KEDM 12 19 21 Vol 60

KUPPY’S
EVENT DRIVEN MONITOR

Vol. 60 www.KEDM.com December 19, 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
Page | 1 KEDM Subscribe at KEDM.com

www.KEDM.com
Table of Contents
KEDM Kliff Notes ................................................................................................................................................................................ 3
Weekly Changes ............................................................................................................................................................................... 11
KEDM Fallen Angel Monitor ............................................................................................................................................................. 12
KEDM Left for Dead Monitor ........................................................................................................................................................... 15
Announced Spin-offs, Carve-outs, or Spin-Mergers ........................................................................................................................ 17
Completed Domestic Spin-offs, Carve-outs, or Spin-Mergers ........................................................................................................ 23
Completed International Spin-offs, Carve-outs, or Spin-Mergers .................................................................................................. 28
Cluster Insider Buy Monitor ............................................................................................................................................................. 32
Buyback Monitor .............................................................................................................................................................................. 44
Short Squeeze Monitor .................................................................................................................................................................... 49
IPO Monitor ...................................................................................................................................................................................... 51
Completed IPO Monitor ................................................................................................................................................................... 53
Unlock Monitor ................................................................................................................................................................................ 58
Priced Secondaries Monitor ............................................................................................................................................................. 65
CEO Change Monitor ........................................................................................................................................................................ 68
Bankruptcy Monitor ......................................................................................................................................................................... 71
Bankruptcy Exit Monitor .................................................................................................................................................................. 72
Announced SPAC Monitor ............................................................................................................................................................... 74
Completed SPAC Monitor ................................................................................................................................................................ 85
Newsletter Short Monitor ................................................................................................................................................................ 90
13D Monitor ..................................................................................................................................................................................... 92
Mergers and Acquisitions Monitor .................................................................................................................................................. 95
Busted M&A Monitor ....................................................................................................................................................................... 99
Stock Split Monitor......................................................................................................................................................................... 101
Listing Change Monitor .................................................................................................................................................................. 102
Strategic Alternatives Monitor ...................................................................................................................................................... 104
Privatization Monitor ..................................................................................................................................................................... 106
Demutualization Monitor .............................................................................................................................................................. 111
ARK Monitor ................................................................................................................................................................................... 114
Index Addition Monitor ................................................................................................................................................................. 115
Index Deletion Monitor .................................................................................................................................................................. 116
Contingent Value Right Monitor .................................................................................................................................................... 117
Tender Offer Monitor..................................................................................................................................................................... 119
Rights Offering Monitor ................................................................................................................................................................. 120
Disclaimer ....................................................................................................................................................................................... 121
Page | 2 KEDM December 19, 2021

The securities mentioned do NOT represent buy or sell recommendations. These notes represent events and possible
catalysts only. The editors and contributors of this publication may or may not have positions in the securities listed in this
publication.
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.
,
Things will be slowing down as we head into the holidays but we will still be publishing next week. We’re Jews
and can’t enjoy our traditional Chinese food for Christmas over the weekend without a fresh KEDM to flip
through…But it will be a bit more abbreviated than past issues as it’s a short week and we don’t expect much
to happen. Meanwhile the team is dispersing around the globe (Azores, Canada, Florida, Mongolia!) and we
will all be enjoying a couple weeks to reset and regroup after a long (and very profitable) 2021.
The seas outside Kuppy’s hotel in the Azores

publication.
www.KEDM.com
Furnas Lake
Sausages and clams…

publication.
www.KEDM.com
As we look back on 2021, we are proud of some of the trends and trades we have been lucky enough to catch
in our first year at KEDM. From Short Squeezes and SPACs in Q1, to African coal spins in Q2, to hammering
home the ARKK weakness this summer, while catching all the negative divergences in crypto for a solid exit.
There’s been 100s of smaller idiosyncratic trades in between… it’s been wild! Let’s not forget that we
introduced some major themes to the KEDM community well before we went public with them…like
newspapers in our August 7 edition, our oil trade back on July 3 and uranium back on August 28. We caught
the acceleration in Bitcoin, then exited gracefully. We positively nailed the belly of the oil curve catching and
our calls/call spreads are deeply in the money. While we haven’t been adding many names lately to the Fallen
Angels/Left for Dead list (markets have gone straight up and all), we are still amazed at how many multi-
bagger winners that list produced and exited. We expect to repopulate this list as markets get wobbly.
So where does that leave us as we look forward? Well, let me quote from out October 2nd issue:
“Look, we never want to see anyone suffer, but the market exists to separate morons from their
money. Given the size of the Ponzi Bubble, the coming rotation from Ponzi to real businesses could
be the biggest fund-flow event of the decade. We are laser focused on it. Almost nothing else
matters, because once it gets going, it won’t stop for a VERY long time…”
We think that about sums up our overall view! As the trend takes hold, we will continue to focus on value (vs
Ponzi), cyclicals, old economy and inflation beneficiaries. More specifically, go reread the themes listed above.
Our thinking hasn’t changed much…this is just getting started…it will certainly be volatile but try to enjoy the
ride…
Commodities to SP500 (base/consolidation before the trend change??)

publication.
www.KEDM.com
Value to Growth
On a final note, gold has been abandoned, left for dead, hated and despised. Bitcoin took all the fund flows
while inflation raged. You know it’s bad when the memes come hot and heavy.

publication.
www.KEDM.com
Let’s look at a chart of gold in BTC terms. It seems to be making a massive double bottom. Much like ARKK is
crashing at the end of the Ponzi Bubble, could Bitcoin be in for a world of underperformance vs. gold? We’re
Bitcoin bulls here, so don’t get the wrong idea, but we are also gold bulls. We think gold may outperform for
a while as the Ponzi Bubble gets washed out and it catches some fund flows from a rush to safe havens…

publication.
www.KEDM.com
Now on to the Events of the Week:
Spin Notes:
• GLNG is finally spinning its LNG carriers with the formation of Cool Company that will float on EuroNext
Oslo in Q1 with 8 TFDE LNG carriers from GLNG. GLNG will refocus on FLNGs while retaining 33% of
CoolCo. This thing is cheap, worth keeping an eye on…
• Evraz, EVR LN, released further details of its spin of RASP RX. EVR shareholders to receive .42555 RASP
shares per EVR share to be distributed on 2/15/21. EVR will continue to focus on steel, iron-ore and
vanadium, while RASP will remain a pure play on met
• Lennar, LEN, provided a brief update on their Q4 Conference Call this week; we can expect the Form 10
in January and a spin in Q2 or Q3
• Handful of spins on the docket as we close out the year:
o CNHI will spin Iveco with date of record on 12/31 and an early January ex-date. New presentation
with financial figures here
o Tobacco company, VGR will spin its residential real estate brokerage, DOUG on 12/29
o Tin company, MLX AU will spin its nickel subsidiary, Nico on 12/24
Cluster Buying Notes:
• Another week with a lot of new Clusters (see green in the Monitor), especially in the small/mid caps. We
have never seen this Monitor with this many names. Also a ton of interesting buys from names KEDM has
flagged in the past…Worth paying attention when the same names keep showing up…
• Last week we flagged GOED (yet again) and right on cue it pops up once again on KEDM this week with
a Cluster from CEO, Albert Fouerti, and a Director who purchased over 500k shares..
• Last week we mentioned COCO in passing when discussing the tax loss plays. This week it’s back on our
radar after a Cluster Buy from a Director and the CEO/COB for just under 100k shares
• Another Cluster in GUD CN with a Director and Jonathan Goodman back in the market for just over 75k
shares. This one has graced our pages a handful of times and worth reviewing…
• UEPS pinged green again after another buy from the CEO of S. Africa. Decent amount of buying showing
up on this dip…
• Like clockwork, Jason Wild is back in the open market for TER CN as the stock is down 60% from highs
• Yet another 145k shares bought by the CEO and an EVP in NGL
• Small cluster by the CEO and CFO in LCI
• A few insiders are waking up in 2020 spinco, AOUT. Worth watching for a January effect?
• Not a Cluster but always amusing to note that Bugbee, the President of the Company, is out buying more
STNG calls…this time he gobbled up 2k July ’22 14s
• Interesting is the amount of SPACs that are currently on the list with insider buying; are there some tax
loss plays lurking?: BTTX, AHCO; ATCX; HIPO; LOCL; MIMO; MKTW; MPLN; NAUT; NRDY; SMRT; SNAX;
SUNL; UP; VWE; WE
Buyback Notes:
• Handful of new names on the list due to weakness in the stock prices as the Monitor pings when stocks
are down >35% and buying back stock…
• The only new name to the list, WOR, had earnings this week and repurchased ~$13m in Q2 and $175m in
TTM

publication.
www.KEDM.com
• Number of retailer names popping up on the list this week as markets get smacked:
FL, HIBB, BIG, CTRN, KIRK, OLLI
Short Squeeze Notes:
• Worth noting the same retailers as above are also on the Short Squeeze Monitor (or just missed the
cutoff): CTRN, KIRK, OLLI, BIG (21% SI), HIBB (20% SI)
IPO Notes:
• Reddit filed their confidential S1 this week….WSB bros are sharpening their pencils…
• TPG filed their S1. Will the IPO mark the top of PE for awhile, similar to how Glencore’s IPO top ticked the
commodity markets in May 2011?? See below for a chart of the commodity index highlighting GLEN’s
IPO:
Commodity Index highlighting when Glencore IPO’d
Bankruptcy Notes:
• We noted ACY in the past and were simply dumbfounded as the old aircraft lessor became a meme stonk
while in Ch11. It emerged as a shell with new Chinese owners who injected just over 10m. Amazingly
that stake has 10x as the former lessor has (naturally) pivoted toward the metaverse and NFTs…Gotta
love 2021
SPAC Notes:
• Busy week with another 8 merger announcements and a couple of terminations:

o SCVX terminates with Bright Machines. The warrants were slammed for 50%. Terminations will
ramp in 2022; careful if you are playing in the derivatives…
o FTCV is on the cusp of terminating with crypto exchange, eToro, as it will fail to close by YE
• SV is mildly interesting from the lens of our well-publicized uranium trade.

publication.
www.KEDM.com
• Harley Davidson, HOGS, is spinning its EV motorcycle and merging it with IMPX in a
Reverse Morris transaction
• Announced SPACs this week: FOUN/Rubicon; GIIX/Footprint; SV/NuScale; GACQ/GP Global;
IMPX/LiveWire (HOG’s EV division); HYAC/Biote; RAM/InfiniteWorld; SVFC/Symbiotic
• Completed this week: BOWL/Bowlero; EVTL/ Vertical Aerospace; SSU/Signa Sports
• Votes next week: CFV; ATMR; HCAQ; MACQ; EUSG; FSII; DBDR
Newsletter Short Notes:
• Kerrisdale is out with a short report on old KEDM flag and meme/shitco, MMAT, f/k/a Torchlight. Sorta
surprised anyone even cares about this turd any longer…
13D and Activist Notes:
• Somewhat of a quiet week in 13D land

• Last week we flagged the NTP drama as IsZo ousted the Board. This week the new Board initiated a pill
to buy some time as they work to right the ship. Quick background on the situation here and IsZo’s old
letter laying out their path to get $40/sh. We still have no idea how to quantify the China risk, but
worth a look…
• Donerail is back at it with HEAR demanding Strategic Alternatives and readying an offer for the entire
company (less than their previous 36.50 a few months back…)
• Alden Capital filed suit in Delaware asking a court to order that its (previously denied) board nominees
for Lee Enterprises, LEE, be allowed to stand for election at Lee's 2022 annual meeting. Tune in here for
a bit of background as we dive in with Andrew Walker on Yet Another Value Podcast
Merger Notes:
• At the start of Q3 we noted “spreads [are] providing decent annualized returns and may be interesting as
we head into a possible volatile Q4.” At the time we highlighted the AJRD/LMT and the MX deal which still
seem to be providing safe haven amidst this “volatile Q4”…
• This week, as expected, CFIUS refused to approve the MX deal and they terminated the merger (see
Busted MA Monitor); stock was up in the news. On top of the appx. $70m break fee the company is now
in-play again, will other bidders emerge?
• In another KEDM M&A flag, AJRD jumped as the unconfirmed rumors hit the wire that the FTC will not
oppose the LMT deal. Spread dropped from around 20% last week to about 10% this week
• RRD finally agrees to Chatham’s offer at $10.85. Wild run this had…

publication.
www.KEDM.com
Weekly Changes
KEDM Fallen Angel Monitor: No changes
KEDM Left for Dead Monitor: No changes
Announced Spin-off Monitor: MMM; GLNG; HOG; NILE (update); VGR (update); MLX AU (update); EVR LN (update); LEN (update)
Completed Domestic Spin Monitor: No changes
Completed International Spin Monitor: FAL AU
Cluster Buy Monitor: JXN; GUD CN; TER CN; PETQ; UEPS; WPK CN; AGLE; NCBS; ARHS; BCOR; EXE CN; TOT CN; SVRA; COCO; AOUT;
APTX; ATNF; TXG CN; WMPN; RGF; NNBR; CTOS; ELE CN; DOC CN; BRST; CFBK; DCM CN; FARM; EWG CN; TCPC; IDN; IVR
Announced Buyback Monitor: NX; GPMT; FOUR; LOW; SYF; AZO; CONN; NILE; APT; AI; AVNS; CMI; PRM; OMF; HBT; EQC; LAUR;
NAVI; EQT; V; RNG; TPX; SEIC; ELY; SNPS; ABT; BMY; AUB; ESRT; PRLB; WSBF; MGNI; BCOR
Completed Buyback Monitor: HIBB; BIG; CTRN; FFBC; ESCA; PETRY; FL; YELP
Short Squeeze Monitor: BFRI; ISPC; LGVN; SAVA; BKKT; AHPI; VLON; GTEC; PTPI; SIRI; VUZI; RAD; W; OLLI; RLAY; VLDR; INO; GDRX;
SENS; BOLT; SAH; AMCX; VTNR; KIRK; HYLN; SIEN
IPO Monitor: CISO; INTS; NVCT; AUST; FLXE
Completed IPO Monitor: IOT; IMMX; VINE; SIDU
Unlock Monitor (next 30 days): SOPH; XPOF; GAMB; CRBU; CTKB; CNM; OB; BASE; RYAN; ZENV; ZVIA; ABSI; INST; PYCR; LAW;
VTEX; TRKA; ZETA; ZETA; LZ; IAS; CVRX; INTA; AVTE; BTTR; YOU; ARBK; ACXP; ELEV; GRPH; GHRS; MF; TKNO; MCW; BHG; GRVI;
GLUE; MIRO; FA; KLTR; YMM; SDIG
Secondaries Monitor: ABEO; LEGN; FOCS; SNDX; PULM; LESL; CCB; EFOI; XCUR; SWN; AMPE; AVCT; ATXI
CEO Change Monitor: TPB; XOMA; AERI (update); EVRI; CRNC; PANL (update); STRC; PRPL; HCAR; LYB (update); GRPN (update);
XCUR; CTRA; PTRA; EVBG; WATT (update); TLIS; VAL (update)
Bankruptcy Monitor: No change
Bankruptcy Exit Monitor: No change
Announced SPAC Monitor: AACIL CLAQ; NAAC; FOUN; GIIX; SV; GACQ; IMPX; HYAC; RAM; SVFC
Completed SPAC Monitor: IIAC; BOWL; EVTL; SSU
Newsletter Short Monitor: BEKE; AUID; AGFY; SANT GR; MMAT
13D Monitor: HOG; HEAR (update); LEE (update); CNC (update); CBRL (update); ACC; DLTR
M&A Monitor: RRD (update); AJRD (update); ARNA; VNE (update);
Busted M&A Monitor: MX; AVI SJ
Stock Split Monitor: No change
Listing Change Monitor: NUMI CN; SANG
Strategic Alternatives Monitor: AVON LN (update); QTRH CN; FLOW (update); INPX; CCO
Privatizations Monitor: Corsan
Demutualization Monitor: PDLB (update)
ARK Monitor: EDR
Index Change Monitor:
Contingent Value Right Monitor: No change
Tender Offer Monitor: CF CN; CORT (update); RRR (update
Rights Offering Monitor: MEB AU; SPG CN; LIKE LN; TRVX NO (update); SPE; KEI CN (update); MKP CN (update); FREY (update);
DITO PM; REEMF (update); KDEV SS

publication.
www.KEDM.com
KEDM Fallen Angel Monitor

The KEDM team’s “scrubbed” list of stocks down more than 65% over 2 years that are on his watchlist for potential recovery.
Good for turnarounds, deep value and put writing.
Short
% Down Mkt Net Insider
Interest EV
Ticker Company Sector Business Description From 52 Cap Debt Buying ($ Kuppy's Notes
(% of ($M)
High ($M) ($M) Value)
float)
Alpha Services and Holdings SA provides commercial Recently completed a recapitalization transaction that finally cleared up the NPE
banking services. The Bank offers lease financing, exposure from 2008 (famous last words). Cheap on a multiple of book along with
Alpha Commer insurance, corporate banking, asset management, pre-provision NOI. Will they make more crappy loans in the future (probably) but
ALPHA
Services and Banks Non- private banking, investment banking and securities -25 - 2,445 4,121 - - in a recovering economy, more loans should stay current. Meanwhile, the cost
GA
Holdings SA US brokerage, venture capital, portfolio management, structure has declined materially over the past decade of restructuring. With loan
payment systems, consulting, and real estate growth expected, Alpha is a new company (maybe??). Q2 was roughly inline, but
management services. NIM compression.
Slowly melting ice cube of a regional newspaper that trades at a negative EV. I
DallasNews Corporation prints and publishes suspect that insiders who own a lot will either turn this around through digital
Publishing- newspapers. The Company offers marketing intiatives or they'll sell it to a wealthy Texan who wants his name in the news. Q2
DallasNews
DALN Newspaper solutions, niche publications, commercial printing, -46 2 37 -18 24 - and Q3 results showed the first quarters of subscriber revenue growth since
Corp
s and direct mail services. DallasNews serves clients in Q1/2015, with an uptick in advertising as well. Digital subscriber growth continued
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
Alliance a multi-bagger, with minimal near-term risk. Q3 results were quite strong with
markets coal to United States utilities and industrial
ARLP Resource Coal -11 3 1,463 554 1,827 - recovering production/sales volume and guidance for 2021 of continued recovery.
users. The Company operates its facilities in
Partners LP Focus is on de-leveraging which will reduce interest expense. Q3 showed continued
Kentucky, Illinois, and Maryland.
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,
Largest bank in Cyprus. Has shed majority of NPL/NPEs. Core business has stabilized
Bank of Commer through its subsidiaries, provides retail and
BOCH and when Cyprus returns to growth, banking is consolidated in Cyprus. Trades at
Cyprus Banks Non- commercial banking, finance, factoring, investment -15 - - - - -
LN massive discount to Book as no one believes the book. As reserving slows, should
Holdings PLC US banking, brokerage, fund management, insurance,
lead to a re-valuation. Issued a 300m Pref at 2.5%.
and other related services. Bank of Cyprus Holdings
serves customers worldwide.
Pressure pumping is an awful business. However, Calfrac recently exited
bankruptcy where they equitized most of their debt (~$575m of debt eliminated).
Calfrac Well Services Ltd. provides specialized The balance sheet is reasonably clean and the equipment is trading at a fraction of
oilfield services. The Company uses fracturing replacement value at a time when there hasn't been much cap-ex and a lot of
CFW Calfrac Well Oil-Field
equipment to increase the production of -61 0 163 317 557 726,250 equipment has been cannabolized. 37m shares outstanding and 88m FD including
CN Services Ltd Services
hydrocarbons from wells drilled in Canada and the the converts. There's nearly $1b of equipment at cost and WC offsets most of the
United States. net debt. Should trade up to equipment value on a NAV basis as more rigs are
added in North America. Q2 results were disappointing and did not see much
recovery, but guidance was for a recovery by 2H.
Highly financially leveraged agriculture play. The leverage cuts both ways but
Cresud SACIF y A operates as an agricultural
agriculture pricing is up and ARS/BRL costs are down. Should have some margin
company. The Company produces grains, sugar
expansion and they have rolled their debt to buy time. There's a lot of land and
Real Estate cane, meat, and milk, as well as focuses on
Cresud SACIF property ownership, which should work with increased inflation. We all know that
CRESY Oper/Devel acquisition, development, and exploitation of -38 - - - - -
yA Argentina is where capital goes to die, but every few years, there is a sick rally in
op agricultural properties for rental, shopping centers,
CRESY when agriculture works. The chart is setting up. Ag prices are currently "en
and hotels. Cresud serves customers in Latin
fuego" (throwing some Spanish at you--haha) which doesn't hurt. Q1 was pretty
America.
messy, but it's CRESUD and it's always messy. Watch soybeans. They're the key...
Source: The KEDM team; Bloomberg LP; Company filings
Page | 12 KEDM Back to Weekly Changes or Back to KEDM Kliff Notes December 19, 2021
www.KEDM.com
Short
Interest EV
(% of ($M)
float)
Mexican hotel chain focused on business travellers, trading at substantial discount
to NAV. As they slow growth, FCF should increase, especially as COVID ends. Q4
was weak but continuing to recover and cash leakage is slowing. Termed out
maturities and cov-lite until Q4/21. Shares are up recently on positive coverage out
Hoteles City Express S.A.B. de C.V. operates an
of https://macro-ops.com/ Worth tracking down a copy of the report. I think it is
Hoteles City integrated hospitality business platform in Mexico.
HCITY Hotels&Mo the first time this has been covered by a US research shop. (Currently behind
Express SAB The Company develops, acquires, manages, and -39 - - - - -
MM tels paywall). Check FINN13 MM as they give monthly industry numbers. Should be a
de CV franchises hotels in the economy and budget
useful read-through on HCITY and indicates that HCITY is likely inflecting into
segments.
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
right as COVID hit. Backlog starting to recover and margins should improve. Balance
Hill the construction process, from concept through
Consulting sheet is reasonable. It's a solid play on a global infrastructure spending plan with
HIL International completion. Hill International provides program -43 1 109 33 159 137,651
Services lots of exposure in Mid-East. Likely acquired once it stabilizes. Recent insider
Inc development, project management, construction,
buying. Won a $125m contract with Southern California Edison which should
quality assurance, and construction claims services
secure the backlog.
worldwide.
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
Lee Enterprises, Incorporated operates as a media
but digital is growing rapidly and at decent margins. All cashflow is swept to
company. The Company publishes newspapers,
amortize the Berkshire note. There's decent FCF here and trades at roughly 1-2x
Lee Publishing- weekly, classified, and specialty publications, as well
pre-COVID FCF. Calendar Q3 results showed continued subscriber growth with
LEE Enterprises Newspaper as offers online services, including websites -13 1 209 523 734 -
roughly flat subscriber revenue growth against peak engagement comps in
Inc s supporting its daily newspapers and other
Q3/2020 due to COVID and Trump. Digital business is accelerating and 34% of
publications. Lee Enterprises serves customers in
revenue is digital, with a much larger share of EBITDA coming from digital.
the United States.
Advertising is still under pressure, but slowly recovering. Alden made an offer for
the company at $24 which the company rejected.
Natural Resource Partners L.P. owns and manages
Royalty company with coal and soda ash royalties. Both are suffering currently,
coal properties in Appalachia, the Illinois Basin, and
leading leverage to look artificially high. Company has been focused on debt
Natural the Western United States. The Company leases
paydown with cash flow. Insiders own 25%. Just over 1x FCF to equity. Q3 showed
NRP Resource Coal coal reserves to experienced mine operators under -15 1 366 372 1,192 -
some recovery, and cash flow picked up. Coal is clearly helping and there appears
Partners LP long-term leases that grant the operator the right to
to be a turn here on soda ash as well. Still highly leveraged and the Pref continues
mine its coal reserves in exchange for royalty
to PIK.
payments.
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
SandRidge Energy, Inc. explores and produces
attractive PDP PV-55 though the absolute magnitude of the acquisition is
natural gas and crude oil. The Company owns and
Oil Comp- somewhat marginal. Q2 came in surprisingly strong with excellent realized pricing
SandRidge operates gas gathering, processing facilities, carbon
SD Explor&Pro -33 3 368 -2 271 - on NGLs, though nat gas realized pricing was still soft. Cash keeps building as
Energy Inc dioxide treating, and transportation facilities.
dtn expected. $85m net cash at Aug 6/2021 + PDP PV-10 of $321m as of July 1 making
SandRidge Energy serves customers in the United
it highly undervalued, especially as production is expected to increase as shuttered
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 $25m buyback in place. Recent increases in NGL and nat gas
prices should lead Q4 to show dramatic improvement in cash flow from Q3.
www.KEDM.com
Short
Interest EV
(% of ($M)
float)
SEACOR Marine Holdings Inc. operates a fleet of
offshore marine support vessels. The Company Operates AHTS/FSV/OSV/PSV/Crew Vessels/Liftboats mainly for offshore energy
offers crew transportation, platform supply, but also increasingly for offshore wind. Has approximately $450m of net tangible
SEACOR
Marine offshore accommodation, maintenance support, assets and trades for a MC/NTA of ~10%. Is OCF positive but FCF negative after
SMHI Marine -45 1 84 452 398 -
Services standby safety, and anchor handling and mooring maintenance spend. Has a tax refund coming. Will recover if demand for offshore
Holdings Inc
services. SEACOR Marine Holdings serves the services recovers. Potential growth of offshore wind business as an added driver.
offshore oil and gas exploration and production Has balance sheet strenght to potentially outlast the cycle. Insider buying in August
industry.
Piraeus Financial Holdings S.A. offers financial Recently completed a recapitalization transaction that finally cleared up the NPE
products and services in the areas of retail, business, exposure from 2008 (famous last words). Cheap on a multiple of book along with
Piraeus Commer
TPEIR SMEs, wholesale, investment banking, agri-banking, pre-provision NOI. Will they make more crappy loans in the future (probably) but
Financial Banks Non- -94 0 1,630 2,739 - 3,600
GA treasury and financial markets, asset management, in a recovering economy, more loans should stay current. Meanwhile, the cost
Holdings SA US
leasing, and bank assurance. The Company serves structure has declined materially over the past decade of restructuring. With loan
customers in 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
results were roughly inline, but remobilization expenses really take a bite out of
near-term cash flow + recent contracts aren't at very good rates. Strategically,
Valaris Limited provides offshore contract drilling they're mobilizing rigs at roughly break-even and fronting the re-mobilization costs,
Oil&Gas services. The Company owns, operates, and with the hope of recouping them through the contracts (though some counter-
VAL Valaris Ltd -10 2 2,640 - - -
Drilling manages rig fleets and provides drilling services. parties are paying up-front fees too). The goal is to ensure that rigs don't get
Valaris serves customers worldwide. 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. Famed shipping investor John Fredriksen took a 5%
stake and was offered a conditional board seat. He also selected the new CEO. JF
companies usually trade at large premiums to the rest of the sector as a result of
his repeated success. VAL still trades at a very substantial discount to the rest of
the sector.
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,
Weatherford International Public Limited Company WFTLF did $750m of EBITDA. Even in 2019 after some asset sales, they still did
provides oil field services and equipment. The $400m of EBITDA. Splitting the difference after some asset sales, you have about
Weatherford
Oil-Field Company offers drilling solutions, gas well $500-$600m of run-rate EBITDA even before future cost savings plans are initiated.
WFRD International -26 0 1,810 1,580 3,233 -
Services unloading, restoration, and other related activities. This seems cheap on a MC and EV basis. Debt is termed out and it should be FCF
PLC
Weatherford International serves customers positive going forward (was positive in Q2 though some of that was WC related).
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. Continues to win sizable contract awards.
www.KEDM.com
KEDM Left for Dead Monitor

The KEDM team’s “scrubbed” list of value stocks that have been forgotten by the market and “left for dead”
Mkt Net Insider

Date EV
Ticker Company Sector Business Description Cap Debt Buying Kuppy's Notes
Added ($M)
($M) ($M) (value)
Large florida land holdings mainly used for citrus. Now largest citrus grower
in Florida which should give economies of scale. Recent hurricanes have
impacted prior year crops and pricing is soft this year. Trades at large
discount to land value. Theoretically, should have decent economics
Alico, Inc. manufactures citrus fruit. The Company is involved in
through the cycle. Recently announced the acquisition of 3,300 additional
various agribusiness activities and operations including fruit
Agricultural contiguous orange grove acres that should add economies of scale.
ALCO Alico Inc production, cattle ranching, sugarcane, sod, and forestry, as well - 266 125 396 -
Operations Suddenly engaged in quite a lot of road shows which is a change from what
as leases land for farming, cattle grazing, recreation, and oil
was always a sleepy company. Q2 results were inline. The company expects
exploration. Alicoserves customers worldwide.
recently planted trees to lead to higher cash flow when they mature. This
remains a turn-around story. Sold additional ranch land to repay debt.
Announced an increase in the quarterly dividend to 50c/quarter. Is now a
more pure-play higher ROIC business with the added land sales.
JOE is one of the largest landholders in Florida, focused on the Florida
Panhandle. It is rapidly developing residential lots, multifamily housing,
hotels, clubs and commercial real estate. Results have accelerated since
the start of COVID as Florida has increasingly become a refuge for wealthy
The St. Joe Company is a real estate operating company. The
Real Estate Americans fleeing higher state taxes and Covid regulations in other states.
JOE St Joe Co/The Company is primarily engaged in real estate development, asset 10/30/2021 2,798 53 2,987 -
Oper/Develop JOE is likely to remain a beneficiary of these demographic trends. While
management, and sales, with significant interests in timber.
quarterly results are lumpy, cashflow is inflecting rapidly and the recurring
base of revenue is growing impressively. It likely trades at a substantial
discount to its NAV, despite a NAV that is also rapidly growing as the
population of the Panhandle expands.
Kazatomprom is the world's largest producer of uranium. It is also one of
NAC Kazatomprom JSC produces and markets minerals. The the lowest cost producers. It has remained steadfastly profitable despite
NAC Company specializes in natural uranium production. NAC terrible pricing of uranium, even paying a healthy dividend. As uranium
Non-Ferrous
KAP LI Kazatomprom Kazatomprom also imports and exports uranium compounds, 9/4/2021 9,428 - - - prices increase, so will profits at KAP LI. The main risk to the uranium bull
Metals
JSC nuclear power plant fuel, and uranium components. NAC market is that KAP ramps production. We think this is unlikely. KAP/CCJ are
Kazatomprom serves customers worldwide. the OPEC of uranium and they are focused on rationalizing production and
uranium prices. Raised production guidance for 2024.
Major Drilling is a sizable hard rock drilling company. It has been forgotten
as the past decade was unkind to them. The mining industry has
underspent on existing mines and general exploration for over a decade,
with depletion exceeding reserve growth in almost every year since 2008.
Now that hard rock commodities have increased in price, companies will
be forced to use their cash flow to catch up on years of deferred
Major Drilling Group International Inc. is a contract drilling exploration and mine delineation. MDI has a clean balance sheet and low
company. The Company has drilling operations in Canada, United equipment utilization. Any uptick in spend should benefit them--
Major Drilling
MDI Mining States, Mexico, South America, Australia, Europe, Asia, and Africa. particularly if per meter drill rates expand. This used to be a crowded field,
Group - 652 -3 665 2,595
CN Services Major Drilling also conducts directional, environmental, and but key competitor Boart Longyear is once again on the ropes and many
Internati
geotechnical drilling and, in addition, manufactures drills and smaller players have disbanded or been merged into larger players, which
support equipment. 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 Q3 numbers were
surprisingly strong with nice cash conversion for the first time in years--
despite big spending on cap-ex as well.
www.KEDM.com
Mkt Net Insider

Date EV
Ticker Company Sector Business Description Cap Debt Buying Kuppy's Notes
Added ($M)
($M) ($M) (value)
Dominant New Zealand newspaper and radio company. Also owns the 2nd
most popular and fastest growing housing listing website (OneRoof). Both
newspaper and radio are gaining share with particular growth in the digital
newspaper business. Company is almost debt free and will return to
dividends in 2H/2021. At AUD $0.80, shares trade at around 4x FCF
assuming advertising rates revert to 2019 levels while subscriber counts
NZME Limited operates as an integrated media company. The stay constant at current levels and cost cuts during 2020 stay in place. This
Company has a portfolio of publishing, radio, digital, newspapers, seems unusually cheap for a dominant media company in an insulated
NZM Publishing-
NZME Ltd and e-commerce brands. NZME offers advertisers access to its - 270 141 405 - market--particularly if it is growing. While newspaper and radio are hated
AU Newspapers
multi-platform presence and serves customers throughout New industries, with almost no debt, the dividend payout ratio will be high.
Zealand. Should trade on the dividend yield. Recently announced big gains in
audience market share in print/digital/radio. 1H numbers were solid,
though dividend guidance was a bit light at a 7% yield. Recent commentary
notes impressive wins in terms of audience and page-views. Recently
guided to an earnings miss as a result of lockdowns/weak advertising rates.
Stock traded up anyway. Held its 2021 Analyst Day on Nov 17. Worth a
watch.
Uranium has been in a 14 year bear market, caused by persistent annual
production surpluses along with secondary supplies from
underfeeding/MOX/govt stockpile sales/etc. This has now flipped to a
Sprott Physical Uranium Trust was created to participate in the
Sprott deficit as demand continues to accelerate, while large mines deplete or
arrangement and to subsequently invest and hold substantially all
U-U Physical Closed-end get put on care & maintenance. It seems as though CCJ/KAP are now
of its assets in uranium. The Trust seeks to provide a secure, 8/27/2021 1,525 - - -
CN Uranium Funds colluding to keep supplies down, rather than in the past where KAP rapidly
convenient and exchange-traded investment alternative for
Trust expanded production. While Macarthur River and ISL in KAZ can turn back
investors interested in holding uranium.
on, there's a 2-3 year lag. Meanwhile, financial buyers are consuming the
available supply. Will there be a squeeze? 22.9m lbs added since Sprott
took over. $30.8m 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) (%)
Reverse Morris: 3M will spin its food safety unit and combine it with Neogen, NEOG. NEOG will own
12/14/2021 3M Co MMM 101294 Diversified Manufact Op Q3 2022 2 LINK LINK
49.9% and 3M shareholder will own 50.1% pro forma.
GLNG formed "Cool Company" ("CoolCo"), to list on Euronext/Oslo and use IPO proceeds to acquire
12/15/2021 Golar LNG Ltd GLNG 1281 Pipelines Q1 2022 -2 LINK - 8 TFDE LNG carriers from GLNG and become a consolidator of LNG carriers. GLNG will retain 33%
post offering
HOG is spinning its electric motorcycle division (aka LiveWire) which will combine with SPAC AEA-
Harley-Davidson Motorcycle/Motor
12/13/2021 HOG 5837 2022 -4 LINK LINK Bridges Impact Corp. (ticker: IMPX) to create a new publicly traded company. Will trade on NYSE
Inc Scooter
under LVW
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 206075 2022 -3 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 1540 Metal-Copper - 18 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 2840 H2 2022 11 LINK LINK estate activities to develop as two solid and separately listed companies; demerger in summer of
CFE Construct
2022
BitNile Holdings Ault is renaming itself BitNile (NILE) and pivoting into Bitcoin mining while spinning off Ault Alliance
11/22/2021 NILE 223 Investment Companies 2022 -21 LINK -
Inc which will focus on EV charging products UPDATE 12/13: Name/ticker change from DPW to NILE
PRELIMINARY DISCUSSIONS: Macy's has hired AlixPartners to explore a seperation of its ecomm unit
11/18/2021 Macy's Inc M 7485 Retail-Regnl Dept Store - -35 - -
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 1328898 Diversified Minerals - 2 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 713 Finance-Invest Bnkr/Brkr - -5 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 450543 Medical-Drugs 2023 6 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 101116 Diversified Manufact Op 2023 -17 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 2465 - -8 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
DOUG. RemainCo hold the company's cigarette assets/unit. 1 SpinCo per 2 VGR UPDATE 12/7: S1
11/8/2021 Vector Group Ltd VGR 2406 Tobacco - 12 LINK LINK
filed for DOUG; 78m shares offered for 200m+; UPDATE 12/10: Spin approved; record date 12/20;
spin date 12/29
Toshiba will divide into 3 publicly traded units (Infrastructure, Devices; Semiconductors). Seperations
11/8/2021 Toshiba Corp 6502 JP 2052853 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 431 Metal-Diversified 2022 25 LINK - 2022. UPDATE 12/2: Received approval to spin NICO; AGM to vote on spin on 12/15 UPDATE 12/15:
Approved at AGM; Pay date is 12/24
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 52 Applications Software - -42 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
www.KEDM.com
Parent PR to
Cap ($M) (%)
11/2/2021 CVR Energy Inc CVI 1560 Oil Refining&Marketing - -12 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 6322 2022 -4 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 6335 Chemicals-Specialty - 3 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.
Eni is carving out its Retail and Renewal business via an IPO on the Milan exchange. Eni will retain a
majority stake post-IPO. Expected listing in 2022. UPDATE 10/26 Will seek IPO valuation of appx.
10/7/2021 Eni SpA E 49288 Oil Comp-Integrated 2022 2 LINK LINK
$17B Update 11/15: IPO to occur in H1 2022; UPDATE 11/22: Capital Markets Day; new presentation
filed; 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 614046 Finance-Commercial - -13 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 - -19 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 2968 Q4 2021 5 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 1497 Chemicals-Specialty Q4 2021 24 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
continue 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 69008 Investment Companies Q2 2022 25 LINK 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 2235 E-Commerce/Products 2022 -68 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 124 March 2022 -55 LINK -
Info/Ne 2022. Details forthcoming.
Teck Resources
9/14/2021 TECK 14386 Diversified Minerals - 5 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 108420 Tobacco H2 2022 -12 LINK - on smoke-less products (snus and pouches). Transaction planned for H2 2022 with a US listing for
AB SS
SpinCo.
Engineering/R&D PRELIMINARY DISCUSSIONS: SEMC is exploring a listing of its Product Information business (40% of
9/9/2021 Semcon AB SEMC SS 2174 - -7 LINK LINK
Services sales), which focusses on digital after sales.
Ecoark is spinning its financial services unit, "Trend Discovery" (Venture Capital fund, fund
Ecoark Holdings Invest Mgmnt/Advis administration/consulting business, crypto mining, broker/dealer). Ecoark will distribute ~80% of
8/26/2021 ZEST 74 - -39 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 1400 Applications Software - -19 - -
NO Pathology unit; expected listing on Euronext; review complete in Q4 2021
8/25/2021 Paz Oil Co Ltd PZOL IT 3778 Oil Refining&Marketing - 20 LINK - PAZ is spinning its refining business from its retail unit. SpinCo to trade on the Tel Aviv exchange
www.KEDM.com
Parent PR to
Cap ($M) (%)
Aarti got board approval to demerge Aarti Pharmalabs (Specialty Chemical and Pharma units). 1
Aarti Industries
8/19/2021 ARTO IN 356414 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 6445 Food-Misc/Diversified Q1 2022 5 LINK LINK
units of BRBR into a new subsidiary (DistributionCo) in exchange for Distribution stock; BRBR will
then merge with the DistributionCo with each BRBR share converted into shares of the company
plus cash; POST will own <14% of DistributionCo; distribution in Q1 2022
SCI, a shipping company (dry bulk, tanker, container, etc) is demerging its non-core assets. SCI
Shipping Corp of shareholders to receive 1 NewCo share for every SCI. NewCo to be listed on BSE and NSE exchanges.
8/4/2021 SCI IN 68403 Transport-Marine - 31 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 9005 Medical-Drugs Q4 2021 -7 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 62757 Electric-Integrated - -4 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 214 Applications Software Q4 2021 -52 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 399881 Diversified Minerals Q3 2022 -16 LINK -
Shareholders to receive 1 share of NMDC Steel for each share of NMDC.
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 11043 Gambling (Non-Hotel) June 2022 -4 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 404 Toys H1 2022 -32 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 1023250 Metal-Aluminum 2022 24 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 158316 Telephone-Integrated Mid-2022 -22 LINK LINK
T shareholders to retain 71% of NewCo UPDATE 11/18: Registration statement filed (link left)
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 70841 Drug Delivery Systems Q2 2022 8 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 1952 Retail-Office Supplies H1 2022 -22 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
for an IPO. NEXT has appx. 32% market share and >1B in revenue. See VIC for more details.UPDATE
4/28/2021 Flex Ltd FLEX 7817 Electronic Compo-Misc - -8 LINK -
12/2: At a conference, the CEO mentioned that the IPO is still planned but cannot comment on
timing.
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 70895 Q2 2022 13 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 2972 H1 2022 -20 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
Abramovich, largest holder of EVR LN to hold 27% of RASP post-demerger UPDATE 10/28: Work
4/15/2021 Evraz PLC EVR LN 8840 Steel-Producers H1 2022 8 LINK LINK
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
UPDATE 12/15: Spin approved; EVR shareholders will recieve .42555 of RASP RX per EVR share;
record date 2/15; new presentation and circular filed (links left)
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 7819 REITS-Office Property - -8 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 2200 Q2 2022 -34 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 3858 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
business to become a pure play homebuilder. UPDATE 6/17: Q2 Conference call, CEO stated they
Bldg-
3/17/2021 Lennar Corp LEN 34239 - 8 LINK - were upsizing the asset base of the spin from 3B to 5-6B. UPDATE 12/16: Filed request to IRS for a
Residential/Commer
private letter re:the spin; Form 10 and new name/management team expected in Jan; spin in Q2
or Q3; expect Spinco to be "asset lite" - multi-fam fund management & "land strategies"
www.KEDM.com
Parent PR to
Cap ($M) (%)
Flutter
Preliminary discussions: Flutter is mulling a spin or carve out of its US sports betting unit, FanDual.
3/13/2021 Entertainment FLTR LN 19310 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 326695 Cellular Telecom Q1 2022 108 LINK -
should be finalized by March 2022
CFX intends to separate its fabrication technology and specialty medical technology businesses into
two differentiated, independent, and publicly-traded companies. Colfax is targeting completion of
Industrial
3/4/2021 Colfax Corp CFX 6920 Q1 2022 -8 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 (ofi) and its "Global Agri" unit.
Expected complete in Q2 2022 UPDATE 8/12: Olam is planning a primary listing on the LSE and a
Olam
2/25/2021 OLAM SP 6384 Food-Wholesale/Distrib Q2 2022 15 LINK LINK secondary listing in Singapore; demerger/IPO on track for H1 2022 UPDATE 9/20: Demerger info
International Ltd
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 53419 Electric-Integrated Q1 2022 40 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 724 Diversified Minerals March 2022 160 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 62741 Cellular Telecom 2021 47 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 25211 Medical Products H1 2022 -24 LINK LINK company (“NewCo” - ZimVie). NewCo’s 2019 and 2020 pro forma revenue totaled approximately
Holdings Inc
$1.022 billion and $897 million. Spin expected in mid-2022. UPDATE 9/14: NewCo named ZimVie;
CFO named; spin still scheduled for mid-2022
CarveOut: ThaiBev is listing its beer business (BeerCo) on the Singapore Exchange. The company will
IPO 20% of BeerCo. The BeerCo Group has a total of three breweries in Thailand and a network of 26
Thai Beverage THBEV breweries in Vietnam. UPDATE 4/01: ThaiBev recevied a conditional "eligilie to list" letter from the
2/4/2021 16704 Brewery - -16 LINK -
PCL SP Singapore Exchange for the listing of its brewery unit. UPDATE 4/16: Spin is being defered, citing
"uncertain market conditions and volitile outlook" UPDATE 9/29: After postponing due to Covid, the
spin-IPO is back on
Strides Pharma will demerge its biotech business (Stelis) in order to focus on its core pharma
Strides Pharma business. UPDATE 3/19: Stelis raised 195m in private funding to prep it as a stand alone entity.
2/4/2021 STR IN 40874 Medical-Generic Drugs 2021 -52 LINK LINK
Science Ltd UPDATE 11/10: Company mentioned they have not yet decided on a spin or IPO per the Q2
conference call on 11/10
2/3/2021 Repsol SA REP SM 15251 Oil Comp-Integrated Q2 2021 19 LINK - Repsol has hired JPM to explore a spin of its renewable energy unit.
www.KEDM.com
Parent PR to
Cap ($M) (%)
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 96 - -64 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 79 Property/Casualty Ins - 19 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
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 939400 Auto-Cars/Light Trucks - 36 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 5132 REITS-Diversified - 24 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 45135 Multi-line Insurance Q1 2022 83 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 9005 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). GSK will retain R&D approach focused
on immune and genetics. UPDATE 4/28: CEO noted the seperation is well underway; details of the
spin to be released on June 23, 2021 UPDATE 6/11: Elliott Management approves the split but wants
GlaxoSmithKline management changes; details will be released on the 6/23 Investor Day. UPDATE 6/23: Investor Day
2/1/2020 GSK 109844 Medical-Drugs July 2022 4 LINK LINK
PLC 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 23741 Machinery-Farm 12/31/2021 81 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 8376 Medical-Hospitals Mid-2022 280 LINK LINK management and health management services. UPDATE 2/10: 15% holder, Glenview Capital,
Corp
announced support for the spin.
www.KEDM.com
Completed Domestic Spin-offs, Carve-outs, or Spin-Mergers

Spins, spin/mergers, Reverse Morris, spilt-offs, exchange offers, carve outs (TTM)
Spin- Spinco Parent Share
Parent
Co Spin to Spin to Turnover
Parent Market SpinCo
Parent Co. Spin Co. Mkt Ex- Date Terms Date Date of Spin PR Presentation SpinCo Description
Ticker Cap Ticker
Cap Return Return since
($M)
($M) (%) (%) Spin (%)
StealthGas will spin its 3 product tanker and 1 Aframax vessels into a
standalone Nasdaq listed company called Imperial Petroleum Inc
Imperial (trading under IMPP). RemainCo will become a pure play LPG shipper
StealthGas Inc GASS 88 IMPP - 12/6/2021 .125:1 -71 -4 28 LINK LINK
Petroleum with 45 vessels. Spin to occur in December 2021. F1 filed (see link under
"Corp. Presentation" UPDATE 11/12: Record date on 11/23; pay date
on 12/3; 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
Diana Shipping Inc DSX 339 OceanPal Inc OP 19 11/30/2021 .1:1 -59 -12 706 LINK LINK
trade under OP. Spin raio of 1 per 10 DSX UPDATE 11/9: Spin date
pushed to 11/17; Spin date extended to 11/29
O and VER to merge; Realty Income will acquire VEREIT in an all-stock
transaction. Post-close, MergeCo will effectuate a taxable spin-off of
substantially all of the office properties of both companies into a new,
Orion Office
Realty Income Corp O 38,289 ONL 1043 11/15/2021 1:1 -14 -5 88 LINK LINK self-managed, publicly-traded REIT (SpinCo). Following the merger and
REIT Inc
the spin-off, Realty Income will continue as the surviving public entity.
UPDATE 8/12: Merger approved UPDATE 10/22: Merger close on 11/1;
Record date for spin 11/2; spindate 11/12 to trade under ONL
ADS plans to spin its loyalty business (LoyaltyOne) which owns Canadian
AirMiles and BrandLoyalty businesses. ADS will retain appx. 19% of
Alliance Data Loyalty SpinCo. Spin to occur in 2021; UPDATE 9/1: Form 10 filed UPDATE 9/29:
ADS 3,404 LYLT 686 11/8/2021 .4:1 -43 -9 79 LINK LINK
Systems Corp Ventures Inc New exhibit filed; spinco to trade under LYLT on Naz UPDATE 10/13:
BoD approves spin; record date on 10/27; spin date 11/5; ADS spinning
81% of shares; 1 LYLT share per 2.5 ADS
bluebird intends to separate its severe genetic disease and oncology

businesses into independent publicly traded companies. bluebird bio,
Inc. will retain focus on severe genetic disease (SGD) and will launch its
oncology business (2seventy) as a new entity. UPDATE 9/8: BLUE raised
2seventy bio
Bluebird Bio Inc BLUE 657 TSVT 696 11/5/2021 .33:1 -11 -29 65 LINK LINK 75m to offset the costs with spinning its onocology company; spin still
Inc
planned for October 2021 UPDATE 9/13: Investor day held; link left
UPDATE 10/8: Spin on track for early November; 3:1 ratio (1 2seventy
per 3 BLUE); 2seventy files updated Form 10 (link left); trade under
ticker TSVT UPDATE 10/18: Spin on 11/4
IBM is spinning off part of its Global Technology Services division as a

new company with a focus on providing infrastructure services while
keeping its cloud computing group. Announced on 1/7 that Martin
Schroeter will be CEO of NewCo. CEO stated in CC on 1/21 that spin is
International Kyndryl still on track for 2021 completion. UPDATE: IBM announced senior roles
IBM 112,934 KD 4104 11/4/2021 .2:1 -31 6 80 LINK LINK
Business Machine Holdings Inc for spinco; spin is 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
Dell Technologies
DELL 42,006 VMware Inc VMW 48098 11/2/2021 .44:1 -15 1 26 LINK LINK officially announces the spin; Dell will spin 81% of VMW; Shareholders
Inc
to receive .44 shares of VMW for each DELL sh plus 27 special divvy;
Michael Dell to remain CEO of DELL and Chairman of VMW; spin to
complete in Q4; Elliott "strongly supports" the spin UPDATE 8/26: DELL
released earnings and reaffirmed the spin for November 2021 UPDATE
10/19: BoD approves spin; Date of record (10/29); spin date on 11/1
On 2/22, PAVM announced the speration of its majority held subsidiary,
Lucid
Lucid Diagnostics, via an IPO carve out. UPDATE 9/23: Registration
PAVmed Inc PAVM 255 Diagnostics LUCD 205 10/14/2021 - -53 -56 42 LINK LINK
statement filed for IPO; will trade under LUCD; UPDATE 10/14: IPO
Inc
listed
JCOM to spin 80% of its secure healthcare data exchange, Consensus.

JCOM to retain 20%. UPDATE 8/17: Announced it will change its name
Consensus to Ziff Davis, Inc (ticker ZD) post spin of Consensus. Will begin trading in
Ziff Davis Inc ZD 5,181 Cloud CCSI 1091 10/8/2021 .333:1 - -6 70 LINK LINK September; Analyst Day on 9/9; prospectus filed (link left) UPDATE 9/8:
Solutions Inc JCOM SpinCo, Consensus, will host an Investor Call on 9/14; Spin to
occur on 10/1; when-issued as CCSIV; regular on 10/8 under CCSI;
RemainCo to trade under ZD
Reverse Morris: RXN's process and motion control segment will spin and
combine with Regal Beloit Corp. Regal will own appx. 60% of the
NewCo; RXN shareholders will own appx. 40% of NewCo and 100% of
the RemainCo's water management business. UPDATE 7/20: On the
Regal conference call, Rexnord disclosed it will change its name to Zurn Water
Zurn Water
ZWS 4,278 Rexnord RRX 11192 10/5/2021 1:1 18 7 55 - LINK Solutions after the transaction and trade under ZWS; shareholder vote
Solutions Corp
Corp scheduled for 9/1 UPDATE 8/18: Private letter ruling from IRS regarding
the Reverse Morris UPDATE 9/1: Shareholders approve the transaction;
Q4 execution UPDATE 9/13: Transaction to occur on 10/4; Regal will be
named Regal Rexnord (RRX) and Rexnord will be renamed Zurn Water
Solutions (ZWS)
International Paper announced a plan to pursue a spin-off of the
Company’s Printing Papers segment to focus RemainCo on Industrial
Packaging (corrugated Packaging). UPDATE 8/9: IP announced name of
SpinCo (Sylvamo Corporation; aka "Forest Love"); CEO announced (Jean
International Paper Sylvamo
IP 18,205 SLVM 1207 10/1/2021 .09:1 -17 -11 110 LINK LINK Ribieras); Spin still planned for 2021 UPDATE 8/23: Spin off update and
Co Corp
dates set; shareholders expected to recieve 1 Sylvamo share (SLVM) for
every 11 IP shares IP shares; Record date 9/15; when-issued on 9/14
distribution date and regular trading on 10/1; Form 10 filed (link left);
Investor Day on 9/9 UPDATE 9/14: BoD approved UPDATE 10/1: Trading
On 1/28 PRU announced the spin of its US unit, Jackson Financial.
Seperation will occur in Q2 2021. Jackson will trade under the ticker
JXN. UPDATE 2/11: CEO of SpinCo JAX announced as Laura Prieskorn.
UPDATE 3/3: PRU gave an update in its earnings release; spin to be
PRU Jackson completed by Q2 2021 UPDATE 5/13: Spin delayed until H2 2021 due to
Prudential PLC 34,907 JXN 3614 9/20/2021 .05:1 49 -4 158 LINK LINK
LN Financial Inc regulatory hold-ups and review of its Form 10. UPDATE 7/20: Analyst
report suggesting demerger by mid-September UPDATE 8/03: PRU
confirms the spin to complete in September pending a shareholder
vote on 8/27; When-issued trading on 9/1; spin to complete on 9/17;
and regular trading on 9/20 under JXN; Spin approved at EGM
www.KEDM.com

Parent
Ticker Cap Ticker
($M)
($M) (%) (%) Spin (%)
Ardagh Group is carving out its metal packaging subsidiary (i.e. White
Ardagh Claw cans) via a SPAC merger (see Announced SPAC for more details).
#N/A
Ardagh Group SA ARD Metal AMBP - 8/5/2021 - -16 - 14 LINK LINK ARD will retain appx. 80% of NewCo and trade on NYSE under "AMBP"
N/A
Packaging SA UPDATE: Shareholder meeting for the SPAC to vote on merger set for
8/3; Approved and trading on 8/5 under AMBP
LB is considering seperating its Victoria's Secret business. Both SPAC and
a possible spin are being discussed. UPDATE: Mgt continues to evaluate
either a spin or sale. UPDATE 5/11 L Brands officially announces spin of
Victoria Secret from Bath & Body Works; pro rata distribution; spin to
Bath & Body Works Victoria's
BBWI 17,909 VSCO 4346 8/3/2021 .333:1 -16 6 214 LINK LINK complete by August 2021 UPDATE 6/21: LB filed its Form 10 registration
Inc Secret & Co
(see link in PR column) and updated corporate presentation (see link
left); to trade under VSCO UPDATE 7/01: Investor Day for Victoria's
Secret on 7/19; www.lb.com UPDATE 7/9: BoD approves the spin;
RemainCo to be renamed Bath & Body (BBWI) effective August 2
XPO intends to separate into two independent companies:
XPORemainCo, a global provider of less-than-truckload (LTL) and truck
brokerage transportation services; and NewCo, the second largest
contract logistics provider in the world with appx. 200m sq.ft. of
warehouse space. The transaction is expected to be completed in H2
GXO Logistics 2021. UPDATE 3/18: Confidential Form 10 filed with SEC; Names NewCo
XPO Logistics Inc XPO 8,260 GXO 9745 8/2/2021 1:1 35 -14 87 LINK LINK
Inc "GXO Logistics" UPDATE 4/6: CFO named (Baris Oran); spin continues
to progress with expected spin in H2 UPDATE 6/9: Form 10 filed; spin to
complete in Q3; SpinCo EBITDA 700-735m; updated presentation
UPDATE 7/6: Investor day for SpinCo set for July 13;
https://gxo.com/investors/ UPDATE 7/13: BoD approves spin; trades
when-issued July 22 and regular on 8/2 under GXO
NewCo (NABL) to provide broad and scalable IT service management
solutions designed to enable managed service providers, or MSPs, to
deliver outsourced IT services for their small and medium size business
end-customers and more efficiently manage their own businesses.
SolarWinds would retain its Core IT Management business focused
SolarWinds Corp SWI 2,215 N-able Inc NABL 2001 7/19/2021 .5:1 -30 -16 41 LINK LINK
primarily on corporate IT organizations. Confidential Form 10 filed on
12/9. UPDATE 3/31: Form 10 filed with SEC. UPDATE 6/25: SWI sets the
record date for 7/12 and pay date for 7/19; spinco will trade on NYSE
under NABL; each SWI shareholder to recieve 1 NABL share for each 2
SWI shares; NABL to trade when-issued on 7/9 and regular on 7/20
DTE spun its mid-stream business and transformed DTE into a pure-play
regulated electric and gas utility. UPDATE 2/19: DTE issued a PR
DT announcing they have commenced the Form 10 registration process.
DTE Energy Co DTE 23,314 Midstream DTM 4473 7/1/2021 .5:1 12 8 130 LINK LINK Reiterated their expected spin in mid-2021 and announced the
Inc executive leadership team of spinCo. UPDATE: Spin set for July 2021;
announces 7 directors for SpinCo. UPDATE: DT Midstream to begin
trading when-issued June 17 under ticker DTM; regular trading July 1
BAM distributed BAM Reinsurance via a special divvy. Class A shares of
BAM Reinsurance will be structured with the intention of being
Brookfield economically equivalent to the Class A shares of BAM. Each share of
Brookfield Asset Asset BAM Reinsurance will have the same dividend as a BAM share and
BAM 91,061 BAMR 650 6/28/2021 .00689:1 -3 13 62 LINK -
Management In Management shares of BAM Reinsurance will be exchangeable into shares of
Re Brookfield at the shareholder’s option. UPDATE 6/8: Date of record set
6/18; spin to occur on 6/28; ratio 1:145; will trade on TSX and NYSE
under ticker BAMR
www.KEDM.com

Parent
Ticker Cap Ticker
($M)
($M) (%) (%) Spin (%)
Merck spun its Women's Health, Trusted Legacy Brands, and Biosimilars
Products into NewCo ("Organon"). UPDATE 3/17: MRK filed Form 10;
names Kevin Ali as CEO; spin expected in late Q2. UPDATE 3/30: MRK
Organon & announced that post spin, SpinCo will acquire Alydia Health, a
Merck & Co Inc MRK 191,744 OGN 7690 6/3/2021 .1:1 -17 6 162 LINK LINK
Co commercial-stage medical device company. UPDATE 5/03: Investor day
held for spinco, Organon; SpinCo seeking bolt-on acquisitions in
fertility, menopause and contraception businesses; Date of record
5/17; Spin to close on June 2 and trade June 3; trade under ticker OGN
IAC spun its high-growth video platform, Vimeo. Vimeo provides

turnkey tools "to make video work: livestreaming, screen recording,
creation, collaboration, distribution, storage and monetization. Terms
and timeline in discussion. BoD has approved the spin-off; shareholder
IAC/InterActiveCorp IAC 11,208 Vimeo Inc VMEO 2975 5/25/2021 1.6235:1 -60 -21 166 LINK LINK meeting in Q1 2021 with an expected spin in Q2 2021. IAC reported on
1/25 that Vimeo raised $300m in new equity funding ahead of the
anticipated spin. UPDATE 4/01: BoD announced; Spike Lee will take a
board seat; Spin to complete in Q2. UPDATE 5/14: Shareholders
approve the spin; completion prior to open on 5/25
The Company split its customer engagement division (optimize

Cognyte
Verint Systems Inc VRNT 3,348 CGNT 1252 2/2/2021 1:1 -32 -2 229 LINK LINK engagement, increase loyalty) from its cyber intelligence division,
Software Ltd
Cognyte (security intelligence). Spin completion date of 2/1.
Reverse Morris transaction. Merger of IFF (flavors and fragrances;

NYSE: IFF) with DuPont's Nutrition & Biosciences unit. Shareholder
International
DuPont de approved merger on 8/27. Spin to occur in Q1 2021. DD's BoD approved
DD 40,780 Flavors & IFF 37141 2/1/2021 - 14 - - LINK LINK
Nemours Inc the seperation on 12/18. DD expects the closing of IFF on 2/1/21.
Fragra
Transaction complete; the combined company will continue to trade
under the ticker IFF.
Carve out; SAP is IPO'ing Qualtrics (XM). Upon completion of this

offering, XM will have two classes of common stock outstanding: Class
A common stock and Class B common stock. SAP America will own all
423,170,610 shares of Class B common stock, representing
approximately 84.2% of our total outstanding shares of common stock.
Qualtrics
The rights of the holders of Class A and Class B common stock are
SAP SE SAP 169,104 International XM - 1/28/2021 - -30 7 317 LINK -
identical, except with respect to voting and conversion rights, certain
Inc
actions that require the consent of holders of Class B common stock and
other protective provisions as set forth in this prospectus. Each share of
Class A common stock is entitled to one vote and each share of Class B
common stock is entitled to ten votes. SAP America will hold
approximately 98.2% of the combined voting power. Pricing 1/27.
GORO intends to spin its Nevada Mining unit to shareholders. Expected

to be structured as a pro-rata distribution of 100% of spinco. Appx. 20m
Fortitude shares of spinco to be distributed. BoD has approved the spin of
Gold Resource Corp GORO 155 FTCO - 12/24/2020 1:3.5 - -47 - LINK -
Gold Corp Fortitude Gold Corp. Date of record is 12/28; distribution date is 12/31.
Shareholders will receive 1 share of Fortitude for every 3.5 shares of
GORO.
www.KEDM.com

Parent
Ticker Cap Ticker
($M)
($M) (%) (%) Spin (%)
Recent SPAC MFAC purchased BankMobile from Customers Bancorp
(CUBI). ProForma, CUBI shareholder's will hold appx. 47% of newly
listed BankMobile. Shares received for consideration will be divvy'd out
directly to shareholders of CUBI (record date 12/18). Shares received in
the distribution will not be immediately tradeable following the
BM
Customers Bancorp completion of the distribution. The shares will be subject to a lock-up
CUBI 2,112 Technologies BMTX 122 12/17/2020 11:100 -24 258 279 LINK LINK
Inc period that begins on the closing date of the Merger and ends on (i) the
Inc
date that is 12 months from the closing date and (iii) the date on which
the closing sale price of the common stock of Megalith equals or exceeds
$12.00 per share for any 20 trading days within any 30 trading day
period beginning at least 150 days following the closing. Pay date
1/04/21
Aimco spun AIRC, a newly formed, self-managed real estate investment
trust that will provide a simple and transparent way to invest in the
multi-family sector: ownership with public market liquidity of a
Apartment Apartment
diversified portfolio of apartment communities, with low financial
Investment and AIV 1,155 Income REIT AIRC 8317 12/15/2020 1:1 45 51 149 LINK LINK
leverage, limited execution risk, best-in-class operations, and sector low
Manag Corp
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
Synaptogenix
Neurotrope Inc NTRP - SNPX - 12/3/2020 1:5 - - - LINK - trade under the ticker PTPI. Legacy assets of Neurotrope will spin into
Inc
NewCo, Neurotrope BioScience.
SYNNEX Corporation completed its separation into two publicly traded
Concentrix companies: comprising of SYNNEX Technology Solutions, a leading IT
TD SYNNEX Corp SNX 10,575 CNXC 8770 12/1/2020 1:1 60 46 113 LINK -
Corp distribution, services and integrated solutions company, and Concentrix,
a leading global CX solutions company.
Aaron's separated its leasing and finance unit (Progressive Leasing and
Vive Financial) from its core furniture division. The compnay was
Aaron's Co
PROG Holdings Inc PRG 2,918 AAN 741 12/1/2020 1:2 30 -20 345 LINK LINK renamed PROG Holdings and trades under ticker PRG with the spin
Inc/The
trading under ticker AAN. A shareholder of 2 AAN shares will receive 2
shares of PRG and once share of spinco AAN.
Reverse Morris transaction. Mylan combination with PFE subsidiary
Upjohn (generic, off-patent subsidiary) to create Viatris. Received FTC
Pfizer Inc PFE 343,788 Viatris Inc VTRS 15746 11/17/2020 .1241:1 -18 77 228 LINK LINK
anti-trust clearance to move forward. Record date 11/13/2020, close
date 11/16/2020. Ticker VTRS. See link for PR.
1847 Holdings spun its subsidiary, Goedekers, a DTC appliance company.
1847
1847 Holdings LLC EFSH 12 GOED 254 10/26/2020 .7105:1 -65 -4 1,080 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 Links to PR
Parent SpinCo
Parent Co. Market Spin Co. Mkt Cap Listing Terms Date Notes or
Ticker Ticker
Cap ($M) ($M) Date Return Presentation
(%)
Chalice intends to demerge its Australian gold assets (i.e. Pyramid Hill Gold Project) into a stand
alone ASX listed company in Q4 2021. SpinCo named Falcon Metals Ltd. (FAL AU) Shareholders to
Chalice Mining Falcon Metals
CHN AU 3507 FAL AU - 12/22/2021 .33:1 - receive 1 FAL share for every 3 CHN share UPDATE 11/3: Prospectus and presentation filed (see LINK
Ltd Ltd/Australia
links left); record date 12/9; pay date 12/15 UPDATE 12/14: Demerger complete; FAL will
commence trading on ASX on 12/22
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 727 ARA CN - 12/13/2021 .1374:1 -8 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 73476 DTG GR 26125 12/10/2021 .5:1 4 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 3646 TDVOX SS 3277 12/9/2021 1:1 4 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 meeting
017670 KS 13326938 402340 KS 8063652 11/29/2021 .39:1 -25 LINK
Ltd Ltd 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 new parent
Electra Private
ELTA LN 25 Hostmore Plc MORE LN 130 11/2/2021 3:1 -23 company of TGI Fridays and 63rd+1st. UPDATE 8/17: Demerger is progressing; spin by year end; LINK
Equity PLC
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 47730 Adquirencia e GETT3 BZ 1787 10/18/2021 - -65 the Brazilian exchange. UPDATE: Received approval from Brazilian Securities Commision; pending LINK
Santander SA
Servicos 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 3397 MI6 AU 106 10/11/2021 .0837:1 -4 meeting 9/22; shareholders receiving 1 Spinco share for every 11.94486 LTR shares UPDATE: LINK
Resources Ltd Ltd
trading on 10/11
www.KEDM.com
Spinco
Parent SpinCo
Ticker Ticker
(%)
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 Bank of Brazil
Itau Unibanco
ITUB4 BZ 202874 XP Inc XP 16263 10/4/2021 ..023:1 -28 approves the spin of XP shares UPDATE 8/21: XP and XPart to hold shareholder meetings on 10/1 LINK
Holding SA
re:incorporation of XPart and absorption into XP; final exchange ratio will be 43.3 shares issued
by XPart to 1 Class A share from XP or 1 BDR backed by Class A share issued by XP. Itausa will hold
15.07% of XP’s total capital and 4.74% of voting shares UPDATE: Vote on October 1 with expected
spin 10/4
Sulzer will spin its Applicator Systems unit (named "medmix") so it can focus on recycling and
waste water. Spin ratio of 1:1 ; shareholder vote in September; spin in H2. Medmix to be lsited
Sulzer AG SUN SW 2967 Medmix AG MEDX SW 1972 9/30/2021 1:1 9 on Swiss exchange UPDATE 8/17: Shareholder meeting to be held on 9/20 to vote on the demerger LINK
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 8/24;
Widgie Nickel
Neometals Ltd NMT AU 565 WIN AU 50 9/21/2021 .237:1 -20 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 for
Vivendi SE VIV FP 12471 Music Group UMG NA 44509 9/21/2021 1:1 -1 LINK
4B UPDATE 6/23: Spin approved at AGM on 6/22; the 60% UMG distribution to shareholders will
NV
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 426 VCU CN - 9/20/2021 .33:1 - share. UPDATE 6/21: Shareholders and Court approve spin UPDATE 9/20: Spin completed; trading LINK
Corp Corp
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 18197 Technologies VTSC GR 1779 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 1603 Kuniko Ltd KNI AU 62 8/24/2021 - 28 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 159 POLB LN 48 7/19/2021 - -10 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 1052 Energias GVOLT PL 750 7/14/2021 - 45 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
www.KEDM.com
Spinco
Parent SpinCo
Ticker Ticker
(%)
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 2536 VGM NO 610 7/12/2021 1:1 -33 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 will
Endeavour
Woolworths own over 1600 retail liquor stores, several brands as well as a portfolio of over 300 venues with
WOW AU 45643 Group EDV AU 12394 6/24/2021 1:1 17 LINK
Group Ltd 12k poker machines. SpinCo will have nearly 700m in EBITDA on 10B in revenue. Vote to be held
Ltd/Australia
on June 18 UPDATE 6/16: Spin plan approved at AGM; to list on ASX under EDV AU when-issued
on 6/24 and regular on 7/1
Anglo is spun its thermal coal operations in South Africa. SpinCo, Thungela Resources Ltd, will
trade on Joberg exchange. AAL shareholders will receive one Thungela share for every 10 .
Anglo American Thungela
AAL LN 36366 TGA LN 544 6/7/2021 .1:1 260 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 364 TRLS LN 74 5/28/2021 .0615:1 -29 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 planning.
LX Holdings
LG Corp 003550 KS 12945872 383800 KS 778063 5/27/2021 .44:1 -15 UPDATE: Whitebox and large investors oppose the spin (see link in Corp. Presentation) UPDATE LINK
Corp
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 873655 2618 HK 167258 5/27/2021 - -33 currently owns appx. 80% of spinco and will retain >50% post spin. Company is raising appx. 3.4B LINK
Inc
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 84082 Zalando SE ZAL GR 18205 5/18/2021 .1948:1 -20 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-specie to its
Jupiter Mines Juno Minerals shareholders. Distribution will be 3/8/2021 and trading will begin on 3/11/2021. UPDATE 3/7:
JMS AU 402 JNO AU 16 5/7/2021 .0613:1 -52 LINK
Ltd Ltd 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 3367 WIX LN 587 4/28/2021 1:1 -14 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 euros/sh.
Bankinter SA BKT SM 3887 Aseguradora LDA SM 1750 4/29/2021 1:1 2 LINK
Linea specializes in car insurance, , home and health coverage.
SA C
www.KEDM.com
Spinco
Parent SpinCo
Ticker Ticker
(%)
Strike is spinning its lithium and graphite assets ("Lithium Energy Ltd"). Lithium Energy will IPO on
Strike Resources Lithium
SRK AU 27 LEL AU 60 5/19/2021 - 101 ASX and raise 9m; SRK will retain appx 43% post spin. UPDATE 3/30: IPO prospectus filed (link in LINK
Ltd/Australia Energy Ltd
"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 116 3/23/2021 1:10 -70 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 16296 3/18/2021 30 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 date,
CBD 1102 Distribuidora ASAI 3461 3/8/2021 1:1 5 LINK
Distribuicao CBD common shares will trade on the B3 “ex-distribution,” without the right to receive Sendas
SA
shares in the distribution. The distribution of Sendas common shares in Brazil is expected to settle
on March 3, 2021. ASAI currently trading "when-issued" until 3/5.
Separated into two industry-leading, independent, publicly traded companies: RemainCo, a fully-
integrated technology and services provider, continuing to drive energy development; and
Technip SpinCo, a leading engineering and construction (E&C) player, poised to capitalize on the global
TechnipFMC PLC FTI 2655 TE FP 2231 2/16/2021 1:5 -2 LINK
Energies NV energy transition. FTI spun 50.1% ofTechnip Energies in Q1 2021. Technip Energies (spinCo)
shares to start trading on 2/16 on EuroNext Paris exchange with an ADR trading OTC. RemainCo
will also be removed from SP500 (see Index Deletion Monitor).
www.KEDM.com
Cluster Insider Buy Monitor

Small Cap Stocks (<3B) with multiple insiders buying (25,000 min. purchase; no sales); Trailing 30 days
# of Trading
# of Shares Short
Insiders % Change Avg. Amount; Below
Mkt Cap Bought by Interest
Ticker Company Sector Business Description Buying in Insider PX trailing 180 Price
($M) Officers (Last (% of
(Last 6 Ownership Paid days Insiders
6 Months) float)
Months) Paid
B. Riley Financial, Inc. offers diversified financial services. The Company
provides investment banking corporate finance research, sales, and trading,
B Riley Financial Finance-Invest
RILY 2,134 as well as advisory, valuation, and wealth management services. B. Riley 4 233,889 3 63.17 14,774,901 NO 9
Inc Bnkr/Brkr
Financial serves high net worth individuals and public and private companies
worldwide.
EverQuote, Inc. operates as an Internet based marketing firm. The Company,

E- through its platform, enables consumers to connect with auto insurance
EVER EverQuote Inc 454 4 629,828 28 14.75 9,287,179 NO 6
Commerce/Services carriers and agents to meet their auto insurance needs. EverQuote serves
customers in the United 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 1,263,767 2 7.22 9,121,220 NO -
drug research and development, cannabis devices, delivery systems, and
hemp health products.
Krispy Kreme, Inc. operates as an American doughnut company. The Company

owns, operates, and franchises retail stores that sell doughnuts and
DNUT Krispy Kreme Inc 2,676 Food-Baking 4 464,778 - 15.22 7,074,640 NO 23
complementary food products. Krispy Kreme 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 708 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.
BDSX Biodesix Inc 125 4 473,298 3 7.16 3,389,230 YES 6
Biomedical/Gene Biodesix provides diagnostic tools and equipment for blood and tissue
analysis in the United States.
Uni-Select Inc. specializes in the wholesale distribution of automotive
Distribution/Wholes
UNS CN Uni-Select Inc 1,047 replacement parts, equipment, tools, and accessories. The Company 4 170,350 28 19.32 3,290,833 NO 1
ale
operates distribution centers throughout North America.
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 1,030 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 2,200 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 2,867 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.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Jackson Financial Inc. operates as an insurance company. The Company offers
Jackson Life/Health
JXN 3,684 retirement planning and annuity products. Jackson Financial serves 2 77,850 - 32.95 2,565,270 NO 4
Financial Inc Insurance
Knight Therapeutics Inc. is a specialty pharmaceutical company. The Company
Knight
GUD CN 643 Medical-Drugs acquires and licenses pharmaceutical products. Knight offers its products to 5 481,400 60 5.27 2,536,616 YES 3
Therapeutics Inc
the healthcare industry around the world.
Nautilus Biotechnology, Inc. operates as a life sciences company. The
Nautilus
Diagnostic Company develops a proteomics platform to enable fundamental
NAUT Biotechnology 654 5 474,470 1 5.19 2,462,788 YES 13
Equipment advancements across biomedical research and drug discovery. Nautilus
Inc
Biotechnology focuses on patients and healthcare professionals worldwide.
Better Therapeutics, Inc. operates as a biotech company. The Company offers
Better Medical-
BTTX 118 prescription digital therapeutics platform for treating cardiometabolic 6 264,333 373 8.96 2,367,885 YES 5
diseases. Better Therapeutics 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 7,604 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.
Paper&Related
SLVM Sylvamo Corp 1,223 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
AG Mortgage
trust. The Company invests, acquires, and manages a portfolio of residential
MITT Investment 240 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.
Hippo Holdings, Inc.operates as a holding company. The Company, through
Hippo Holdings Property/Casualty
HIPO 1,604 its subsidiaries, offers home insurance services for electronics and home 6 435,371 8,357,299 4.21 1,832,641 YES 1
Inc Ins
office equipment. Hippo Holdings 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 258 Pipelines 4 1,045,000 14 1.72 1,796,352 NO 2
Partners LP NGL logistics and retail propane. NGL Energy Partners operates in the United
States.
F45 Training Holdings Inc. operates as a holding company. The Company,
F45 Training Recreational
FXLV 983 through its subsidiaries, provides fitness services. F45 Training Holdings 1 170,500 105 10.46 1,783,870 YES 7
Holdings Inc Centers
serves 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 3,985 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
Cleveland-Cliffs Inc. manufactures custom-made pellets and hot briquetted

iron (HBI); flat-rolled carbon steel, stainless, electrical, plate, tinplate and long
Cleveland-Cliffs
CLF 9,912 Steel-Producers steel products; as well as carbon and stainless steel tubing, hot and cold 5 85,000 5 20.17 1,714,050 NO 10
Inc
stamping and tooling. The Company is headquartered in Cleveland, Ohio with
employees spanning across the US and Canada.
eHealth, Inc. sells health insurance over the Internet. The Company serves
individuals, families, and small businesses. eHealth offers short-term, dental,
EHTH eHealth Inc 653 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.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Local Bounti Corporation operates as a controlled environment agriculture
Local Bounti Agricultural
LOCL 438 company. The Company grows and distributes indoor fruits and vegetables. 7 231,442 9,513 6.76 1,564,494 YES 0
Corp Operations
Local Bounti serves customers in the United States.
Vintage Wine Estates, Inc. manufactures alcohol products. The Company
Vintage Wine Beverages-
VWE 623 produces wines and other alcoholic products. Vintage Wine Estates serves 5 135,000 2 11.01 1,486,350 YES 20
Estates Inc Wine/Spirits
MultiPlan Corporation provides software solutions. The Company offers cost
Commercial Serv-
MPLN Multiplan Corp 2,840 management solutions with payment integrity, healthcare networks, and 3 337,000 - 4.37 1,473,000 YES 8
Finance
data analytics services. MultiPlan serves customers in the State of New York.
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
UEPS 252 2 262,582 257 5.46 1,434,605 YES 1
Technologies Inc Finance the smart card based service through alliances with banks, card services, and
retail organizations.
PetIQ, Inc. manufactures and distributes health and wellness products for
dogs and cats. The Company offers pet prescription medications, over-the-
PETQ PetIQ Inc 607 Medical-Drugs 3 66,333 48 20.49 1,359,163 NO 10
counter flea and tick preventives, health and wellness supplements, and dog
and cat treats. PetIQ operates in the United States.
Blue Foundry Bancorp provides banking services. The Bank offers saving
Blue Foundry Commer Banks Non- accounts, account checking, consumer and business loans, credit and debit
BLFY 425 8 96,090 48 13.73 1,319,294 NO 2
Bancorp US 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 162 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.
Winpak Ltd. manufactures and distributes packaging materials and machines
Containers- for the protection of perishable foods, beverages, and dairy products. The
WPK CN Winpak Ltd 2,383 4 34,050 0 36.95 1,258,030 NO 3
Paper/Plastic Company also has clients in the non-food markets such as pharmaceutical and
complex industrial applications.
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 132 7 283,743 15 4.36 1,238,149 YES 6
Info/Ne products, as well as offers direct-to-consumer pharmacy and telemedicine
services. LifeMD serves clients worldwide.
Aeglea BioTherapeutics, Inc. operates as a biotechnology company. The
Aeglea
Company focuses on developing enzyme-based therapeutics in the field of
AGLE BioTherapeutics 189 Medical-Drugs 3 294,006 48 4.07 1,197,568 YES 2
amino acid metabolism. Aeglea BioTherapeutics serves patients in the United
Inc
States.
Payfare Inc. provides financial transaction processing services. The Company

Commercial Serv- offers mobile banking and micro-lending solutions for rideshare drivers, as
PAY CN Payfare Inc 371 5 127,607 2 8.85 1,129,774 YES 1
Finance well as master card that allows users to pay bill, shop online, transfer money,
and withdraw cash from ATM. Payfare serves customers in Canada.
Nicolet Bankshares, Inc. operates as a bank holding company. The Bank offers
Nicolet Commer Banks- various commercial banking services in northeastern Wisconsin and the
NCBS 1,145 4 15,465 7 72.92 1,127,733 NO 2
Bankshares Inc Central US Upper Peninsula of Michigan. Nicolet Bankshares offers home lending,
checking accounts, online banking, and retirement planning services.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
MarketWise, Inc. is a multi-brand subscription services platform. The
Commercial Serv- Company offers platform of subscription businesses that provides premium
MKTW MarketWise Inc 1,961 8 144,084 2,292 7.63 1,098,899 YES 8
Finance financial research, software, education and tools. MarketWise serves
Orion Orion Engineered Carbons S.A. is a global supplier of Carbon Black. The
Chemicals-
OEC Engineered 1,065 company offers products for coatings, printing inks, polymers, rubber and 2 62,500 14 17.41 1,087,875 NO 1
Diversified
Carbons SA other applications.
Adtalem Global Education Inc. owns and manages higher education
institution. The Institution offers undergraduate and graduate programs in
Adtalem Global
ATGE 1,447 Schools healthcare, law, business management, engineering and technology, 3 31,600 37 33.83 1,069,138 YES 4
Education Inc
sciences, liberal and media arts, and nursing. Adtalem Global Education serves
students worldwide.
Arhaus, Inc. provides home and outdoor furniture products. The Company
ARHS Arhaus Inc 2,505 Home Furnishings offers living, dining, bedroom, and home office furniture products. Arhaus 3 91,100 4 11.61 1,057,250 YES 0
serves customers in the United States.
Revance Therapeutics, Inc. produces biopharmaceutical products. The
Revance Drug Delivery Company develops drug delivery and treatments for dermatology and
RVNC 1,143 2 76,400 - 13.74 1,049,636 NO 9
Therapeutics Inc Systems aesthetic medicine. Revance Therapeutics serves patients and doctors
throughout the United States.
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 299 3 200,000 - 5.22 1,044,725 YES 3
Loans installation of residential solar systems and other home improvements.
Holdings In
Sunlight Financial Holdings serves customers in the United States.
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 4 137,057 20 7.39 1,013,207 YES 0
Capital Corp through constructive activism. 180 Degree Capital 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 2,783 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.
Blucora, Inc. is a provider of a wide range of technology-enabled financial
services to consumers, small businesses and tax professionals through its
Invest Mgmnt/Advis
BCOR Blucora Inc 818 subsidiaries. The Company's operations include a wealth management 2 60,000 4 16.55 993,000 NO 2
Serv
division and a tax preparation division. Blucora offers its tax solutions and
wealth management services to clients in the United States.
PB Bankshares, Inc. operates as a holding company. The Company through its
PB Bankshares Commer Banks Non- subsidiaries, provides checking and savings account, loans, mobile banking,
PBBK 40 4 74,269 128 13.24 983,291 NO 0
Inc US cash management, and other banking services. PB Bankshares serves
customers in the State of Pennsylvania.
Extendicare Inc. provides post-acute and long-term senior care services. The
Phys
Company has a network of owned and operated health care centers that
EXE CN Extendicare Inc 629 Therapy/Rehab 4 137,800 12 7.10 978,384 YES 3
provide skilled nursing care, rehabilitative therapies, and home health care
Cntrs
services.
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 89 Retail-Automobile 3 66,581 2 13.97 930,233 YES 10
Holdings Inc repairing, funding, insurance, and vehicle renting services. LMP Automotive
Holdings serves customers in the State of Florida.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Talos Energy Inc. operates as an oil and gas company. The Company engages
Oil Comp-
TALO Talos Energy Inc 779 in exploration, development, and production of oil and natural gas properties. 4 93,000 14 9.73 904,590 YES 4
Explor&Prodtn
Talos Energy serves customers worldwide.
Five Star Bancorp operates as a bank holding company. The Company,
through its subsidiaries, offers saving and current account, investment and
Five Star Commer Banks-
FSBC 547 financial services, online banking, mortgage, and non-mortgage loan facilities, 3 34,000 1 25.69 873,397 NO 0
Bancorp Western US
as well as issues credit card and business loans. Five Star Bancorp serves client
in the state of California.
United United Insurance Holdings Corporation operates as a holding company. The

Property/Casualty
UIHC Insurance 187 Company, through its subsidiaries, writes and services property and casualty 7 246,742 1 3.45 850,625 NO 1
Ins
Holdings Corp insurance. United Insurance Holdings serves customers in the United States.
Total Energy Services Inc. provides rental equipment and gas compression
services to the oil and gas industry. The Company offers portable
Total Energy Oil Field
TOT CN 232 compression systems, tanks, sumps, shale bins, loaders, rig mats, sour 6 167,390 4 4.85 811,480 NO 1
Services Inc Mach&Equip
separation emission control units, and a fleet of trucks. Total Energy provides
its services to customers located in northwestern Alberta, Canada.
Savara Inc. operates as a clinical-stage pharmaceutical company. The
Medical- Company focuses on the development of novel therapies for the treatment
SVRA Savara Inc 132 3 634,892 58 1.14 725,353 YES 1
Biomedical/Gene of serious and life-threatening rare respiratory diseases. Savara offers its
services worldwide.
Crexendo, Inc. offers Internet services to businesses. The Company offers
E-
CXDO Crexendo Inc 113 search engine optimization; web design, development and promotion; and 3 137,500 2 5.18 712,518 YES 1
Commerce/Services
offers web marketing education and training services.
Atlas Technical Consultants, Inc. provides technical testing, inspection
Atlas Technical Engineering/R&D engineering, and consulting services. The Company offers technical services
ATCX 300 7 79,141 6 8.66 685,710 YES 1
Consultants In Services for transportation, commercial, water, government, education, and industrial
markets. Atlas Technical Consultants serves customers in the United States.
SmartRent Inc operates as an enterprise smart home automation company.

Bldg&Construct The Company develops software and hardware that empowers property
SMRT SmartRent Inc 2,218 3 60,664 - 10.81 655,843 NO 2
Prod-Misc owners, 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
149 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 1,434 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.
The Vita Coco Company, Inc. operates as a healthy beverage producing
Vita Coco Co Beverages-Non- company. The Company offers coconut water, oil, and milk, as well as energy
COCO 552 3 59,816 1 10.46 625,444 YES 4
Inc/The alcoholic drinks and a flavored protein-infused and packaged water. Vita Coco serves
customers globally.
Rekor Systems, Inc. provides license plate recognition and security solutions.
Rekor Systems The Company offers solutions for surveillance, electronic toll collection,
REKR 286 Computers-Other 3 88,000 - 7.09 624,130 YES 16
Inc parking 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
Axis Auto Finance Inc operates as a non-standard finance company. The
Axis Auto
AXIS CN 71 Finance-Auto Loans Company offers financing options for clients who do not qualify for traditional 8 1,356,309 9 0.46 619,878 NO 0
Finance Inc
financing. Axis Auto Finance serves in Canada.
Stryve Foods, Inc. operates as a packaged food company. The Company
SNAX Stryve Foods Inc 68 Food-Confectionery manufactures protein snacks. Stryve Foods serves customers in the United 7 120,230 27 4.90 588,719 YES 2
States.
Loyalty Ventures Applications Loyalty Ventures Inc. tech-enabled, data-driven consumer loyalty solutions.
LYLT 711 2 16,205 627 35.48 574,917 YES 2
Inc Software The Company serves customers in the United States.
American Outdoor Brands, Inc. produces and distributes firearms. The
American
Firearms&Ammuniti Company offers electro-optics, accessories, and outdoor sports and
AOUT Outdoor Brands 278 6 27,251 13 20.64 562,509 YES 3
on recreational products. American Outdoor Brands markets its products in the
Inc
United States.
Cutera, Inc. develops and manufactures aesthetic laser systems. The
Medical Laser Company markets products for removal of unwanted hair and treatment of
CUTR Cutera Inc 669 6 13,682 4 40.41 552,830 YES 9
Systems vascular lesions. Cutera markets the systems to dermatologists, plastic
surgeons, and other practitioners worldwide.
Blackboxstocks Investment Blackboxstocks Inc provides investment services. The Company operates in
BLBX 31 2 113,000 4 4.70 530,640 YES 1
Inc Companies the United States.
Aptinyx Inc. operates as a bio-pharmaceutical company. The Company
Medical- focuses on discovery, development, and commercialization of novel,
APTX Aptinyx Inc 184 3 225,000 11 2.30 516,700 NO 1
Biomedical/Gene proprietary, and synthetic small molecules for the treatment of brain and
nervous system disorders. Aptinyx serves patients in the United States.
180 Life Sciences Corp. operates as a biotech company. The Company focuses
180 Life Medical-
ATNF 181 on developing novel drugs in separate areas of inflammation. 180 Life 8 122,300 7 4.08 499,471 YES 6
Sciences Corp Biomedical/Gene
Sciences serves customers worldwide.
CION Investment Corporation operates as a business development company.

CION Investment The Company invests in secured loans, corporate bonds, debt securities, and
CION 711 4 36,794 478 13.56 498,795 YES 0
Investment Corp Companies 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 142 broad range of institutional clients. The Company also offers trust and 3 28,522 3 17.36 495,155 YES 0
Serv
Inc custodial services to institutions and high-net-worth individuals.
Torex Gold Resources Inc. operates as an intermediate gold mining company.
Torex Gold
TXG CN 1,035 Gold Mining The Company specializes in the exploration and development of precious 5 35,211 10 13.59 478,681 YES 1
Resources Inc
metal resources with a focus on gold.
William Penn Bancorporation provides banking services. The Bank offers

William Penn Commer Banks- saving accounts, account checking, consumer and business loans, credit and
WMPN 183 7 39,000 11 12.11 472,188 NO 0
Bancorp Eastern US debit cards, online and mobile banking, bill payment, and other financial
services. William Penn serves customers in the United States.
Skylight Health Group Inc. is a healthcare services and technology company.

Skylight Health Skylight operates a network of physical multi-disciplinary medical clinics, as
SLHG CN 75 Medical-Drugs 6 226,750 14 2.06 468,039 YES 0
Group Inc well 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
Centessa Pharmaceuticals PLC is a pharmaceutical company. The Company
Centessa focuses on the research and development productivity by scaling the asset-
CNTA Pharmaceuticals 991 Medical-Drugs centric model with a deconstructed R&D environment that prioritizes data 3 38,000 2 12.23 464,642 YES -
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 1,659 5 17,200 2 25.42 437,198 NO 18
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 425 Insurance Brokers including issuing carrier services, claims administration, and reinsurance 5 47,900 - 8.44 404,069 NO 1
Group Inc
brokerage services. Trean Insurance Group serves customers in the State of
Minnesota.
The Real Good Food Company, Inc. provides frozen food products. The
Real Good Food Food- Company develops, markets, and manufactures comfort foods which are high
RGF 142 4 61,105 - 6.34 387,289 YES 1
Co Inc/The Misc/Diversified in protein, low in sugar, and made from gluten and grain-free ingredients. Real
Good Food serves customers in the United States.
Williams Industrial Services Group Inc. operates as a construction company.
The Company focuses on the construction of power, chemical, refining, pulp
Williams
Building-Heavy and paper, and other heavy industrial plants, as well as offers plant
WLMS Industrial 86 3 108,200 5 3.58 387,089 YES 0
Construct management and maintenance services. Williams Industrial Services Group
Services G
serves power generation, petrochemical, and infrastructure sectors in the
United States.
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 92 and supplements for dogs and cats, as well as other services and products 7 108,461 2 3.48 377,738 YES 2
Inc Dist
that support pet wellness. Better Choice offers kibble and canned food
derived from real whole meat and minimally processed proteins .
NN, Inc., a diversified industrial company, combines advanced engineering
and production capabilities with in-depth materials science expertise, to
NNBR NN Inc 183 Machinery-Pumps 4 64,740 6 5.51 356,964 YES 3
design and manufacture high-precision components and assemblies for a
variety of markets on a global basis.
Custom Truck One Source, Inc. operates as a auto retailing company. The
Custom Truck Rental Company provides truck and heavy equipment rental and sales services such
CTOS 1,840 4 52,074 0 6.84 356,342 NO 2
One Source Inc Auto/Equipment as aerial devices, cranes, diggers, drills, and stringing gear. Custom Truck One
Source serves customers in the United States, Canada, and Mexico.
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 54 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.
HOT-U American Hotel American Hotel Income Properties REIT LP was formed to indirectly own and
284 REITS-Hotels 5 86,700 3 4.03 349,048 YES 0
CN Income Properti acquire hotel properties in the United States.
Liberty Latin America Ltd. operates as a telecommunication company. The
Company offers video, broadband Internet, telephony, and mobile services.
Liberty Latin
LILA 2,535 Cable/Satellite TV Liberty Latin America also delivers entertainment services. Liberty Latin 3 28,800 2 11.60 334,128 YES 1
America Ltd
America serves customers in Chile, Puerto Rico, the Caribbean, and Latin
America.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Converge Technology Solutions Corp. provides information technology
Converge services. The Company offers multi-cloud, identity management, resiliency,
CTS CN Technology 2,361 Computer Services security, and data center solutions to address business and IT issues. 5 30,507 - 10.91 332,977 YES 1
Solutions Converge Technology Solutions serves clients in Canada and the United
States.
WeWork Inc. provides co-working spaces for individuals and entrepreneurs.
Real Estate The Company offers private offices, office suites, headquarters, and custom
WE WeWork Inc 5,416 2 37,600 486 8.50 319,776 YES 5
Oper/Develop build out options to fit a variety of office needs, as well as desk spaces and
conference rooms. WeWork serves customers worldwide.
Gear Energy Ltd. provides oil exploration and production services. The
Oil Comp-
GXE CN Gear Energy Ltd 223 Company focuses on heavy oil production areas in eastern central Alberta and 4 371,917 4 0.86 319,142 NO 0
Explor&Prodtn
west central Saskatchewan.
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 85 Finance-Auto Loans 3 26,530 26 11.89 315,499 YES 0
Financial Inc Nicholas also designs, develops, markets, and supports industry specific
computer application software for small businesses in the Southeast United
States.
Alimera Sciences Inc. operates as a biopharmaceutical company. The
Alimera Sciences Company researches, develops, and commercializes prescription ophthalmic
ALIM 32 Medical-Drugs 4 69,975 45 4.45 311,330 NO 1
Inc pharmaceuticals. Alimera Sciences is focused on diseases affecting the back
of the eye and retina.
9 Meters Biopharma, Inc. operates as a biotechnological company. The
9 Meters Medical-
NMTR 223 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 159 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.
Augmedix, Inc. provides health care applications. The Company develops
Commercial
AUGX Augmedix Inc 130 document and information management platforms. Augmedix markets to 4 82,865 27 3.66 303,675 YES 0
Services
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 3 100,000 7 3.00 300,000 NO 0
Syndication Inc
include storage, bandwidth, RSS creation, distribution, and statistics tracking.
Ambac Financial Group, Inc., a holding company provides financial guarantee,
insurance, and financial management services. The Company, through its
Ambac Financial Property/Casualty subsidiaries, insures municipal and structured finance obligations. Ambac
AMBC 685 2 18,300 2 15.56 284,805 YES 7
Group Inc Ins provides investment agreements, interest rate swaps, investment
management advisory, and cash management services to states and
municipalities.
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 5 74,464 5 3.80 282,637 NO 0
Financial Inc Eastern US
management, and municipal bond services. AmeriServ Financia serves
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 245 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.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Elemental Agricultural Elemental Royalties is a rapidly growing gold royalty company with world-
ELE CN 78 4 223,400 2 1.23 275,020 NO 0
Royalties Corp Chemicals class, producing assets on four continents.
Airspan Networks Holdings Inc. operates as a holding company. The Company,
Airspan through its subsidiaries, offers software and hardware provducts for 5G
Networking
MIMO Networks 321 networks, and a pioneer in end-to-end open RAN solutions that provides 3 52,250 56 5.21 272,345 YES 1
Products
Holdings Inc interoperability with other vendors. Airspan Networks Holdings serves
CloudMD CloudMD Software & Services Inc. provides virtual medical care solutions. The
Medical
DOC CN Software & 267 Company offers general medical advice and telemedicine services. CloudMD 4 211,000 14 1.28 269,988 YES 1
Labs&Testing Srv
Services In Software & Services serves patients in Canada.
Cyclo Therapeutics, Inc. operates as a biotechnology company. The Company
Cyclo Medical-
CYTH 34 develops treatment of disease with unmet medical need. Cyclo Therapeutics 3 50,652 11 4.96 251,333 YES 1
serves patients in the United States.
Broad Street Realty, Inc. provides commercial real estate services. The
Company offers tenant representation, landlord representation, property
Broad Street Real Estate acquisition and disposition, real estate development, project and
BRST 89 4 99,267 8 2.50 248,444 NO 0
Realty Inc Mgmnt/Servic construction management, finance, strategic consulting, and property and
asset management. Broad Street Realty serves office, industrial, and retail
clients in the United States.
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 359 4 15,784 2 15.73 248,345 YES 1
Corp Southern US cards, online and mobile banking, bill payment, and other financial services.
Primis Financial serves customers in the United States.
Lannett Company, Inc. manufactures and distributes pharmaceutical
products under its own trade name and under generic names. The Company
LCI Lannett Co Inc 74 Medical-Drugs also distributes competitive pharmaceutical products manufactured by other 4 115,900 15 2.08 240,809 YES 17
companies. The principal products include antifungals, antacids,
dermatological preparations, and analgesic sedatives.
Calibre Mining Calibre Mining Corp. is an exploration company. The Company explores and
CXB CN 425 Diversified Minerals 4 163,300 1 1.44 235,408 YES 5
Corp develops properties for precious and base metals in Nicaragua.
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 64 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.
NextGen Healthcare, Inc. develops and markets healthcare information
systems. The Company's systems automate medical group practices, physical
NextGen Medical Information
NXGN 1,164 hospitals, management service organizations, community health centers, and 3 14,500 12 15.69 227,570 NO 2
Healthcare Inc Sys
dental schools. NextGen Healthcare offers its services throughout the United
States.
CF Bankshares Inc. provides banking services. The Bank provides offers saving
CF Bankshares S&L/Thrifts-Central accounts, account checking, consumer and business loans, credit and debit
CFBK 128 3 11,053 4 20.58 227,433 YES 0
Inc US cards, online and mobile banking, mortgage, and other financial services. CF
Bankshares serves customers in the United States.
DATA Communications Management Corp. provides document management
DATA
Data solutions, including printed products. The Company offers its products to the
DCM CN Communications 52 3 191,869 1 1.11 213,640 NO 0
Processing/Mgmt healthcare, financial, manufacturing, energy, distribution, and retail
Management
industries throughout Canada.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Farmer Bros. Co. operates as a coffee foodservice company. The Company
FARM Farmer Bros Co 117 Coffee roasts, packages, and distributes coffee and allied products to restaurants, 3 33,100 38 6.45 213,588 NO 1
hotels, hospitals, convenience stores, and fast food outlets.
Nerdy, Inc. provides educational services. The Company offers a platform for
Internet Content-
NRDY Nerdy Inc 865 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.
BCB Bancorp, Inc. operates as a bank. The Company offers a full array of
Commer Banks- deposit and loans, as well as provides services such as courier, phone banking,
BCBP BCB Bancorp Inc 256 6 14,217 2 14.47 205,652 NO 0
Eastern US debit card, and digital banking. BCB Bancorp serves customers in the United
States.
Affinity Bancshares, Inc. provides banking services. The Bank offers saving
Affinity Commer Banks- accounts, account checking, consumer and business loans, credit and debit
AFBI 104 2 13,771 4 14.55 200,386 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.
Western Asset Mortgage Capital Corp. invests in, finances, and manages
Western Asset
primarily residential mortgage-backed securities. The Company also invests
WMC Mortgage 132 REITS-Mortgage 4 90,741 37 2.18 197,365 YES 2
commercial mortgage-backed and residential mortgage-backed securities
Capital
guaranteed by the United States Government.
Wallbridge Mining Company Limited acquires and explores mineral
Wallbridge
WM CN 290 Gold Mining properties. The Company specialize advanced base metals and exploration 5 460,450 4 0.42 195,123 YES 1
Mining Co Ltd
properties. Wallbridge Mining Company serves customers in Canada.
MYMD Pharmaceuticals Inc. operates as a clinical-stage pharmaceutical
MyMD company. The Company focuses on the development of drug products that
MYMD Pharmaceuticals 246 Diagnostic Kits represent a transformation in the targeting of aging and age-related diseases, 2 30,000 7 6.46 193,780 YES 2
Inc chronic pain, anxiety, and sleep disorders. MYMD Pharmaceuticals serves
Eat Well Investment Group Inc. is a holding company. The Company invests in
Eat Well
Investment early stage seed companies. Eat Well Investment Group helps finance
EWG CN Investment 74 3 323,500 17 0.60 192,995 YES 0
Companies companies, identifies acquisition targets, develops strategy plans, supports
Group Inc
operations, and implements exit strategies.
Gamesquare Esports Inc. operates as an e-sports agency supported by
Gamesquare Entertainment
GSQ CN 56 complementary media and technology to support a cast of influencers, 3 632,100 14 0.29 186,192 YES -
Esports Inc Software
players, and on-screen talent in the gaming sector.
Outlook Therapeutics, Inc. operates as a clinical-stage biopharmaceutical
company. The Company engages in identifying, developing, manufacturing,
Outlook and commercializing complex biosimilar therapeutics. Outlook Therapeutics
OTLK 325 Therapeutics 5 133,401 6 1.38 183,995 NO 3
Therapeutics Inc focuses on monoclonal antibodies in the disease areas of immunology and
oncology aspects. Outlook Therapeutics offers its services in the United
States.
Ecoark Holdings, Inc. is a diversified holding company. The Company, through
Ecoark Holdings Invest Mgmnt/Advis
ZEST 74 its subsidiaries, delivers long-term shareholder value. Ecoark Holdings serves 3 63,112 - 2.85 179,580 YES 0
Inc Serv
Community Bancorp of Vermont operates as a bank. The Bank provides a
range of financial services, including offers checking and savings accounts,
Community Commer Banks- card facilities, overdraft protection, safe deposit boxes, personal and business
CMTV 109 8 8,001 2 19.50 156,041 NO 0
Bancorp/VT Eastern US loans, payroll management, investments, and online banking services.
Community Bancorp serves individuals and corporate customers in the State
of Vermont.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
Horizon Global Corporation designs, manufactures, and distributes a wide
Horizon Global Bldg-Mobil variety of towing, trailering, cargo management, and other related
HZN 222 3 21,807 1 6.98 152,196 NO 0
Corp Home/Mfd Hous accessories. The Company serves the automotive aftermarket, retail and
original equipment, and channels worldwide.
Venus Concept Inc. designs and develops medical aesthetic equipment. The
Venus Concept
VERO 70 Medical Products Company provides hair transplantation systems for follicular unit extraction 3 105,181 10 1.43 150,011 YES 2
Inc
and harvesting. Venus Concept serves physicians and patients worldwide.
Blackline Safety Corp. provides safety monitoring technology products. The
Blackline Safety
BLN CN 374 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.
BlackRock TCP Investment BlackRock TCP Capital Corp. provides financial services. The Company offers
TCPC 798 4 10,200 2 13.54 138,088 YES 0
Capital Corp Companies current income and capital appreciation solutions.
New Peoples Commer Banks- New Peoples Bankshares Inc. is a commercial bank. The Bank attracts deposits
NWPP 52 6 62,860 1 2.17 136,333 YES 0
Bankshares Inc Southern US from the general public and uses those funds to originate a variety of loans.
Intellicheck, Inc. develops application software. The Company provides

identity authentication and validation solutions for banks, credit card issuers,
Electronic Compo-
IDN Intellicheck Inc 108 retail, hospitality, law enforcement, defense, transportation, and other 4 24,000 2 5.48 131,440 YES 1
Semicon
sectors. Intellicheck serves customers in the United States, Canada, and
Mexico.
BioRestorative Therapies, Inc. develops medical procedures using adult stem
cells (non-embryonic) allowing patients to undergo minimally invasive
Biorestorative Medical- cellular-based treatments. The Company is developing technology that
BRTX 17 2 20,021 7 6.56 131,386 YES 0
Therapies Inc Biomedical/Gene involves the use of adult stem cells to treat bulging and herniated discs and a
brown fat stem cell-based program focusing on treatments for metabolic
disorders.
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 47 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 131 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.
KemPharm Inc. provides biopharmaceutical services. The Company offers
Medical-
KMPH KemPharm Inc 278 discovery and development of therapies for the treatment of attention deficit 4 12,715 3 8.49 107,947 YES 9
Biomedical/Gene
hyperactivity disorder (ADHD), pain, and cardiovascular diseases.
Crescent Capital BDC, Inc. operates as a business development company. The
Crescent Capital Investment Company focuses on originating and investing in debt of private middle-
CCAP 593 4 5,625 3 18.33 103,128 NO 0
BDC Inc Companies market companies. Crescent Capital BDC serves customers in the United
States.
Precigen, Inc. operates as a biopharmaceutical company. The Company
Medical-
PGEN Precigen Inc 779 develops gene and cell therapies to target the diseases in immuno-oncology, 1 26,500 1 3.80 100,831 YES 15
Biomedical/Gene
autoimmune disorders, and infections. Precigen serves customers worldwide.
www.KEDM.com
# of Trading
# of Shares Short
6 Months) float)
Months) Paid
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 385 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
Medical- Company develops small molecules for the treatment of severe diseases,
GLTO Galecto Inc 60 4 25,500 44 3.83 97,560 YES 0
Biomedical/Gene including fibrosis, cancer, and inflammation. Galecto serves customers
worldwide.
Potbelly Corporation operates as a chain of restaurants. The Company offers
PBPB Potbelly Corp 152 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 347 Telecom Services routers, switches, antenna stabilization systems, and network management 2 3,000 16 30.34 91,010 YES 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,
FLNT Fluent Inc 187 Advertising Services 3 45,000 0 2.00 89,800 NO 2
acquisition, targeting, and other related solutions. Fluent serves customers in
the United States.
Flux Power Holdings, Inc. designs, develops, manufactures, and sells
rechargeable lithium-ion energy storage solutions. The Company offers LiFT
Flux Power Energy-Alternate packs, including the proprietary battery management system (BMS) for lift
FLUX 76 3 9,391 0 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.
Invesco Invesco Mortgage Capital Inc. operates as a real estate investment trust. The
IVR Mortgage 913 REITS-Mortgage Trust acquires, finances, and manages residential and commercial mortgage- 3 15,236 - 3.05 46,396 YES 7
Capital Inc backed securities and mortgage loans.
www.KEDM.com
Announced Buyback Monitor

Stocks that have announced a stock repurchase in the past week
# of insiders
Announced Next Insider Equity Short % of 52
Date Market Cap buying
Ticker Company Sector Amount ($M) % of Mkt Earnings Buying ($ Options Int (% week
Announced ($M) (trailing 6
Cap Date value) (Y/N) of float) low
months)
12/16/2021 NX Quanex Building Products Corp Building Products 811 75 9% 3/4/2022 2 81,964 Y 4 19
12/16/2021 GPMT Granite Point Mortgage Trust I Mortgage REITs 613 2m (shares) - 3/4/2022 5 490,215 Y 1 29
12/16/2021 FOUR Shift4 Payments Inc Data Processing & Outsourced S 4,600 100 2% 3/4/2022 - - Y 19 14
12/15/2021 LOW Lowe's Cos Inc Home Improvement Retail 170,600 13,000 8% 2/23/2022 - - Y 1 68
12/15/2021 SYF Synchrony Financial Consumer Finance 25,814 1,000 4% 1/28/2022 - - Y 3 47
12/15/2021 AZO AutoZone Inc Automotive Retail 42,955 1,500 3% 3/2/2022 - - Y 2 84
12/15/2021 CONN Conn's Inc Computer & Electronics Retail 614 150 24% 3/31/2022 - - Y 14 73
12/15/2021 NILE BitNile Holdings Inc Electrical Components & Equipm 208 50 24% 4/18/2022 1 159,670 Y 5 11
12/15/2021 APT Alpha Pro Tech Ltd Building Products 79 2 3% 3/9/2022 - - Y 14 22
12/15/2021 AI C3.ai Inc Application Software 3,327 100 3% 3/1/2022 - - Y 19 15
12/15/2021 AVNS Avanos Medical Inc Health Care Supplies 1,509 30 2% 2/18/2022 1 158,143 Y 3 8
12/14/2021 CMI Cummins Inc Construction Machinery & Heavy 31,267 2,000 6% 2/4/2022 - - Y 2 4
12/14/2021 PRM Perimeter Solutions SA Specialty Chemicals 1,989 100 5% 2/25/2022 8 13,048,100 N 1 19
12/14/2021 OMF OneMain Holdings Inc Consumer Finance 6,446 100 2% 2/8/2022 1 677,098 Y 3 30
12/14/2021 HBT HBT Financial Inc Regional Banks 531 15 3% 1/28/2022 - - N 1 29
12/14/2021 EQC Equity Commonwealth Office REITs 3,095 150 5% 2/10/2022 - - Y 2 2
12/14/2021 LAUR Laureate Education Inc Education Services 1,937 100 5% 2/25/2022 - - Y 2 60
12/13/2021 NAVI Navient Corp Consumer Finance 3,441 1,000 29% 1/26/2022 - - Y 3 135
12/13/2021 EQT EQT Corp Oil & Gas Exploration & Produc 8,081 1,000 12% 2/17/2022 2 764,215 Y 4 74
12/13/2021 V Visa Inc Data Processing & Outsourced S 465,271 12,000 3% 1/28/2022 - - Y 1 12
12/13/2021 RNG RingCentral Inc Application Software 16,085 100 1% 2/16/2022 - - Y 9 1
12/13/2021 TPX Tempur Sealy International Inc Home Furnishings 9,085 110 1% 2/11/2022 - - Y 5 82
12/13/2021 SEIC SEI Investments Co Asset Management & Custody Ban 8,724 200 2% 1/27/2022 - - Y 2 20
12/13/2021 ELY Callaway Golf Co Leisure Products 4,836 50 1% 2/10/2022 2 489,050 Y 7 13
12/10/2021 SNPS Synopsys Inc Application Software 54,102 1,000 2% 2/17/2022 - - Y 1 62
12/10/2021 ABT Abbott Laboratories Health Care Equipment 239,621 5,000 2% 1/27/2022 - - Y 0 29
12/10/2021 BMY Bristol-Myers Squibb Co Pharmaceuticals 137,829 15,000 11% 2/4/2022 - - Y 1 17
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)
12/10/2021 AUB Atlantic Union Bankshares Corp Regional Banks 2,752 100 4% 1/26/2022 - - Y 1 16
12/10/2021 ESRT Empire State Realty Trust Inc Diversified REITs 1,527 500 33% 2/17/2022 - - Y 6 1
12/10/2021 PRLB Proto Labs Inc Industrial Machinery 1,394 50 4% 2/11/2022 2 642,316 Y 9 6
12/10/2021 WSBF Waterstone Financial Inc Thrifts & Mortgage Finance 538 3.5m (shares) - 1/28/2022 - - Y 1 23
12/10/2021 MGNI Magnite Inc Advertising 2,234 50 2% 2/24/2022 1 40,375 Y 8 7
12/9/2021 BCOR Blucora Inc Asset Management & Custody Ban 820 28 3% 2/17/2022 - - Y 2 26
12/8/2021 BX Blackstone Inc Asset Management & Custody Ban 147,914 2,000 1% 1/27/2022 - - Y 1 101
12/8/2021 MCK McKesson Corp Health Care Distributors 35,467 4,000 11% 2/2/2022 - - Y 1 37
12/8/2021 RLX RLX Technology Inc Tobacco 5,757 500 9% 3/26/2022 - - Y - 11
12/8/2021 CADE Cadence Bank Regional Banks 5,723 10 0% 1/25/2022 - - Y 2 20
12/8/2021 IBEX IBEX Holdings Ltd Data Processing & Outsourced S 245 20 8% 2/18/2022 - - N 1 23
12/7/2021 HTD John Hancock Tax-Advantaged Di - 872 10% of shares - - - - N 0 20
12/7/2021 RTX Raytheon Technologies Corp Aerospace & Defense 123,574 6,000 5% 1/26/2022 - - Y 1 27
12/7/2021 ZTS Zoetis Inc Pharmaceuticals 109,689 3,500 3% 2/16/2022 - - Y 1 64
12/7/2021 EMN Eastman Chemical Co Specialty Chemicals 16,122 500 3% 1/28/2022 - - Y 1 25
12/7/2021 WRLD World Acceptance Corp Consumer Finance 1,655 50 3% 1/21/2022 - - Y 14 154
12/7/2021 SHIP Seanergy Maritime Holdings Cor Marine 158 10 6% 3/24/2022 - - N 3 99
12/7/2021 PLAY Dave & Buster's Entertainment Restaurants 1,748 100 6% 3/31/2022 1 523,800 Y 15 30
12/7/2021 RFP Resolute Forest Products Inc Paper Products 1,025 100 10% 2/4/2022 1 39,110 Y 4 136
12/6/2021 CVS CVS Health Corp Health Care Services 132,732 10,000 8% 2/9/2022 1 238,650 Y 1 50
12/6/2021 NRG NRG Energy Inc Electric Utilities 9,734 1,000 10% 3/1/2022 1 70,000 Y 4 24
12/6/2021 STG Sunlands Technology Group Education Services 65 15 23% 3/18/2022 - - N - 66
12/6/2021 SOL ReneSola Ltd Construction & Engineering 418 50 12% 3/29/2022 - - Y - 24
12/6/2021 BV BrightView Holdings Inc Environmental & Facilities Ser 1,480 250 17% 2/4/2022 1 86,220 Y 5 7
12/6/2021 BYRN Byrna Technologies Inc Aerospace & Defense 328 30 9% 2/15/2022 5 672,304 Y 5 28
12/6/2021 DGLY Digital Ally Inc Electronic Equipment & Instrum 57 10 17% 3/31/2022 1 44,800 Y 16 12
12/6/2021 CLBK Columbia Financial Inc Thrifts & Mortgage Finance 2,205 5m (shares) - 1/27/2022 - - Y 3 41
12/6/2021 KNDI Kandi Technologies Group Inc Auto Parts & Equipment 272 20 7% 3/30/2022 - - Y 14 7
12/6/2021 LHCG LHC Group Inc Health Care Services 3,976 250 6% 2/25/2022 - - Y 3 16
12/6/2021 SIMO Silicon Motion Technology Corp Semiconductors 2,948 200 7% 2/3/2022 - - Y - 89
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 1732 -22 2/25/2022 783 45% - - Y 14
CAR Avis Budget Group Inc Trucking 11963 -17 2/16/2022 - - - - Y 22
TV Grupo Televisa SAB Cable & Satellite 5106 -16 2/18/2022 225 4% - - Y -
HIBB Hibbett Inc Specialty Stores 917 -15 3/4/2022 245 27% 5 980798 Y 19
BIG Big Lots Inc General Merchandise Stores 1280 -13 3/4/2022 429 33% - - Y 20
VRS Verso Corp Paper Products 585 -11 2/25/2022 86 15% - - Y 3
KSS Kohl's Corp Department Stores 6540 -10 3/2/2022 807 12% - - Y 11
DDS Dillard's Inc Department Stores 4758 -9 2/22/2022 410 9% - - Y 26
BBD Banco Bradesco SA Diversified Banks 31266 -9 2/3/2022 667 2% - - Y -
KIRK Kirkland's Inc Homefurnishing Retail 186 -9 3/11/2022 14 7% 1 144100 Y 21
ELVT Elevate Credit Inc Consumer Finance 93 -9 2/8/2022 30 32% - - Y 3
GTYH GTY Technology Holdings Inc Application Software 337 -9 2/16/2022 15 5% 1 297861 Y 3
BFIN BankFinancial Corp Regional Banks 143 -9 2/1/2022 16 11% 1 39603 Y 0
CTRN Citi Trends Inc Apparel Retail 587 -8 3/16/2022 124 21% 1 15164 Y 23
BBBY Bed Bath & Beyond Inc Homefurnishing Retail 1552 -8 1/7/2022 570 37% 3 1284222 Y 21
WEF CN Western Forest Products Inc Forest Products 672 -8 2/11/2022 62 9% 1 24700 N 1
SNBR Sleep Number Corp Homefurnishing Retail 1723 -7 2/17/2022 575 33% - - Y 17
LAUR Laureate Education Inc Education Services 1937 -7 2/25/2022 436 22% - - Y 2
LOPE Grand Canyon Education Inc Education Services 3252 -7 2/17/2022 397 12% - - Y 3
BSY Bentley Systems Inc Application Software 14518 -7 3/2/2022 114 1% 2 38722243 Y 4
AAN Aaron's Co Inc/The Homefurnishing Retail 742 -7 2/23/2022 82 11% 3 175428 Y 2
XRX Xerox Holdings Corp Technology Hardware, Storage & 3648 -7 1/26/2022 650 18% 2 181181 Y 8
LUMN Lumen Technologies Inc Alternative Carriers 12430 -7 2/10/2022 909 7% 1 59900 Y 10
DQJCY Pan Pacific International Hold General Merchandise Stores 8906 -6 2/4/2022 80941 - - - N -
REAL CN Real Matters Inc Real Estate Services 604 -6 1/28/2022 98 - 2 1835456 Y 5
AAIC Arlington Asset Investment Cor Mortgage REITs 110 -6 2/16/2022 8 7% 1 95400 Y 1
RCMT RCM Technologies Inc Research & Consulting Services 66 -5 4/1/2022 4 7% - - Y 2
JACK Jack in the Box Inc Restaurants 1678 -5 2/17/2022 200 12% - 9894 Y 6
LFVN Lifevantage Corp Personal Products 89 -5 2/2/2022 13 15% - - Y 1
ALSN Allison Transmission Holdings Construction Machinery & Heavy 3548 -5 2/17/2022 355 10% 1 200330 Y 4
SATS EchoStar Corp Alternative Carriers 2205 -5 2/23/2022 267 12% - - Y 20
WSBC WesBanco Inc Regional Banks 2094 -5 1/26/2022 - - - - Y 1
www.KEDM.com
% Change in Value
# of insiders
Market Cap buying
($M) (trailing 6
months)
Quarters Cap)
IRBT iRobot Corp Household Appliances 1771 -5 2/10/2022 150 8% - - Y 26
ODP ODP Corp/The Specialty Stores 1849 -5 2/24/2022 122 7% - - Y 16
PAM Pampa Energia SA Electric Utilities 1045 -5 3/10/2022 4380 - - - Y -
HLF Herbalife Nutrition Ltd Personal Products 4360 -5 2/17/2022 989 23% 3 640166 Y 6
VTOL Bristow Group Inc Oil & Gas Equipment & Services 857 -5 2/2/2022 - - 1 133750 Y 2
VALE Vale SA Steel 71831 -5 2/24/2022 25261 35% - - Y -
BHLB Berkshire Hills Bancorp Inc Regional Banks 1330 -5 1/25/2022 69 5% 3 246828 Y 3
UEIC Universal Electronics Inc Consumer Electronics 517 -5 2/18/2022 52 10% - - Y 1
MOMO Hello Group Inc Interactive Media & Services 2065 -4 3/25/2022 1067 - - - Y -
MMP Magellan Midstream Partners LP Oil & Gas Storage & Transporta 9463 -4 2/2/2022 498 5% - - Y 4
CFF CN Conifex Timber Inc Forest Products 91 -4 3/2/2022 - - - - N 0
GHL Greenhill & Co Inc Investment Banking & Brokerage 323 -4 2/4/2022 34 10% 1 795149 Y 8
HURN Huron Consulting Group Inc Research & Consulting Services 1075 -4 2/23/2022 65 6% - - Y 1
WNC Wabash National Corp Construction Machinery & Heavy 899 -4 2/3/2022 64 7% - - Y 7
DSKE Daseke Inc Trucking 592 -4 1/28/2022 20 3% - - Y 6
FRGI Fiesta Restaurant Group Inc Restaurants 263 -4 3/4/2022 4 1% - - Y 6
FFBC First Financial Bancorp Regional Banks 2154 -4 1/28/2022 108 5% - - Y 2
M Macy's Inc Department Stores 7272 -4 2/23/2022 295 4% - - Y 12
OLLI Ollie's Bargain Outlet Holding General Merchandise Stores 2959 -4 3/18/2022 200 7% 1 63530 Y 21
SSRM CN SSR Mining Inc Gold 4736 -4 2/16/2022 78 2% - - Y 1
SLG SL Green Realty Corp Office REITs 4756 -4 1/27/2022 453 10% - - Y 9
ANGI Angi Inc Interactive Media & Services 4542 -3 2/3/2022 45 1% - - Y 12
GUD CN Knight Therapeutics Inc Pharmaceuticals 637 -3 3/25/2022 61 10% 5 2629676 Y 3
SU CN Suncor Energy Inc Integrated Oil & Gas 43398 -3 2/9/2022 1665 4% 3 730750 Y 2
LAKE Lakeland Industries Inc Apparel, Accessories & Luxury 157 -3 4/18/2022 6 4% - - Y 4
NTGR NETGEAR Inc Communications Equipment 850 -3 2/3/2022 55 6% - - Y 11
MBT Mobile TeleSystems PJSC Wireless Telecommunication Ser 7769 -3 3/4/2022 26805 - - - Y -
BWXT BWX Technologies Inc Aerospace & Defense 4365 -3 2/22/2022 188 4% 1 244950 Y 2
NGS Natural Gas Services Group Inc Oil & Gas Equipment & Services 128 -3 3/30/2022 4 3% - - Y 1
QRTEA Qurate Retail Inc Internet & Direct Marketing Re 2979 -3 2/25/2022 286 10% - - Y 6
TRUE TrueCar Inc Interactive Media & Services 305 -3 2/24/2022 64 21% 1 251520 Y 7
PRG PROG Holdings Inc Consumer Finance 2903 -3 2/25/2022 128 4% 3 536825 Y 5
GLRE Greenlight Capital Re Ltd Reinsurance 247 -3 3/10/2022 15 6% - - Y 5
SXP CN Supremex Inc Paper Products 66 -3 2/25/2022 2 3% - - N 0
DHT DHT Holdings Inc Oil & Gas Storage & Transporta 868 -3 2/8/2022 29 3% - - Y 2
CASS Cass Information Systems Inc Data Processing & Outsourced S 575 -3 1/28/2022 20 4% - - Y 1
www.KEDM.com
% Change in Value
# of insiders
Market Cap buying
($M) (trailing 6
months)
Quarters Cap)
SPLK Splunk Inc Application Software 17087 -3 3/4/2022 1241 7% - - Y 3
NEU NewMarket Corp Specialty Chemicals 3630 -3 2/3/2022 92 3% - - Y 1
HOPE Hope Bancorp Inc Regional Banks 1677 -3 1/26/2022 47 3% - - Y 2
UWMC UWM Holdings Corp Thrifts & Mortgage Finance 10224 -3 2/3/2022 0 0% - - Y 16
WOR Worthington Industries Inc Steel 2534 -3 3/24/2022 175 7% - - Y 5
ESCA Escalade Inc Leisure Products 220 -3 2/18/2022 15 7% - - Y 3
EEX Emerald Holding Inc Advertising 252 -3 2/18/2022 11 4% - - Y 1
FLT FleetCor Technologies Inc Data Processing & Outsourced S 17208 -3 2/4/2022 884 5% - - Y 2
CATO Cato Corp/The Apparel Retail 340 -3 3/18/2022 18 5% 1 49830 Y 5
TCW CN Trican Well Service Ltd Oil & Gas Equipment & Services 632 -3 2/23/2022 25 4% 3 147100 Y 1
BIIB Biogen Inc Biotechnology 34576 -2 2/3/2022 2200 6% - - Y 2
MHK Mohawk Industries Inc Home Furnishings 11548 -2 2/11/2022 593 5% - - Y 2
CAH Cardinal Health Inc Health Care Distributors 13808 -2 2/4/2022 700 5% - - Y 2
GPMT Granite Point Mortgage Trust I Mortgage REITs 613 -2 3/4/2022 18 3% 5 490215 Y 1
PETRY Vibra Energia SA Automotive Retail 4514 -2 3/22/2022 658 15% - - N -
BHE Benchmark Electronics Inc Electronic Manufacturing Servi 871 -2 2/4/2022 46 5% 3 236010 Y 2
HVT Haverty Furniture Cos Inc Homefurnishing Retail 570 -2 2/17/2022 19 3% - - Y 20
HFWA Heritage Financial Corp/WA Regional Banks 818 -2 1/28/2022 21 3% - - Y 3
FL Foot Locker Inc Apparel Retail 4177 -2 2/25/2022 208 5% - - Y 5
TOT CN Total Energy Services Inc Oil & Gas Equipment & Services 240 -2 3/11/2022 5 2% 6 799200 N 1
ENR Energizer Holdings Inc Household Products 2507 -2 2/8/2022 96 4% 2 340229 Y 8
YELP Yelp Inc Interactive Media & Services 2515 -2 2/9/2022 202 8% - - Y 5
CURO Curo Group Holdings Corp Consumer Finance 623 -2 2/4/2022 17 3% - - Y 3
KMPR Kemper Corp Property & Casualty Insurance 3397 -2 2/1/2022 165 5% 3 1754375 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)
BFRI Biofrontera Inc Medical-Drugs 96 - 34 47 - - -37 0 - -
CRTX Cortexyme Inc Medical-Biomedical/Gene 373 -55 -15 45 16 -76 -90 7 3 763
LMND Lemonade Inc Property/Casualty Ins 2,705 -64 -10 36 -1 -45 -77 7 0 -
ICPT Intercept Pharmaceuticals Inc Medical-Biomedical/Gene 435 -40 -10 34 11 -18 -62 12 - -
BLNK Blink Charging Co Power Conv/Supply Equip 1,271 -30 -24 34 -5 -14 -54 3 10 -
BYND Beyond Meat Inc Food-Misc/Diversified 4,285 -46 -4 34 12 -43 -69 7 3 -
TTCF Tattooed Chef Inc Food-Misc/Diversified 1,354 -28 2 34 9 -13 -40 6 17 -
CRSR Corsair Gaming Inc Computers-Other 2,043 -40 -2 33 -4 -26 -56 11 2 -
PRLD Prelude Therapeutics Inc Medical-Biomedical/Gene 628 -81 -8 33 9 -55 -85 19 - -
ISPC iSpecimen Inc Internet Content-Info/Ne 76 - -13 33 - - -62 0 - 14,000
LGVN Longeveron Inc Medical-Biomedical/Gene 352 - -15 33 477 137 -63 0 - 30,150
GOEV Canoo Inc Auto-Cars/Light Trucks 2,062 -36 -27 33 12 -1 -64 2 6 35,313,268
GOGO Gogo Inc Satellite Telecom 1,462 39 1 32 -1 6 -31 16 1 -
BEEM Beam Global Energy-Alternate Sources 199 -70 -15 32 -8 -29 -71 11 3 -
FUV Arcimoto Inc Auto-Cars/Light Trucks 334 -33 -9 32 -8 -29 -76 13 5 150
GOTU Gaotu Techedu Inc Educational Software 526 -96 -19 31 12 -88 -99 6 - -
RMO Romeo Power Inc Auto/Trk Prts&Equip-Orig 524 -83 -3 31 17 -44 -90 4 4 -
WKHS Workhorse Group Inc Auto-Med&Heavy Duty Trks 788 -74 -9 31 -8 -51 -88 8 - -
HRTX Heron Therapeutics Inc Drug Delivery Systems 940 -56 -4 31 6 -30 -59 18 - -
CURV Torrid Holdings Inc Apparel Manufacturers 1,210 - -36 30 -12 - -67 8 3 -
WEBR Weber Inc Appliances 3,340 - -17 28 3 - -43 9 - -
GTHX G1 Therapeutics Inc Therapeutics 454 -43 -15 28 2 -43 -72 11 - -
SAVA Cassava Sciences Inc Medical-Biomedical/Gene 1,832 571 -10 27 -10 -27 -68 2 1 -
BKKT Bakkt Holdings Inc Commercial Serv-Finance 2,715 2 -32 27 -14 -20 -80 2 86 -
BGFV Big 5 Sporting Goods Corp Retail-Sporting Goods 430 102 -19 27 -29 -17 -58 3 - -
BYSI Beyondspring Inc Medical-Drugs 169 -65 -6 27 13 -68 -87 3 0 -
IVC Invacare Corp Medical Products 88 -72 -5 27 -6 -63 -77 11 - -
SDC SmileDirectClub Inc Medical Products 1,000 -78 -15 26 -17 -64 -84 3 1 4,170
IRBT iRobot Corp Appliances 1,801 -17 -11 26 -5 -28 -66 20 - -
SKYT SkyWater Technology Inc Semiconductor Equipment 596 - -18 26 24 - -59 5 2 -
AHPI Allied Healthcare Products Inc Respiratory Products 21 7 -13 26 785 -10 -68 0 - -
OTRK Ontrak Inc Medical-HMO 114 -90 -10 26 -2 -73 -94 5 - -
APPH AppHarvest Inc Agricultural Operations 490 -69 -7 25 1 -58 -89 12 - 38,870
OCGN Ocugen Inc Therapeutics 1,080 196 -21 25 -10 -33 -72 3 - -
VLON Vallon Pharmaceuticals Inc Medical-Drugs 42 - 21 25 856 14 -42 0 - -
JOAN JOANN Inc Retail-Arts&Crafts 412 - 11 25 0 - -43 7 - 69,700
IGMS IGM Biosciences Inc Medical-Biomedical/Gene 920 -68 -46 25 9 -58 -77 18 - -
STAR iStar Inc REITS-Diversified 1,655 60 -6 25 1 8 -14 30 - -
FSR Fisker Inc Auto-Cars/Light Trucks 5,248 21 -13 25 -16 10 -45 3 0 58,699
GTEC Greenland Technologies Holding Machinery-Material Handl 75 -9 -13 24 - -17 -75 0 - -
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)
PTPI Petros Pharmaceuticals Inc Medical-Drugs 57 -27 16 24 2,471 18 -46 0 - 2,161,807
BTBT Bit Digital Inc Finance-Consumer Loans 506 -67 -26 24 6 -34 -79 4 91 -
SFT Shift Technologies Inc Retail-Automobile 288 -60 -27 24 2 -56 -69 3 - -
NKLA Nikola Corp Auto-Med&Heavy Duty Trks 3,951 -36 -7 23 -12 -24 -68 4 2 -
PETS PetMed Express Inc Retail-Pet Food&Supplies 537 -20 -6 23 -14 -15 -55 15 - -
SIRI Sirius XM Holdings Inc Cable/Satellite TV 25,517 0 2 23 -2 2 -21 10 - -
VUZI Vuzix Corp Computers-Other 598 4 -14 23 7 -39 -71 4 2 4,700
RAD Rite Aid Corp Retail-Drug Store 697 -21 -1 23 6 -26 -62 6 3 -
W Wayfair Inc E-Commerce/Products 20,435 -13 -20 22 -8 -32 -47 12 0 10,000
OLLI Ollie's Bargain Outlet Holding Retail-Discount 3,080 -40 -25 22 2 -38 -60 15 - 1,000
RLAY Relay Therapeutics Inc Medical-Biomedical/Gene 3,140 -29 -5 22 9 -11 -54 25 - -
SKLZ Skillz Inc Entertainment Software 3,305 -59 -16 22 -12 -46 -83 5 4 186,455
VLDR Velodyne Lidar Inc Auto/Trk Prts&Equip-Orig 1,010 -77 -2 22 14 -42 -83 6 4 -
INO Inovio Pharmaceuticals Inc Medical-Biomedical/Gene 1,279 -31 -9 22 -1 -23 -68 10 2 -
ROOT Root Inc/OH Applications Software 836 -79 -8 22 -29 -58 -87 3 3 -
RIDE Lordstown Motors Corp Auto-Cars/Light Trucks 805 -79 -8 22 -12 -49 -87 3 - -
GDRX GoodRx Holdings Inc Medical-Whsle Drug Dist 14,986 -8 -17 21 -12 -3 -38 12 - -
SENS Senseonics Holdings Inc Drug Delivery Systems 1,226 215 -9 21 -5 -13 -52 9 - -
BOLT Bolt Biotherapeutics Inc Medical-Biomedical/Gene 166 - -60 21 2 -73 -89 13 - 5,035
SAH Sonic Automotive Inc Retail-Automobile 2,021 27 4 21 -5 -2 -16 11 - -
AMCX AMC Networks Inc Television 1,488 -2 -10 21 5 -32 -58 11 - -
VTNR Vertex Energy Inc Hazardous Waste Disposal 275 519 -13 21 11 -16 -69 6 3 -
KIRK Kirkland's Inc Retail-Home Furnishings 195 -15 -7 21 -16 -35 -56 10 - 10,000
HYLN Hyliion Holdings Corp Auto-Med&Heavy Duty Trks 1,069 -63 -9 21 -2 -35 -73 10 1 11,621
SIEN Sientra Inc Medical Products 233 3 -10 21 -1 -39 -57 17 - 8,698
CTRN Citi Trends Inc Retail-Discount 650 54 -14 21 -17 -9 -31 5 - -
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)
Cerberus Cyber Sentinel Corporation provides software solutions. The Company offers cyber security
Cerberus Cyber
CISO solutions to assist in safeguarding data, financial information, intellectual property, and business 2.00 NEXT WEEK 5.0000 - 5.0000 10.00 16 -3 LINK LINK
Sentinel Corp
assets. Cerberus Cyber Sentinel serves customers worldwide.
Intensity
Intensity Therapeutics, Inc. provides biomedical services. The Company focuses on human clinical
Therapeutics INTS 2.14 NEXT WEEK 6.0000 - 8.0000 17.14 0 -7 LINK LINK
testing to treat refractory solid tumor cancers. Intensity Therapeutics serves customers worldwide.
Inc
Nuvectis Pharma, Inc. operates as a bio-pharmaceutical company. The Company specializes in

Nuvectis
NVCT developing novel targeted therapeutics for treatment of cancer as well as provides research and 2.30 NEXT WEEK 12.0000 - 14.0000 32.20 0 -6 LINK LINK
Pharma Inc
testing services. Nuvectis Pharma serves customers worldwide.
Austin Gold Austin Gold Corp. provides exploration and mining services. The Company explores and develops
AUST 3.00 11/19/2021 4.0000 - 6.0000 18.00 0 2 LINK LINK
Corp gold and silver projects. Austin Gold serves customers worldwide.
FlexEnergy Flexenergy Green Solutions, Inc. operates as an energy focused technology company. The Company
Green Solutions FLXE designs, manufactures, sells, and leases gas turbine generators and custom-fit heat exchangers. 3.89 NEXT WEEK 8.0000 - 10.0000 38.89 21 -7 LINK LINK
Inc Flexenergy Green Solutions serves customers worldwide.
Justworks, Inc. operates as a human resource technology company. The Company offers human
Justworks Inc JW resource and payments platform for automated payments, payroll, HR admin, benefits enrollment, - TBD - - 983 11 LINK LINK
and government paperwork. Justworks serves customers in the United States.
TPG Partners Leading global alternative asset manager with approximately $109 billion in assets under
TPG - TBD - - 5,447 4,966 LINK LINK
LLC management as of September 30, 2021.
ProFrac Holding Corp. operates as a holding company. The Company, through its subsidiaries,
ProFrac
PFHC provides hydraulic fracturing and completion services to upstream oil and gas companies engaged in - TBD - - 656 -82 LINK LINK
Holding Corp
the exploration and production of North American unconventional oil and natural gas resources.
FOGO Hospitality, Inc. owns and operates full-service restaurants. The Company offers seasonal
FOGO
FOGO salads, irresistibly fresh vegetables, imported meats, cheeses, artisan breads, and desserts. FOGO - TBD - - 296 10 LINK LINK
Hospitality inc
Hospitality serves customers in the United States, Puerto Rico, and Brazil.
Chobani Inc CHO Greek yogurt - TBD - - 2 0 LINK LINK
5.11 ABR Corp. designs and manufactures apparels. The Company offers purpose-built technical
5 11 ABR Corp VXI - TBD - - 440 21 LINK LINK
apparel, footwear, and gears. 5.11 ABR serves customers worldwide.
Leading premium and luxury off-price eCommerce company in the U.S., delivering a daily
Rue Gilt
RGG curated, high-end shopping experience for our members. We operate primarily through RueLaLa and - TBD - - 702 -9 LINK LINK
Groupe Inc
Gilt (“Rue+Gilt”)
BrightSpring BrightSpring Health Services, Inc. provides health care services. The Company offers home and
Health Services - community-based healthcare services platform, focused on delivering complementary provider and - TBD - - 6,043 33 LINK LINK
I pharmacy services to complex patients. BrightSpring Health Services serves customers worldwide.
www.KEDM.com
Expected Net
Revenue
Shares Expected Amount Income Corporate
Company Ticker Description Expected Range (TTM) S1
(M) Trade Date Raised (TTM) Website
($M)
($M) (M)
Claire's Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides
Claire's
CLRS earrings, necklaces, body jewellery, rings, anklets, watches, and other accessories, as well as ear - TBD - - 1,214 -72 LINK LINK
Holdings LLC
piercing services. Claire's Holdings serves customers worldwide.
Gerson Gerson Lehrman Group, Inc. provides professional services. The Company offers technology platform
Lehrman Group GLGX that connects professionals with insight. Gerson Lehrman Group serves industrial, media, life - TBD - - 628 -1 LINK LINK
Inc sciences, private equity, hedge funds, and law sectors worldwide.
ICZOOM Group Inc. operates an e-commerce trading platform. The Company engages in sales of
Iczoom Group electronic component products. ICZOOM Group offers integrated circuits, power driver modules,
IZM - TBD - - 165 1 - LINK
Inc sensors, passive components, memory cards, display panels, cables, connectors, test tools, batteries,
and switches.
Keter Group SA provides indoor and outdoor lifestyle solutions. The Company manufactures and
Keter Group SA KETR markets resin-based household and garden consumer products. Keter Group serves customers - TBD - - 1,684 -65 LINK LINK
worldwide.
OYO Hotels and Homes Private Limited owns and operates hotels. The Company offers
OYO Hotels &
- accommodation rooms, dining, and fitness center facilities. OYO Hotels and Homes serves customers - TBD - - 9 -9 LINK -
Homes Pvt Ltd
in Asia.
Rotech Healthcare Holdings Inc. operates as a holding company. The Company, through its
Rotech
subsidiaries, offers home medical products including respiratory and sleep apnea treatment and
Healthcare ROTK - TBD - - 565 136 LINK LINK
other medical equipment, as well as provides oximetry and nebulizers therapies. Rotech Healthcare
Holdings Inc
Holdings serves patients in the United States.
www.KEDM.com
Completed IPO Monitor

Recent IPOs that have not unlocked (Ex-SPAC)
Shares IPO + 1 to Short
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)
IOT 12/15/2021 Samsara Inc Applications Software 35 23 805 11,548 -175 1 -1 - NO 6/13/2022 178
IMMX 12/16/2021 Immix Biopharma Inc Medical-Biomedical/Gene 4 5 19 28 0 -27 - - YES 6/14/2022 179
VINE 12/14/2021 Fresh Vine Wine Inc Beverages-Wine/Spirits 2 10 22 80 - -29 -7 - YES 6/12/2022 177
SIDU 12/14/2021 Sidus Space Inc Satellite Telecom 3 5 15 168 -1 127 -13 - NO 12/14/2022 362
NU 12/9/2021 NU Holdings Ltd/Cayman Islands Diversified Banking Inst 281 9 2,530 44,316 39 11 -19 - NO 6/7/2022 172
HCP 12/9/2021 HashiCorp Inc Computer Software 15 80 1,224 14,357 -80 3 -6 - NO 6/7/2022 172
REFI 12/8/2021 Chicago Atlantic Real Estate F Private Equity 6 16 100 277 - 0 -1 - NO 6/6/2022 171
CING 12/8/2021 Cingulate Inc Medical-Biomedical/Gene 4 6 25 29 -6 -54 -33 - YES 6/6/2022 171
AERC 11/24/2021 Aeroclean Technologies Inc Air Pollution Control Eq 3 10 25 121 - -14 -89 1 YES - -
FINW 11/19/2021 Finwise Bancorp Commer Banks Non-US 4 11 42 172 - 29 6 0 NO 5/18/2022 152
SG 11/18/2021 Sweetgreen Inc Food-Retail 13 28 364 3,019 -115 7 -47 10 NO 5/17/2022 151
BRZE 11/17/2021 Braze Inc Computer Software 9 65 572 5,397 -31 -6 -30 8 YES 5/16/2022 150
USER 11/17/2021 UserTesting Inc Applications Software 10 14 140 1,273 -33 -36 -35 2 YES 5/16/2022 150
IREN 11/17/2021 Iris Energy Ltd Electric-Generation 8 28 232 721 - -50 -44 3 YES 2/15/2022 60
SEV 11/17/2021 Sono Group NV Auto-Cars/Light Trucks 12 15 173 805 -54 -22 -61 3 YES 5/16/2022 150
MYNA 11/12/2021 Mynaric AG Wireless Equipment 5 17 76 269 -19 -24 -33 - YES 5/11/2022 145
DERM 11/12/2021 Journey Medical Corp Medical-Drugs 4 10 35 113 8 -29 -29 0 YES 5/11/2022 145
PIK 11/11/2021 Kidpik Corp E-Commerce/Products 2 9 18 51 -4 -15 -11 0 YES 5/10/2022 144
WBEV 11/11/2021 Winc Inc Food-Retail 2 13 22 72 -6 -58 -47 3 YES 5/10/2022 144
TIVC 11/11/2021 Tivic Health Systems Inc Medical Products 3 5 15 40 -3 -11 -21 0 YES 5/10/2022 144
BLZE 11/11/2021 Backblaze Inc Internet Applic Sftwr 6 16 100 565 9 22 -16 3 NO 5/10/2022 144
VAXX 11/11/2021 Vaxxinity Inc Medical-Biomedical/Gene 7 13 85 772 -32 -49 -54 4 YES 5/10/2022 144
LVLU 11/11/2021 Lulu's Fashion Lounge Holdings E-Commerce/Products 6 16 92 419 -1 -31 -21 0 YES 5/10/2022 144
WEAV 11/11/2021 Weave Communications Inc Computer Software 5 24 120 855 - -42 -27 3 YES 5/10/2022 144
CINT 11/10/2021 CI&T Inc Computer Services 15 15 225 1,622 238 -18 -35 0 YES 5/9/2022 143
EXFY 11/10/2021 Expensify Inc Enterprise Software/Serv 11 27 302 2,860 9 28 -20 4 NO 5/9/2022 143
RIVN 11/10/2021 Rivian Automotive Inc Auto-Cars/Light Trucks 176 78 13,724 83,829 -981 40 -24 7 NO 5/9/2022 143
TCBX 11/9/2021 Third Coast Bancshares Inc Commer Banks-Central US 4 25 101 348 - 6 4 0 NO 5/8/2022 142
SOPA 11/9/2021 Society Pass Inc Applications Software 3 9 28 65 -3 -61 -92 1 YES 5/8/2022 142
RGF 11/5/2021 Real Good Food Co Inc/The Food-Misc/Diversified 5 12 64 131 -9 -57 -54 1 YES 5/4/2022 138
ARHS 11/4/2021 Arhaus Inc Home Furnishings 13 13 168 2,628 - -14 -4 0 YES 5/3/2022 137
NRDS 11/4/2021 NerdWallet Inc Finance-Consumer Loans 8 18 150 924 23 -19 -46 4 YES 5/3/2022 137
CMTG 11/3/2021 Claros Mortgage Trust Inc REITS-Diversified 6 19 103 2,142 - -14 -6 - YES 5/2/2022 136
CDRE 11/4/2021 Cadre Holdings Inc Electronic Secur Devices 7 13 90 670 65 57 28 0 NO 5/3/2022 137
BIRD 11/3/2021 Allbirds Inc Footwear&Related Apparel 23 15 348 2,066 -22 -8 -46 21 YES 5/2/2022 136
BSFC 11/3/2021 Blue Star Foods Corp Fisheries 1 5 4 73 -1 -42 -34 3 YES 5/2/2022 136
CMPX 11/2/2021 Compass Therapeutics Inc Medical-Biomedical/Gene 36 4 125 302 -25 -10 -13 0 YES 1/31/2022 45
SONX 10/29/2021 Sonendo Inc Medical Instruments 8 12 94 200 -43 -34 -17 2 YES 4/27/2022 131
TRDA 10/29/2021 Entrada Therapeutics Inc Medical-Biomedical/Gene 9 20 182 465 -26 -23 -38 9 YES 4/27/2022 131
AURA 10/29/2021 Aura Biosciences Inc Medical-Biomedical/Gene 5 14 76 485 -21 30 12 3 NO 4/27/2022 131
GFS 10/28/2021 GLOBALFOUNDRIES Inc Electronic Compo-Semicon 61 47 2,855 31,092 866 29 20 3 NO 4/26/2022 130
www.KEDM.com

($M) (%) float)
FLNC 10/28/2021 Fluence Energy Inc Energy-Alternate Sources 36 28 998 5,008 -154 9 -18 2 NO 4/26/2022 130
DTC 10/28/2021 Solo Brands Inc E-Commerce/Products 15 17 252 1,394 -15 -13 -22 10 YES 4/26/2022 130
HRT 10/29/2021 HireRight Holdings Corp Enterprise Software/Serv 22 19 422 1,106 - -26 -19 2 YES 4/27/2022 131
UDMY 10/29/2021 Udemy Inc Educational Software 15 29 439 2,532 -62 -36 -34 7 YES 4/27/2022 131
AIRS 10/29/2021 AirSculpt Technologies Inc Commercial Services 7 11 77 671 0 11 -24 4 NO 4/27/2022 131
AIP 10/27/2021 Arteris Inc Software Tools 5 14 70 636 -3 54 13 2 NO 4/25/2022 129
INFA 10/27/2021 Informatica Inc Applications Software 33 29 967 10,076 336 24 23 2 NO 4/25/2022 129
RENT 10/27/2021 Rent the Runway Inc Rental Auto/Equipment 17 21 357 524 -95 -58 -56 13 YES 4/25/2022 129
AUGX 10/26/2021 Augmedix Inc Commercial Services 10 4 40 127 -13 -13 -4 0 YES 1/24/2022 38
MRAI 10/27/2021 Marpai Inc Medical Labs&Testing Srv 7 4 29 93 -3 17 -19 1 NO 4/25/2022 129
XLO 10/22/2021 Xilio Therapeutics Inc Medical-Biomedical/Gene 8 16 130 278 -53 -38 -37 5 YES 4/20/2022 124
ARIS 10/22/2021 Aris Water Solution Inc Building-Heavy Construct 20 13 264 595 - -12 -22 0 YES 4/20/2022 124
UTRS 10/22/2021 Minerva Surgical Inc Medical Products 6 12 75 143 -8 -56 -45 1 YES 4/20/2022 124
PX 10/21/2021 P10 Inc Private Equity 23 12 276 1,454 26 9 3 0 NO 4/19/2022 123
PTLO 10/21/2021 Portillo's Inc Retail-Restaurants 23 20 466 2,252 82 58 -18 6 NO 4/19/2022 123
COCO 10/21/2021 Vita Coco Co Inc/The Beverages-Non-alcoholic 12 15 179 496 49 -38 -36 4 YES 4/19/2022 123
ENFN 10/21/2021 Enfusion Inc Applications Software 22 17 367 2,043 - 11 -9 2 NO 4/19/2022 123
VTYX 10/21/2021 Ventyx Biosciences Inc Medical-Biomedical/Gene 11 16 174 731 - -7 -22 10 YES 4/19/2022 123
RWAY 10/21/2021 Runway Growth Finance Corp Venture Capital 7 15 100 539 48 -11 6 0 YES 4/19/2022 123
SDIG 10/20/2021 Stronghold Digital Mining Inc Finance-Other Services 8 19 146 681 -2 -21 -46 30 YES 4/18/2022 122
CYN 10/20/2021 CYNGN Inc Applications Software 4 8 26 132 -8 -30 -34 2 YES 2/17/2022 62
CNTX 10/20/2021 Context Therapeutics Inc Medical-Biomedical/Gene 6 5 29 49 - -35 -50 1 YES 4/18/2022 122
INKT 10/15/2021 MiNK Therapeutics Inc Medical-Biomedical/Gene 3 12 40 137 -15 -63 -66 0 YES 4/13/2022 117
FNA 10/15/2021 Paragon 28 Inc Medical Products 9 16 144 1,117 8 -8 -22 9 YES 4/13/2022 117
LUCD 10/14/2021 Lucid Diagnostics Inc Medical-Biomedical/Gene 5 14 70 198 - -60 -43 4 YES 4/12/2022 116
IHS 10/14/2021 IHS Holding Ltd Building-Heavy Construct 18 21 378 4,227 741 -38 -23 0 YES 4/12/2022 116
GTLB 10/14/2021 Gitlab Inc Enterprise Software/Serv 11 77 881 11,194 - 0 -33 22 NO 4/12/2022 116
CLST 10/13/2021 Catalyst Bancorp Inc Investment Companies 5 10 53 73 - 40 0 0 NO - -
AVDX 10/13/2021 AvidXchange Holdings Inc Applications Software 30 25 759 3,181 -47 -35 -33 14 YES 4/11/2022 115
HCTI 10/13/2021 Healthcare Triangle Inc Medical Information Sys 5 4 19 68 - -52 -45 2 YES 4/11/2022 115
PYXS 10/8/2021 Pyxis Oncology Inc Medical-Biomedical/Gene 11 16 168 271 -12 -48 -37 5 YES 4/6/2022 110
ISO 10/8/2021 IsoPlexis Corp Medical-Biomedical/Gene 8 15 125 224 -26 -60 -50 3 YES 4/6/2022 110
CGTX 10/8/2021 Cognition Therapeutics Inc Medical-Drugs 4 12 52 117 -17 -52 -58 0 YES 4/6/2022 110
LTH 10/7/2021 Life Time Group Holdings Inc Recreational Centers 41 18 730 3,263 72 -3 -2 17 YES 4/5/2022 109
NVEI 10/6/2021 Nuvei Corp Commercial Serv-Finance 3 123 425 6,853 134 -60 -64 2 YES - -
THRX 10/7/2021 Theseus Pharmaceuticals Inc Medical-Biomedical/Gene 10 16 160 367 -7 -38 -44 12 YES 4/5/2022 109
TCN 10/7/2021 Tricon Residential Inc Real Estate Mgmnt/Servic 41 12 513 3,945 193 18 11 0 NO - -
VLCN 10/6/2021 Volcon Inc Motorcycle/Motor Scooter 3 6 18 96 - 59 -5 4 NO 1/4/2022 18
NTRB 10/1/2021 Nutriband Inc Medical-Drugs 1 6 7 39 -2 -20 -26 6 YES 3/30/2022 103
FWRG 10/1/2021 First Watch Restaurant Group I Retail-Restaurants 11 18 196 960 25 -9 -26 7 YES 3/30/2022 103
OLPX 9/30/2021 Olaplex Holdings Inc Retail-Perfume&Cosmetics 85 21 1,780 15,688 86 20 6 5 NO 3/29/2022 102
WRBY 9/29/2021 Warby Parker Inc Retail-Catalog Shopping DIRECT LISTING - 4,962 - - -17 8 NO - -
AMPL 9/28/2021 Amplitude Inc Applications Software DIRECT LISTING - 5,431 -22 - -9 2 NO - -
CWAN 9/24/2021 Clearwater Analytics Holdings Applications Software 35 18 621 4,893 - 15 -18 3 NO 3/23/2022 96
HLTH 9/24/2021 Cue Health Inc Medical Products 14 16 230 1,499 -37 -35 -49 39 YES 3/23/2022 96
www.KEDM.com

($M) (%) float)
RELY 9/23/2021 Remitly Global Inc Commercial Services 12 43 523 2,886 -22 -57 -60 18 YES 3/22/2022 95
ARBK 9/23/2021 Argo Blockchain PLC Finance-Other Services 9 15 128 555 8 -17 -29 - YES 12/22/2021 5
SOVO 9/23/2021 Sovos Brands Inc Food-Catering 27 12 322 1,525 71 27 11 1 NO 3/22/2022 95
ESMT 9/23/2021 EngageSmart Inc Applications Software 17 26 435 3,366 17 -18 -40 5 YES 3/22/2022 95
STER 9/23/2021 Sterling Check Corp Computer Data Security 16 23 378 1,821 68 -14 -28 4 YES 3/22/2022 95
BRLT 9/23/2021 Brilliant Earth Group Inc Retail-Jewelry 10 12 115 1,365 - 23 -5 5 NO 3/22/2022 95
THRN 9/23/2021 Thorne HealthTech Inc Medical Labs&Testing Srv 7 10 70 324 10 -37 -26 1 YES 3/22/2022 95
FRSH 9/22/2021 Freshworks Inc Enterprise Software/Serv 31 36 1,129 6,787 -45 -27 -46 13 YES 3/22/2022 95
TOST 9/22/2021 Toast Inc Commercial Serv-Finance 25 40 1,000 16,187 -193 -18 -46 22 YES 3/21/2022 94
AKA 9/22/2021 aka Brands Holding Corp E-Commerce/Products 10 11 110 1,115 29 -19 -11 4 YES 3/21/2022 94
ACT 9/16/2021 Enact Holdings Inc Finance-Mtge Loan/Banker 15 19 291 3,307 - 8 8 2 NO 3/15/2022 88
FORG 9/16/2021 ForgeRock Inc Computer Data Security 13 25 316 1,751 -31 -14 -55 11 YES 3/15/2022 88
DH 9/15/2021 Definitive Healthcare Corp Medical Information Sys 16 27 420 4,025 45 -1 -45 2 YES 3/14/2022 87
DICE 9/15/2021 DICE Therapeutics Inc Medical-Biomedical/Gene 14 17 235 889 -23 41 -33 12 NO 3/14/2022 87
BROS 9/15/2021 Dutch Bros Inc Retail-Restaurants 24 23 557 7,235 26 105 -8 13 NO 3/14/2022 87
ONON 9/15/2021 On Holding AG Apparel Manufacturers 36 24 858 10,914 -5 51 -6 12 NO 3/15/2022 88
PRCT 9/15/2021 PROCEPT BioRobotics Corp Medical Instruments 8 25 188 1,123 -45 6 -28 5 NO 3/14/2022 87
TWKS 9/15/2021 Thoughtworks Holding Inc Computer Services 42 21 890 8,157 147 30 -15 2 NO 3/14/2022 87
TYRA 9/15/2021 Tyra Biosciences Inc Medical-Biomedical/Gene 12 16 199 506 -9 -14 -41 15 YES 3/14/2022 87
EZFL 9/15/2021 EzFill Holdings Inc Oil Refining&Marketing 7 4 29 50 -6 -51 -63 1 YES 3/14/2022 87
KTTA 9/15/2021 Pasithea Therapeutics Corp Medical-Biomedical/Gene 5 5 24 35 - -63 -52 7 YES 3/14/2022 87
SRAD 9/14/2021 Sportradar Holding AG Gambling (Non-Hotel) 19 27 513 4,813 150 -39 -40 2 YES 3/13/2022 86
DDI 8/31/2021 DoubleDown Interactive Co Ltd Entertainment Software 6 18 114 737 - -17 -17 - YES 2/27/2022 72
RNXT 8/26/2021 RenovoRx Inc Medical-Biomedical/Gene 2 9 17 47 - -41 -32 1 YES 2/22/2022 67
NLCP 8/20/2021 Newlake Capital Partners Inc/M Private Equity 4 26 102 573 5 4 -10 2 NO 2/16/2022 61
DRMA 8/13/2021 Dermata Therapeutics Inc Medical-Biomedical/Gene 3 7 18 20 -3 -67 -53 3 YES 2/9/2022 54
SSBK 8/12/2021 Southern States Bancshares Inc Commer Banks-Southern US 2 19 44 171 - 4 -1 0 NO 2/8/2022 53
ELYM 8/10/2021 Eliem Therapeutics Inc Medical-Biomedical/Gene 7 13 92 251 - -25 -54 22 YES 2/6/2022 51
ADGI 8/6/2021 Adagio Therapeutics Inc Medical-Biomedical/Gene 21 17 356 1,509 - -17 -35 19 YES 2/2/2022 47
OBT 8/5/2021 Orange County Bancorp Inc Commer Banks-Eastern US 1 34 34 217 - 15 14 0 NO 2/1/2022 46
WEBR 8/5/2021 Weber Inc Appliances 21 14 287 3,271 133 -18 -37 28 YES 2/1/2022 46
EWCZ 8/5/2021 European Wax Center Inc Commercial Services 11 17 194 1,720 16 59 21 7 NO 2/1/2022 46
TNYA 7/30/2021 Tenaya Therapeutics Inc Medical-Biomedical/Gene 14 15 207 797 -36 35 26 12 NO 1/26/2022 40
RANI 7/30/2021 Rani Therapeutics Holdings Inc Medical-Biomedical/Gene 8 11 84 794 -16 54 47 29 NO 1/26/2022 40
INAB 7/30/2021 IN8bio Inc Medical-Biomedical/Gene 4 10 40 110 -5 -45 -41 0 YES 1/26/2022 40
DPRO 7/30/2021 Draganfly Inc Computers-Other 5 4 20 50 -8 -52 -51 1 YES 1/26/2022 40
OMGA 7/30/2021 Omega Therapeutics Inc Medical-Biomedical/Gene 7 17 126 690 -27 -13 -10 3 YES 1/26/2022 40
MXCT 7/30/2021 MaxCyte Inc Medical-Biomedical/Gene 16 13 202 948 -9 -26 -45 2 YES - -
DOLE 7/30/2021 Dole PLC Agricultural Operations 27 16 428 1,262 - -17 -8 2 YES 1/26/2022 40
RSKD 7/29/2021 Riskified Ltd Applications Software 20 21 423 1,196 -5 -64 -73 2 YES 1/25/2022 39
ICVX 7/29/2021 Icosavax Inc Medical-Biomedical/Gene 14 15 209 927 -19 55 -4 9 NO 1/25/2022 39
COOK 7/29/2021 Traeger Appliances 27 18 487 1,391 100 -33 -47 15 YES 1/25/2022 39
RLYB 7/29/2021 Rallybio Corp Medical-Biomedical/Gene 7 13 93 321 -25 -23 -41 6 YES 1/25/2022 39
HOOD 7/29/2021 Robinhood Markets Inc Internet Brokers 59 38 2,255 15,363 35 -52 -49 5 YES 1/25/2022 39
NUVL 7/29/2021 Nuvalent Inc Medical-Biomedical/Gene 11 17 180 1,057 - 27 20 17 NO 1/25/2022 39
www.KEDM.com

($M) (%) float)
DUOL 7/28/2021 Duolingo Inc Educational Software 6 102 599 3,675 -12 1 -27 12 NO 1/24/2022 38
PWSC 7/28/2021 PowerSchool Holdings Inc Educational Software 45 18 817 3,312 118 -4 -8 7 YES 1/24/2022 38
SNPO 7/28/2021 Snap One Holdings Corp Appliances 15 18 271 1,417 72 10 5 5 NO 1/24/2022 38
MLNK 7/28/2021 MeridianLink Inc Applications Software 14 26 374 1,639 86 -21 -17 3 YES 1/24/2022 38
CADL 7/27/2021 Candel Therapeutics Inc Medical-Biomedical/Gene 10 8 79 196 -14 -13 -1 1 YES 1/23/2022 37
SOPH 7/23/2021 Sophia Genetics SA Medical Information Sys 14 18 243 799 -35 -30 -25 4 YES 1/19/2022 33
USCB 7/23/2021 US Century Bank Commer Banks-Southern US 4 10 40 342 - 35 27 0 NO - -
XPOF 7/23/2021 Xponential Fitness Inc Recreational Centers 11 12 131 838 - 51 46 3 NO 1/19/2022 33
GAMB 7/23/2021 Gambling.com Group Ltd E-Marketing/Info 5 8 42 329 13 23 22 4 NO 1/19/2022 33
BASE 7/22/2021 Couchbase Inc Internet Infrastr Sftwr 10 24 230 960 -31 -7 -35 54 YES 1/18/2022 32
RYAN 7/22/2021 Ryan Specialty Group Holdings Insurance Brokers 65 24 1,538 10,051 247 65 36 9 NO 1/18/2022 32
ZENV 7/22/2021 Zenvia Inc Applications Software 12 13 150 340 27 -35 -15 0 YES 1/18/2022 32
ZVIA 7/22/2021 Zevia PBC Beverages-Non-alcoholic 11 14 150 460 -4 -48 -48 14 YES 1/18/2022 32
ABSI 7/22/2021 Absci Corp Medical-Biomedical/Gene 14 16 230 841 -12 -42 -60 23 YES 1/18/2022 32
CRBU 7/23/2021 Caribou Biosciences Inc Medical-Biomedical/Gene 22 16 350 932 -35 -1 -5 9 YES 1/19/2022 33
CTKB 7/23/2021 Cytek Biosciences Inc Medical-Biomedical/Gene 17 17 285 2,268 14 2 -10 4 NO 1/19/2022 33
CNM 7/23/2021 Core & Main Inc Distribution/Wholesale 40 20 802 4,141 338 34 9 4 NO 1/19/2022 33
OB 7/23/2021 Outbrain Inc Applications Software 8 20 160 727 29 -33 -35 3 YES 1/19/2022 33
KLTR 7/21/2021 Kaltura Inc Applications Software 17 10 173 477 -1 -61 -68 4 YES 1/17/2022 31
PYCR 7/21/2021 Paycor HCM Inc Enterprise Software/Serv 19 23 426 4,476 57 17 -5 4 NO 1/17/2022 31
INST 7/22/2021 Instructure Holdings Inc Educational Software 14 20 284 3,053 -76 10 7 7 NO 1/18/2022 32
LAW 7/21/2021 CS Disco Inc Computer Software 8 32 242 1,981 -20 9 -21 7 NO 1/17/2022 31
VTEX 7/21/2021 VTEX Applications Software 22 19 415 2,169 9 -38 -56 5 YES 1/17/2022 31
BLND 7/16/2021 Blend Labs Inc Applications Software 22 18 404 1,651 -69 -60 -66 16 YES - -
BRDG 7/16/2021 Bridge Investment Group Holdin Private Equity 20 16 323 2,437 69 34 41 0 NO 1/12/2022 26
ERAS 7/16/2021 Erasca Inc Medical-Biomedical/Gene 22 16 345 1,738 -109 -11 -18 24 YES 1/12/2022 26
IMGO 7/16/2021 Imago Biosciences Inc Medical-Biomedical/Gene 10 16 155 674 -18 28 23 12 NO 1/12/2022 26
STVN 7/16/2021 Stevanato Group SpA Medical Products 33 21 693 7,025 157 15 21 14 NO 1/12/2022 26
TCRX 7/16/2021 TScan Therapeutics Inc Medical-Biomedical/Gene 7 15 100 111 -24 -68 -55 1 YES 1/12/2022 26
FXLV 7/15/2021 F45 Training Holdings Inc Recreational Centers 20 16 325 922 -4 -40 -37 7 YES 1/11/2022 25
MCG 7/15/2021 Membership Collective Group In Applications Software 31 14 428 2,193 -85 -19 -13 4 YES 1/11/2022 25
PECO 7/15/2021 Phillips Edison & Co Inc REITS-Shopping Centers 20 28 547 3,984 306 14 18 7 NO 1/11/2022 25
RPID 7/15/2021 Rapid Micro Biosystems Inc Drug Detection Systems 9 20 180 362 -29 -46 -56 5 YES 1/11/2022 25
SERA 7/15/2021 Sera Prognostics Inc Diagnostic Equipment 5 16 75 267 -17 -49 -17 6 YES 1/11/2022 25
SGHT 7/15/2021 Sight Sciences Inc Miscellaneous Manufactur 12 24 276 887 -32 -21 -43 10 YES 1/11/2022 25
UNCY 7/13/2021 Unicycive Therapeutics Inc Medical-Biomedical/Gene 5 5 25 30 - -59 -47 1 YES 1/9/2022 23
AGRI 7/8/2021 AGRIFORCE GROWING SYSTEMS Medical-Biomedical/Gene 3 5 15 31 -3 -57 -63 6 YES - -
RNAZ 7/9/2021 TransCode Therapeutics Inc Medical-Biomedical/Gene 7 4 29 32 - -35 -53 0 YES 1/5/2022 19
MITQ 7/8/2021 Moving Image Technologies Inc Computers-Other 5 3 14 23 -1 -27 -86 2 YES 7/8/2022 203
DNUT 7/1/2021 Krispy Kreme Inc Food-Baking 33 17 560 2,684 158 -8 -16 23 YES 12/28/2021 11
NYXH 7/2/2021 Nyxoah SA Medical Instruments 3 30 98 505 - -34 -34 0 YES 12/29/2021 12
CURV 7/1/2021 Torrid Holdings Inc Apparel Manufacturers 13 21 266 1,067 - -50 -64 30 YES 12/28/2021 11
HEPS 7/1/2021 D-MARKET Elektronik Hizmetler E-Commerce/Products 65 12 783 647 -88 -83 -86 - YES 12/28/2021 11
ABOS 7/1/2021 Acumen Pharmaceuticals Inc Medical-Biomedical/Gene 11 16 184 278 -8 -57 -66 5 YES 12/28/2021 11
EVCM 7/1/2021 EverCommerce Inc Applications Software 19 17 325 3,028 61 -7 -10 8 YES 12/28/2021 11
www.KEDM.com

($M) (%) float)
VRAR 7/1/2021 Glimpse Group Inc/The Computer Software 2 7 12 106 -5 31 -29 11 NO 6/26/2022 191
CPOP 6/30/2021 Pop Culture Group Co Ltd Commercial Services 6 6 37 40 6 -72 -97 3 YES 12/27/2021 10
DDL 6/29/2021 DingDong Cayman Ltd E-Commerce/Products 5 24 110 2,565 -3,047 -43 -66 - YES 12/26/2021 9
S 6/30/2021 SentinelOne Inc Computer Software 40 35 1,409 11,983 -113 35 12 5 NO - -
XMTR 6/30/2021 Xometry Inc Metal Processors&Fabrica 8 44 348 1,878 -25 -3 -35 35 YES - -
LZ 6/30/2021 Legalzoom.com Inc Commercial Services 22 28 616 3,044 69 -44 -60 24 YES 12/27/2021 10
IAS 6/30/2021 Integral Ad Science Holding Co Computer Services 15 18 270 3,111 52 14 0 9 NO 12/27/2021 10
CVRX 6/30/2021 CVRx Inc Medical Instruments 8 18 145 225 -11 -41 -57 6 YES 12/27/2021 10
INTA 6/30/2021 Intapp Inc Enterprise Software/Serv 12 26 314 1,353 -10 -13 -19 3 YES 12/27/2021 10
AVTE 6/30/2021 Aerovate Therapeutics Inc Medical-Biomedical/Gene 10 14 140 231 -9 -35 -51 4 YES 12/27/2021 10
BTTR 6/29/2021 Better Choice Co Inc Medical-Whsle Drug Dist 8 5 40 90 -25 -36 -28 2 YES 12/26/2021 9
YOU 6/30/2021 Clear Secure Inc Applications Software 15 31 471 3,673 -11 -19 -48 15 YES 12/27/2021 10
ACXP 6/25/2021 Acurx Pharmaceuticals Inc Medical-Biomedical/Gene 3 6 17 43 - -33 -47 4 YES 12/22/2021 5
MCW 6/25/2021 Mister Car Wash Inc Auto Repair Centers 38 15 563 5,059 267 15 -16 5 NO 12/22/2021 5
ELEV 6/25/2021 Elevation Oncology Inc Medical-Biomedical/Gene 6 16 100 105 -17 -72 -61 2 YES 12/22/2021 5
GRPH 6/25/2021 Graphite Bio Inc Medical-Biomedical/Gene 16 17 274 619 -13 -36 -42 20 YES 12/22/2021 5
GHRS 6/25/2021 GH Research PLC Medical-Biomedical/Gene 10 16 160 1,255 - 59 25 9 NO 12/22/2021 5
MF 6/25/2021 Missfresh Ltd Food-Retail 21 13 273 1,027 -167 -65 -55 - YES 12/22/2021 5
TKNO 6/25/2021 Alpha Teknova Inc Medical-Biomedical/Gene 7 16 110 500 7 15 -29 3 NO 12/22/2021 5
BHG 6/24/2021 Bright Health Group Inc Internet Content-Info/Ne 56 18 1,002 2,300 -244 -79 -79 19 YES 12/21/2021 4
CFLT 6/24/2021 Confluent Inc Applications Software 23 36 828 15,796 -221 67 29 5 NO 12/22/2021 5
DOCS 6/24/2021 Doximity Inc Medical Information Sys 27 26 697 9,325 59 90 -11 13 NO 12/21/2021 4
GRVI 6/24/2021 Grove Inc Consumer Products-Misc 2 5 11 72 3 -11 -44 5 YES 12/21/2021 4
GLUE 6/24/2021 Monte Rosa Therapeutics Inc Medical-Biomedical/Gene 13 19 256 807 -26 -6 -8 25 YES 12/21/2021 4
MIRO 6/24/2021 Miromatrix Medical Inc Medical-Biomedical/Gene 6 9 50 117 -10 -34 -55 0 YES 12/21/2021 4
FA 6/23/2021 First Advantage Corp Human Resources 28 15 416 2,555 135 12 -16 4 NO 12/20/2021 3
CXM 6/23/2021 Sprinklr Inc Internet Applic Sftwr 18 16 293 3,659 -23 -11 -27 6 YES - -
YMM 6/22/2021 Full Truck Alliance Co Ltd Transport-Services 83 19 1,568 10,533 -3,551 -47 -54 - YES 12/19/2021 2
www.KEDM.com
Unlock Monitor
Initial Public Offering unlocks (last 30, next 30 days)
T - 30
Shares Unlock
180 Next Shares Short to Link
Price Earnings Unlocking Busted Next Unlock to Date Options
Ticker Sector IPO Date Lockup Earnings Unlocking Interest Unlock Notes to
Condition Condition (% of IPO Date Return (Y/N)
(Y/N) Date (M) (%) Date Filings
S/O) (%)
Return
Medical
SOPH 7/23/2021 Y - - 3/30/2022 78 84% 4 Y 1/19/2022 - - N Link
Information Sys
Recreational
XPOF 7/23/2021 Y - - 2/22/2022 126 90% 3 N 1/19/2022 - - Y Link
Centers
E-
GAMB 7/23/2021 Y - - 2/14/2022 153 88% 4 N 1/19/2022 - - N Link
Marketing/Info
Medical-
CRBU Biomedical/Gen 7/23/2021 Y - - 3/11/2022 43 76% 9 Y 1/19/2022 - - Y Link
e
Medical-
CTKB Biomedical/Gen 7/23/2021 Y - - 3/21/2022 104 55% 4 N 1/19/2022 - - N Link
e
Distribution/Wh
CNM 7/23/2021 Y - - 3/15/2022 26 68% 4 N 1/19/2022 - - Y Link
olesale
Day of
~45.5M shares in lockup post IPO.
10 days > first
Computer Data Early release conditions failed, so all
OB 4/22/2021 N 25 earnings 2/17/2022 46 83% 3 Y 1/19/2022 - - N Link
Security shares unlock 180 days after IPO, on
EXPIRED (10-K or
1/19/2022.
10-Q)
~33.1M shares in lockup post IPO. Of
these, 2.43M shares unlocked 3
3 days
trading days after 2Q22 earnings are
Internet Infrastr after Q2
BASE 7/22/2021 N N 3/10/2022 31 75% 54 Y 1/18/2022 - - N released. The remaining 30.67M Link
Sftwr 2022
shares unlock on the earlier of
earnings
1/18/2022 and 3 trading days after
2Q22 earnings.
Insurance
RYAN 7/22/2021 Y - - 3/1/2022 65 34% 9 N 1/18/2022 - - Y Link
Brokers
Applications
ZENV 7/22/2021 Y - - 2/17/2022 11 21% 0 Y 1/18/2022 - - N Link
Software
Beverages-Non-
ZVIA 7/22/2021 Y - - 3/11/2022 8 72% 14 Y 1/18/2022 - - N Link
alcoholic
Medical-
ABSI Biomedical/Gen 7/22/2021 Y - - 3/1/2022 8 12% 23 Y 1/18/2022 - - N Link
e
Educational
INST 7/22/2021 Y - - 2/11/2022 4 3% 7 N 1/18/2022 - -2 Y Link
Software
Enterprise
PYCR 7/21/2021 Y - - 2/28/2022 30 23% 4 N 1/17/2022 - - Y Link
Software/Serv
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
10 days >
~50M shares in lockup post IPO. Of
40
these, ~6.6M shares unlocked on
Met -
Computer 11/15 as early release conditions
LAW 7/21/2021 N ~6.6M - 3/4/2022 7 N 1/17/2022 - - Y Link
Software were met on that date. The
shares
remaining ~43.4M shares unlock
unlocked on
180 days after IPO, on 1/17/2022.
11/15
~169M shares in lockup post IPO.
10 days >
Applications Early release conditions failed, so all
VTEX 7/21/2021 N 26.6 - 1/31/2022 169 89% 5 Y 1/17/2022 - - Y Link
Software shares unlock 180 days after IPO, on
EXPIRED
1/17/2022.
~32.5M shares were locked-up post-
IPO. Of these, ~6.17M shares
Advertising unlocked 90 days after IPO, on 7/19.
TRKA 4/20/2021 N - - 3/15/2022 26 68% 0 Y 1/15/2022 - -5 N Link
Services The remaining ~26.33M shares
unlock 270 days after IPO, on
1/15/22.
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
10 days > 1/6/2022. An additional ~20.9M
ZETA Food-Baking 7/1/2021 N - 2/16/2022 17 70% 3 Y 1/6/2022 - -13 Y Link
13 shares will unlock on 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
DNUT Food-Baking 7/1/2021 Y 2/4/2022 134 80% 23 Y 12/28/2021 - 4 Y Link
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 - -19 Y 11/8. The remaining ~157.5M Link
Services
shares earnings shares will unlock 180 days after
unlocked on (8-K) IPO, on 12/28.
11/8
Computer
IAS 6/30/2021 Y - - 2/5/2022 41 81% 9 N 12/27/2021 - -14 N Link
Services
Medical
CVRX 6/30/2021 Y - - 3/10/2022 634 89% 6 Y 12/27/2021 - -16 N Link
Instruments
Enterprise
INTA 6/30/2021 Y 2/22/2022 21 79% 3 Y 12/27/2021 - -18 N Link
Software/Serv
Medical-
AVTE Biomedical/Gen 6/30/2021 Y - - 2/11/2022 161 54% 4 Y 12/27/2021 - -28 N Link
e
Medical-Whsle
BTTR 6/29/2021 Y - - 5/13/2022 564 89% 2 Y 12/27/2021 - -17 Y Link
Drug Dist
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
Applications
YOU 6/30/2021 Y - - 2/10/2022 8 54% 15 Y 12/27/2021 - -26 Y Link
Software
Finance-Other Y (90
ARBK 9/23/2021 - - 4/29/2022 33 76% - Y 12/22/2021 - -31 Y Link
Services days)
If in the last 17 days of the 180-day
lockup, the company releases
Medical- earnings or announces "material
ACXP Biomedical/Gen 6/25/2021 Y - - 2/14/2022 14 75% 4 Y 12/22/2021 - -10 N news", the lockup will be extended Link
e for 18 days following said
announcement. See p.102 of S-1A
filing (link right).
Medical-
ELEV Biomedical/Gen 6/25/2021 Y - - 2/10/2022 119 79% 2 Y 12/22/2021 - -29 N Link
e
Medical-
GRPH Biomedical/Gen 6/25/2021 Y - - 8/12/21 109 86% 20 Y 12/22/2021 - 19 N Link
e
Medical-
GHRS Biomedical/Gen 6/25/2021 Y - - 8/12/22 20,078 91% 9 N 12/22/2021 - -1 N Link
e
MF Food-Retail 6/25/2021 Y - - 8/26/2022 12 26% - Y 12/22/2021 - -12 Y Link
Medical-
TKNO Biomedical/Gen 6/25/2021 Y - - 2/9/2022 27 76% 3 N 12/22/2021 - -24 N Link
e
~260M shares were locked-up post-
IPO. Of these, ~79M shares unlocked
10 days >
on 8/29 since price and earnings
20.25
conditions were met as of that date.
Auto Repair Met - ~79M
MCW 6/25/2021 N - 2/11/2022 22 74% 5 N 12/22/2021 - 1 Y Another ~161M shares unlocked Link
Centers shares
unlocked on
The remaining ~20M shares will
8/14
unlock 180 days after IPO, on
12/22/2021.
~564M shares in lockup post IPO. All
10 days >
Internet shares unlock 180 days after IPO, on
BHG 6/24/2021 N 23.94 - 2/16/2022 138 89% 19 Y 12/21/2021 - -10 Y Link
Content-Info/Ne 12/21, as early release conditions
EXPIRED
failed.
these, ~4.1M shares unlocked 60
Consumer days after IPO, on 8/23. The
GRVI 6/24/2021 N - - 2/14/2022 215 79% 5 Y 12/21/2021 - -13 N Link
Products-Misc remaining ~7.9M shares (belonging
to directors and officers) unlock 180
days after IPO, on 12/21.
Medical-
GLUE Biomedical/Gen 6/24/2021 Y - - 3/4/2022 136 92% 25 Y 12/21/2021 - -11 N Link
e
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
Medical-
MIRO Biomedical/Gen 6/24/2021 Y - - 2/11/2022 32 69% 0 Y 12/21/2021 - -17 N Link
e
Human
FA 6/23/2021 Y - - 3/1/2022 9 75% 4 N 12/20/2021 - -9 N Link
Resources
~109M shares in lockup post IPO. All
10 days >
Applications shares unlock 150 days after IPO, on
KLTR 7/21/2021 N 13 - 2/24/2022 109 86% 4 Y 12/20/2021 - -31 N Link
Software 12/20/2021, as early release
EXPIRED
conditions were not met.
Transport-
YMM 6/22/2021 Y - - 2/10/2022 703 65% - Y 12/20/2021 - -28 Y Link
Services
~39.3M shares in lockup. Of these,

~12.2M shares unlock 60 days after
Finance-Other
SDIG 10/20/2021 N - - 3/18/2022 60 80% 30 Y 12/19/2021 - -41 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/Gen 6/18/2021 Y - - 2/25/2022 27 31% 15 Y 12/15/2021 -2 -33 N Link
e
Medical-
DNAY Biomedical/Gen 6/18/2021 Y - - 2/25/2022 29 72% 6 Y 12/15/2021 4 -18 N Link
e
Medical-
ATAI Biomedical/Gen 6/18/2021 Y - - 2/15/2022 82 84% 2 Y 12/15/2021 11 -47 Y Link
e
Medical-
AMAM Biomedical/Gen 6/18/2021 Y - - - 334 88% - Y 12/15/2021 -4 -18 N Link
e
Applications
RERE 6/18/2021 Y - - 8/17/2022 26 14% - Y 12/15/2021 -13 -31 N Link
Software
Medical-
VERV Biomedical/Gen 6/17/2021 Y - - 2/25/2022 484 90% 18 N 12/14/2021 8 -31 Y Link
e
Medical
FEMY 6/18/2021 Y - - 2/25/2022 65 79% 2 Y 12/15/2021 -3 -41 N Link
Instruments
LYEL Medical-Drugs 6/17/2021 Y - - 2/25/2022 568 68% 5 Y 12/14/2021 -9 -14 Y Link
Internet
ISPC 6/17/2021 Y - - 2/25/2022 185 63% 25 N 12/14/2021 -13 112 N Link
Content-Info/Ne
Medical
CNVY 6/16/2021 Y - - 2/25/2022 162 64% 1 Y 12/13/2021 -1 -12 N Link
Information Sys
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
~40.2M shares in lockup post IPO. Of
these, ~13.4M unlocked on 9/27.
The remaining ~26.8M shares will
Medical-
unlock 180 days after IPO, on 12/12,
ALZN Biomedical/Gen 6/15/2021 N - 12/27/2021 24 15% 4 Y 12/12/2021 33 -6 Y Link
or earlier if price is above $10 for 10
e
consecutive trading days. Exact
lockup terms buried deep in Exhibits
of prospectus.
Day of or ~58M shares in lockup. Of these,
after 1.1M shares (belonging to
(dependi employees) unlock on 12/10.
Computer 10/15 days ng on Another ~34.9M shares unlock after
WEAV 11/11/2021 N 2/15/2022 1 2% 3 Y 12/10/2021 -7 -39 N Link
Software > 30 price) certain price and earnings
second conditions are met. Remaining
quarterly shares unlock 180 days after IPO, on
earnings 5/10/2022.
A number of shares would have
Computer unlocked early, but conditions for
S 6/30/2021 N 3/22/2022 200 75% 5 N 12/9/2021 -6 -36 Y Link
Software early release failed. ~200M shares
therefore unlock on 12/9.
Medical-
JANX Biomedical/Gen 6/11/2021 Y - - 2/10/2022 71 80% 16 N 12/8/2021 4 -26 N Link
e
Computer
TASK 6/11/2021 Y - - 2/17/2022 5 54% 8 N 12/8/2021 3 -30 Y Link
Services
Medical
LFST Labs&Testing 6/10/2021 Y - - 2/16/2022 2 1% 6 Y 12/7/2021 -5 -30 Y Link
Srv
Of these, ~26M shares will unlock
180 days after IPO, on 12/7. An
additional ~20.5M shares will also
unlock on 12/7 if (i) the share price
is higher than $12.5 on that day, and
(ii) the average share price is higher
Applications 10 days > than $12.5 over the 10 preceding
ZETA 6/10/2021 N - 2/16/2022 54 78% 3 Y 12/7/2021 -13 -4 Y Link
Software 12.5 trading days. After that, ~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
2 days ~484M shares in lockup post IPO. All
E- 10 days >
after first shares will unlock 181 days after
MQ Commerce/Servi 6/9/2021 N 35.91 2/16/2022 117 71% 7 Y 12/7/2021 -16 -29 Y Link
quarterly IPO, on 12/7, as early release
ces EXPIRED
earnings conditions failed.
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
~65M shares in lockup post IPO.
Shares are expected to unlock on
12/2, according to the prospectus,
Applications
MLNK 7/28/2021 Y - - 2/8/2022 106 90% 3 Y 12/2/2021 -6 -12 N because the 180-day lockup is Link
Software
expected to occur 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
unlock if price is above $50.54 (or
HOOD Internet Brokers 7/29/2021 N - - 3/17/2022 12 14% 5 Y 12/1/2021 -24 -31 Y 107.5M shares if price is above $57). Link
~48.9M shares will unlock 28 days
after Re-Sale S-1 is declared
effective (and no later than 12/1).
(See p.247 of S-1 filed on 8/5 for
requisite price condition dates.)
Then, ~567.9M shares unlock 126
days after IPO, on 12./1.
2 days
10 days > Of these, ~79M shares unlocked on
after
26.25 8/18 as price and earnings
second
Commercial Met - ~79M conditions were met on that date.
DLO 6/3/2021 N earnings 2/25/2022 12 4% 7 N 11/30/2021 -2 -32 Y Link
Serv-Finance shares The remaining ~185M shares
(quarterly
unlocked on unlock 2 trading days after second
or
8/18. (quarterly or annual) earnings, on
annual)
11/30.
~231.5M shares in lockup. Of these,
Day of ~69.5M shares unlocked on 11/5 as
first all early release conditions were met
Internet Applic 3 out of 5
CXM 6/23/2021 N quarterly 3/9/2022 2 1% 6 Y 11/25/2021 -5 -14 Y as of that date. The remaining Link
Sftwr days > 19.2
earnings ~162M locked-up shares unlock 1
(10-Q) day after second quarterly
earnings, on 11/25.
First
4/5 days > these, ~23.6M shares unlock 11/24
quarterly
52.6 if the following conditions are met: i)
Commercial earnings
RELY 9/23/2021 N between 2/15/2022 11 2% 18 Y 11/24/2021 -30 -22 Y price is above $52.6 for 4 out of 5 Link
Services released
11/15 and days between 11/15 and 11/19, ii)
before
11/19 first earnings release occurred
11/15
before 11/15.
CNTA Medical-Drugs 5/28/2021 Y - - 2/10/2022 65 13% - Y 11/24/2021 -3 -33 N Link
Medical-
ZIVO Biomedical/Gen 5/28/2021 Y - - 2/25/2022 495 84% 4 Y 11/24/2021 -13 -11 N Link
e
www.KEDM.com
T - 30
Shares Unlock
S/O) (%)
Return
these, ~2.4M shares unlock on
Applications
CWAN 9/24/2021 N - - 2/15/2022 31 82% 3 N 11/24/2021 -8 -12 Y 11/24. The remaining shares unlock Link
Software
on 3/23/2022 (assuming no blackout
period).
Medical-
OMIC Biomedical/Gen 5/27/2021 Y - - 2/16/2022 2 1% 4 Y 11/24/2021 -24 -2 N Link
e
10 days > 2 days ~140M shares in lockup post-IPO. Of
29.26 after these, ~23.3M shares unlocked on
E- Met - second 8/27 as early release conditions
FIGS Commerce/Prod 5/27/2021 N ~23.3M earnings 2/14/2022 7 12% 12 N 11/23/2021 -26 -17 Y were met on that date. The Link
ucts shares (quarterly remaining ~116.7M shares unlock 2
unlocked on or days after the second earnings
8/27 annual) release.
Computer
PAY 5/26/2021 Y - - 1/14/2022 6 17% 10 N 11/22/2021 -3 10 Y Link
Software
these, ~11.7M shares will unlock 3
3 days
days after the price and earnings
Computer Data 5/10 days > after first
FORG 9/16/2021 N 2/17/2022 36 91% 11 Y 11/22/2021 -17 -20 Y conditions are met, on 11/22. The Link
Security 33.75 quarterly
remaining shares unlock on the
earnings
earlier of i) 3/15/22 and 2) 2 days
after second quarterly earnings.
these, ~11.8M shares will unlock 3
trading days after price condition is
Apparel 10/15 days met. The remaining shares will
ONON 9/15/2021 N - 2/17/2022 148 81% 12 N 11/19/2021 -22 43 Y Link
Manufacturers > 31.2 unlock on the earlier of i) 3/15/22
and ii) 3 trading days after second
quarterly earnings, but not earlier
than 2/15/22.
~167.2M shares in lockup post IPO
(~41.7M of which are owned by
affiliates and subject to Rule 144). Of
these, ~1.6M shares unlocked on
11/19. Another ~20% unlock when
3 days
the following conditions are met: i)
after
Applications 90 days have passed since IPO, ii)
AVDX 10/13/2021 N - second 2/15/2022 64 63% 14 Y 11/19/2021 -39 13 Y Link
Software price is above 30 for 5/10 trading
quarterly
days ending on such date, iii)
earnings
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 after Q3
TOST 9/22/2021 N - 2/15/2022 2 20% 22 Y 11/18/2021 -25 -18 Y these, ~10.7M shares unlock 3 days Link
Serv-Finance 2021
after Q3 2021 earnings, on 11/18.
earnings
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)
ABEO 12/17/2021 Abeona Therapeutics Inc Medical-Biomedical/Gene 29 17 45 78 0 1 -82 -26%
LEGN 12/16/2021 Legend Biotech Corp Medical-Biomedical/Gene 6889 300 8 5 40 - 60 13%
FOCS 12/15/2021 Focus Financial Partners Inc Invest Mgmnt/Advis Serv 4419 202 4 6 57 4 33 2%
SNDX 12/15/2021 Syndax Pharmaceuticals Inc Medical-Biomedical/Gene 982 55 3 6 18 7 -16 7%
PULM 12/15/2021 Pulmatrix Inc Medical-Biomedical/Gene 29 7 6 10 1 2 -60 -60%
LESL 12/14/2021 Leslie's Inc Distribution/Wholesale 4007 295 14 9 21 12 -21 7%
CCB 12/14/2021 Coastal Financial Corp/WA Commer Banks-Western US 549 30 1 6 41 2 105 6%
EFOI 12/14/2021 Energy Focus Inc Bldg Prod-Light Fixtures 22 4 1 25 4 2 -14 -2%
XCUR 12/14/2021 Exicure Inc Medical-Biomedical/Gene 35 4 13 10 0 1 -86 -25%
SWN 12/13/2021 Southwestern Energy Co Oil Comp-Explor&Prodtn 4572 - 64 7 - 5 51 -
AMPE 12/13/2021 Ampio Pharmaceuticals Inc Medical-Drugs 143 22 25 12 1 10 -60 -30%
AVCT 12/13/2021 American Virtual Cloud Technol Computer Services 123 13 8 11 2 0 -78 -3%
ATXI 12/12/2021 Avenue Therapeutics Inc Medical-Drugs 17 2 2 11 1 1 -85 -15%
BSVN 12/9/2021 Bank7 Corp Commer Banks Non-US 200 22 1 12 22 0 55 0%
ADC 12/8/2021 Agree Realty Corp REITS-Single Tenant 4805 341 5 8 68 4 1 -1%
RLMD 12/8/2021 Relmada Therapeutics Inc Medical-Drugs 523 172 10 58 17 3 -41 11%
ACET 12/8/2021 Adicet Bio Inc Medical-Biomedical/Gene 580 101 7 22 14 1 6 6%
ET 12/7/2021 Energy Transfer LP Pipelines 25808 665 87 3 8 3 36 9%
OWL 12/7/2021 Blue Owl Capital Inc Invest Mgmnt/Advis Serv 19589 446 31 9 15 2 25 -2%
STWD 12/7/2021 Starwood Property Trust Inc REITS-Mortgage 7031 397 16 6 25 3 20 -7%
VRRM 12/7/2021 Verra Mobility Corp Computer Software 2176 122 8 6 15 3 4 -6%
SI 12/6/2021 Silvergate Capital Corp Commer Banks-Western US 4211 552 4 14 145 6 87 -4%
GLPI 12/6/2021 Gaming and Leisure Properties REITS-Diversified 11354 396 9 4 45 1 8 3%
AEI 12/5/2021 Alset EHome International Inc Real Estate Oper/Develop 54 11 19 25 1 1 -91 -5%
APP 12/3/2021 AppLovin Corp Entertainment Software 31292 716 9 3 83 3 - 1%
ESPR 12/2/2021 Esperion Therapeutics Inc Medical-Biomedical/Gene 323 225 32 108 7 18 -80 -26%
IMGN 12/2/2021 ImmunoGen Inc Medical-Biomedical/Gene 1481 115 17 9 7 4 4 2%
MEIP 12/1/2021 MEI Pharma Inc Medical-Biomedical/Gene 312 52 20 18 3 7 -11 -9%
LGVN 12/1/2021 Longeveron Inc Medical-Biomedical/Gene 325 20 1 34 18 33 - -9%
ADTX 12/1/2021 Aditxt Inc Diagnostic Equipment 29 17 17 62 1 1 -68 -37%
KRYS 11/30/2021 Krystal Biotech Inc Medical-Biomedical/Gene 1767 230 3 14 75 11 17 -6%
PTPI 11/30/2021 Petros Pharmaceuticals Inc Medical-Drugs 54 6 2 14 3 24 -30 2%
INTU 11/29/2021 Intuit Inc Applications Software 176504 1036 2 1 669 1 64 -7%
QLGN 11/29/2021 Qualigen Therapeutics Inc Medical-Biomedical/Gene 33 9 6 20 2 16 -69 -37%
KTTA 11/24/2021 Pasithea Therapeutics Corp Medical-Biomedical/Gene 34 30 9 66 4 7 - -55%
OTLK 11/23/2021 Outlook Therapeutics Inc Therapeutics 307 58 46 26 1 3 5 10%
ALPP 11/23/2021 Alpine 4 Holdings Inc Metal Processors&Fabrica 362 24 9 6 3 4 -40 -22%
SCPS 11/22/2021 Scopus Biopharma Inc Medical-Biomedical/Gene 40 10 3 17 3 1 -87 -42%
NILE 11/19/2021 BitNile Holdings Inc Investment Companies 207 200 52 64 4 5 -65 -60%
ALHC 11/18/2021 Alignment Healthcare Inc Medical Information Sys 2444 193 9 5 21 4 - -38%
www.KEDM.com
Shares
($M) greenshoe (%) (%) (%)
(M)
PRVA 11/18/2021 Privia Health Group Inc Medical Information Sys 2385 174 6 6 29 3 - -23%
BXMT 11/19/2021 Blackstone Mortgage Trust Inc REITS-Mortgage 5051 318 10 6 32 4 10 -5%
ROVR 11/19/2021 Rover Group Inc E-Commerce/Products 1780 69 7 4 10 2 - -3%
ECVT 11/18/2021 Ecovyst Inc Chemicals-Specialty 1323 76 8 6 10 1 -16 2%
EQT 11/18/2021 EQT Corp Oil Comp-Explor&Prodtn 8020 232 11 3 21 4 67 1%
SEMR 11/18/2021 SEMrush Holdings Inc Applications Software 2668 103 5 20 21 2 - -7%
AQB 11/18/2021 AquaBounty Technologies Inc Fisheries 163 27 13 22 2 5 -74 9%
KHC 11/18/2021 Kraft Heinz Co/The Food-Misc/Diversified 44066 - 31 3 - 3 4 -
CBAY 11/18/2021 Cymabay Therapeutics Inc Medical-Biomedical/Gene 279 63 16 23 4 2 -43 -18%
FTHM 11/18/2021 Fathom Holdings Inc Real Estate Mgmnt/Servic 294 44 2 12 25 10 -50 -27%
LTRX 11/18/2021 Lantronix Inc Networking Products 232 35 5 16 8 1 52 -10%
GRIL 11/18/2021 Muscle Maker Inc Retail-Restaurants 22 9 7 38 1 4 -50 -36%
DH 11/17/2021 Definitive Healthcare Corp Medical Information Sys 4062 396 11 13 36 2 - -27%
NWE 11/17/2021 NorthWestern Corp Electric-Integrated 3020 325 6 13 54 1 -4 4%
CERT 11/17/2021 Certara Inc Medical-Biomedical/Gene 4097 310 10 7 31 2 -23 -16%
CLOV 11/17/2021 Clover Health Investments Corp Medical-HMO 1893 300 52 19 6 9 -76 -30%
DV 11/17/2021 DoubleVerify Holdings Inc Enterprise Software/Serv 4783 288 9 6 31 5 - -3%
NOG 11/17/2021 Northern Oil and Gas Inc Oil Comp-Explor&Prodtn 1425 230 12 18 20 14 111 -8%
VCTR 11/17/2021 Victory Capital Holdings Inc Private Equity 2303 136 4 6 34 6 36 -1%
CTOS 11/17/2021 Custom Truck One Source Inc Rental Auto/Equipment 1771 105 12 5 9 2 -3 -16%
MITT 11/17/2021 AG Mortgage Investment Trust I REITS-Mortgage 236 72 7 44 10 2 16 1%
PTON 11/16/2021 Peloton Interactive Inc Athletic Equipment 13218 1100 24 9 46 9 -73 -12%
CUBE 11/16/2021 CubeSmart REITS-Storage 12137 792 16 8 51 2 65 9%
APLS 11/16/2021 Apellis Pharmaceuticals Inc Medical-Biomedical/Gene 4462 403 10 12 40 8 -20 15%
PSTL 11/16/2021 Postal Realty Trust Inc REITS-Diversified 400 83 5 36 17 0 6 5%
VRAY 11/16/2021 ViewRay Inc X-Ray Equipment 923 80 14 9 6 5 35 -8%
EYPT 11/16/2021 EyePoint Pharmaceuticals Inc Medical-Biomedical/Gene 474 70 5 18 14 7 112 2%
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 34 12 2 30 6 1 -7 -33%
SUI 11/15/2021 Sun Communities Inc REITS-Manufactured Homes 23946 648 4 3 185 7 32 8%
STEP 11/15/2021 StepStone Group Inc Invest Mgmnt/Advis Serv 4317 236 5 8 52 1 0 -24%
NETI 11/12/2021 Eneti Inc Energy-Alternate Sources 264 175 19 99 9 2 -60 -25%
HAIN 11/11/2021 Hain Celestial Group Inc/The Food-Misc/Diversified 3899 563 12 15 46 7 3 -9%
MRTX 11/10/2021 Mirati Therapeutics Inc Medical-Biomedical/Gene 7601 500 3 7 145 6 -37 -5%
FA 11/10/2021 First Advantage Corp Human Resources 2560 345 17 13 20 4 - -16%
DSEY 11/10/2021 Diversey Holdings Ltd Chemicals-Specialty 4079 225 15 5 15 5 - -14%
KNBE 11/10/2021 KnowBe4 Inc Computer Data Security 3985 237 9 29 26 3 - -10%
APR 11/10/2021 Apria Inc Medical Products 1044 153 5 16 32 5 - -7%
EWCZ 11/10/2021 European Wax Center Inc Commercial Services 1711 157 6 21 26 7 - 2%
MASS 11/10/2021 908 Devices Inc Engineering/R&D Services 766 101 3 11 32 8 -57 -23%
CYRX 11/10/2021 CryoPort Inc Transport-Services 2744 249 3 7 81 5 27 -31%
KDNY 11/10/2021 Chinook Therapeutics Inc Medical-Biomedical/Gene 846 134 10 21 14 5 -2 11%
BLBX 11/10/2021 Blackboxstocks Inc Investment Companies 29 12 2 30 5 1 -7 -44%
HSDT 11/10/2021 Helius Medical Technologies In Medical-Biomedical/Gene 20 11 1 58 8 1 -60 -35%
SITM 11/9/2021 SiTime Corp Electronic Compo-Semicon 5333 518 2 13 225 3 132 15%
www.KEDM.com
Shares
($M) greenshoe (%) (%) (%)
(M)
PING 11/9/2021 Ping Identity Holding Corp Computer Data Security 1885 283 10 14 28 7 -21 -20%
SGRY 11/9/2021 Surgery Partners Inc Medical-Hospitals 4043 321 7 8 47 4 56 -3%
PLYA 11/9/2021 Playa Hotels & Resorts NV Hotels&Motels 1136 70 8 5 8 2 16 -17%
KRP 11/9/2021 Kimbell Royalty Partners LP Oil-US Royalty Trusts 847 53 4 9 14 2 67 -6%
ATXI 11/9/2021 Avenue Therapeutics Inc Medical-Drugs 17 2 2 11 1 1 -85 -15%
TALO 11/8/2021 Talos Energy Inc Oil Comp-Explor&Prodtn 739 - 6 8 - 4 9 -
MOS 11/5/2021 Mosaic Co/The Agricultural Chemicals 13531 - 34 10 - 1 59 -
XM 11/4/2021 Qualtrics International Inc Enterprise Software/Serv 17220 1150 27 30 42 5 - -25%
TRNO 11/4/2021 Terreno Realty Corp REITS-Warehouse/Industr 6063 261 4 5 75 2 38 9%
STAG 11/3/2021 STAG Industrial Inc REITS-Warehouse/Industr 8131 391 9 6 43 1 45 7%
ANIP 11/3/2021 ANI Pharmaceuticals Inc Medical-Biomedical/Gene 783 75 2 10 50 2 61 -6%
OLB 11/3/2021 OLB Group Inc/The Internet Applic Sftwr 40 25 5 73 6 4 -24 -32%
TMBR 11/3/2021 Timber Pharmaceuticals Inc Medical-Biomedical/Gene 26 17 27 73 1 4 -45 -36%
ABG 11/2/2021 Asbury Automotive Group Inc Retail-Automobile 3823 691 4 20 182 6 13 -9%
VRT 11/2/2021 Vertiv Holdings Co Machinery-Electric Util 8911 500 20 6 25 4 27 -5%
ABR 11/2/2021 Arbor Realty Trust Inc REITS-Mortgage 2860 148 8 5 20 4 20 -14%
RKFL 11/2/2021 RocketFuel Blockchain Inc Commercial Serv-Finance 7 5 7 26 1 0 -89 -70%
NXTP 11/1/2021 NextPlay Technologies Inc E-Commerce/Services 110 30 19 20 2 1 -58 -39%
EIC 10/29/2021 Eagle Point Income Co Inc Closed-end Funds 101 12 1 12 18 - 17 -9%
STAF 10/29/2021 Staffing 360 Solutions Inc Human Resources 16 9 5 37 2 3 -77 -54%
FDMT 10/28/2021 4D Molecular Therapeutics Inc Medical-Biomedical/Gene 623 119 5 17 25 3 -53 -23%
CWBR 10/28/2021 Cohbar Inc Medical-Biomedical/Gene 33 15 21 32 1 1 -72 -47%
BBI 10/28/2021 Brickell Biotech Inc Medical-Biomedical/Gene 32 10 26 30 0 1 -64 -26%
KREF 10/27/2021 KKR Real Estate Finance Trust REITS-Mortgage 1253 110 5 9 22 4 15 -6%
TWO 10/26/2021 Two Harbors Investment Corp REITS-Mortgage 1984 196 30 10 7 4 -9 -12%
CLAR 10/26/2021 Clarus Corp Athletic Equipment 988 85 3 9 27 1 73 -1%
OMF 10/26/2021 OneMain Holdings Inc Finance-Consumer Loans 6355 542 10 8 54 3 16 -9%
CRTD 10/25/2021 Creatd Inc Applications Software 38 4 1 6 5 7 -44 -48%
GMGI 10/25/2021 Golden Matrix Group Inc Entertainment Software 180 3 0 2 7 0 -4 -6%
FGF 10/25/2021 FG Financial Group Inc Property/Casualty Ins 20 3 1 13 4 7 -19 -15%
ISEE 10/21/2021 IVERIC bio Inc Medical-Biomedical/Gene 1708 173 10 10 17 12 116 -11%
CRNX 10/21/2021 Crinetics Pharmaceuticals Inc Medical-Biomedical/Gene 1097 173 9 22 20 2 64 17%
ADMA 10/21/2021 ADMA Biologics Inc Medical-Biomedical/Gene 241 58 58 42 1 6 -37 23%
WHF 10/21/2021 WhiteHorse Finance Inc Investment Companies 352 30 2 9 16 1 13 -4%
TASK 10/20/2021 TaskUS Inc Computer Services 4444 767 12 80 64 8 - -28%
HPK 10/20/2021 HighPeak Energy Inc Oil Comp-Explor&Prodtn 1341 22 2 2 10 2 -13 38%
LMFA 10/18/2021 LM Funding America Inc Finance-Commercial 73 35 7 131 5 5 69 19%
ADTX 10/18/2021 Aditxt Inc Diagnostic Equipment 29 17 17 62 1 1 -68 -37%
www.KEDM.com
CEO Change Monitor

Firings and resignations of the CEO position (trailing 30 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 (%)
Turning Point Larry Larry Wexler is set to retire in January, 2022. Yavor Efremov has been
TPB 12/16/2021 683 - 1 N Y N 01/11/2022 55 LINK
Brands Inc Wexler appointed as the successor.
XOMA 12/16/2021 XOMA Corp Jim Neal 235 - -1 N N N - 83 Jim Neal will retire from the CEO role when a successor has been appointed. LINK
Effecitve September 17, 2021, Vicente Anido no longer serves as the

Aerie
Vicente Company’s Chairman and Chief Executive Officer or as a director. No reason
AERI 09/21/2021 Pharmaceuticals 398 - -37 Y N Y 12/20/2021 70 LINK
Anido for his departure was given. Update 12/16/2021: Raj Kannan will join the
Inc
Company as CEO and a director, effective December 20, 2021.
Everi Holdings Michael CEO Michael Rumbolz to be appointed Executive Chairman, and COO Randy
EVRI 12/15/2021 1,738 - -4 N Y N 04/01/2022 82 LINK
Inc Rumbolz Taylor to be appointed CEO, effective April 1, 2022.
Sanjay Dhawan resigned as President and Chief Executive Officer and director
Sanjay
CRNC 12/15/2021 Cerence Inc 2,807 - 2 Y Y N 12/15/2021 53 of the Company, effective December 15, 2021. Stefan Ortmanns was LINK
Dhawan
appointed as successor.
Ed Coll is not able to perform his duties due to a sudden non-covid related
Pangaea illness and will be on medical leave. In Mr. Coll’s absence, the Board has
PANL 09/20/2021 Logistics Ed Coll 170 - -24 Y N Y 12/14/2021 88 appointed Mark Filanowski as interim Chief Executive Officer. Update LINK
Solutions Lt 12/14/2021: Mark Filanowski has been appointed as CEO due to the passing
of Ed Coll.
Sarcos
Ben Wolff transitions to the Executive Chaiman role, and Kiva Allgood is
STRC 12/13/2021 Technology and Ben Wolff 1,231 - 7 Y Y N 12/13/2021 55 LINK
appointed as CEO.
Robotics
Joseph B. Megibow has stepped down as Chief Executive Officer and a
Purple Joseph B. member of the Board. Robert T. DeMartini has been appointed as Acting
PRPL 12/13/2021 730 - 7 Y N Y - 77 LINK
Innovation Inc Megibow Chief Executive Officer and a member of the Board of Directors, effective
immediately.
Healthcare
David T. David T. Blair resigned as CEO, effective December 13, 2021. The Board
HCAR 12/13/2021 Services 406 - 0 Y Y N 12/13/2021 150 LINK
Blair appointed Joshua Lynn to succeed as CEO, effective the same date.
Acquisitio
CEO Bob Patel intends to retire from LyondellBasell effective December 31,
2021. Mr. Patel will continue to lead the Company until that time and will
LyondellBasell
LYB 08/25/2021 Bob Patel 28,966 - -13 N N N 06/01/2022 42 ensure a smooth and orderly transition for his successor. Update LINK
Industries NV
12/13/2021: Peter Vanacker has been appointed as CEO, effective June
2022.
Groupon Inc. GRPN, +2.62% shares slipped 1.5% on Wednesday after the
online marketplace announced its chief executive and chief operating officer
Rich
GRPN 03/25/2020 Groupon Inc 613 - 16 Y N Y 12/10/2021 70 are leaving. Williams and Krenzer will continue as employees of the company. LINK
Williams
Update 12/01/2021: Kedar Deshpande has been appointed as CEO, effective
12/10/2021. Update 12/10/2021: Kedar Deshpande has taken the reins.
David
XCUR 12/10/2021 Exicure Inc 36 - -45 Y Y N 12/10/2021 84 Brian Bock has replaced David Giljohann as CEO, effective December 10, 2021. LINK
Giljohann
CareTrust REIT Greg David Sedgwick will succeed founding Chairman and CEO Greg Stapley,
CTRE 12/10/2021 2,090 - 2 N Y N 01/01/2022 55 LINK
Inc Stapley effective January 1, 2022.
Jack Allen will retire as CEO and continue to serve on the Company’s Board.
PTRA 12/09/2021 Proterra Inc Jack Allen 2,065 - -11 N Y N 01/01/2022 126 LINK
Gareth Joyce to succeed as CEO, effective January 1, 2022.
www.KEDM.com
TTM
PR (%)
David David Meredith has notified the Board of Directors of his intention to resign
EVBG 12/09/2021 Everbridge Inc 2,474 - -42 Y N Y - 63 LINK
Meredith from his role as Chief Executive Officer, effective January 30, 2022.
Stephen R. Rizzone, has retired from the Company following a leave of

Stephen R.
WATT 07/09/2021 Energous Corp 106 - -49 Y N Y 12/06/2021 70 absence due to health reasons earlier this year. Update 12/09/2021: Cesar LINK
Rizzone
Johnston has been appointed chief executive officer effective Dec. 6, 2021.
Brian Blaser has stepped down from the positions of President, Chief
Talis Biomedical Executive Officer and Director, due to personal matters. Robert Kelley,
TLIS 12/08/2021 Brian Blaser 227 - -5 Y Y N 12/08/2021 104 LINK
Corp current Chief Commercial Officer, has been promoted to the CEO position.
This promotion is effective immediately.
Tom Burke is stepping down after a sucessful restructuring. Director Aaron
Dibowitz is stepping in as Interim. Update: Effective 09/03/2021, Interim CEO
VAL 8/19/2021 Valaris Ltd Tom Burke 2,562 - 43 N N Y 12/08/2021 90 LINK
Aaron Dibowitz has taken the reins. Update 12/08/2021: Anton Dibowitz has
been appointed as President and CEO, effective immediately.
Getnet
Pedro Pedro Carlos Araújo Coutinho will resign his position as CEO of the Company
GET 12/7/2021 Adquirencia e 621 -37 -11 N N N 3/31/2022 - LINK
Coutinho on March 31st , 2022
Servicos
PTRA 12/9/2021 Proterra Inc Jack Allen 2,065 -4 -11 N Y N 1/1/2022 126 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 33,089 20 3 Y N Y 12/08/2021 69 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 218 44 0 N Y N 08/31/2022 49 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 11,001 4 -6 N Y N 03/31/2022 42 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 3,638 26 -4 N Y N 04/22/2022 42 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 170 -42 3 N Y N 03/01/2022 69 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 89 28 -9 N Y N 02/18/2022 68 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 1,594 74 -1 N Y N 01/01/2022 53 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 350 -32 -6 N Y N 01/01/2022 69 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 246 -71 10 N Y N 12/31/2021 103 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 70,027 18 2 N Y N 05/01/2022 41 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 56 Secretary of the Company. Pak Hong WAN has been appointed as successor. LINK
International
This is the second CEO transition since October 25, 2021.
www.KEDM.com
TTM
PR (%)
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 562 -45 -33 N Y N 12/01/2021 104 LINK
Kazarinoff as his successor, effective December 01, 2021. Update 12/01/2021: Eric Tech
has taken the reins.
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 43 317 -76 N N N 12/06/2021 69 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.
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 5,444 45 -4 N N N 12/01/2021 63 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 22 -65 -31 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 35,239 -2 -6 Y Y N 11/29/2021 55 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 50 41 58 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 2,232 82 23 Y N Y 11/28/2021 67 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 149 32 -45 Y N Y - 76 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 110 -73 -8 N Y N 02/01/2022 90 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 34,782 43 3 N Y N 01/01/2022 48 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 55 -70 2 Y Y N 11/22/2021 88 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 2,287 -46 -32 N N N - 82 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 388 - 0 Y N N - 90 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 292 -77 -14 Y N Y Searching -1 LINK
recent deSPAC is down 80% from highs.
Bakhu Holdings Teddy C. Teddy C. Scott Jr. has resigned from the company, effective November 10,
BKUH 11/16/2021 1,263 -27 -9 Y N Y - - LINK
Corp Scott, Jr. 2021. No reason was given for his departure.
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 52 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 15 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 votes on the plan UPDATE 9/3: Reaches settlement with Opioid creditors;
10/12/2020 Mallinckrodt PLC MNKKQ Medical-Drugs 14 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 12/17: Litigant group withdraws
objection to the reorg plan
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 approves the APO and Oaktree financing UPDATE 10/28: Court approves 1-
5/25/2020 LTMAQ Airlines 327 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 UPDATE
12/13: DAL is targeting a 10% stake in LATAM; EGM on 12/23
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
CBL &
5/18: Files amended reorg plan; court approves disclosure statement; creditor vote forthcoming
Associates CBL REITS-Regional Malls 11/1/2020 11/2/2021 554 -8 - 28
UPDATE 7/22: Amended plan supplement filed UPDATE: Confirmation hearing on 8/11; amended
Properties In
plan filed UPDATE 8/11: Plan approved; exit 11/1/21; as noted, pref and equity to recieve up to
11% in NewCo UPDATE 10/27: Exit on 11/1; will relist on NYSE under CBL on 11/2
Company has proposed an asset sale (10 of 12 airplanes) to fund repayment of its only secured
lender, Drake Asset Management. Drake has stalking horse bid to acquire the aircraft. Company
intends to remain public post asset sales and with a clean B.S. UPDATE: AeroCentury Aircraft Sale
Approved, Erasing $83 Million in Debt UPDATE 6/22: Plan filed (link right); hearing date of July 12;
AeroCentury Finance-Leasing two paths - Sponsored Plan (ACY has yet to find a sponsor) and a Standalone Plan (liquidation)
ACY 3/29/2021 9/30/2021 197 -25 - -
Corp Compan UPDATE 7/12: Revised Plan and Disclosure; judge approves combined docs; 8/31 final hearing
UPDATE 7/27: ACY files to extend exclusivity until 10/25 UPDATE: LOI signed with Plan Sponsors;
11m equity investment as part of the plan of exit; NewCo pro forma ownership: 65% Plan
Sponsors and 35% Legacy ACY shareholders UPDATE 8/17: Plan Sponsor Agreement filed UPDATE
8/31: Received court approval for the plan; targeting exit prior to 9/30
The Company, offers renting and leasing of cars from its corporate and franchise locations, as well
as maintains separate airport counters, reservations and reservation systems, marketing, and
Hertz Global
HTZ Rental Auto/Equipment other customer contact activities. Update 5/11: Knighthead sweetens offer to 6B; wins auction; 5/22/2020 7/1/2021 10170 -19 9 -
Holdings Inc
equity to recieve 240m plus warrants (appx. 8$ value) UPDATE 6/10: Plan confirmed; June 30 exit
Update 7/1: Trading; warrants trading under HTZZW
Will emerge in late Q1. UPDATE 3/19: Extended stay until June 4. UPDATE 5/04: Seeking
authorization from Quebec courts to file a plan of arrangement with creditors on May 7; creditors
meeting called for June 11 to vote on 18m distribution to creditors in a "full and final settlement
DavidsTea Inc DTEA Tea of all claims" UPDATE 5/11: Court authorized DTEA to file its Plan; simple majority on June 17 7/8/2020 6/17/2021 87 -35 - -
needed to ratify; extended the stay to July 16. UPDATE 6/11: Creditors approve plan; Company to
disribute 18m UPDATE 6/16: Quebec Court and US Delaware Bankruptcy Court approved the plan
to pay 18m to creditors UPDATE 6/21: 8k filed with details of the 18m settlement
Gulfport Energy Corporation operates as an energy exploration and production company. The
Gulfport Energy Oil Comp-
GPOR Company focuses on oil and natural gas exploration and production services. Gulfport Energy #N/A N/A 5/18/2021 1382 -8 4 -
Corp Explor&Prodtn
serves clients in the United States.
Valaris Limited provides offshore contract drilling services. The Company owns, operates, and
Valaris Ltd VAL Oil&Gas Drilling 8/19/2020 5/03/2021 2582 45 28 -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 488 36 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 4/26/2020 - - - -
Inc financing. 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 7124 8 5 7
Parent including video, high-speed internet, advanced voice, and frontier secure digital protection.
Ferrellgas Partners, L.P. sells, distributes, markets, and trades propane and other natural gas
Ferrellgas liquids. The Partnership serves residential, industrial and commercial, portable tank exchange,
FGPR Retail-Propane Distrib 3/30/2021 390 5 - -
Partners LP agricultural, wholesale and other customers throughout the United States, the District of
Columbia, and Puerto Rico.
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)
Chesapeake Energy Corporation produces oil and natural gas. The Company's operations are
Chesapeake Oil Comp-
CHK focused on discovering, developing, and acquiring conventional and unconventional natural gas 6/28/2020 2/10/2021 7165 39 3 0
Energy Corp Explor&Prodtn
reserves onshore in the United States.
Noble Corporation PLC provides diversified services for the oil and gas industry. The Company
provides contract drilling services with its fleet of offshore drilling units located in markets
Noble Corp plc NE Oil&Gas Drilling 7/31/2020 2/05/2021 1356 -9 - -
worldwide. Noble also provides labor contract drilling services, well site and project management
services, and engineering services. UPDATE: To trade under NE on June 9
Extraction Oil & Gas, Inc. operates as an energy company. The Company focuses on the
Extraction Oil & Oil Comp-
XOG acquisition, development, and production of oil, natural gas, and natural gas liquid reserves in the 6/14/2020 1/21/2021 - - - 0
Gas Inc Explor&Prodtn
Rocky Mountains. Extraction Oil & Gas serves customers in the United States.
Tuesday Morning Corporation retails home furnishing, gifts, and related items. The Company
Tuesday Retail-Home
TUEM offers bath and body, bed, craft, dining, kitchen, furniture, fashion accessories and products. 5/27/2020 1/4/2021 176 8 - -
Morning Corp Furnishings
Tuesday Morning serves customers in the United States.
Pennsylvania Real Estate Investment Trust is a self-administered real estate investment trust
Pennsylvania involved in acquiring, managing, and holding real estate interests for current yield and long-term
PEI REITS-Regional Malls 2/11/2021 12/11/2020 81 -10 - -
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 2298 298 5 -
Inc Explor&Prodtn
United States.
FTS International, Inc. provides oil field services. The Company offers pressure pumping, wireline
FTS
FTSI Oil-Field Services and perforating, reservoir optimization, hydraulic fracturing, and equipment manufacturing 9/22/2020 11/19/2020 368 86 - -
International Inc
services. FTS International serves customers worldwide.
California Resources Corporation is an independent oil and natural gas company. The Company
California Oil Comp- focuses on maximizing the value of land, mineral and technical resources for decarbonization by
CRC 7/15/2020 10/27/2020 3252 171 4 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 7/30/2020 9/18/2020 3565 293 11 0
Explor&Prodtn
customers in the Gulf Coast region of the United States.
Whiting Petroleum Corporation operates as an oil and gas exploration company. The Company
Whiting Oil Comp-
WLL acquires, explores, produces, and supplies petroleum products. Whiting Petroleum serves 4/1/2020 9/1/2020 2415 216 3 0
Petroleum Corp Explor&Prodtn
PG&E Corporation is a holding company that holds interests in energy based businesses. The
Company's holdings include a public utility operating in northern and central California that
PG&E Corp PCG Electric-Integrated 1/29/2019 7/1/2020 24013 34 10 20
provides electricity and natural gas distribution, electricity generation, procurement, and
transmission, and natural gas procurement, transportation, and storage.
Mcdermott International, Ltd provides engineering and construction solutions. The Company
Mcdermott Engineering/R&D
MCDIF offers engineering, fabrication, onshore construction, procurement, commissioning, and - 6/30/2020 81 -81 - -
International Ltd Services
consulting 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 1678 -2 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
The Rezolve Platform is a powerful set of mobile commerce and engagement capabilities
that provide mobile application vendors with a range of valuable commercial
AACI AACIW REZOLVE 12/17/21 LINK LINK 9.78 0.51 -2.23 N
opportunities that can be realized without having to develop code, host operations or
manage security.
Nauticus, is a Houston-based developer of cloud-based subsea robots, software, and
services delivered in a modern business model to the ocean industry. Nauticus’ robotic
CLAQ CLAQW NAUTICUS systems will be delivered to commercial and government-facing customers primarily 12/17/21 LINK LINK 9.95 0.58 -2.13 N
through a Robotics as a Service (RaaS) business model but also include direct product
sales.
TeleSign provides continuous trust to leading global enterprises by connecting, protecting
NAAC NAACW TELESIGN and proactively defending their digital identities. TeleSign verifies over five billion unique 12/16/21 LINK LINK 9.81 0.83 -2.53 N
phone numbers a month
Rubicon is a Lexington, Kentucky-based software platform that provides innovative waste
and recycling solutions for businesses and governments worldwide. Using technology to
FOUN FOUNW RUBICON drive environmental innovation, the company helps turn businesses into more 12/16/21 LINK LINK 9.93 0.72 -2.29 N
sustainable enterprises and neighborhoods into greener and smarter places to live and
work.
Footprint’s team of engineers use plant-based fiber technology to design, develop and
GIIX GIIXW FOOTPRINT manufacture biodegradable, compostable, and recyclable products that compete with 12/14/21 LINK LINK 10.19 2.05 -3.36 N
plastic’s cost, and exceed its performance.
NuScale Power has developed a new modular light water reactor nuclear power plant to
SV SVSVW NuScale supply energy for electrical generation, district heating, desalination, hydrogen 12/14/21 LINK LINK 10.04 1.14 -2.60 Y
production and other process heat applications.
GP Global’s primary assets are controlling stakes in MVP Group International, Inc. and
Primacy Industries Ltd, two leading Air Care solution companies based out of the U.S. and
GP GLOBAL &
GACQ GACQW India, respectively. Primacy Industries also has a strong, emerging personal care segment. 12/13/21 LINK LINK 9.91 0.48 -2.07 N
LUMINEX
GP Global has a strong portfolio of in-house brands coupled with existing partnerships
with major retailers across Europe and the U.S.
LiveWire, Harley Davidson's electric motorcycle division, will be spun into a separate
IMPX IMPX/WS LIVEWIRE 12/13/21 LINK LINK 10.01 1.25 -2.75 N
company and merged with IMPX.
Biote is a practice-building business with a leading bioidentical hormone replacement
HYAC HYACW BIOTE 12/13/21 LINK LINK 9.82 0.69 -2.37 N
optimization platform and complementary nutraceutical business.
InfiniteWorld serves as a bridge between the physical and digital worlds. The Company
empowers leading global brands, creators and Web3 companies with the infrastructure
RAM RAMMW INFINITEWORLD 12/13/21 LINK LINK 10.00 0.95 -2.45 N
they need to create digital assets and NFTs (non-fungible tokens) and engage with
customers and fans in the Metaverse
Symbotic LLC is a robotics and automation-based product movement technology
platform focused on transforming the consumer goods supply chain. The Company has
SVFC - SYMBOTIC spent more than a decade perfecting its warehouse automation platform to disrupt the 12/13/21 LINK LINK 9.96 - - N
supply chain of goods between manufacturers and consumers. Walmart and Softbank
backed
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 9.80 0.84 -2.54 N
advisory services, and payments focused on reducing costs, optimizing working capital,
and unlocking revenue; $1.2V EV
www.KEDM.com

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 9.86 1.22 -2.86 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 9.94 1.20 -2.76 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 9.81 0.61 -2.30 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 0.43 -2.01 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 9.84 0.82 -2.48 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 - 10.05 0.56 -2.01 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 9.86 1.22 -2.87 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 9.82 0.51 -2.19 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 9.96 1.70 -3.24 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 9.87 1.01 -2.64 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 11.80 2.82 -2.52 Y
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 9.89 0.84 -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 10.14 0.80 -2.16 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 9.80 0.76 -2.46 N
between 3D printing and machining
Griid, procures cheap, carbon-free energy to manage, build and operate a portfolio of
ADEX ADEX/WS GRIID 11/24/21 LINK LINK 9.87 0.80 -2.43 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 - 9.97 - - 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 0.76 -2.40 N
Semantix software and services.
www.KEDM.com

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 9.75 1.00 -2.75 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 10.08 0.41 -1.83 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 signature 11/15/21 LINK LINK 9.90 1.15 -2.75 N
OBAGI
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 product
CPTK CPTK/WS BRIVO ecosystem and open API provide businesses with powerful digital tools to increase 11/10/21 LINK LINK 9.85 0.59 -2.24 N
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 10.01 0.42 -1.91 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 9.81 0.67 -2.36 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 - 10.27 1.70 -2.93 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 0.49 -2.14 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 0.63 -2.29 N
impact millions of people worldwide. The company has deep expertise in novel biological
pathways – including autotaxin / LPA and calpain biology
FiscalNote is a leading global technology provider of legal and policy data and insights. By
combining AI capabilities, expert analysis, and legislative, regulatory, and geopolitical
DSAC DSACW FISCAL NOTE 11/8/21 LINK LINK 9.91 1.26 -2.86 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 - 11.04 0.19 -0.65 N
optimize customer experience empowered by technology. Particularly well-positioned to
capture opportunities emerging from the Wealth Management Connect and Insurance
Connect schemes.
www.KEDM.com

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 9.85 0.50 -2.15 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 10.09 1.35 -2.76 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 0.98 -2.59 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 10.09 1.34 -2.75 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 51.00 15.64 23.86 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 9.76 0.91 -2.65 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 - 9.84 0.60 -2.26 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 9.96 0.92 -2.46 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 9.72 0.55 -2.33 N
LTD
telecommunication products. CompareAsia Group mainly serves customers in Asia.
SeatGeek is a platform which enables buying and selling of tickets for sports, concerts,
RBAC RBAC/WS SEATGEEK 10/13/21 LINK LINK 10.00 1.43 -2.94 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 9.87 0.49 -2.12 N
orders, and other services.
Starry is deploying fiber-quality broadband to the home without bundles, data caps, or
long-term contracts. Starry is a different kind of internet service provider. We’re building
FMAC FMAC/WS STARRY 10/7/21 LINK LINK 9.88 0.88 -2.50 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 10.34 2.30 -3.46 Y
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 9.90 - - N
unmet needs in inflammatory skin and joint diseases.
www.KEDM.com

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 0.22 -1.78 N
prefabricated renovation with smart building solutions, high quality flexible workspace
with plug-in software and on-demand enterprise services.
The mission of Caritas, the Latin word for compassion, will be to transform the lives of
children and adults living with rare genetic diseases by harnessing the power of next-
ARYD - CARITAS 9/29/21 LINK LINK 9.90 - - N
generation genetic medicine and gene therapy technologies through advanced protein
engineering and innovative gene therapy vector technologies.
SAITECH is a Eurasia-based energy saving mining operator that engages in the hosting of
bitcoin mining machines for its clients. SAITECH uses a proprietary liquid cooling and heat
TUGC TUGCW SAITECH 9/29/21 LINK - 9.79 0.61 -2.32 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 11.29 3.49 -3.70 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 9.86 1.05 -2.69 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 9.87 1.06 -2.69 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 9.93 1.37 -2.94 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 9.91 0.58 -2.17 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 9.88 1.28 -2.90 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 9.89 1.05 -2.66 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 - 9.99 0.18 -1.69 N
algorithms architecture design, holographic LiDAR sensor chip design and holographic
vehicle intelligent vision technology to provide customers with holographic ADAS services
Packable is a leading e-commerce company with a proprietary technology platform that
HTPA HTPA/WS PACKABLE empowers brands with a complete and cost-effective logistics, fulfilment, data science, 9/9/21 LINK LINK 9.93 1.61 -3.19 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 combines
NXU NXU/WS ENERGY VAULT advanced material science and proprietary, machine-vision AI software that 9/9/21 LINK LINK 9.92 1.31 -2.90 N
autonomously orchestrates the charging and discharging of electricity using ultra low cost
composite bricks and innovative mechanical crane systems.
www.KEDM.com

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 10.16 0.56 -1.90 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 1/6
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 1.02 -2.60 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 9.89 0.69 -2.31 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 9.98 1.78 -3.31 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 0.32 -1.75 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 9.88 1.25 -2.87 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 9.90 1.15 -2.75 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 9.79 0.55 -2.26 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 9.91 0.68 -2.27 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 9.90 0.77 -2.37 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 9.56 0.69 -2.63 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 9.89 0.50 -2.11 N
network. HotelPlanner travel agents can customize all traveler hotel & accommodation
needs from a single platform while providing localized advice
GreenLight Biosciences is an integrated life sciences company with a breakthrough
GREENLIGHT biomanufacturing platform for discovering, developing, scaling, and commercializing
ENVI ENVIW 8/10/21 LINK LINK 9.97 1.25 -2.78 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 9.79 1.40 -3.11 N
potential to be transformative and features a unique compact design. UPDATE:
Shareholder meeting set for 12/21
www.KEDM.com

MultiMetaVerse Inc. engages in developing and publishing animations and mobile games.
MULTIMETAVERSE
MPAC MPACW The Company produces animation, games, comics, and more. MultiMetaVerse conducts 8/9/21 LINK - 9.97 0.50 -2.03 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 10.01 0.89 -2.38 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 cost therapeutic categories and emerging partnerships with leading payers and 8/6/21 LINK LINK 8.81 1.53 -4.22 Y
healthcare providers. UPDATE: Shareholder meeting set for 12/16; Will trade under
EQRX on 12/20
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 9.94 0.74 -2.30 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. Pico
FTAA FTAAW PICO provides a best-in-class portfolio of innovative, transparent, low-latency markets 8/4/21 LINK LINK 9.94 1.19 -2.75 N
solutions
Hydrow offers live and on-demand workouts -- also sells heart-rate monitors,
SBII SBII/WS HYDROW 8/3/21 PRELIMINARY - IN TALKS 9.71 0.61 -2.40 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 10.16 0.98 -2.32 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 9.86 1.20 -2.84 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 9.91 1.15 -2.74 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 9.85 0.70 -2.35 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 customers 7/28/21 PRELIMINARY - IN TALKS 9.92 0.65 -2.23 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 9.90 0.98 -2.58 N
solutions and in-house creative capability, Studio A\T. UPDATE: Shareholder meeting set
for 12/21
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 9.93 - - 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 10.54 3.45 -4.41 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 9.80 0.41 -2.11 N
vehicle after the manufacturer’s warranty has expired.
www.KEDM.com

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 9.93 0.70 -2.27 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 9.94 0.75 -2.31 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 0.81 -2.40 N
offering 3D printing
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 9.65 - 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 9.82 0.85 -2.53 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 9.72 0.75 -2.53 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 9.96 1.90 -3.44 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 9.95 0.67 -2.22 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 10.03 1.99 -3.46 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 9.88 0.54 -2.16 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 9.90 - - 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 10.43 2.34 -3.41 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.
AI-enabled, concentrated solar power modules UPDATE: Shareholder meeting set for
ATHN ATHN/WS HELIOGEN INC 7/7/21 LINK LINK 9.97 1.35 -2.88 Y
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 9.24 0.57 -2.83 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
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 9.74 0.60 -2.36 N
TECHNOLOGIES INC
stations and zero-emission and quiet mobile power.
www.KEDM.com

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 10.16 0.88 -2.22 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 9.91 1.32 -2.91 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 10.39 - - 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 10.01 0.62 -2.12 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 1.25 -2.84 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 0.49 -2.25 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 1.11 -2.67 Y
EVE URBAN AIR Eve is a new, independent company dedicated to accelerating the Urban Air Mobility
ZNTE ZNTEW 6/10/21 LINK - 10.15 0.65 -2.00 Y
MOBILITY (UAM) ecosystem.
VIYI Algo is dedicated to the development and application of bespoke central processing
VENA VENAW VIYI ALGO 6/10/21 LINK - 10.05 0.32 -1.77 N
algorithms.
Dave Inc develops mobile software. The Company offers application that helps users
VPCC VPCC/WS DAVE INC predict their expenses and avoid overdrafting their checking accounts. UPDATE: 6/7/21 LINK LINK 9.97 1.31 -2.84 N
Shareholder vote set for 1/4
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 9.89 0.69 -2.30 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 advanced
DCRN DCRNW TRITIUM PTY LTD 5/26/21 LINK LINK 9.89 1.82 -3.43 N
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 9.77 0.53 -2.26 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 9.99 0.43 -1.94 N
machine learning, 3D simulation, and adaptive robotics to fundamentally change the
flexibility, scalability, and economics of production.
www.KEDM.com

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 9.89 0.88 -2.49 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 9.82 1.35 -3.03 N
online prescribed medicines. Alto pharmacy serves patients and healthcare professionals
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 9.88 1.70 -3.33 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 9.95 2.31 -3.86 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 1.63 -2.98 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 9.76 0.59 -2.33 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 9.96 1.30 -2.85 Y
market. eToro serves customers worldwide.
Anghami owns and operates an online music website; "Spotify" for the Middle East. The
VMAC VMACW ANGHAMI Company offers regional music streaming, as well as sharing and downloading services. 3/3/21 LINK LINK 10.16 0.72 -2.06 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 9.72 0.65 -2.43 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 5.54 0.52 -6.48 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 11.16 0.22 -0.78 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
www.KEDM.com

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 9.96 0.97 -2.51 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)
Corp. Return
Warrant Mkt Cap Closing Current Current Price Listed
Ticker Company Name Business Description Presentation or since Arb
Ticker ($M) Date Price of Warrants Options
PR merger
EQRx is purpose-built, at scale, to develop and deliver innovative
medicines to patients at radically lower prices through a late-stage and
EQRX EQRXW EQRx growing product pipeline across high-cost therapeutic categories and - 12/20/2021 LINK 8.81 1.53 y - -
emerging partnerships with leading payers and healthcare providers.
UPDATE: Shareholder meeting set for 12/16; APPROVED
Ermenegildo Zegna Group is a leading global luxury group, internationally
recognised for the excellent quality and designs of its brands Zegna and
IIAC IIAC/WS ZEGNA GROUP Thom Browne and the noble fabrics and fibres by means of the in- 492 12/20/2021 LINK 9.67 1.77 N - -3.60
house entirely Made in Italy lab UPDATE: Shareholder vote set for 12/15;
APPROVED; will trade under ZGN on 12/20; 58% redemption
Bowlero, World’s Largest Owner and Operator of Bowling Centers and
BOWL BOWL/WS Bowlero Corp Owner of the Professional Bowlers Association UPDATE: Shareholder vote 307 12/16/2021 LINK 9.63 1.09 N -2.20 -2.96
set for 12/14
Vertical Aerospace’s mission is to make air travel personal, on demand and
carbon free. With projected speeds over 200mph, near silent when in
Vertical Aerospace flight, zero emissions and low cost per passenger mile, the VA-X4 is
EVTL EVTL/WS 2,980 12/16/2021 LINK 11.99 1.15 Y 15.27 -0.66
Ltd expected to open up urban air mobility to a whole new range of
passengers and transform how we travel. UPDATE: Shareholder meeting
set for 12/14; 95% redemption
Based in Berlin, Germany, SIGNA Sports United is a leading global sports e-
Signa Sports United commerce and tech platform in Bike, Tennis, Outdoor and Team Sports
SSU SSU/WS 3,177 12/14/2021 LINK 9.50 0.80 N -16.41 -2.80
NV with more than 7 million active customers and close to 500 million annual
webshop visitors. UPDATE: Shareholder meeting set for 12/13
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 1,473 12/9/2021 LINK 9.50 2.25 Y -12.47 -4.25
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- 1,622 12/9/2021 LINK 9.68 3.19 Y -29.55 -5.01
ion battery with a proprietary sulfide solid electrolyte. UPDATE:
Shareholder meeting set for 12/7
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 677 12/9/2021 LINK 9.89 0.72 N -13.20 -2.33
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 387 12/9/2021 LINK 8.43 0.83 Y 6.19 -3.90
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. Founded in 2010 by three
NASA scientists, Planet designs, builds, and operates the largest earth
PL PL/WS Planet Labs PBC 1,751 12/7/2021 LINK 6.69 2.13 Y -42.18 -6.94
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
www.KEDM.com
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
(%)
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 287 12/9/2021 LINK 8.14 - Y -16.92 -
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 3,303 12/7/2021 LINK 7.46 - N -22.87 -
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 748 12/6/2021 LINK 5.43 0.83 N -43.15 -6.90
Inc
better outcomes for patients UPDATE: Shareholder rmeeting set for
11/23; APPROVED
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 2,711 12/3/2021 LINK 11.13 1.56 N -10.23 -1.93
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 5,334 12/3/2021 LINK 16.00 4.45 N 5.86 0.05
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 BZFDW BuzzFeed Inc business, science, and music online, as well as over social and mobile 825 12/3/2021 LINK 6.20 0.61 Y -35.55 -5.91
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 28,198 12/1/2021 LINK 7.14 2.02 Y -35.15 -6.38
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 87 11/29/2021 LINK 3.99 0.20 Y -57.40 -7.71
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 1,013 11/30/2021 LINK 7.73 1.25 N -14.47 -5.02
in the market including TV, video, display, social, audio, and DOOH
UPDATE: Meeting set for 11/29
www.KEDM.com
Return
Corp.
PR
(%)
International children's digital media and entertainment business.
UPDATE: Shareholder meeting set for 11/15; minimum cash amount
TNIE GR SPAW Tonies SE 1,240 11/29/2021 LINK 10.80 2.00 N -23.02 -2.70
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 438 11/22/2021 LINK 5.07 0.67 N -47.97 -7.10
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 294 11/30/2021 LINK 6.52 1.08 N -36.20 -6.06
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 517 11/18/2021 LINK 5.50 0.74 N -65.20 -6.74
PLTR. UPDATE: Shareholder meeting set for 11/16
The Oncology Institute is leading the shift to value-based oncology care by
utilizing a highly scalable and replicable operating model. The Oncology
Oncology Institute
TOI TOIIW Institute currently manages over 50 community-based practice locations 458 11/15/2021 LINK 6.25 0.70 N -42.02 -5.95
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 3,106 11/10/2021 LINK 8.57 1.88 Y -15.91 -4.81
Inc
Driver software to enable self-driving trucks within their fleets. UPDATE:
Shareholder meeting set for 11/9; preannounuced vote; will close 11/10
and trade on 11/11 under EMBK
NEXTDOOR.COM Nextdoor is an app that connects neighborhoods UPDATE: Shareholder
KIND - 3,022 11/5/2021 LINK 7.89 - Y -28.06 -
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 817 11/5/2021 LINK 8.16 1.89 N -24.10 -5.23
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 2,461 11/4/2021 LINK 8.97 1.99 Y -12.23 -4.52
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 14,859 11/3/2021 LINK 13.22 4.00 Y 25.73 -2.28
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 746 10/28/2021 LINK 7.81 1.22 N -23.48 -4.91
the 3D world around us. UPDATE: Shareholder vote set for 10/27
www.KEDM.com
Return
Corp.
PR
(%)
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 276 10/29/2021 LINK 5.48 1.27 Y -66.91 -7.29
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 118 10/28/2021 LINK 5.01 - Y -51.68 -
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 450 10/22/2021 LINK 9.92 1.35 N -5.30 -2.93
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 0.88 N -31.63 -6.02
Ltd/Jersey consultations, and ancillary solutions. UPDATE: Shareholder vote set for
10/20; will trade under BBLN
SAB Biotherapeutics, Inc. (SAB) is a clinical-stage biopharmaceutical
company advancing a new class of immunotherapies based on its human
SAB polyclonal antibodies. SAB has applied advanced genetic engineering and
SABS SABSW BIOTERAPEUTICS, antibody science to develop transchromosomic (Tc) bovine herds that 424 10/22/2021 LINK 9.75 2.18 N 6.28 -3.93
INC produce fully-human antibodies targeted at specific diseases. UPDATE:
Shareholder meeting set for 10/20; will close 10/22; will trade under
SABS on 10/25
The We Company provides coworking spaces for individuals and
entrepreneurs throughout the world. The Company offers private offices,
WE WE/WS WeWork Inc office suites, headquarters, and custom buildout options to fit a variety of 5,416 10/20/2021 LINK 7.56 1.63 Y -22.83 -5.57
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 1,898 10/19/2021 LINK 16.12 5.25 Y 12.63 -0.63
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 1,046 10/19/2021 LINK 9.33 2.43 N -15.82 -4.60
Inc
deliver responsive, customer-driven product solutions UPDATE:
Shareholder vote set for 10/14; Closed on 10/19; trades 10/20 under
ASTL
Mirion Technologies is a leading provider of detection, measurement,
analysis and monitoring solutions to the nuclear, defense, medical and
Mirion
MIR MIR/WS research end markets. The organization aims to harness its unrivaled 2,276 10/20/2021 LINK 10.94 2.62 Y -1.33 -3.18
Technologies Inc
knowledge of ionizing radiation for the greater good of humanity.
UPDATE: Shareholder meeting set for 10/19
Vivid Seats Ltd. provides online based services. The Company retails
sports, concerts, and theater events tickets online, as well as provides
SEAT SEATW VIVID SEATS LTD corporate program, discounts, data monitoring, and subscription services. 1,981 10/18/2021 LINK 10.15 2.42 Y -19.33 -3.77
UPDATE: Shareholder meeting set for 10/14; WILL CLOSE ON 10/18 AND
TRADE UNDER SEAT ON 10/19
www.KEDM.com
Return
Corp.
PR
(%)
Enjoy Technology, Inc. provides e-commerce platform. The Company
ENJOY offers online retailing of entertainment products, tablets, rides, and
ENJY ENJYW 543 10/15/2021 LINK 4.56 0.47 N -57.69 -7.41
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: 3,640 10/15/2021 LINK 13.76 4.20 Y -1.28 -1.94
Shareholder vote set for 10/14; will trade under BKKT on 10/18
www.KEDM.com
Newsletter Short Monitor

Campaigns by notable short sellers and newsletters (trailing 30)
Return since
Date of Mkt Insider Short YTD
initial Link to
Research Firm Initial Ticker Company Sector Cap Selling (# Interest Return Thesis
publication Research
Report ($M) of shares) (%) (%)
(%)
Massive fabrication of financials (inflating sales by ~126% and
Real Estate commission revenue by ~77-96%); sham acquisitions (ghost and
Muddy Waters 12/16/2021 BEKE KE Holdings Inc 22,472 0 - 3% -69% LINK
Mgmnt/Servic clone stores); similar to Lucking Coffee - real business with
significant fraud;
Appreciated over 300% after Nasdaq uplisting; misleading claim
White from the management; the majority of revenue is from one
Diamond 12/16/2021 AUID Ipsidy Inc Identification Sys/Dev 310 -95,000 2 13% 228% LINK program sold to a government entity; failed to generate revenues
Research for years; low-barrier to entry (a similar program can be created
for $15k); increasing competition;
Artificial product demand (5 of 8 customer announcements are
either with undisclosed company insiders or with unproven
Bonitas 12/15/2021 AGFY Agrify Corp Machinery-Farm 226 -67,324 8 -16% - LINK operators); undisclosed related party transactions; partnership
with a company without operating licenses; actual revenue is
significantly less than what is reported.
The company buys low-quality revenues and earnings at fire-sales
prices to artificially boost value; acquisitions are necessary for its
SANT survival; not consolidated off-balance-sheet entities (some are
Viceroy 12/15/2021 S&T AG Computer Services 966 0 - -22% -24% LINK
GR under criminal investigation, some would generate > 100mil EUR
a year); COGS are reported on the company whilst off-balance
entities reap the profits;
No real revenues (making $60k in 4 years); inexistence of sound
technologies; unfinished products (solar efforts are in "early stage"
Advanced after 10 years; LED lighting business disappeared); no track record
Kerrisdale 12/14/2021 MMAT Meta Materials Inc 804 -1,289,725 11 0% 104% LINK
Materials/Prd of achievement; rose to billion-dollar status after reverse merger
with penny stock company; stock promotion with well-timed
equity offering;
The largest payer (~7x more than peers) changed its coverage
policy, which would lower ZYXI's 2021 EBITDA by 40-100%; forced
Night Market 12/10/2021 ZYXI Zynex Inc Medical Products 349 -177,320 17 -12% -25% LINK adjustment to its revenue recognition and write-downs;
continuous selling by CEO to finance his personal hobby of owning
English football club.
Executives with criminal connections (helping cartels smuggle
weapons, cocaine and laundered money; current CEO was
imprisoned in Colombia, later shot in the head and neck); went
Bldg Prod-
Hindenburg 12/9/2021 TGLS Tecnoglass Inc 1,105 -38,000 3 17% 235% LINK public via SPAC after changing 3 auditors within a year over related
Doors&Windows
party transaction; undisclosed transactions and acquisitions with
related parties; questionable capex; a significant portion of
revenue could be faked;
The company that is on its third re-branding by a CEO with a
troubling past (fake biography; connections with numerous Ponzi
Commercial Serv- Schemes and fraudulent activities); CFO with involvement in illegal
Spruce Point 12/8/2021 NVEI Nuvei Corp 6,853 -36,363 2 -7% -15% LINK
Finance activities; negative organic growth (3.3% in the US, -7.6% in
Canada); increasing competition; unrealistic business targets;
opaque financial disclosure; overvalued relative to peers.
www.KEDM.com
Return since
Date of Mkt Insider Short YTD
initial Link to
Research Firm Initial Ticker Company Sector Cap Selling (# Interest Return Thesis
publication Research
Report ($M) of shares) (%) (%)
(%)
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 473 0 - -34% 206% 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 430 0 - 2% -46% 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 455 0 7 -9% - 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 1,349 0 3 9% 309% 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)
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 7,107 0 8 -14% - 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 1,672 -45,782 8 14% -36% 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;
www.KEDM.com
13D Monitor
13D filings and activist campaigns by notable investors (trailing 60 days)
Return
Link
Initial Filing Market since TTM Return
Ticker Company Activist Fund Sector Objective/Notes to
Date Cap (M) objective (%)
13D
(%)
Concerns on the exec comp; corporate governance; and Board composition;
HOG Harley-Davidson Inc H Partners 12/16/2021 Motorcycle/Motor Scooter 5,687 0 3 Link
BoD representation
Sale of company UPDATE 7/19: Donerail made a bid for the entire company
HEAR Turtle Beach Corp Donerail 4/30/2021 Industr Audio&Video Prod 406 (price not disclosed); issues open letter (link right) UPDATE 12/15: Reiterates -9 0 Link
their intention to buy company; strategic review/sale of company
Opposes $24 offer from Alden UPDATE 12/15: Alden files complaint in
LEE Lee Enterprises Inc Praetorian Capital 12/8/2021 Publishing-Newspapers 219 49 229 Link
Delaware courts regarding its previously rejected director nominations
CNC Centene Corp Politan 11/3/2021 Medical-HMO 49,003 BoD refresh UPDATE 12/15: CEO steps down due to activist pressure 14 35 Link
Start Licensing Business; Buybacks; Store Reduction UPDATE 12/4: Open

CBRL Cracker Barrel Old Country Sto Biglari 9/15/2020 Retail-Restaurants 2,876 letter to shareholders; 100% divvy payout ratio; curtail new store openings; -5 -8 Link
share repurchases
American Campus Communities Strategic alternatives; CEO sucession; accelerate asset sales; reduce G&A;
ACC Land & Building 12/13/2021 REITS-Apartments 7,743 1 33 Link
In return capital to shareholders
Nominates 11 Directors to replace entire BoD; hire Richard Dreiling to
DLTR Dollar Tree Inc Mantle Ridge 12/10/2021 Retail-Discount 30,822 -3 21 Link
leadership role
Driver Management changes; opposes financing UPDATE 12/9: Nominates 3
FRBK Republic First Bancorp Inc 11/1/2021 Commer Banks-Eastern US 211 15 22 Link
Management Directors
CPSS Consumer Portfolio Services In Black Diamond 12/9/2021 Finance-Auto Loans 176 BoD representation -4 97 Link
PEBN Pacific Enterprise Bancorp Shaul Kopelowitz 12/8/2021 Commer Banks-Western US - Opposes merger with BayCom, BCML -7 22 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 17,110 -1 14 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 6,646 Strategic alternatives; spin of ecomm unit; open letter filed -6 25 Link
Strategic alternatives;declassify board; sale of company ($40/sh) UPDATE
10/28: ZenDesk (ZEN) made offer for MNTV; Legion is "strongly against" the
MNTV Momentive Global Inc Legion 10/6/2021 Enterprise Software/Serv 2,962 -3 -16 Link
acquisition and will do what is necessary to end it UPDATE 12/7: Legion
comments on MNTV's Strategic Alternaives process (link right)
Sale Of Company; open letter (link right) UPDATE 12/7: Lakeview offers
TESS TESSCO Technologies Inc LakeView 6/29/2021 Wireless Equipment 63 16 28 Link
7.5/sh
BoD shakeup; CEO succession; sell assets; strategic review; activist website
LXP Lexington Realty Trust Land & Building 11/15/2021 REITS-Diversified 4,329 launched (link right) and new presentation UPDATE 12/6: Nominates 2 for 1 42 Link
BoD
SMM Salient Midstream & MLP Fund Saba 12/3/2021 Closed-end Funds 116 Nominates 2 Directors 4 52 Link
NTP Nam Tai Property Inc Iszo 5/27/2020 Real Estate Oper/Develop 400 Board Control UPDATE 11/30: IsZo elects its entire 6-person slate to the BoD 87 110 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 2,671 become a controlling shareholder, and explain the true impact of the - 44 Link
proposed amendments
RMCF Rocky Mountain Chocolate Facto Radoff 12/2/2021 Food-Confectionery 50 New COB; New CEO -5 82 Link
www.KEDM.com
Return
Link
Initial Filing Market since TTM Return
Ticker Company Activist Fund Sector Objective/Notes to
Date Cap (M) objective (%)
13D
(%)
Tremblant Capital
SKX Skechers USA Inc 12/1/2021 Footwear&Related Apparel 6,559 Collapse dual share class; buyback; initiate divvy; Investor Relations -6 16 Link
Group
Adds 2 more nominees (along with Chuck Gillman); launchs new activist
LOV Spark Networks SE Cannell 5/24/2021 E-Commerce/Services 77 -43 -38 Link
website (see link right) UPDATE 12/1: Osmium files 13D; owns 22%
LAZY Lazydays Holdings Inc Kanen Wealth 11/30/2021 Retail-Automobile 243 New CEO; Buyback 2 39 Link
BERY Berry Global Group Inc Ancora 11/29/2021 Containers-Paper/Plastic 9,483 Sale of company; strategic review; open letter filed to BoD (link right) -2 29 Link
GLEN
Glencore PLC Bluebell 11/29/2021 Metal-Diversified 48,613 Sale of its thermal coal unit 3 58 Link
LN
6502
Toshiba Corp 3D Investment 11/24/2021 Diversified Manufact Op 2,014,316 Opposes spin/breakup 0 62 Link
JP
ZEN Zendesk Inc Jana Partners 11/30/2021 Internet Applic Sftwr 12,188 Opposes acquisition of Momentive; possible BoD changes -1 -28 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
SWX Southwest Gas Holdings Inc Icahn 10/5/2021 Gas-Distribution 4,146 0 15 Link
company sells stock below tender of $75 UPDATE 11/15: Icahn announces
nominations for new BoD (link right) UPDATE 11/24: Pushes for
mamangement changes; Icahn files updated presentation (link right)
Seperation of its higher margin/higher growth unit, Industrial Solutions from
NR Newpark Resources Inc Radoff 11/23/2021 Oil-Field Services 261 -3 36 Link
the unprofitable Fluid Systems unit
BoD representation; comp changes; governance issues; strategic review; open
GFF Griffon Corp Voss 11/23/2021 Bldg Prod-Doors&Windows 1,461 -5 28 Link
letter filed (link right)
Purchase more shares; letter to CEO; UPDATE 11/23: Carlson Capital offer
SWKH SWK Holdings Corp Cannell 5/27/2021 Finance-Other Services 246 - 28 Link
19/sh
Alden proposes a 24/sh cash offer for the company UPDATE: Proposes 3 new
LEE Lee Enterprises Inc Alden 11/22/2021 Publishing-Newspapers 219 59 229 Link
candidates for the BoD
Strategic Alternatives; Break up of company UPDATE 9/13: VG has hired
VG Vonage Holdings Corp Jana Partners 8/31/2021 Telecom Services 5,224 advisers to run a review UPDATE 11/22: VG to be aquired by Ericsson for 47 53 Link
21/sh (6.2B deal)
FHLB Friendly Hills Bancorp Frank Kavanaugh 11/22/2021 Commer Banks-Western US - BoD and Management changes -6 18 Link
Activist
SMIT Schmitt Industries Inc Investing/David 11/19/2021 Electronic Measur Instr 19 Strategic options to drive shareholder value -8 -13 Link
Lazar
AD NA Koninklijke Ahold Delhaize NV Elliott 11/17/2021 Food-Retail 31,466 Seperation of bol.com 1 34 Link
GPRE Green Plains Inc Ancora 11/17/2021 Energy-Alternate Sources 1,927 BoD shakeup -8 178 Link
TREC Trecora Resources Radoff 11/17/2021 Oil Refining&Marketing 201 Pushing for sale of company; BoD shakeup -9 20 Link
RUMOR: Mantle has taken a 1.8B stake to push the company to improving the
DLTR Dollar Tree Inc Mantle 11/17/2021 Retail-Discount 30,822 4 21 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 29,243 1 12 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 656 Declassify board; remove Poison Pill; open letter to BoD filed (link right) -8 -26 Link
BKEP Blueknight Energy Partners LP DG Capital 11/16/2021 Pipelines 136 Opposes Ergon, Inc.'s offer of 3.32/unit; open letter filed (link right) -4 92 Link
TPL Texas Pacific Land Corp Gabi Gliksberg 11/16/2021 Oil-US Royalty Trusts 9,408 Declassify board; open letter filed (link right) -6 69 Link
JHG Janus Henderson Group PLC Trian 11/16/2021 Invest Mgmnt/Advis Serv 7,049 Board shakeup -11 32 Link
FARM Farmer Bros Co JCP 11/15/2021 Coffee 120 Opposes the increase in share authorization -18 61 Link
RIO Rio Tinto PLC Pentwater 11/11/2021 Metal-Diversified 107,926 Governance; BoD representation 4 -4 Link
NE Noble Corp Standard Drilling 11/10/2021 Oil&Gas Drilling 1,374 Against the merger with Maersk Drilling -13 - Link
www.KEDM.com
Return Link
Initial Filing Market TTM Return
Ticker Company Activist Fund Sector Objective/Notes since to
Date Cap (M) (%)
objective 13D
NNUP Nocopi Technologies Inc Cedar Creek 11/10/2021 Chemicals-Other 10 Remove management and Directors; declassify BoD -27 -8 Link
Southeastern The purpose of this amendment to our Schedule 13D is to urge re-
LUMN Lumen Technologies Inc 11/4/2021 Telephone-Integrated 12,609 -9 30 Link
Asset authorization
Strategic review; board representation UPDATE 11/8: THS caves and
THS TreeHouse Foods Inc Jana Partners 2/9/2021 Food-Misc/Diversified 2,293 -3 -3 Link
announces Strategic Alternatives
Sell non-core assets; strategic options; presentation filed (link right) UPDATE
8/12: Klarman/Baupost filed a 645m purchase UPDATE: Cat Rock urges a
GRUB Just Eat Takeaway.com NV Cat Rock; Baupost 7/27/2021 Internet Content-Info/Ne 11,492 -38 - 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 2,876 Resumption of share repurchase. - -8 Link
M Macy's Inc NuOrion 11/4/2021 Retail-Regnl Dept Store 7,483 Accept crypto and sell Teslas -18 143 Link
TRQ Turquoise Hill Resources Ltd Pentwater 11/2/2021 Metal-Copper 3,085 Open letter filed 22 15 Link
Sale of company; management changes UPDATE 11/2: Elliott sends open
HTA Healthcare Trust of America In Elliott 10/6/2021 REITS-Health Care 7,409 10 28 Link
letter to HTA
Open letter to management; buyback; remove poison pill; non-deal road
show UPDATE 7/27: Chatham files amended 13; pushing for strategic review
and reiterate that the BoD should not renew the Shareholder Rights plan on
RRD RR Donnelley & Sons Co Chatham 4/29/2021 Printing-Commercial 783 8/28 UPDATE 9/1: Chatham issues letter to BoD re: Shareholder Rights Plan 144 445 Link
and governance UPDATE 9/27: Chatham send letter to board re:unlocking
value (link right) UPDATE 10/12: Chatham made an offer for the entire
company for $7.50 UPDATE 11/3: RRD recieved an offer of 8.52
Letter to BoD urging CEO Rabbani removal and hiring of executive search firm
UPDATE 9/30: Nominates 2 Directors and pushes to declassify BoD UPDATE
Roumell; James
10/6: Two new 13D filers; both nominating additional directors UPDATE
ENZ Enzo Biochem Inc Wolf; Radoff; 5/5/2021 Medical-Biomedical/Gene 158 12 33 Link
10/19: Radoff files open letter (link right); continues to push for Rabbani to
Harbert
exit the company completely; nominates Director slate UPDATE 10/27:
Harbert files open letter pushing for Rabbani's retirement and BoD changes
BoD changes; management changes UPDATE 10/21: David Hall isuues open
David Hall
VLDR Velodyne Lidar Inc 5/25/2021 Auto/Trk Prts&Equip-Orig 1,019 letter (link right); will nominate new BoD slate UPDATE 10/27: VLDR issues -51 -75 Link
(founder)
press release in response to David Hall (link right)
RDSA Third Point argues the company should split into multiple businesses;
Royal Dutch Shell PLC Third Point 10/27/2021 Oil Comp-Integrated 145,132 -9 26 Link
NA disclosed in its Q3 Investor Letter
CBIO Catalyst Biosciences Inc JDS1 10/26/2021 Medical-Drugs 31 BoD and management changes; BoD declassify -70 -86 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 2 17 Link
Cor management changes UPDATE 10/25: Outerbridge sends open letter to BoD
against the new financing and urging a strategic review
Opposes upcoming offering UPDATE 8/16: Ortelius files preliminary proxy
UPDATE 8/24: Files open letter to CSU shareholders against the financing and
their intent on voting against the proposal UPDATE 8/31: CSU files its proxy
statement and issues letter to shareholders; vote on 10/12 to approve
financing UPDATE 9/15: Ortelius files new presentation (link right); CSU
SNDA Sonida Senior Living Inc Ortelius 8/9/2021 Retirement/Aged Care 169 10 95 Link
commenses the offering UPDATE 9/30: Shareholder, Invictus, offers cheaper
financing alternative UPDATE: Ortelius and company both file presentations;
Ortelius open letter link right; VOTE ON 10/22 UPDATE 10/12: Ortelius
demands CSU open the books; Vote on 10/22 UPDATE 10/27: Shareholders
approve the financing with Conversant
Discussions; BoD representation with founder of CarParts.com, Mehran Nia
UPDATE 9/9: Kanen nominates 5 directors UPDATE 9/22: Cannell files 13D
Philotimo, Kanen
GOED 1847 Goedeker Inc 6/8/2021 Retail-Consumer Electron 254 update 9/28: Steve Goedeker issues open letter to shareholders UPDATE -27 -64 Link
Wealth, Cannell
10/18: Campaign concludes; Kanen and GOED sign Cooperation Agreement;
2 new Directors and one legacy director retired
www.KEDM.com
Mergers and Acquisitions Monitor

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

Date of PR Target Company Acquirer Type Cash Stock Notes
Ticker Ticker Price ($) (%) (%)
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 confidentiality
agreement. Update 11/17 - Received revised proposal from Chatham
RR Donnelley & Chatham Asset for $9.10 per share. Update 12/1 - The Board announced Chatham's
10/12/2021 RRD Private Cash 10.8500/sh. - 10.85 0.10 - 2
Sons Co Management LLC increased proposal of 10.25$ 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. Update 12/10
- The board determined that Chatham's offer is a superior proposal.
On Dec 14, parties entered into a definitive merger agreement.
Expected to close in H1 2022.
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 12.36 106.19 -
HOLI Board will provide additional information to Lonsen for a
Technologi
potential binding offer.
8/2/2021 - Announced non-binding offer for $23.00 per share in cash.

The acquirer is controlled by HOLI's founder, who retired from the
company in 2013. HOLI's board will evaluate the current offers. Update
8/24/2021 - Three employees of HOLI agreed to join Emerald as
Hollysys
members in connection with the transaction. Update 11/2 - HOLI
8/2/2021 Automation HOLI Consortium Private Cash 23.0000/sh. - 23.00 11.36 97.59 -
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.
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 30.85 64.00 agreement for USD 1.7 bil financing to finance portion of the Merger 1669
consideration. Update 11/8 - Parties have been in consultation with
Chinese regulators on recent regulatory changes that might be
applicable to the Merger.
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
Hollysys shareholders to take no action on the letter. 7/15/2021 - HOLI issued
12/8/2020 Automation HOLI Consortium Private Cash 17.1000/sh. - 17.10 5.46 46.91 an open letter claiming the Consortium's bid undervalued the -
Technologi company and its allegations are misrepresentations and hypocritical.
Update 7/22/2021 - The buyer consortium extended the deadline for
HOLI shareholders to submit consents to Aug 20, 2021. Update
8/2/2021 - Received non-binding offer from Superior Emerald
(Cayman) Limited, which is controlled by HOLI's founder. HOLI's board
will evaluate the current offers. Update 8/24/2021 - Three employees
of HOLI agreed to join Emerald as members in connection with the
transaction. Update 9/24 - BVI Court decided in favor of HOLI and
denied the Consortium's claim. Update 11/2 - HOLI changed its auditor
from EY to Union Power. EY did not issue its audit report for year ended
Jun 30, 2021. Update 11/8 -Received late filing notice from NASDAQ.
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
required or necessary under applicable laws. Update 4/14: CHNG
Change UnitedHealth
1/6/2021 CHNG UNH Cash 25.7500/sh. - 25.75 4.70 22.33 shareholders approved the combination with Optum. Update 75
Healthcare Inc Group Inc
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.
Update 12/9 - UNH delivered a notice to extend the outside date
from Jan 5 to Apr 5, 2022.
Tronox Holdings Apollo Global

9/13/2021 TROX APO Cash 27.0000/sh. - 27.00 4.77 21.47 9/13/2021 - PROPOSED - Made an unsolicited, all-cash offer. -
PLC Management Inc
Cash .2710 Aqr

Wow Unlimited Genius Brands 10/27/2021 - Entered into a definitive agreement. Cash and stock
10/27/2021 WOW GNUS and 1.1690/sh. sh./Tgt 1.59 0.26 19.55 -
Media Inc International In transaction.
Stock sh.
10.6900
Sundial Growers Aqr 10/8/2021 - All-stock transaction. The deal is expected to close by Q1
10/7/2021 Alcanna Inc CLIQ SNDL Stock - 8.40 1.35 19.15 67
Inc sh./Tgt 2022.
sh.
www.KEDM.com

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 - 237.92 34.32 16.86 439
Devices Inc sh./Tgt Meetings of Stockholders on Apr 7 to vote on the proposed acquisition.
sh. On April 7, 2021 at the Special Meetings of Stockholders, XLNX
shareholders voted for the Merger.
.2250 Aqr
Momentive 10/28/2021 - Entered into a definitive agreement. All-stock
10/28/2021 MNTV Zendesk Inc ZEN Stock - sh./Tgt 22.70 2.77 13.91 26
Global Inc transaction. Expected to close in H1 2022; opposed by JANA Partners
sh.
Deal price includes $5 special dividend, with a registration date of Mar
10, 2021 and payment date of Mar 24, 2021. Update 3/10/2021:
Shareholders of AJRD approved the merger, which is expected to close
Aerojet in H2 2021. Update 3/24/2021: AJRD announced $5.0 per share special
Lockheed Martin
12/20/2020 Rocketdyne AJRD LMT Cash 51.0000/sh. - 51.00 5.56 12.24 dividend to shareholders as of Mar 10, 2021 which adjusts the 319
Corp
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. Update 12/16 - Complainant of the transaction said the
US FTC would not fully challenge the deal.
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 5.08 11.24 outages have created uncertainty in getting regulatory approval; 293
Inc
significant hurdles in PNM's sale of Four Corners Power PlantUpdate
12/8 - New Mexico regulators rejected the transaction
Arena
12/13/2021 - Entered into a definitive merger agreement. All-cash
12/13/2021 Pharmaceuticals ARNA Pfizer Inc PFE Cash 100.0000/sh. - 100.00 8.49 9.28 17
transaction. Boards approved.
Inc
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 Communications RCI/B Cash 40.5000/sh. - 40.50 3.06 8.17 15
for the transaction. Other approvals are also pending. Update 5/21:
Inc Inc
Shareholders voted for the transaction.
10/14/2021 - Icahn Enterprises LP announced the acquisition of SWX.
Southwest Gas Icahn Enterprises
10/14/2021 SWX IEP Cash 75.0000/sh. - 75.00 5.12 7.33 Parties will negotiate. Update 10/27 - Icahn Enterprises commenced 267
Holdings Inc LP
an unsolicited tender offer.
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 282.94 19.13 7.25 25
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.
9/1/2021 - Entered into a definitive merger agreement. All-stock
.3001 Aqr
Gage Growth transaction. Expected to close in H1 2022. Update 11/12 -
9/1/2021 GAGE TerrAscend Corp TER Stock - sh./Tgt 2.43 0.16 7.05 13
Corp Shareholders voted for the merger. Update 11/15 - Received final
sh.
court approval. Certain cannabis regulatory approvals are pending.
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 12.74 6.70 cash transaction. Expected to be closed by Q1 2022. Update 10/22 - 13
Farms Inc
Co SAFM shareholders voted for the Merger.
www.KEDM.com

8/5/2021 - VNE confirmed receipt of QCOM proposal for $37 per share
in cash. The board will evaluate the offer. Update 8/5 - Board decided
QCOM's offer as superior and will engage in discussion. Update
10/4/2021 Veoneer Inc VNE QCOM/SSW QCOM Cash 37.0000/sh. - 37.00 2.09 5.99 10/4/2021 - Terminated the agreement with MGA and entered into a 6
definitive agreement with QCOM for $37.0 per share. The deal is
expected to close in 2022. Update 12/16 - VNE shareholders voted for
the merger.
NeoPhotonics Lumentum 11/4/2021 - Entered into a Merger Agreement. All-cash transaction.
11/4/2021 NPTN LITE Cash 16.0000/sh. - 16.00 0.90 5.96 11
Corp Holdings Inc Expected to close in H2 2022.
Golden Star Chifeng Jilong

11/1/2021 GSC Private Cash 3.9100/sh. - 3.91 0.21 4.41 11/1/2021 - All-cash transaction. Expected to close in Jan 2022. 46
Resources Ltd Gold Mining Co
Cash .2970 Aqr 7/28/2021 - Entered into a definitive agreement. Cash and stock
Investors Citizens Financial
7/28/2021 ISBC CFG and 1.4600/sh. sh./Tgt 15.06 0.63 4.37 transaction. Boards approved the transaction. Expected to close by H2 8
Bancorp Inc Group Inc
Stock sh. 2022. Shareholders of ISBC voted for the transaction on Nov 19.
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 1.15 4.24 111
Inc additional information requested by FTC. Update 10/8 - Shareholders
voted for the Merger.
4/26/2021 - Entered into a definitive merger agreement. FBC
shareholders will own ~32% of the combined company. The deal is
4.0151
New York expected to close by the end of 2021. Update 7/28/2021 - After filing
Flagstar Bancorp Aqr
4/26/2021 FBC Community NYCB Stock - 47.24 1.87 4.12 proxy statement on Jun 28, in total of eight class action complaints 108
Inc sh./Tgt
Bancorp Inc have been filed. In order to reduce the risk of transaction delay, parties
sh.
agreed to supplement joint proxy statement. Update 8/4/2021 -
Shareholders voted for the merger.
.8084 Aqr
Pretium Newcrest Mining Cash or Shareholders can elect to receive shares or cash. Expected to close on
11/8/2021 PVG NCM 18.5000/sh. sh./Tgt 18.03 0.71 4.10 14
Resources Inc Ltd Stock Q1 2022.
sh.
8/1/2021 - Entered into a Scheme Implementation Deed. All-stock
.3750 Aqr transaction. Expected to be completed in Q1 2022. Update 11/4 - SQ
8/2/2021 Afterpay Ltd APT Block Inc SQ Stock - sh./Tgt 62.27 3.25 3.93 shareholders voted for the Merger. Update 12/2 - APT AU delayed 19
sh. EGM to vote on the transaction as SQ awaits Spanish regulatory
approval.
Durational Capital
11/15/2021 Casper Sleep Inc CSPR Private Cash 6.9000/sh. - 6.90 0.23 3.45 11/15/2021 - All-cash transaction. Expected to close in Q1 2022. 12
Management
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)
12/13/2021 Wise Road Capital - Magnachip Semiconductor MX Electronic Compo-Semicon 882 18.99 29.00 11 Y
12/9/2021 Mondelez International Inc MDLZ AVI Ltd AVI SJ Diversified Operations 25313 7512.00 - -4 N
12/3/2021 Bass Pro Shops - Sportsman's Warehouse SPWH Retail-Sporting Goods 494 11.25 18.00 -17 Y
12/1/2021 CVC Advisers Ltd - Intertrust NV INTER NA Finance-Other Services 1777 19.62 22.00 4 Y
11/18/2021 Carlyle Group Inc/The CG Metro Bank PLC MTRO LN Commer Banks Non-US 154 89.50 - -16 N
11/15/2021 Management Group - Tarena International Inc TEDU Schools 24 0.43 4.00 -44 N
10/26/2021 DraftKings Inc DKNG Entain PLC ENT LN Internet Gambling 9391 1601 145.00 -20 Y
10/25/2021 PayPal Holdings Inc PYPL Pinterest Inc PINS Internet Content-Entmnt 23805 37 145.00 -28 Y
10/20/2021 Hopson Development Holdings Lt 754 HK Evergrande Property 6666 HK Real Estate Mgmnt/Servic 30378 3 145.00 -45 N
9/30/2021 Zoom Video Communications Inc ZM Five9 Inc FIVN Applications Software 9261 136 145.00 -15 Y
9/6/2021 BGH Capital Pty Ltd PRIVATE Hansen Technologies Ltd HSN AU Applications Software 1043 5 6.50 -7 N
9/1/2021 Ingersoll Rand Inc IR SPX FLOW Inc FLOW Machinery-Pumps 3603 86 269.00 6 Y
8/31/2021 Equity Commonwealth EQC Monmouth Real Estate MNR REITS-Warehouse/Industr 2062 21 270.00 11 Y
8/20/2021 Salmar ASA SALM NO Norway Royal Salmon ASA NRS NO Fisheries 6972 160 270.00 -42 N
7/26/2021 Willis Towers Watson PLC WLTW Aon PLC AON Insurance Brokers 64901 295 - 18 Y
7/19/2021 Autodesk Inc ADSK Altium Ltd ALU AU Circuit Boards 5435 41 38.50 18 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 2014316 4652 5000 10 Y
4/6/2021 China Oceanwide Holdings Group - Genworth Financial Inc GNW Multi-line Insurance 2009.25 3.96 5.43 13 Y
4/2/2021 Air Canada AC CN Transat AT Inc TRZ CN Airlines 154.54 3.93 6.23 -28 N
3/29/2021 Obsidian Energy Ltd OBE CN Bonterra Energy Corp BNE CN Oil Comp-Explor&Prodtn 165.08 4.89 2:1 24 N
2/15/2021 Dorel Industries Inc Cerberus Dorel Industries Inc DII/B CN Home Furnishings 628.83 19.25 16.00 22 N
2/11/2021 Cordlife Group Ltd CLGL SP Global Cord Blood Corp CO Medical-Outptnt/Home Med 474.05 3.90 7.50 -14 Y
2/10/2021 Ares Management Co. AMP Ltd AMP AU Invest Mgmnt/Advis Serv 2955.83 0.91 1.85 -41 Y
2/1/2021 Atos SE ATO FP DXC Technology Co DXC Computer Services 7837.06 31.07 29.00 22 Y
1/19/2021 MGM Resorts International MGM Entain PLC ENT LN Internet Gambling 9390.71 1601.00 29 Y
1/5/2021 Mill Road Capital - Huttig Building Products Inc HBP Retail-Building Products 258.88 9.45 2.75 186 Y
Pending China Oceanwide - Genworth Financial Inc GNW Multi-line Insurance 2009.25 3.96 5.43 - Y
11/12/2020 Minerals Technologies Inc MTX Elementis PLC ELM Chemicals-Specialty 769.76 132.30 1.30 23 N
11/5/2021 Durational - Sanderson Farms Inc SAFM Poultry 4248.45 190.27 142.00 - Y
10/5/2020 Comtech Telecommunications Cor CMTL Gilat Satellite Networks Ltd GILT Wireless Equipment 1295.31 2291.00 8.48 43 N
10/5/2020 NextEra Energy Inc NEE Duke Energy Corp DUK Electric-Integrated 79845.27 103.83 - 19 Y
9/21/2020 Nexpoint Hospitality Trust NHT/U Condor Hospitality Trust Inc CDOR REITS-Hotels 116.75 7.93 11.00 169 N
9/8/2020 Private - StoneMor Inc STON Funeral Serv&Rel Items 268.31 2.27 0.80 189 Y
8/17/2020 Apollo Global Management Inc APO Big Lots Inc BIG Retail-Discount 1281.47 41.96 - -13 Y
6/29/2020 Synacor Inc SYNC Qumu Corp QUMU Applications Software 33.25 1.87 1.61 -22 Y
8/13/2020 Thermo Fisher Scientific Inc TMO QIAGEN NV QGEN Diagnostic Kits 12451.19 54.77 43.00 13 Y
6/16/2020 B Riley Financial Inc RILY Spok Holdings Inc SPOK Telecom Services 169.10 8.68 12.00 -2 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 105.82 1.76 4.87 17 N
5/26/2020 Independent Bank Group Inc IBTX Texas Capital Bancshares TCBI Commer Banks-Central US 2965.60 58.60 5.87 113 Y
www.KEDM.com
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)
5/14/2020 Apollo Global Management Inc APO Tutor Perini Corp TPC Building-Heavy Construct 651.89 12.76 17.00 91 Y
4/27/2020 Alphatec Holdings Inc ATEC EOS Imaging SA EOSI Medical Imaging Systems - - 2.80 - N
4/6/2020 Woodward Inc WWD Hexcel Corp HXL Aerospace/Defense-Equip 4106.63 48.95 37.26 56 Y
4/3/2020 Exxon Mobil Corp XOM Hugoton Royalty Trust HGTXU Oil-US Royalty Trusts 7.19 0.18 38.26 5 Y
3/31/2020 Xerox Holdings Corp XRX HP Inc HPQ Computers 40331.42 37.25 21.22 126 Y
3/29/2020 Apollo Global Management Inc APO TEGNA Inc TGNA Publishing-Newspapers 4226.47 19.10 20.00 50 Y
3/18/2020 Public Storage PSA National Storage REIT NSR REITS-Storage 2995.78 2.52 2.40 108 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 1297 Commer Banks-Central US 1/18/2022 32 3 for 2 - Y

ZME Zhangmen Education Inc 180 Internet Content-Info/Ne 12/23/2021 6 1 for 8 - N
PLUS ePlus Inc 1418 B2B/E-Commerce 12/14/2021 - 2 for 1 0 Y
QTT Qutoutiao Inc 98 Computer Software 12/10/2021 - 1 for 10 -12 Y
CRGY Crescent Energy Inc 2321 Oil Comp-Explor&Prodtn 12/8/2021 - 1 for 5 -19 Y
ANET Arista Networks Inc 41406 Networking Products 11/18/2021 - 4 for 1 2 Y
YQ 17 Education & Technology Grou 65 Educational Software 11/17/2021 - 1 for 4 -52 Y
OFSTF Carbon Streaming Corp 268 Invest Mgmnt/Advis Serv 10/25/2021 - 1 for 5 9 N
SONX Sonendo Inc 220 Medical Instruments 10/22/2021 - 40 for 73 -32 N
TRDA Entrada Therapeutics Inc 487 Medical-Biomedical/Gene 10/22/2021 - .1382 : 1 -22 N
AURA Aura Biosciences Inc 498 Medical-Biomedical/Gene 10/22/2021 - .072993 : 1 21 N
UTRS Minerva Surgical Inc 141 Medical Products 10/14/2021 - .165399 : 1 -59 N
MCHP Microchip Technology Inc 47197 Electronic Compo-Semicon 10/13/2021 - 2 for 1 21 Y
BBLG Bone Biologics Corp 38 Medical-Biomedical/Gene 10/13/2021 - 2 for 5 -28 N
ISRG Intuitive Surgical Inc 121596 Medical Instruments 10/5/2021 - 3 for 1 3 Y
HCANF Halo Collective Inc 34 Medical-Drugs 10/12/2021 - 1 for 100 -57 N
XPRO Expro Group Holdings NV 1428 Oil-Field Services 10/4/2021 - 1 for 6 -37 Y
USWS US Well Services Inc 71 Oil-Field Services 10/1/2021 - 2 for 7 -47 N
INMD Inmode Ltd 5075 Medical Products 10/1/2021 - 2 for 1 -16 Y
TOYOF Toyota Motor Corp 304870 Auto-Cars/Light Trucks 9/29/2021 - 5 for 1 -5 N
EVGDF Elevation Gold Mining Corp 41 Precious Metals 9/24/2021 - 1 for 6 -43 N
XRTX XORTX Therapeutics Inc 24 Medical-Biomedical/Gene 9/23/2021 - .085179 : 1 -63 N
NEVDF Nevada Copper Corp 195 Metal-Copper 9/21/2021 - 1 for 10 -16 N
FSFG First Savings Financial Group 192 S&L/Thrifts-Central US 9/16/2021 - 3 for 1 -5 N
JAGX Jaguar Health Inc 53 Veterinary Diagnostics 9/8/2021 - 1 for 3 -57 Y
ACST Acasti Pharma Inc 48 Medical-Drugs 8/31/2021 - 1 for 8 -59 Y
STG Sunlands Technology Group 65 Internet Content-Info/Ne 8/31/2021 - 2 for 25 -28 N
AADI Aadi Bioscience Inc 527 Medical-Biomedical/Gene 8/27/2021 - 1 for 15 -3 Y
MEAUF Moneta Gold Inc 131 Gold Mining 8/26/2021 - 1 for 6 -19 N
PTMN Portman Ridge Finance Corp 236 Investment Companies 8/26/2021 - 1 for 10 5 Y
BTCS BTCS Inc 42 E-Commerce/Products 8/17/2021 - 1 for 10 -36 N
ATXS Astria Therapeutics Inc 74 Medical-Biomedical/Gene 8/20/2021 - 1 for 6 -25 Y
ZPTAF Surge Energy Inc 255 Oil Comp-Explor&Prodtn 8/20/2021 - 2 for 17 -3 N
AAZZF A2Z Smart Technologies Corp 181 Electronics-Military 8/20/2021 - 1 for 3 42 N
MIGI Mawson Infrastructure Group In 500 Computer Software 8/13/2021 - 1 for 10 -9 N
CRDV Community Redevelopment Inc 132 Real Estate Oper/Develop 8/4/2021 - 1 for 100 38 N
WKSP Worksport Ltd 51 Auto/Trk Prts&Equip-Orig 8/4/2021 - 1 for 20 -29 Y
GE General Electric Co 101600 Diversified Manufact Op 8/2/2021 - 1 for 8 -8 Y
SWI SolarWinds Corp 2257 Computer Software 8/2/2021 - 1 for 2 -31 Y
SBET SharpLink Gaming Ltd 47 Applications Software 7/28/2021 - 1 for 2 -60 N
MITT AG Mortgage Investment Trust I 239 REITS-Mortgage 7/23/2021 - 1 for 3 -1 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 120 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 76 - - - -
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 7,604 - - 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 9 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 23 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 194 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 57 OTC NASDAQ Uplist -
Inc remove the burden of daily injections. Modular Medical serves customers in the United States.
Numinus Wellness Numinus Wellness Inc. provides psychological treatments. The Company offers various types of
NUMI CN 12/16/2021 110 Venture TSX Uplist 2
Inc solutions for mental illness. Numinus Wellness serves customers in Canada.
Sangoma Technologies Corporation develops, manufactures, and markets connectivity hardware
Sangoma and software products for wide area networks and Internet infrastructure. The Company's
SANG 12/16/2021 324 TSX NASDAQ Dual -3
Technologies Corp product lines include wide area network routing solutions, communications modules, and
technology licensing to original equipment manufacturers.
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 54 OTC NASDAQ Uplist -10
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 187 OTC NASDAQ Uplist -22
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 20 OTC NASDAQ Uplist/Offering -16
Technologies Inc revolutionize location-based mobile marketing platforms by creating a Universal Location Based
Mobile Marketing Ecosystem through a single platform.
www.KEDM.com
Return since
Market Uplist or
Ticker Company Effective Date Business Description Prior Exchange New Exchange listing
Cap ($M) downlist?
change (%)
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 15 PINK NASDAQ Uplist/Offering -7
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. 56 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
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 95 OTC Nasdaq Uplist -3
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 56 OTC Nasdaq Uplist/Offering 2
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 51 OTC NASDAQ Uplist -
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 89 Venture TSX Uplist -23
Mining Corp Project located within the Similkameen Mining District in southern British Columbia.
Contango ORE, Inc. operates as a mineral exploration company. The Company explores gold,
CTGO Contango ORE Inc 11/19/2021 178 OTC AMEX Uplist 27
copper, silver, and other valuable minerals. Contango ORE serves clients in the United States.
Annovis Bio, Inc. operates as a biotechnology company. The Company develops drugs for
ANVS Annovis Bio Inc 11/18/2021 alzheimer's and parkinson's disease, including the orphan indication dementia and alzheimer's in 158 AMEX NYSE Uplist -28
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, 308 Venture TSX Uplist -9
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 102 OTC Nasdaq Uplist -50
Technology Inc
www.KEDM.com
Strategic Alternatives Monitor

Companies currently exploring strategic alternatives or reviews to unlock shareholder value (trailing 60)
Initial Return
Ticker Company Announcement Market Cap ($M) Sector since PR Link Notes and Type of Transaction
Date (%)
The Board initiated a strategic review of our body armor business after a
AVON LN Avon Protection PLC 11/11/2021 289 Firearms&Ammunition -41 Link failure during testing UPDATE 122/15: Avon is winding down its body and
flat armour business
Company will hire bankers to conduct a review of WiLAN, its patent

QTRH CN Quarterhill Inc 12/15/2021 313 Electronic Parts Distrib -2 Link
licensing division
Company is exploring alternatives after rejecting a non-solicited, non-

binding offer from IR at $85/sh UPDATE 9/1: IR revokes their interest in
FLOW SPX FLOW Inc 7/26/2021 3617 Machinery-Pumps 4 Link
participating in Strategic Alternatives process UPDATE 12/13: Lonestar
offers 86.50
Board of directors has authorized a review of strategic alternatives,

INPX Inpixon 12/14/2021 89 Computer Software 5 Link including a possible asset sale, merger with another company or spin-off
of one or more of Inpixon's business units
Clear Channel Outdoor announced that its Board has authorized a review
CCO Clear Channel Outdoor Holdings 12/13/2021 1492 Advertising Sales -3 Link of strategic alternatives for its European business, including a possible
sale.
CNC Centene Corp 12/10/2021 48623 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 29395 Medical Labs&Testing Srv 30 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 29 Electronic Compo-Misc 33 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 7 Data Processing/Mgmt -62 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 104277 Oil Comp-Explor&Prodtn 7 LINK Oil and gas company Lundin Energy is considering a potential sale
ESNT LN Essentra PLC 11/26/2021 956 Containers-Paper/Plastic 6 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 21 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
www.KEDM.com
Initial Return
Ticker Company Announcement Market Cap ($M) Sector since PR Link Notes and Type of Transaction
Date (%)
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 512 Advertising Sales 10 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 166 Non-Ferrous Metals -19 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 109 Applications Software -25 LINK strategic review of the overall Company, including the immediate
restructuring of the CEO role.
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. Update 12/14 - Preliminary prospectus filed.
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
www.KEDM.com
Announcement
Date
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.
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
www.KEDM.com
Announcement
Date
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
‘Caixa Seguradora,’ the insurance company of the federal bank, is said to be the first in-
Caixa line to be privatized as the government of Brazil pursues an IPO of R$15 billion (Euros 2,5
8/1/2020 CXSE 3 BZ Brazil Insurance Sao Paulo Balcao Unknown LINK
Seguridade billion) for the state assets to be floated on the Sao Paulo Balcão. UPDATE: PROSPECTUS
FILED; UPDATE: IPO priced 9.67 reais
The government is looking at launching initial public offering (IPO) of Indian Railway
Indian Railway
7/1/2020 IRFC IN India Finance; rail National India 1/29/2021 Finance Corp Ltd (IRFC) in Q1. The government has set a price of 25-26/sh to be sold 1/18- LINK
Finance Corp
1/20 for appx. 14% of the company.
The actuarial firm selected on 12/31; IPO is slowly progressing. On 2/2, the Finance
Minister stated that the IPO will take place in 2021. Up to 10% of the issue size to be
reserved for policyholders. On 5/5, Bloomberg stated the Govt. plans to sell all or part of
49.2% ownership in LIC. Update 7/13/2021 - The cabinet committee cleared the IPO
proposal. Ministers will decide on various issues. LIC could be valued at $261 bil. Update
7/15/2021 - The govt invites bids from bankers and legal advisors. Update 7/23/2021 -
Local newspaper reported that the 10% sale could be offered in two stages to avoid price
Life Insurance
pressure. 8/25/2021 - The govt considers allowing FDI in LIC IPO. The govt is gathering
6/1/2020 Corporation of - India Insurance - 2022 LINK
proposals from banks. Update 8/27 - Ten banks were selected to manage the IPO. Govt is
India
now seeking bids for law firms and legal advisers. Update 9/5/2021 - 16 merchant banks
expressed interest to manage the IPO. Update 9/8/2021 - LIC employee union is planning
to protest against the IPO, stating it will kill jobs. Update 9/9 - Govt appointed 10 merchant
bankers for LIC IPO (inc. Goldman Sachs, JP Morgan, Citigroup etc). Update 9/22 - India
may block China investors from participating in the IPO. Update 9/23 - Four law firms bid
to work on the IPO. Update 11/18 - Govt. confirmed that the IPO would take place
between Jan and Mar of 2022.
Indonesian Stock The company is looking to make its upstream subholding, Pertamina EP, the next
6/1/2020 Pertamina EP - Indonesia Upstream oil By 2022 LINK
Exchange subsidiary to conduct an initial public offering (IPO)
Vietnam's Power Generation Corp, a sub of Vietnam Electricity will hold a public auction
Vietnam Ho Chi Minh City
5/1/2020 GE2 VN Vietnam Utilities on 2/8 for 49% of the corp; initial price indicated at 24,520 dong. UPDATE: IPO'd in May LINK
Electricity Stock Exchange
2021
The privatization of the postal service was halted because of Israel's repeated elections
and the delay in forming a new government. Now, The Israel Postal Company seeks to get
the process moving again. It has decided to sell 40% of the shares in the company in two
Israel Postal Tel Aviv Stock stages: first, an sale of 20% of the state's shares to a private investor, followed by an
5/1/2020 - Israel Postal Service Unknown LINK
Company Exchange offering on the Tel Aviv Stock Exchange. Update 10/19 - State Comptroller published a
report showing company's declining financial condition for years, despite its privatization
preparation. Update 11/29 - The Treasury proposed IPO for 40%. A number of
privatization options are being considered.
www.KEDM.com
Announcement
Date
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.
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 the
North Shore Trust and
Announced NSTS mutual holding company to stock form of organization. Update 10/18: Amended S1 filed (link right) UPDATE 11/10: Agency - - LINK
Savings
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 the
Texas Community
Trading TCBS mutual holding company to the stock holding company form of organization. The Company’s common stock is expected to begin - 7/15/2021 LINK
Bancshares Inc
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 holding
company and will conduct a second-step stock offering of new shares of common stock; to be named PDL Community Financial
PDL Bancorp. Announced PDLB 5/25/2021 - LINK
Corp. UPDATE 11/16: Agency agreement signed with Janney Montgomery Scott (Janney) to market the offering UPDATE 12/15:
Sufficient orders were received in the subscription offering and that no community offering or syndicated offering will be held.
Conversion pending upon regulatory and stockholder approval
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. Landry
St Landry Homestead
Trading CLST Homestead by owning all of its outstanding shares of capital stock. UPDATE 8/6: Notice of Effectiveness; Agency agreement signed 3/12/2021 10/13/2021 LINK
Federal Sa
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. UPDATE 4/23:
Prosper Bank Trading PBBK Amended S1 filed UPDATE 5/7: S1-A filed UPDATE 5/20: Company enetered into an Agency Agreement with Piper Sandler who will 3/12/2021 7/15/2021 LINK
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
Cullman Bancorp, Inc Trading CULL offering commencing; 3.7-4.3m shares offered at 10; open until June 17. UPDATE: Offering complete; no syndicated offering will 3/10/2021 7/15/2021 LINK
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 $12.96. Trades on Nasdaq on 07/15/21.
TC Federal Bank, a federally chartered savings bank headquartered in Thomasville, Georgia, adopted a Plan of Conversion pursuant
to which TC Federal Bank will convert from a mutual to a stock savings institution. December 31, 2019 has been established as
TC Federal Bank Trading TCBC 3/10/2021 7/21/2021 LINK
the eligibility record date for determining eligible account holders entitled to receive non-transferable rights to subscribe for the
shares of common stock offered in the reorganization. UPDATE 7/20: IPO complete; will trade on Nasdaq under TCBC on 7/21
1895 Bancorp of Wisconsin, the parent company for PyraMax Bank, announced today that its Board of Directors, together with
the Boards of Directors of 1895 Bancorp of Wisconsin, MHC (the "MHC") and the Bank, have unanimously adopted a Plan of
Conversion and Reorganization (the "Plan of Conversion"). In the stock offering, depositors of the Bank with qualifying deposits
as of December 31, 2019 will have first priority to purchase shares of common stock. 1895 Bancorp of Wisconsin, Inc. is
1895 Bancorp of headquartered in Greenfield, Wisconsin and is the registered savings and loan holding company of the Bank. The Bank conducts
Wisconsin (PyraMax Trading BCOW its operations from our six full-service banking offices. UPDATE 5/11: BCOW retains KBW to assist in selling the shares; agency 3/2/2021 7/15/2021 LINK
Bank) agreement at link on right UPDATE 5/17: Stock offering commences; offering 3.542m at 10$ 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 = $13.99; Trading as of 7/15
www.KEDM.com
Announcement
Date
On February 25, 2021, Magyar Bancorp, MHC (the “MHC”), the parent mutual holding company of Magyar Bancorp, Inc. (the
“Company”), adopted a Plan of Conversion and Reorganization (the “Plan”) pursuant to which the MHC will undertake a “second-
step” conversion and Magyar Bank, the Company’s wholly owned subsidiary, will reorganize from the two-tier mutual holding
company structure to the fully-public stock holding company structure. Magyar is HQ'd in New Brunswick, NJ and operates 7
locations. UPDATE: S1 filed (link right) UPDATE 4/20: Earnings release. UPDATE 5/3 Amended S1 filed UPDATE 5/14: Agency
Magyar Bancorp Trading MGYR 2/26/2021 7/15/2021 LINK
agreement signed with Keefe; selling 2.9-3.9m shares UPDATE 5/24: Offering commenced; 3.9m shares at 10$ UPDATE 6/30:
Stockholders and depositors approved the Conversion; sufficient orders recieved; no community or syndicated offering;
transaction to close in mid-July UPDATE 7/12: Magyar Bancorp, Inc. (MGYR) second step conversion . The Bank sold 3,910,000
shares which is the max. Exchange ratio=1.2213. Shares outstanding after the conversion 7,098,070. New stock trades 07/15/21
under the same symbol. Approximate TBV= $12.83.
Blue Foundry Bancorp adopted a Plan of Conversion whereby the Mutual Holding Company will convert to the fully stock holding
company structure. As a result of the conversion, the Mutual Holding Company will no longer exist and Blue Foundry Bancorp,
which is currently the mid-tier stock holding company subsidiary of the Mutual Holding Company and owns all of the Bank’s
Blue Foundry Trading BLFY common stock, will be succeeded by a Delaware corporation. UPDATE 3/10: Prospectus filed; link right. UPDATE 4/20: Amended 1/20/2021 7/16/2021 LINK
S1 filed UPDATE 5/5: Amended S1 filed UPDATE 5/18: Agency agreement signed; selling 18-24m shares at 10$ 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 or hold over
Marathon Bancorp Trading MBBC 50$ at the bank. UPDATE: Filed an amended S1 on 1/29. UPDATE 2/17 - Filed an 8k on the hiring of Janney who will market the 11/20/2020 4/16/2021 LINK
common stock during the offering. UPDATE 3/30: Memeber of Marathon Bank approved the Bank's Plan of Reorg to a Mutual
Holding Company. UPDATE 4/16: Expected to trade on OTC Pink on 4/16 under ticker MBBC
NorthEast will sell its majority ownership in the Company to the public and the Company, which is currently in the mutual holding
company structure, will reorganize to a fully public stock holding company in a transaction commonly referred to as a “second
NorthEast Community
Trading NECB step” conversion. UPDATE 3/8: S1 filed UPDATE 4/26: Amended S-1 filed. UPDATE 5/10: Amended S1 filed UPDATE 5/20: Entered 11/4/2020 Q1 2021 LINK
Bancorp, Inc.
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 each
NGXGROUP by way of introduction on the Nigerian Exchange Limited. Shareholders approved the demutualization at the AGM on 11/18. Listing
Nigerian Stock Exchange Trading 11/2/2020 4/14/2021 LINK
NL 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 S1 (see link).
Willliam Penn Bancorp Trading WMPN UPDATE: Hired Piper Sandler to assist in selling shares in the conversion and offering. UPDATE 2/12: WMPN filed an 8k extending 9/16/2020 3/25/2021 LINK
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
AFBI is offering for sale up to 3,220,000 shares, subject to increase to up to 3,703,000 shares, of common stock at a purchase price of
Affinity Bancshares Inc Trading 9/8/2020 LINK LINK
(old:CFBI) $10.00 per share. The shares will be offered in a subscription offering to certain depositors of the Bank 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 banking,
Eastern Bankshares Inc Trading EBC 6/18/2020 10/15/2020 LINK
trust, and investment services, as well as insurance services, through its full-service bank branches and insurance 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 demutualization to be
Economical Insurance Trading - held on May 20, 2021. Economical is planning to complete its demutualization in Fall 2021. UPDATE 5/20: Policyholders voted in 2019 11/18/2021 LINK
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 the 6/7/2019 10/17/2020 -
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 serves 3/11/2020 8/15/2020 -
Richmond Mutual Bancorporation, Inc. operates as a bank holding company. The Company, through its subsidiaries, provides
Richmond Mutual
Trading RMBI savings accounts, online and mobile banking, loans, home equity line of credit, mortgages, credit cards, cash management, 3/11/2020 7/2/2020 -
BanCorp Inc
investment, and custody services. Richmond Mutual Bancorporation serves customers in the United States.
www.KEDM.com
ARK Monitor
New additions to active ETFs managed by ARK Invest; trailing 60 days
Amount
ETF AUM Value ETF (% of Return since
Ticker Name Sector Date Of Add Fund ETF Name
(M) Bought (M) Weighting Mkt add (%)
Cap)
EDR Endeavor Group Holdings Inc Multimedia 12/13/2021 ARKW ARK Next Generation Internet E 3964 4 0.10% 0.10% 6%
NU UN NU Holdings Ltd/Cayman Islands Diversified Banking Inst 12/9/2021 ARKF ARK Fintech Innovation ETF 2410 13 0.50% 0.54% -8%
RBLX ROBLOX Corp Entertainment Software 12/2/2021 ARKK ARK Innovation ETF 16657 43 0.25% 0.26% -15%
XPEV XPeng Inc Auto-Cars/Light Trucks 12/2/2021 ARKQ ARK Autonomous Technology & Ro 2209 13 0.56% 0.59% -13%
TWTR Twitter Inc Internet Content-Entmnt 11/30/2021 ARKF ARK Fintech Innovation ETF 2410 14 0.51% 0.58% 0%
MNDY Monday.com Ltd Applications Software 11/22/2021 ARKW ARK Next Generation Internet E 3964 10 0.20% 0.25% -14%
MYNA Mynaric AG Wireless Equipment 11/12/2021 ARKX ARK Space Exploration & Innova 471 7 1.18% 1.38% -31%
DDD 3D Systems Corp Computers-Other 11/11/2021 ARKK ARK Innovation ETF 16657 51 0.25% 0.31% -14%
ALLO Allogene Therapeutics Inc Medical-Biomedical/Gene 11/1/2021 ARKG ARK Genomic Revolution ETF 5315 4 0.05% 0.08% -19%
FB Meta Platforms Inc Internet Content-Entmnt 10/28/2021 ARKW ARK Next Generation Internet E 3964 27 0.50% 0.68% 5%
PAGS Pagseguro Digital Ltd Finance-Credit Card 10/25/2021 ARKF ARK Fintech Innovation ETF 2410 3 0.09% 0.12% -34%
DDD 3D Systems Corp Computers-Other 10/25/2021 ARKX ARK Space Exploration & Innova 471 2 0.38% 0.43% -25%
TOST Toast Inc Commercial Serv-Finance 9/22/2021 ARKF ARK Fintech Innovation ETF 2410 1 0.03% 0.04% -45%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 9/17/2021 ARKK ARK Innovation ETF 16657 121 0.56% 0.73% -12%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 9/17/2021 ARKG ARK Genomic Revolution ETF 5315 116 1.54% 2.18% -12%
ACHR Archer Aviation Inc Aerospace/Defense 9/17/2021 ARKQ ARK Autonomous Technology & Ro 2209 42 1.40% 1.90% -28%
ACHR Archer Aviation Inc Aerospace/Defense 9/17/2021 ARKX ARK Space Exploration & Innova 471 6 1.00% 1.28% -28%
PFE Pfizer Inc Medical-Drugs 8/18/2021 ARKG ARK Genomic Revolution ETF 5315 8 0.10% 0.15% 21%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKQ ARK Autonomous Technology & Ro 2209 14 0.50% 0.63% -24%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKG ARK Genomic Revolution ETF 5315 43 0.50% 0.81% -24%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKF ARK Fintech Innovation ETF 2410 9 0.25% 0.37% -24%
PLTR Palantir Technologies Inc Enterprise Software/Serv 8/12/2021 ARKX ARK Space Exploration & Innova 471 2 0.25% 0.43% -24%
SGFY Signify Health Inc Medical Information Sys 8/11/2021 ARKK ARK Innovation ETF 16657 20 0.09% 0.12% -44%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 8/5/2021 ARKK ARK Innovation ETF 16657 19 0.08% 0.11% 7%
GENI Genius Sports Ltd Internet Gambling 8/5/2021 ARKW ARK Next Generation Internet E 3964 5 0.08% 0.13% -56%
LPSN LivePerson Inc Enterprise Software/Serv 8/4/2021 ARKW ARK Next Generation Internet E 3964 16 0.26% 0.40% -44%
DNA Ginkgo Bioworks Holdings Inc Medical Labs&Testing Srv 8/3/2021 ARKG ARK Genomic Revolution ETF 5315 2 0.02% 0.04% 8%
ETSY Etsy Inc E-Commerce/Products 8/2/2021 ARKF ARK Fintech Innovation ETF 2410 12 0.33% 0.50% 18%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKK ARK Innovation ETF 16657 126 0.55% 0.76% -47%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKW ARK Next Generation Internet E 3964 21 0.35% 0.53% -47%
HOOD Robinhood Markets Inc Internet Brokers 7/29/2021 ARKF ARK Fintech Innovation ETF 2410 13 0.36% 0.54% -47%
CRBU Caribou Biosciences Inc Medical-Biomedical/Gene 7/23/2021 ARKG ARK Genomic Revolution ETF 5315 25 0.28% 0.47% -3%
SMFR Sema4 Holdings Corp Medical-Biomedical/Gene 7/23/2021 ARKG ARK Genomic Revolution ETF 5315 53 0.60% 1.00% -60%
KIND Nextdoor Holdings Inc Internet Content-Entmnt 7/12/2021 ARKW ARK Next Generation Internet E 3964 1 0.02% 0.03% -24%
FTCH Farfetch Ltd E-Commerce/Products 7/12/2021 ARKF ARK Fintech Innovation ETF 2410 4 0.09% 0.15% -37%
FTCH Farfetch Ltd E-Commerce/Products 7/6/2021 ARKW ARK Next Generation Internet E 3964 21 0.34% 0.53% -37%
SPLK Splunk Inc Computer Software 6/18/2021 ARKW ARK Next Generation Internet E 3964 24 0.41% 0.61% -14%
QSI Quantum-Si Inc Diagnostic Equipment 6/17/2021 ARKG ARK Genomic Revolution ETF 5315 6 0.06% 0.11% -25%
VERV Verve Therapeutics Inc Medical-Biomedical/Gene 6/17/2021 ARKG ARK Genomic Revolution ETF 5315 17 0.19% 0.32% 11%
BZ Kanzhun Ltd E-Commerce/Services 6/11/2021 ARKW ARK Next Generation Internet E 3964 1 0.03% 0.04% -4%
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
(%)
AA Alcoa Corp Metal-Aluminum MidCap 400 - 12/13/2021 12/20/2021 10053 12 -
ABNB Airbnb Inc E-Commerce/Services Nasdaq100 - 12/10/2021 12/20/2021 100334 -12 -
FTNT Fortinet Inc Computer Data Security Nasdaq100 - 12/10/2021 12/20/2021 54581 0 -
PANW Palo Alto Networks Inc Internet Security Nasdaq100 - 12/10/2021 12/20/2021 52307 0 -
LCID Lucid Group Inc Auto-Cars/Light Trucks Nasdaq100 - 12/10/2021 12/20/2021 65871 6 -
ZS Zscaler Inc Computer Data Security Nasdaq100 - 12/10/2021 12/20/2021 42707 0 -
DDOG Datadog Inc Computer Software Nasdaq100 - 12/10/2021 12/20/2021 53093 -3 -
ARTG CN Artemis Gold Inc Gold Mining GDXJ - 12/10/2021 12/10/2021 1006 - -8
AMC CN Arizona Metals Corp Gold Mining GDXJ - 12/10/2021 12/10/2021 523 - -1
PRYM CN Prime Mining Corp Precious Metals GDXJ - 12/10/2021 12/10/2021 455 - -11
EPAM EPAM Systems Inc Computer Services S&P 500 - 12/07/2021 12/14/2021 36092 7 -4
SBNY Signature Bank/New York NY Commer Banks-Eastern US S&P 500 MidCap 400 12/03/2021 12/20/2021 18338 -1 -
SEDG SolarEdge Technologies Inc Energy-Alternate Sources S&P 500 MidCap 400 12/03/2021 12/20/2021 16045 -6 -
FDS FactSet Research Systems Inc Multimedia S&P 500 MidCap 400 12/03/2021 12/20/2021 17667 1 -
LEG Leggett & Platt Inc Home Furnishings MidCap 400 S&P 500 12/03/2021 12/20/2021 5531 -8 -
HBI Hanesbrands Inc Apparel Manufacturers MidCap 400 S&P 500 12/03/2021 12/20/2021 5874 -1 -
WU Western Union Co/The Finance-Credit Card MidCap 400 S&P 500 12/03/2021 12/20/2021 7369 2 -
M Macy's Inc Retail-Regnl Dept Store MidCap 400 SmallCap 600 12/03/2021 12/20/2021 7485 -8 -
VICR Vicor Corp Electronic Connectors MidCap 400 SmallCap 600 12/03/2021 12/20/2021 5271 -12 -
POWI Power Integrations Inc Semicon Compo-Intg Circu MidCap 400 SmallCap 600 12/03/2021 12/20/2021 5417 -11 -
TR Tootsie Roll Industries Inc Food-Confectionery SmallCap 600 MidCap 400 12/03/2021 12/20/2021 2600 9 -
TDS Telephone and Data Systems Inc Telephone-Integrated SmallCap 600 MidCap 400 12/03/2021 12/20/2021 2270 7 -
NKTR Nektar Therapeutics Medical-Biomedical/Gene SmallCap 600 MidCap 400 12/03/2021 12/20/2021 2392 26 -
AGFY Agrify Corp Machinery-Farm MSOS - 12/02/2021 12/02/2021 224 -27 -27
UGRO Urban-Gro Inc Machinery-Farm MSOS - 12/02/2021 12/02/2021 107 1 1
AFCG AFC Gamma Inc REITS-Mortgage MSOS - 12/02/2021 12/02/2021 322 -9 -9
BRKR Bruker Corp Medical Instruments MidCap 400 - 11/24/2021 12/02/2021 11913 2 -3
KAR KAR Auction Services Inc Distribution/Wholesale SmallCap 600 MidCap 400 11/24/2021 12/02/2021 1866 3 -2
CARS Cars.com Inc E-Commerce/Services SmallCap 600 - 11/24/2021 12/02/2021 1079 17 -6
NVEE NV5 Global Inc Building&Construct-Misc SmallCap 600 - 11/24/2021 12/02/2021 1955 12 -2
SITM SiTime Corp Electronic Compo-Semicon MidCap 400 - 11/22/2021 11/30/2021 5373 18 -12
EBS Emergent BioSolutions Inc Medical-Biomedical/Gene SmallCap 600 MidCap 400 11/22/2021 11/30/2021 2275 11 2
THRY Thryv Holdings Inc Publishing-Periodicals SmallCap 600 - 11/17/2021 11/24/2021 1293 - -
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 748 3 -26
KD Kyndryl Holdings Inc Computer Services MidCap 400 - 11/01/2021 11/05/2021 4097 -28 -25
NTCT NetScout Systems Inc Computers-Integrated Sys SmallCap 600 MidCap 400 11/01/2021 11/05/2021 2436 20 -4
CDMO Avid Bioservices Inc Medical-Biomedical/Gene SmallCap 600 - 10/25/2021 10/29/2021 1581 18 -15
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) (%)
CDW CDW Corp/DE Nasdaq100 N - 12/10/2021 12/20/2021 25,797 E-Services/Consulting -
FOXA/FOX Fox Corp Nasdaq100 N - 12/10/2021 12/20/2021 20,369 Broadcast Serv/Program -
CERN Cerner Corp Nasdaq100 N - 12/10/2021 12/20/2021 26,412 Medical Information Sys -
CHKP Check Point Software Technolog Nasdaq100 N - 12/10/2021 12/20/2021 15,171 Computer Data Security -
TCOM Trip.com Group Ltd Nasdaq100 N - 12/10/2021 12/20/2021 14,572 E-Commerce/Services -
INCY Incyte Corp Nasdaq100 N - 12/10/2021 12/20/2021 16,101 Medical-Biomedical/Gene -
FVL CN Freegold Ventures Ltd GDXJ N - 12/10/2021 12/10/2021 119 Gold Mining -7
LEG Leggett & Platt Inc S&P 500 Y MidCap 400 12/03/2021 12/20/2021 5,531 Home Furnishings -
HBI Hanesbrands Inc S&P 500 Y MidCap 400 12/03/2021 12/20/2021 5,874 Apparel Manufacturers -
WU Western Union Co/The S&P 500 Y MidCap 400 12/03/2021 12/20/2021 7,369 Finance-Credit Card -
SBNY Signature Bank/New York NY MidCap 400 Y S&P 500 12/03/2021 12/20/2021 18,338 Commer Banks-Eastern US -
SEDG SolarEdge Technologies Inc MidCap 400 Y S&P 500 12/03/2021 12/20/2021 16,045 Energy-Alternate Sources -
FDS FactSet Research Systems Inc MidCap 400 Y S&P 500 12/03/2021 12/20/2021 17,667 Multimedia -
TR Tootsie Roll Industries Inc MidCap 400 Y SmallCap 600 12/03/2021 12/20/2021 2,600 Food-Confectionery -
TDS Telephone and Data Systems Inc MidCap 400 Y SmallCap 600 12/03/2021 12/20/2021 2,270 Telephone-Integrated -
NKTR Nektar Therapeutics MidCap 400 Y SmallCap 600 12/03/2021 12/20/2021 2,392 Medical-Biomedical/Gene -
M Macy's Inc SmallCap 600 Y MidCap 400 12/03/2021 12/20/2021 7,485 Retail-Regnl Dept Store -
VICR Vicor Corp SmallCap 600 Y MidCap 400 12/03/2021 12/20/2021 5,271 Electronic Connectors -
POWI Power Integrations Inc SmallCap 600 Y MidCap 400 12/03/2021 12/20/2021 5,417 Semicon Compo-Intg Circu -
KAR KAR Auction Services Inc MidCap 400 Y SmallCap 600 11/24/2021 12/02/2021 1,866 Distribution/Wholesale -2
EBS Emergent BioSolutions Inc MidCap 400 Y SmallCap 600 11/22/2021 11/30/2021 2,275 Medical-Biomedical/Gene 2
DAKT Daktronics Inc SmallCap 600 N - 11/09/2021 11/16/2021 229 Audio/Video Products -3
AAOI Applied Optoelectronics Inc SmallCap 600 N - 11/04/2021 11/09/2021 157 Electronic Compo-Misc -1
NTCT NetScout Systems Inc MidCap 400 Y SmallCap 600 11/01/2021 11/05/2021 2,436 Computers-Integrated Sys -4
IVC Invacare Corp SmallCap 600 N - 11/01/2021 11/05/2021 85 Medical Products -43
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 1
CWEB CN Charlottes Web Holdings Inc MSOS N - 10/27/2021 10/27/2021 197 Medical-Drugs -31
TREE LendingTree Inc MidCap 400 Y SmallCap 600 10/18/2020 10/22/2021 1,610 Finance-Consumer Loans -17
KRG Kite Realty Group Trust SmallCap 600 Y MidCap 400 10/18/2021 10/22/2021 4,488 REITS-Shopping Centers -3
MRCQF Glass House Brands Inc MSOS N - 09/23/2021 09/03/2021 196 Consumer Products-Misc -
UNM Unum Group S&P 500 Y MidCap 400 09/03/2021 09/20/2021 4,927 Life/Health Insurance 0
NOV NOV Inc S&P 500 Y MidCap 400 09/03/2021 09/20/2021 5,149 Oil Field Mach&Equip 3
PRGO Perrigo Co PLC S&P 500 Y MidCap 400 09/03/2021 09/20/2021 4,864 Medical-Generic Drugs -12
CDAY Ceridian HCM Holding Inc MidCap 400 Y S&P 500 09/03/2021 09/20/2021 15,664 Enterprise Software/Serv -4
BRO Brown & Brown Inc MidCap 400 Y S&P 500 09/03/2021 09/20/2021 19,222 Insurance Brokers 17
WW WW International Inc MidCap 400 Y SmallCap 600 09/03/2021 09/20/2021 1,134 Commercial Services -17
HCSG Healthcare Services Group Inc MidCap 400 Y SmallCap 600 09/03/2021 09/20/2021 1,283 Food-Catering -31
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 - Registration
TeraWulf to come public. IKNX shareholders to statement filed. Update 8/11/2021 - Made a few
18 months receive $5, one CVR and one share of MergedCo. amendments to the Merger agreement and
6/25/21 - TeraWulf IKNX Ikonics Corp. H2 2021 - - LINK
from close CVRs to receive 95% of proceeds from sale of any plans to announce Extraordinary General
legacy businesses following 18 months after close 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. Update 12/13 - The Merger was
consummated. Will be removed next week.
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 $3.40), which
JCS/Pineapple merging; JCS will sell assets and will be used to fund Pineapple's strategic
provide 1$ to shareholders and a CVR. CVR (non- initiatives. The financing is subject to JCS's
transferable) holders will have the rights to receive shareholders. The institutional investors will not
percentage of the net proceeds from remaining receive any CVRs. Update 7/28/2021 - JCS to sell
Pineapple Communications 18 months
3/2/21 (private) JCS TBD - PENDING sale of legacy JCS asset after the merger. The CVR part of its business to Lantronix (LTRX) for $25.0 LINK
Energy Systems from close
Agreement will be terminated upon the earlier of mil at the closing plus $7.0 mil in earnout
(a) the payment of the full amount of all CVR payments. JCS expects to declare $3.5 per share
Payment Amounts or b) 18 month anniversary of dividend. Earnout payments will be distributed
the closing of the Merger. through 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
Pure Energy common stock, one HighPeak Energy
significant valuation protection if the trading price
7/2/20 PACQ Acquisition HPK HighPeak Energy 8/23/2020 HPKER Y 8/24/2022 warrant and one CVR in exchange for each share LINK
of HighPeak Energy's common stock is below the
Corp. of Pure’s Class A common stock. Update 10/18 -
price that would provide the CVR holder with a 10%
HPK filed a preliminary prospectus to issue 1.7
preferred simple annual return based on $10.00
mil shares (post issuance shares - 94.4 mil)
per share at the closing of the business
combination, subject to a floor downside per-share
price of $4.00 at the CVR maturity date of two
years
SG shares will be canceled and shareholders will
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 shares
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 of TPRE (4) 0.190 of a warrant and (5) $0.905 LINK
(SPNT) together with the fraction of the TPRE Share
(SiriusPoint) Insurance aggregate principal amount of an “upside right”
received, guarantee that on the second
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-free. LINK
SILVER Resources
restart of operations at the Escobal mine. The However, no development at the Escobal mine
CORP
Company issued an aggregate of 313,887,490 CVRs 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)
Canaccord Modified Dutch auction tender. The tender would commence on Dec
CF CN 12/16/2021 CAD 100 6.06 15.50 - 16.50 15.02 1/27/2022 N LINK
Genuity Group Inc 22.
Modified Dutch auction, tendering ~11.5% of the shares outstanding.

Update 12/8 - 8.2mil shares were tendered. Tender offer extended.
Corcept
CORT 11/8/2021 23.8 10.00 20.75 - 23.75 19.30 12/15/2021 Y Update 12/15 - Regardless of the recent price fluctuations, the Board LINK
Therapeutics Inc
decided to proceed with the tender. Update 12/16 - Announced
preliminary results: 31.7 mil shares were tendered at $23.75
Modified Dutch Auction tender. The company also declared a special

Red Rock Resorts
RRR 11/10/2021 350.0 6.60 46 - 53 48.79 12/9/2021 Y dividend of $3 per share. Update 12/14 - Announced final results: 6.8 LINK
Inc
mil shares were tendered at $51.50 per share.
The company is tendering ~41.7% of its shares. Update 12/9 -

Brightsphere
BSIG 11/4/2021 1,049.0 33.30 31.50 27.12 12/6/2021 Y Announced final results: 34.9 mil shares will be purchased for $1.1 LINK
Investment Group
bil.
Modified Dutch auction, tendering ~19.7% of the outstanding shares.
Encore Capital
ECPG 11/4/2021 300.0 5.00 52 - 60 58.72 12/2/2021 N Update 12/9 - Announced final results: 4.4 mil shares were tendered LINK
Group Inc
at $60 per share.
Self-tender for up to 70% of its shares. The tender will commence on

Templeton Global
GIM 10/13/2021 525.0 93.90 99% of NAV 5.13 12/7/2021 N Nov 8. Update 11/8 - Self-tender commenced. Update 12/8 - LINK
Income Fund
Announced preliminary 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 11/8 - Announced $600 mil Senior Unsecured Notes
PRG PROG Holdings Inc 11/3/2021 425.0 8.50 44 - 50 45.18 12/3/2021 Y LINK
to finance the tender offer 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
Centrus Energy
LEU 10/20/2021 51.0 0.04 1,145.20 49.29 11/18/2021 N Preferred Stock. Update 11/23 - Final results announced: 0.04 mil LINK
Corp
shares were tendered for $42.2 mil.
Announced tender to purchase all Series A preferred shares. On Nov
Hertz Global
HTZ 11/23/2021 1,875.0 1.50 1,250.00 22.31 12/21/2021 N 29, the company announced another $2.0 bil share repurchase LINK
Holdings Inc
program.
MLC ID Malin Corp PLC 11/23/2021 EUR 80 9.64 8.30 12/21/2021 N Tender is conditional upon EGM on Dec 16. LINK
DSX Diana Shipping Inc 11/22/2021 15.0 3.52 4.25 3.80 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
KMR LN 11/16/2021 GBP 61.8 14.82 4.17 438.00 12/9/2021 N LINK
Resources PLC facilities. The TO is subject to shareholders' approval on Dec 9.
Exchange offer of shares / cash for CVRs, which were issued on Aug 18,
ILMN Illumina Inc 11/15/2021 291.5 364.4mil CVRs 0.80 - 12/15/2021 N LINK
2021. Offering either a) 0.0022 shares or b) 0.80 in cash per CVR.
Home Capital
HCG CN 11/15/2021 CAD 300 6.90 43.5 - 48.5 40.62 12/21/2021 Y Modified Dutch auction. Tendering ~13.7% of the shares outstanding. LINK
Group Inc
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)
Attaching 1 free option (exercisable at $0.015 by Feb 28, 2024) per 2 new
shares. The company raised another AUD $2.25 mil via Placement. Pending
Medibio Ltd MEB AU 12/15/2021 1/18/2022 AUD 3.4 1 per 3 0.005 N N LINK
shareholder approval on Feb 2022. Proceeds will be used to finance working
capital.
The rights will be traded under SPG.RT from Dec 21 until Jan 26, 2022. The offer
Spark Power Group Inc SPG CN 12/15/2021 12/22/2021 CAD 30.0 1 per 0.4393 1.20 Y Y will expire on Jan 26. ~23.8% of the rights issue is committed. The total issuance LINK
amount is secured via a standby guarantee agreement.
Raised another GBP 14 mil via Placement. The proceeds will be used to finance
Likewise Group PLC LIKE LN 12/15/2021 12/15/2021 GBP 2.0 .0297 : 1 0.35 TBD TBD LINK
its recent acquisition. Further details will be announced.
1 per The offer will expire on Dec 14. Rights will be traded under TRVXT until Dec 10.
Targovax AS TRVX NO 11/30/2021 11/29/2021 NOK 175 1.72 N Y LINK
1.175114 Update 12/14 - Announced preliminary results: Fully subscribed.
The rights offering for convertible preferred stocks. The offer will expire on Jan
21. Convertibles will pay a quarterly dividend of 2.75% p.a and be converted
Special Opportunities Fund Inc SPE 12/13/2021 12/20/2021 63.55 1 per 5 25.00 N Y LINK
into common stock at $20.5 per share. Can also be redeemable after 2nd year
at $25.0.
The rights will be traded under KEI.RT until Dec 29. Proceeds will be used to
initiate a new drilling program. ~29% of the offering is committed by a
Kolibri Global Energy Inc KEI CN 11/23/2021 12/1/2021 CAD 8.86 .5435 per 1 0.07 N Y LINK
shareholder. Update 12/13 - The company reminded shareholders the
deadline.
The rights offering will close during 2nd week of Dec. Rights will trade under
MCAN Mortgage Corp MKP CN 11/8/2021 11/15/2021 CAD 33.3 1 per 14 16.86 N Y MKP.RT between Nov 2 and Dec 8. Update 12/13 - Rights offering closed. LINK
Oversubscribed by 1.4 times.
Rights will be traded (ISIN code FR0014006O40) until Dec 6. The offer will expire
on Dec 8. Proceeds will be used to strengthen the company's financials. Main
Frey FREY 11/23/2021 11/25/2021 EUR 102 3 per 22 30.00 Y Y LINK
shareholders committed 100% of the capital raising. Update 12/13 - Rights
offering successfully closed.
The offer will commence on Dec 27 and expire on Jan 18, 2022. Details will be
DITO CME Holdings Corp DITO PM 12/10/2021 12/23/2021 TBD TBD 4.88 - 6.88 TBD TBD LINK
announced.
The proceeds will be used to finance the project development. The offering has
Rare Element Resources Ltd REEMF 10/12/2021 10/19/2021 25.00 TBD 0.240 N N an over-subscription privilege. Update 12/10 - Announced the results: LINK
Oversubscribed.
The proceeds will be used for business expansion. The rights issue is 75%
Karolinska Development AB KDEV SS 12/10/2021 1/14/2022 SEK 491 7 per 10 4.00 N Y secured. Subscription will be between Jan 18 and Feb 2, 2022. The rights will be LINK
traded until Jan 28. Pending approval from EGM on Jan 12, 2022.
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.
www.KEDM.com
Disclaimer
ANY ADVICE CONTAINED IN THIS PUBLICATION IS BEING PROVIDED IN EACH PROVINCE OF CANADA, EXCEPT ONTARIO, PURSUANT TO SECTION 8.25(2) OF NATIONAL INSTRUMENT 31-103, AND IN ONTARIO PURSUANT TO SECTION 34 OF THE SECURITIES ACT (ONTARIO),
AND DOES NOT PURPORT TO BE TAILORED TO THE NEEDS OF THE PERSON OR COMPANY RECEIVING THE ADVICE.
The information contained in this publication has been compiled by JANA Holdings LLC (“JANA”), an independent entity engaged by Mongolia Growth Group Ltd. (“MGG”) to produce KEDM. JANA and MGG believe the information contained is from sources believed to be
reliable, but no representation or warranty, express or implied, is made by JANA, MGG, its affiliates, or any other person or company as to its accuracy, completeness, or correctness. MGG’s role is strictly limited to the marketing, distribution, web hosting and billing for KEDM.
MGG does not make any representations or warranties regarding the content within KEDM.
The information contained in this publication is not intended to constitute legal, accounting, or tax advice or individually-tailored investment advice and is not designed to meet your personal financial situation. The investments discussed in this publication may not be suitable
for you. You are required to conduct your own due diligence, analyses, draw your own conclusions, and make your own investment decisions. Any areas concerning legal, accounting, or tax advice or individually-tailored investment advice should be referred to lawyers,
accountants, tax advisors, investment advisers, or other professionals registered or otherwise authorized to provide such advice.
This publication makes no recommendations whatsoever regarding buying, selling, or holding a specified security, a class of securities, or the securities of a class of issuers, and is for educational purposes only. Commentary is provided without reference to any investment
strategy or product offered by JANA or MGG. As of the date of this publication, JANA and MGG, and employees directly involved in preparing and distributing this publication and entities managed or controlled by those employees have positions in the following securities
mentioned in this publication: AAPL, AMC, ANEB, BABA, BIRD, BNE CN, BTU, CFW CN, CNR, COCO, DALN, DWAC, GFP CN, GTX, HUBS, JOE, KAP LI, LEE, NTP, NZM AU, ONON, PBR, QRTEA, SD, SKLZ, SLVM, SPWH, TSLA, U-U CN, VAL, WFRD, WRBY, XSPA,
This publication is not, and under no circumstances should be construed as, a solicitation to act as a securities dealer or adviser. The opinions expressed in the publication are those of the publisher and are subject to change without notice. The information in the publication
may become outdated and there is no obligation to update any such information. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.
TO THE FULL EXTENT PERMITTED BY LAW NEITHER, MGG NOR ANY OF ITS AFFILIATES, NOR ANY OTHER PERSON OR COMPANY, ACCEPTS ANY LIABILITY WHATSOEVER FOR ANY DIRECT, INDIRECT, OR CONSEQUENTIAL LOSS ARISING FROM, OR IN CONNECTION WITH, ANY
USE OF THIS PUBLICATION OR THE INFORMATION CONTAINED HEREIN. MGG AND ITS AFFILIATES EXPRESSLY DISCLAIM ANY GUARANTEES, INCLUDING, BUT NOT LIMITED TO, FUTURE PERFORMANCE OR RETURNS.
Links contained within this publication are believed to be accurate but the use of linked sites is at the user’s risk. This publication does not endorse any linked site.
Certain names, words, titles, phrases, logos, icons, graphics or designs in the pages of this publication may constitute trade names, registered or unregistered trade-marks or service marks ("Trade-marks") of MGG, or of third parties and used under license by MGG. However,
the display of Trade-marks on pages of this publication does not imply that any license has been granted to any third party.
This publication is protected under the copyright laws of Canada and/or other countries. All rights reserved. No license is granted to the user except for the user’s personal use and only one printed version is allowed. No part of this publication or its contents, may be copied,
downloaded, stored in a retrieval system, further transmitted, or otherwise reproduced, stored, disseminated, transferred, or used, in any form or by any means, except as permitted with prior written permission.
This publication is proprietary and limited to the sole use of MGG clients. Please do NOT post this on any website, forward it, or make copies (print or electronic) for anyone else. Each reproduction of any part of this publication or its contents must contain notice of our
copyright. Any unauthorized downloading, re-transmission, or other copying, modification or use of the Trademarks, this publication or any of this publication’s contents may be a violation of statutory or common law rights which could subject the violator to legal action.
There is a risk in trading markets. We are not registered investment advisers. Do your own due diligence.

KEDM 12 19 21 Vol 60

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

KEDM 12 19 21 Vol 60

Uploaded by

Copyright:

Available Formats

KUPPY’S

EVENT DRIVEN MONITOR

Page | 1 KEDM Subscribe at KEDM.com

Page | 2 KEDM December 19, 2021

KEDM Kliff Notes

The seas outside Kuppy’s hotel in the Azores

Page | 3 KEDM December 19, 2021

Sausages and clams…

Page | 4 KEDM December 19, 2021

Commodities to SP500 (base/consolidation before the trend change??)

Page | 5 KEDM December 19, 2021

Page | 6 KEDM December 19, 2021

Page | 7 KEDM December 19, 2021

Now on to the Events of the Week:

Cluster Buying Notes:

Page | 8 KEDM December 19, 2021

Short Squeeze Notes:

Commodity Index highlighting when Glencore IPO’d

• Busy week with another 8 merger announcements and a couple of terminations:

Page | 9 KEDM December 19, 2021

Newsletter Short Notes:

13D and Activist Notes:

• Somewhat of a quiet week in 13D land

Page | 10 KEDM December 19, 2021

Page | 11 KEDM December 19, 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

bluebird intends to separate its severe genetic disease and oncology

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

Source: The KEDM team; Bloomberg LP; Company filings

Spin- Spinco Parent Share

JCOM to spin 80% of its secure healthcare data exchange, Consensus.

Spin- Spinco Parent Share

Source: The KEDM team; Bloomberg LP; Company filings

Spin- Spinco Parent Share

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

The Company split its customer engagement division (optimize

Reverse Morris transaction. Merger of IFF (flavors and fragrances;

Carve out; SAP is IPO'ing Qualtrics (XM). Upon completion of this

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

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

Source: The KEDM team; Bloomberg LP; Company filings

Source: The KEDM team; Bloomberg LP; Company filings

Cluster Insider Buy Monitor