO Hospitality - TBD - - 296 10 LINK LINK
Hospitality inc
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 apparel,
5 11 ABR Corp VXI - TBD - - 440 21 LINK LINK
footwear, and gears. 5.11 ABR serves customers worldwide.
Rue Gilt Leading premium and luxury off-price eCommerce company in the U.S., delivering a daily curated, high-
RGG - TBD - - 702 -9 LINK LINK
Groupe Inc end shopping experience for our members. We operate primarily through RueLaLa and Gilt (“Rue+Gilt”)
BrightSpring BrightSpring Health Services, Inc. provides health care services. The Company offers home and community-
Health Services - based healthcare services platform, focused on delivering complementary provider and pharmacy services - TBD - - 6,043 33 LINK LINK
I 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 piercing - TBD - - 1,214 -72 LINK LINK
Holdings LLC
services. Claire's Holdings serves customers worldwide.
Gerson Gerson Lehrman Group, Inc. provides professional services. The Company offers technology platform that
Lehrman Group GLGX connects professionals with insight. Gerson Lehrman Group serves industrial, media, life sciences, private - TBD - - 628 -1 LINK LINK
Inc equity, hedge funds, and law sectors worldwide.
ICZOOM Group Inc. operates an e-commerce trading platform. The Company engages in sales of electronic
Iczoom Group
IZM component products. ICZOOM Group offers integrated circuits, power driver modules, sensors, passive - TBD - - 165 1 - LINK
Inc
components, memory cards, display panels, cables, connectors, test tools, batteries, and switches.
www.KEDM.com
Expected Net
Revenue
Shares Expected Amount Income Corporate
Company Ticker Description Expected Range (TTM) S1
(M) Trade Date Raised (TTM) Website
($M)
($M) (M)
Keter Group SA provides indoor and outdoor lifestyle solutions. The Company manufactures and markets
Keter Group SA KETR - TBD - - 1,684 -65 LINK LINK
resin-based household and garden consumer products. Keter Group serves customers worldwide.
OYO Hotels & OYO Hotels and Homes Private Limited owns and operates hotels. The Company offers accommodation
- - TBD - - 9 -9 LINK -
Homes Pvt Ltd rooms, dining, and fitness center facilities. OYO Hotels and Homes serves customers in Asia.
Rotech Healthcare Holdings Inc. operates as a holding company. The Company, through its subsidiaries,
Rotech
offers home medical products including respiratory and sleep apnea treatment and other medical
Healthcare ROTK - TBD - - 565 136 LINK LINK
equipment, as well as provides oximetry and nebulizers therapies. Rotech Healthcare Holdings serves
Holdings Inc
patients in the United States.
www.KEDM.com
Completed IPO Monitor

Recent IPOs that have not unlocked (Ex-SPAC)
Shares IPO + 1 to Short
Issued IPO Raised EBITDA IPO to Date Date Interest Unlock Days Until
Ticker IPO Date Company Sector Mkt Cap ($M) Busted
in IPO Price ($M) ($M) Return (%) Return (% of Date Unlock
($M) (%) float)
HCP 12/9/2021 HashiCorp Inc Computer Software 15 80 1,224 15,789 -80 6 - - NO 6/7/2022 179
REFI 12/8/2021 Chicago Atlantic Real Estate F Private Equity 6 16 100 282 - 0 1 - NO 6/6/2022 178
CING 12/8/2021 Cingulate Inc Medical-Biomedical/Gene 4 6 25 43 -6 -35 -1 - YES 6/6/2022 178
AERC 11/24/2021 Aeroclean Technologies Inc Air Pollution Control Eq 3 10 25 191 - 39 -83 0 NO - -
FINW 11/19/2021 Finwise Bancorp Commer Banks Non-US 4 11 42 168 - 27 3 0 NO 5/18/2022 159
SG 11/18/2021 Sweetgreen Inc Food-Retail 13 28 364 3,317 -115 9 -42 10 NO 5/17/2022 158
BRZE 11/17/2021 Braze Inc Computer Software 9 65 572 6,128 -31 3 -20 8 NO 5/16/2022 157
USER 11/17/2021 UserTesting Inc Applications Software 10 14 140 1,144 -33 -42 -42 2 YES 5/16/2022 157
IREN 11/17/2021 Iris Energy Ltd Electric-Generation 8 28 232 832 - -47 -36 3 YES 2/15/2022 67
SEV 11/17/2021 Sono Group NV Auto-Cars/Light Trucks 12 15 173 989 -54 -8 -52 3 YES 5/16/2022 157
MYNA 11/12/2021 Mynaric AG Wireless Equipment 5 17 76 290 -19 -13 -28 - YES 5/11/2022 152
DERM 11/12/2021 Journey Medical Corp Medical-Drugs 4 10 35 115 8 -33 -26 0 YES 5/11/2022 152
PIK 11/11/2021 Kidpik Corp E-Commerce/Products 2 9 18 52 -4 -19 -10 0 YES 5/10/2022 151
WBEV 11/11/2021 Winc Inc Food-Retail 2 13 22 101 -6 -41 -27 3 YES 5/10/2022 151
TIVC 11/11/2021 Tivic Health Systems Inc Medical Products 3 5 15 42 -3 -8 -16 0 YES 5/10/2022 151
BLZE 11/11/2021 Backblaze Inc Internet Applic Sftwr 6 16 100 701 9 48 8 3 NO 5/10/2022 151
VAXX 11/11/2021 Vaxxinity Inc Medical-Biomedical/Gene 7 13 85 1,021 -32 -38 -40 6 YES 5/10/2022 151
LVLU 11/11/2021 Lulu's Fashion Lounge Holdings E-Commerce/Products 6 16 92 461 -1 -28 -13 0 YES 5/10/2022 151
WEAV 11/11/2021 Weave Communications Inc Computer Software 5 24 120 928 - -44 -20 3 YES 5/10/2022 151
CINT 11/10/2021 CI&T Inc Computer Services 15 15 225 1,873 238 -12 -25 0 YES 5/9/2022 150
EXFY 11/10/2021 Expensify Inc Enterprise Software/Serv 11 27 302 3,327 9 44 -7 4 NO 5/9/2022 150
RIVN 11/10/2021 Rivian Automotive Inc Auto-Cars/Light Trucks 176 78 13,724 104,915 -981 48 -5 8 NO 5/9/2022 150
TCBX 11/9/2021 Third Coast Bancshares Inc Commer Banks-Central US 4 25 101 377 - 12 13 0 NO 5/8/2022 149
SOPA 11/9/2021 Society Pass Inc Applications Software 3 9 28 110 -3 -35 -87 1 YES 5/8/2022 149
RGF 11/5/2021 Real Good Food Co Inc/The Food-Misc/Diversified 5 12 64 184 -9 -41 -35 4 YES 5/4/2022 145
ARHS 11/4/2021 Arhaus Inc Home Furnishings 13 13 168 1,590 - -23 -7 1 YES 5/3/2022 144
NRDS 11/4/2021 NerdWallet Inc Finance-Consumer Loans 8 18 150 1,042 23 -11 -39 4 YES 5/3/2022 144
CMTG 11/3/2021 Claros Mortgage Trust Inc REITS-Diversified 6 19 103 2,360 - -10 -1 0 YES 5/2/2022 143
CDRE 11/4/2021 Cadre Holdings Inc Electronic Secur Devices 7 13 90 691 65 58 32 0 NO 5/3/2022 144
BIRD 11/3/2021 Allbirds Inc Footwear&Related Apparel 23 15 348 2,286 -22 2 -40 21 NO 5/2/2022 143
BSFC 11/3/2021 Blue Star Foods Corp Fisheries 1 5 4 69 -1 -50 -37 3 YES 5/2/2022 143
CMPX 11/2/2021 Compass Therapeutics Inc Medical-Biomedical/Gene 36 4 125 325 -25 -5 -6 0 YES 1/31/2022 52
SONX 10/29/2021 Sonendo Inc Medical Instruments 8 12 94 277 -43 -9 15 2 YES 4/27/2022 138
TRDA 10/29/2021 Entrada Therapeutics Inc Medical-Biomedical/Gene 9 20 182 656 -26 5 -12 9 NO 4/27/2022 138
AURA 10/29/2021 Aura Biosciences Inc Medical-Biomedical/Gene 5 14 76 502 -21 23 16 3 NO 4/27/2022 138
GFS 10/28/2021 GLOBALFOUNDRIES Inc Electronic Compo-Semicon 61 47 2,855 34,809 866 36 34 3 NO 4/26/2022 137
FLNC 10/28/2021 Fluence Energy Inc Energy-Alternate Sources 36 28 998 5,368 -154 12 -12 2 NO 4/26/2022 137
DTC 10/28/2021 Solo Brands Inc E-Commerce/Products 15 17 252 1,596 -15 -9 -10 11 YES 4/26/2022 137
HRT 10/29/2021 HireRight Holdings Corp Enterprise Software/Serv 22 19 422 1,248 - -18 -9 2 YES 4/27/2022 138
UDMY 10/29/2021 Udemy Inc Educational Software 15 29 439 2,891 -62 -30 -24 7 YES 4/27/2022 138
www.KEDM.com

($M) (%) float)
AIRS 10/29/2021 AirSculpt Technologies Inc Commercial Services 7 11 77 766 - 22 -13 4 NO 4/27/2022 138
AIP 10/27/2021 Arteris Inc Software Tools 5 14 70 790 -3 80 40 2 NO 4/25/2022 136
INFA 10/27/2021 Informatica Inc Applications Software 33 29 967 10,174 336 21 24 2 NO 4/25/2022 136
RENT 10/27/2021 Rent the Runway Inc Rental Auto/Equipment 17 21 357 698 -95 -48 -41 13 YES 4/25/2022 136
AUGX 10/26/2021 Augmedix Inc Commercial Services 10 4 40 139 -13 -6 5 0 YES 1/24/2022 45
MRAI 10/27/2021 Marpai Inc Medical Labs&Testing Srv 7 4 29 83 -3 3 -24 1 NO 4/25/2022 136
XLO 10/22/2021 Xilio Therapeutics Inc Medical-Biomedical/Gene 8 16 130 273 -53 -38 -38 5 YES 4/20/2022 131
ARIS 10/22/2021 Aris Water Solution Inc Building-Heavy Construct 20 13 264 708 - 2 -7 0 NO 4/20/2022 131
UTRS 10/22/2021 Minerva Surgical Inc Medical Products 6 12 75 156 -8 -55 -40 1 YES 4/20/2022 131
PX 10/21/2021 P10 Inc Private Equity 23 12 276 1,706 26 20 21 0 NO 4/19/2022 130
PTLO 10/21/2021 Portillo's Inc Retail-Restaurants 23 20 466 2,694 82 82 -2 6 NO 4/19/2022 130
COCO 10/21/2021 Vita Coco Co Inc/The Beverages-Non-alcoholic 12 15 179 584 49 -31 -25 4 YES 4/19/2022 130
ENFN 10/21/2021 Enfusion Inc Applications Software 22 17 367 2,177 - 14 -3 2 NO 4/19/2022 130
VTYX 10/21/2021 Ventyx Biosciences Inc Medical-Biomedical/Gene 11 16 174 790 - -1 -16 10 YES 4/19/2022 130
RWAY 10/21/2021 Runway Growth Finance Corp Venture Capital 7 15 100 559 48 -8 10 0 YES 4/19/2022 130
SDIG 10/20/2021 Stronghold Digital Mining Inc Finance-Other Services 8 19 146 803 -2 -12 -36 30 YES 4/18/2022 129
CYN 10/20/2021 CYNGN Inc Applications Software 4 8 26 148 -8 -25 -26 2 YES 2/17/2022 69
CNTX 10/20/2021 Context Therapeutics Inc Medical-Biomedical/Gene 6 5 29 75 - 25 10 2 NO 4/18/2022 129
INKT 10/15/2021 MiNK Therapeutics Inc Medical-Biomedical/Gene 3 12 40 205 -15 -44 -49 0 YES 4/13/2022 124
FNA 10/15/2021 Paragon 28 Inc Medical Products 9 16 144 1,320 8 9 -8 9 NO 4/13/2022 124
LUCD 10/14/2021 Lucid Diagnostics Inc Medical-Biomedical/Gene 5 14 70 249 - -52 -28 4 YES 4/12/2022 123
IHS 10/14/2021 IHS Holding Ltd Building-Heavy Construct 18 21 378 4,320 741 -37 -21 0 YES 4/12/2022 123
GTLB 10/14/2021 Gitlab Inc Enterprise Software/Serv 11 77 881 11,037 - 0 -34 20 YES 4/12/2022 123
CLST 10/13/2021 Catalyst Bancorp Inc Investment Companies 5 10 53 74 - 40 2 0 NO - -
AVDX 10/13/2021 AvidXchange Holdings Inc Applications Software 30 25 759 3,440 -47 -29 -28 14 YES 4/11/2022 122
HCTI 10/13/2021 Healthcare Triangle Inc Medical Information Sys 5 4 19 79 - -42 -35 2 YES 4/11/2022 122
PYXS 10/8/2021 Pyxis Oncology Inc Medical-Biomedical/Gene 11 16 168 309 -12 -42 -29 5 YES 4/6/2022 117
ISO 10/8/2021 IsoPlexis Corp Medical-Biomedical/Gene 8 15 125 282 -26 -53 -36 3 YES 4/6/2022 117
CGTX 10/8/2021 Cognition Therapeutics Inc Medical-Drugs 4 12 52 177 -17 -35 -37 0 YES 4/6/2022 117
LTH 10/7/2021 Life Time Group Holdings Inc Recreational Centers 41 18 730 4,070 72 16 23 17 NO 4/5/2022 116
NVEI 10/6/2021 Nuvei Corp Commercial Serv-Finance 3 123 425 8,640 134 -51 -54 2 YES - -
THRX 10/7/2021 Theseus Pharmaceuticals Inc Medical-Biomedical/Gene 10 16 160 534 -7 -16 -18 12 YES 4/5/2022 116
TCN 10/7/2021 Tricon Residential Inc Real Estate Mgmnt/Servic 41 12 513 4,015 193 18 13 0 NO - -
VLCN 10/6/2021 Volcon Inc Motorcycle/Motor Scooter 3 6 18 128 - 94 26 4 NO 1/4/2022 25
NTRB 10/1/2021 Nutriband Inc Medical-Drugs 1 6 7 44 -2 -9 -15 6 YES 3/30/2022 110
FWRG 10/1/2021 First Watch Restaurant Group I Retail-Restaurants 11 18 196 1,200 25 11 -8 7 NO 3/30/2022 110
OLPX 9/30/2021 Olaplex Holdings Inc Retail-Perfume&Cosmetics 85 21 1,780 17,694 86 28 19 5 NO 3/29/2022 109
WRBY 9/29/2021 Warby Parker Inc Retail-Catalog Shopping DIRECT LISTING - 5,281 - - -12 8 NO - -
AMPL 9/28/2021 Amplitude Inc Applications Software DIRECT LISTING - 6,358 -22 - 7 2 NO - -
CWAN 9/24/2021 Clearwater Analytics Holdings Applications Software 35 18 621 5,095 - 20 -15 3 NO 3/23/2022 103
HLTH 9/24/2021 Cue Health Inc Medical Products 14 16 230 1,592 -37 -31 -46 39 YES 3/23/2022 103
RELY 9/23/2021 Remitly Global Inc Commercial Services 12 43 523 3,315 -22 -53 -54 18 YES 3/22/2022 102
ARBK 9/23/2021 Argo Blockchain PLC Finance-Other Services 9 15 128 662 8 -12 -15 - YES 12/22/2021 12
SOVO 9/23/2021 Sovos Brands Inc Food-Catering 27 12 322 1,609 71 32 17 1 NO 3/22/2022 102
ESMT 9/23/2021 EngageSmart Inc Applications Software 17 26 435 3,809 17 -16 -32 5 YES 3/22/2022 102
www.KEDM.com

($M) (%) float)
STER 9/23/2021 Sterling Check Corp Computer Data Security 16 23 378 2,144 68 -4 -16 4 YES 3/22/2022 102
BRLT 9/23/2021 Brilliant Earth Group Inc Retail-Jewelry 10 12 115 1,754 - 57 22 5 NO 3/22/2022 102
THRN 9/23/2021 Thorne HealthTech Inc Medical Labs&Testing Srv 7 10 70 350 10 -34 -20 1 YES 3/22/2022 102
FRSH 9/22/2021 Freshworks Inc Enterprise Software/Serv 31 36 1,129 7,261 -45 -24 -42 13 YES 3/22/2022 102
TOST 9/22/2021 Toast Inc Commercial Serv-Finance 25 40 1,000 19,074 -193 -7 -36 11 YES 3/21/2022 101
AKA 9/22/2021 aka Brands Holding Corp E-Commerce/Products 10 11 110 1,447 - 1 16 4 NO 3/21/2022 101
ACT 9/16/2021 Enact Holdings Inc Finance-Mtge Loan/Banker 15 19 291 3,415 - 9 11 2 NO 3/15/2022 95
FORG 9/16/2021 ForgeRock Inc Computer Data Security 13 25 316 2,120 -31 0 -45 12 NO 3/15/2022 95
DH 9/15/2021 Definitive Healthcare Corp Medical Information Sys 16 27 420 5,113 45 19 -30 2 NO 3/14/2022 94
DICE 9/15/2021 DICE Therapeutics Inc Medical-Biomedical/Gene 14 17 235 1,069 -23 65 -20 12 NO 3/14/2022 94
BROS 9/15/2021 Dutch Bros Inc Retail-Restaurants 24 23 557 8,498 26 119 8 13 NO 3/14/2022 94
ONON 9/15/2021 On Holding AG Apparel Manufacturers 36 24 858 12,320 -5 64 6 12 NO 3/15/2022 95
PRCT 9/15/2021 PROCEPT BioRobotics Corp Medical Instruments 8 25 188 1,317 -45 21 -16 5 NO 3/14/2022 94
TWKS 9/15/2021 Thoughtworks Holding Inc Computer Services 42 21 890 8,897 147 34 -9 2 NO 3/14/2022 94
TYRA 9/15/2021 Tyra Biosciences Inc Medical-Biomedical/Gene 12 16 199 784 -9 12 -9 15 NO 3/14/2022 94
EZFL 9/15/2021 EzFill Holdings Inc Oil Refining&Marketing 7 4 29 59 -6 -45 -56 1 YES 3/14/2022 94
KTTA 9/15/2021 Pasithea Therapeutics Corp Medical-Biomedical/Gene 5 5 24 54 - -48 -26 7 YES 3/14/2022 94
SRAD 9/14/2021 Sportradar Holding AG Gambling (Non-Hotel) 19 27 513 5,328 150 -33 -33 2 YES 3/13/2022 93
DDI 8/31/2021 DoubleDown Interactive Co Ltd Entertainment Software 6 18 114 759 - -15 -14 - YES 2/27/2022 79
RNXT 8/26/2021 RenovoRx Inc Medical-Biomedical/Gene 2 9 17 52 - -34 -24 1 YES 2/22/2022 74
NLCP 8/20/2021 Newlake Capital Partners Inc/M Private Equity 4 26 102 595 5 6 -6 2 NO 2/16/2022 68
DRMA 8/13/2021 Dermata Therapeutics Inc Medical-Biomedical/Gene 3 7 18 21 -3 -65 -52 3 YES 2/9/2022 61
SSBK 8/12/2021 Southern States Bancshares Inc Commer Banks-Southern US 2 19 44 176 - 3 1 0 NO 2/8/2022 60
ELYM 8/10/2021 Eliem Therapeutics Inc Medical-Biomedical/Gene 7 13 92 268 - -19 -51 16 YES 2/6/2022 58
ADGI 8/6/2021 Adagio Therapeutics Inc Medical-Biomedical/Gene 21 17 356 3,783 - 106 63 19 NO 2/2/2022 54
OBT 8/5/2021 Orange County Bancorp Inc Commer Banks-Eastern US 1 34 34 212 - - 12 0 NO 2/1/2022 53
WEBR 8/5/2021 Weber Inc Appliances 21 14 287 3,551 119 -12 -31 27 YES 2/1/2022 53
EWCZ 8/5/2021 European Wax Center Inc Commercial Services 11 17 194 1,725 6 62 21 7 NO 2/1/2022 53
TNYA 7/30/2021 Tenaya Therapeutics Inc Medical-Biomedical/Gene 14 15 207 784 -36 25 24 12 NO 1/26/2022 47
RANI 7/30/2021 Rani Therapeutics Holdings Inc Medical-Biomedical/Gene 8 11 84 971 -16 71 80 29 NO 1/26/2022 47
INAB 7/30/2021 IN8bio Inc Medical-Biomedical/Gene 4 10 40 126 -5 -34 -33 0 YES 1/26/2022 47
DPRO 7/30/2021 Draganfly Inc Computers-Other 5 4 20 65 -8 -41 -37 1 YES 1/26/2022 47
OMGA 7/30/2021 Omega Therapeutics Inc Medical-Biomedical/Gene 7 17 126 726 -27 -12 -5 3 YES 1/26/2022 47
MXCT 7/30/2021 MaxCyte Inc Medical-Biomedical/Gene 16 13 202 1,056 -9 -19 -37 2 YES - -
DOLE 7/30/2021 Dole PLC Agricultural Operations 27 16 428 1,233 - -19 -10 2 YES 1/26/2022 47
RSKD 7/29/2021 Riskified Ltd Applications Software 20 21 423 1,384 -5 -59 -69 2 YES 1/25/2022 46
ICVX 7/29/2021 Icosavax Inc Medical-Biomedical/Gene 14 15 209 948 -19 57 -2 9 NO 1/25/2022 46
COOK 7/29/2021 Traeger Appliances 27 18 487 1,563 100 -28 -40 15 YES 1/25/2022 46
RLYB 7/29/2021 Rallybio Corp Medical-Biomedical/Gene 7 13 93 370 -25 -11 -32 6 YES 1/25/2022 46
HOOD 7/29/2021 Robinhood Markets Inc Internet Brokers 59 38 2,255 18,415 35 -42 -39 5 YES 1/25/2022 46
NUVL 7/29/2021 Nuvalent Inc Medical-Biomedical/Gene 11 17 180 1,064 - 21 21 17 NO 1/25/2022 46
DUOL 7/28/2021 Duolingo Inc Educational Software 6 102 599 3,758 -12 -2 -25 12 YES 1/24/2022 45
PWSC 7/28/2021 PowerSchool Holdings Inc Educational Software 45 18 817 3,844 118 7 7 7 NO 1/24/2022 45
SNPO 7/28/2021 Snap One Holdings Corp Appliances 15 18 271 1,610 72 19 20 5 NO 1/24/2022 45
MLNK 7/28/2021 MeridianLink Inc Applications Software 14 26 374 1,696 86 -19 -14 3 YES 1/24/2022 45
www.KEDM.com

($M) (%) float)
CADL 7/27/2021 Candel Therapeutics Inc Medical-Biomedical/Gene 10 8 79 251 -14 13 27 1 NO 1/23/2022 44
SOPH 7/23/2021 Sophia Genetics SA Medical Information Sys 14 18 243 846 -35 -26 -21 4 YES 1/19/2022 40
USCB 7/23/2021 US Century Bank Commer Banks-Southern US 4 10 40 389 - 56 45 0 NO - -
XPOF 7/23/2021 Xponential Fitness Inc Recreational Centers 11 12 131 1,096 - 90 91 3 NO 1/19/2022 40
GAMB 7/23/2021 Gambling.com Group Ltd E-Marketing/Info 5 8 42 364 13 31 34 4 NO 1/19/2022 40
BASE 7/22/2021 Couchbase Inc Internet Infrastr Sftwr 10 24 230 1,132 -31 8 -23 56 NO 1/18/2022 39
RYAN 7/22/2021 Ryan Specialty Group Holdings Insurance Brokers 65 24 1,538 9,947 247 62 33 9 NO 1/18/2022 39
ZENV 7/22/2021 Zenvia Inc Applications Software 12 13 150 352 27 -31 -12 0 YES 1/18/2022 39
ZVIA 7/22/2021 Zevia PBC Beverages-Non-alcoholic 11 14 150 574 -4 -38 -35 14 YES 1/18/2022 39
ABSI 7/22/2021 Absci Corp Medical-Biomedical/Gene 14 16 230 1,028 -12 -34 -51 23 YES 1/18/2022 39
CRBU 7/23/2021 Caribou Biosciences Inc Medical-Biomedical/Gene 22 16 350 1,095 -35 12 12 9 NO 1/19/2022 40
CTKB 7/23/2021 Cytek Biosciences Inc Medical-Biomedical/Gene 17 17 285 2,554 14 14 2 4 NO 1/19/2022 40
CNM 7/23/2021 Core & Main Inc Distribution/Wholesale 40 20 802 4,370 338 38 15 4 NO 1/19/2022 40
OB 7/23/2021 Outbrain Inc Applications Software 8 20 160 833 29 -28 -25 3 YES 1/19/2022 40
KLTR 7/21/2021 Kaltura Inc Applications Software 17 10 173 524 -1 -59 -65 4 YES 1/17/2022 38
PYCR 7/21/2021 Paycor HCM Inc Enterprise Software/Serv 19 23 426 5,385 57 33 14 4 NO 1/17/2022 38
INST 7/22/2021 Instructure Holdings Inc Educational Software 14 20 284 3,372 -76 18 18 7 NO 1/18/2022 39
LAW 7/21/2021 CS Disco Inc Computer Software 8 32 242 2,276 -20 21 -9 7 NO 1/17/2022 38
VTEX 7/21/2021 VTEX Applications Software 22 19 415 2,987 9 -18 -40 5 YES 1/17/2022 38
BLND 7/16/2021 Blend Labs Inc Applications Software 22 18 404 1,960 -69 -52 -59 16 YES - -
BRDG 7/16/2021 Bridge Investment Group Holdin Private Equity 20 16 323 2,318 69 29 34 0 NO 1/12/2022 33
ERAS 7/16/2021 Erasca Inc Medical-Biomedical/Gene 22 16 345 1,672 -109 -13 -21 24 YES 1/12/2022 33
IMGO 7/16/2021 Imago Biosciences Inc Medical-Biomedical/Gene 10 16 155 680 -18 25 24 12 NO 1/12/2022 33
STVN 7/16/2021 Stevanato Group SpA Medical Products 33 21 693 6,871 157 13 18 14 NO 1/12/2022 33
TCRX 7/16/2021 TScan Therapeutics Inc Medical-Biomedical/Gene 7 15 100 151 -24 -58 -40 1 YES 1/12/2022 33
FXLV 7/15/2021 F45 Training Holdings Inc Recreational Centers 20 16 325 1,067 -4 -25 -27 7 YES 1/11/2022 32
MCG 7/15/2021 Membership Collective Group In Applications Software 31 14 428 2,625 -85 -8 4 4 YES 1/11/2022 32
PECO 7/15/2021 Phillips Edison & Co Inc REITS-Shopping Centers 20 28 547 3,772 306 14 17 7 NO 1/11/2022 32
RPID 7/15/2021 Rapid Micro Biosystems Inc Drug Detection Systems 9 20 180 342 -29 -50 -59 5 YES 1/11/2022 32
SERA 7/15/2021 Sera Prognostics Inc Diagnostic Equipment 5 16 75 292 -17 -37 -9 6 YES 1/11/2022 32
SGHT 7/15/2021 Sight Sciences Inc Miscellaneous Manufactur 12 24 276 975 -32 -14 -37 10 YES 1/11/2022 32
UNCY 7/13/2021 Unicycive Therapeutics Inc Medical-Biomedical/Gene 5 5 25 28 - -63 -51 1 YES 1/9/2022 30
AGRIFORCE GROWING SYSTEMS
AGRI 7/8/2021 Medical-Biomedical/Gene 3 5 15 33 -3 -57 -61 6 YES - -
LTD
RNAZ 7/9/2021 TransCode Therapeutics Inc Medical-Biomedical/Gene 7 4 29 34 - -32 -50 0 YES 1/5/2022 26
MITQ 7/8/2021 Moving Image Technologies Inc Computers-Other 5 3 14 25 -1 -26 -86 2 YES 7/8/2022 210
DNUT 7/1/2021 Krispy Kreme Inc Food-Baking 33 17 560 2,586 158 -12 -19 23 YES 12/28/2021 18
NYXH 7/2/2021 Nyxoah SA Medical Instruments 3 30 98 510 - -33 -34 0 YES 12/29/2021 19
CURV 7/1/2021 Torrid Holdings Inc Apparel Manufacturers 13 21 266 1,244 - -46 -57 30 YES 12/28/2021 18
HEPS 7/1/2021 D-MARKET Elektronik Hizmetler E-Commerce/Products 65 12 783 789 -88 -80 -83 - YES 12/28/2021 18
ABOS 7/1/2021 Acumen Pharmaceuticals Inc Medical-Biomedical/Gene 11 16 184 290 -8 -55 -65 5 YES 12/28/2021 18
EVCM 7/1/2021 EverCommerce Inc Applications Software 19 17 325 3,239 61 -6 -4 8 YES 12/28/2021 18
VRAR 7/1/2021 Glimpse Group Inc/The Computer Software 2 7 12 116 -5 35 -23 11 NO 6/26/2022 198
CPOP 6/30/2021 Pop Culture Group Co Ltd Commercial Services 6 6 37 47 6 -68 -97 3 YES 12/27/2021 17
DDL 6/29/2021 DingDong Cayman Ltd E-Commerce/Products 5 24 110 2,662 -3,047 -40 -65 - YES 12/26/2021 16
www.KEDM.com

($M) (%) float)
S 6/30/2021 SentinelOne Inc Computer Software 40 35 1,409 13,050 -113 37 23 25 NO - -
XMTR 6/30/2021 Xometry Inc Metal Processors&Fabrica 8 44 348 2,100 -25 7 -28 35 NO - -
LZ 6/30/2021 Legalzoom.com Inc Commercial Services 22 28 616 3,239 69 -42 -57 24 YES 12/27/2021 17
IAS 6/30/2021 Integral Ad Science Holding Co Computer Services 15 18 270 3,252 52 19 5 9 NO 12/27/2021 17
CVRX 6/30/2021 CVRx Inc Medical Instruments 8 18 145 230 -11 -37 -57 6 YES 12/27/2021 17
INTA 6/30/2021 Intapp Inc Enterprise Software/Serv 12 26 314 1,595 -10 0 -5 3 YES 12/27/2021 17
AVTE 6/30/2021 Aerovate Therapeutics Inc Medical-Biomedical/Gene 10 14 140 279 -9 -20 -41 4 YES 12/27/2021 17
BTTR 6/29/2021 Better Choice Co Inc Medical-Whsle Drug Dist 8 5 40 102 -25 -34 -19 2 YES 12/26/2021 16
YOU 6/30/2021 Clear Secure Inc Applications Software 15 31 471 4,050 -11 -10 -42 15 YES 12/27/2021 17
ACXP 6/25/2021 Acurx Pharmaceuticals Inc Medical-Biomedical/Gene 3 6 17 44 - -28 -45 4 YES 12/22/2021 12
MCW 6/25/2021 Mister Car Wash Inc Auto Repair Centers 38 15 563 5,426 267 21 -10 5 NO 12/22/2021 12
ELEV 6/25/2021 Elevation Oncology Inc Medical-Biomedical/Gene 6 16 100 114 -17 -68 -57 2 YES 12/22/2021 12
GRPH 6/25/2021 Graphite Bio Inc Medical-Biomedical/Gene 16 17 274 674 -13 -34 -37 20 YES 12/22/2021 12
GHRS 6/25/2021 GH Research PLC Medical-Biomedical/Gene 10 16 160 1,249 - 58 25 9 NO 12/22/2021 12
MF 6/25/2021 Missfresh Ltd Food-Retail 21 13 273 1,085 -167 -64 -52 - YES 12/22/2021 12
TKNO 6/25/2021 Alpha Teknova Inc Medical-Biomedical/Gene 7 16 110 516 7 16 -26 3 NO 12/22/2021 12
BHG 6/24/2021 Bright Health Group Inc Internet Content-Info/Ne 56 18 1,002 2,816 -244 -76 -74 19 YES 12/21/2021 11
CFLT 6/24/2021 Confluent Inc Applications Software 23 36 828 17,868 -221 86 46 5 NO 12/22/2021 12
DOCS 6/24/2021 Doximity Inc Medical Information Sys 27 26 697 11,105 59 121 6 13 NO 12/21/2021 11
GRVI 6/24/2021 Grove Inc Consumer Products-Misc 2 5 11 77 3 -7 -40 5 YES 12/21/2021 11
GLUE 6/24/2021 Monte Rosa Therapeutics Inc Medical-Biomedical/Gene 13 19 256 834 -26 -6 -5 25 YES 12/21/2021 11
MIRO 6/24/2021 Miromatrix Medical Inc Medical-Biomedical/Gene 6 9 50 133 -10 -27 -49 0 YES 12/21/2021 11
FA 6/23/2021 First Advantage Corp Human Resources 28 15 416 2,675 135 17 -13 4 NO 12/20/2021 10
CXM 6/23/2021 Sprinklr Inc Internet Applic Sftwr 18 16 293 4,024 -23 -16 -20 6 YES - -
YMM 6/22/2021 Full Truck Alliance Co Ltd Transport-Services 83 19 1,568 12,194 -3,551 -46 -46 - YES 12/19/2021 9
TRMR 6/18/2021 Tremor International Ltd Advertising Services 8 19 148 1,159 39 -22 -16 - YES - -
CYT 6/18/2021 Cyteir Therapeutics Inc Medical-Biomedical/Gene 8 18 149 403 - -29 -35 29 YES 12/15/2021 5
DNAY 6/18/2021 Codex DNA Inc Medical-Biomedical/Gene 8 16 123 206 -15 -56 -62 7 YES 12/15/2021 5
ATAI 6/18/2021 ATAI Life Sciences NV Medical-Biomedical/Gene 15 15 225 1,758 -104 -28 -43 10 YES 12/15/2021 5
AMAM 6/18/2021 Ambrx Biopharma Inc Medical-Biomedical/Gene 8 18 142 373 -10 -49 -43 - YES 12/15/2021 5
RERE 6/18/2021 ATRenew Inc Applications Software 18 14 254 1,457 -98 -53 -62 - YES 12/15/2021 5
VERV 6/17/2021 Verve Therapeutics Inc Medical-Biomedical/Gene 16 19 307 1,633 -39 74 -11 30 NO 12/14/2021 4
FEMY 6/18/2021 Femasys Inc Medical Instruments 3 13 34 51 -6 -66 -64 4 YES 12/15/2021 5
LYEL 6/17/2021 Lyell Immunopharma Inc Medical-Drugs 29 17 489 2,403 -196 -43 -38 22 YES 12/14/2021 4
ISPC 6/17/2021 iSpecimen Inc Internet Content-Info/Ne 3 8 21 99 -3,245 87 87 61 NO 12/14/2021 4
CNVY 6/16/2021 Convey Health Solutions Holdin Medical Information Sys 13 14 187 497 38 -53 -46 1 YES 12/13/2021 3
ALZN 6/15/2021 Alzamend Neuro Inc Medical-Biomedical/Gene 3 5 14 198 - -54 -78 81 YES 12/12/2021 2
www.KEDM.com
Unlock Monitor
Initial Public Offering unlocks (last 30, next 30 days)
T - 30
Shares Unlock
180 Next Shares Short Next to Link
Price Earnings Unlocking Busted to Date Options
Ticker Sector IPO Date Lockup Earnings Unlocking Interest Unlock Unlock Notes to
Condition Condition (% of IPO Return (Y/N)
(Y/N) Date (M) (%) Date Date Filings
S/O) (%)
Return
~165.5M shares in lockup post IPO. Of
these, ~26M shares unlocked on 12/7.
An additional ~20.5M shares would
have also unlocked on 12/7, but price
condition failed. Another ~20.9M
shares will unlock on 1/6/2022. An
Application
ZETA 6/10/2021 N 10 days > 13 - 2/16/2022 17 70% 3 Y 1/6/2022 - -2 Y additional ~20.9M shares will unlock on Link
s Software
3/7/2022 if (i) the share price is higher
than $13 on that day, and (ii) the
average share price is higher than $13.5
over the 10 preceding trading days. The
remaining ~77M shares will unlock 365
days after IPO, on 6/10/2022.
Food-
DNUT 7/1/2021 Y - - 2/4/2022 134 80% 23 Y 12/28/2021 - -2 Y Link
Baking
10 days >
36.4 Release ~175M shares in lockup post IPO. Of
Met - first these, ~17.5M shares unlocked on
Commercial
LZ 6/30/2021 N ~17.5M quarterly 2/4/2022 42 74% 24 Y 12/27/2021 - -16 Y 11/8. The remaining ~157.5M shares Link
Services
shares earnings will unlock 180 days after IPO, on
unlocked on (8-K) 12/28.
11/8
Computer
IAS 6/30/2021 Y - - 2/5/2022 41 81% 9 N 12/27/2021 - -11 N Link
Services
Medical
CVRX Instrument 6/30/2021 Y - - 3/10/2022 634 89% 6 Y 12/27/2021 - -13 N Link
s
Enterprise
INTA Software/S 6/30/2021 Y - - 2/22/2022 21 79% 3 Y 12/27/2021 - -7 N Link
erv
Medical-
AVTE Biomedical/ 6/30/2021 Y - - 2/11/2022 161 54% 4 Y 12/27/2021 - -12 N Link
Gene
Medical-
BTTR Whsle Drug 6/29/2021 Y - - 5/13/2022 564 89% 2 Y 12/27/2021 - -5 Y Link
Dist
Application
YOU 6/30/2021 Y - - 2/10/2022 8 54% 15 Y 12/27/2021 - -21 Y Link
s Software
Finance-
Y (90
ARBK Other 9/23/2021 - - 4/29/2022 33 76% - Y 12/22/2021 - -20 Y Link
days)
Services
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
If in the last 17 days of the 180-day
lockup, the company releases earnings
Medical-
or announces "material news", the
ACXP Biomedical/ 6/25/2021 Y - - 2/14/2022 14 75% 4 Y 12/22/2021 - -8 N Link
lockup will be extended for 18 days
Gene
following said announcement. See
p.102 of S-1A filing (link right).
Medical-
ELEV Biomedical/ 6/25/2021 Y - - 2/10/2022 119 79% 2 Y 12/22/2021 - -22 N Link
Gene
Medical-
GRPH Biomedical/ 6/25/2021 Y - - 2/28/2022 109 86% 20 Y 12/22/2021 - 26 N Link
Gene
Medical-
GHRS Biomedical/ 6/25/2021 Y - - 8/12/21 20,078 91% 9 N 12/22/2021 - -3 N Link
Gene
MF Food-Retail 6/25/2021 Y - - 8/12/22 12 26% - Y 12/22/2021 - -6 Y Link
Medical-
TKNO Biomedical/ 6/25/2021 Y - - 2/9/2022 27 76% 3 N 12/22/2021 - -24 N Link
Gene
~260M shares were locked-up post-
10 days > IPO. Of these, ~79M shares unlocked on
20.25 8/29 since price and earnings
Auto Repair Met - ~79M conditions were met as of that date.
MCW 6/25/2021 N - 2/11/2022 22 74% 5 N 12/22/2021 - 7 Y Link
Centers shares Another ~161M shares unlocked 120
unlocked on days after IPO, on 10/22/2021. The
8/14 remaining ~20M shares will unlock 180
days after IPO, on 12/22/2021.
~564M shares in lockup post IPO. All
Internet 10 days >
shares unlock 180 days after IPO, on
BHG Content- 6/24/2021 N 23.94 - 2/16/2022 138 89% 19 Y 12/21/2021 - 7 Y Link
12/21, as early release conditions
Info/Ne EXPIRED
failed.
~12M shares in lockup post IPO. Of
these, ~4.1M shares unlocked 60 days
Consumer
after IPO, on 8/23. The remaining
GRVI Products- 6/24/2021 N - - 2/14/2022 215 79% 5 Y 12/21/2021 - -6 N Link
~7.9M shares (belonging to directors
Misc
and officers) unlock 180 days after IPO,
on 12/21.
Medical-
GLUE Biomedical/ 6/24/2021 Y - - 3/4/2022 136 92% 25 Y 12/21/2021 - -8 N Link
Gene
Medical-
MIRO Biomedical/ 6/24/2021 Y - - 2/11/2022 32 69% 0 Y 12/21/2021 - -7 N Link
Gene
Human
FA 6/23/2021 Y - - 3/1/2022 9 75% 4 N 12/20/2021 - -6 N Link
Resources
~109M shares in lockup post IPO. All
Application 10 days > 13 shares unlock 150 days after IPO, on
KLTR 7/21/2021 N - 2/24/2022 218 88% 4 Y 12/20/2021 - -28 N Link
s Software EXPIRED 12/20/2021, as early release
conditions were not met.
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
Transport-
YMM 6/22/2021 Y - - 2/10/2022 4 65% - Y 12/19/2021 - -21 Y Link
Services
~39.3M shares in lockup. Of these,
Finance- ~12.2M shares unlock 60 days after
SDIG Other 10/20/2021 N - - 3/18/2022 60 80% 30 Y 12/19/2021 - -33 Y IPO, on 12/19/21. The remaining Link
Services ~27.1M shares will unlock 180 days
after IPO, on 4/18/2022.
Medical-
CYT Biomedical/ 6/18/2021 Y - - 2/25/2022 27 31% 29 Y 12/15/2021 - -29 N Link
Gene
Medical-
DNAY Biomedical/ 6/18/2021 Y - - 2/25/2022 29 72% 7 Y 12/15/2021 - -13 N Link
Gene
Medical-
ATAI Biomedical/ 6/18/2021 Y - - 2/15/2022 82 84% 10 Y 12/15/2021 - -16 Y Link
Gene
Medical-
AMAM Biomedical/ 6/18/2021 Y - - - 334 88% - Y 12/15/2021 - -16 N Link
Gene
Application
RERE 6/18/2021 Y - - 8/17/2022 26 14% - Y 12/15/2021 - -28 N Link
s Software
Medical-
VERV Biomedical/ 6/17/2021 Y - - 2/25/2022 484 90% 30 N 12/14/2021 - -32 Y Link
Gene
Medical
FEMY Instrument 6/18/2021 Y - - 2/25/2022 65 79% 4 Y 12/15/2021 - -36 N Link
s
Medical-
LYEL 6/17/2021 Y - - 2/25/2022 568 68% 22 Y 12/14/2021 - -14 Y Link
Drugs
Internet
ISPC Content- 6/17/2021 Y - - 2/25/2022 185 63% 61 N 12/14/2021 - 149 N Link
Info/Ne
Medical
CNVY Information 6/16/2021 Y - - 2/25/2022 162 64% 1 Y 12/13/2021 - -12 N Link
Sys

these, ~13.4M unlocked on 9/27. The
Medical- remaining ~26.8M shares will unlock
ALZN Biomedical/ 6/15/2021 N - 12/10/2021 24 15% 81 Y 12/12/2021 - -5 Y 180 days after IPO, on 12/12, or earlier Link
Gene if price is above $10 for 10 consecutive
trading days. Exact lockup terms buried
deep in Exhibits of prospectus.
Medical-
JANX Biomedical/ 6/11/2021 Y - - 2/10/2022 71 80% 16 N 12/8/2021 1 -26 N Link
Gene
Computer
TASK 6/11/2021 Y - - 2/17/2022 5 54% 8 N 12/8/2021 -4 -30 Y Link
Services
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
Medical
LFST Labs&Testi 6/10/2021 Y - - 2/16/2022 2 1% 6 Y 12/7/2021 2 -30 Y Link
ng Srv
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
Application 10 days >
ZETA 6/10/2021 N - 2/16/2022 54 78% 3 Y 12/7/2021 -2 -4 Y preceding trading days. After that, Link
s 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.
2 days ~484M shares in lockup post IPO. All
E- 10 days >
after first shares will unlock 181 days after IPO,
MQ Commerce/ 6/9/2021 N 35.91 2/16/2022 117 71% 7 Y 12/7/2021 -7 -29 Y Link
quarterly on 12/7, as early release conditions
Services EXPIRED
earnings failed.
~65M shares in lockup post IPO. Shares
are expected to unlock on 12/2,
according to the prospectus, because
Application
MLNK 7/28/2021 Y - - 2/8/2022 106 90% 3 Y 12/2/2021 -5 -12 N the 180-day lockup is expected to occur Link
s Software
during a blackout period. Company will
press release 2 trading days prior to
unlock.
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
Internet unlock if price is above $50.54 (or
HOOD 7/29/2021 N - - 3/17/2022 12 14% 5 Y 12/1/2021 -13 -31 Y Link
Brokers 107.5M shares 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 ~263.5M shares in lockup post IPO. Of
10 days >
after these, ~79M shares unlocked on 8/18
26.25
Commercial second as price and earnings conditions were
Met - ~79M
DLO Serv- 6/3/2021 N earnings 2/25/2022 12 4% 7 N 11/30/2021 3 -32 Y met on that date. The remaining Link
shares
Finance (quarterly ~185M shares unlock 2 trading days
unlocked on
or after second (quarterly or annual)
8/18.
annual) earnings, on 11/30.
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
~231.5M shares in lockup. Of these,
Day of
~69.5M shares unlocked on 11/5 as all
Internet first
3 out of 5 early release conditions were met as of
CXM Applic 6/23/2021 N quarterly 3/9/2022 2 1% 6 Y 11/25/2021 2 -14 Y Link
days > 19.2 that date. The remaining ~162M
Sftwr earnings
locked-up shares unlock 1 day after
(10-Q)
second quarterly earnings, on 11/25.
First
4/5 days > these, ~23.6M shares unlock 11/24 if
quarterly
52.6 the following conditions are met: i)
Commercial earnings
RELY 9/23/2021 N between 2/15/2022 11 2% 18 Y 11/24/2021 -23 -22 Y price is above $52.6 for 4 out of 5 days Link
Services released
11/15 and between 11/15 and 11/19, ii) first
before
11/19 earnings release occurred before
11/15
11/15.
Medical-
CNTA 5/28/2021 Y - - 2/10/2022 65 13% - Y 11/24/2021 12 -33 N Link
Drugs
Medical-
ZIVO Biomedical/ 5/28/2021 Y - - 2/25/2022 495 84% 4 Y 11/24/2021 -3 -11 N Link
Gene
these, ~2.4M shares unlock on 11/24.
Application
CWAN 9/24/2021 N - - 2/15/2022 31 82% 3 N 11/24/2021 -5 -12 Y The remaining shares unlock on Link
s Software
3/23/2022 (assuming no blackout
period).
Medical-
OMIC Biomedical/ 5/27/2021 Y - - 2/16/2022 2 1% 4 Y 11/24/2021 -18 -2 N Link
Gene
10 days > 2 days
~140M shares in lockup post-IPO. Of
29.26 after
these, ~23.3M shares unlocked on 8/27
E- Met - second
as early release conditions were met on
FIGS Commerce/ 5/27/2021 N ~23.3M earnings 2/14/2022 7 12% 12 N 11/23/2021 -10 -17 Y Link
that date. The remaining ~116.7M
Products shares (quarterly
shares unlock 2 days after the second
unlocked on or
earnings release.
8/27 annual)
Computer
PAY 5/26/2021 Y - - 1/14/2022 6 17% 10 N 11/22/2021 0 10 Y Link
Software
these, ~11.7M shares will unlock 3 days
3 days
Computer after the price and earnings conditions
5/10 days > after first
FORG Data 9/16/2021 N 2/17/2022 36 91% 12 N 11/22/2021 -4 -20 Y are met, on 11/22. The remaining Link
33.75 quarterly
Security shares unlock on the earlier of i)
earnings
3/15/22 and 2) 2 days after second
quarterly earnings.
these, ~11.8M shares will unlock 3
Apparel trading days after price condition is
10/15 days
ONON Manufactur 9/15/2021 N - 2/17/2022 148 81% 12 N 11/19/2021 -12 43 Y met. The remaining shares will unlock Link
> 31.2
ers on the earlier of i) 3/15/22 and ii) 3
trading days after second quarterly
earnings, but not earlier than 2/15/22.
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
~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
3 days 11/19. Another ~20% unlock when the
after following conditions are met: i) 90 days
Application
AVDX 10/13/2021 N - second 2/15/2022 64 63% 14 Y 11/19/2021 -36 13 Y have passed since IPO, ii) price is above Link
s Software
quarterly 30 for 5/10 trading days ending on such
earnings date, 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).
3 days
Commercial ~477M shares in lockup post IPO. Of
after Q3
TOST Serv- 9/22/2021 N - 2/15/2022 2 20% 11 Y 11/18/2021 -15 -18 Y these, ~10.7M shares unlock 3 days Link
2021
Finance after Q3 2021 earnings, on 11/18.
earnings
these, ~10.7M shares unlock 3 days
after Q3 2021 earnings, on 11/18.
2 days
Commercial Another ~65.4M shares unlock 2 days
10/15 days after Q2
TOST Serv- 9/22/2021 N 2/15/2022 4 35% 11 Y 11/17/2021 -22 -9 Y after the following condition is met: Link
> 50 2021
Finance share price is above $50 i) for 10 out of
earnings
15 trading days ending on or after
11/15 but ending no later than 11/30,
including the day this condition is met.
Beverages-
OTLY Non- 5/20/2021 Y - - 3/1/2022 1 4% - Y 11/16/2021 -17 -30 Y Link
alcoholic
Expired - No 3 days
these, ~7.4M shares could have
E- shares after
unlocked on 9/13, but early-release
DIBS Commerce/ 6/10/2021 N unlocked second 2/11/2022 16 76% 13 Y 11/15/2021 -7 -10 N Link
conditions were not met and thus
Products due to price quarterly
expired. All shares will unlock 3 days
release earnings
after second quarterly earnings.
3 days
these, ~1.5M shares unlock 3 days
Application after first
ESMT 9/23/2021 N - 2/15/2022 138 81% 5 Y 11/15/2021 -21 -12 Y after first quarterly earnings, on 11/18. Link
s Software quarterly
The remaining shares unlock on
earnings
3/22/2022.
these, ~6.6M shares unlock on 11/15
Computer as early release conditions will have
LAW 7/21/2021 N 10 days > 40 - 3/4/2022 51 67% 7 N 11/15/2021 -26 6 Y Link
Software been met on that date. The remaining
~43.4M shares unlock 180 days after
IPO, on 1/17/2022.
these, ~11M shares unlock on 11/15 as
Educational 10/15 days early release conditions will have been
DUOL 7/28/2021 N 3/11/2022 92 64% 12 Y 11/15/2021 -30 -10 Y Link
Software > 102 met on that date. The remaining ~15M
shares unlock 180 days after IPO, on
1/24/22.
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
2 days
10 days > ~40M shares in lockup post IPO.
after
206.15 ~4.42M shares unlocked early, on 9/8,
second
Application Met ~4.4M as early release conditions were met.
MNDY 6/10/2021 N quarterly 12/13/2021 110 85% 10 N 11/12/2021 -15 0 Y Link
s Software shares All remaining shares unlock two days
earnings
unlocked on after second quarterly earnings, on
on Form
9/8 11/12/21.
6-K

3 days
these, 4.9M shares unlocked on 8/13 as
Medical after
10 days > price and earnings conditions were met
DOCS Information 6/24/2021 N second 2/24/2022 16 62% 13 N 11/12/2021 -22 -6 Y Link
33.8 on that date. The remaining ~147.6M
Sys quarterly
shares unlock 3 days after second
earnings
quarterly earnings, on 11/12/21.
10 days >
31.92 ~91M shares in lockup post-IPO. Of
Met - ~27M 2 days these, ~27M shares unlocked 2 days
Finance- shares after after first quarterly earnings as both
FLYW Other 5/26/2021 N unlocked 2 second 2/14/2022 18 9% 5 N 11/11/2021 -9 -7 N price and earnings conditions were met Link
Services days after quarterly as of that date. The remaining ~64M
first earnings shares unlock 2 days after second
quarterly quarterly earnings.
earnings
Medical-
these, ~1.7M shares are subject to a
DRMA Biomedical/ 8/13/2021 N - - 2/17/2022 70 28% 3 Y 11/11/2021 -52 17 N Link
90-day lockup. The remaining shares
Gene
are subject to a 180-day lockup.
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)
BSVN 12/9/2021 Bank7 Corp Commer Banks Non-US 200 22 1 12 22 0 56 0%
ADC 12/8/2021 Agree Realty Corp REITS-Single Tenant 4860 341 5 8 68 4 2 0%
RLMD 12/8/2021 Relmada Therapeutics Inc Medical-Drugs 498 150 9 50 17 3 -41 11%
ACET 12/8/2021 Adicet Bio Inc Medical-Biomedical/Gene 532 88 6 20 14 1 -1 0%
ET 12/7/2021 Energy Transfer LP Pipelines 26502 665 87 3 8 3 39 12%
OWL 12/7/2021 Blue Owl Capital Inc Invest Mgmnt/Advis Serv 21037 446 31 9 15 3 35 6%
STWD 12/7/2021 Starwood Property Trust Inc REITS-Mortgage 7576 397 16 6 25 3 29 0%
VRRM 12/7/2021 Verra Mobility Corp Computer Software 2218 122 8 6 15 3 6 -4%
SI 12/6/2021 Silvergate Capital Corp Commer Banks-Western US 4534 552 4 14 145 6 101 3%
GLPI 12/6/2021 Gaming and Leisure Properties REITS-Diversified 11587 396 9 4 45 1 11 5%
AEI 12/5/2021 Alset EHome International Inc Real Estate Oper/Develop 59 11 19 25 1 0 -90 3%
APP 12/3/2021 AppLovin Corp Entertainment Software 33975 716 9 3 83 3 - 10%
ESPR 12/2/2021 Esperion Therapeutics Inc Medical-Biomedical/Gene 330 225 32 108 7 18 -80 -24%
IMGN 12/2/2021 ImmunoGen Inc Medical-Biomedical/Gene 1495 115 17 9 7 4 5 3%
MEIP 12/1/2021 MEI Pharma Inc Medical-Biomedical/Gene 342 52 20 18 3 7 -2 -1%
LGVN 12/1/2021 Longeveron Inc Medical-Biomedical/Gene 403 20 1 34 18 33 - 13%
ADTX 12/1/2021 Aditxt Inc Diagnostic Equipment 35 17 17 62 1 1 -61 -22%
KRYS 11/30/2021 Krystal Biotech Inc Medical-Biomedical/Gene 1775 230 3 14 75 11 18 -6%
PTPI 11/30/2021 Petros Pharmaceuticals Inc Medical-Drugs 43 6 2 14 3 24 -45 -19%
INTU 11/29/2021 Intuit Inc Applications Software 189371 1036 2 1 669 1 76 0%
QLGN 11/29/2021 Qualigen Therapeutics Inc Medical-Biomedical/Gene 40 9 6 20 2 16 -62 -24%
KTTA 11/24/2021 Pasithea Therapeutics Corp Medical-Biomedical/Gene 53 30 9 66 4 7 - -30%
OTLK 11/23/2021 Outlook Therapeutics Inc Therapeutics 331 58 46 26 1 3 14 18%
ALPP 11/23/2021 Alpine 4 Holdings Inc Metal Processors&Fabrica 418 24 9 6 3 4 -31 -11%
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 217 200 52 64 4 5 -63 -58%
ALHC 11/18/2021 Alignment Healthcare Inc Medical Information Sys 2556 193 9 5 21 4 - -35%
PRVA 11/18/2021 Privia Health Group Inc Medical Information Sys 2347 174 6 6 29 3 - -24%
BXMT 11/19/2021 Blackstone Mortgage Trust Inc REITS-Mortgage 5177 318 10 6 32 4 12 -3%
ROVR 11/19/2021 Rover Group Inc E-Commerce/Products 2010 69 7 4 10 2 - 10%
ECVT 11/18/2021 Ecovyst Inc Chemicals-Specialty 1325 76 8 6 10 1 -16 2%
EQT 11/18/2021 EQT Corp Oil Comp-Explor&Prodtn 7820 232 11 3 21 4 63 -2%
SEMR 11/18/2021 SEMrush Holdings Inc Applications Software 2770 103 5 20 21 2 - -4%
AQB 11/18/2021 AquaBounty Technologies Inc Fisheries 175 27 13 22 2 5 -72 17%
KHC 11/18/2021 Kraft Heinz Co/The Food-Misc/Diversified 41299 - 31 3 - 3 -3 -
CBAY 11/18/2021 Cymabay Therapeutics Inc Medical-Biomedical/Gene 302 63 16 23 4 2 -38 -11%
FTHM 11/18/2021 Fathom Holdings Inc Real Estate Mgmnt/Servic 351 44 2 12 25 10 -40 -13%
LTRX 11/18/2021 Lantronix Inc Networking Products 241 35 5 16 8 1 57 -7%
GRIL 11/18/2021 Muscle Maker Inc Retail-Restaurants 27 9 7 38 1 4 -37 -20%
DH 11/17/2021 Definitive Healthcare Corp Medical Information Sys 4975 396 11 13 36 2 - -11%
www.KEDM.com
Shares
($M) greenshoe (%) (%) (%)
(M)
NWE 11/17/2021 NorthWestern Corp Electric-Integrated 3052 325 6 13 54 1 -3 6%
CERT 11/17/2021 Certara Inc Medical-Biomedical/Gene 4363 310 10 7 31 2 -18 -11%
CLOV 11/17/2021 Clover Health Investments Corp Medical-HMO 2085 300 52 19 6 9 -74 -23%
DV 11/17/2021 DoubleVerify Holdings Inc Enterprise Software/Serv 5036 288 9 6 31 5 - 2%
NOG 11/17/2021 Northern Oil and Gas Inc Oil Comp-Explor&Prodtn 1569 230 12 18 20 14 132 2%
VCTR 11/17/2021 Victory Capital Holdings Inc Private Equity 2372 136 4 6 34 6 40 2%
CTOS 11/17/2021 Custom Truck One Source Inc Rental Auto/Equipment 2003 105 12 5 9 2 10 -5%
MITT 11/17/2021 AG Mortgage Investment Trust I REITS-Mortgage 251 72 7 44 10 2 24 7%
PTON 11/16/2021 Peloton Interactive Inc Athletic Equipment 12836 1100 24 9 46 9 -74 -15%
CUBE 11/16/2021 CubeSmart REITS-Storage 11838 792 16 8 51 2 61 6%
APLS 11/16/2021 Apellis Pharmaceuticals Inc Medical-Biomedical/Gene 4058 403 10 12 40 8 -27 4%
PSTL 11/16/2021 Postal Realty Trust Inc REITS-Diversified 399 83 5 36 17 0 5 5%
VRAY 11/16/2021 ViewRay Inc X-Ray Equipment 986 80 14 9 6 5 44 -2%
EYPT 11/16/2021 EyePoint Pharmaceuticals Inc Medical-Biomedical/Gene 493 70 5 18 14 7 121 6%
OPTN 11/16/2021 Optinose Inc Medical-Drugs 134 46 29 54 2 5 -61 2%
CYTH 11/16/2021 Cyclo Therapeutics Inc Medical-Biomedical/Gene 37 12 2 30 6 1 2 -26%
SUI 11/15/2021 Sun Communities Inc REITS-Manufactured Homes 23975 648 4 3 185 7 32 8%
STEP 11/15/2021 StepStone Group Inc Invest Mgmnt/Advis Serv 4735 236 5 8 52 1 10 -16%
NETI 11/12/2021 Eneti Inc Energy-Alternate Sources 284 175 19 99 9 2 -57 -19%
HAIN 11/11/2021 Hain Celestial Group Inc/The Food-Misc/Diversified 3712 563 12 15 46 7 -2 -14%
MRTX 11/10/2021 Mirati Therapeutics Inc Medical-Biomedical/Gene 7464 500 3 7 145 6 -38 -7%
FA 11/10/2021 First Advantage Corp Human Resources 2637 345 17 13 20 4 - -14%
DSEY 11/10/2021 Diversey Holdings Ltd Chemicals-Specialty 4187 225 15 5 15 5 - -12%
KNBE 11/10/2021 KnowBe4 Inc Computer Data Security 3905 237 9 29 26 3 - -11%
APR 11/10/2021 Apria Inc Medical Products 1112 153 5 16 32 5 - 0%
EWCZ 11/10/2021 European Wax Center Inc Commercial Services 1717 157 6 21 26 7 - 3%
MASS 11/10/2021 908 Devices Inc Engineering/R&D Services 799 101 3 11 32 8 -55 -20%
CYRX 11/10/2021 CryoPort Inc Transport-Services 3200 249 3 7 81 5 48 -20%
KDNY 11/10/2021 Chinook Therapeutics Inc Medical-Biomedical/Gene 851 134 10 21 14 5 -1 12%
BLBX 11/10/2021 Blackboxstocks Inc Investment Companies 33 12 2 30 5 1 5 -37%
HSDT 11/10/2021 Helius Medical Technologies In Medical-Biomedical/Gene 21 11 1 58 8 1 -57 -29%
SITM 11/9/2021 SiTime Corp Electronic Compo-Semicon 6235 518 2 13 225 3 171 35%
PING 11/9/2021 Ping Identity Holding Corp Computer Data Security 1905 283 10 14 28 7 -20 -19%
SGRY 11/9/2021 Surgery Partners Inc Medical-Hospitals 4570 321 7 8 47 4 76 10%
PLYA 11/9/2021 Playa Hotels & Resorts NV Hotels&Motels 1285 70 8 5 8 2 32 -6%
KRP 11/9/2021 Kimbell Royalty Partners LP Oil-US Royalty Trusts 888 53 4 9 14 2 75 -1%
ATXI 11/9/2021 Avenue Therapeutics Inc Medical-Drugs 24 3 2 13 1 1 -79 -7%
TALO 11/8/2021 Talos Energy Inc Oil Comp-Explor&Prodtn 811 - 6 8 - 4 20 -
MOS 11/5/2021 Mosaic Co/The Agricultural Chemicals 13572 - 34 10 - 1 59 -
XM 11/4/2021 Qualtrics International Inc Enterprise Software/Serv 18492 1150 27 30 42 5 - -19%
TRNO 11/4/2021 Terreno Realty Corp REITS-Warehouse/Industr 5951 261 4 5 75 2 36 7%
STAG 11/3/2021 STAG Industrial Inc REITS-Warehouse/Industr 7975 391 9 6 43 1 42 5%
ANIP 11/3/2021 ANI Pharmaceuticals Inc Medical-Biomedical/Gene 733 75 2 10 50 2 51 -12%
OLB 11/3/2021 OLB Group Inc/The Internet Applic Sftwr 44 25 5 73 6 4 -17 -25%
TMBR 11/3/2021 Timber Pharmaceuticals Inc Medical-Biomedical/Gene 26 17 27 73 1 4 -45 -36%
www.KEDM.com
Shares
($M) greenshoe (%) (%) (%)
(M)
ABG 11/2/2021 Asbury Automotive Group Inc Retail-Automobile 3903 691 4 20 182 6 16 -7%
VRT 11/2/2021 Vertiv Holdings Co Machinery-Electric Util 9734 500 20 6 25 4 39 4%
ABR 11/2/2021 Arbor Realty Trust Inc REITS-Mortgage 3082 148 8 5 20 4 29 -7%
RKFL 11/2/2021 RocketFuel Blockchain Inc Commercial Serv-Finance 13 5 7 26 1 0 -80 -47%
NXTP 11/1/2021 NextPlay Technologies Inc E-Commerce/Services 118 30 19 20 2 1 -55 -35%
EIC 10/29/2021 Eagle Point Income Co Inc Closed-end Funds 106 12 1 12 18 - 22 -5%
STAF 10/29/2021 Staffing 360 Solutions Inc Human Resources 18 9 5 37 2 3 -74 -47%
FDMT 10/28/2021 4D Molecular Therapeutics Inc Medical-Biomedical/Gene 720 119 5 17 25 3 -46 -10%
CWBR 10/28/2021 Cohbar Inc Medical-Biomedical/Gene 43 15 21 32 1 1 -63 -31%
BBI 10/28/2021 Brickell Biotech Inc Medical-Biomedical/Gene 37 10 26 30 0 1 -59 -16%
KREF 10/27/2021 KKR Real Estate Finance Trust REITS-Mortgage 1305 110 5 9 22 4 20 -2%
TWO 10/26/2021 Two Harbors Investment Corp REITS-Mortgage 2134 196 30 10 7 4 -3 -5%
CLAR 10/26/2021 Clarus Corp Athletic Equipment 986 85 3 9 27 1 73 -1%
OMF 10/26/2021 OneMain Holdings Inc Finance-Consumer Loans 6558 542 10 8 54 3 19 -6%
CRTD 10/25/2021 Creatd Inc Applications Software 37 4 1 6 5 7 -45 -49%
GMGI 10/25/2021 Golden Matrix Group Inc Entertainment Software 199 3 0 2 7 0 6 4%
FGF 10/25/2021 FG Financial Group Inc Property/Casualty Ins 24 3 1 13 4 7 -2 3%
ISEE 10/21/2021 IVERIC bio Inc Medical-Biomedical/Gene 1671 173 10 10 17 12 111 -13%
CRNX 10/21/2021 Crinetics Pharmaceuticals Inc Medical-Biomedical/Gene 1238 173 9 22 20 2 85 32%
ADMA 10/21/2021 ADMA Biologics Inc Medical-Biomedical/Gene 265 58 58 42 1 6 -31 36%
WHF 10/21/2021 WhiteHorse Finance Inc Investment Companies 360 30 2 9 16 1 15 -2%
TASK 10/20/2021 TaskUS Inc Computer Services 4081 767 12 80 64 8 - -34%
HPK 10/20/2021 HighPeak Energy Inc Oil Comp-Explor&Prodtn 1383 22 2 2 10 2 -8 45%
LMFA 10/18/2021 LM Funding America Inc Finance-Commercial 78 35 7 131 5 5 82 28%
ADTX 10/18/2021 Aditxt Inc Diagnostic Equipment 35 17 17 62 1 1 -61 -22%
PYCR 10/15/2021 Paycor HCM Inc Enterprise Software/Serv 5137 384 12 7 32 4 - -8%
SNCY 10/14/2021 Sun Country Airlines Holdings Airlines 1529 276 9 17 33 6 - -18%
NAPA 10/14/2021 Duckhorn Portfolio Inc/The Beverages-Wine/Spirits 2311 283 14 14 21 4 - -2%
KOS 10/14/2021 Kosmos Energy Ltd Oil Comp-Explor&Prodtn 1742 142 43 11 3 5 64 17%
PALT 10/14/2021 Paltalk Inc Internet Content-Entmnt 31 12 2 19 8 5 119 -57%
PTPI 10/14/2021 Petros Pharmaceuticals Inc Medical-Drugs 43 6 2 14 3 24 -45 -19%
SRPT 10/13/2021 Sarepta Therapeutics Inc Therapeutics 7507 575 7 9 81 7 -49 6%
APEN 10/13/2021 Apollo Endosurgery Inc Medical Instruments 328 65 8 27 8 2 144 7%
RZLT 10/13/2021 Rezolute Inc Medical-Biomedical/Gene 72 39 6 64 7 0 -61 -28%
NMTC 10/13/2021 NeuroOne Medical Technologies Medical Products 42 12 4 31 3 0 -44 -18%
RLAY 10/12/2021 Relay Therapeutics Inc Medical-Biomedical/Gene 3091 350 13 14 27 21 -31 8%
SBRA 10/12/2021 Sabra Health Care REIT Inc REITS-Health Care 3132 - 7 3 - 2 -21 -
EFC 10/12/2021 Ellington Financial Inc REITS-Mortgage 1012 105 6 11 18 2 19 -3%
www.KEDM.com
CEO Change Monitor

Firings and resignations of the CEO position (trailing 60 days)
TTM
Mkt Return Resign Successor Effective Link
Initial PR Departing Return Interim Days
Ticker Company Cap since Immediate CEO Date of Notes/Synopsis/Reasons for Leaving to
Date CEO Before (Y/N) Til ER
($M) PR (%) (Y/N) Announced New CEO PR
PR (%)
Getnet
Pedro Pedro Carlos Araújo Coutinho will resign his position as CEO of the Company
GET 12/7/2021 Adquirencia e 658 -37 -1 N N N 3/31/2022 - LINK
Coutinho on March 31st , 2022
Servicos
PTRA 12/9/2021 Proterra Inc Jack Allen 2,118 -4 -4 N Y N 1/1/2022 133 New CEO and CFO announced. Recent deSPAC LINK
Walter Lynch, president and CEO of American Water has been hospitalized
American Water Walter
AWK 12/08/2021 31,918 20 1 Y N Y 12/08/2021 76 and is now recovering from an injury. Susan Hardwick has been appointed as LINK
Works Co Inc Lynch
Interim CEO, effective immediately.
Community
William J. William J. Pasenelli will retire from his CEO positions, and a member of the
TCFC 12/08/2021 Financial 213 44 0 N Y N 08/31/2022 56 LINK
Pasenelli Board. James M. Burke will succeed, effective August 31, 2022.
Corp/The
American
Doug Parker will retire as CEO on March 31, 2022. Robert Isom, the current
AAL 12/07/2021 Airlines Group Doug Parker 11,746 4 -1 N Y N 03/31/2022 49 LINK
President, will be his successor.
Inc
Brian A. Kenney will retire as president and CEO, effective April 22, 2022. The
Brian A.
GATX 12/07/2021 GATX Corp 3,711 26 -2 N Y N 04/22/2022 49 GATX board of directors has appointed Robert C. Lyons as the Company’s next LINK
Kenney
CEO, effective April 22, 2022.
Michael Klein will step down from his role as CEO, and will continue as
Michael
ICAD 12/06/2021 iCAD Inc 178 -42 1 N Y N 03/01/2022 76 Chairman of the Board. Stacey Stevens has been appointed as President and LINK
Klein
CEO, effective March 01, 2022.
Forum Energy Christopher Gaut will become Executive Chairman, effective February 18,
Christopher
FET 12/06/2021 Technologies 100 28 0 N Y N 02/18/2022 75 2022. The Board has appointed Neal Lux as President and CEO, effective on LINK
Gaut
Inc the same date.
David L. Joseph J. Liberatore, current President, will succeed David L. Dunkel as Chief
KFRC 12/06/2021 Kforce Inc 1,558 74 -2 N Y N 01/01/2022 60 LINK
Dunkel Executive Officer (CEO), effective January 1, 2022.
Rayonier Paul G. Boynton is set to retire as President and CEO but will remain to
Paul G.
RYAM 12/06/2021 Advanced 380 -32 6 N Y N 01/01/2022 76 support the transition as Vice Chair. Vito J. Consiglio has been appointed as LINK
Boynton
Materials In President And CEO, effective January 1, 2022.
Spectrum Joe Turgeon, President and Chief Executive Officer, to retire and step down
SPPI 12/03/2021 Pharmaceuticals Joe Turgeon 252 -71 7 N Y N 12/31/2021 110 from the Board of Directors. Tom Riga to be named President and CEO, LINK
Inc effective December 31, 2021.
Chairman and CEO James A. Squires plans to retire on May 1, 2022, at which
Norfolk James A.
NSC 12/02/2021 69,828 18 4 N Y N 05/01/2022 48 time Executive Vice President and Chief Marketing Officer Alan H. Shaw will LINK
Southern Corp Squires
become CEO.
Ying Feng LAI resigned his positions as CEO, CFO, President, Treasurer and
Legacy Ventures
LGYV 12/02/2021 Ying Feng 2 7678 - Y Y N 12/02/2021 63 Secretary of the Company. Pak Hong WAN has been appointed as successor. LINK
International
This is the second CEO transition since October 25, 2021.
Dimitri Kazarinoff is stepping down from his position as Chief Executive

Dimitri Officer to pursue other career opportunities. Eric Tech has been appointed
XL 11/01/2021 XL Fleet Corp 591 -45 -25 N Y N 12/01/2021 111 LINK
Kazarinoff as his successor, effective December 01, 2021. Update 12/01/2021: Eric Tech
has taken the reins.
www.KEDM.com
TTM
PR (%)
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 49 317 -72 N N N 12/06/2021 76 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.
The online marketplace announced its chief executive and chief operating
Rich officer are leaving. Williams and Krenzer will continue as employees of the
GRPN 03/25/2020 Groupon Inc 671 -74 24 Y N Y 12/10/2021 77 LINK
Williams company. 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 5,528 45 -4 N N N 12/01/2021 70 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 0 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
TWTR 11/29/2021 Twitter Inc Jack Doresy 37,150 -2 -1 Y Y N 11/29/2021 62 of Directors has unanimously appointed Parag Agrawal as CEO and a member LINK
of the Board, effective immediately.
BioForce Merle Ferguson has resigned as President and CEO. The board has appointed
Merle
BFNH 11/29/2021 Nanosciences 41 41 17 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 2,200 82 24 Y N Y 11/28/2021 74 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 198 32 -12 Y N Y - 83 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 123 -73 -7 N Y N 02/01/2022 5 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 33,890 43 2 N Y N 01/01/2022 55 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 6 Y Y N 11/22/2021 95 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 2,340 -46 -29 N N N - 89 on or before December 31, 2022. The Board of Directors is engaged in a LINK
Inc search 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 389 - 0 Y N N - 97 of the Company in order to pursue other investment opportunities, LINK
Whitehead
I EFFECTIVE IMMEDIATELY.
Founders Oren and Roni Frank will step down effective immediately. The
TALK 11/18/2021 Talkspace Inc Oren Frank 315 -77 -7 Y N Y Searching 6 LINK
recent deSPAC is down 80% from highs.
www.KEDM.com
TTM
PR (%)
Bakhu Holdings Teddy C. Teddy C. Scott Jr. has resigned from the company, effective November 10,
BKUH 11/16/2021 1,197 -27 -10 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 1,479 43 -6 N Y N 01/01/2022 76 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 659 -23 -34 Y N Y 11/29/2021 75 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 17,967 -29 -20 Y N Y - 84 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 113 28 -21 Y N Y - 105 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 3,343 53 -11 Y Y N 11/15/2021 76 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 17,854 101 -12 N Y N 12/13/2021 55 has been appointed as the Company’s new CEO and Director, effective the LINK
Siclen
same date.
Norwood Lewis J.
NWFL 11/15/2021 212 4 -6 N N N - 48 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 54 -11 1 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 7,248 -13 1 N Y N 12/31/2021 62 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 229 - -52 Y N Y 12/1/2021 111 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 33 -42 -25 Y Y N 11/08/2021 63 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 267 -10 -3 Y Y N 11/15/2021 75 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
TXMD 11/11/2021 198 -51 -31 N Y N 12/31/2021 55 LINK
Inc Finizio on or before December 31, 2021.
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 76 -56 2 Y N Y 11/15/2021 77 LINK
Blount given. Update 11/11/2021: Tony Scott has been appointed as the new
President and CEO, effective November 15, 2021.
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
UPDATE: Stay period under CCAA extended until 12/17 UPDATE 11/11:
Just Energy Group fixed-price and price-protected contracts. The Company
3/9/2021 JENGQ Gas-Distribution 53 Extension of stay until 2/17/22; DIP maturity extended to 9/30/22; Court Link
Inc also offers its customers the option to receive all or part of
approved the ecobee sale to Generac UPDATE 11/12: Initiates litigation against
their electricity and natural gas from renewable sources.
ERCOT UPDATE: Sale of ecobee to Generac closed; net proceeds of 15m and 80k
Just Energy operates in Canada and the United States.
shares of GNRC UPDATE: JENGQ to recover ~148m in costs from ERCOT
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 16 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 UPDATE 12/9: Soliciting votes
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
agents. The Company specializes in the manufacturing of
10/12/2020 Mallinckrodt PLC MNKKQ Medical-Drugs 15 votes on the plan UPDATE 9/3: Reaches settlement with Opioid creditors; Link
pain management medications. Mallinckrodt offers its
amended plan to be filed next week; confirmation hearing in September
products to major wholesalers and retail drug store chains
UPDATE 11/1: Confirmation hearing begins UPDATE 12/6: MNKKQ wins fight
worldwide.
over Acthar antitrust claims
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
5/25/2020 LTMAQ Airlines 370 approves the APO and Oaktree financing UPDATE 10/28: Court approves 1- Link
Group SA Chile, South America, the Caribbean, Europe, North
month extension of exclusivity period; mediation in November UPDATE 11/2:
America, and the Pacific. LATAM Airlines operates
Airline AZUL is considering a offer if the restructuring plan fails UPDATE 11/9: Q3
passenger aircraft and 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; existing 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 UPDATE 5/18: Files
CBL &
amended reorg plan; court approves disclosure statement; creditor vote forthcoming UPDATE 7/22:
Associates CBL REITS-Regional Malls 11/1/2020 11/2/2021 593 -1 - 28
Amended plan supplement filed UPDATE: Confirmation hearing on 8/11; amended plan filed UPDATE
Properties In
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 $83 Million in Debt UPDATE 6/22: Plan filed (link right); hearing date of July 12;
AeroCentury Finance-Leasing two paths - Sponsored Plan (ACY has yet to find a sponsor) and a Standalone Plan (liquidation)
ACY 3/29/2021 9/30/2021 156 -38 - -
Corp Compan UPDATE 7/12: Revised Plan and Disclosure; judge approves combined docs; 8/31 final hearing
UPDATE 7/27: ACY files to extend exclusivity until 10/25 UPDATE: LOI signed with Plan Sponsors;
11m equity investment as part of the plan of exit; NewCo pro forma ownership: 65% Plan Sponsors
and 35% Legacy ACY shareholders UPDATE 8/17: Plan Sponsor Agreement filed UPDATE 8/31:
Received court approval for the plan; targeting exit prior to 9/30
The Company, offers renting and leasing of cars from its corporate and franchise locations, as well
as maintains separate airport counters, reservations and reservation systems, marketing, and other
Hertz Global
HTZ Rental Auto/Equipment customer contact activities. Update 5/11: Knighthead sweetens offer to 6B; wins auction; equity to 5/22/2020 7/1/2021 12009 -6 10 -
Holdings Inc
recieve 240m plus warrants (appx. 8$ 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
DavidsTea Inc DTEA Tea all claims" UPDATE 5/11: Court authorized DTEA to file its Plan; simple majority on June 17 needed 7/8/2020 6/17/2021 92 -33 - -
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 serves #N/A N/A 5/18/2021 1387 -6 4 -
Corp Explor&Prodtn
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 2299 41 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 466 30 2 -
Inc Orig
Diamond Plan submitted 1/25 to emerge. Equitization of senior unsecured. Exit likely in April. UPDATE: Plan
Offshore Drilling PRIVATE Oil&Gas Drilling confirmed. Current shareholders to receive rights to purchase 7% of NewCo. 625m in exit financing. 4/26/2020 - - - -
Inc UPDATE 6/22: S-1 filed
Frontier Frontier Communications Parent, Inc. operates as a telecommunications company. The Company
Communications FYBR Telecom Services offers a variety of communications solutions services through its fiber-optic and copper networks, 4/14/2020 4/15/2021 7958 22 6 7
Parent including video, high-speed internet, advanced voice, and frontier secure 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 liquids.
Ferrellgas The Partnership serves residential, industrial and commercial, portable tank exchange, agricultural,
FGPR Retail-Propane Distrib 3/30/2021 419 7 - -
Partners LP 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 focused
Chesapeake Oil Comp-
CHK on discovering, developing, and acquiring conventional and unconventional natural gas reserves 6/28/2020 2/10/2021 7415 43 4 0
Energy Corp Explor&Prodtn
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 1390 -6 - -
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 acquisition,
Extraction Oil & Oil Comp-
XOG development, and production of oil, natural gas, and natural gas liquid reserves in the Rocky 6/14/2020 1/21/2021 1771 - - 0
Gas Inc Explor&Prodtn
Mountains. Extraction Oil & Gas serves customers in the United States.
Tuesday Morning Corporation retails home furnishing, gifts, and related items. The Company offers
Tuesday Retail-Home
TUEM bath and body, bed, craft, dining, kitchen, furniture, fashion accessories and products. Tuesday 5/27/2020 1/4/2021 206 27 - -
Morning Corp Furnishings
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-term
PEI REITS-Regional Malls 2/11/2021 12/11/2020 95 4 - -
Real Estate Inves 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 2429 318 5 -
Inc Explor&Prodtn
United States.
FTS International, Inc. provides oil field services. The Company offers pressure pumping, wireline and
FTS
FTSI Oil-Field Services perforating, reservoir optimization, hydraulic fracturing, and equipment manufacturing services. FTS 9/22/2020 11/19/2020 369 86 - -
International Inc
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 by
CRC 7/15/2020 10/27/2020 3600 198 5 1
Resources Corp Explor&Prodtn 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 customers 7/30/2020 9/18/2020 4214 354 13 0
Explor&Prodtn
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 customers 4/1/2020 9/1/2020 2680 246 4 0
Petroleum Corp Explor&Prodtn
in the United States.
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 provides
PG&E Corp PCG Electric-Integrated 1/29/2019 7/1/2020 24797 39 10 20
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 offers
Mcdermott Engineering/R&D
MCDIF engineering, fabrication, onshore construction, procurement, commissioning, and consulting - 6/30/2020 83 -81 - -
International Ltd Services
services. Mcdermott International serves clients worldwide.
Weatherford Weatherford International Public Limited Company provides oil field services and equipment. The
International WFRD Oil-Field Services Company offers drilling solutions, gas well unloading, restoration, and other related activities. 7/2/2019 12/13/2019 1871 12 6 5
PLC 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
Corcentric is a leading provider of payments, accounts payable, and accounts receivable

technology to enterprise and middle-market companies. Corcentric delivers software,
NMMC NMMCW CORCENTRIC 12/10/21 LINK LINK 9.84 0.92 -2.58 N
advisory services, and payments focused on reducing costs, optimizing working capital,
and unlocking revenue; $1.2V EV
Getty Images is a preeminent global visual content creator and marketplace that offers a
full range of content solutions to meet the needs of any customer around the globe, no
PRPB PRPB/WS GETTTY IMAGES 12/10/21 LINK LINK 9.90 1.30 -2.90 Y
matter their size. Through its Getty Images, iStock and Unsplash brands, websites and
APIs, Getty Images serves over 1 million customers
Alvotech is a biopharmaceutical company focused solely on the development and
OACB OACB/WS ALVOTECH 12/8/21 LINK LINK 9.90 1.25 -2.86 N
manufacture of biosimilar medicines for patients worldwide.
Tomorrow.io is The World’s Weather and Climate Security Platform, helping countries,
PTOC PTOCW TOMORROW.IO 12/8/21 LINK LINK 9.87 0.78 -2.42 N
businesses, and individuals manage their weather and climate security challenges.
Aerami is a clinical stage biopharmaceutical company developing inhaled therapies to
FOXW FOXWW AERAMI 12/8/21 LINK - 9.92 0.48 -2.06 N
treat severe respiratory and chronic diseases.
Grove creates and curates high-performing, planetfirst products across household
GROVE
VGII VGII/WS cleaning, personal care, laundry, clean beauty, and pet, serving millions of households 12/8/21 LINK LINK 9.86 1.04 -2.68 N
COLLABORATIVE
across the U.S. W
Biopharmaceutical company that focuses on non-opioid pain management products for
SORRENTO
VCKA VCKAW treatment of acute and chronic pain. Publicly-traded SRNE will spin Scilex Holdings which 12/6/21 LINK - 10.06 0.59 -2.03 N
THERAPEUTICS
will then merge with VCKA
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 9.92 1.31 -2.89 Y
BUSINESS TRAVEL
companies of all sizes.
Selina is one of the world's largest hospitality brands built to address the needs of
BOAS BOAS/WS SELINA Millennial and Gen Z travelers, blending beautifully designed accommodation with 12/2/21 LINK LINK 9.84 0.62 -2.28 N
coworking, recreation, wellness, and local experiences.
OPAL Fuels LLC, a FORTISTAR portfolio company, is a leading vertically integrated
ACTD ACTDW OPAL FUELS renewable fuels platform involved in the production and distribution of renewable 12/2/21 LINK LINK 10.03 1.73 -3.20 N
natural gas (RNG) for the heavy-duty truck market.
Voltus is the leading software technology platform connecting distributed energy
SCLE SCLEW VOLTUS resources to electricity markets, delivering less expensive, more reliable, and more 12/1/21 LINK LINK 9.85 1.20 -2.85 N
sustainable electricity.
Rumble is a high growth neutral video distribution platform. Rumble has created rails and
CFVI CFVIW RUMBLE 12/1/21 LINK LINK 13.44 3.53 -1.59 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
BLTS BLTSW MANSCAPED 7/30/21 LINK LINK 9.85 0.80 -2.45 N
diversified 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 10.15 1.05 -2.40 Y
Essentium manufactures and delivers innovative industrial 3D printers, materials,

ACAH ACAHW ESSENTIUM software, and services, enabling the world’s top manufacturers to bridge the gap 12/1/21 LINK LINK 9.91 0.96 -2.55 N
between 3D printing and machining
www.KEDM.com

Griid, procures cheap, carbon-free energy to manage, build and operate a portfolio of
ADEX ADEX/WS GRIID 11/24/21 LINK LINK 9.90 0.94 -2.54 N
U.S.-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
BSGA - BITDEER 11/18/21 LINK - 10.18 - - N
mining 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
ASPC ASPCW SEMANTIX 2022 revenue of nearly $73 million. More than 300 clients in over 15 countries use 11/17/21 LINK LINK 9.86 0.80 -2.44 N
Semantix software and services.
SoundHound Inc., a leading innovator of conversational intelligence, offers an

ATSPT ATSPW SOUNDHOUND independent voice AI platform that enables businesses across industries to deliver best- 11/16/21 LINK LINK 9.84 1.11 -2.77 N
in-class 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.
CHPM CHPMW ACCELUS Established through the combination of Integrity Implants and Fusion Robotics, Accelus 11/15/21 LINK LINK 10.10 0.55 -1.95 N
is focused on providing 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
MILK MAKEUP &
WALD WALDW beauty community for its values of self-expression and inclusion, captured by its 11/15/21 LINK LINK 9.82 1.30 -2.98 N
OBAGI
signature Live Your Look, its innovative formulas and clean ingredients. The brand creates
vegan, cruelty-free, clean formulas from its Milk Makeup HQ in Downtown NYC.
Brivo is the global leader in mobile, cloud-based access control for commercial real
estate, large distributed enterprises, and multifamily residential. The comprehensive
CPTK CPTK/WS BRIVO product ecosystem and open API provide businesses with powerful digital tools to 11/10/21 LINK LINK 9.84 0.78 -2.44 N
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 11/10/21 LINK LINK 9.98 0.49 -2.01 N
labor 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, forming a truly global transportation grid. The technology helps save
RCLF RCLFW GETT 11/10/21 LINK LINK 9.85 0.89 -2.55 N
businesses time and 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 11/9/21 LINK - 10.31 1.94 -3.13 N
of 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 11/9/21 LINK LINK 9.85 0.70 -2.35 N
online 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
BIOT BIOTW BLADE THERAPEUTICS 11/8/21 LINK LINK 9.84 0.69 -2.35 N
impact millions of people worldwide. The company has deep expertise in novel biological
pathways – including autotaxin / LPA and calpain biology
www.KEDM.com

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
DSAC DSACW FISCAL NOTE 11/8/21 LINK LINK 9.91 1.42 -3.01 N
data, 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 0.26 -0.74 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
QFTA QFTA/WS TRADESTATION 11/4/21 LINK LINK 9.89 0.55 -2.16 N
financial 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
SBEA SBEAW BLACK RIFLE COFFEE 11/2/21 LINK LINK 10.30 1.55 -2.75 Y
premium 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,
TWNT TWNT/WS TERRAN ORBITAL 10/28/21 LINK LINK 9.89 1.00 -2.61 N
mission 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
BRPM BRPMW FaZe Clan by a group of kids on the internet, FaZe Clan was created for and by Gen Z and Millennials, 10/25/21 LINK LINK 10.28 1.83 -3.05 Y
and today operates across multiple verticals with transformative content, tier-one brand
partnerships, a collective of notable talent, and fashion and consumer products.
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 58.79 19.50 27.79 Y
used their unilateral power to silence opposing voices in America.
Equinox Holdings, Inc. operates as a holding company. The Company, through its
EQUINOX HOLDINGS subsidiaries, provides fitness services such as yoga classes, studio cycling, cardio
AAC AAC/WS 10/20/21 PRELIMINARY - IN TALKS 9.79 1.03 -2.74 N
INC exercises, martial arts, 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
ADER ADERW OKADA 10/15/21 LINK - 9.82 0.84 -2.52 N
sits 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,
TEMPO transforming the way top companies innovate and bring new products to market.
ACEV ACEVW 10/14/21 LINK LINK 9.95 1.07 -2.62 Y
AUTOMATION Tempo’s unique 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 0.62 -2.35 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 9.98 1.63 -3.15 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 9.90 0.60 -2.20 N
orders, and other services.
www.KEDM.com

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
FMAC FMAC/WS STARRY 10/7/21 LINK LINK 9.87 1.14 -2.77 Y
a 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 10.66 2.92 -3.76 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 10/4/21 LINK LINK 9.96 - - N
unmet 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 0.27 -1.83 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 9.93 - - 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 - 9.81 0.61 -2.31 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 11.67 3.64 -3.47 Y
Geely Holding
Transfix is a market-leading, next-generation freight platform offering competitive
GSQD GSQD/WS TRANSFIX pricing, superior service and reliability, and unmatched intelligence for optimizing the 9/21/21 LINK LINK 9.91 1.20 -2.79 N
supply chain 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
ALVARIUM &
GLBL GLBLW across the Americas, Europe and Asia-Pacific. Tiedemann Advisors is an independent 9/20/21 LINK LINK 9.94 1.06 -2.62 N
TIEDEMANN
investment and 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 9/16/21 LINK LINK 9.91 1.56 -3.15 N
battery 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 9.90 0.82 -2.42 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 9.87 1.50 -3.13 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
MOTV MOTV/WS FORGE 9/13/21 LINK LINK 9.91 1.30 -2.89 N
and 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,
GPCO GPCOW MC HOLOGRAM and technical solution of holographic image, design of holographic LiDAR point cloud 9/10/21 LINK - 10.00 0.19 -1.69 N
algorithms architecture design, holographic LiDAR sensor chip design and holographic
vehicle intelligent vision technology to provide customers with holographic ADAS services
www.KEDM.com

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, 9/9/21 LINK LINK 9.92 1.70 -3.29 N
digital 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
NXU NXU/WS ENERGY VAULT combines advanced material science and proprietary, machine-vision AI software that 9/9/21 LINK LINK 9.94 1.38 -2.94 N
autonomously 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
REVELATION disease. Revelation has several product candidates in development. REVTx-99, the lead
PAIC PAICW 8/30/21 LINK LINK 10.17 0.62 -1.95 N
BIOSCINECE therapeutic 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
OPA OPA/WS FORBES MEDIA 8/26/21 LINK LINK 9.92 1.19 -2.77 N
related to 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 9.85 0.83 -2.48 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
NGCA NGCAW VIRGIN ORBIT launchers ever invented: LauncherOne, a dedicated launch service for commercial and 8/23/21 LINK LINK 10.00 2.09 -3.59 Y
government-built small satellites. UPDATE: Shareholder meeting set for 12/28
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
ACBA ACBAW DayDayCook content-driven lifestyle brand, DayDayCook for young food lovers, who are seeking 8/23/21 LINK - 10.07 0.40 -1.83 N
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
IPVF IPVF/WS ASPIRATION 8/18/21 LINK LINK 9.91 1.79 -3.38 N
trust 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
MBAC MBAC/WS 8/16/21 LINK LINK 9.92 1.19 -2.77 N
TECHNOLOGIES LLC network to 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 9.83 0.60 -2.27 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 9.95 0.70 -2.25 N
SURGERY LTD
surgery with its proprietary surgical robotic technology.
Juuce Limited, trading as EO Charging, is a leading technology solutions provider in the
FRSG FRSGW JUUCE EV sector. EO designs and manufactures EV charging stations and hardware-agnostic 8/12/21 LINK LINK 9.89 1.00 -2.61 N
cloud-based charge-point management software for fleets at its headquarters in the UK.
BGP/U CN BGP-WU HERBL California weed supplier 8/12/21 PRELIMINARY - IN TALKS 9.68 0.65 -2.47 N
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 9.93 0.60 -2.17 N
network. HotelPlanner travel agents can customize all traveler hotel & accommodation
needs from a single platform while providing localized advice
www.KEDM.com

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 1.19 -2.76 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
EUSG EUSGW ADS-TEC management systems. Its new fast charging technology for electric vehicles has the 8/11/21 LINK LINK 10.01 1.75 -3.24 N
potential to be transformative and features a unique compact design. UPDATE:
Shareholder meeting set for 12/21
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 - 10.01 0.69 -2.18 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
MCMJ MCMJW LEAFLY cannabis businesses to attract and retain loyal customers through advertising and 8/10/21 LINK LINK 10.03 1.09 -2.56 Y
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-
CMLT CMLTW EQRx 8/6/21 LINK LINK 9.96 1.75 -3.29 Y
cost 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
such as automotive (ADAS/AV), smart cities, smart spaces and smart industrial
CEPTON
GCAC GCACW applications. Cepton’s patented MMT®-based lidar technology enables reliable, scalable 8/5/21 LINK LINK 9.95 0.83 -2.38 N
TECHNOLOGIES
and cost-effective solutions that deliver long range, high resolution 3D perception for
smart applications.
Pico is a leading provider of technology services for the financial markets community.
FTAA FTAAW PICO Pico provides a best-in-class portfolio of innovative, transparent, low-latency markets 8/4/21 LINK LINK 9.94 1.35 -2.91 N
solutions
Hydrow offers live and on-demand workouts -- also sells heart-rate monitors,
SBII SBII/WS HYDROW 8/3/21 PRELIMINARY - IN TALKS 9.74 0.65 -2.41 N
headphones, yoga blocks, resistance bands and foam rollers
Sky Harbour LLC is an aviation infrastructure company building the first nationwide
YSAC YSACW SKY HARBOUR 8/2/21 LINK LINK 10.15 0.90 -2.25 N
network of Home-Basing solutions for business aircraft. Boston Omaha-backed.
Kredivo provides customers instant credit financing for e-commerce and offline
VPCB VPCBW KREDIVO purchases, as well as personal loans, based on proprietary, AI-enabled real-time 8/2/21 LINK LINK 9.88 1.33 -2.95 N
decisioning. BNPL platform.
Allego is a leading electric vehicle, or EV, charging company in Europe and has deployed
SPAQ SPAQ/WS ALLEGO over 26,000 charging ports across 12,000 public and private locations, spanning 12 7/28/21 LINK LINK 9.90 1.28 -2.88 N
European countries.
Swvl is a global tech startup based in Dubai that provides a semi-private alternative to
GMBT GMBTW SWVL 7/28/21 LINK LINK 9.94 0.90 -2.46 N
public transportation for individuals who cannot afford or access private options.
Nanosys, Inc. provides display solutions. The Company offers nanotechnology materials
GIW GIWWW NANOSYS INC to improve LCD display color performance and battery storage. Nanosys serves 7/28/21 PRELIMINARY - IN TALKS 9.91 0.63 -2.22 N
AdTheorent uses advanced machine learning technology and solutions to deliver
impactful advertising campaigns for marketers. AdTheorent's industry-leading machine
MACQ MACQW ADTHEORENT learning platform powers its predictive targeting, geo-intelligence, audience extension 7/27/21 LINK LINK 9.97 1.20 -2.73 N
solutions and in-house creative capability, Studio A\T. UPDATE: Shareholder meeting set
for 12/21
www.KEDM.com

PropertyGuru Pte. Ltd., doing business as PropertyGuru, property real estate services.
PROPERTYGURU PTE
BTNB - The Company offers buying and renting of real estate properties. PropertyGuru serves 6/8/21 - LINK 9.92 - - Y
LTD
clients in 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 11.60 3.85 -3.75 Y
blockchain companies, aka bitcoin miner.
Olive.com, the leader in payment services and online vehicle protection plans, was built
MDH MDH/WS OLIVE to give customers peace of mind. Vehicle protection plans cover mechanical failure of the 7/21/21 LINK LINK 9.83 0.59 -2.26 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
OCA OCA/WS KIN INSURANCE INC 7/19/21 LINK LINK 9.95 0.80 -2.35 N
experience, 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 9.93 0.98 -2.55 N
treatments for weight management and gut related chronic diseases.
Fast Radius, Inc. is a leading cloud manufacturing and digital supply chain company
ENNV ENNVW FAST RADIUS 7/19/21 LINK LINK 9.91 0.89 -2.48 N
offering 3D printing
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
IIAC IIAC/WS ZEGNA 7/19/21 LINK LINK 9.98 1.75 -3.27 N
fabrics and 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
ATMR ATMR/WS FATHOM DIGITAL Company provides additive and advanced rapid prototyping and on-demand low volume 7/16/21 LINK LINK 9.97 - Y
production services. UPDATE: Shareholder meeting set for 12/21
HeartFlow's non-invasive HeartFlow FFRCT Analysis leverages artificial intelligence to
create a personalized three-dimensional model of the heart. By using this model,
LGV LGV/WS HEARTFLOW 7/15/21 LINK LINK 9.88 1.01 -2.64 N
clinicians can 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 9.73 0.80 -2.57 N
PolicyGenius serves customers in the United States.
SES Holdings Pte. Ltd. operates as a holding company. The Company, through its
IVAN IVAN/WS SES HOLDINGS 7/13/21 LINK LINK 10.17 2.23 -3.56 Y
subsidiaries, provides electronic batteries. SES Holdings serves customers in Singapore.
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 7/12/21 LINK LINK 9.94 0.75 -2.31 N
on 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 10.16 2.37 -3.71 Y
Alpha Tau Medical Ltd, is an Israeli oncology therapeutics company that focuses on
HCCC HCCCW ALPHA TAU research, development, and commercialization of the Alpha DaRT™ technology for the 7/8/21 LINK LINK 9.87 0.59 -2.22 N
treatment of 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
HCAQ HCAQW HYPERFINE INC patient. Swoop™ wheels directly to the patient’s bedside, plugs into a standard electrical 7/8/21 LINK LINK 9.98 - - N
wall outlet, 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),
CND CND/WS CIRCLE 7/8/21 LINK LINK 10.57 2.74 -3.67 Y
which has 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.
www.KEDM.com

AI-enabled, concentrated solar power modules UPDATE: Shareholder meeting set for
ATHN ATHN/WS HELIOGEN INC 7/7/21 LINK LINK 9.98 1.41 -2.94 N
12/28
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 Observation platform with the ability to remap the entire planet at both
CFV CFFVW SATELLOGIC USA INC 7/6/21 LINK LINK 9.87 0.64 -2.27 N
high-frequency and high-resolution, providing accessible and affordable solutions for
customers. Q4 close; will trade under SATL UPDATE: Meeting set for 12/8; ADJOURNED
UNTIL 12/20
Bowlero, World’s Largest Owner and Operator of Bowling Centers and Owner of the
ISOS ISOS/WS BOWLERO 7/1/21 LINK LINK 9.81 1.23 -2.92 N
Professional Bowlers Association UPDATE: Shareholder vote set for 12/14
FreeWire Technologies, Inc. manufactures electrical products. The Company offers a
FREEWIRE
DHCA DHCAW range of electrical charging batteries, as well as provides mobile electric vehicle charging 6/30/21 PRELIMINARY - IN TALKS 9.82 0.70 -2.38 N
TECHNOLOGIES INC
stations 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,
TVAC TVACW INSPIRATO LLC 6/30/21 LINK LINK 10.12 1.08 -2.46 N
delivered 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-
FSII - PARDES BIOSCIENCES 6/29/21 LINK LINK 12.18 - - N
0451, is being developed as a potential direct-acting, oral antiviral drug to treat and
prevent SARS-CoV-2 infections. UPDATE: Shareholder meeting set for 12/23
Quanergy Systems’ mission is to create powerful, affordable smart LiDAR solutions for
automotive and IoT applications to enhance people’s experiences and safety. Quanergy
CCAC CCAC/WS QUANERGY SYSTEMS 6/22/21 LINK LINK 10.00 0.65 -2.16 Y
has 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 9.91 1.31 -2.90 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
KRNL KRNLW INFARM vertical farming system to grow herbs, lettuce, vegetables, and fruits. InFarm - Indoor 6/16/21 PRELIMINARY - IN TALKS 9.74 0.52 -2.28 N
Urban Farming serves customers in Germany.
CCV CCV/WS THRASIO LLC Thrasio is a roll-up of private-label businesses on Amazon.com 6/13/21 PRELIMINARY - IN TALKS 9.94 1.12 -2.68 Y
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 9.64 1.18 -3.04 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
BSN BSN/WS VERTICAL AEROSPACE low cost per passenger mile, the VA-X4 is expected to open up urban air mobility to a 6/10/21 LINK LINK 9.66 1.14 -2.98 Y
whole new range of passengers and transform how we travel. UPDATE: Shareholder
EVE URBAN AIR Eve is a new, independent company dedicated to accelerating the Urban Air Mobility
ZNTE ZNTEW 6/10/21 LINK - 10.16 0.83 -2.17 Y
MOBILITY (UAM) ecosystem.
www.KEDM.com

VIYI Algo is dedicated to the development and application of bespoke central processing
VENA VENAW VIYI ALGO 6/10/21 LINK - 10.05 0.35 -1.80 N
algorithms.
Dave Inc develops mobile software. The Company offers application that helps users
VPCC VPCC/WS DAVE INC 6/7/21 LINK LINK 9.97 1.27 -2.80 N
predict their expenses and avoid overdrafting their checking accounts.
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
PACX PACXW ACORNS GROW INC has easy-to-use, mobile-first technology that makes it simple for anyone to set aside and 5/27/21 LINK LINK 9.92 0.99 -2.57 N
invest 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
DCRN DCRNW TRITIUM PTY LTD 5/26/21 LINK LINK 9.96 1.98 -3.52 N
advanced and reliable DC fast chargers for electric vehicles.
Global Tiket Network PT operates as an online travel agency. The Company offers train,
GLOBAL TIKET
COVA COVAW flight, and hotel booking, as well as car renting services. Global Tiket Network serves 5/18/21 PRELIMINARY - IN TALKS 9.74 0.56 -2.32 N
NETWORK PT
customers in 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 9.98 0.72 -2.24 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 5/11/21 LINK LINK 9.93 0.96 -2.53 N
Better 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
GTPB GTPBW ALTO PHARMACY LLC 5/6/21 PRELIMINARY - IN TALKS 9.86 1.31 -2.95 N
online prescribed medicines. Alto pharmacy serves patients and healthcare professionals
in the United States.
Sonder is revolutionizing hospitality through innovative, tech-powered service and
SONDER HOLDINGS
GMII GMIIW inspiring, thoughtfully designed accommodations combined into one seamlessly 4/7/21 LINK LINK 9.91 1.75 -3.34 N
PTY LTD
managed experience. TLDR: disrupting the check-in process.
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-
SEAH SEAH/WS SGHC LTD 4/26/21 LINK LINK 10.19 2.84 -4.15 Y
brand 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
DBDR DBDRW COMPOSECURE LLC product development, contract manufacturing, and consulting services. CompoSecure 4/19/21 LINK LINK 10.15 1.97 -3.32 N
serves the government and security, luxury resort and casinos, and plastic card
manufacturers. UPDATE: Shareholder meeting set for 12/23
Simplifi Holdings, Inc. operates as a holding company. The Company, through its
SIMPLIFI HOLDINGS subsidiaries, provides Internet marketing services, as well as develops and produces
DNZ DNZ/WS 4/15/21 PRELIMINARY - IN TALKS 9.74 0.66 -2.42 N
INC software offering the 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
FTCV FTCVW ETORO USA LLC trading tools, charts, feeds, and software for trading currencies on the foreign exchange 3/16/21 LINK LINK 10.04 1.90 -3.36 Y
market. eToro serves customers worldwide.
www.KEDM.com

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 10.13 0.76 -2.13 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
NSTB NSTB/WS APEX CLEARING CORP processing, automated re-balancing, investment planning, portfolio construction, and 2/22/21 LINK LINK 9.73 0.70 -2.47 Y
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
LIBERTY TAX; approximately 2,700 franchised and owned locations across the U.S.
NPF/U NPF-WU 2/22/21 LINK LINK 6.62 0.58 -5.46 N
LOANME and Canada. LoanMe is an established 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
ESSC ESSCW JHD HOLDINGS fintech/payment capability. To enable financial inclusion of communities that are 9/23/20 LINK LINK 13.59 0.32 1.45 Y
significantly underbanked, JHD’s platform 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
FST FST/WS MORTON'S 2/1/21 LINK LINK 10.23 2.92 -4.19 Y
and atmosphere. UPDATE: Shareholder meeting set for 12/14 UPDATE 12/2: FST
RESTAURA
received notice that Fertitta intends to terminate the deal; VOTE POSTPONED
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,
TPGY TPGY/WS EVBOX BV home chargers of electric vehicles, and charging solutions for businesses. EV-Box also 12/10/20 LINK LINK 10.17 1.38 -2.71 Y
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
(%)
Altus Power, based in Greenwich, Connecticut, is creating a clean
electrification ecosystem, serving its commercial, public sector and
AMPS AMPS/WS Altus Power Inc community solar customers with locally-sited solar generation, energy 462 12/9/2021 LINK 10.92 2.65 Y 1.59 -3.23
storage, and EV-charging stations across the U.S. UPDATE: Shareholder
meeting set for 12/6; 10% redeemed
Solid Power is an industry-leading producer of all-solid-state rechargeable
batteries for electric vehicles and mobile power markets. Solid Power
SLDP SLDPW Solid Power Inc replaces the flammable liquid electrolyte in a conventional lithium- 2,311 12/9/2021 LINK 12.54 4.96 Y -6.19 -3.92
ion battery with a proprietary sulfide solid electrolyte. UPDATE:
Boxed is an e-commerce platform selling bulk, high-repeat consumables
to consumers and businesses. Founded in 2013, the Company makes
BOXD BOXD/WS Boxed Inc shopping for bulk consumables easy and convenient without the 875 12/9/2021 LINK 10.36 0.91 N -13.08 -2.05
requirement of a “big-box” store membership. UPDATE: Shareholder
meeting set for 12/7; will trade under BOXD on 12/9; 70% redemption
BigBear.ai provides a comprehensive suite of solutions including artificial
intelligence and machine learning, data science, advanced analytics,
BigBear.ai Holdings
BBAI BBAI/WS offensive and defensive cyber, data management, cloud solutions, digital 371 12/9/2021 LINK 8.07 1.04 Y -0.12 -4.47
Inc
engineering, and systems integration. UPDATE: Shareholder meeting set
for 12/3
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
PL PL/WS Planet Labs PBC actionable. Founded in 2010 by three NASA scientists, Planet designs, 2,772 12/7/2021 LINK 9.87 3.03 Y -8.74 -4.66
builds, and operates the largest earth observation fleet of imaging
satellites, capturing and compiling data from over 3 million images per
day. UPDATE: Shareholder meeting set for 12/3; 2% redeemed
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 event registration, venue selection,
CVT - Cvent Holding Corp 315 12/9/2021 LINK 8.93 - Y -8.41 -
event management, mobile applications for events, e-mail marketing, and
web surveys. Zoom (ZM) and Cathie are buying. UPDATE: meeting set for
12/7; 84% REDEMPTION
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 and income
VCSA - Vacasa Inc 3,718 12/7/2021 LINK 8.40 - N -14.66 -
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
Pear Therapeutics is the leader in prescription digital therapeutics, or
PDTs. Pear is redefining medicine by discovering, developing, and
Pear Therapeutics
PEAR PEARW delivering clinically validated software-based therapeutics to provide 1,137 12/6/2021 LINK 8.25 1.05 N -17.50 -4.30
Inc
better outcomes for patients UPDATE: Shareholder rmeeting set for
11/23; APPROVED
www.KEDM.com
Return
Corp.
PR
(%)
P3 is a patient-centered and physician-led population health management
company. Founded and led by physicians, P3 is a team of doctors, clinicians
P3 Health Partners
PIII PIIIW and support service professionals with a shared passion for delivering 2,435 12/3/2021 LINK 10.00 1.37 N 5.43 -2.87
Inc
value-based care UPDATE: Shareholder meeting set for 11/18;
POSTPONED until 11/24; POSTPONED until 12/3; 88% redeemed
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 6,223 12/3/2021 LINK 18.67 5.92 N 19.51 1.25
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 #VALUE! 12/3/2021 LINK - 0.76 N - -
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 28,376 12/1/2021 LINK 7.19 2.09 Y -34.74 -6.41
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 89 11/29/2021 LINK 4.07 0.17 Y -44.25 -7.60
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 1,094 11/30/2021 LINK 8.35 1.30 N 5.03 -4.45
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 1,285 11/29/2021 LINK 11.19 1.75 N -19.50 -2.06
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 514 11/22/2021 LINK 5.95 0.80 N -39.90 -6.35
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 327 11/30/2021 LINK 7.24 1.20 N -23.14 -5.46
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
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 713 11/18/2021 LINK 7.59 1.08 N -47.67 -4.99
PLTR. UPDATE: Shareholder meeting set for 11/16
www.KEDM.com
Return
Corp.
PR
(%)
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 567 11/15/2021 LINK 7.74 0.90 N -20.78 -4.66
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 3,413 11/10/2021 LINK 9.42 1.90 Y -5.19 -3.99
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 - 4,040 11/5/2021 LINK 10.55 - Y -5.13 -
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 917 11/5/2021 LINK 9.16 1.94 N -10.63 -4.28
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 2,424 11/4/2021 LINK 8.84 1.83 Y 5.94 -4.50
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 14,915 11/3/2021 LINK 13.27 3.97 Y 33.91 -2.20
INNOVATION INC operates passenger vehicles, commercial vehicles, and heavy-duty trucks.
UPDATE: Shareholder meeting set for 11/2
NextNav provides next generation GPS. NextNav Pinnacle uses highly
NN NNAVW NextNav Inc accurate vertical positioning to transform location services so they reflect 736 10/28/2021 LINK 7.71 1.34 N -29.05 -5.14
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 324 10/29/2021 LINK 6.43 1.35 Y -57.53 -6.42
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 139 10/28/2021 LINK 5.88 - Y -43.62 -
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 476 10/22/2021 LINK 10.48 1.48 N 8.93 -2.50
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
Babylon Healthcare Services Limited offers web-based health care
Babylon Holdings services. The Company provides health tracking and tests, medical
BBLN BBLN/WS 2,607 10/21/2021 LINK 6.36 1.07 N -30.88 -6.21
Ltd/Jersey consultations, and ancillary solutions. UPDATE: Shareholder vote set for
10/20; will trade under BBLN
www.KEDM.com
Return
Corp.
PR
(%)
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 403 10/22/2021 LINK 9.28 2.43 N 9.95 -4.65
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 6,133 10/20/2021 LINK 8.56 2.00 Y -17.53 -4.94
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 2,012 10/19/2021 LINK 17.09 5.95 Y 27.73 -0.36
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 1,099 10/19/2021 LINK 9.81 2.62 N -12.84 -4.32
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 ASTL-W research end markets. The organization aims to harness its unrivaled 2,350 10/20/2021 LINK 11.30 3.40 Y 7.16 -3.61
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. 2,005 10/18/2021 LINK 10.28 2.60 Y -14.99 -3.83
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 573 10/15/2021 LINK 4.81 0.79 N -55.95 -7.48
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: 3,801 10/15/2021 LINK 14.37 5.20 Y 53.51 -2.33
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 2,200 10/8/2021 LINK 14.58 4.10 Y 77.59 -1.02
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 11.24 1.62 N 37.13 -1.88
driver-assist systems today while paving the way to full autonomous-
driving. UPDATE: Shareholder vote set for 10/5
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 - 1,298 10/7/2021 LINK 11.32 - N 12.59 -
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
www.KEDM.com
Return
Corp.
PR
(%)
Wallbox creates smart charging systems that combine innovative
technology with outstanding design and manage the communication
WBX WBX/WS Wallbox NV 1,986 10/1/2021 LINK 14.42 4.12 Y 74.15 -1.20
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 6.89 1.02 N -4.04 -5.63
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 1,155 9/29/2021 LINK 10.24 0.96 N 3.85 -2.22
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 1,327 9/29/2021 LINK 7.45 1.20 Y -24.52 -5.25
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 10.58 2.22 N 13.16 -3.14
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 2,274 9/29/2021 LINK 9.00 1.56 N 13.35 -4.06
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 186 9/30/2021 LINK 3.85 0.66 Y -50.00 -8.31
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 755 9/30/2021 LINK 7.70 0.56 N 4.05 -4.36
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 1,759 9/30/2021 LINK 9.61 2.32 Y 14.76 -4.22
industrial sectors. Velo3D is a supplier to SPACEX. UPDATE: Shareholder
vote set for 9/28
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, 3,707 9/30/2021 LINK 19.26 8.13 Y 85.29 -0.37
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 1,313 9/27/2021 LINK 8.77 1.29 N -3.63 -4.02
and Robotics unpredictable and unstructured environments. UPDATE: Shareholder
meeting set for 9/15; will trade under STRC on 9/27
www.KEDM.com
Return
Corp.
PR
(%)
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 370 9/24/2021 LINK 9.77 1.64 Y -35.38 -3.37
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 796 9/22/2021 LINK 6.26 0.75 Y -28.05 -5.99
trips. HomeToGo serves customers worldwide.
MobileLion is a mobile banking, lending and investment platform.
ML ML/WS Moneylion Inc 871 9/22/2021 LINK 3.85 0.62 Y -61.50 -8.27
Vicarious Surgical Inc. provides health care services. The Company offers
Vicarious Surgical
RBOT RBOT/WS minimally invasive robotic surgery through a single micro-incision. 1,185 9/20/2021 LINK 9.99 1.62 Y -20.71 -3.13
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. 1,766 9/17/2021 LINK 7.44 1.59 Y -21.52 -5.66
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 15,462 9/17/2021 LINK 10.40 3.06 Y -14.61 -4.16
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 2,375 9/15/2021 LINK 20.50 6.48 Y 12.21 2.52
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 956 9/20/2021 LINK 6.06 1.00 Y -45.94 -6.45
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 2,057 9/11/2021 LINK 7.24 1.62 Y -27.52 -5.88
than a car. UPDATE: Shareholder meeting set for 9/10
www.KEDM.com
Newsletter Short Monitor

Campaigns by notable short sellers and newsletters (trailing 60)
Return since
Date of Mkt Insider Short YTD
Research initial Link to
Initial Ticker Company Sector Cap Selling (# Interest Return Thesis
Firm publication Research
Report ($M) of shares) (%) (%)
(%)
The largest payer (~7x more than peers) changed its coverage
policy, which would lower ZYXI's 2021 EBITDA by 40-100%; forced
Night Market 12/10/2021 ZYXI Zynex Inc Medical Products 395 -202,320 17 - -16% LINK adjustment to its revenue recognition and write-downs;
continuous selling by CEO to finance his personal hobby of owning
English football club.
Executives with criminal connections (helping cartels smuggle
weapons, cocaine and laundered money; current CEO was
imprisoned in Colombia, later shot in the head and neck); went
Bldg Prod-
Hindenburg 12/9/2021 TGLS Tecnoglass Inc 925 -38,000 3 -10% 181% LINK public via SPAC after changing 3 auditors within a year over related
Doors&Windows
party transaction; undisclosed transactions and acquisitions with
related parties; questionable capex; a significant portion of
revenue could be faked;
The company that is on its third re-branding by a CEO with a
troubling past (fake biography; connections with numerous Ponzi
Commercial Serv- Schemes and fraudulent activities); CFO with involvement in illegal
Spruce Point 12/8/2021 NVEI Nuvei Corp 8,314 -36,363 2 4% -1% LINK
Finance activities; negative organic growth (3.3% in the US, -7.6% in
Canada); increasing competition; unrealistic business targets;
opaque financial disclosure; overvalued relative to peers.
Purchased land in Texas for up to 100x more than its worth (nine
shareholders benefited from the deal); misled investors (claimed
to buy 320 acres but actually bought 160 acres); undisclosed
Boatman multimillion-dollar legal dispute with its 40%-mining-fleet lessor;
Finance-Other
Capital 8/9/2021 ARB LN Argo Blockchain PLC 487 0 - -20% 215% LINK Update 12/6: Since its initial report in Aug, more concerns were
Services
Research raised - shareholders were diluted by 52% in 2021; failed debt
issuance; misleading statements about its Texas acquisition; 4 of
5 board members quit; CEO and chairman are in breach of UK
guidelines;
Misrepresented pipelines; projects that are inexistent (non-
existent projects are categorized as "late-stage"); ongoing projects
Grizzly Energy-Alternate
12/2/2021 SOL ReneSola Ltd 400 0 - -5% -50% LINK in Europe are delayed by years; similar situations with US projects;
research Sources
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 466 0 7 -3% - 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
Blue Orca capacity of 150 tonnes of lithium in the last 18 months);
11/18/2021 SLI Standard Lithium Ltd Diversified Minerals 1,303 0 3 10% 293% LINK
Capital production proof of concept was denied by its German partner -
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)
www.KEDM.com
Return since
(%)
Paywalled (The site mentioned: Playtika Holding Corp (NASDAQ:
PLTK — $8.54 billion) is a China-backed Israel-based app developer
Entertainment whose “mission is to entertain the world through infinite ways to
Bear Cave 11/18/2021 PLTK Playtika Holding Corp 7,439 0 8 -11% - LINK
Software 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 exaggerated
Iceberg Auto-Med&Heavy
10/6/2021 HYZN Hyzon Motors Inc 1,657 -45,782 8 14% -37% LINK its fuel cell technology; Update 11/12 - Iceberg tweeted: $HYZN
Research Duty Trks
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;
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 558 -364,947 9 77% 573% 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 1,490 -136,273 10 -31% -57% 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 459 -195,023 3 -46% -68% 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 9,234 0 8 -22% -51% 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 5,576 0 5 -47% -78% 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.
www.KEDM.com
Return since
(%)
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 1,430 0 4 -23% 317% 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; uneconomic operation
Grizzly (mines less valuable rare earth, unsupported valuation, necessary
10/26/2021 MP MP Materials Corp Diversified Minerals 8,358 -1,093,727 12 41% 46% LINK
research 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 2,526 0 11 -2% - 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.
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 1,768 -8,000 3 -25% 13% 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 115 0 1 -59% -56% 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);
www.KEDM.com
13D Monitor
13D filings and activist campaigns by notable investors (trailing 60 days)
Return
TTM Link
Initial Filing Market since
Ticker Company Activist Fund Sector Objective/Notes Return to
Date Cap (M) objective
(%) 13D
(%)
Driver
FRBK Republic First Bancorp Inc 11/1/2021 Commer Banks-Eastern US 211 Management changes; opposes financing UPDATE 12/9: Nominates 3 Directors 17 18 Link
Management
CPSS Consumer Portfolio Services In Black Diamond 12/9/2021 Finance-Auto Loans 191 BoD representation 3 126 Link
LEE Lee Enterprises Inc Praetorian Capital 12/8/2021 Publishing-Newspapers 163 Opposes $24 offer from Alden 17 139 Link
PEBN Pacific Enterprise Bancorp Shaul Kopelowitz 12/8/2021 Commer Banks-Western US - Opposes merger with BayCom, BCML -1 38 Link
Explore additional strategic initiatives, including a disposal of Networks and a

partial listing or partial disposal of Renewables; 2) add two new independent
SSE LN SSE PLC Elliott 12/7/2021 Electric-Generation 17,579 0 22 Link
directors with renewables experience to the Board; and 3) create a strategic
review committee composed of independent Board members
KSS Kohl's Corp Engine Capital 12/6/2021 Retail-Regnl Dept Store 7,050 Strategic alternatives; spin of ecomm unit; open letter filed -3 30 Link
Strategic alternatives;declassify board; sale of company ($40/sh) UPDATE 10/28:
ZenDesk (ZEN) made offer for MNTV; Legion is "strongly against" the acquisition
MNTV Momentive Global Inc Legion 10/6/2021 Enterprise Software/Serv 3,198 4 1 Link
and will do what is necessary to end it UPDATE 12/7: Legion comments on
MNTV's Strategic Alternaives process (link right)
TESS TESSCO Technologies Inc LakeView 6/29/2021 Wireless Equipment 62 Sale Of Company; open letter (link right) UPDATE 12/7: Lakeview offers 7.5/sh 13 11 Link
BoD shakeup; CEO succession; sell assets; strategic review; activist website
LXP Lexington Realty Trust Land & Building 11/15/2021 REITS-Diversified 4,304 0 48 Link
launched (link right) and new presentation UPDATE 12/6: Nominates 2 for BoD
SMM Salient Midstream & MLP Fund Saba 12/3/2021 Closed-end Funds 118 Nominates 2 Directors 4 53 Link
NTP Nam Tai Property Inc Iszo 5/27/2020 Real Estate Oper/Develop 406 Board Control UPDATE 11/30: IsZo elects its entire 6-person slate to the BoD 104 105 Link
Cancel the EGM, make a full disclosure of Centurium Capital’s attempt to

LKNCY Luckin Coffee Inc GS Wealth 12/3/2021 Retail-Restaurants 3,271 become a controlling shareholder, and explain the true impact of the proposed - 212 Link
amendments
RMCF Rocky Mountain Chocolate Facto Radoff 12/2/2021 Food-Confectionery 53 New COB; New CEO 1 83 Link
Tremblant Capital
SKX Skechers USA Inc 12/1/2021 Footwear&Related Apparel 7,122 Collapse dual share class; buyback; initiate divvy; Investor Relations 3 23 Link
Group
Adds 2 more nominees (along with Chuck Gillman); launchs new activist website
LOV Spark Networks SE Cannell 5/24/2021 E-Commerce/Services 91 -33 -26 Link
(see link right) UPDATE 12/1: Osmium files 13D; owns 22%
LAZY Lazydays Holdings Inc Kanen Wealth 11/30/2021 Retail-Automobile 235 New CEO; Buyback -4 40 Link
BERY Berry Global Group Inc Ancora 11/29/2021 Containers-Paper/Plastic 9,713 Sale of company; strategic review; open letter filed to BoD (link right) 1 33 Link
GLEN
Glencore PLC Bluebell 11/29/2021 Metal-Diversified 48,736 Sale of its thermal coal unit 3 61 Link
LN
6502
Toshiba Corp 3D Investment 11/24/2021 Diversified Manufact Op 2,032,069 Opposes spin/breakup 0 61 Link
JP
ZEN Zendesk Inc Jana Partners 11/30/2021 Internet Applic Sftwr 12,245 Opposes acquisition of Momentive; possible BoD changes 1 -23 Link
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 company
SWX Southwest Gas Holdings Inc Icahn 10/5/2021 Gas-Distribution 4,048 -3 10 Link
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)
www.KEDM.com
Return
TTM Link
(%) 13D
(%)
Seperation of its higher margin/higher growth unit, Industrial Solutions from the
NR Newpark Resources Inc Radoff 11/23/2021 Oil-Field Services 263 -2 47 Link
unprofitable Fluid Systems unit
BoD representation; comp changes; governance issues; strategic review; open
GFF Griffon Corp Voss 11/23/2021 Bldg Prod-Doors&Windows 1,537 0 38 Link
letter filed (link right)
SWKH SWK Holdings Corp Cannell 5/27/2021 Finance-Other Services 244 Purchase more shares; letter to CEO; UPDATE 11/23: Carlson Capital offer 19/sh - 32 Link
Alden proposes a 24/sh cash offer for the company UPDATE: Proposes 3 new
LEE Lee Enterprises Inc Alden 11/22/2021 Publishing-Newspapers 163 25 139 Link
candidates for the BoD
Strategic Alternatives; Break up of company UPDATE 9/13: VG has hired advisers
VG Vonage Holdings Corp Jana Partners 8/31/2021 Telecom Services 5,226 to run a review UPDATE 11/22: VG to be aquired by Ericsson for 21/sh (6.2B 47 58 Link
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 20 Strategic options to drive shareholder value -4 -7 Link
Lazar
AD NA Koninklijke Ahold Delhaize NV Elliott 11/17/2021 Food-Retail 31,419 Seperation of bol.com 2 32 Link
GPRE Green Plains Inc Ancora 11/17/2021 Energy-Alternate Sources 2,029 BoD shakeup -3 162 Link
TREC Trecora Resources Radoff 11/17/2021 Oil Refining&Marketing 203 Pushing for sale of company; BoD shakeup -7 15 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 31,143 7 25 Link
FD unit and pricing strategy
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 28,952 0 13 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 696 Declassify board; remove Poison Pill; open letter to BoD filed (link right) -2 -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) -4 90 Link
TPL Texas Pacific Land Corp Gabi Gliksberg 11/16/2021 Oil-US Royalty Trusts 9,810 Declassify board; open letter filed (link right) -3 90 Link
JHG Janus Henderson Group PLC Trian 11/16/2021 Invest Mgmnt/Advis Serv 7,079 Board shakeup -9 31 Link
FARM Farmer Bros Co JCP 11/15/2021 Coffee 125 Opposes the increase in share authorization -13 60 Link
RIO Rio Tinto PLC Pentwater 11/11/2021 Metal-Diversified 105,555 Governance; BoD representation 2 -1 Link
NE Noble Corp Standard Drilling 11/10/2021 Oil&Gas Drilling 1,390 Against the merger with Maersk Drilling -11 - Link
NNUP Nocopi Technologies Inc Cedar Creek 11/10/2021 Chemicals-Other 10 Remove management and Directors; declassify BoD -24 -10 Link
Southeastern
LUMN Lumen Technologies Inc 11/4/2021 Telephone-Integrated 12,358 The purpose of this amendment to our Schedule 13D is to urge re-authorization -10 25 Link
Asset
Strategic review; board representation UPDATE 11/8: THS caves and announces
THS TreeHouse Foods Inc Jana Partners 2/9/2021 Food-Misc/Diversified 2,167 -8 -12 Link
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 12,034 -36 - 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 2,977 and resumption of share repurchase. - -5 Link
M Macy's Inc NuOrion 11/4/2021 Retail-Regnl Dept Store 8,014 Accept crypto and sell Teslas -15 131 Link
CNC Centene Corp Politan 11/3/2021 Medical-HMO 43,687 BoD refresh 6 18 Link
TRQ Turquoise Hill Resources Ltd Pentwater 11/2/2021 Metal-Copper 3,002 Open letter filed 20 34 Link
Sale of company; management changes UPDATE 11/2: Elliott sends open letter
HTA Healthcare Trust of America In Elliott 10/6/2021 REITS-Health Care 7,511 12 38 Link
to HTA
www.KEDM.com
Return
TTM Link
(%) 13D
(%)
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 8/28
RRD RR Donnelley & Sons Co Chatham 4/29/2021 Printing-Commercial 784 UPDATE 9/1: Chatham issues letter to BoD re: Shareholder Rights Plan and 152 652 Link
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 10/19:
ENZ Enzo Biochem Inc Wolf; Radoff; 5/5/2021 Medical-Biomedical/Gene 174 22 44 Link
Radoff files open letter (link right); continues to push for Rabbani to exit the
Harbert
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 1,033 letter (link right); will nominate new BoD slate UPDATE 10/27: VLDR issues press -49 -74 Link
(founder)
release in response to David Hall (link right)
RDSA Third Point argues the company should split into multiple businesses; disclosed
Royal Dutch Shell PLC Third Point 10/27/2021 Oil Comp-Integrated 150,488 -6 28 Link
NA in its Q3 Investor Letter
CBIO Catalyst Biosciences Inc JDS1 10/26/2021 Medical-Drugs 37 BoD and management changes; BoD declassify -65 -80 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 632 0 22 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 commenses the
SNDA Sonida Senior Living Inc Ortelius 8/9/2021 Retirement/Aged Care 207 38 103 Link
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 235 update 9/28: Steve Goedeker issues open letter to shareholders UPDATE 10/18: -34 -66 Link
Wealth, Cannell
Campaign concludes; Kanen and GOED sign Cooperation Agreement; 2 new
Directors and one legacy director retired
WHLR Wheeler Real Estate Investment Steamboat 10/14/2021 REITS-Shopping Centers 19 Demand payment of the Series B and D prefs -30 -30 Link
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:
RMCF Rocky Mountain Chocolate Facto AB Value 6/18/2021 Food-Confectionery 53 Strategic partner Immaculate Confection issues open letter to shareholders 45 83 Link
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
M Macy's Inc Jana Partners 10/6/2021 Retail-Regnl Dept Store 8,014 Spin/sale of ecomm unit 16 131 Link
www.KEDM.com
Mergers and Acquisitions Monitor

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

Date of PR Target Company Acquirer Type Cash Stock Deal Price Notes
Ticker Ticker ($) (%) (%)
10/12/2021 - Chatham made a non-binding proposal to acquire all the

common stock for $7.50. Update 11/3/2021 - Chatham increased its
offer to $9.0 - $9.5 after learning the agreement of RRD with Atlas' for
$8.52. Update 11/12 - RRD sent an open letter to Chatham, stating
that the company is open to negotiation upon executing
RR Donnelley & Chatham Asset confidentiality agreement. Update 11/17 - Received revised proposal
10/12/2021 RRD Private Cash 10.8500/sh. - 10.85 -0.25 - -
Sons Co Management LLC 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. Update 12/9
- Atlas revised its proposal to $10.35, outbidding Chatham. After
about three hours of the announcement, Chatham increased its
offer to $10.85.
Apr 15, 2021 - Boards have approved a definitive agreement. Update
Thermo Fisher 4/26/2021 - Due to the proposed merger, the Company will not
4/15/2021 PPD Inc PPD TMO Cash 47.5000/sh. - Preliminary - - -
Scientific Inc provide financial guidance. Update 12/8 - Merger completed. Will be
removed next week.
.6068 Aqr 6/3/2021 - Signed a definitive agreement. TGRF will own ~20.2% of
TGR Financial First Foundation
6/3/2021 TGRF Private Stock - sh./Tgt Preliminary - - the combined company. Boards of both companies approved the deal. -
Inc Inc/old
sh. The transaction is expected to close in 2H 2021.
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 6/30 - The Merger
Magnachip
Wise Road Capital was cleared pursuant to the Anti-monopoly Law. Other approvals are
3/26/2021 Semiconductor MX Private Cash 29.0000/sh. - 29.00 11.72 67.82 1179
Ltd pending. Update 7/26/2021 - Company received a letter from CFIUS
Corp
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
Hollysys
on Sep 10. Lonsen reaffirmed its interest, subject to due diligence.
9/12/2021 Automation HOLI Consortium Private Cash 24.0000/sh. - 24.00 9.14 61.51 -
HOLI Board will provide additional information to Lonsen for a
Technologi
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
6/21/2021 51job Inc JOBS Consortium Private Cash 79.0500/sh. - 79.05 29.73 60.28 agreement for USD 1.7 bil financing to finance portion of the Merger 1048
consideration. Update 11/8 - Parties have been in consultation with
Chinese regulators on recent regulatory changes that might be
applicable to the Merger.
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 - Three employees of HOLI agreed to join Emerald
Hollysys
as members in connection with the transaction. Update 11/2 - HOLI
changed its auditor from EY to Union Power. EY did not issue its audit
Technologi
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.
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 1.58 0.33 26.40 -
Media Inc International In transaction.
Stock sh.
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 supplemental disclosures are not
Change UnitedHealth Group required or necessary under applicable laws. Update 4/14: CHNG
1/6/2021 CHNG UNH Cash 25.7500/sh. - 25.75 5.26 25.68 117
Healthcare Inc Inc 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.
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
Aerojet
Lockheed Martin in H2 2021. Update 3/24/2021: AJRD announced $5.0 per share
12/20/2020 Rocketdyne AJRD LMT Cash 51.0000/sh. - 51.00 8.47 19.92 346
Corp special 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.
Tronox Holdings Apollo Global

9/13/2021 TROX APO Cash 27.0000/sh. - 27.00 4.00 17.36 9/13/2021 - PROPOSED - Made an unsolicited, all-cash offer. -
PLC Management Inc
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 - 7.88 1.13 16.74 55
sh./Tgt 2022.
sh.
www.KEDM.com

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. 7/15/2021 - HOLI issued
Hollysys
an open letter claiming the Consortium's bid undervalued the
company and its allegations are misrepresentations and hypocritical.
Technologi
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.
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 2.57 12.83 -
- 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.
Expected to close in 2Q 2021. UPDATE 3/3: Citi downgrade; Texas
PNM Resources
10/21/2020 PNM Avangrid Inc AGR Cash 50.3000/sh. - 50.30 4.93 10.86 outages have created uncertainty in getting regulatory approval; 189
Inc
significant hurdles in PNM's sale of Four Corners Power PlantUpdate
12/8 - New Mexico regulators rejected the transaction
Jan 28, 2021 - Expected to close by the end of 2021. If the merger is
1.7234 not 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 - 236.81 21.22 9.84 171
Devices Inc sh./Tgt Meetings of Stockholders on Apr 7 to vote on the proposed
sh. acquisition. 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 5.79 8.37 Parties will negotiate. Update 10/27 - Icahn Enterprises commenced 180
Holdings Inc
an unsolicited tender offer.
Expected to close in H1 2022. Update 4/14: Special shareholders
Shaw
Rogers meeting will be held on May 20 and 2/3 of the shareholders shall vote
3/15/2021 Communications SJR/B RCI/B Cash 40.5000/sh. - 40.50 3.08 8.23 15
Communications Inc for the transaction. Other approvals are also pending. Update 5/21:
Inc
Shareholders voted for the transaction.
Cargill Inc, 8/9/2021 - Entered into a definitive agreement for a joint venture. All-
Sanderson
8/9/2021 SAFM Continental Grain Private Cash 203.0000/sh. - 203.00 14.86 7.90 cash transaction. Expected to be closed by Q1 2022. Update 10/22 - 14
Farms Inc
Co SAFM shareholders voted for the Merger.
www.KEDM.com

Durational Capital
11/15/2021 Casper Sleep Inc CSPR Private Cash 6.9000/sh. - 6.90 0.42 6.48 11/15/2021 - All-cash transaction. Expected to close in Q1 2022. 21
Management
.2250 Aqr
Momentive 10/28/2021 - Entered into a definitive agreement. All-stock
10/28/2021 MNTV Zendesk Inc ZEN Stock - sh./Tgt 22.64 1.22 5.70 10
Global Inc transaction. Expected to close in H1 2022; opposed by JANA Partners
sh.
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 terminate the previously signed Merger agreement with
Cash .9100 Aqr
LITE and pay $217.6 mil for the termination fee. Update 5/6/2021 -
3/25/2021 Coherent Inc COHR II-VI Inc IIVI and 220.0000/sh. sh./Tgt 280.81 14.95 5.63 18
COHR announced a proposed combination with IIVI. Update
Stock sh.
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.
8/5/2021 - 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.
10/4/2021 Veoneer Inc VNE QCOM/SSW QCOM Cash 37.0000/sh. - 37.00 1.83 5.20 5
Update 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.
.8084 Aqr
Pretium Cash or Shareholders can elect to receive shares or cash. Expected to close on
11/8/2021 PVG Newcrest Mining Ltd NCM 18.5000/sh. sh./Tgt 17.79 0.84 4.96 16
Resources Inc Stock Q1 2022.
sh.
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 0.69 4.51 8
Corp Inc Expected to close in H2 2022.
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
8/6/2021 XENT Medtronic PLC MDT Cash 28.2500/sh. - 28.25 1.20 4.44 77
Inc additional information requested by FTC. Update 10/8 - Shareholders
voted for the Merger.
.4609 Aqr
Royal Financial Cash or 7/28/2021 - Entered into a Merger Agreement. Expected to be
7/29/2021 RYFL Finward Bancorp FNWD 20.1400/sh. sh./Tgt 21.55 0.87 4.21 14
Inc Stock completed in Q1 2022.
sh.
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 531 12.10 18.00 -11 Y
12/1/2021 CVC Advisers Ltd - Intertrust NV INTER NA Finance-Other Services 1795 19.82 22.00 5 Y
11/18/2021 Carlyle Group Inc/The CG Metro Bank PLC MTRO LN Commer Banks Non-US 153 88.95 - -16 N
11/15/2021 Management Group - Tarena International Inc TEDU Schools 30 0.54 4.00 -30 N
10/26/2021 DraftKings Inc DKNG Entain PLC ENT LN Internet Gambling 9614 1639 145.00 -18 Y
10/25/2021 PayPal Holdings Inc PYPL Pinterest Inc PINS Internet Content-Entmnt 24660 38 145.00 -25 Y
10/20/2021 Hopson Development Holdings Lt 754 HK Evergrande Property 6666 HK Real Estate Mgmnt/Servic 37946 4 145.00 -31 N
9/30/2021 Zoom Video Communications Inc ZM Five9 Inc FIVN Applications Software 9057 133 145.00 -17 Y
9/6/2021 BGH Capital Pty Ltd PRIVATE Hansen Technologies Ltd HSN AU Applications Software 1073 5 6.50 -4 N
9/1/2021 Ingersoll Rand Inc IR SPX FLOW Inc FLOW Machinery-Pumps 3583 85 269.00 6 Y
8/31/2021 Equity Commonwealth EQC Monmouth Real Estate MNR REITS-Warehouse/Industr 2057 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 64530 293 - 17 Y
7/19/2021 Autodesk Inc ADSK Altium Ltd ALU AU Circuit Boards 5648 43 38.50 23 Y
7/12/2021 HUYA Inc HUYA DouYu International DOYU Entertainment Software 853 3 10.86 -47 Y
4/20/2021 CVC Advisers Ltd - Toshiba Corp 6502 Diversified Manufact Op 2027306 4682 5000 11 Y
4/6/2021 China Oceanwide Holdings Group - Genworth Financial Inc GNW Multi-line Insurance 2085.36 4.11 5.43 17 Y
4/2/2021 Air Canada AC CN Transat AT Inc TRZ CN Airlines 175.77 4.47 6.23 -19 N
3/29/2021 Obsidian Energy Ltd OBE CN Bonterra Energy Corp BNE CN Oil Comp-Explor&Prodtn 181.95 5.39 2:1 36 N
2/15/2021 Dorel Industries Inc Cerberus Dorel Industries Inc DII/B CN Home Furnishings 650.43 20.02 16.00 27 N
2/11/2021 Cordlife Group Ltd CLGL SP Global Cord Blood Corp CO Medical-Outptnt/Home Med 483.77 3.98 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 7809.31 30.96 29.00 21 Y
1/19/2021 MGM Resorts International MGM Entain PLC ENT LN Internet Gambling 9613.60 1639.00 32 Y
1/5/2021 Mill Road Capital - Huttig Building Products Inc HBP Retail-Building Products 250.94 9.16 2.75 178 Y
Pending China Oceanwide - Genworth Financial Inc GNW Multi-line Insurance 2085.36 4.11 5.43 - Y
11/12/2020 Minerals Technologies Inc MTX Elementis PLC ELM Chemicals-Specialty 769.18 132.20 1.30 22 N
11/5/2021 Durational - Sanderson Farms Inc SAFM Poultry 4205.02 188.33 142.00 - Y
10/5/2020 Comtech Telecommunications Cor CMTL Gilat Satellite Networks Ltd GILT Wireless Equipment 1333.76 2359.00 8.48 47 N
10/5/2020 NextEra Energy Inc NEE Duke Energy Corp DUK Electric-Integrated 77768.97 101.13 - 16 Y
9/21/2020 Nexpoint Hospitality Trust NHT/U Condor Hospitality Trust Inc CDOR REITS-Hotels 108.95 7.40 11.00 151 N
9/8/2020 Private - StoneMor Inc STON Funeral Serv&Rel Items 285.70 2.42 0.80 207 Y
8/17/2020 Apollo Global Management Inc APO Big Lots Inc BIG Retail-Discount 1383.78 45.31 - -7 Y
6/29/2020 Synacor Inc SYNC Qumu Corp QUMU Applications Software 42.77 2.41 1.61 0 Y
8/13/2020 Thermo Fisher Scientific Inc TMO QIAGEN NV QGEN Diagnostic Kits 12430.73 54.68 43.00 12 Y
6/16/2020 B Riley Financial Inc RILY Spok Holdings Inc SPOK Telecom Services 181.76 9.33 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 114.24 1.90 4.87 27 N
5/26/2020 Independent Bank Group Inc IBTX Texas Capital Bancshares TCBI Commer Banks-Central US 2960.03 58.49 5.87 113 Y
5/14/2020 Apollo Global Management Inc APO Tutor Perini Corp TPC Building-Heavy Construct 661.90 12.96 17.00 94 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 1292 Commer Banks-Central US 1/18/2022 39 3 for 2 - Y

PLUS ePlus Inc 1516 B2B/E-Commerce 12/14/2021 4 2 for 1 - Y
QTT Qutoutiao Inc 126 Computer Software 12/10/2021 - 1 for 10 - Y
ANET Arista Networks Inc 39535 Networking Products 11/18/2021 - 4 for 1 -2 Y
YQ 17 Education & Technology Grou 75 Educational Software 11/17/2021 - 1 for 4 -46 Y
OFSTF Carbon Streaming Corp 244 Invest Mgmnt/Advis Serv 10/25/2021 - 1 for 5 -1 N
SONX Sonendo Inc 272 Medical Instruments 10/22/2021 - 40 for 73 -14 N
TRDA Entrada Therapeutics Inc 656 Medical-Biomedical/Gene 10/22/2021 - .1382 : 1 5 N
AURA Aura Biosciences Inc 499 Medical-Biomedical/Gene 10/22/2021 - .072993 : 1 22 N
UTRS Minerva Surgical Inc 156 Medical Products 10/14/2021 - .165399 : 1 -55 N
MCHP Microchip Technology Inc 48068 Electronic Compo-Semicon 10/13/2021 - 2 for 1 24 Y
BBLG Bone Biologics Corp 40 Medical-Biomedical/Gene 10/13/2021 - 2 for 5 -22 N
ISRG Intuitive Surgical Inc 121582 Medical Instruments 10/5/2021 - 3 for 1 4 Y
HCANF Halo Collective Inc 39 Medical-Drugs 10/12/2021 - 1 for 100 -50 N
XPRO Expro Group Holdings NV 1431 Oil-Field Services 10/4/2021 - 1 for 6 -38 Y
USWS US Well Services Inc 80 Oil-Field Services 10/1/2021 - 2 for 7 -41 N
INMD Inmode Ltd 5310 Medical Products 10/1/2021 - 2 for 1 -12 Y
TOYOF Toyota Motor Corp 295872 Auto-Cars/Light Trucks 9/29/2021 - 5 for 1 -8 N
EVGDF Elevation Gold Mining Corp 42 Precious Metals 9/24/2021 - 1 for 6 -42 N
XRTX XORTX Therapeutics Inc 31 Medical-Biomedical/Gene 9/23/2021 - .085179 : 1 -54 N
NEVDF Nevada Copper Corp 201 Metal-Copper 9/21/2021 - 1 for 10 -9 N
FSFG First Savings Financial Group 185 S&L/Thrifts-Central US 9/16/2021 - 3 for 1 -8 N
JAGX Jaguar Health Inc 62 Veterinary Diagnostics 9/8/2021 - 1 for 3 -49 Y
ACST Acasti Pharma Inc 53 Medical-Drugs 8/31/2021 - 1 for 8 -55 Y
STG Sunlands Technology Group 49 Internet Content-Info/Ne 8/31/2021 - 2 for 25 -45 N
AADI Aadi Bioscience Inc 468 Medical-Biomedical/Gene 8/27/2021 - 1 for 15 -12 Y
MEAUF Moneta Gold Inc 123 Gold Mining 8/26/2021 - 1 for 6 -24 N
PTMN Portman Ridge Finance Corp 236 Investment Companies 8/26/2021 - 1 for 10 5 Y
BTCS BTCS Inc 55 E-Commerce/Products 8/17/2021 - 1 for 10 -19 N
ATXS Astria Therapeutics Inc 77 Medical-Biomedical/Gene 8/20/2021 - 1 for 6 -20 Y
ZPTAF Surge Energy Inc 278 Oil Comp-Explor&Prodtn 8/20/2021 - 2 for 17 9 N
AAZZF A2Z Smart Technologies Corp 176 Electronics-Military 8/20/2021 - 1 for 3 35 N
LEMLF Leaf Mobile Inc 159 Entertainment Software 8/17/2021 - 1 for 10 - N
MIGI Mawson Infrastructure Group In 419 Computer Software 8/13/2021 - 1 for 10 -24 N
CRDV Community Redevelopment Inc 143 Real Estate Oper/Develop 8/4/2021 - 1 for 100 37 N
WKSP Worksport Ltd 67 Auto/Trk Prts&Equip-Orig 8/4/2021 - 1 for 20 -8 Y
GE General Electric Co 107431 Diversified Manufact Op 8/2/2021 - 1 for 8 -3 Y
SWI SolarWinds Corp 2269 Computer Software 8/2/2021 - 1 for 2 -30 Y
SBET SharpLink Gaming Ltd 53 Applications Software 7/28/2021 - 1 for 2 -56 N
MITT AG Mortgage Investment Trust I 249 REITS-Mortgage 7/23/2021 - 1 for 3 4 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 (%)
Banxa is one of the fastest-growing payments and compliance infrastructure providers for the
BNXAF Banxa Holdings Inc FILED digital asset industry, and the only one that is publicly traded and transparent in both its 128 OTC Nasdaq Uplist -
ownership and reporting. UPDATE: Will uplist to Nasdaq in early 2022
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 82 - - - -
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 institution
Galaxy Digital
GLXY CN FILED dedicated to the digital assets and blockchain technology sector. The firm operates across four 7,822 - - US Listing -
Holdings Ltd
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 8 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
SBFM FILED research, development, and commercialization of oncology and antiviral drugs. Sunshine 26 OTC - - -
Biopharma 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 198 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 juices, 33 Venture TSX Uplist -
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 Modular Medical, Inc. provides medication delivery technology. The Company offers a device that
MODDD FILED 67 OTC NASDAQ Uplist -
Inc remove the burden of daily injections. Modular Medical serves customers in the United States.
Integrity Applications, Inc. designs, develops, and commercializes medical devices. The Company
Integrity manufactures non-invasive blood glucose monitoring devices. Integrity Applications offers its
IGAP 12/10/2021 61 OTC NASDAQ Uplist -
Applications Inc products to the medical industry, primarily to people with diabetes, in the United States and
Israel. UPDATE: Will change name and ticker post uplist
The Valens Company Inc. operates as a biotechnology company. The Company specializes in
cannabis processing and formulation including CO2, ethanol, hydrocarbon, solvent-less and
VLNS Valens Co Inc/The 12/9/2021 230 OTC NASDAQ Uplist -1
terpene extraction, analytical testing, and white label product development. Valens serves
Mobiquity Technologies, Inc. operates as as an ad tech company focusing on connecting Fans
Mobiquity (consumers) and Brands through Online, Social and Mobile Platforms. Mobiquity attempts to
MOBQ 12/9/2021 12 OTC NASDAQ Uplist/Offering -5
Technologies Inc revolutionize location-based mobile marketing platforms by creating a Universal Location Based
Mobile Marketing Ecosystem through a single platform.
Creative Medical Technology Holdings, Inc. operates as a commercial stage biotechnology
Creative Medical company. The Company focuses on immunology, urology, neurology and orthopedics using adult
CELZ 12/3/2021 12 PINK NASDAQ Uplist/Offering -13
Technology Ho stem cell treatments and interrelated regenerative technologies for the treatment of 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 2
Harte-Hanks also publishes shopper publications which are highly targeted advertising vehicles.
UPDATE: Approved by Naz; will trade 12/1 under HHS
www.KEDM.com
Return since
Market Uplist or
Ticker Company Effective Date Business Description Prior Exchange New Exchange listing
Cap ($M) downlist?
change (%)
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 and
BAFN 11/30/2021 94 OTC Nasdaq Uplist 0
Corp 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 58 OTC Nasdaq Uplist/Offering -6
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
IAIC 11/23/2021 include migration and modernization services, IT staffing and outsourcing solutions, and products 50 OTC NASDAQ Uplist 37
Analysis Inc
and tools that help automate conversion processes.
Gold Mountain Gold Mountain Mining Corp. is a gold mining company. The Company is focused on the Elk Gold
GMTN CN 11/22/2021 96 Venture TSX Uplist -27
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 177 OTC AMEX Uplist 24
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 in 174 AMEX NYSE Uplist -19
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, 295 Venture TSX Uplist -8
and medical device manufacturers worldwide.
Digihost Technology Inc. operates as a blockchain company. The Company focuses on validation
Digihost
DGHI 11/15/2021 through mining, hosting solutions, and blockchain software solutions. Digihost Technology serves 106 OTC Nasdaq Uplist -43
Technology Inc
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 (%)
CNC Centene Corp 12/10/2021 46406 Medical-HMO - Link Alternatives for its international business; new buybacks likely to come
LH caves to activist, JANA Partners, and initiates a strategic review. GS

LH Laboratory Corp of America Hol 3/23/2021 26985 Medical Labs&Testing Srv 22 Link hired to run the review. UPDATE 12/9: Strategic review ended; no
buyout; $2.5B buyback; divvy initiated
ISIG launched alternatives that may be evaluated include, but are not
ISIG Insignia Systems Inc 12/6/2021 42 Electronic Compo-Misc 40 Link limited to, an acquisition, merger, business combination, in-licensing, or
other strategic transaction.
Retains Imperial Capital to initiate a review of available strategic

IWSY ImageWare Systems Inc 8/16/2021 9 Data Processing/Mgmt -46 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 105420 Oil Comp-Explor&Prodtn 10 LINK Oil and gas company Lundin Energy is considering a potential sale
ESNT LN Essentra PLC 11/26/2021 953 Containers-Paper/Plastic 3 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 244 Finance-Other Services 19 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 170 Non-Ferrous Metals -17 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 113 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
www.KEDM.com
Initial Return
Ticker Company Announcement Market Cap ($M) Sector since PR Link Notes and Type of Transaction
Date (%)
Sonim has retained B. Riley as its investment bank to explore strategic

SONM Sonim Technologies Inc 11/10/2021 20 Wireless Equipment -36 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 4 Silver Mining -28 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.
www.KEDM.com
Privatization Monitor
Recent or proposed government privatizations
Announcement
Company Ticker Government Sector Exchange Expected Date Notes Link
Date
Saudi Stock TADAWULG The stock exchange was valued at $3.4 bil, after an institutional bookbuilding. IPO will be
11/28/2021 Saudi Arabia Financial Tadawul Dec 2021 LINK
Exchange AB open to retail subscribers by Dec 2. ~$1 bil will be raised via an IPO. Trading 12/8
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.
Banco Angolano
Angola's largest lender by assets, intends to sell appx. 10% of its shares through an IPO by
3/18/2021 de - Angola Financial Bodiva LINK
2022.
Investimentos
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.
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
privatization bill and must be approved by the Congress by Jun 22 or it will expire.
4/1/2020 Eletrobras ELET3 BZ Brazil Power - Q4 2021 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. Update 12/8 -
Federal Court of Accounts (TCU) postponed 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 $12.96. Trades on
Nasdaq on 07/15/21.
TC Federal Bank, a federally chartered savings bank headquartered in Thomasville, Georgia, adopted a Plan of Conversion
pursuant to which TC Federal Bank will convert from a mutual to a stock savings institution. December 31, 2019 has been
TC Federal Bank Trading TCBC established as the eligibility record date for determining eligible account holders entitled to receive non-transferable rights 3/10/2021 7/21/2021 LINK
to subscribe for the shares of common stock offered in the reorganization. UPDATE 7/20: IPO complete; will trade on Nasdaq
under TCBC on 7/21
1895 Bancorp of Wisconsin, the parent company for PyraMax Bank, announced today that its Board of Directors, together
with the Boards of Directors of 1895 Bancorp of Wisconsin, MHC (the "MHC") and the Bank, have unanimously adopted a Plan
of Conversion and Reorganization (the "Plan of Conversion"). In the stock offering, depositors of the Bank with qualifying
deposits as of December 31, 2019 will have first priority to purchase shares of common stock. 1895 Bancorp of Wisconsin,
1895 Bancorp of Inc. is headquartered in Greenfield, Wisconsin and is the registered savings and loan holding company of the Bank. The Bank
Wisconsin (PyraMax Trading BCOW conducts its operations from our six full-service banking offices. UPDATE 5/11: BCOW retains KBW to assist in selling the 3/2/2021 7/15/2021 LINK
Bank) shares; agency agreement at link on right UPDATE 5/17: Stock offering commences; offering 3.542m at 10$ 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= $12.83.
Blue Foundry Bancorp adopted a Plan of Conversion whereby the Mutual Holding Company will convert to the fully stock
holding company structure. As a result of the conversion, the Mutual Holding Company will no longer exist and Blue Foundry
Bancorp, which is currently the mid-tier stock holding company subsidiary of the Mutual Holding Company and owns all of
Blue Foundry Trading BLFY the Bank’s common stock, will be succeeded by a Delaware corporation. UPDATE 3/10: Prospectus filed; link right. UPDATE 1/20/2021 7/16/2021 LINK
4/20: Amended S1 filed UPDATE 5/5: Amended S1 filed UPDATE 5/18: Agency agreement signed; selling 18-24m shares at 10$
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
NorthEast Community
Trading NECB a “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 9/16/2020 3/25/2021 LINK
filed 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 -
serves customers in the United States.
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)
NU NU Holdings Ltd/Cayman Islands Diversified Banking Inst 12/9/2021 ARKF ARK Fintech Innovation ETF 2541 13 0.50% 0.51% 2%
RBLX ROBLOX Corp Entertainment Software 12/2/2021 ARKK ARK Innovation ETF 16708 43 0.25% 0.26% -1%
XPEV XPeng Inc Auto-Cars/Light Trucks 12/2/2021 ARKQ ARK Autonomous Technology & Ro 2305 13 0.56% 0.56% -5%
TWTR Twitter Inc Internet Content-Entmnt 11/30/2021 ARKF ARK Fintech Innovation ETF 2541 14 0.51% 0.55% 3%
MNDY Monday.com Ltd Applications Software 11/22/2021 ARKW ARK Next Generation Internet E 4215 10 0.20% 0.24% -7%
MYNA Mynaric AG Wireless Equipment 11/12/2021 ARKX ARK Space Exploration & Innova 480 7 1.18% 1.35% -29%
DDD 3D Systems Corp Computers-Other 11/11/2021 ARKK ARK Innovation ETF 16708 51 0.25% 0.31% -12%
ALLO Allogene Therapeutics Inc Medical-Biomedical/Gene 11/1/2021 ARKG ARK Genomic Revolution ETF 5376 4 0.05% 0.07% -3%
FB Meta Platforms Inc Internet Content-Entmnt 10/28/2021 ARKW ARK Next Generation Internet E 4215 27 0.50% 0.64% 3%
PAGS Pagseguro Digital Ltd Finance-Credit Card 10/25/2021 ARKF ARK Fintech Innovation ETF 2541 3 0.09% 0.12% -27%
DDD 3D Systems Corp Computers-Other 10/25/2021 ARKX ARK Space Exploration & Innova 480 2 0.38% 0.42% -23%
TOST Toast Inc Commercial Serv-Finance 9/22/2021 ARKF ARK Fintech Innovation ETF 2541 1 0.03% 0.04% -41%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 9/17/2021 ARKK ARK Innovation ETF 16708 121 0.56% 0.72% -17%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 9/17/2021 ARKG ARK Genomic Revolution ETF 5376 116 1.54% 2.16% -17%
ACHR Archer Aviation Inc Aerospace/Defense 9/17/2021 ARKQ ARK Autonomous Technology & Ro 2305 42 1.40% 1.82% -21%
ACHR Archer Aviation Inc Aerospace/Defense 9/17/2021 ARKX ARK Space Exploration & Innova 480 6 1.00% 1.25% -21%
PFE Pfizer Inc Medical-Drugs 8/18/2021 ARKG ARK Genomic Revolution ETF 5376 8 0.10% 0.15% 7%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKQ ARK Autonomous Technology & Ro 2305 14 0.50% 0.61% -24%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKG ARK Genomic Revolution ETF 5376 43 0.50% 0.80% -24%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKF ARK Fintech Innovation ETF 2541 9 0.25% 0.35% -24%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKX ARK Space Exploration & Innova 480 2 0.25% 0.42% -24%
SGFY Signify Health Inc Medical Information Sys 8/11/2021 ARKK ARK Innovation ETF 16708 20 0.09% 0.12% -42%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 8/5/2021 ARKK ARK Innovation ETF 16708 19 0.08% 0.11% 2%
GENI Genius Sports Ltd Internet Gambling 8/5/2021 ARKW ARK Next Generation Internet E 4215 5 0.08% 0.12% -53%
LPSN LivePerson Inc Enterprise Software/Serv 8/4/2021 ARKW ARK Next Generation Internet E 4215 16 0.26% 0.38% -40%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 8/3/2021 ARKG ARK Genomic Revolution ETF 5376 2 0.02% 0.04% 2%
ETSY Etsy Inc E-Commerce/Products 8/2/2021 ARKF ARK Fintech Innovation ETF 2541 12 0.33% 0.47% 20%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKK ARK Innovation ETF 16708 126 0.55% 0.75% -41%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKW ARK Next Generation Internet E 4215 21 0.35% 0.50% -41%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKF ARK Fintech Innovation ETF 2541 13 0.36% 0.51% -41%
CRBU Caribou Biosciences Inc Medical-Biomedical/Gene 7/23/2021 ARKG ARK Genomic Revolution ETF 5376 25 0.28% 0.46% 8%
SMFR Sema4 Holdings Corp Medical-Biomedical/Gene 7/23/2021 ARKG ARK Genomic Revolution ETF 5376 53 0.60% 0.99% -55%
KIND Nextdoor Holdings Inc Internet Content-Entmnt 7/12/2021 ARKW ARK Next Generation Internet E 4215 1 0.02% 0.03% -5%
FTCH Farfetch Ltd E-Commerce/Products 7/12/2021 ARKF ARK Fintech Innovation ETF 2541 4 0.09% 0.15% -29%
FTCH Farfetch Ltd E-Commerce/Products 7/6/2021 ARKW ARK Next Generation Internet E 4215 21 0.34% 0.50% -29%
SPLK Splunk Inc Computer Software 6/18/2021 ARKW ARK Next Generation Internet E 4215 24 0.41% 0.57% -14%
QSI Quantum-Si Inc Diagnostic Equipment 6/17/2021 ARKG ARK Genomic Revolution ETF 5376 6 0.06% 0.10% -22%
VERV Verve Therapeutics Inc Medical-Biomedical/Gene 6/17/2021 ARKG ARK Genomic Revolution ETF 5376 17 0.19% 0.31% 7%
BZ Kanzhun Ltd E-Commerce/Services 6/11/2021 ARKW ARK Next Generation Internet E 4215 1 0.03% 0.03% 4%
GOOG Alphabet Inc Web Portals/ISP 6/3/2021 ARKF ARK Fintech Innovation ETF 2541 11 0.30% 0.43% 23%
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
(%)
EPAM EPAM Systems Inc Computer Services S&P 500 - 12/07/2021 12/14/2021 39704 17 -
SBNY Signature Bank/New York NY Commer Banks-Eastern US S&P 500 MidCap 400 12/03/2021 12/20/2021 19069 -1 -
SEDG SolarEdge Technologies Inc Energy-Alternate Sources S&P 500 MidCap 400 12/03/2021 12/20/2021 16459 -1 -
FDS FactSet Research Systems Inc Multimedia S&P 500 MidCap 400 12/03/2021 12/20/2021 17416 -1 -
LEG Leggett & Platt Inc Home Furnishings MidCap 400 S&P 500 12/03/2021 12/20/2021 5617 1 -
HBI Hanesbrands Inc Apparel Manufacturers MidCap 400 S&P 500 12/03/2021 12/20/2021 6066 5 -
WU Western Union Co/The Finance-Credit Card MidCap 400 S&P 500 12/03/2021 12/20/2021 7248 4 -
M Macy's Inc Retail-Regnl Dept Store MidCap 400 SmallCap 600 12/03/2021 12/20/2021 8014 -4 -
VICR Vicor Corp Electronic Connectors MidCap 400 SmallCap 600 12/03/2021 12/20/2021 5260 -14 -
POWI Power Integrations Inc Semicon Compo-Intg Circu MidCap 400 SmallCap 600 12/03/2021 12/20/2021 5402 -11 -
TR Tootsie Roll Industries Inc Food-Confectionery SmallCap 600 MidCap 400 12/03/2021 12/20/2021 2526 17 -
TDS Telephone and Data Systems Inc Telephone-Integrated SmallCap 600 MidCap 400 12/03/2021 12/20/2021 2218 9 -
NKTR Nektar Therapeutics Medical-Biomedical/Gene SmallCap 600 MidCap 400 12/03/2021 12/20/2021 2294 16 -
AGFY Agrify Corp Machinery-Farm MSOS - 12/02/2021 12/02/2021 308 -4 -4
UGRO Urban-Gro Inc Machinery-Farm MSOS - 12/02/2021 12/02/2021 105 -1 -1
AFCG AFC Gamma Inc REITS-Mortgage MSOS - 12/02/2021 12/02/2021 352 -2 -2
BRKR Bruker Corp Medical Instruments MidCap 400 - 11/24/2021 12/02/2021 12213 4 -1
KAR KAR Auction Services Inc Distribution/Wholesale SmallCap 600 MidCap 400 11/24/2021 12/02/2021 1935 6 1
CARS Cars.com Inc E-Commerce/Services SmallCap 600 - 11/24/2021 12/02/2021 1254 34 8
NVEE NV5 Global Inc Building&Construct-Misc SmallCap 600 - 11/24/2021 12/02/2021 1925 12 -3
SITM SiTime Corp Electronic Compo-Semicon MidCap 400 - 11/22/2021 11/30/2021 6414 18 1
EBS Emergent BioSolutions Inc Medical-Biomedical/Gene SmallCap 600 MidCap 400 11/22/2021 11/30/2021 2151 11 -10
THRY Thryv Holdings Inc Publishing-Periodicals SmallCap 600 - 11/17/2021 11/24/2021 1263 - -
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 740 3 -27
KD Kyndryl Holdings Inc Computer Services MidCap 400 - 11/01/2021 11/05/2021 4079 -28 -25
NTCT NetScout Systems Inc Computers-Integrated Sys SmallCap 600 MidCap 400 11/01/2021 11/05/2021 2357 20 -6
CDMO Avid Bioservices Inc Medical-Biomedical/Gene SmallCap 600 - 10/25/2021 10/29/2021 1670 18 -13
KRG Kite Realty Group Trust REITS-Shopping Centers MidCap 400 SmallCap 600 10/18/2021 10/22/2021 4702 -4 0
HRMY Harmony Biosciences Holdings I Medical-Drugs SmallCap 600 - 10/18/2021 10/22/2021 2259 7 -3
TREE LendingTree Inc Finance-Consumer Loans SmallCap 600 MidCap 400 10/18/2021 10/22/2021 1515 -4 -23
SPWR SunPower Corp Energy-Alternate Sources MidCap 400 - 09/30/2021 10/05/2021 4017 0 3
OPRX OptimizeRx Corp Retail-Drug Store SmallCap 600 - 09/29/2021 10/04/2021 1049 12 -31
SLVM Sylvamo Corp Paper&Related Products SmallCap 600 - 09/28/2021 10/04/2021 1351 -16 10
GLASF Glass House Brands Inc Consumer Products-Misc MSOS - 09/23/2021 09/23/2021 197 - -22
AYA CN Aya Gold & Silver Inc Silver Mining GDXJ - 09/11/2021 09/11/2021 986 - -5
GGD CN GoGold Resources Inc Gold Mining GDXJ - 09/11/2021 09/11/2021 853 - -2
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) (%)
LEG Leggett & Platt Inc S&P 500 Y MidCap 400 12/03/2021 12/20/2021 5,617 Home Furnishings -
HBI Hanesbrands Inc S&P 500 Y MidCap 400 12/03/2021 12/20/2021 6,066 Apparel Manufacturers -
WU Western Union Co/The S&P 500 Y MidCap 400 12/03/2021 12/20/2021 7,248 Finance-Credit Card -
SBNY Signature Bank/New York NY MidCap 400 Y S&P 500 12/03/2021 12/20/2021 19,069 Commer Banks-Eastern US -
SEDG SolarEdge Technologies Inc MidCap 400 Y S&P 500 12/03/2021 12/20/2021 16,459 Energy-Alternate Sources -
FDS FactSet Research Systems Inc MidCap 400 Y S&P 500 12/03/2021 12/20/2021 17,416 Multimedia -
TR Tootsie Roll Industries Inc MidCap 400 Y SmallCap 600 12/03/2021 12/20/2021 2,526 Food-Confectionery -
TDS Telephone and Data Systems Inc MidCap 400 Y SmallCap 600 12/03/2021 12/20/2021 2,218 Telephone-Integrated -
NKTR Nektar Therapeutics MidCap 400 Y SmallCap 600 12/03/2021 12/20/2021 2,294 Medical-Biomedical/Gene -
M Macy's Inc SmallCap 600 Y MidCap 400 12/03/2021 12/20/2021 8,014 Retail-Regnl Dept Store -
VICR Vicor Corp SmallCap 600 Y MidCap 400 12/03/2021 12/20/2021 5,260 Electronic Connectors -
POWI Power Integrations Inc SmallCap 600 Y MidCap 400 12/03/2021 12/20/2021 5,402 Semicon Compo-Intg Circu -
KAR KAR Auction Services Inc MidCap 400 Y SmallCap 600 11/24/2021 12/02/2021 1,935 Distribution/Wholesale 1
EBS Emergent BioSolutions Inc MidCap 400 Y SmallCap 600 11/22/2021 11/30/2021 2,151 Medical-Biomedical/Gene -10
DAKT Daktronics Inc SmallCap 600 N - 11/09/2021 11/16/2021 241 Audio/Video Products 2
AAOI Applied Optoelectronics Inc SmallCap 600 N - 11/04/2021 11/09/2021 162 Electronic Compo-Misc 2
NTCT NetScout Systems Inc MidCap 400 Y SmallCap 600 11/01/2021 11/05/2021 2,357 Computers-Integrated Sys -6
IVC Invacare Corp SmallCap 600 N - 11/01/2021 11/05/2021 98 Medical Products -35
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 -27
TREE LendingTree Inc MidCap 400 Y SmallCap 600 10/18/2020 10/22/2021 1,515 Finance-Consumer Loans -23
KRG Kite Realty Group Trust SmallCap 600 Y MidCap 400 10/18/2021 10/22/2021 4,702 REITS-Shopping Centers 0
MRCQF Glass House Brands Inc MSOS N - 09/23/2021 09/03/2021 197 Consumer Products-Misc -
UNM Unum Group S&P 500 Y MidCap 400 09/03/2021 09/20/2021 4,936 Life/Health Insurance 2
NOV NOV Inc S&P 500 Y MidCap 400 09/03/2021 09/20/2021 5,282 Oil Field Mach&Equip 5
PRGO Perrigo Co PLC S&P 500 Y MidCap 400 09/03/2021 09/20/2021 4,903 Medical-Generic Drugs -15
CDAY Ceridian HCM Holding Inc MidCap 400 Y S&P 500 09/03/2021 09/20/2021 15,761 Enterprise Software/Serv -3
BRO Brown & Brown Inc MidCap 400 Y S&P 500 09/03/2021 09/20/2021 18,940 Insurance Brokers 18
WW WW International Inc MidCap 400 Y SmallCap 600 09/03/2021 09/20/2021 1,209 Commercial Services -18
HCSG Healthcare Services Group Inc MidCap 400 Y SmallCap 600 09/03/2021 09/20/2021 1,228 Food-Catering -34
TISI Team Inc SmallCap 600 N - 09/03/2021 09/20/2021 41 Commercial Services -63
UIHC United Insurance Holdings Corp SmallCap 600 N - 09/03/2021 09/20/2021 192 Property/Casualty Ins 34
MSTR MicroStrategy Inc SmallCap 600 N - 09/03/2021 09/20/2021 6,468 Enterprise Software/Serv 0
THS TreeHouse Foods Inc MidCap 400 Y SmallCap 600 08/30/2021 09/03/2021 2,167 Food-Misc/Diversified 3
LGND Ligand Pharmaceuticals Inc MidCap 400 Y SmallCap 600 08/30/2021 09/07/2021 2,394 Medical-Biomedical/Gene 10
TECH Bio-Techne Corp MidCap 400 Y S&P 500 08/24/2021 08/30/2021 18,477 Medical Instruments -7
www.KEDM.com
Contingent Value Right Monitor

Target Date to be
CVR Still PR
Ticker/ shareholder CVR Expiration
Date of PR Ticker Company Target Outstanding Notes Terms or
Shareholder of record to Ticker Date
(Y/N) Filing
of Record receive CVR
The payment includes one CVR per Great Bear
common share, to be exchanged for 0.1330 of a
Kinross agreed to an upfront payment of
Kinross share per Great Bear common share. Total
Kinross ~US$1.4 bil, either (i) CAD 29.0 in cash or (ii)
Great Bear CVR consideration is US$ 46.0 mil. CVR is
12/8/2021 KGC Gold GBR CN Q1 2022 - TBD TBD 3.8564 Kinross shares per Great Bear share. LINK
Resources Ltd. contingent upon a commercial production of the
Corporation Boards of both companies approved the
Dixie project with at least 8.5 mil gold ounces of
transaction.
measured and indicated mineral resources are
disclosed.
Signed business combination agreement and

will trade under the symbol WULF. The
company plans to become an environmentally
sustainable bitcoin miner. Update 7/30/2021 -
TeraWulf to come public. IKNX shareholders to
Registration statement filed. Update
18 months receive $5, one CVR and one share of MergedCo.
6/25/21 - TeraWulf IKNX Ikonics Corp. H2 2021 - PENDING 8/11/2021 - Made a few amendments to the LINK
from close CVRs to receive 95% of proceeds from sale of any
Merger agreement and plans to announce
legacy businesses following 18 months after close
Extraordinary General Meeting. Update 9/20 -
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 preferred
shares at $3.40), which will be used to fund
JCS/Pineapple merging; JCS will sell assets and
Pineapple's strategic initiatives. The financing
provide 1$ to shareholders and a CVR. CVR (non-
is subject to JCS's shareholders. The
transferable) holders will have the rights to receive
institutional investors will not receive any
percentage of the net proceeds from remaining
Pineapple Communications 18 months CVRs. Update 7/28/2021 - JCS to sell part of its
3/2/21 (private) JCS TBD - PENDING sale of legacy JCS asset after the merger. The CVR LINK
Energy Systems from close business to Lantronix (LTRX) for $25.0 mil at the
Agreement will be terminated upon the earlier of
closing plus $7.0 mil in earnout payments. JCS
(a) the payment of the full amount of all CVR
expects to declare $3.5 per share dividend.
Payment Amounts or b) 18 month anniversary of
Earnout payments will be distributed through
the closing of the Merger.
CVRs between Pineapple and JCS. Update
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
Ticker/ shareholder CVR Expiration
Date of PR Ticker Company Target Outstanding Notes Terms or
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 Part of IBC of SPAC. Each public stockholder of
annum preferred simple return including downside Pure (SPAC) received one share of HighPeak
protection to $4.00 per share. CVRs provide Energy common stock, one HighPeak Energy
Pure
significant valuation protection if the trading price warrant and one CVR in exchange for each
7/2/20 PACQ Acquisition HPK HighPeak Energy 8/23/2020 HPKER Y 8/24/2022 LINK
of HighPeak Energy's common stock is below the share of Pure’s Class A common stock. Update
Corp.
price that would provide the CVR holder with a 10% 10/18 - HPK filed a preliminary prospectus to
preferred simple annual return based on $10.00 issue 1.7 mil shares (post issuance shares -
per share at the closing of the business 94.4 mil)
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

The other 2 options not related to CVRs are:
choose from one of the following options. An
a) $9.50 in cash
option related to CVR is stated below and the other
c) combination of (1) $0.905 in cash, (2) 0.496
two options are stated in "Notes" section.
Third Point Sirius TPRE Shares (3) 0.106 Series A preference
TPRE b) 0.743 shares of TPRE and one CVR which, taken
8/6/20 Reinsurance SG International 2/11/2021 SSPCF Y 2/26/2023 shares of TPRE (4) 0.190 of a warrant and (5) LINK
(SPNT) together with the fraction of the TPRE Share
(SiriusPoint) Insurance $0.905 aggregate principal amount of an
received, guarantee that on the second
“upside right” issued by TPRE
anniversary of the Effective Time, the electing
The merger was consummated and TPRE
shareholder will have received equity and cash
changed its name to SiriusPoint Ltd
equal to at least $13.73 per Sirius Share
Each CVR has a 10 year term and will be exchanged Tahoe shareholders received 1 CVR for each
PAN
for 0.0497 of a Pan American share upon first share. Update 3/4/2021: PAAS reported Q4
AMERICAN Tahoe
11/13/18 PAAS - 2/22/2019 PAASF Y 2/22/2029 commercial shipment of concentrate following the 2020 financials. The company is now debt- LINK
SILVER Resources
restart of operations at the Escobal mine. The free. However, no development at the Escobal
CORP
Company issued an aggregate of 313,887,490 CVRs mine operation.
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)
Brightsphere The company is tendering ~41.7% of its shares. Update 12/9 - Announced final
BSIG 11/4/2021 1,049.0 33.30 31.50 28.71 12/6/2021 Y LINK
Investment Group results: 34.9 mil shares will be purchased for $1.1 bil.
Modified Dutch auction, tendering ~19.7% of the outstanding shares. Update

Encore Capital
ECPG 11/4/2021 300.0 5.00 52 - 60 59.34 12/2/2021 N 12/9 - Announced final results: 4.4 mil shares were tendered at $60 per LINK
Group Inc
share.
Corcept Modified Dutch auction, tendering ~11.5% of the shares outstanding. Update
CORT 11/8/2021 23.8 10.00 20.75 - 23.75 18.96 12/15/2021 N LINK
Therapeutics Inc 12/8 - 8.2mil shares were tendered. Tender offer extended.
Self-tender for up to 70% of its shares. The tender will commence on Nov 8.
Templeton Global
GIM 10/13/2021 525.0 93.90 99% of NAV 5.08 12/7/2021 N Update 11/8 - Self-tender commenced. Update 12/8 - Announced preliminary LINK
Income Fund
results: 31.3 mil shares were tendered.
Modified Dutch auction tender. The company will purchase ~15% of its shares
outstanding. This tender is part of a $1 bil share repurchase program. Update
PRG PROG Holdings Inc 11/3/2021 425.0 8.50 44 - 50 43.11 12/3/2021 Y 11/8 - Announced $600 mil Senior Unsecured Notes to finance the tender offer LINK
and share repurchases. Update 12/8 - Announced final results: 8.6 mil shares
were tendered at $49.0 per share
The Company announced tender offer to purchase Series B Senior Preferred

Centrus Energy
LEU 10/20/2021 51.0 0.04 1,145.20 56.71 11/18/2021 N Stock. Update 11/23 - Final results announced: 0.04 mil shares were tendered LINK
Corp
for $42.2 mil.
Hertz Global Announced tender to purchase all Series A preferred shares. On Nov 29, the
HTZ 11/23/2021 1,875.0 1.50 1,250.00 25.03 12/21/2021 N LINK
Holdings Inc company announced another $2.0 bil share repurchase 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 4.02 12/21/2021 N The third tender for 2021. Announced tender for ~4% of the shares. LINK
Kenmare Tender offer will be financed from company's cash and borrowing facilities.
KMR LN 11/16/2021 GBP 61.8 14.82 4.17 416.00 12/9/2021 N LINK
Resources PLC The TO is subject to shareholders' approval on Dec 9.
Exchange offer of shares / cash for CVRs, which were issued on Aug 18, 2021.
ILMN Illumina Inc 11/15/2021 291.5 364.4mil CVRs 0.80 - 12/15/2021 N LINK
Offering either a) 0.0022 shares or b) 0.80 in cash per CVR.
Home Capital
HCG CN 11/15/2021 CAD 300 6.90 43.5 - 48.5 41.25 12/21/2021 Y Modified Dutch auction. Tendering ~13.7% of the shares outstanding. LINK
Group Inc
The company intends to commence a tender offer for up to 5% of shares

Herzfeld
outstanding. Details are pending. Update 10/4 - The tender will be commenced
CUBA Caribbean Basin 8/20/2021 1.7 ~0.3 97.5% of NAV 5.50 11/8/2021 N LINK
by Oct 31. Update 10/12 - Tender offer commenced. Update 11/12 -
Fund
Announced TO results - Oversubscribed. The purchase price will be $6.9810.
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)
Modified Dutch Auction self-tender offer. The company received an approval

InvenTrust to be listed on NYSE under "IVT" from Oct 12. OTC trading will be ceased.
IVT 10/12/2021 100.0 3.57 25 - 28 26.98 11/8/2021 Y LINK
Properties Corp Update 11/9 - Announced preliminary results - 9.2 mil shares were tendered
at $25. Update 11/12 - Final result was announced.
Red Rock Resorts Modified Dutch Auction tender. The company also declared a special dividend
RRR 11/10/2021 350.0 6.60 46 - 53 50.65 12/9/2021 Y LINK
Inc of $3 per share.
Icahn Enterprises Holdings announced a tender for any or all shares of SWX.
Southwest Gas
SWX 10/27/2021 4,214.6 56.19 75.00 69.41 12/27/2021 N Icahn issued an open letter (see 13D monitor). Update 11/2 - Proxy statement LINK
Holdings Inc
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)
The proceeds will be used to finance an acquisition with Deutsche Wohnen SE.
EUR The offer will expire on Dec 7. Rights will be traded (ISIN DE000A3MQB30) until
Vonovia SE VNA GR 11/21/2021 11/25/2021 7 per 20 40.00 N Y LINK
8,000 Dec 2. Update 12/8 - Announced final results: 98.5% of the rights were
exercised.
The rights issue will commence on Nov 1 and expire on Nov 15. Update 12/7 -
Texmaco Rail & Engineering TXMRE IN 10/11/2021 10/22/2021 22.00 2 per 7 23.00 N N LINK
Rights offer completed. 1.35 times oversubscribed.
To raise another AUD 2.25 mil via a Placement. Proceeds will be used for mine
White Rock Minerals Ltd WRM AU 12/6/2021 12/13/2021 AUD 9.1 1 per 4 0.24 N N LINK
exploration and development activities.
Raised another GBP 7.1 mil through placing. Proceeds will be used to finance
Chariot Ltd CHAR LN 12/3/2021 12/3/2021 GBP 1.5 1 per 30 0.07 N N LINK
working capital. The offer will expire on Dec 15.
The offer will expire on Dec 21. The capital was fully placed in advance by
Enapter AG H20 GR 12/3/2021 12/8/2021 EUR 30 1 per 17 23.00 Y N LINK
institutional investors on Oct 29 as a securities loan.
The offer will expire on Dec 23. TGM AU made an unsolicited off-market
AUD
Focus Minerals Ltd FML AU 12/3/2021 12/8/2021 1 per 1 0.25 N N takeover bid - 2 TGM shares for every FML share. The company asked for no LINK
45.69
action.
Price will be lesser of i) 105% of the NAV or ii) 90% of the average market price
RENN Fund RCG 12/3/2021 12/10/2021 TBD 1 per 3 Varies N LINK
over 3 trading days. The offer will expire on Jan 21.
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.
www.KEDM.com
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)
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.
www.KEDM.com
Disclaimer
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KUPPY’S

EVENT DRIVEN MONITOR

Page | 1 KEDM Subscribe at KEDM.com

Page | 2 KEDM December 12, 2021

KEDM Kliff Notes

Page | 3 KEDM December 12, 2021

Pivoting a bit, last week we noted the following:

Page | 4 KEDM December 12, 2021

Page | 5 KEDM December 12, 2021

Now on to the Events of the Week:

Fallen Angel/Left for Dead Notes:

• The shipping legend, John Fredriksen has bought a 5% stake in VAL

Cluster Buying Notes:

Page | 6 KEDM December 12, 2021

Short Squeeze Notes:

IPO Unlock Notes:

CEO Turnover Notes:

Page | 7 KEDM December 12, 2021

Newsletter Short Notes:

13D and Activist Notes:

Page | 8 KEDM December 12, 2021

Busted Merger Notes:

Index Addition/Deletion Notes:

• Naz announced its annual rebalance.

Page | 9 KEDM December 12, 2021

Page | 10 KEDM December 12, 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

Mkt Net Insider

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

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

Source: The KEDM team; Bloomberg LP; Company filings

Spin- Spinco Parent Share

Source: The KEDM team; Bloomberg LP; Company filings

Spin- Spinco Parent Share

Source: The KEDM team; Bloomberg LP; Company filings

Spin- Spinco Parent Share

The Company split its customer engagement division (optimize engagement,

GORO intends to spin its Nevada Mining unit to shareholders. Expected to

Source: The KEDM team; Bloomberg LP; Company filings

Spin- Spinco Parent Share

Source: The KEDM team; Bloomberg LP; Company filings

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

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Cluster Insider Buy Monitor

Biodesix, Inc. operates as a biotechnology company. The Company offers non-

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