KEDM 04 14 24 Vol 172

KUPPY’S
EVENT DRIVEN MONITOR

Vol. 172 www.KEDM.com April 14, 2024
Dear Reader,
We realize that the size of KEDM may be intimidating—it shouldn’t be. KEDM is meant for those in
a hurry, along with those who want to spend a weekend fishing for ideas. Here are some tips on
how to navigate KEDM based on how much time you intend to spend.
Up front, we have “KEDM Kliff Notes” where we flag what we consider to be the most interesting
events of the week. Mind you, these are not buy and sell recommendations, but simply notes on
the corporate event. This is then followed by “Weekly Changes” where we note all the material
changes since the prior week. For many of you, these two sections should give you all the
information you need to be informed of what’s changing in the world of Event-Driven
opportunities. The next few pages are our trading watchlists and notes on beaten down stocks
that are on our radar for possible inflections in the coming months.
For those who want to dive in, the supporting data then follows. The index on page 2 links to the
corresponding sections, allowing you to rapidly jump around to the sections that you are most
interested in. We have color coded the data with green indicating a new ticker was added and
yellow for when data changes. This is meant to allow you to rapidly scan the data and focus on only
the information that has changed since last time. To make the data more user friendly, we have
added links that rapidly take you to the appropriate press release, SEC filing or corporate
presentation. Finally, we’ve flagged certain data orange to show that it’s moved materially within
the data-set. This is for people looking for leaders and laggards.
We know that some of you want to pull charts or go back to old data, so it’s all there for you. It
really comes down to what you want to do. KEDM can be a quick weekly reminder of pending
events, or it can become a full-time obsession, along with everything in between. We hope you find
it as valuable as we do.
Sincerely,
KEDM Team
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Table of Contents
KEDM Kliff Notes .............................................................................................................................................................. 3
Weekly Changes ............................................................................................................................................................. 11
KEDM Inflection Monitor ............................................................................................................................................... 12
Announced Spin-offs, Carve-outs, or Spin-Mergers ...................................................................................................... 14
Completed Domestic Spin-offs, Carve-outs, or Spin-Mergers ...................................................................................... 26
Completed International Spin-offs, Carve-outs, or Spin-Mergers ................................................................................ 31
Cluster Insider Buy Monitor ........................................................................................................................................... 37
Announced Buyback Monitor ........................................................................................................................................ 43
Completed Buyback Monitor ......................................................................................................................................... 46
Buyback Leaderboard..................................................................................................................................................... 49
Investor Day Monitor ..................................................................................................................................................... 52
Short Squeeze Monitor .................................................................................................................................................. 57
IPO Monitor .................................................................................................................................................................... 59
Completed IPO Monitor ................................................................................................................................................. 61
Unlock Monitor .............................................................................................................................................................. 64
Priced Secondaries Monitor ........................................................................................................................................... 67
CEO Change Monitor ...................................................................................................................................................... 70
Bankruptcy Monitor ....................................................................................................................................................... 73
Bankruptcy Exit Monitor ................................................................................................................................................ 79
Announced SPAC Monitor.............................................................................................................................................. 84
Completed SPAC Monitor .............................................................................................................................................. 94
Newsletter Short Monitor ............................................................................................................................................ 102
13D Monitor ................................................................................................................................................................. 104
Mergers and Acquisitions Monitor .............................................................................................................................. 107
International Mergers and Acquisitions Monitor ....................................................................................................... 113
Busted M&A Monitor ................................................................................................................................................... 114
Stock Split Monitor ....................................................................................................................................................... 115
Listing Change Monitor ................................................................................................................................................ 116
Strategic Alternatives Monitor .................................................................................................................................... 118
Privatization Monitor ................................................................................................................................................... 119
Completed Privatization Monitor ................................................................................................................................ 123
Demutualization Monitor ............................................................................................................................................ 130
Index Addition Monitor ............................................................................................................................................... 133
Index Deletion Monitor................................................................................................................................................ 134
Contingent Value Right Monitor .................................................................................................................................. 135
Tender Offer Monitor................................................................................................................................................... 137
Rights Offering Monitor ............................................................................................................................................... 139
Fund Letter Monitor ..................................................................................................................................................... 141
Disclaimer ..................................................................................................................................................................... 143
Page | 2 KEDM April 14, 2024

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

Too busy to read everything? The KEDM team summarizes the most interesting Event-Driven information of the
week/month.
Before we jump in, just an FYI that we will be in Cayman for a few days for a HF conference. If any of the
KEDM community happen to be attending the conference or in Cayman, please shoot us an email at
info@kedm.com and let us know…
Shifting topics, I had a blast catching up with Doug on Friday. Given what is happening in the gold markets
we couldn’t have timed this one any better. As we typically do for Happy Hours, we jotted down some notes
for those that were unable to join live. The replay will be available next week, but in the meantime, let’s
rehash…
• Kuppy and Doug start out by discussing their respective locations (Puerto Rico & Argentina) and their
decisions to spend most of their time outside of the continental US. Doug emphasized that his time spent in
the US is becoming less and less with most of his time spent at his farm in Punta del Este, Uruguay with that
largely being driven by what he sees as devolving conditions in the US.
• Doug credits his interest in collecting coins with starting his interest in money. After college he read Henry
Hazzlit’s “Economics in One Lesson” which he believes is the best “short” book ever written on economics
which he quickly followed with Ayn Rand’s “The Virtue of Selfishness.” The third and final book which he
credits with starting his interest in anarcho-capitalism and free market economics is “The Market for
Liberty” by Linda and Morris Tannehill.
• Doug jokes that his libertarian/anarcho-capitalist leanings is what got him into gold and maybe not for the
best as most serious investors agree it is a terrible industry. Despite this he’s done quite well in the industry.
• Over his career Doug has developed his 9 Ps of Resource Speculation (we’re able to link to 8 of the Ps).
o Of all the Ps the most important P is “People.” Incredible amounts of money can be made (and
saved) by sticking with people who are the combination of “good and competent.” He emphasizes
that one is useless without the other and that by avoiding bad people and idiots, and following good
people who are consistent winners like Robert Friedland and the Lundin Family he has had
tremendous success.

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o The second P is property which is the actual geology of the prospect and
resource. He says most people get into trouble by trusting bad people and getting everything they
know about the property from shady hand waving promoters.
o “Phinancing” is the third P. A property is worthless if management can’t raise the money to develop
the resource.
o Paper is the 4th P. Doug says it is important to know who owns the paper, at what price, and how did
they get it (purchase vs compensation). If management is not invested or they received shares for
free or for pennies they may not have the best incentives to deliver for investors.
o Promotion is the 5th P. Promotion and mining go hand in hand because money can be hard to raise.
It’s important to figure who the promoters are and try to determine if this is a promotion to raise
capital to drive the project forward or for promoters to offload paper.
o Politics is the 6th P. He says Politics are more important than ever and it’s important to understand
how they may affect the way a mine operates but also what might happen should the mine become
a success.
o Push is the 7th P. What is the push that will catalyze a movement in the stock price. Is it drill results,
securing financing, earnings, etc.?
o Pitfalls is the 8th P. Doug asks every mining CEO, “what can go wrong?” if they don’t have an answer
or the list of potential pitfalls is not long enough, he knows that he is either dealing with an idiot or a
dishonest person. In either case this is a serious concern. He says in many cases it is important to ask
the question twice as in his experience the second list of pitfalls is often the more realistic list.
o The 9th and final P is price. What is the price of the commodity or commodities and how is it
affecting share price. Have the promoters sold a vision of higher prices that has already been
embedded in the valuation of the stock? Has the price moved beyond fair value and the stock is at
risk should price pull back? Or have prices risen and the market has yet to price in the higher value
of the assets?
• Kuppy asks him how Millei’s popularity in Argentina might differ from what. We hear from the Western
press. Doug says he is ashamed to admit it but subscribes to the major Western papers like WaPo, NYT, and
WSJ and believes their characterization of Millei and of his “lack of support” in Argentina as complete and
total crap. He is not Trumpian or ultra-right wing but deeply invested and interested in free-market
capitalism and libertarian ideals.
• Doug tells a story of giving his Patagonian fishing guide and RE broker a copy of “The Market for Liberty”
which the guide went on to devour and translate into Spanish, eventually giving his translated version to
Javier Millei and starting his interest in an-cap ideals.
• Kuppy asks if the average Argentinian is willing to take the pain that comes with any type of hard economic
reset like this. Doug says yes, because economic pain is all they have known for the last 20+ years and some
of the crises they have gone through have been so extreme that this will be nothing in comparison. He
highlights that in 2001 things got so bad that the provinces printed their own money, and the 4 Seasons in
Buenos Aires could not break a $100 bill when he visited.
• Doug also says that the Western press has made too big a deal of Millei’s Omnibus bill not passing on the
first round and that is being revised and will go back for further rounds of voting. Millei is not giving up and
in Doug’s view this is a never-before-seen moment in history where someone with an-cap beliefs has taken
over. The historical significance is not being fully appreciated.
• Osman asks about how Doug is playing the Uranium theme because he is bullish. Doug says he’s selling puts
against CCJ because he views it as relatively safe downside risk but he doesn’t think the company has huge

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upside because they’ve hedged so much. He also participates in private placements

for junior miners where he gets heavily discounted shares and warrants. Often selling the shares quickly and
holding warrants. He also owns a broad-based uranium mining ETF, but he was not clear about whether it
was URA or URNM
• He also asks about the situation in Panama which Doug says he isn’t following all that closely, but he does
comment that although he isn’t a fan of FNV, it might be an interesting time to buy. The amount of money
the Panamanians are losing by not running the mine is just too much for them to hold on forever.
• Kuppy asks Doug how he’ll know it is time to trim his precious metal positions. He says it will largely be
sentiment driven and he’ll be on the lookout for “golden bears destroying the NYSE” on the cover of the
Economist. He also notes that in his view the public is not broadly involved enough for the run to be near its
end.
• Charles asks how Doug would play the Argentina theme. He says he has so much real estate that he doesn’t
need much more exposure personally but says to keep it simple with ETFs like ARGT, and the NYSE listed
land companies like IRSA (commercial/industrial RE) and CRESY (agricultural RE).
• Doug believes the RE is the best Argie play though as the prices are “real”. Because financing is so hard all
the prices are cash prices. He juxtaposes this with prices in the west where debt is used to fund RE purchase
and potentially inflate demand. He predicts that Buenos Aires real estate could one day be worth more than
NYC real estate as rich Argentinians come back when Millei fixes the country.
He also thinks that securing some residence outside of the US is extremely important and timely issue. He
believes the Democrats will win the election (or keep power despite losing) and that capital controls will be
introduced.
• Both Kuppy and Doug talk about their trips to Zimbabwe and experiences meeting the former central banker
Gideon Gono. Doug comments that Gideon knew a lot about economics and the issues facing Zimbabwe, but
they had to print the $100 Trillion Zimbabwean Dollar note to pay the army, because not paying an African
army is how military coupes are made. That’s why the bill looked so nice because the army needed to think
it was valuable. Neither Kuppy or Doug think the gold backed Zim dollar is going to work.
• Doug used to say that if a young man wanted to get rich, he should go to Africa because the playing field is
tilted in your favor. He made a hobby out of going to these countries to sit down with the dictators and pitch
them on free marketizing the economy and disturbing shares to the people with some share kept in trust for
future generations and some shares set aside for the inevitable bribing of those who would be losing power.
His plan offered these leaders three things… 1) Legitimate wealth that could be spent around the world. 2)
The love of their people. 3) International fame in a good way rather than international infamy.
Unfortunately, they never go through with the plan.
• Umesh asks about “crisis investing” in Cyprus after their banks failed and if there any extreme examples of
extreme value in the aftermath of crisis. He goes back to Argentina and doesn’t see anything with better
post crisis risk reward potential and value.
• Neal asks why gold miners have lagged so badly and whether Doug sees that turning around? Doug says
there are several reasons, but he says ESG, DEI, and environmental concerns have kept people out of the
market.

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• Doug also sights general deterioration of the dollar as driving more people into gold
eventually. He sees bitcoin as an onramp to gold for young people rather than something that competes
with gold. He views its rise as good for gold as it shows that people understand the fundamental reasons
that fiat should be avoided.
BTC TO XAU…Will BTC be the onramp to GC?
• Jonathon asks what Doug’s view of the royalty company model is. Doug says royalty companies have been
good to him but as the space has become more and more popular there is less opportunity, and the deals
are less advantageous for the royalty companies. He’s selling his royalty companies but believes they will
still do “ok.” He sees what Michael Saylor is doing with bitcoin as the next iteration of the model.
• A write in question for Doug’s top mining tickers comes in and he lists Altius Minerals (ALS.TO) because he
likes the management, and it pays a small dividend. He cautions there is no such thing as mining investing.
It is always speculation.
• Doug was a late adopter to BTC but after a period he came around in 2017 and he views it as sound money.
He’s still a gold bug at heart but he views it as a great asset with many real-world use cases.
• Phillip asks about Robert Friedland and Ivanhoe Mines. Doug mentions that he and Robert are friends, and
he has tremendous respect for him, but the company is too big for his style, but he says if he or Frank
Giustra come out with new smaller mining deals he would likely participate.
• Franklin asks what sort of portfolio allocation Doug would recommend. Doug says he wouldn’t own any
bonds, but he does currently have one exception in his portfolio in West Red Lake Gold Mines because it has
a12% coupon and is convertible. But overall, he says avoiding them is one of the best decisions you can
make. He is heavily overweight a lot of resources like gold, uranium, coal, copper, and natural gas. He does
not like the mainstream large cap stocks like Apple and Meta and believes they are in a massive bubble. He
says his portfolio is probably 50% resources and 50% real estate.
• Doug says that when purchasing gold coins, it is important to buy smaller ones for travel as they are easier
to get through customs and borders without being hassled.

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Spin Notes:
• Seven & I, 3382 JP, owner of 7-Eleven, is planning to spin and list Ito-Yokado, its supermarket
brand, while retaining its higher growth 7-Eleven business. Seven & I has been a target of ValueAct when
they sent a letter to the company, telling them to consider a structural reform.
• Centuri Holdings, CTRI is hoping to raise as much as $315m during their IPO at a $1.8bn valuation
as part of its spin and IPO plan from Southwest Gas, SWX.
• High Arctic Energy, HWO CN, is planning on spinning its international operations into a separate
listed company in Canada, retaining its Canadian operations in the RemainCo, and returing between
CAD33m to CAD38.2m to shareholders.
• Spin watchlist: AOUT; WBD; VMEO; FIP; MBC; CR/CXT; 1691 HK; TECK; BWA/PHIN
• Upcoming dates:
Parent SpinCo
Spin- Spin-
Date of ParentCo SpinCo
Event ParentCo Name SpinCo Name Document to-Date to-Date
Event Ticker Ticker
Return Return
(%) (%)
11/2/23 Post-Spin WPC WP Carey Inc NLOP NET Lease Office Properties 2.1 124.6
11/30/23 Post-Spin WOR Worthington Enterprises Inc WS Worthington Steel Inc 32.4 27.2
12/11/23 Post-Spin SOLB BB Solvay SA SYENS BB Syensqo SA 52.2 -10.0
2/1/24 Post-Spin SW FP Sodexo SA PLX FP Pluxee NV 3.1 -15.2
2/20/24 Post-Spin TV Grupo Televisa SAB AGUILCPO MM Ollamani SAB 3.2 13.0
2/26/24 Annual Report Publication MAERSKA DC AP Moller - Maersk A/S SVITZR DC Svitzer
3/5/24 Capital Markets Day MAERSKA DC AP Moller - Maersk A/S SVITZR DC Svitzer
3/6/24 Capital Markets Day GE General Electric Co GEV GE Vernova Webcast
3/7/24 EGM VIV FP Vivendi SE N/A
3/12/24 Exchange Offer CMI Cummins Inc ATMU Atmus Filtration Technologies
3/22/24 Demerger Doc Publication MAERSKA DC AP Moller - Maersk A/S SVITZR DC Svitzer
3/27/24 When-Issued Trading GE General Electric Co GEV WI GE Vernova
4/1/24 First Day of Trading MMM 3M Co SOLV Solventum Form 10 -2.9 -9.2
4/2/24 First Day of Trading GE General Electric Co GEV GE Vernova Form 10 13.5 -4.3
4/26/24 1Q24 Trading Statement MAERSKA DC AP Moller - Maersk A/S SVITZR DC Svitzer
4/26/24 EGM MAERSKA DC AP Moller - Maersk A/S SVITZR DC Svitzer
4/30/24 First Day of Trading MAERSKA DC AP Moller - Maersk A/S SVITZR DC Svitzer
5/30/24 AGM CGCBV FH Cargotec Oyj Kalmar
6/30/24 First Day of Trading CGCBV FH Cargotec Oyj Kalmar
Cluster Buying Notes:
• More buying over at NEOG with the CEO, CFO and a Director stepping up for ~35k shares. Insiders
have been decently active over the years in the mid-teens.
• Not a cluster, but the President (International) bought ~$143K worth at a price of $14.31 per share
at the specialty retailer, Zumiez (ZUMZ). Insiders bought in June of 2023 as well at around $14 a share:
The CEO bought ~$1.017 million, the President International bought ~$147K worth, and a director bought
~$74K worth. Sales have been declining YOY, since they peaked out in FY 2021 at ~$1.184 billion. Per the
10-K, the company stated that in FY 2024, it believes it can “achieve product margin expansion while also
diligently controlling spending to drive back to profitability.”
• Cluster Watchlist: SIX; WEF CN; HLF; LAZY; GLT; OXY; LXU; SII CN
Buyback Notes:
• Westshore Terminals, WTE CN, the main terminal for coal out of the Powder River Basin (and
soon to be potash terminal), announced a NCIB for 10%, or 3.3m shares. Worth noting the float is only
15m shares as Canadian mogul James Pattison still holds nearly 50%.

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• Turtle Beach, HEAR, the old 13D stomping ground, pulled its Dutch tender
after the price moved through the upper range and flipped to a buyback program to the tune of $55m, or
15% of mkt cap. They have already taken in $8.4m under the program.
• First Seacoast, FSEA, the 2023- vintage demutualization, announced a 10% buyback program.
Worth noting a decent cluster back in Q4 2023, albeit at ~$7/sh
• Buyback Watchlist: GROW; OXY; MDI CN; AMRK; LXU
Investor Day Notes:

• Investor Days Trailing 7 Days: AREN; KKR; SAIC;
• Investor Days Next 7 Days: APPN; RGLD; RIOT; REKR;
Short Squeeze Notes:
• Short Squeeze Watchlist: ZIM
IPO Notes:
• Hot Deal coming next week via IBTA. The company has experienced rapid revenue growth and
profitability – TTM revenue of $320 mil and NI of $38 mil. The IPO pricing has not yet been set. The IPO
roadshow is here.
CEO Turnover Notes:
• Aerospace supplier, HXL, announces that Nick Stanage will retire at the end of the year and
transition to Executive Chairman. The Board has appointed Thomas Gentile to replace him as CEO.
Gentile was formerly the President and CEO of Spirit AeroSystems from 2016 to 2023.
• CEO Watchlist: ZVIA; LAZY; GRPN; HLLY; PMTS; ALTO
SPAC Notes:
• SPAC Mergers Announced this week: JVSA/Hotel101 Global; BCSA/Linqto;

• deSPAC’d this week: None
• Votes next week: None
• SPAC/deSPAC Watchlist: MKTW, GATE
Newsletter Short Notes:
• Not a short-seller report, but worth mentioning – Citron is bullish on EGIO mostly due to edge
computing – Citron claimed that the company has more POP locations than competitors and praised a
new leadership team. Citron expects the company to be acquired at x4 the current price.
• Newsletter Short: N/A
13D and Activist Notes:
• PRKA – The tragicomical fight at Parks! America continues as the safari operator responded to
the activist’s recent letter dated April 2nd. As you’ll recall, activist FC wants to sack the current board
and the CEO Lisa Brady (who’s only qualification is, and we are not sh*tting you, previously ESG Lead at
Cedar Fair), and bring back the former chairman of the board and CEO Mr. Van Voorhis. Problem is,
Charles Kohnen who’s on the board owns a 30.3% stake. Feel like someone should figure out how to
sell tickets for livestreaming their upcoming AGM (June 6), guaranteed to be more fun than their safari
parks (and their parks are pretty entertaining!)…

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• LL- F9 investments (controlled by Tom Sullivan, founder of LL Flooring) back

at the scene as he requests the company to set a date for their AGM, threating to take legal action if the
date is not set soon. Remember, last June he offered $5.76/sh to take the company private, which was
rejected by the board for being too low. Yea, the stocks at $1.70…
• PARA- No official D filed, but we’re keeping an eye on Paramount as the potential Skydance Media
merger sparked activist backlash. Mario Gabelli came out against the deal, and another shareholder
Barrington Capital wants the company to accept Apollo’s offer instead.
• 13D Watchlist: SIX; PBI; NNDM; ONTF; BAYN GR; MX; SPWH; VAL; OSTK; VSTO; PRKA
Merger Notes:
• If you hadn’t already noticed, we started tracking a few international M&A. Over the coming
months we will be building out the systems to track a ton more countries and deals…
• Arb traders have been having a tough time recently, first with SAVE and now with BATL / Fury.
The deal, once considered consummated with a high degree of confidence started tumbling amidst
consecutive merger deal amendments. Then BATL mentioned how the merger deal was progressing in its
proxy statement on Apr 8, resulting in a narrower spread. Then, in just a few days, it was notified by the
parent company of its failure to satisfy Funding Deadline requirement. BATL is currently evaluating the
options for further actions and has the right to terminate the agreement. The spread is at 75%.
• This week for X / Nippon Steel, a) DOJ opened a formal investigation; b) the expected completion
date is pushed back by a quarter to the end of 2024; c) the EU decision deadline on the deal is set on May
17 and d) during the official visit between Japan’s PM and Joe Biden, the deal was not on the meeting
agenda. The deal spread is hovering around 30% for weeks.
• Upcoming dates:
Busted Merger Notes:
• Busted Watchlist: WG/ LN; TGNA; CF CN
Listing Change Notes:
• HAFN began trading on NYSE and was immediately hit with a big insider sale from the CFO

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Strategic Alternatives Notes:
• Strategic alts watchlist: RMBL; FARM; BRY; SRG; CCO; BNED; HBI
Privatization Notes:
• After the IPOs of Modern Mills (MODERNMI AB) and MBC Group (MBCGROUP AB) this year,
Saudi Arabia is now planning an IPO for Riyad Capital, an investment arm of Riyad Bank, the country's
third-largest lender.
• Privatization Watchlist: SALIK UH; DTC UH
Tender Offer Notes:
• As noted above in the Buyback notes, HEAR terminated their $30m tender in lieu of a $55m share
repurchase program.
Rights Offering Notes:
• EP’s rights offering was fully subscribed at $5.00 per share.

• VATE extended its offering until Apr 19.
• Swiss Stell Holding (STLN SW) announced a EUR 300 mil rights offering. The major shareholder
backstopped the offer.
Investor Letter Notes:
• Letters are beginning to roll in. Worth scrolling through this Monitor over the next few weeks.
• Jamie over at JPMorgan published his annual letter last week and worth the read. Below are the excerpts
from Jamie Dimon's letter:
o In spite of the unsettling landscape, including last year’s regional bank turmoil, the U.S. economy
continues to be resilient, with consumers still spending, and the markets currently expect a soft
landing.
o There are downside risks to watch. Quantitative tightening is draining more than $900 billion in
liquidity from the system annually — and we have never truly experienced the full effect of
quantitative tightening on this scale.
o Plus the ongoing wars in Ukraine and the Middle East continue to have the potential to disrupt energy
and food markets, migration, and military and economic relationships, in addition to their dreadful
human cost.
o 2023 was another strong year for JPMorgan Chase, with our firm generating record revenue for the
sixth consecutive year.
• Old West Capital Management's Q1 letter went through massive investments in AI, a supply shortage
of uranium, and a growing demand for copper.

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Weekly Changes
Announced Spin-off Monitor: 3382 JP; HWO CN; SWX (update)
Completed Domestic Spin Monitor: No Changes
Completed International Spin Monitor: No Changes
Cluster Buy Monitor: STLR CN; AAUC CN; PGY; FTHY; NEOG; LGF/A; AAWH; GTWO CN; CRMT; ZUMZ; ENGH CN; TK CN; ANGO; CIA;
SMTC; FAAS
Announced Buyback Monitor: GBT CN; FSEA; WTE CN; DC/A CN; AEG; OPFI; DTSS; HEAR; CNRI CN; CFSB; TKO; CPNG
Completed Buyback Monitor: OPY; PDCO; MLKN; CROX;
Investor Day Monitor (next 7 days): APPN; RGLD; RIOT; REKR
Short Squeeze Monitor:
IPO Monitor: CTRI; FBGL (update); IBTA
Completed IPO Monitor: ULS; PACS; MNDR
Unlock Monitor (next 30 days):
Secondaries Monitor: NRIX; NRSN; VLD; ASTI; XXII; ACRV; VBIV; LGVN
CEO Change Monitor: HLIT; BCTF; HXL; TDOC; NEON; IVVD; ANGI (update); LAW (update);
Bankruptcy Monitor: No change
Bankruptcy Exit Monitor: No change
Announced SPAC Monitor: JVSA; BCSA;
Completed SPAC Monitor: No Changes
Newsletter Short Monitor: GL; SOUN (update); VERS CN
13D Monitor: 8801 JP (update); TIT IM (update); SBOW (update); BLKB (update); MFIN; M (update); 4452 JP (update); AHT; EGLE
(update); PARA; TG; DCO; TPCS (update); GNK (update); HLIT (update); CHEK (update); IRES ID (update);
M&A Monitor: MGRC; NVEI; EDR; SWAV; BATL (update); HA (update); X (update); JNPR (update); AXNX (update); TGAN (update);
NS (update); NGMS (update); MOR (update)
International M&A Monitor: No change
Busted M&A Monitor: No change
Stock Split Monitor: BKKT; FLNT; GRRR; AGEN; NUTX
Listing Change Monitor: SKYE; GTWO CN; HAFN; SUUN; PETV
Strategic Alternatives Monitor: PRTG (update); ELYM (update); CEAD (update); HLTH; EYEN; HLIT (update); LPTV (update)
Privatizations Monitor: Riyad Capital
Completed Privatization Monitor:
Demutualization Monitor: No changes
Index Change Monitor:
Contingent Value Right Monitor: FUSN (update);
Tender Offer Monitor HEAR (update); ZTR; CNNE (update);
Rights Offering Monitor: NXT AU; EP (update); VATE (update); STLN SW; HGH AU

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KEDM Inflection Monitor

The KEDM team’s list of trends in coverage
Dates of
Date S/T L/T Tickers within
Theme/Trend Sub Sector/Desc. KEDM Notes KEDM
Added Bull/Bear Bull/Bear theme
Updates
Alloy/Plane Demand booming for components due to bounce back in plane orders and airtravel; supply curtailed due to labor USAP; HAYN; ATI;
6/24/2023 Bull Bull 3/10/2024
components and supply chain issues CRS
Rigs; OSVs; We have been banging the table on oil and feel that offshore is a way to play the trend without much of the
VAL, TDW, DO, RIG,
Seismic; exploration or political risk. Chronic underinvestment has created a shortage of offshore rigs at a time of a 11/19/2022;
Offshore 11/18/2022 Bull Bull NE, SUBSEA7, SDRL
Underwater shortage in energy – and we tend to like these setups. Update 5/6: Earning across sector still strong; projecting 8/6/2023
NO, DDRIL NO
Services 500k/ dayrates and min/ capx spend
RoRo - 12/3/2023 Bull Bull Car exports (EV to EU and ICE to Ems) exploding out of China; supply/demand imbalance HAUTO; WAWI 2/18/2024
Venzuela - 11/5/2023 - Bull Free elections; shifting to open and capitalistic economy; repatriation -
ALF REITs, BKD; SNDA; OHI;

Elder Care 10/27/2023 Demand at an inflection; outpacing supply -
Operators VTR; WELL
BMA; CEPU; CRESY;

Poltics shifting from left to right. Capitalist policies getting put into place. Elections summer 2023. UPDATE: Milei
Argentina 6/4/2023 Bull Bull GGAL; IRS; LOMA; 8/20/2023
came in light. May still win the election but may turn into lame duck
PAM; YPF
Supply deficit UPDATE 8/20: More supply issues; Niger supply at risk; Rosatom rumored to be tendering for
Uranium 2022 Bull Bull U/U CN 8/20/2023
physical
Removal of liquidity and stimulus post election, coupled with power transition uncertainty remain as major
Turkey 3/10/2023 Bear Bull TUR 7/19/2023
downside risk in short term. Flows from western institutions post election strong tailwind.
KSA 4/2/2023 Bull Bull Oil above breakevens and flush with cash; Kingdom focused on attracting FDI; IPO listings are increasing KSA; TADAWULG -
NYC Commercial; ESRT; PGRE; VNO;

REITS 2022 Bear Bull -
skyscrapers DEI
XMR is designed to be what BTC was supposed to be: a private, global way to transact efficiently. As governments
increase focus on tracing and blocking personal transactions, there is a trend towards more privacy when sending
XMR/Monero 1/6/2023 Bull Bull XMR -
and receiving money. While XMR is not perfect, a bet on XMR is a bet that it is one of the best ways to play the
trend towards privacy.
After nearly a decade of fertilizer prices in the doldrums, prices for potash, phosphates, and nitrogen hit near all
time highs in March and April driven by increased energy costs, geopolitical conflicts, and supply chain and
logistical challenges. Prices have fallen in recent months as the supply picture begins to look less dire and demand MOS; IPI; NTR; SDF
Fertilizer 11/12/2022 Neutral Neutral -
destruction sets in. With several projects to increase capacity in both potash and phosphates, and falling natural GY; CF; UAN
gas prices and the reopening of nitrogen fertilizer production facilities in Europe, fertilizer prices may continue to
fall from what are currently extremely elevated levels.
After 2 years of record volumes and margins, homebuilders are feeling the effects of 7% mortgages. Many
DHI; LEN; PHM; NVR;
homebuilders are prioritizing sales pace over sales price in order to keep cash and inventory moving. Builders are
Homies 11/4/2022 Neutral Bull TOL; TPH; LGIH; SKY; -
decreasing starts to match a drop in orders, but prior cycles show that starts bottom soon after builders and
MHO; CCS; GRBK
buyers see rates peak
Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings
Page | 12 KEDM Back to Weekly Changes or Back to KEDM Kliff Notes April 14, 2024
www.KEDM.com
Dates of
Date S/T L/T Tickers within
Theme/Trend Sub Sector/Desc. KEDM Notes KEDM
Added Bull/Bear Bull/Bear theme
Updates
BLDR, LPX, BCC, BXC,
Housing Supply Lumber; Building
2022 DOOR, WFG, BECN, -
Chain supplies
JELD
LEE, RCS IM, NZM
Newspapers/
AU, GCI, TSQ, CCO,
Digital media/OOH/ 2022 -
NYT, RCH LN, NXST,
Old line media
GTN
Drilling; Frac
Energy Services Stack; Fluids; 2022 CEU CN; WFRD -
Mancamps
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 (ex-China)
Parent PR to
Parent Expected Corp.
PR Date Parent Company Market Sector Date PR Notes
Ticker Timing Presentation
Cap ($M) (%)
Seven & i Seven & I is considering grouping its supermarket brand Ito-Yokado and listing it via an IPO while
4/10/2024 3382 JP 5265136 Food-Retail - -7 Link -
Holdings Co Ltd retaining its higher growth 7-Eleven business
High Arctic is planning to spin its international operations into a separate PubCo, retain its
High Arctic Energy
4/8/2024 HWO CN 61 Oil Field Mach&Equip - 1 Link - Canadian operations in the RemainCo, and distribute between CAD33m and CAD38.2m to
Services In
shareholders.
Cryo-Cell Cryo-Cell's board approves plans to spin Celle Corp to shareholders, with Celle holding the Patent
3/22/2024 CCEL 60 Blood Collection Banking 2Q24 or 3Q24 12 Link -
International Inc and Technology License Agreement with Duke.
Masimo's Board is evaluating the possibility of spinning out its baby monitor and smart watch
business, shortly after beating Apple in court over its smart watch technology; UPDATE 3/25:
3/22/2024 Masimo Corp MASI 7298 Medical Products - 2 Link -
Masimo was approached by an unnamed partner and may make spin off business into a JV,
speeding up the process. Masimo is not decided on whether to do spin or JV
Unilever is considering spinning its Ice Cream business to simplify the RemainCo around its Beauty
3/19/2024 Unilever PLC ULVR LN 94972 Cosmetics&Toiletries EoY 2025 -3 Link - & Wellbeing, Personal Care, Home Care and Nutrition business segments. Unilever's board is still
considering other options, but plans to complete the separation by end of 2025
RCL Foods' board gave preliminary approval to pursue the spin of Rainbow to shareholders and
RCL Foods
3/4/2024 RCL SJ 8475 Food-Misc/Diversified - -9 Link - list it on the JSE. Rainbow produces chicken products through the brands Rainbow, Simply Chicken
Ltd/South Africa
and Farmer Brown.
IGT will spin off its Global Gaming and PlayDigital business and merge it with Everi. IGT
shareholders will hold 54% of MergeCo with EVRI shareholders holding the remaining 46%.
International
2/29/2024 IGT 4006 Gambling (Non-Hotel) Late 24/Early 25 -26 Link Link MergeCo is expected to take out $3.7bn of debt (already committed) to refinance EVRI's existing
Game Technology
debt as well as fund a $2.6bn disbursement to IGT. IGT will continue to hold its Global Lotto
business. EVRI will change its name and ticker to IGT, with Legacy IGT's new name not released
Nel ASA is exploring a spin of its Fueling division after it has failed to see synergies between the
Energy-Alternate
2/28/2024 NEL ASA NEL NO 8895 - 14 Link - Fueling and Electrolyser division. Nel expects to div out the Fueling division during 2024 if it
Sources
decides to go ahead with the spin.
AFG Gamma is spinning off its CRE loan portfolio while its Cannabis portfolio remains with the
2/22/2024 AFC Gamma Inc AFCG 239 REITS-Mortgage Mid-2024 7 Link Form 10
RemainCo. AFCG expects to spin in Mid-2024
Liberty Global plans on spnning 100% of Sunrise to shareholders and list it on the SIX Swiss
2/16/2024 Liberty Global Ltd LBTYA 6399 Cable/Satellite TV 2H24 -8 Link - Exchange. Liberty plans on investing up to CHF1.5bn, funded through Sunrise FCF and funds from
Liberty. Sunrise will hold a Capital Markets Day before the spin
DSM-Firmenich plans to spin its animal nutrition & health business in order to focus on its
DSM-Firmenich
2/15/2024 DSFIR NA 26926 Chemicals-Specialty - -2 Link - nutrition, health and beauty business. This allows RemainCo to minimize exposure to volatile
AG
vitamin earnings and reduce capital intensity.
Sony is starting to prep a spin of its Financial Services Business in 2025. Sony plans on distributing
2/14/2024 Sony Group Corp 6758 JP 16281999 Audio/Video Products October 2025 -11 Link - ~80% of shares to its shareholders, while retaining the rest. The Financial Services business house
Sony's insurance and online banking units.
AP Moller-Maersk A/S is planning to spin its towage and marine services activities in Svitzer Group.
AP Moller - MAERSKB Svitzer will publish its annual report on Feb 26, hold a capital markets day on Mar 5, publish
2/8/2024 167648 Transport-Marine 4/30/2024 -7 Link Prospectus
Maersk A/S DC demerger docs on Mar 22 and plan on the first day of trading being Apr 30; UPDATE 3/22:
Demerger docs publics
www.KEDM.com
Parent PR to
Cap ($M) (%)
Transaction Transaction Capital is exploring options to unbundle WeBuyCars and list it on the JSE; UPDATE
1/30/2024 TCP SJ 2635 Invest Mgmnt/Advis Serv - 30 Link -
Capital Ltd 2/13: Board is moving forward with the spin and pre-listing capital raise of up to ZAR750m.
Holcim plans on spinning its North American building materials segment and listing it in US. Holcim
Bldg Prod-
1/29/2024 Holcim AG HOLN SW 45739 1H25 17 Link Presentation expects a $30bn valuation on $11bn of FY23 revenue growing at a 23% CAGR from FY20-FY23.
Cement/Aggreg
Plans for capital markets day in 2H24, EGM in 1Q25 and spin in 1H25
AMC is proposing a spin to create two new companies. Sugarload Gold Corp will hold it's Sugarloaf
Peak Gold Project with a historic estimate of 1.5m oz of gold. Arizona Royalties Corp will hold 2
Arizona Metals Before End of
1/22/2024 AMC CN 273 Precious Metals 14 Link - new royalties: a new 2% net smelter royalty (NSR) on any future mineral production at Kay Mine
Corp 2Q24
Deposit and a new 2% NSR on all potential mineral production from any new deposits discovered
at Kay Mine Project.
Magnora ASA is planning on spinning it's Legacy Business from it's renewables business. The
Energy-Alternate Legacy Business receives licensing fees from 2 contracts with FPSOs that use Magnora's FPSO
1/18/2024 Magnora ASA MGN NO 2144 June 2024 5 Link -
Sources technology; UPDATE: Shareholders voted to approve demerger, will hold a vote on 4/23 to
approve distribution to shareholders. Magnora expects distribution to take place in June 2024
Select Medical announced a potential spin of its Occupational Health Services Business, The
Select Medical Concentra Group. Concentra is expected to complete 1-2 financings and use the proceeds to repay
1/3/2024 SEM 3602 Medical-Hospitals Late 2024 20 Link -
Holdings Corp intercompany debt or otherwise distribute to RemainCo. SEM Board approved the spin and the
potential spin is expected to complete in Late 2024.
Cia Siderurgica CSN is in early planning to spin off it's Steel, Cement, Infrastructure & Logistics units. CSN originally
12/14/2023 CSNA3 BZ 19029 Steel-Producers - -19 Link -
Nacional SA looked at the idea in January 2021
Vivendi is back on the spin sheet as it is exploring plans to split into multiple businesses. Initial
plans call for film and TV producer Canal+, ad agency Havas and an investment company holding
a majority investment in publisher/travel retail company Lagardere to all split and IPO as separate
12/13/2023 Vivendi SE VIV FP 10225 Broadcast Serv/Program - 11 Link -
companies; UPDATE 1/30: Mgmt proposed a 4-way split: film & TV producer Canal+, ad/comms
agency Havas, publishing & distribution assets including Lagardere, and an investing company.
Plan will be proposed to board at AGM on 3/7
Edwards Lifesciences plan to spin its Critical Care unit by the end of 2024. Katie Szyman is expected
to be CEO on spin after being Corp VP of unit since 2015. The Critical Care SpinCo will focus on
Edwards advanced patient monitoring, transforming care through AI-enabled smart monitoring solutions
12/7/2023 EW 54285 Medical Instruments EoY 2024 32 Link -
Lifesciences Corp and expanding its reach to patients. RemainCo will focus on Transcatheter Aortic Valve
Replacement (TAVR), Transcatheter Mitral & Tricuspid Therapies (TMTT) and new investments in
interventional heart failure technology
Brad Jacobs, XPO Chairman, will become the Chairman and CEO of SSNT after investing $900m
SilverSun Enterprise through Jacobs Private Equity II with co-investors like Sequoia adding another $100m. SSNT will
12/4/2023 SSNT 67 2024 2 Link -
Technologies Inc Software/Serv spin its existing business to stock holders and set up the RemainCo as an acquisition platform in
an industry TBD at a later date.
SITE Centers is planning to spin its Convenience assets into a separate REIT named Curbline
Properties. CURB is expected to start with a balance sheet set up for asset acquisitions in the
10/30/2023 SITE Centers Corp SITC 2889 REITS-Shopping Centers 2H24 26 Link -
fragmented convenience space (i.e. net cash). SITC will continue with its portfolio of open-air
shopping centers.
Sanofi is planning to separate its Consumer Healthcare business, probably through a spin, allowing
10/27/2023 Sanofi SA SAN FP 109375 Medical-Drugs 4Q24 6 Link - Sanofi to focus more on specialized & cutting-edge medicines; UPDATE 11/16: Hiring Rothschild
as it receives inbound interest to buy Consumer Healthcare arm before spin
The Board of Eckert & Ziegler approved mgmt to examine and prepare a split-off of up to 100% of
Eckert & Ziegler Medical- Pentixapharm AG. This will allow EUZ to focus on its core areas of supplying radioisotopes for
10/20/2023 EUZ GR 716 - 1 Link -
SE Biomedical/Gene radiopharmas. EUZ will no longer finance PTX in 2024 and are looking to float it or sell it - decision
to come in March 2024
www.KEDM.com
Parent PR to
Cap ($M) (%)
Renault is aiming to complete its long-awaited spin/carve-out of Ampere, its EV unit, during 1H24.
April or May It will release more details on 11/15 at its Capital Market Day; UPDATE 11/15: CEO de Meo hoping
10/19/2023 Renault SA RNO FP 14839 Auto-Cars/Light Trucks 50 Link -
2024 to IPO Ampere in April or May 2024 at €8bn to €10bn. If IPO does not reach that value, IPO may
be ditched and spin remains an option
Howard Hughes announced a plan to spin off Seaport Entertainment by year-end 2024. This
division includes HHH's entertainment assets in New York and Las Vegas including Seaport in
Manhattan, Las Vegas Aviators AAA team, its ownership stake in Jean-Georges Restaurants and
Howard Hughes Real Estate its 80% interest in the air rights above the Fashion Show Mall (intented to be used for a new casino
10/5/2023 HHH 3231 YE24 -8 Link -
Holdings Inc Oper/Develop on the Vegas Strip). Anton Nikodemus will be the CEO, formerly the President/COO for MGM's
CityCenters overseeing the Cosmopolitan, Vdara Hotel & Spa and Aria Resort & Casino; UPDATE
4/4: Ackman to retire as Chair; long-term board member Scot Sellers to take over, fmr CEO at
Archstone
After starting a strategic review in May 2023, BlackBerry announced its plan to separate its
Cybersecurity and IoT units and IPO its IoT unit in 1H24; UPDATE 10/17: CEO John Chen hopes to
release financials in March 2024 and list spin by June 2024; UPDATE 10/30: CEO John Chen will
10/4/2023 BlackBerry Ltd BB 1797 Computer Data Security June 2024 -29 Link -
retire, making way for new CEO during spin; UPDATE 12/11: BB scapping plans to spin and will
instead run their IoT and Cyber units separately but within the same company. BB also
appointed a new CEO, John Giamatteo, promoted to CEO from head of cybersecurity
Intel announced its looking to spin off its Programmable Solutions Group via sale or IPO in 2 to 3
Electronic Compo-
10/3/2023 Intel Corp INTC 151928 2025 - 2026 1 Link - years. It will operate and report PSG as a standalone starting 1Q24. Sandra Rivera, the current
Semicon
head of the data center and AI group, will be the CEO of PSG
Liberty Media proposed a split-off of its holdings in Sirius XM and combine it with SIRI to form
Liberty Media
9/26/2023 LSXMA 8313 Cable/Satellite TV - 8 Link - new public company. Each shareholder of Liberty Media and SIRI would receive shares in the new
Corp-Liberty Sir
company, with SIRI holders retaining ~16% of the new entity.
Premier Investments is starting a formal review of its Smiggle, Peter Alexander and Apparel Brands
businesses. Chairman Solomon Lew reportedly made this decision with the aim to focus on the
Premier faster growing remaining businesses. CEO Richard Murray resigned from his position, reportedly
8/21/2023 PMV AU 4812 Retail-Apparel/Shoe - 28 Link -
Investments Ltd unhappy that the decision was made without his input; UPDATE 3/25: Premier is working on
spinning off Smiggle by end of January 2025, exploring the spin of Peter Alexander at a later
date.
TC Energy will spin off its liquids pipelines business from its remaining nat gas & alt energy
business. Liquids Pipelines will focus on increasing utilization and shouldering part of the debt
7/27/2023 TC Energy Corp TRP 37464 Pipelines 2H 2024 7 Link Link
load from remainco; UPDATE 11/8: Liquids Pipeline SpinCo to be named South Bow Corp, spin
on trac k for 2H24
MDU is back on the spin sheet with plans to spin its construction services business, leaving
MDU Resources Bldg Prod- RemainCo as a pure-play regulated energy delivery company; UPDATE 11/2: Board approved spin,
7/10/2023 MDU 4932 Late 2024 19 Link -
Group Inc Cement/Aggreg aiming for late 2024; UPDATE 3/13: Announced Construction Services SpinCo will be named
Everus Construction, still on track for late 2024; UPDATE 3/25: Filed Confidential Form 10
DSS is distributing its Impact Biomedical division to shareholders via a special div of 4 Impact
shares per 1 DSS share. Impact Biomedical focuses its research & development on products for
6/30/2023 DSS Inc DSS 13 Computer Data Security - -72 Link S-1 Link the prevention, inhibition, and treatment of neurological, oncological and immuno-related
diseases. Record date is 7/10/23 pending SEC approval.UPDATE 7/31: Dist date set for 8/8, 4
spinco shares for every DSS share
TOPS is looking to spin off its subsidiary Rubico that holds one Suezmax tanker M/T Eco Malibu. It
September
6/21/2023 TOP Ships Inc TOPS 61 Transport-Marine 66 Link - intends to spin off 100% of interests to shareholders and have no board/mgmt overlaps between
2023
the two companies
Citi is ditching its plan to sell Banamex and will instead spin and IPO it's Banamex business. Sale
5/18/2023 Citigroup Inc C 114070 Diversified Banking Inst 2025 33 Link -
was expected to fetch ~$7bn
www.KEDM.com
Parent PR to
Cap ($M) (%)
Alibaba Group As part of its 6-way split, BABA is planning to spin off its Cloud Intelligence Group and distribute it
5/18/2023 BABA 181321 E-Commerce/Products 2024 -16 Link -
Holding Ltd to shareholders as a dividend.
Jacobs announced a plan to spin its Critical Missions Solution Business, creating a higher
margin/higher growth company. RemainCo will continue to focus on solutions for infrastructure
and advanced manufacturing while NewCo will focus on technical consulting to federal agencies.
The spin is expected in 2H24; UPDATE 8/9: Jacobs has received interest for multiple parties in the
Jacobs Solutions Engineering/R&D
5/9/2023 J 18175 2H 2024 23 Link - spin and continues to evaluate all opportunities; UPDATE 10/11: Platinum Equity reported to be
Inc Services
lead in bidding for CMS unit, may announce deal as soon as October; UPDATE 11/20: J will now
spin and merge its CMS and Cyber & Intelligence Government Services businesses with
Amentum into a new pubco. J will own 63% of new company and receive $1bn cash dividend at
closing, expected during 2H 2024
Cargotec plans to spin out Kalmar, retaining Hiab. Kalmar is a supplier of container handling &
heavy logistics machinery and Hiab is a maker of on-road load handling gear; UPDATE 7/20: Split
4/27/2023 Cargotec Oyj CGCBV FH 4090 Transport-Services 6/30/2024 22 Link Link
of Kalmar/Hiab progressing on track; UPDATE 2/1: Cargotec board approves spin, subject to vote
at AGM on 5/30, completion expected 6/30
BLNK's board authorized the planning for a spin-off of Blink Mobility, an EV car-sharing service.
Power Conv/Supply
4/25/2023 Blink Charging Co BLNK 250 - -64 Link - Blink Mobility also acquired Envoy on 4/25, a software/mobility service offering shared Evs as an
Equip
amenity for real estate developments
Mitsubishi Electric is planning to spin its automotive-equipment business to focus on areas with
Mitsubishi Electric competitive advantages as well as discontinuing "problematic" automotive-equipment business
4/24/2023 6503 JP 5519382 Machinery-Electric Util - 61 Link -
Corp lines. Aiming to form new SpinCo within a year; UPDATE 12/4: SpinCo to be named Mitsubishi
Electric Mobility
NetDragon NetDragon is separating its overseas education business and spining it via a merger with Gravitas
4/18/2023 Websoft Holdings 777 HK 5908 Entertainment Software 3Q 2023 -12 Link - Education (GEHI) and list on the NYSE; UPDATE 8/1: GEHI will seek shareholder approval at EGM
Ltd on 9/11
FSD Pharma is planning on spinning out its non-core assets so the RemainCo can focus on its core
assets. FSD has its spin vote set for its AGM on 6/29; UPDATE 5/12: FSD announced that due to
4/12/2023 FSD Pharma Inc HUGE 24 Medical-Drugs - -71 Link - ongoing negotiations with an asset in the proposed spin, they will be unable to deliver
paperwork to shareholders by the 6/29 mailing deadline for its AGM, and will therefore hold a
separate vote later for its spin
BriaCell intends to spin a group of pre-clinical pipeline assets targeting multiple indications
BriaCell including cancer. Board approved spin plans, shareholders expected to receive 1/3 of spinco;
3/30/2023 BCTX 40 Medical-Drugs 8/31/2023 -65 Link -
Therapeutics Corp UPDATE 8/18: Shareholders approve spin; UPDATE 8/25: Court approves spin, plan on track to
spin by 8/31
Siemens is planning on carving out its motors, voltage converters and motor spindles business
3/1/2023 Siemens AG SIE GR 137328 Diversified Manufact Op October 2023 21 Link - under the brand Innomotics. Innomotics will operate as a separate subsidiary from 7/1, with the
carve-out to be completed by 10/1
www.KEDM.com
Parent PR to
Cap ($M) (%)
Teck is planning to spin its met coal assets into Elk Valley Resources while retaining ~90% of the
cash flows from the coal business to fund RemainCo copper business. UPDATE 4/3: Shareholder
vote set for 4/26 amid Glencore offer, TECK reportedly open to dealmaking post-spin; UPDATE
4/14: GLEN upped its offer, TECK said no again and insists on the 4/26 vote. TECK shortened the
royalty period from coal co to metals co from 5.5 to 3 years. ISS recommends against voting for
spin. TECK's largest shareholder CIC said they may vote against spin; UPDATE 4/26: TECK drops
vote on spin after saying it would fail, planning to present a simpler spin. GLEN says offer still on
table, open to upping bid if TECK will talk or may go directly to shareholders; UPDATE 6/12: GLEN
Teck Resources approached Teck about buying its EVR coal assets instead of merging the entire business, TECK
2/21/2023 TECK 24829 Coal - 13 Link Link
Ltd says it has multiple interested parties in its coal assets; UPDATE 7/15: Indian steelmaker JSW Steel
reportedly considering a bid on Teck's coal; UPDATE 8/17: JSW looking for form a consortium for
bid for up to 75% of EVR; UPDATE 8/25: JSW Chairman says they're looking to bid for 20-40% of
EVR, with Japanese & S Korean mills likely bidding alongside JSW. Combined bid may value EVR at
$8bn; UPDATE 10/5: CEO Price says that he expects to see firm plans on a spin or sale of TECK's
met coal assets by year-end 2023; UPDATE 11/14: The drama comes to the end as GLEN will buy
77% of coal asset for $6.9bn at a ~$9bn valuation. Nippon Steel will own 20%, Posco will own
3%. Expected to close in 3Q24 with GLEN expected to spin new mergered coal assets 24 months
after
GNS will spin off its holdings of Entrepreneur Resorts Ltd to shareholders. ER is listed on the
Seychelles MERJ exchange and GNS holds 97% of shares. Board approved the spin, still needs
shareholder vote; UPDATE 3/13: Holding EGM for spin on 4/28; UPDATE 3/31: Approves dual
1/30/2023 Genius Group Ltd GNS 33 Educational Software 10/2/2023 -91 Link -
listing; UPDATE 9/5: Set distribution ratio at 0.1832, espect distribution date on/about 9/29;
UPDATE 9/25: Dist date set for 10/2, will receive restricted shares in Entrepreneurs Resorts,
with restriction removal possible in 6 months
BAX plans on spinning its Renal Care and Acute Therapies units in the next 12-18 months. This will
streamline operations, remove Renal Care's drag on margins due to supply chain issues; UPDATE
Baxter
1/6/2023 BAX 20488 Medical Products July 2024 -14 Link - 4/27: Moving forward with restructuring, planning spin for July 2024; UPDATE 5/5: Names Chris
International Inc
Toth CEO of spinco, fmr CEO at Siemens' Varian Medical Systems; UPDATE 7/25: SpinCo will be
named Vantive, reaffirmed July 2024 timeline
STK plans to spin its 80% owned Iroquois Zinc-Lead Project in the Earaheedy Basin in W Australia
Strickland Metals
1/4/2023 STK AU 200 Gold Mining - 200 Link - and its Brayah Basin Project in W Australia to shareholders. This will allow RemainCo to focus on
Ltd
its flagship Yandal Gold Project
RDB Realty & Real Estate RDB Realty & Infrastructure is considering the demerger of its RDB Realty & Infrastructure group
12/9/2022 RDBRIL IN 2506 - 302 Link -
Infrastructure Lt Oper/Develop and its RDB Real Estate Constructions group
Digital Ally is planning to spin its ticketing & entertainment business into a public SpinCo named
12/8/2022 Digital Ally Inc DGLY 6 Audio/Video Products 1H 2023 -67 Link - Kustom Entertainment. RemainCo will hold video solutions & medical billings business. Expect to
complete in first half 2023; UPDATE 6/2: Kustom Entertainment agreed to merge with spac CLOE
Sovereign Metals plans to spin its Standalone Graphite Projects into NGX Limited SpinCo. The
Sovereign Metals Nanzeka, Malingunde, Duwi and Mabuwa projects will spin. SVM shareholders will get 1 NGX
12/6/2022 SVM AU 265 Metal-Diversified Early 2023 7 Link -
Ltd share for every 11 SVM shares. NGX also looks to list via IPO on ASX. Expected early 2023; UPDATE
3/17: Shareholders approved spinoff
Enveric Medical- Enveric submitted a confidential registration statement for its proposed spin of its cannabinoid
11/28/2022 ENVB 7 1H 2023 -65 Link -
Biosciences Inc Biomedical/Gene clinical development pipeline into Akos Biosciences and spin it via a dividend to shareholders.
Turkish Airlines is planning to spin its short-haul brand AnadoluJet. Anadolu is currently operating
Turk Hava Yollari
11/8/2022 THYAO 426765 Airlines - 174 Link - at ~90% occupancy levels vs. the group-wide ~80% occupancy levels, making it easier to sustain
AO
itself as a stand alone group and seek expansion opportunities
www.KEDM.com
Parent PR to
Cap ($M) (%)
Grupo Carrefour Brasil and its board started a study on spinning out the Real Estate Business Unit.
11/8/2022 Atacadao SA CRFB3 BZ 25447 Retail-Hypermarkets - -34 Link -
It is also exploring a potential sale of a minority stake in the RE business to a strategic investor
American Resources plans to spin its ReElement Technologies subsidiary focused on lithium and
American
10/27/2022 AREC 109 Coal - -38 Link - rare earth elements. It expects to file a Form 10 within 60 days; UPDATE 1/24: AREC filed Form
Resources Corp
10
Medtronic announced a plan to combine and spin its Patient Monitoring & Respiratory
Nov 23 - June
10/24/2022 Medtronic PLC MDT 106398 Medical Products 0 Link Link Interventions business. The spin leaves RemainCo with a more streamlined portfolio, faster
24
organic growth and strong balance sheet.
Vale is considering again a spin of its copper and nickel unit from its iron ore business. Vale had
been planning to sell the unit, but now will separate the base metals unit internally with the
ultimate goal of listing it publicly. No word on timing; UPDATE 12/7: In talks with possible partners
for its new base metals investment vehicle, looks to have deal during 1H23. Vale is looking to sell
10% to partner. Vehicle will have HQ outside Brazil, budget $20bn in capex and manage the nickel
and copper mines in Brazil, Canada and Indonesia; UPDATE 1/9: Bartolomeo says Vale has
10/21/2022 Vale SA VALE 53369 Metal-Iron 1H 2023 -4 - - received multiple non-binding bids for stake in base metals biz, says partner could be auto
manufacturer, industrial group, state investor or pension fund; UPDATE 3/15: Vale is considering
a spin or IPO after selling a 10% stake, expects final bids expected by mid-April; UPDATE 4/27:
Have not made definitive decision on IPO for spin. Expects partner news by mid-year, but spin will
progress with or without partner; UPDATE 6/20: PIF is currently in lead for bid on 10% of base
metals business valued at $2.5bn; UPDATE 7/27: Agreed to sell 10% of base metal co to Saudi
PIT and Mining Co Maaden + 3% to Engine No. 1 for total $3.4bn
In order to obtain regulatory clearance for the Kroger/Albertsons merger, Albertsons is expect to
make store divestitures prior to the merger. ACI will make a SpinCo to hold between 100 and 375
stores, which will then be spun off to ACI shareholders immediately prior merger; UPDATE 10/26:
6 State AGs are looking into merger, urges ACI not to make $4bn special div payment to
shareholders before merger approved. State AGs' letter: "Regulatory approval of the merger is far
Albertsons Cos
10/14/2022 ACI 11740 Food-Retail Early 2024 7 Link - from assured"; UPDATE 11/2: AGs from DC, CA and IL filed lawsuit to block special div before
Inc
merger is approved; UPDATE 11/4: ACI & Kroger unions write the FTC to block merger, saying it
will lead to layoffs and higher prices; UPDATE 11/8: DC court denies request of CA, IL and DC AGs
for TRO against special dividend payment, but WA court extends temp block until 11/17 to hear
testimony; UPDATE 12/1: Kroger CEO says no updates during earnings call, says for foreseeable
future, updates on deal will likely be quarterly unless something material
Lionsgate is looking to spin off its TV and Movies Studio unit while retaining its STARZ platform;
UPDATE 3/31: Confidentially filed registration statement; UPDATE 5/25: Expects to spin Film/TV
Lions Gate
Motion End of Year studio off from Starz cable/streaming in September 2023; UPDATE 7/12: Filed Form 10 for Motion
9/28/2022 Entertainment LGF/B 2414 33 Link Form 10 Link
Pictures&Services 2023 Picture/TV Production studio spin; UPDATE 8/3: LGF aquired EOne File & TV business from Hasbro,
Corp
which will delay the spin from Sept 2023 to the end of year 2023; UPDATE 12/22: Agreed to spin
studio business with SCRM SPAC
York Harbour Metals plans to spin out its right, title and interest in its two mineral properties
York Harbour
8/15/2022 YORK CN 8 Metal-Diversified 2022 -85 Link - located in the Battle Mountain district of Nevada. York Harbour will focus on its York Harbour
Metals Inc
Project in Newfoundland and Labrador
www.KEDM.com
Parent PR to
Cap ($M) (%)
AMMO plans to separate its ammo and marketplace businesses. Outdoor Online will contain
GunBroker.com and related businesses. Action Outdoor Sports will retain the ammo and
munitioon businesses. Chairman/CEO Fred Wagenhals will be CEO/Chair of Outdoor Online,
Chair of Action Outdoor Sports. UPDATE 8/25: CEO Letter to shareholders (linked in PR column);
UPDATE 8/29: Stevn Urvan, founder of GunBroker and largest POWW shareholder (17.1%)
8/15/2022 AMMO Inc POWW 293 Firearms&Ammunition 2023 -54 Link Link
wrote letter to shareholders. He nominated a new slate of directors, wants the new board to re-
evaluate rational for spin, and feels POWW has been mismanaged: governance issues, subpar
ammo margins and poor integration of GunBroker; UPDATE 9/6: POWW announced it is placing
Urvan & Susan Lokey, CFO of GunBroker, on administrative leave and is investigating potential
misappropriation of the Company's data & digital assets.
ARBB is planning to list its IoT business on the NASDAQ in order to unlick the value of its IoT arm
8/12/2022 ARB Bhd ARBB MK 50 Computer Services 4Q22 -56 Link -
and efficiently allocate resources for growth.
GPA announced it started preliminary studies on a possible spinoff of its controlling share of
Exito, the largest supermarket in Colombia. Exito is publicly traded on the Colombian Securities
Cia Brasileira de Exchange. UPDATE 9/5: Prelim studies show GPA will retain 13% of Exito post-spin; UPDATE
8/10/2022 CBD 245 Food-Retail - -53 Link -
Distribuicao 12/30: Exito applies to be public company in Brazil on the Sao Paulo exchange; UPDATE 1/9: BoD
approved spin, shareholder vote set for 2/14; UPDATE 7/18: Jaime Gilinksi comes back with
$586.5m for 51% of Exito, GPA board rejects offer
Tietoevry initiated a strategic review of Tietoevry Banking, which includes a study of the
potential separation of Tietoevry Banking into an independent company listened on a stock
exchange. Tietoevry Banking consists of a portfolio of financial services software including
7/22/2022 TietoEVRY Oyj TIETO FH 2273 Computer Services H2 2023 -17 Link - Banking-as-a-Service, Cards, Payments and Credit. Tietoevery expects to list the NewCo during
2H 2023 UPDATE 11/30: Initiates strategic review of its managed services & transformation
businesses, exploring possible sale or spin; UPDATE 2/15: Board approves plan to spin bank,
shareholders to vote at upcoming EGM
ATOS is studying a possible spin of its Digital and Big Data business (Evidian) from remainco
(ATOS); which will remain a leader in managed infrastructure services. Possible transaction in H2
2023; spinco to list on Euronext Paris; UPDATE 10/24: ATOS has been approached by several
6/14/2022 Atos SE ATO FP 199 Computer Serivces H2 2023 -88 LINK LINK
potential buyers with interest in its SpinCo (rumored to be Apollo & Cerberus); UPDATE 1/2:
Reports of 'exploratory talks' with Airbus for minority share in Evidian; UPDATE 3/29: Airbus no
longer considering minority stake; UPDATE 4/27: Spin still planned for 2023
WDC announced strategic alternatives review including a seperation of its Flash Drive business;
the review was spurred by Elliott's 13D/shakeup; UPDATE 1/20: WDC and Kioxia are in talks to
spin the Flash business, merge it with Kioxia and create a pubco listed in US as well as Japan;
Western Digital Computers-Memory
6/7/2022 WDC 23502 2H24 19 LINK - UPDATE 7/14: Aiming for spin/merger in August 2023; UPDATE 10/30: WDC is back to a planned
Corp Devices
spin of its Flash Business as talks with Kioxia fell apart. Board approved spin, aiming for 2H24;
UPDATE 3/5: Current WDC CEO David Goeckeler will be CEO of SpinCo, with current EVP, Global
Operations Irving Tan to step in as CEO of RemainCo HDD business
Yara is moving forward with an operational/internal demerger of its Clean Ammonia business with
Yara International an expectation of a carveout/IPO in the future UPDATE 6/10: EGM on 7/7 UPDATE 6/21: Capital
6/2/2022 YAR NO 85970 Agricultual Chemicals - -20 LINK LINK
ASA Markets Day scheduled for 6/30 UPDATE 7/7: Shareholders approved demerger at EGM; UPDATE
8/24: Completed internal reorg to prepare for next steps/IPO
Citius Citius plans to spin its Phase 3 drug (I/Ontak) into NewCo while RemainCo focuses on
5/25/2022 Pharmaceuticals CTXR 125 Medical-Drugs H2 2022 -14 LINK LINK development pipeline; spin expected in H2 2022; UPDATE 3/30: Announced that Maxim will
Inc advise its spinco, progressing on spin
www.KEDM.com
Parent PR to
Cap ($M) (%)
VSTO is spinning its outdoor segment (CamelBak, Bushnell, Bell, etc) from its Sporting Products
segment (ammunition - Federal, CCI, Remington, etc). Expected spin in 2023. UPDATE 7/27: ahead
of schedule for spin-off during 2023; UPDATE 2/2: Remains on track to complete spin in 2023;
UPDATE 8/10: RemainCo Sporting/Ammo biz will be named The Kinetic Group with ticker HUNT.
5/5/2022 Vista Outdoor Inc VSTO 1914 Athletic Equipment 4Q23 -17 LINK Form 10 Link
Outdoor Product SpinCo will release name/branding in coming weaks; UPDATE 9/5: Filed public
Form 10, aiming to spin in 4Q23; UPDATE 10/5: Announced the Outdoor Products segment will
be named Revelyst and trade under GEAR; UPDATE 10/16: Agrees to sell Sporting Products for
$1.91bn cash
Invest Management and CIX will carve out its US wealth management unit via an IPO on a US exchange. Will retain ~80%
4/7/2022 CI Financial Corp CIX CN 2598 - -4 LINK -
Advisory Services post-IPO. S1 expected in 2022
CRTD is spinning its Web3/NFT collection and platform from its blogging assets. UPDATE: Advisory
board appointed - https://www.prnewswire.com/news-releases/creatd-assembles-elite-
advisory-board-for-its-og-collection-as-it-further-prepares-to-spin-off-its-physical-media-library-
and-web-3-0-assets-301587927.html; UPDATE 9/2: Received delist notice from NASDAQ, does not
meet $2.5m shareholder equity requirement. At open on 9/7, CRTD will no longer trade on
September NASDAQ - it is applying for OCTQB and appealing NASDAQ's decision; UPDATE 12/6: Received
3/30/2022 Creatd Inc VOCL - Applications Software - LINK -
2023 Letter of Intent for 25% sale of its OG Collection for $2.5m; UPDATE 12/15: Sold first 7.5% of 25%
target, expect 1Q23 spin; UPDATE 1/10: Global Tech Industries Group signs LOI to acquire CRTD
for $100m of GTII restricted shares. As due diligence & negotiations continue, CRTD intends to
complete OG Collection spin; UPDATE 5/31: conducting audit on OG Collections as it readies the
spin, aims to complete audit by mid-June. After Audit, will file S-1, aiming to distribute spin by
early September
SWX will spin its unregulated utility platform, Centuri. RemainCo will remain a regulated natural
gas and distribution company UPDATE 3/7: Icahn issues letter against the spin; SWX filtes a
rebuttal and reaffirms the spin within 9-12 months UPDATE 3/14: Icahn increases tender for entire
company to $82.50; SWX is evaluating UPDATE 3/28: SWX rejects Carl's offer; commited to spin;
issues letter ahead of vote at AGM on 5/12 (link left) UPDATE 4/18: SWX initiates strategic alts for
possible sale of company; AGM on 5/6 UPDATE 5/9: Settled with Icahn; CEO replaced; strategic
alts continues; decision on spin/Centuri expected within 90 days; UPDATE: Continuing stategic
Southwest Gas Spring/Summer
3/1/2022 SWX 5219 Gas-Distribution 13 LINK Link to S-1 review for Centuri, including sale or spin; UPDATE 12/15: SWX will sell MountainWest Pipelines to
Holdings Inc 2024
WMB for $1.07bn after acq. it for $2bn last year and facing opposition from Icahn. Confirms
Centuri spin, considering options on how to capitalize spin; UPDATE 6/21: Centuri spin on track
for 4Q23 - 1Q24; UPDATE 8/9: Continues progress on spin, aims to complete spin in 1Q24; UPDATE
9/22: Centuri files confidencial Form S-1 for IPO; UPDATE 11/27: Paul Daily, CEO of Centuri, will
retire in 2024. Separation will proceed as planned; UPDATE 12/4: Company plans to spin Centuri
via IPO slated for spring/summer of 2024; UPDATE 4/8: Centuri is looking to raise up to $315m
in an IPO valued up to $1.8bn
www.KEDM.com
Parent PR to
Cap ($M) (%)
Naturgy intends to split into two; MarketsCo will focus on the development of renewable
energies, the portfolio of energy customers and associated services, the conventional generation
business that ensures energy supply, and the management of wholesale energy markets. The
MarketCo unit will focus on management of regulated energy distribution and transmission
infrastructures. BoD vote in June; spin by YE 2022 UPDATE 4/13: Rumored to have paused spin
due to Ukraine conflict UPDATE 5/25: Chairman confirms that spin is being delayed due to conflict
in Ukraine; confirms that spin is still "valid" but could be pushed into 2023; UPDATE 10/11: Spanish
Naturgy Energy
2/10/2022 NTGY SM 20187 Gas-Distribution - -17 LINK LINK govt will ensure that the spin continues to meet the conditions the govt set when Aussie fund IFM
Group SA
bought its stake in NTGY (IFM agreed not to sell any assets beyond those already agreed by the
board and it cannot delist NTGY for at least 3 years); UPDATE 10/17: Spanish Energy Minister
Ribera calls planned spin unreasonable, says it threatens stability & price of Spanish nat gas
supplies; UPDATE 12/12: Spain to extend restrictions on foreign takeovers through 2024, making
NTGY transaction more difficult; UPDATE 7/12: Board affirms strategic sense of spin, still TBD on
timeline; UPDATE 10/23: Deputy PM Ribera says plan to split isn't "advisable," split probably
based on reasons not related to keeping investment in energy transition
Solaris will spin its LatAm assets into Solaris Exploration; spinco will not be listed intially but will
Solaris Resources
12/6/2021 SLS CN 745 Metal-Copper - -61 LINK - apply in "due course" for a listing UPDATE 7/7: Company issued press release stating the spin is
Inc
progressing and has "made considerable progress with the internal reorg of the Company
Ault is renaming itself BitNile (NILE) and pivoting into Bitcoin mining while spinning off Ault
Alliance which will focus on EV charging products UPDATE 12/13: Name/ticker change from DPW
to NILE; UPDATE: Announces conference call to update spin on 9/6; UPDATE 9/9: Now plans to
split into 4 companies, investor day on 10/17 with more details. TurnOnGreen acquired by IMHC
11/22/2021 Ault Alliance Inc AULT 10 Investment Companies 1/23/2023 -100 LINK -
(a publicly traded subsidiary of NILE) on 9/6, Gresham Wordwide agreed to share exchange
agreement with GIGA on 9/8, Ault Alliance intends to spin 1H 2023. NILE still has to set record and
distribution date for TurnOnGreen shares; UPDATE 12/22: TurnOnGreen spin (f/k/a Imperalis
Holdings) record date moved to 1/17/23, dist date to 1/23/23
PRELIMINARY DISCUSSIONS: CMC Markets is working with advisers on a possible seperation of

11/13/2021 CMC Markets PLC CMCX LN 666 Finance-Invest Bnkr/Brkr - 1 LINK - its leveraged trading/spread betting operations from its non-levered tech and investment product
division. Both entities to trade on LSE; Update expected in June 2022
LIVX announced its intention to spin its Pay-Per-View business (rebranded as "PPVOne") by March
Internet Content- 2022. Details forthcoming. UPDATE 12/20: Corporate update issued; Spin expected by March
9/15/2021 LiveOne Inc LVO 160 H1 2023 -44 LINK -
Info/Ne 2022; strategic alts continues UPDATE 2/10: On earnings call, mgmt indicated spin on track for
H1 2023 UPDATE 6/29: Earnings call; Company still expects a spin in FY 2023
SEMC is exploring a listing of its Product Information business (40% of sales), which focuses on
digital aftersales. UPDATE 2/9: Spin made official; will spin in Q4 2022 UPDATE 7/19: H1 results
Engineering/R&D
9/9/2021 Semcon AB SEMC SS - Q4 2022 - LINK LINK filed; Company now expects the spin to occur in Q1 2023 at the earliest; UPDATE 8/23: Etteplan
Services
submited takeover offer, SEMC board recommends shareholders to accept; UPDATE 10/7:
Etteplan's offer has lapsed and the offer period has ended
www.KEDM.com
Parent PR to
Cap ($M) (%)
Ecoark is spinning its financial services unit, "Trend Discovery" (Venture Capital fund, fund
administration/consulting business, crypto mining, broker/dealer). Ecoark will distribute ~80% of
Trend and retain 20% UPDATE 11/19: S1 filed to IPO spinco, renamed Agora Digital Holdings; will
RiskOn
8/26/2021 ZEST - Invest Mgmnt/Advis Serv PENDING - LINK LINK trade on Nasdaq under DEFY; prospectus link left; UPDATE 9/12: ZEST will dividend out its holdings
International Inc
of FRTM and EVTN to shareholders of record on 9/30. Shareholders will receive 1 share of each
for every ZEST share held; UPDATE 10/13: Will also spin off Zest Labs, Inc, record date is 11/15
and will distribute 1 share of Zest Labs for each share of Ecoark
PAZ is spinning its refining business from its retail unit. SpinCo to trade on the Tel Aviv exchange
UPDATE: PAZ submits draft prospectus to ISA for SpinCo, Ashdod. Ashdod will trade on Tel Aviv
Exchange UPDATE 2/7: Spin submitted for court approval UPDATE: EGM on 4/10; reports that it
8/25/2021 Paz Oil Co Ltd PZOL IT 3865 Oil Refining&Marketing - 53 LINK -
may list its RE holdings on Tel Aviv exchange UPDATE 6/20: Court approves the refinery
spin/distribution UPDATE 11/10: Will spin its Ashdod refinery and allocate 15% stake to Shapir
Engineering; PAZ shareholders to retain 80% in Paz Ashdod
Bausch intends to carve out and IPO Solta Medical, a provider of medical aestetics and skin
rejuvenation solutions. The IPO will pay down debt to prep for the upcoming spin of its Bausch +
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 UPDATE
2/9: BHC filed registration statement for IPO of Solta (S1 link left); will trade under SLTA UPDATE
3/9: SLTA IPO is ready and waiting on better market conditions (likely 2-4 weeks) UPDATE 5/10:
On conference call, mgmt reaffirmed IPO is ready and will continue to wait for better market
Bausch Health
8/3/2021 BHC 3201 Medical-Drugs 2022 -67 LINK LINK conditions to launch UPDATE 6/16: IPO of Solta suspended due to market conditions; UPDATE
Cos Inc
11/4: Did not answer analyst question on if spin will continue/timing of spin on latest earnings
call; UPDATE 12/12: Judge does not file injunction in case where BHC investors are suing the
company on claims its shielding assets with spin. Court does not see need for injunction as deal is
not imminent, BHC must notify investors before the deal in case they want to try for another
injunction; UPDATE 4/4: 3 investors' claims dismissed, but investors can proceed with fraudulent-
conveyence claim, meaning investors can request a prelim injunction blocking spin if there is
indication it will occur; UPDATE 9/18: CFO Tom Vadaketh resigns to go to Enviri
Aarti got board approval to demerge Aarti Pharmalabs (Specialty Chemical and Pharma units). 1
Aarti Industries SpinCo share for every 4 shares of ARTO. Update 11/1: Timeline mentioned on the quarterly
8/19/2021 ARTO IN 272222 Chemicals-Diversified 2022 -9 LINK LINK
Ltd conference call of 9-12 months to complete demerger UPDATE: Shareholder and creditor meeting
on 3/10 UPDATE 3/10: Demerger approved; UPDATE 10/6: Announced record date of 10/20
SCI, a shipping company (dry bulk, tanker, container, etc) is demerging its non-core assets. SCI
shareholders to receive 1 NewCo share for every SCI. NewCo to be listed on BSE and NSE
exchanges. Remainco to be sold. UPDATE: Government approves demerger UPDATE 11/11: SCI
Shipping Corp of
8/4/2021 SCI IN 102639 Transport-Marine - 164 LINK LINK incorporates spinco "Shipping Corporation of India Land and Assets Ltd." UPDATE 12/3: Demerger
India Ltd
scheme filed UPDATE 3/3: Final scheme filed (link left) expected demerger in June 2022 UPDATE
5/25: BoD approved; UPDATE 1/2: Minestry of Corporate Affairs set to approve spin; UPDATE
2/23: MCA approved spin of assets
Preliminary discussions: CEO is mulling a spin of its offshore wind business to fund its expansion
7/21/2021 Iberdrola SA IBE SM 72262 Electric-Integrated - 23 LINK - UPDATE 10/27: CEO indicated the spin is still being discussed UPDATE 2/23: CEO indicates a
IPO/spin is still an option but focused on forging partnerships first
www.KEDM.com
Parent PR to
Cap ($M) (%)
GreenBox is spinning its stablecoin platform (COYNI) and announced a special divvy. Shareholders
of record on 8/16 AND who hold their shares for a "specific period of time after the record date"
will receive a right to .35 shares of common in the SpinCo for each 1 GBOX share/ Shareholders
of record on the second tranch special divvy will be entitled to .20 common for each GBOX share
BUT shareholders cannot recieve both divvys, i.e. no shareholder can recieve the full .55 right
7/15/2021 Ryvyl Inc RVYL 13 Applications Software Q4 2021 -98 LINK LINK
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 UPDATE 4/1: Spin/IPO postponed; UPDATE
4/12/23: Planned spin of Coyni is back on
Rusal is splitting its high-carbon assets from its low-carbon "green aluminum" assets; company
hopes to be carbon neutral by 2050; company to change its name to AL+; shareholder meeting
scheduled for June 24 UPDATE 6/25: Minority shareholder vote against renaming to AL+; Sual
partners objected to the split in its form. UPDATE 7/22: Split is postponed until full analysis of the
United Co RUSAL
5/19/2021 RUAL RX 644943 Metal-Aluminum 2022 -20 LINK - aluminum export tax can be examined UPDATE 11/1: 2 largest shareholders support the high
International
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 UPDATE 12/21: Spinco may list outside Russia UPDATE:
Trading halted due to Russia sanctions UPDATE: Trading resumed
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
were upsizing the asset base of the spin from 3B to 5-6B. UPDATE 12/16: Filed request to IRS for
a private letter re:the spin; Form 10 and new name/management team expected in Jan; spin in
Bldg- Q2 or Q3; expect Spinco to be "asset lite" asset manager to collect fees within 3 verticals - multi-
3/17/2021 Lennar Corp LEN 43993 - 65 LINK -
Residential/Commer fam fund management, single-family for rent & "land strategies" UPDATE 3/16: Spin update on
earnings conference call - Spin is progressing; initiated application with NYSE for listing; given
market uncertainty pushing the transaction date into Q3 or Q4 (from Q2) UPDATE 6/21: Spin
update on conference call; spin by year end; asset management spinco to be branded as Quarterra
and trade under "Q"; UPDATE 12/15: Spin won't happen by EoY, pushed back, new date TBD
Flutter
Preliminary discussions: Flutter is mulling a spin or carve out of its US sports betting unit, FanDual.
3/13/2021 Entertainment FLTR LN 27007 Gambling 2022 -4 LINK -
UPDATE 7/11: Delaying the IPO/spin until 2022; UPDATE 4/26: Shareholders approve US Listing
PLC
MTN Group is planning to spin of its fiber and fintech units from its wireless unit. UPDATE: Spin
should be finalized by March 2022 UPDATE 1/7: CEO interviewed; mentions seperation by YE
3/11/2021 MTN Group Ltd MTN SJ 169829 Cellular Telecom Q2 2022 13 LINK -
UPDATE 3/9: Seperation "progressing well;" fintech expected in Q2 and fiber in 2023 UPDATE 4/5:
JPM retained to advise on spin
www.KEDM.com
Parent PR to
Cap ($M) (%)
Asia's large ag-trader, Olam, plans to IPO its food ingredients unit (ofi) and its "Global Agri" unit
(OGA). Expected complete in Q2 2022 UPDATE 8/12: Olam is planning a primary listing on the LSE
and a secondary listing in Singapore; demerger/IPO on track for H1 2022 UPDATE 9/20: Demerger
info released; new presentation link left) UPDATE 11/20: New presentation filed for SpinCo ("ofi");
link left UPDATE: EGM scheduled for 2/18 UPDATE 2/23: Bankers hired; targeting a 18B valuation
with 2B pounds raised; targeting Q2 2022 for ofi and OGA IPO 6 months after ofi UPDATE: Name
2/25/2021 Olam Group Ltd OLG SP 4566 Agricultural Operations - -11 LINK LINK change/ticker change in preperation for the seperation UPDATE 3/24: Olam no longer expects a
Q2 spin/IPO of ofi due to the Ukraine conflict; will evaluate timing on an ongoing basis; Olam also
sold ~30% of OGA to the Saudis, still expect an IPO of OGA shortly after ofi listing UPDATE 6/20:
Shareholders approve the partial sale of OGA to the Saudis; UPDATE 8/11: Remain committed and
prepared pending favorable market conditions; UPDATE 1/9: Plans to list as early as 1H23, plans
primary listing in Singapore with possible concurrent listing on Saudi Exchange; UPDATE 5/30:
Saudi IPO won't happen in 1H 2023, haven't received all necessary regulatory approvals yet
Strides Pharma will demerge its biotech business (Stelis) in order to focus on its core pharma
business. UPDATE 3/19: Stelis raised 195m in private funding to prep it as a stand alone entity.
Strides Pharma
2/4/2021 STR IN 77187 Medical-Generic Drugs 2021 -5 LINK LINK UPDATE 11/10: Company mentioned they have not yet decided on a spin or IPO per the Q2
Science Ltd
conference call on 11/10 UPDATE 2/11: On earnings call, management indicated they have
retained bankers and are currently evaluating options with an expected demerger in '23
Repsol has hired JPM to explore a spin of its renewable energy unit. UPDATE: REP is seeking to
2/3/2021 Repsol SA REP SM 19326 Oil Comp-Integrated Q2 2021 117 LINK -
sell 25% stake privately with an expected liquidity event via IPO between 3-5 years.
NRZ, a mREIT, is carving out its mortgage originator, NewRez, via an IPO. Primer on the transaction
Rithm Capital can be found in the "corp. presentation" cell. UPDATE: Acquired Caliber to be combined with
11/20/2020 RITM 5129 REITS-Diversified - 58 LINK LINK
Corp 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
TIIAY continues to evaluate a spin; 'NetCo' would incorporate the operator's fixed network assets
as well as the domestic wholesale and Sparkle's international businesses. 'ServCo', would hold all
Telecom Italia the remaining assets including the mobile business, enterprise services including cloud unit
10/9/2020 TIIAY 5089 Telephone-Integrated H1 2021 -40 LINK LINK
SpA/Milano Noovle and TIM Brasil. KKR bidding for compnay UPDATE: Spin feasibility plan released by summer
2022 UPDATE 4/13: KKR drops bid UPDATE 6/30: Rejects CVC bid UPDATE: BoD gives CEO
mandate to move forward on 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)
Spinco Parent
Spin-Co Share
Parent Spin to Spin to
Parent SpinCo Mkt Turnover of
Parent Co. Market Spin Co. Ex- Date Date Date PR Presentation SpinCo Description
Ticker Ticker Cap Spin since
Cap ($M) Return Return
($M) Spin (%)
(%) (%)
After completing the spin of GE Healthcare, GE now turns to spinning off its
energy and power generation business, branded as GE Vernova; UPDATE
8/24: Ken Parks named CFO of GE Vernova; UPDATE 10/24: Expects to spin
General Electric GE Vernova during 2Q24 under GEV, GE Aerospace will continue as
GE 169,052 GE Vernova Inc GEV 36459 4/2/2024 -4 14 35 Link Form 10 Link
Co RemainCo under GE; UPDATE 11/14: Fmr Linde CEO Stephen Angel named
non-exec chairman of GE Vernova; UPDATE 2/15: GE announced that GE
Vernova filed its Form 10; UPDATE 2/29: Board approves spin, investor day
to be held on 3/6, expects to list GEV on 4/2
3M announced plans to spin off its Health Care Business focused on wound
care, oral care, healthcare IT, and biopharma filtration. RemainCo will
consist of the global material science business. RemainCo will also retain a
19.9% stake in NewCo and will monetize the stake over time. 3M expects
the spin to be completed by year-end 2023. UPDATE 9/1: 2 US military vets
suing to bloc k spin, alleging it is an attempt to shield assets from vet
compensation for military ear-plugs. 3M subsidiary Aearo Technology
(maker of the ear-plugs) filed for bankruptcy same day spin was announced
Solventum
3M Co MMM 50,527 SOLV 10838 4/1/2024 -9 -3 30 Link Form 10 and agreed to indemnify 3M against ear-plugs liability, faces legal pushback;
Corp
UPDATE 8/22: Names Zimmer Biomet CEO Bryan Hanson CEO of 3M
Healthcare Business Group; UPDATE 9/13: CFO says spin will be pushed from
late 2023 to 1H24 in order to give new CEO more time; UPDATE 11/16:
Independent Healthcare SpinCo to be named Solventum, still expects 1H24
spin; UPDATE 1/17/24: 3M hires Chris Barry, former CEO of Nuvasive, to lead
Medical Solutions Division on Solventum; UPDATE 2/21: Releases Form 10,
sets spin date for 4/1; UPDATE 3/13: 3M announced that Bill Brown will take
over as CEO of 3M on 5/1, fmr CEO of Harris Corp/L3Harris.
Worthington Industries announced it will spin its Steel Processing Business
in early 2024. RemainCo is positioned with premier brands in growing,
attractive end markets (consumer products, building products & sustainable
Worthington Worthington
WOR 2,928 WS 1754 11/30/2023 27 32 52 Link Form 10 Link energy solutions) while SpinCo will a best-in-class value-added steel
Enterprises Inc Steel Inc
processor with expanded product offerings. UPDATE 10/4: Filed Form 10 for
spin; UPDATE 11/9: Board approves merger, 1 for 1 share ratio. Record Date
on 11/21, when-issued on 11/28 and distribution on 12/1
WPC Board approves the spinoff of 59 office properties into Net Lease Office
NET Lease Form Properties SpinCo. NLOP will assume $169m of mortgage debt and get a
WP Carey Inc WPC 12,029 Office NLOP 341 11/2/2023 125 2 243 10 Link $455m debt facility from JPM and pay $350m back to RemainCo; UPDATE
Properties Link 10/6: NLOP to begin trading on 11/2, 1 NLOP shares for every 15 WPC
shares
www.KEDM.com
Spinco Parent
Spin-Co Share
($M) Spin (%)
(%) (%)
NCR plans to split its high growth digital/SaaS business from its cash-
generative ATM busines. NCR has been shopping around parts of its
business as well as its entire company, but cannot find a buyer. It plans to
complete the split by year end 2023; UPDATE 5/4: Senior Exec VP, CFO Tim
Oliver named spinco CEO. EVP, President of NCR Commerce named
NCR Atleos
NCR Voyix Corp VYX 1,734 NATL 1518 10/17/2023 -1 -26 132 Link Form 10 Link remainco CEO; UPDATE 6/26: NCR filed a Form 10 for its ATM spinco, spin
Corp
on track for 4Q23; UPDATE 9/18 & 9/22: Raised debt for spinco, $1.35bn
due 2029 at 9.5%, will pay some distribution to remainco; UPDATE 10/11:
Reuters reported NCR and Brinks were in talks to merge ATM business into
Brinks, which Brinks promptly refuted. NCR announced CEO Michael
Hayford will retire after spin, reiterated spin date of 10/16
LAC will separate its North American and Argentine businesses. The
Argentina Business will hold a 44.8% interest in Cauchari-Olaroz and 100%
interest in the Pastos Grandes lithium brine project, as well as the 17%
Lithium investment in Arena Minerals (AN CN). The NA Business will hold the 100%
Lithium
LAC 1,148 Americas LAAC 833 10/4/2023 -14 -40 139 Link Link interest in Thacker Pass and the investments in Green Technology Metals
Americas Corp
Argentina Cor (GT1 AU) and Ascend Elements; UPDATE 7/31: Shareholders approve spin,
expected to spin in Oct 2023; UPDATE 9/28: Dist date set for 10/3, will
receive 1 share of Lithium Argentina and 1 share of Lithium Americas
NewCo
DHR plans to spin its Environmental & Applied Solutions segment made up
of its Water Quality & Product Identification businesses. Jennifer Honeycutt
will become President & CEO (currently EVP of EAS segment). Expected to
Danaher Corp DHR 177,694 Veralto Corp VLTO 21540 10/2/2023 3 13 135 Link -
spin in 4Q23; UPDATE 8/25: Expects to complete spin of Veralto on 9/30
with record date on 9/13. Shareholders will receive 1 spinco share for 3
DHR shares
Aramark plans to spin its uniform business (Aramark Uniform Services).
RemainCo will focus on its Food and Facilities Services unit. Spin expected
by YE 2023; UPDATE 8/8: progress is being made on spin, reaffirms timeline
Aramark ARMK 8,291 Vestis Corp VSTS 2528 10/2/2023 13 27 206 LINK Form 10 Link of spin occuring in FY23; UPDATE 8/15: Aramark Uniform Form 10 filed,
linked in column; UPDATE 9/5: Announced Spinco will be named Vestis,
record date to be 9/20, Vestis traded by 10/2. Spin ratio will be 1 VSTS for
every 2 ARMK
K intends to spin off its North American Cereal unit and its Plant-based Food
unit, resulting in three independent pubcos; inteds to spin Cereal first, then
PlantCo; spins expected in 2023; UPDATE 8/26: Names Gary Pilnick, 22-year
company vet and current Chief Legal Officer, as CEO of CerealCo spin;
UPDATE 2/9: Plan on executing spin by end of year 2023; UPDATE 3/16:
Kellanova K 18,880 WK Kellogg Co KLG 1795 10/2/2023 61 8 246 LINK Form 10 Link
Announced that its NA Cereal will be renamed WK Kellogg and Global Snacks
Biz will be named Kellanova and trade under K; UPDATE 7/25: Filed Form 10
for spinco, will trade under KLG; UPDATE 9/11: Board approves spin, sets
record date as 9/21 and expects KLG to trade on 10/2. Shareholders will
get 1 KLG SpinCo share for every 4 K shares
LiveOne intends to spin off its on-demand digital podcasting company,
PodcastOne, into a separate publicly-traded entity by year-end 2022.
UPDATE 7/26: PodcastOne sold $8m of convertible notes, LVO purchased
$3m; UPDATE 10/25: Expects to file S-1 by YE2022 and complete spin by
PodcastOne
LiveOne Inc LVO 160 PODC 53 9/8/2023 -47 19 69 LINK - YE2023; UPDATE 11/3: Sets 12/22 as record date to spin 5-10% of
Inc
PodcastOne to LVO shareholders; UPDATE 11/10: Expects to file S-1 for
PodcastOne by 12/15; UPDATE 12/29: S-1 filed, record date is 1/16; UPDATE
8/30: Ex Date for Special Div in 9/5, PodcastOne to start trading on 9/8
under PODC
www.KEDM.com
Spinco Parent
Spin-Co Share
($M) Spin (%)
(%) (%)
Liberty plans to split-off Liberty Braves by redeeming all LSXM's existing
BATR common in exchange for common in NewCo Atlanta Braves Holdings
(ABH). ABH will hold the businesses & assets/liabilities of the Braves Group:
Liberty Media Atlanta Braves the MLB team, certain assets/liabilities related to the stadium & the mixed
LSXMK 8,313 BATRK 2425 7/19/2023 -9 13 87 Link -
Corp-Liberty Sir Holdings Inc use development project. LSXM will redeem each of its Series A/B/C
common stock in BATR for a share of the corresponding series common
stock in ABH. Interest in Liberty Braves held by SiriusXM & F1 Group will be
settled & extinguished in a manner TBD.
Plans to spin its Fuel Services & Aftermarket segment to public NewCo. This
allows RemainCo to optimize combustion portfolio and advances
electrification while allowing SpinCo to grow in alt fuels and aftermarket
space. RemainCo will have e-propulsion & drivetrain and air mgmt segment:
$9.4bn of rev with 10.8% segment operating margin YTD. NewCo recorded
$2.7bn rev with 12.5% segment operating margin YTD. Expect to spin late
BorgWarner Inc BWA 7,737 Phinia Inc PHIN 1729 7/5/2023 5 -22 351 Link Link
2023; UPDATE 2/9: Spinoff units up ~11% in 4Q22; UPDATE 2/14: SpinCo
named PHINIA Inc, Brady Ericson named CEO and Chris Gropp named CFO,
both have same positions at business unit pre-spin; UPDATE 6/13: Board
approved spin, BWA shareholders will received 1 PHIN share for every 5
BWA shares held on 6/23 record date. Distribution date set for 7/3, PHIN
set to trade 7/5
Labcore announced plans to spin-off its Clinical Development business in
2H 2023. NewCo will contain the global Contract Research Organization
that provides Phase I-IV clinical trial management and other services to
pharma and biotech companies. RemainCo will contain the core diagnostic
Laboratory Corp Fortrea testing business. UPDATE 10/27: Clinical Development Business spin ahead
LH 17,307 FTRE 3490 7/3/2023 6 -1 309 Link -
of America Hol Holdings Inc of schedule, expect to spin mid-2023; UPDATE 2/9: Spinoff will be named
Fortrea; UPDATE 4/25: Spin on track for mid-2023; UPDATE 6/12: LH
priced $570m of notes for its Fortrea spin. FTRE expected to start trading
when-issued under FTREV on 6/16, record date on 6/20, regular-way
trading on 7/3
Imperial IMPP is planning to spin its two drybulk carriers and filed a Form F-1, creating
IMPP 92 C3is Inc CISS 4 6/22/2023 -99 -6 1,627 Link -
Petroleum Inc a pure-play drybulk SpinCo and product/oil tanker RemainCo
MDU plans to spin Knife River to create a stand-alone, aggregates-based,
vertically integrated construction materials providers. RemainCo will focus
on regulated utilities, natural gas pipelines and infrastructure services.
MDU Resources Knife River UPDATE 11/3: Board determined spin is best way to optimize value,
MDU 4,932 KNF 4611 6/1/2023 133 27 225 LINK -
Group Inc Corp working to spin Knife River in 2023; UPDATE 12/15: Filed Form 10 for spin,
expect to spin 2Q23; UPDATE 4/10: Announced a $425m note priced at
7.75% maturing in May 2031 for its KNF spinco; UPDATE 5/4: Board
approves spin, record date set for 5/22, dist date set for 5/31
Cummins filed a confidential S1 for its Filtration Business; UPDATE 10/6:
Atmus
Cummins agrees to extend $1bn 5y loan to Filtration Business once it spins
Cummins Inc CMI 42,363 Filtration ATMU 2665 5/26/2023 48 43 372 LINK -
($400m revolving credit, $600m term loan); UPDATE 2/22: SpinCo Atmus
Technologies
filed S-1 to start IPO and spin process.
www.KEDM.com
Spinco Parent
Spin-Co Share
($M) Spin (%)
(%) (%)
CEO announced the company will spin its consumer division (Band-Aid,
Tylenol and Baby Powder) with RemainCo focused on healthcare, biopharm
and med device. Spin within 18-24 months UPDATE 5/11: CEO (Thibaut
Mongon) and CFO of spinco announced; UPDATE 8/11 JNJ will stop selling
talc baby powder globally by end of year; UPDATE 8/24: Named Larry Merlo
Chair of Spin, fmr President & CEO of CVS Health; UPDATE 1/9: Kenue filed
Johnson & for IPO under ticker KVUE, no details on date or proceeds; UPDATE 3/8:
JNJ 355,491 Kenvue Inc KVUE 36627 5/3/2023 -10 -7 279 LINK LINK
Johnson Kenvue is raising $7.75bn via a bond offering to help fund distribution to JNJ
and plans to keep $1bn to $1.5bn on its B/S. This is on top of a $4bn
commercial paper program, $4bn revolver and an expected $5bn raised in
the IPO; UPDATE 4/4: JNJ agreed to pay $8.9bn to settle talc lawsuits,
conditioned on victims accepting the settlement, potentially eases path to
Kenvue spin; UPDATE 4/23: Kenvue starts its IPO roadshow, aiming to raise
$3.5bn at a $40bn valuation
MSGE is exploring a potential spin-off of its live entertainment and MSG
Networks businesses. The proposal would spin 2/3 economic interest in
the live entertainment and media businesses to shareholders with MSGE
retaining 1/3. The SpinCo will hold venues (MSG, Radio City, Beacon
Theatre and Chicago Theatre), the entertainment and sports bookings
business, the Arena License Agreements with the Knicks and Rangers, and
MSG Networks. RemainCo will hold MSG Sphere, majority interest in TAO
Sphere Madison Group Hospitality, 1/3 interest in SpinCo and the majority of cash on
Entertainment SPHR 1,469 Square Garden MSGE 1879 4/20/2023 20 49 287 Link Link hand.UPDATE 10/26: MSGE confidentially submits Form 10; UPDATE 12/6:
Co Entertai MSGE now looking to retain MSG Networks (originally part of SpinCo) with
MSG Sphere and TAO Hospitality. Company will spin 2/3 of interest in
SpinCo to shareholders, will retain 1/3. The retained 1/3 is available to
future share exchange for RemainCo shares, used to raise capital, or used
in follow-on spin distribution to RemainCo holders. SpinCo will take MSG
Entertainment name, RemainCo will be named MSG Shere Co. UPDATE
2/16: Form 10 for spinco made public (linked in PR column); UPDATE 3/30:
Board approves, expect spin by 4/20
Crane will separate into 2 publicly-traded units - 1) Crane Co. - manufacturer
of mission-critical engineered industrial products, 2) Crane NXT - Industrial
Technology business /Payment and Merchandising Technologies. SpinCo to
Crane NXT Co CXT 3,479 Crane Co CR 7691 4/4/2023 72 51 129 LINK LINK trade under CXT. Seperation in H1 2023; UPDATE 12/15: Filed Form 10,
expect spin on 4/3/23. Crane & Crane NXT will host investor conferences on
3/9/23; Update 3/20: Updated capital structure of CR & CXT, record date
on 3/23, when-issued on 3/29 and dist on 4/3
Safehold (SAFE) and iStar (STAR) will combine to increase SAFE's market
leadership in the ground lease industry and make SAFE the only internally-
managed, pure-play ground lease public company. Before the merger, iStar
will spin off a new pubco to its shareholders. This SpinCo will hold its
Safehold Inc SAFE 1,361 Star Holdings STHO 162 3/31/2023 -30 -33 216 Link -
remaining non-ground assets and $400m of its SAFE shares that will be
monitized over time. UPDATE 12/19: Initial Form 10 filed for Star Holdings
spin; UPDATE 3/17: Declared ratio of 0.153 Star Holdings per share of
SAFE. Record date 3/27, dist on 3/31
Castor is planning to spin its tanker fleet (1 Aframax, 5 LR2s & 2 Handysize
tankers) into Toro Corp, the SpinCo. CTRM shareholders will receive 2 Toro
shares for every 5 CTRM shares with the record date on 12/6. CTRM will
Castor Maritime
CTRM 36 Toro Corp TORO 89 3/7/2023 -41 -31 591 Link - retain its dry bulk fleet; UPDATE 12/14: Distribution date delayed until mid-
Inc
Jan 2023, record date remains 12/6; UPDATE 12/30: Files amended
registration statement and changed ratio to 1 TORO for every 10 CTRM,
expect spin in January 2023; UPDATE 2/2: CTRM now rescheduled the
www.KEDM.com
Spinco Parent
Spin-Co Share
($M) Spin (%)
(%) (%)
record date to 2/22 with the dist taking place in March 2023; UPDATE 2/13:
dist date scheduled for 3/7
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 12/2: At a conference, the CEO
mentioned that the IPO is still planned but cannot comment on timing.
UPDATE 1/26 EARNINGS CALL: IPO process continues- timing subject to
Flex Ltd FLEX 11,953 NEXTracker Inc NXT 6829 2/9/2023 55 67 492 LINK LINK market conditions and SEC process UPDATE 2/2: FLEX officially enters into
seperation agreement to spin Nextracker; IPO timing subject to SEC review
process; Nextracker sells 500m in convertible prefs to TPG; presentation
filed (link left) UPDATE 3/1: Investor Day on 3/30 UPDATE 3/30: IPO
progressing; S1 remains on files with SEC and its timing subject to market
conditions
JEF is spinning its energy unit, Vitesse Energy, Inc into a standalone entity to
Jefferies
Vitesse Energy refocus RemainCo on investment banking; will trade on NYSE; spin expected
Financial Group JEF 8,863 VTS 689 1/17/2023 82 14 393 LINK -
Inc by YE 2022; UPDATE 1/5: 'When-issued' trading expected to begin 1/10, dist
Inc
expected 1/13. 1 VTS for every 8.5 JEF
GE plans to split into 3 publicly-traded businesses (Aviation; Healthcare;
Renewables). Spins to occur in 2023 (Healthcare) and early 2024
(Renewables) UPDATE 5/4: Spin progressing; branding and logo released in
Q3; spin remains on track for early 2023 UPDATE: Will rebrand energy spico
as Vernova; Healthcare spinco to retain GE brand (GE Healthcare) and trade
GE HealthCare under GEHC; UPDATE 9/12: Announced board for GE Healthcare, expected
General Electric
GE 169,052 Technologies GEHC 39372 1/4/2023 43 178 217 LINK LINK to spin Jan 2023; UPDATE 10/11: Files Form 10 for GE HealthCare; UPDATE
Co
Inc 10/25: On track for 1st week January 2023; UPDATE 11/9: Priced $8.25bn
senior notes issued by GE Healthcare; UPDATE 11/30: Dist date expected
1/3/2023, valuation set at $31bn (1 GEHC for every 3 GE shares). Investor
day set for 12/8; UPDATE 12/8: GEHC posted medium-term financial
targets going into its ID: MSD organic revenue growth, high teens to 20%
AEBIT margin and 85%+ FCF conversion
www.KEDM.com
Completed International Spin-offs, Carve-outs, or Spin-Mergers

International Spins (ex-China); trailing 180 days
Spinco
Parent Spin-Co Spin to
Parent SpinCo Spin Date/ Links to PR or
Parent Co. Market Spin Co. Mkt Cap Date Notes
Ticker Ticker Listing Date Presentation
Cap ($M) ($M) Return
(%)
Televisa's Board approved a proposal to separate its Club America futbol team and operations, Estadio
Grupo Televisa AGUILCPO Azteca, the gaming operations and magazine publishing & distribution into a SpinCo to list on the
TV 1789 Ollamani SAB 4859 2/20/2024 13 Link
SAB MM Mexican Stock Exchange; UPDATE 1/25: Reuters is reporting that TV plans to launch sports, gaming and
some editorial ops spin-off in on Feb 20 under the name Aguilas.
Sodexo announced its 1H23 earnings and debuted plans to spin its Benefits & Rewards Services unit from
its On-Site Services unit. Expected to spin in 2024; UPDATE 10/26: SpinCo to be named Pluxee, will be
CMD
Sodexo SA SW FP 11295 Pluxee NV PLX FP 3735 2/1/2024 -15 put to vote in early 2024 and spin shortly after; UPDATE 12/19: Shareholder vote set for 1/30/24 with
Presentation
plan to complete spin on 2/1. Capital Markets Day set for 1/10; UPDATE 1/10: Pluxee held Capital
Markets Day and released FY24-FY26 targets (CMD Deck linked)
Solvay will split into two listed entities: EssentialCo will focus on mono-technology businesses (soda ash,
silica, peroxides, etc) and SpecialtyCo that will focus on higher growth and higher margin polymers,
performance composites and its Solutions segments. Both units to retain a EuroNext Brussels and Paris
listing. H2 2023 transaction; UPDATE 6/16: EssentialCo will retain Solvay name, SpecialtyCo will be
Solvay SA SOLB BB 3123 Syensqo SA SYENS BB 9426 12/11/2023 -10 Prospectus
renamed Syensqo. Aiming for spin in December 2023; UPDATE 10/18: Shareholder vote set for 12/8;
UPDATE 11/13 & 11/16: Unveiled targets for SpinCo and Remain Co; Syensqo/SpinCo approved to list in
Brussels & Paris; Syensqo prospectus approved (linked in Presentation column); UPDATE 12/8: Syensqo
spin approved by shareholders, will trade Monday (12/11)
NVS plans to spin its generics arm Sandoz. Novartis/RemainCo plans to focus on innovative medicines
with a stronger financial profile and returns on capital metrics. Sandoz is expected to list in Switzerland
Sandoz Group
Novartis AG NVS 212990 SDZ SW 11598 10/4/2023 11 with a US ADR; UPDATE 2/1: On track to spin in 2H23; UPDATE 7/18: Expects spin in early 4Q23, Prospectus
AG
shareholder vote for 9/15; UPDATE 8/18: Filed listing prospectus for Sandoz, plans to spin on or about
10/4; UPDATE 9/15: Shareholders approve spin, expected to get 1 Sandoz share per 5 NVS shares
Sampo announced a strategic review of its Mandatum unit, which offers its life insurance, asset mgmt
and wealth mgmt, spin is one of the options. Board says divesting Mandatum will be next step in focusing
SAMPO on P&C insurance business. Next update will take place 2/10/2023; UPDATE 3/30: Registered spin off Prospectus
Sampo Oyj 19776 Mandatum Oyj MANTA FH 2203 10/2/2023 20
FH plans with Finnish Trade Register and approved by board, shareholder vote set for AGM on 5/17; UPDATE Link
5/17: Published demerger prospectus (linked in corp pres column); UPDATE 9/18: 1 for 1 share ratio, ex-
date at 9/28, begins trading 10/2
A1 Group is planning to spin 12,900 cell towers in Austria, Bulgaria, Croatia, Serbia, Slovenia and Northern
Macedonia to a passive infra company and distribute shares to A1 Group shareholders; UPDATE 7/14:
Telekom Eurotelesites
TKA AV 5196 ETS AV 581 9/22/2023 -36 SpinCo to be named EuroTeleSites AG, to list in Vienna before EoY 2023. Shareholder vote for 8/1; Link
Austria AG AG
UPDATE 9/12: EuroTeleSites AG expected to list in Vienna on 9/22. 1 EuroTeleSites share per 4 TKA
shares
www.KEDM.com
Spinco
(%)
Reliance Industries announced it will spin its financial services segment Jio, and shareholders will receive
1 Jio share for every RIL share. Jio will led to consumers and merchants and leverage data from RIL omni-
channel consumer business focusing on bringing consumers into formal financial institutions. It plans to
Reliance RELIANCE Jio Financial
3892 JIOFIN IN 2364692 8/21/2023 50 expand into insurance, payments, digital broking and asset management in the future; UPDATE 4/28: Link
Industries Ltd IN Services Ltd
Talking to regulators for approval on Jio Financial, shareholders to vote on 5/2 and spin as soon as
October 2023; UPDATE 5/4: Shareholders & creditors approve spin; UPDATE 7/20: Jio/Reliance split has
been priced, TBD when Jio will be listed
JS Global is planning to spin SharkNinja and list it in the US. The spin may also include an IPO of 20% of
JS Global ShareNinja equity if the market is favorable. UPDATE 6/5: Board decided it will proceed with spin &
1691 HK 3892 SharkNinja Inc SN 8536 7/31/2023 48 F-1 Link
Lifestyle Co Ltd distribution, but won't pursue US IPO of SpinCo due to market conditions; UPDATE 6/28: Spin and US
IPO are back on, with JS Global filing an F-1 in preparation for SharkNinja's listing
Abacus is planning to spin its self-storage assets to create Abacus Storage King, a A$3.0bn self-storage
Abacus Storage REIT. It plans to release its info booklet in June 2023 and list the spin in August 2023; UPDATE 6/14:
Abacus Group ABP AU - ASK AU 1531 7/31/2023 -15 Link
King Started bookbuilding process for spinco, aiming to raise at minimum $255m, set to start trading on ASX
on 8/1
Thyssenkrupp Thyssenkrupp is planning the IPO of its hydrogen unit Nucera in Frankfurt. Nucera is a 66/34 JV between
thyssenkrupp
TKA GR 2989 Nucera AG & Co NCH2 GR 1655 7/7/2023 -47 Thyssenkrupp and Industrie De Nora SpA. Nucera builds plants that produce hydrogen gas from Link
AG
KG renewable energy
ALFA intends to spin its managed information and communication technology solutions unit, Axtel; 1:1
ALFAA AXTELCPO
Alfa SAB de CV 60476 Axtel SAB de CV 2402 5/24/2023 -30 spin ratio; EGM on 7/12 UPDATE 7/12: Spin approved; UPDATE 2/16: Expects spin to be complete in LINK
MM MM
March 2023
WKEY is planning to partially spin is semiconductor business SEALSQ. It filed a registration statement.
WKEY plans to distribute 20% of SEALSQ common shares to WKEY Class B holders and initially retain
WISeKey
100% of SEALSQ Class F shares; UPDATE 3/30: Announced its registration is active (linked in presentation
International WKEY 14 SEALSQ Corp LAES 21 5/24/2023 -94 Link
column). Expects to distribute ~20% of SEALSQ by 5/10 trading under ticker "LAES"; shareholder vote set
Holding
for 4/27; UPDATE 4/27: Shareholders approve, spin to distribute on/about 5/31, expects to start
trading on/about 5/26
MRON announced it will spin its GKN Automotive and GKN Powder Metallurgy businesses into SpinCo. It
Melrose Dowlais Group aims to complete the spin in 1H23; UPDATE 11/15: Spin remains on schedule; UPDATE 1/19: Spinco's
MRO LN 8454 DWL LN 1134 4/20/2023 -30 Link
Industries PLC PLC FY22 ahead of original expectations, expect to seek shareholder approval at end of March 2023; UPDATE
3/3: Spin Prospectus released (linked in PR column)
Constellation CSU agreed to buy software provider WideOrbit and merge it with its Lumine Group subsidiary. CSU plans
Lumine Group
Software CSU CN 75902 LMN CN 11260 3/24/2023 129 to then spin its Lumine subsidiary to its shareholders. UPDATE 2/15: Record date is 2/16 with distribution Link
Inc
Inc/Can date set for 2/23; UPDATE 2/22: Spinco will trade on TSX Venture under LMN on 3/24
Barloworld is planning to carve out and IPO its rental car business Zeda at a $260m valuation. Zeda
Zeda Ltd/South operates under Avis and Budget brands across South Africa and 10 other sub-Saharan countries.
Barloworld Ltd BAW SJ 13681 ZZD SJ 2215 12/13/2022 -30 Link
Africa Barloworld has been divesting businesses with the aim to pivot its porfolio towards defensive, asset-light
and cash generative industrials
www.KEDM.com
Spinco
(%)
State-owned (Republic of India - 61%) iron-ore company NMDC approved a demerger of its Steel unit.
Shareholders to receive 1 share of NMDC Steel for each share of NMDC. UPDATE: Demerged financials
PENDING
to be presented in H2 2022 UPDATE 2/9: Demerger docs filed with SEBI and MCA; spin to occur by June;
NMDC Ltd NMDC IN 700122 - (EST. DEC - 10/28/2022 - LINK
vote on June 7 UPDATE 6/8: Shareholder meeting adjourned due to the "unavaliability of the
2022)
Chairperson" UPDATE: Shareholders approved the demerger of the Steel unit; UPDATE 10/28: NMDC
trading ex-demerger, NewCo NMDC Steel expected to list December 2022
CARVE OUT: ABB plans to IPO its EV charging business (ultimately decided to spin its turbocharger
business, not EV charging) to allow it to raise capital to fund growth and pursue "software-related
acquisitions". Expected valuation of appx. 2B. UPDATE 7/1: ABB plans to list the spin in 2022 UPDATE
7/22: CEO reaffirms the IPO for Q2 2022; ABB to retain control aftrer 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) UPDATE: E-Mobility unit will
host an Investor Day on 2/10- https://e-mobility-capitalmarketsday.events.abb.com/home UPDATE
Accelleron 2/15: Renames EV charging unit to Accelleron; new CEO of the unit announced; decision on whether to
ABB Ltd ABBN SW 78799 ACLN SW 3313 10/4/2022 98 LINK
Industries AG sell or spin expected by Q1; transaction by H1 2022 UPDATE 3/24: ABB is still aiming for a spin in Q2 but
will not "rush to make the final decision" due to the Ukraine crisis UPDATE 4/21: ABB still "leaning"
towards a spin on the Swiss Exchange; final decision by Q2 end UPDATE 5/31: ABB will delay the EV IPO
until H2 UPDATE 6/20: ABB officially postpones the IPO due to market conditions UPDATE 7/20: ABBN
officially announced a spin/IPO of Accelleron, its turbocharger business; spin expected on 10/3/22; EGM
on 9/7; will trade on SIX Swiss Exchange in Zurich; spin ratio 1 spinco per 20 ABBN; Capital Markets Day
on 8/31; UPDATE 8/31: Set to spin on 10/3 pending successful vote at EGM on 9/7. Pospectus due 9/23;
UPDATE 9/7: Shareholders approve, still set for 10/3; UPDATE 10/4: Accelleron began trading on SIX
Volkswagen is planning to spin/IPO Porsche to fund its push into EVs. UPDATE 3/30: Bankers chosen for
the IPO; agreement with Porsche SE reached, to buy 25% plus 1 share of stock in AG (~12.5% of total
capital) UPDATE 5/4: IPO still expected for Q4 2022 UPDATE 6/22: VW is still expecting a 2022 IPO of
Porsche UPDATE: VOW may look to IPO Porsche in September. UPDATE 7/25: CEO Herbert Diess replaced
Porsche
Volkswagen by Porsche CEO Oliver Blume, unclear if this will affect Porsche IPO; UPDATE: Porsche is reportedly
VOW GR 68302 Automobil PAH3 GR 15429 9/29/2022 -12 LINK
AG looking to Middle East Sovereign funds as anchor investors for IPO; UPDATE 8/26: BBG reports that VOW
Holding SE
has lined up investors at $85bn valuation, IPO oversubscribed and expected to float during first week in
Sept; Porsche expected to issue 911m shares, 1/2 ordinary and 1/2 preferred (only prefs will be listed).
Roadshow to wrap up 9/16, book building to begin next week. Reportedly seeking valuation of $70-80bn;
UPDATE 9/29: Porsche IPOs at €75bn and €82.50/share.
Carlos Slim's AMX approved a plan to spin its telecommunication towers and passive infrastructure in
Latin America. UPDATE 4/28: CEO commented on spin on CC; spin is progressing; may be completed this
year; still considering Mexico or US listings UPDATE 9/10: AMX will submit the spin plan to shareholder
at its upcoming meeting on 9/29 UPDATE 9/29: Shareholders approve the spin; SpinCo to be called Sitios
Sitios
America Movil LASITEB1 Latam and own appx. 36k telecom towers throughout Latin America; 1:1 ratio UPDATE 2/14: Update on
AMX 56003 Latinoamerica 17031 9/29/2022 -51 LINK
SAB de CV MM the earnings call; operational seperation complete; awaiting Mexican regulatory approval; expecting a
SAB de CV
Q2 spin date UPDATE 4/27: updated spin on conference call; awaiting approval from tax authorities,
expected in a few weeks UPDATE 7/13: Spin to complete in Q3; UPDATE 8/8: Spin has closed, ratio is 1
Sitios share per 20 AMX shares. SpinCo has not yet been listed; UPDATE 9/14: Sitios shares expected to
list 9/27.
www.KEDM.com
Spinco
(%)
Technicolor intends to spin and list 65% of Technicolor Creative Studios (TCS) a global leader in visual
effects. TCH will retain 35% as well as its Connected Home and DVD services units. EGM in late June 2022
Technicolor
with a expected spin date in late Q3; AGM on 5/6; Capital markets day on 6/14; EGM on 6/30; listing in
Vantiva SA VANTI FP 74 Creative Studios TCHCS FP - 9/27/2022 - LINK
Q3 UPDATE 5/24: Update issued; confirms Q3 spin but will remain "flexible" UPDATE 6/14: CMD held on
S
6/14; TCH will rebrand as Vantiva; AGM of TCH on 6/30; UPDATE: TCS Prospectus now available, expected
to begin trading on 9/27; UPDATE 9/6: Distribution expected on 9/29, 1:1 ratio
PIEL will demerge its financial services and pharma businesses (Piramal Pharma) into two listed entities.
UPDATE 2/11: Demerger expected by end of 2022; Chairman interview on Bloomberg:
https://www.bloomberg.com/news/articles/2022-02-11/billionaire-piramal-expects-pharma-unit-
Piramal Piramal Pharma PIRPHARM
PIEL IN 192986 183559 9/1/2022 - demerger-by-end-of-2022 UPDATE 7/6: Demerger approved by shareholders; Directors appointed; LINK
Enterprises Ltd Ltd IN
UPDATE 8/17: Demerger approved by Law Tribunal (NCLT) , 9/1 fixed as record date; UPDATE 9/1:
Trading ex-pharma business, SpinCo will list in Oct/Nov after NCLT approval. 4 shares of SpinCo for 1
share of ParentCo; UPDATE 10/19: SpinCo listed
Sandvik will demerge its advanced materials unit (special alloys, steels, etc), Sandvik Materials
Technology (Alleima). 1 Alleima per 5 SANDSS. AGM on 4/27; expected distribution on 8/31. Spinco to
Sandvik AB SAND SS 299798 Alleima AB ALLEI SS 18502 8/31/2022 77 be listed on the Nasdaq Stockholm Exchange UPDATE 4/27: Shareholders approved the transaction; LINK
prospectus expected on 8/4; Capital Markets Day scheduled for 8/23; spin on 8/31; registration to CMD
here- https://cmd.alleima.com/ UPDATE: Announces record date as 8/29, will spin on 8/31
The psychedelic company plans to split its Discovery/Development business (to be renamed Reunion
Neuroscience) from the clinic and therapy business (to be renamed Field Trip Health and Wellness).
Reunion Field Trip
SpinCo to list on TSXV UPDATE: EGM on 6/27 UPDATE 6/28: Shareholders approved spin at EGM; recieved
Neuroscience REUN - Health & FTHW/H CN - 8/17/2022 - LINK
Court approval; spinco to trade on Venture; closing ~August; UPDATE 8/11: Closed spin, RemainCo will
Inc Wellness L
change name to Reunion Neuro and ticker REUN on 8/17. SpinCo is named Field Trip Health & Wellness
ticker FTHW and will trade on 8/17
Iluka is planning to demerge its Sierra Leone mineral sand assets, Sierra Rutile Holdings; RemainCo to
Iluka Sierra Rutile refocus on Australian assets; Spinco to be listed on ASX; UPDATE 6/19: Demerger update; spin expected
ILU AU 3132 SRX AU 51 7/27/2022 -72 LINK
Resources Ltd Holdings Ltd by end of July 2022; 1 Sierra for every 1 ILU; EGM on 7/22; booklet and presentation released; Spin
approved; effective 7/25; listing expected on 7/27; UPDATE: Trading
www.KEDM.com
Spinco
(%)
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
management changes; details will be released on the 6/23 Investor Day. UPDATE 6/23: Investor Day
held; demerger confirmed for mid-2022; SpinCo will list on LSE; RemainCo to retain 20% of SpinCo; new
presentation posted (link left) UPDATE 7/22: CEO appointed for NewCo, Brian McNamara UPDATE 10/12:
GSK fielding interest from PE on a buyout of the unit; Company confirms spin is still on track UPDATE
12/20: Consumer Healthcare unit will list on LSE in mid-2022; Non-executive Chair designated (Dave
GSK PLC GSK LN 68121 Haleon PLC HLN LN 29488 7/18/2022 7 Lewis - ex-Tesco CEO) UPDATE 1/15: GSK received 3 unsolicited, conditional and non-binding offers from LINK
Unilever for the SpinCo unit; Unilever will restructure its own operations to sweeten the deal; UPDATE
1/20: Unilever will not pursue UPDATE 2/9: Earnings release; still targeting a mid-2022 spin date; Capital
markets day for spinco on 2/28 UPDATE 2/22: Spinco renamed Haleon; capital markets day on 2/28
UPDATE 2/28: GSK hosted their Investor Day for spinco; new presentation filed (link left) UPDATE 3/15:
BoD for Haleon announced; reaffirmed a July 2022 spin date; LSE listing UPDATE 3/21: GSK floats bond
offering for spinco UPDATE 4/27: Prospectus expected in June; Spin still expected in July UPDATE 6/1:
Demerger docs filed (link left); Spin expected on July 18 UPDATE 7/6: Shareholders approved the spin
of Haleon; spin on 7/18; LSE listing
F-Secure is spinning its Consumer Security (to retain the F secure name) and focus RemainCo on its
Corporate Security unit (to be rebranded as WithSecure). 1 to 1 ratio. SpinCo to trade on Nasdaq Helsinki
WithSecure on 7/1. EGM in May 2022 UPDATE 3/16: BoD announced UPDATE 4/12: SpinCo management team
FSC1V FH - F-Secure Oyj FSECURE FH 347 7/1/2022 -23 LINK
Oyj announced; EGM set for 5/31; Capital Markets Day on 6/3; 7/1 spin date UPDATE 5/31: Demerger
approved; Capital Markets Day on 6/3 UPDATE 6/14: BoD has submitted application to Finnish
authorities; effective date on 6/30; listing on Nasdaq Helsinki on 6/30
CFE will spin its DEME division allowing the marine engineering as well as the contracting and real estate
Cie activities to develop as two solid and separately listed companies; demerger in summer of 2022; 1 to 1
Deme Group
d'Entreprises CFEB BB 184 DEME BB 3635 6/30/2022 38 ratio UPDATE 5/19: Demerger approved by BoD; EGM and planned spin on June 29; June 30 trade date; LINK
NV
CFE presentation released on 6/1 UPDATE 6/2: New SpinCo presentation released UPDATE 6/7: Financial
advisors announced; roadshow date announced; EGM on June 29 UPDATE 6/30: Trading
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 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
Firefinch Ltd FFX AU - Leo Lithium Ltd LLL AU - 6/23/2022 - February 2022; ASX listing of spinco in March 2022; FFX AU will retain 20% of spinco UPDATE 12/6: LINK
Investor Update and Feasibility Study published (link left) UPDATE 1/3: Approval of Final Investment
Decision UPDATE 3/28: Mining License for Goulamina have been transfered into the JV and $170m
funding secured with JV partner Ganfeng; demerger pending shareholder vote; AGM on 5/27 UPDATE
4/1: Funding received from Ganfeng UPDATE 4/28: Terms and investor presentation filed; 1 LEO Lithium
per 1.4 FFX; trading under LLL AU; AGM on 5/31; Ex date 6/3; Pay date 6/9; Trading 6/22
www.KEDM.com
Spinco
(%)
After failed talks with Entain, Tabcorp officially announced its intention to demerge its Lottery and Keno
business from its Wagering and Gaming Unit. Spinco to trade on ASX; pay date expected in June 2022
UPDATE 8/17: Reaffirms May/June deadline for spin UPDATE 10/18: Update at AGM (link left); demerger
Tabcorp Lottery Corp
TAH AU 1713 TLC AU 11262 5/24/2022 15 information filing in April; vote in May; Spin by June 2022 UPDATE 2/16: Earnings annnouncement; spin LINK
Holdings Ltd Ltd/The
remains "on track"; Mar/April scheme book released; May - demerger vote; June - demerger UPDATE
3/29: Shareholder meeting set for May 12; spin on 6/1/22; updated demerger presentation released (link
left) UPDATE 5/11: Shareholders approve spin formal seperation on 5/24
Sanofi is carving out its active phrama ingredient unit EuroAPI; 1 EuroAPI share per 23 SAN shares; SAN
Sanofi SA SAN FP 109375 Euroapi SA EAPI FP 266 5/6/2022 -79 LINK
will retain ~30% of spinco; listing expected on 5/10
Odfjell Technology Ltd is an international technology and engineering company. The Company focuses
Odfjell Drilling Odfjell
ODL NO 12265 OTL NO 2470 3/29/2022 185 on delivering specialist services, equipment, and competence across the offshore energy value chain. LINK
Ltd Technology Ltd
Odfjell Technology serves customers worldwide.
Abaxx Base Carbon Inc. provides carbon credit solutions. The Company offers capital, development expertise,
Technologies ABXX CN 408 Base Carbon Inc BCBN CN 57 3/3/2022 -47 and management operating resources to projects involved primarily in voluntary carbon markets and the LINK
Inc broader ESG economy. Base Carbon serves customers worldwide.
GLNG formed "Cool Company" ("CoolCo"), to list on Euronext/Oslo and use IPO proceeds to acquire 8
TFDE LNG carriers from GLNG and become a consolidator of LNG carriers. GLNG will retain 33% post
offering UPDATE 1/20: Press release with update issued; Coolco expected to have ~375m mkt cap; GLNG
Golar LNG Ltd GLNG 2611 Cool Co Ltd CLCO 585 1/28/2022 - LINK
will retain ~125m and CoolCo to raise ~250m; 150m subscrciption from Eastern Pacific Shipping; will list
in February 2022 UPDATE 1/28: Offering closed; will trade N-OTC immediately; uplisting in Feb UPDATE
2/23: Trading begins
www.KEDM.com
Cluster Insider Buy Monitor

Small Cap Stocks (<3B) with multiple insiders buying (25,000 min. purchase; no sales, min. 1 officer); trailing 30 days
Buying # of Trading
# of Shares Amt Short
in Insiders % Change Amount; Below
Mkt Cap Bought by Avg. PX (trailing 6 Interest
Ticker Company Sector KEDM Notes trailing Buying in Insider trailing 180 Price
($M) Officers (Last Paid months) (% of
7 days (Last 6 Ownership days Insiders
6 Months) to Salary float)
(Y/N) Months) Paid
NXR-U Nexus Industrial REITS-
489 - - - - - YES - 0
CN REIT Warehouse/Industr
STLR CN STLLR Gold Inc 158 Gold Mining Yes - - - - - YES - 0
Above our market cap threshold. TOU CN was
Tourmaline Oil Oil Comp-
TOU CN 23,412 written up by Grant's Interest Rate Observer in 5 101,640 1 61.90 6,292,018 NO 265% 1
Corp Explor&Prodtn
2022.
Summit
SMMT Therapeutics 2,691 Medical-Drugs 3 3,211,911 1 1.82 5,840,697 NO 487% 25
Inc
AAUC
Allied Gold Corp 1,098 Gold Mining Yes 7 1,126,664 1 3.46 3,897,710 NO - 0
CN
ECN Capital Finance-Consumer
ECN CN 540 2 1,950,000 9 1.94 3,776,000 YES 144% 3
Corp Loans
Not a cluster, but the Executive Chairman bought
SIS CN Savaria Corp 1,195 Medical Products 3 191,455 18 15.01 2,873,372 NO - 1
CAD ~$1.06 million worth.
Diagnostic Not a cluster, but the CEO bought ~$1.168 million
OABI OmniAb Inc 601 1 520,000 17 4.97 2,583,400 NO - 5
Equipment worth.
QTRH Traffic Management
Quarterhill Inc 209 5 1,145,626 35 1.86 2,126,006 YES 523% 2
CN Sys
Pagaya
Internet Financial
PGY Technologies 766 DeSPAC. Yes 6 194,807 18 10.33 2,012,373 NO - 5
Svcs
Ltd
Whitecap Oil Comp-
WCP CN 6,368 Above our market cap threshold. Yes 7 179,076 2 9.75 1,746,496 NO 96% 1
Resources Inc Explor&Prodtn
Epsilon Energy Oil Comp- Not a cluster within the last 30 days, but the CEO
EPSN 119 1 307,700 - 5.15 1,584,768 NO 927% 1
Ltd Explor&Prodtn bought ~$191K worth.
Strathcona Oil Comp-
SCR CN 7,299 Above our market cap threshold. Yes 4 62,079 0 24.21 1,503,072 NO - 3
Resources Ltd Explor&Prodtn
Food-
SOWG SOW GOOD INC 132 Insiders bought in the recent private placement. 6 208,398 15 7.03 1,465,020 NO - 0
Misc/Diversified
Badger
Building-Heavy
BDGI CN Infrastructure 1,672 6 30,576 - 43.68 1,335,517 NO 51% 0
Construct
Solution
Commer Banks Non-
NBBK NB Bancorp Inc 571 Regional bank. 10 90,392 15 13.83 1,250,138 YES - 2
US
The CEO at Core Scientific, Inc. (CORZ) bought
Core Scientific Commercial Serv-
CORZ 565 ~$200K worth. A few directors bought as well. The 5 390,300 - 3.16 1,233,668 YES - 6
Inc Finance
company re-emerged from bankruptcy in January.
Tamarack Valley Oil Comp-
TVE CN 2,245 Yes 11 344,439 6 3.23 1,111,213 NO 60% 1
Energy Ltd Explor&Prodtn
Advantage
ADV 1,362 Advertising Services 5 505,881 2 2.17 1,098,427 NO 42% 9
Solutions Inc
Crescent Point Oil Comp- Not a cluster within the last 30 days, but a SVP
CPG CN 7,570 2 102,791 11 9.83 1,010,671 NO 46% 2
Energy Corp Explor&Prodtn bought CAD ~$500K worth.
www.KEDM.com
Buying # of Trading
(Y/N) Months) Paid
First Trust High
FTHY 514 Closed-end Funds Yes 2 69,500 348 14.43 1,003,050 YES - 0
Yield Opportu
COOK Traeger Inc 278 Appliances Not a cluster, but the CEO bought ~$933K worth. 1 396,689 15 2.35 933,044 YES 107% 6
Diagnostic
NEOG Neogen Corp 2,690 Yes 5 68,000 21 13.50 918,295 YES 39% 8
Equipment
Landsea Homes Bldg-

LSEA 434 Insiders bought in the recent secondary offering. 7 78,878 0 11.60 914,985 NO - 6
Corp Residential/Commer
Insiders bought at Herbalife Ltd. (HLF). The GC

bought ~$26K worth. A few directors bought as
Vitamins&Nutrition
HLF Herbalife Ltd 822 well. Herbalife is undergoing a transformation 5 103,898 20 8.58 891,002 YES 37% 13
Prod
program, and recently initiated a process to
refinance a term loan. EV/EBITDA = ~6.2.
Neo
Advanced
NEO CN Performance 259 4 136,425 47 6.40 872,526 YES - 1
Materials/Prd
Materials Inc
Parex Resources Oil Comp-
PXT CN 2,439 Not a cluster, but the CEO bought. 3 38,140 9 21.28 811,733 NO 41% 2
Inc Explor&Prodtn
Applied
Electronic Compo-
AAOI Optoelectronics 445 3 61,150 - 13.12 802,434 YES 42% 26
Misc
Inc
BrightSpring
Medical
BTSG Health Services 1,744 Recent IPO. 4 95,585 249 8.12 776,413 NO - 29
Labs&Testing Srv
I
Martinrea
Metal
MRE CN International 889 8 62,797 - 12.21 766,643 YES 25% 0
Processors&Fabrica
Inc
Primaris Real
PMZ-U REITS-Regional
Estate 1,264 3 54,608 7 13.70 748,370 YES - 1
CN Malls
Investmen
Rogers Sugar
RSI CN 662 Sugar 10 131,838 26 5.25 692,505 YES 37% 2
Inc
Innergex
INE CN Renewable 1,647 Electric-Generation 5 87,445 5 7.81 683,361 NO 33% 4
Energy Inc
ASLE AerSale Corp 360 Aerospace/Defense 5 93,377 - 7.30 681,818 YES - 23
FCD-U Firm Capital Real Estate

181 Yes 5 141,845 4 4.79 679,161 NO #DIV/0! 0
CN Property Trust Mgmnt/Servic
Hawthorn Commer Banks-
HWBK 148 Regional bank. 6 32,159 5 20.56 661,091 NO 65% 2
Bancshares Inc Central US
Not a cluster, but the CEO bought ~$255K worth
FNA Paragon 28 Inc 842 Medical Products 1 58,500 4 8.80 514,915 NO 27% 6
on 3/15/24.
Immuneering
IMRX 60 Medical-Drugs 8 197,083 3 2.43 478,245 YES 28% 13
Corp
CSB Bancorp Commer Banks-
CSBB 99 Regional bank. 8 12,525 8 38.09 477,064 YES 64% 0
Inc/OH Central US
Chemtrade
CHE-U Chemicals-
Logistics Income 993 5 56,446 24 8.15 460,267 NO 16% 5
CN Diversified
Fun
www.KEDM.com
Buying # of Trading
(Y/N) Months) Paid
Not a cluster, but the CEO at Lions Gate
Entertainment (LGF) bought ~$884K worth (Half
Lions Gate
Motion via Class B shares & Half via Class A Shares). In
LGF/A Entertainment 2,395 1 50,000 7 9.12 456,000 NO 8% 16
Pictures&Services December of 2023, the company announced its
Corp
plan to spin off its studio business via a SPAC deal
(Screaming Eagle Acquisition Corporation).
Radio Fuels
CAKE CN 21 Gold Mining Not a cluster, but the CEO bought. 3 3,181,500 15 0.14 440,135 NO - -
Energy Corp
Ascend
Consumer Products-
AAWH Wellness 266 Not a cluster, but the CEO bought. 1 232,500 10 1.73 402,900 YES - 0
Misc
Holdings Inc
A director bought ~$128K worth, and the CFO
DLTR Dollar Tree Inc 27,883 Retail-Discount bought ~$245K worth. Above our market cap 2 2,800 7 133.09 372,650 YES 6% 2
threshold.
Western Forest
WEF CN 184 Forestry 4 534,000 11 0.66 351,285 YES 14% 0
Products Inc
Oil Comp-
AOI CN Africa Oil Corp 1,160 3 154,500 2 2.20 339,895 NO 22% 0
Explor&Prodtn
Journey Medical
DERM 90 Medical-Drugs 3 103,000 3 3.26 335,640 NO - 2
Corp
Not a cluster within the last 30 days, but the CFO
at the crop chemical company, FMC Corporation
(FMC), bought ~$127K worth. Insiders bought in
2023 as well: an EVP bought ~$151K worth, the
Controller bought ~$75K worth, and the CEO
bought ~$476K. P/E = ~5.3. ROE = ~36%. Insiders
were selling in 2022 and early 2023 when the
stock was trading around $120 per share. Short
Chemicals-
FMC FMC Corp 7,242 seller, Blue Orca Capital issued a report on 9/7/23 2 5,995 7 54.90 329,109 NO 10% 7
Diversified
stating that FMC’s diamide products are under
pressure due to competitors cheaper generics,
FMC’s diamide products accounted for ~36% of
FMC’s revenue in 2022. In December of 2023, FMC
initiated a global restructuring plan, with the goal
of adding $50 to $75 million to adjusted EBITDA in
2024, and the target of $150 million or more in
annual savings, by the end of 2025.
Magnachip
Electronic Compo-
MX Semiconductor 200 5 53,826 - 6.04 325,144 YES 18% 1
Semicon
Corp
Medical-
RZLT Rezolute Inc 103 4 188,403 80 1.69 318,931 NO - 1
Biomedical/Gene
Granite Ridge Oil Comp-
GRNT 896 7 52,500 13 6.02 315,951 NO - 3
Arizona
ASCU
Sonoran Copper 173 Metal-Copper Yes 7 214,867 15 1.43 307,492 NO - 0
CN
Co Inc
Stack Capital Investment
STCK CN 89 4 34,310 4 8.49 291,318 NO - 0
Group Inc Companies
Total Energy Oil Field
TOT CN 427 Yes 6 28,930 2 10.04 290,598 NO - 1
Services Inc Mach&Equip
www.KEDM.com
Buying # of Trading
(Y/N) Months) Paid
RUA CN Rua Gold Inc 37 Precious Metals Yes 3 1,706,500 7 0.15 249,910 NO - -
Babcock &
Machinery-Electric
BW Wilcox 95 7 222,032 9 1.11 245,509 YES 8% 8
Util
Enterprises I
GTWO G2 Goldfields Not a cluster, but the Executive Chairman bought
249 Gold Mining Yes 5 315,700 2 0.77 241,789 NO - 0
CN Inc CAD ~$72K worth.
Pine Cliff Energy Oil Comp-
PNE CN 367 4 214,800 1 1.07 229,259 YES - 0
Ltd Explor&Prodtn
Advanced
GRA CN NanoXplore Inc 419 3 98,580 2 2.32 229,163 NO - 0
Materials/Prd
E-
DTC Solo Brands Inc 175 Not a cluster, but the CEO bought ~$227K worth. 1 100,000 3 2.27 227,000 YES 14% 17
Commerce/Products
BRT Apartments
BRT 321 REITS-Apartments Yes 1 12,299 4 16.85 207,238 NO 11% 1
Corp
America's Car-
CRMT 369 Retail-Automobile Not a cluster, but the CEO bought ~$199K worth. Yes 1 3,229 6 61.62 198,985 YES 10% 22
Mart Inc/TX
Pieridae Energy Oil Comp-
PEA CN 56 Yes 8 520,755 3 0.36 189,319 YES - 0
Ltd Explor&Prodtn
Orion Group Building-Heavy
ORN 270 3 27,008 7 7.01 189,210 NO 13% 2
Holdings Inc Construct
CGX CN Cineplex Inc 495 Theaters 4 24,500 3 7.55 185,011 NO 7% 4
Anixa Medical-
ANIX 102 Yes 3 55,009 4 3.31 182,130 YES - 2
Biosciences Inc Biomedical/Gene
Cannabist Co
CBST CN Holdings 193 Medical-Drugs 5 542,982 98 0.32 174,261 NO 11% 1
Inc/The
Commercial Serv-
MKTW MarketWise Inc 535 3 71,363 10 2.33 166,608 YES - 1
Finance
Electric-
BLX CN Boralex Inc 2,836 5 5,656 6 28.85 163,186 YES 8% 1
Transmission
Ironwood
IRWD Pharmaceuticals 1,256 Medical-Drugs 2 17,604 26 9.11 160,420 YES 6% 16
Inc
Journey Energy Oil Comp- Not a cluster, and no executives bought, but a
JOY CN 228 1 50,000 4 3.17 158,500 NO - 4
Inc Explor&Prodtn director bought CAD ~159K worth.
Fluence Energy Energy-Alternate
FLNC 2,915 2 10,000 18 14.91 149,119 NO - 23
Inc Sources
ELMD Electromed Inc 129 Medical Products Not a cluster, but the CEO bought ~$137K worth. 1 10,000 2 14.78 147,810 NO - 1
GEN Restaurant
GENK 324 Retail-Restaurants Recent IPO. 3 19,897 8 7.33 145,795 NO - 4
Group Inc
www.KEDM.com
Buying # of Trading
(Y/N) Months) Paid
Not a cluster, but the President (International)
bought ~$143K worth at a price of $14.31 per
share at the specialty retailer, Zumiez (ZUMZ).
Insiders bought in June of 2023 as well at around
$14 a share: The CEO bought ~$1.017 million, the
Retail-Sporting President International bought ~$147K worth, and
ZUMZ Zumiez Inc 296 Yes 1 10,000 1 14.31 143,100 NO 5% 7
Goods a director bought ~$74K worth. Sales have been
declining YOY, since they peaked out in FY 2021 at
~$1.184 billion. Per the 10-K, the company stated
that in FY 2024, it believes it can “achieve product
margin expansion while also diligently controlling
spending to drive back to profitability.”
SPOT CN EarthLabs Inc 37 Computer Services 3 732,500 9 0.19 137,050 NO - 0
ENGH Enghouse Enterprise

1,665 Yes 1 4,105 - 31.65 129,908 YES 7% 3
CN Systems Ltd Software/Serv
Medical-
DCGO DocGo Inc 334 DeSPAC. 3 33,500 18 3.62 121,340 YES - 13
Outptnt/Home Med
MidWestOne
Commer Banks- Regional bank. Not a cluster, but the CEO bought
MOFG Financial Group 319 2 5,462 6 22.17 121,074 YES 6% 1
Central US ~$100K worth.
Inc
Tinka Resources
TK CN 55 Precious Metals Yes 4 983,500 17 0.12 113,490 NO - 0
Ltd
Vizsla Silver
VZLA CN 475 Silver Mining 3 62,400 1 1.52 94,725 NO - 0
Corp
PHX Minerals Oil Comp-
PHX 125 4 27,840 19 3.20 89,044 NO 13% 0
Inc Explor&Prodtn
Ocuphire Medical-
OCUP 44 3 37,000 79 2.00 74,100 YES 7% 7
Pharma Inc Biomedical/Gene
Bar Harbor Commer Banks-
BHB 366 Regional bank. 5 2,578 11 26.44 68,160 YES 3% 0
Bankshares Eastern US
AngioDynamics
ANGO 263 Medical Instruments Not a cluster, but the CEO bought ~$67K worth. Yes 1 10,000 1 6.70 67,000 YES 3% 6
Inc
Runway Growth Investment
RWAY 511 1 5,000 2 11.88 59,400 NO - 6
Finance Corp Companies
TerraVest Metal Not a cluster, but the CFO bought CAD $55K
TVK CN 1,301 1 1,000 0 55.00 55,000 NO - 0
Industries Inc Processors&Fabrica worth.
CIA Citizens Inc/TX 100 Multi-line Insurance Yes 3 24,000 18 2.18 52,302 YES 2% 9
DLX Deluxe Corp 856 Printing-Commercial Not a cluster, but the CEO bought ~$51K worth. 1 2,666 23 19.25 51,321 NO 2% 6
Sandstorm Gold Not a cluster, but the CEO bought CAD ~$50K
SSL CN 2,252 Gold Mining 1 7,800 18 6.39 49,842 NO 3% 1
Ltd worth.
Electronic Compo-
SMTC Semtech Corp 2,212 Not a cluster, but the CFO bought ~$33K worth. Yes 1 1,000 6 33.23 33,230 NO 1% 17
Semicon
Atha Energy
SASK CN 168 Non-Ferrous Metals Yes 1 30,000 1 0.82 24,600 YES - 1
Corp
www.KEDM.com
Buying # of Trading
(Y/N) Months) Paid
A couple insiders bought at Gray Television, Inc.
(GTN). The CEO bought ~$81K worth, and a
Director’s spouse bought ~$81K worth. The
company owns and operates television stations
Gray Television
GTN 565 Television across the U.S, and is the Nation’s second largest 1 340 66 8.98 3,053 YES 0% 8
Inc
television broadcaster. In 2022 GTN generated
$515 million from political advertising revenue,
and the company states that it is “well positioned”
for 2024 political revenue. EV/EBITDA ~10.
Commercial Serv-
FAAS DigiAsia Corp 506 2 340 0 7.72 2,625 YES - 0
Finance
www.KEDM.com
Announced Buyback Monitor

Stocks that have announced a stock repurchase in the past week
Announced % # of insiders
Insider Equity Short % of 52
Date Market Cap of Mkt Cap or Already buying
Ticker Company Sector Amount ($M) Buying ($ Options Int (% week
Announced ($M) Shares Repurchased (trailing 6
value) (Y/N) of float) low
Outstanding months)
4/11/2024 GBT CN BMTC Group Inc Homefurnishing Retail 467 1.6m (shares) 5% 5 - - N 0 23
4/11/2024 FSEA First Seacoast Bancorp Inc Regional Banks 44 4 10% - 3 24,910 N 0 39
Westshore Terminals
4/10/2024 WTE CN Marine Ports & Services 1,624 3.3m (shares) 5% - 1 104,760 Y 3 15
Investment
4/10/2024 DC/A CN Dundee Corp Diversified Real Estate Activi 101 7.7m (shares) 9% - 1 95,676 Y 0 66
4/9/2024 AEG Aegon Ltd Life & Health Insurance 10,710 38 0% 670 - - Y - 39
4/9/2024 OPFI OppFi Inc Consumer Finance 354 20 6% - - - Y 7 77
4/9/2024 DTSS Datasea Inc Systems Software 21 3 14% - - - N 7 487
4/9/2024 HEAR Turtle Beach Corp Technology Hardware, Storage & 343 30 9% 1 - - Y 5 104
4/6/2024 CNRI CN Canadian North Resources Inc Diversified Metals & Mining 123 5.7m (shares) 6% - 3 409,670 N 0 19
4/5/2024 CFSB CFSB Bancorp Inc Regional Banks 48 1 2% - 1 7,560 N 0 24
4/4/2024 TKO TKO Group Holdings Inc Movies & Entertainment 16,816 165 1% 107 5 149,090,577 Y 7 35
4/3/2024 LSPD Lightspeed Commerce Inc Application Software 2,062 226 11% - - - Y 4 10
4/3/2024 FVRR Fiverr International Ltd Human Resource & Employment Se 772 100 13% - - - Y 11 6
4/3/2024 SSA CN Spectra Products Inc Automotive Parts & Equipment 3 5% (shares) 5% - - - N 0 45
4/3/2024 SGRP SPAR Group Inc Advertising 44 2.5m (shares) 10% - - - N 0 158
4/3/2024 KLD CN Kenorland Minerals Ltd Diversified Metals & Mining 54 3.2m (shares) 5% - 1 56,900 N 0 44
4/3/2024 LSPD CN Lightspeed Commerce Inc Application Software 2,845 9.7m (shares) 6% - - - Y 3 10
4/3/2024 APT Alpha Pro Tech Ltd Building Products 67 2 3% 4 - - Y 1 59
4/3/2024 MRNO Murano Global Investments PLC - - 2 - - - - N - 202
4/3/2024 VVPR VivoPower International PLC Renewable Electricity 11 5 44% - - - Y 1 288
4/2/2024 CPNG Coupang Inc Broadline Retail 38,296 178 0 - - - Y 3 58
4/2/2024 UBS UBS Group AG Diversified Capital Markets 99,466 2,000 2% 1300 - - Y 0 54
4/2/2024 INE CN Innergex Renewable Energy Inc Renewable Electricity 1,616 10.2m (shares) 5% - 5 683,361 Y 4 12
4/2/2024 ROIV Roivant Sciences Ltd Biotechnology 8,772 1,500 17% - - - Y 6 55
4/2/2024 PVH PVH Corp Apparel, Accessories & Luxury 6,136 2,000 33% 356 - - Y 3 54
4/2/2024 PLAY Dave & Buster's Entertainment Leisure Facilities 2,267 100 4% 300 - - Y 13 78
4/2/2024 MLR Miller Industries Inc/TN Construction Machinery & Heavy 576 25 4% - - - Y 0 57
4/1/2024 BBD/B CN Bombardier Inc Aerospace & Defense 5,796 1.8m (shares) 2% - - - Y 1 46
4/1/2024 KNR CN Kontrol Technologies Corp Renewable Electricity 19 2.9m (shares) 5% - 1 37,907 N - 79
4/1/2024 GES Guess? Inc Apparel Retail 1,461 200 14% 66 - - Y 25 60
3/29/2024 TRST TrustCo Bank Corp NY Regional Banks 497 6 1% - 6 190,537 Y 1 10
3/29/2024 RCMT RCM Technologies Inc Research & Consulting Services 154 50 32% 39 - - Y 5 75
3/28/2024 RDVT Red Violet Inc Application Software 261 5 2% 3 1 90,159 Y 6 23
3/28/2024 FNRN First Northern Community B Regional Banks 139 6% (shares) 6% - 3 20,190 N 0 42
3/27/2024 ACQ CN AutoCanada Inc Automotive Retail 563 1.3m (shares) 6% - 1 2,992,913 Y 4 58
3/27/2024 CXM Sprinklr Inc Application Software 3,155 100 3% - - - Y 6 6
3/26/2024 VBTX Veritex Holdings Inc Regional Banks 1,064 50 5% - - - Y 2 31
3/26/2024 PKT CN Parkit Enterprise Inc Real Estate Operating Companie 130 11.4m (shares) 5% - 1 64,255 N 0 43
3/26/2024 PALI CN Palisades Goldcorp Ltd Asset Management & Custody Ban 130 2.4m (shares) 5% - - - N 0 75
3/26/2024 SNX TD SYNNEX Corp Technology Distributors 10,045 2,000 20% 621 - - Y 2 31
3/26/2024 PRKS United Parks & Resorts Inc Leisure Facilities 3,425 500 15% 38 - - Y 8 30
3/25/2024 UTHR United Therapeutics Corp Biotechnology 11,001 1,000 9% - - - Y 11 14
3/25/2024 DADA Dada Nexus Ltd Consumer Staples Merchandise R 502 40 8% - - - Y - 41
www.KEDM.com
Outstanding months)
3/25/2024 GRWG GrowGeneration Corp Home Improvement Retail 147 6 4% - 2 1,979,863 Y 8 35
3/22/2024 EURN Euronav NV Oil & Gas Storage & Transporta 3,586 179 5% - - - Y 83 16
3/22/2024 SCHL Scholastic Corp Publishing 1,021 55 5% - - - Y 4 10
3/22/2024 RL Ralph Lauren Corp Apparel, Accessories & Luxury 10,271 10 0% 454 - - Y 9 56
3/22/2024 SFBC Sound Financial Bancorp Inc Regional Banks 104 4 4% 2 - - N 0 22
3/21/2024 FDX FedEx Corp Air Freight & Logistics 65,657 5,000 8% 1500 2 302,664 Y 2 25
3/21/2024 YOU Clear Secure Inc Application Software 2,936 100 3% - - - Y 13 33
3/21/2024 NDA CN Neptune Digital Assets Corp Application Software 43 11.4m (shares) 9% - 4 103,691 N 0 74
3/21/2024 DRI Darden Restaurants Inc Restaurants 18,294 1,000 5% 459 - - Y 5 15
3/21/2024 FBK FB Financial Corp Regional Banks 1,621 100 6% - - - Y 1 42
3/21/2024 NNDM Nano Dimension Ltd Technology Hardware, Storage & 579 200 35% - - - Y - 27
3/21/2024 BSY Bentley Systems Inc Application Software 15,665 200 1% - - - Y 4 17
3/20/2024 GEC CN Global Education Communities Education Services 25 1m (shares) 1% 0 - - N 0 30
3/20/2024 EDV CN Endeavour Mining PLC Gold 7,312 12.3m (shares) 5% 67 - - Y 2 41
3/20/2024 CAR-U CN Canadian Apartment Properties Multi-Family Residential REITs 7,326 16.7m (shares) 10% - - - Y 0 8
3/20/2024 HRTG Heritage Insurance Holdings In Property & Casualty Insurance 287 10 3% - 2 662,786 Y 4 226
3/20/2024 BLDE Blade Air Mobility Inc Passenger Airlines 289 20 7% - 1 160,000 Y 5 86
3/20/2024 SIG Signet Jewelers Ltd Other Specialty Retail 4,251 200 5% 139 - - Y 9 67
3/20/2024 SRAD Sportradar Group AG Casinos & Gaming 3,130 200 6% - - - Y 3 30
3/20/2024 ALIT Alight Inc Human Resource & Employment Se 5,326 200 4% - - - Y 5 46
3/20/2024 SY So-Young International Inc Interactive Media & Services 117 25 21% - - - Y - 52
3/20/2024 HUIZ Huize Holding Ltd Insurance Brokers 33 5 15% - - - N - 22
3/20/2024 GPRK Geopark Ltd Oil & Gas Exploration & Produc 546 50 9% - - - Y 1 22
3/20/2024 ZTO ZTO Express Cayman Inc Air Freight & Logistics 15,778 500 3% - - - Y - 22
3/19/2024 SVI CN StorageVault Canada Inc Real Estate Operating Companie 1,914 18.7m (shares) 5% - 1 49,153 Y 5 33
3/19/2024 CFP CN Canfor Corp Forest Products 1,798 5.9m (shares) 5% 42 - - Y 1 13
3/18/2024 GNTY Guaranty Bancshares Inc/TX Regional Banks 322 1.3m (shares) 11% 11 3 78,933 Y 1 26
3/18/2024 VOXR Vox Royalty Corp Precious Metals & Minerals 101 2 1% - 1 13,001 N 0 21
3/18/2024 WEB CN Westbridge Renewable Energy Renewable Electricity 91 5m (shares) 5% - - 105,000 N 0 63
3/18/2024 VOXR CN Vox Royalty Corp Precious Metals & Minerals 138 2 1% - 1 13,001 N 0 25
3/18/2024 NCMI National CineMedia Inc Advertising 475 100 21% - - - Y 6 164
3/18/2024 QD Qudian Inc Consumer Finance 549 300 55% - - - Y - 120
3/18/2024 SAM Boston Beer Co Inc/The Brewers 3,425 63 2% 93 - - Y 4 0
3/15/2024 FMX Fomento Economico Mexicano Soft Drinks & Non-alcoholic Be 39,754 400 1% - - - Y - 35
3/15/2024 MUEL Paul Mueller Co - 98 5 5% - - - N 0 86
3/15/2024 TG Tredegar Corp Aluminum 220 5m (shares) 15% - - - Y 1 61
3/15/2024 LE Lands' End Inc Apparel Retail 403 25 6% 12 - - Y 5 114
3/15/2024 THR Thermon Group Holdings Inc Electrical Components & Equipm 1,043 50 5% - 4 239,854 Y 1 50
3/14/2024 DPM CN Dundee Precious Metals Inc Gold 1,885 15.5m (shares) 9% - 1 99,600 Y 1 33
3/14/2024 MO Altria Group Inc Tobacco 70,663 2,400 3% 1000 2 93,227 Y 4 5
3/14/2024 ORA CN Aura Minerals Inc Gold 811 2.3m (shares) 3% - - - N 0 39
3/14/2024 XTG CN Xtra-Gold Resources Corp Gold 57 4m (shares) 9% - - - N 0 62
3/14/2024 ATH CN Athabasca Oil Corp Oil & Gas Exploration & Produc 3,031 55.4m (shares) 10% - - - N 7 110
3/14/2024 ULTA Ulta Beauty Inc Other Specialty Retail 21,398 2,000 9% 1000 - - Y 3 20
3/14/2024 ADBE Adobe Inc Application Software 212,451 25,000 12% 4941 1 8,505 Y 1 43
3/14/2024 DCGO DocGo Inc Health Care Services 335 10 3% - 3 121,340 Y 13 16
3/14/2024 LAW CS Disco Inc Application Software 485 20 4% - - - Y 4 57
3/14/2024 FF FutureFuel Corp Oil & Gas Refining & Marketing 248 25 10% - - - Y 3 55
3/14/2024 ONTF ON24 Inc Application Software 291 25 9% - - - Y 2 22
www.KEDM.com
Outstanding months)
3/14/2024 MOMO Hello Group Inc Interactive Media & Services 1,221 286 23% - - - Y - 5
3/14/2024 IMAB I-Mab Biotechnology 145 40 28% - - - Y - 55
3/14/2024 FUTU Futu Holdings Ltd Investment Banking & Brokerage 8,051 500 6% - - - Y - 61
3/14/2024 EB Eventbrite Inc Movies & Entertainment 542 100 18% - - - Y 12 8
3/13/2024 HEAR Turtle Beach Corp Technology Hardware, Storage & 343 30 9% 1 - - Y 5 104
3/13/2024 WSM Williams-Sonoma Inc Homefurnishing Retail 18,509 1,000 5% 313 - - Y 10 164
3/13/2024 TOUR Tuniu Corp Hotels, Resorts & Cruise Lines 98 10 10% - - - Y - 34
3/13/2024 PTMN Portman Ridge Finance Corp Asset Management & Custody Ban 180 10 6% - - - Y 0 18
3/13/2024 YMM Full Truck Alliance Co Ltd Cargo Ground Transportation 8,355 300 4% - - - Y - 44
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 Most Recent buying
Ticker Company Sector Outstanding Earnings Purchased in (% of Buying ($ Options (% of
($M) Authorization (trailing 6
in Trailing 2 Date TTM ($M) current Mkt value) (Y/N) float)
months)
Quarters Cap)
GM General Motors Co Automobile Manufacturers 49479 -14 4/23/2024 11115 22% 10000 - - Y 6
API Agora Inc Application Software 258 -14 5/30/2024 63 24% 30 - - Y -
TBLA Taboola.com Ltd Interactive Media & Services 1402 -14 5/10/2024 56 4% 100 - - Y 1
BALY Bally's Corp Casinos & Gaming 542 -12 5/9/2024 99 18% 190 9 760257 Y 9
LOCO El Pollo Loco Holdings Inc Restaurants 277 -12 5/3/2024 59 21% 20 - - Y 5
LBTYA Liberty Global Ltd Alternative Carriers 6538 -11 5/1/2024 1495 23% 330 - - Y 1
CHGG Chegg Inc Education Services 756 -11 4/29/2024 335 44% 150 - - Y 14
TGNA TEGNA Inc Broadcasting 2418 -11 5/8/2024 653 27% 325 - - Y 4
TZOO Travelzoo Interactive Media & Services 124 -11 4/26/2024 17 14% 7 - - Y 2
TBPH Theravance Biopharma Inc Pharmaceuticals 489 -10 5/8/2024 - - 60 - - Y 24
DBI Designer Brands Inc Apparel Retail 483 -10 6/7/2024 152 31% 100 - - Y 26
JBGS JBG SMITH Properties Office REITs 1408 -10 4/30/2024 335 24% 500 1 506100 Y 8
DXC DXC Technology Co IT Consulting & Other Services 3830 -10 5/17/2024 1133 30% 11m (shares) - - Y 8
CAR Avis Budget Group Inc Passenger Ground Transportatio 4216 -10 5/1/2024 951 23% 0 - - Y 20
AZTA Azenta Inc Life Sciences Tools & Services 3121 -9 5/9/2024 451 14% 500 - - Y 8
DCBO CN Docebo Inc Application Software 1913 -9 5/10/2024 159 8% 100 - - N 1
ONTF ON24 Inc Application Software 295 -8 5/7/2024 75 25% 25 - - Y 2
UPLD Upland Software Inc Application Software 78 -8 5/3/2024 12 16% 15 - - Y 2
ZYXI Zynex Inc Health Care Equipment 390 -8 4/26/2024 38 10% 20 - - Y 33
CIX CN CI Financial Corp Asset Management & Custody Ban 2611 -8 5/10/2024 475 18% 4.9m (shares) 1 1090 Y 0
EEFT Euronet Worldwide Inc Transaction & Payment Processi 4845 -8 5/2/2024 378 8% 0 - - Y 2
ACR ACRES Commercial Realty Corp Mortgage REITs 103 -8 5/3/2024 7 7% 10 - - Y 0
NSA National Storage Affiliates Tr Self-Storage REITs 4488 -7 5/1/2024 310 7% 275 2 614495 Y 6
CF CN Canaccord Genuity Group Inc Investment Banking & Brokerage 876 -7 6/17/2024 24 3% 5m (shares) 2 6189295 Y 1
NEO CN Neo Performance Materials Inc Specialty Chemicals 257 -7 5/13/2024 20 8% 3.6m (shares) 4 872526 N 1
WU Western Union Co/The Transaction & Payment Processi 4508 -6 4/24/2024 308 7% 0 1 128500 Y 6
NOMD Nomad Foods Ltd Packaged Foods & Meats 3023 -6 5/10/2024 171 6% 500 - - Y 2
OPY Oppenheimer Holdings Inc Investment Banking & Brokerage 395 -6 4/29/2024 35 9% 20 1 623 Y 0
DENN Denny's Corp Restaurants 442 -6 4/30/2024 55 12% 0 - - Y 4
OSPN OneSpan Inc Systems Software 388 -6 5/2/2024 29 8% 0 2 73875 Y 3
TASK TaskUS Inc Data Processing & Outsourced S 1008 -6 5/8/2024 112 11% 100 - - Y 10
PDCO Patterson Cos Inc Health Care Distributors 2298 -6 6/21/2024 255 11% 500 - - Y 3
GUD CN Knight Therapeutics Inc Pharmaceuticals 592 -6 5/10/2024 53 9% 6m (shares) - - Y 5
HRMY Harmony Biosciences Holdings I Pharmaceuticals 1737 -5 5/2/2024 101 6% 200 - - Y 21
XHR Xenia Hotels & Resorts Inc Hotel & Resort REITs 1530 -5 5/2/2024 133 9% 100 - - Y 5
AMKBY AP Moller - Maersk A/S Marine Transportation 23938 -5 5/2/2024 3120 13% 0 1 50997 N -
EXPE Expedia Group Inc Hotels, Resorts & Cruise Lines 17940 -5 5/3/2024 2137 12% 5.8m (shares) - - Y 4
WSBF Waterstone Financial Inc Commercial & Residential Mortg 223 -5 4/25/2024 26 12% 2m (shares) 1 6307 Y 1
SNCY Sun Country Airlines Holdings Passenger Airlines 768 -5 4/26/2024 69 9% 30 - - Y 5
RDWR Radware Ltd Systems Software 704 -5 5/8/2024 63 9% 80 - - Y 2
MNRO Monro Inc Automotive Retail 906 -5 5/17/2024 44 5% 150 1 161500 Y 11
MDRX Veradigm Inc Health Care Technology 823 -5 4/19/2024 286 35% 250 - - Y 2
XPOF Xponential Fitness Inc Leisure Facilities 703 -5 5/3/2024 50 7% 50 - - Y 11
www.KEDM.com
% Change in Value
# of insiders
months)
Quarters Cap)
FORA Forian Inc Health Care Technology 88 -5 5/13/2024 3 4% 0 - - Y 1
CDNA CareDx Inc Biotechnology 466 -5 5/10/2024 3 1% 50 - - Y 11
CARG Cargurus Inc Interactive Media & Services 2452 -5 5/9/2024 224 9% 250 - - Y 8
DXLG Destination XL Group Inc Apparel Retail 190 -5 5/24/2024 25 13% 15 - - Y 9
PRG PROG Holdings Inc Consumer Finance 1393 -4 4/24/2024 140 10% 302 - - Y 4
THRM Gentherm Inc Automotive Parts & Equipment 1658 -4 4/30/2024 91 5% 0 - - Y 3
MOND Mondee Holdings Inc Hotels, Resorts & Cruise Lines 191 -4 5/15/2024 10 5% 10 - - N 12
DOCS Doximity Inc Health Care Technology 4888 -4 5/16/2024 285 6% 200 - - Y 9
ADM Archer-Daniels-Midland Co Agricultural Products & Servic 31044 -4 4/25/2024 2673 9% 2000 - - Y 2
BMBL Bumble Inc Interactive Media & Services 2036 -4 5/3/2024 130 6% 150 - - Y 12
CNNE Cannae Holdings Inc Multi-Sector Holdings 1468 -4 5/9/2024 168 11% 10 - - Y 2
ZI ZoomInfo Technologies Inc Interactive Media & Services 6102 -4 5/1/2024 400 7% 500 - - Y 4
AUDC AudioCodes Ltd Communications Equipment 358 -4 5/7/2024 18 5% 0 - - Y 0
THS TreeHouse Foods Inc Packaged Foods & Meats 1989 -4 5/6/2024 100 5% 0 - - Y 5
IBEX IBEX Holdings Ltd Data Processing & Outsourced S 246 -4 5/17/2024 0 0% 30 - - Y 1
APT Alpha Pro Tech Ltd Building Products 70 -4 5/9/2024 4 6% 2 - - Y 1
BLFY Blue Foundry Bancorp Regional Banks 208 -4 4/24/2024 36 17% 11 - - Y 3
HALO Halozyme Therapeutics Inc Biotechnology 4972 -4 5/9/2024 402 8% 750 - - Y 6
VMI Valmont Industries Inc Construction & Engineering 4497 -4 4/19/2024 364 8% 400 - - Y 3
NLCP Newlake Capital Partners Inc/M Industrial REITs 378 -4 5/9/2024 12 3% 0 4 39349 N 0
UVE Universal Insurance Holdings I Property & Casualty Insurance 555 -4 4/25/2024 22 4% 20 - - Y 1
CHUY Chuy's Holdings Inc Restaurants 552 -4 5/3/2024 31 6% 0 - - Y 8
STER Sterling Check Corp Human Resource & Employment Se 1518 -4 5/9/2024 68 4% 100 - - Y 5
ZZZ CN Sleep Country Canada Holdings Homefurnishing Retail 941 -4 5/7/2024 37 4% 2.4m (shares) 2 45878 Y 1
MLKN MillerKnoll Inc Office Services & Supplies 1868 -4 7/12/2024 101 5% 0 - - Y 4
TNL Travel + Leisure Co Hotels, Resorts & Cruise Lines 3202 -3 4/24/2024 309 10% 500 1 32570 Y 3
GRNT Granite Ridge Resources Inc Oil & Gas Exploration & Produc 895 -3 5/20/2024 35 4% 50 7 315951 Y 3
ETSY Etsy Inc Broadline Retail 8018 -3 5/3/2024 660 8% 0 - - Y 13
GNRC Generac Holdings Inc Electrical Components & Equipm 8077 -3 5/3/2024 262 3% 500 - - Y 6
MLNK MeridianLink Inc Application Software 1333 -3 5/2/2024 61 5% 125 - - Y 4
PUBM PubMatic Inc Advertising 1160 -3 5/9/2024 59 5% 100 - - Y 4
HOFT Hooker Furnishings Corp Home Furnishings 221 -3 6/7/2024 12 5% 5 - - Y 1
KRNT Kornit Digital Ltd Industrial Machinery & Supplie 780 -3 5/10/2024 49 6% 75 - - Y 2
MTCH Match Group Inc Interactive Media & Services 8946 -3 5/7/2024 552 6% 1000 1 116440 Y 5
MX Magnachip Semiconductor Corp Semiconductors 201 -3 5/3/2024 52 26% 50 5 325144 Y 1
VIRT Virtu Financial Inc Investment Banking & Brokerage 3251 -3 4/24/2024 231 7% 750 1 810500 Y 1
VAC Marriott Vacations Worldwide C Hotels, Resorts & Cruise Lines 3513 -3 5/6/2024 298 8% 451 - - Y 7
TWI Titan International Inc Agricultural & Farm Machinery 880 -3 5/1/2024 33 4% 50 - - Y 4
GTE Gran Tierra Energy Inc Oil & Gas Exploration & Produc 319 -3 5/2/2024 24 8% 3.5m (shares) - - Y 2
HUN Huntsman Corp Diversified Chemicals 4223 -3 5/2/2024 359 9% 0 - - Y 3
EWCZ European Wax Center Inc Specialized Consumer Services 710 -3 5/10/2024 30 4% 40 - - Y 19
CNDT Conduent Inc Data Processing & Outsourced S 681 -3 5/3/2024 27 4% 75 - - Y 1
OB Outbrain Inc Interactive Media & Services 198 -3 5/9/2024 19 9% 30 - - Y 1
PUMP ProPetro Holding Corp Oil & Gas Equipment & Services 930 -3 5/1/2024 55 6% 1.7m (shares) - - Y 4
QUAD Quad/Graphics Inc Commercial Printing 247 -3 5/2/2024 13 5% 0 - - Y 5
LEA Lear Corp Automotive Parts & Equipment 7684 -3 4/30/2024 296 4% 1500 - - Y 5
EBAY eBay Inc Broadline Retail 26817 -3 5/1/2024 1572 6% 2000 - - Y 4
RVLV Revolve Group Inc Apparel Retail 1359 -3 5/3/2024 31 2% 100 - - Y 22
www.KEDM.com
% Change in Value
# of insiders
months)
Quarters Cap)
CHTR Charter Communications Inc Cable & Satellite 42529 -3 4/26/2024 3215 8% 0 1 1491215 Y 13
UPBD Upbound Group Inc Computer & Electronics Retail 1719 -3 5/2/2024 50 3% 0 1 57320 Y 5
HRBR Harbor Diversified Inc Passenger Airlines 71 -3 4/17/2024 5 7% 0 - - N 0
AIRC Apartment Income REIT Corp Multi-Family Residential REITs 5560 -3 5/1/2024 124 2% 500 1 51254 Y 2
JACK Jack in the Box Inc Restaurants 1173 -3 5/14/2024 100 9% 250 - - Y 5
OPRX OptimizeRx Corp Health Care Technology 197 -3 4/12/2024 15 8% 15 - - Y 4
TV Grupo Televisa SAB Cable & Satellite 1805 -3 4/25/2024 1197 66% 0 - - Y -
22.2m
PYPL PayPal Holdings Inc Transaction & Payment Processi 70279 -3 4/30/2024 5259 7% - - Y 2
(shares)
TDC Teradata Corp Systems Software 3623 -3 5/3/2024 308 9% 0 - - Y 4
HTZ Hertz Global Holdings Inc Passenger Ground Transportatio 2163 -3 4/25/2024 315 15% 2000 - - Y 22
SBH Sally Beauty Holdings Inc Other Specialty Retail 1153 -3 5/3/2024 38 3% 0 1 45160 Y 12
IMAX IMAX Corp Movies & Entertainment 874 -3 4/25/2024 27 3% 200 - - Y 7
CF CF Industries Holdings Inc Fertilizers & Agricultural Che 15081 -3 5/1/2024 580 4% 1.5m (shares) - - Y 3
MOS Mosaic Co/The Fertilizers & Agricultural Che 10187 -3 5/1/2024 756 7% 0 - - Y 2
LE Lands' End Inc Apparel Retail 402 -3 5/31/2024 12 3% 25 - - Y 5
YUMC Yum China Holdings Inc Restaurants 14964 -3 4/29/2024 613 4% 750 1 5698980 Y 3
CROX Crocs Inc Footwear 7685 -3 4/26/2024 192 2% 0 1 249951 Y 9
PALI CN Palisades Goldcorp Ltd Asset Management & Custody Ban 132 -3 5/17/2024 4 3% 2.4m (shares) - - N 0
www.KEDM.com
Buyback Leaderboard
Top 125; quarterly rebalance
Value
Value Purchased Insider 5yr
Market Cap Most Recent TTM
Rank Ticker Company Sector TTM Purchased in (% of Buying ($ Annualized
($M) Authorization Return
TTM ($M) current Mkt value) Return
Cap)
1 SPB Spectrum Brands Holdings Inc Household Products 2421 26 786 32% 1000 2738725 21 10
2 VVV Valvoline Inc Automotive Retail 5515 25 1609 29% 1000 154485 22 20
3 TGNA TEGNA Inc Broadcasting 2418 21 653 27% 325 - -16 -1
4 XRX Xerox Holdings Corp Technology Hardware, Storage & 2077 21 544 26% 0 - 23 -8
5 DXC DXC Technology Co IT Consulting & Other Services 3831 20 1133 30% 11m (shares) - -16 -19
6 SKYW SkyWest Inc Passenger Airlines 2704 20 292 11% 2.5m (shares) - 188 3
7 FOXA Fox Corp Broadcasting 13867 19 2000 14% 7000 - -8 -2
8 AZTA Azenta Inc Life Sciences Tools & Services 3121 19 451 14% 500 - 25 13
9 MPC Marathon Petroleum Corp Oil & Gas Refining & Marketing 76276 18 11572 15% 5000 - 66 32
10 RH RH Homefurnishing Retail 4746 18 1253 26% 2000 - 10 18
11 GM General Motors Co Automobile Manufacturers 49543 17 11115 22% 10000 - 25 3
12 BOWL Bowlero Corp Leisure Facilities 1900 17 177 9% 200 2287 -15 -
13 PLAY Dave & Buster's Entertainment Leisure Facilities 2287 17 303 13% 100 - 64 4
15 SEB Seaboard Corp Packaged Foods & Meats 3020 16 600 20% 600 - -18 -7
16 TNET TriNet Group Inc Human Resource & Employment Se 6556 16 1152 18% 1000 - 55 16
17 CEIX CONSOL Energy Inc Coal & Consumable Fuels 2477 15 399 16% 0 - 43 22
18 MGM MGM Resorts International Casinos & Gaming 13917 15 2292 16% 2000 - 2 11
19 IDCC InterDigital Inc Application Software 2463 14 340 14% 65 - 34 10
20 AMR Alpha Metallurgical Resources Steel 4353 14 - - 300 4434717 108 43
21 ATGE Adtalem Global Education Inc Education Services 1832 14 275 15% 300 - 19 0
22 WIRE Encore Wire Corp Electrical Components & Equipm 4097 13 460 11% 2m (shares) - 60 34
23 NAVI Navient Corp Consumer Finance 1867 13 310 17% 1000 - 7 11
24 STT State Street Corp Asset Management & Custody Ban 22208 12 3876 17% 5000 - -2 5
25 BLDR Builders FirstSource Inc Building Products 22932 12 1847 8% 1000 - 102 67
26 EXPE Expedia Group Inc Hotels, Resorts & Cruise Lines 17946 12 2137 12% 5.8m (shares) - 47 2
27 AN AutoNation Inc Automotive Retail 6419 11 874 14% 1000 200020 17 33
28 BTU Peabody Energy Corp Coal & Consumable Fuels 3020 11 361 12% 8.9m (shares) - -5 -3
29 NSA National Storage Affiliates Tr Self-Storage REITs 4496 11 310 7% 275 614495 -7 10
30 GFF Griffon Corp Building Products 3492 11 233 7% 200 - 141 34
31 CNX CNX Resources Corp Oil & Gas Exploration & Produc 3731 11 320 9% 0 50266 48 18
32 APP AppLovin Corp Application Software 25226 10 1154 5% 1250 - 374 -
33 GNW Genworth Financial Inc Life & Health Insurance 2584 10 261 10% 350 - 0 9
34 VLO Valero Energy Corp Oil & Gas Refining & Marketing 58359 10 5136 9% 2500 - 37 20
35 CAR Avis Budget Group Inc Passenger Ground Transportatio 4218 10 951 23% 0 - -32 29
36 NRG NRG Energy Inc Electric Utilities 15714 10 - - 950 - 119 15
37 BKNG Booking Holdings Inc Hotels, Resorts & Cruise Lines 122276 9 10377 8% 20000 - 41 15
38 RTX RTX Corp Aerospace & Defense 135065 9 12870 10% 10000 - 3 8
39 NXST Nexstar Media Group Inc Broadcasting 5389 9 630 12% 1500 - -4 10
40 DD DuPont de Nemours Inc Specialty Chemicals 31452 9 2000 6% 1000 - 9 0
41 ODP ODP Corp/The Other Specialty Retail 1860 9 295 16% 1000 - 19 15
42 EQH Equitable Holdings Inc Diversified Financial Services 12114 9 919 8% 1300 - 50 14
43 VST Vistra Corp Independent Power Producers & 24740 9 1245 5% 1000 - 196 26
44 VIRT Virtu Financial Inc Investment Banking & Brokerage 3249 9 231 7% 750 810500 14 0
www.KEDM.com
Value
Cap)
45 SLM SLM Corp Consumer Finance 4596 9 350 8% 650 - 59 18
46 GHC Graham Holdings Co Education Services 3275 9 - - 281 60724 25 2
47 AMG Affiliated Managers Group Inc Asset Management & Custody Ban 5426 9 342 6% 424 - 19 9
48 WU Western Union Co/The Transaction & Payment Processi 4507 9 308 7% 0 128500 28 -2
49 OLN Olin Corp Commodity Chemicals 6710 8 711 11% 2000 - -2 22
50 TNL Travel + Leisure Co Hotels, Resorts & Cruise Lines 3201 8 309 10% 500 32570 23 6
51 HRB H&R Block Inc Specialized Consumer Services 6552 8 582 9% 1250 - 41 18
52 MRO Marathon Oil Corp Oil & Gas Exploration & Produc 17047 8 1473 9% 15.8m (shars) - 18 13
53 KBH KB Home Homebuilding 4864 8 407 8% 500 - 66 22
54 PDCO Patterson Cos Inc Health Care Distributors 2297 8 255 11% 500 - -1 8
55 EEFT Euronet Worldwide Inc Transaction & Payment Processi 4834 8 378 8% 0 - -3 -6
56 SAH Sonic Automotive Inc Automotive Retail 1708 8 178 10% 500 - -2 28
57 STLD Steel Dynamics Inc Steel 22458 8 1452 6% 1500 - 35 37
58 AMN AMN Healthcare Services Inc Health Care Services 2139 8 438 20% 1.8m (shares) 1994417 -35 3
59 PSX Phillips 66 Oil & Gas Refining & Marketing 70252 8 - - 5000 99968 62 16
60 ASH Ashland Inc Specialty Chemicals 4793 8 400 8% 1000 - -5 6
61 WSC WillScot Mobile Mini Holdings Construction & Engineering 7889 8 818 10% 1000 417950 0 28
62 ARW Arrow Electronics Inc Technology Distributors 6818 8 770 11% 1000 - 7 9
63 AIG American International Group I Multi-line Insurance 49959 8 2961 6% 1000 49682 48 13
64 CARG Cargurus Inc Interactive Media & Services 2453 8 224 9% 250 - 29 -10
65 JNJ Johnson & Johnson Pharmaceuticals 358118 8 5054 1% 5000 - -7 5
66 VRSK Verisk Analytics Inc Research & Consulting Services 31890 7 3262 10% 1000 - 16 11
67 PBF PBF Energy Inc Oil & Gas Refining & Marketing 7209 7 533 7% 750 - 52 14
68 MTG MGIC Investment Corp Commercial & Residential Mortg 5319 7 337 6% 500 - 44 10
69 GDDY GoDaddy Inc Internet Services & Infrastruc 17948 7 1270 7% 1000 - 65 10
70 JEF Jefferies Financial Group Inc Investment Banking & Brokerage 8960 7 - - 250 - 43 23
71 BHF Brighthouse Financial Inc Life & Health Insurance 3005 7 0 0% 0 - 12 4
72 AZO AutoZone Inc Automotive Retail 51936 7 3609 7% 2000 - 15 23
73 ATKR Atkore Inc Electrical Components & Equipm 6348 7 437 7% 500 - 34 50
74 SYF Synchrony Financial Consumer Finance 16628 7 1112 7% 2800 - 43 8
75 COOP Mr Cooper Group Inc Commercial & Residential Mortg 4918 7 276 6% 200 1209720 77 55
76 HGV Hilton Grand Vacations Inc Hotels, Resorts & Cruise Lines 4687 7 382 8% 1.3m (shares) 249930 -1 7
77 EXPD Expeditors International of Wa Air Freight & Logistics 16871 7 1393 8% 0 - 8 10
78 DDS Dillard's Inc Broadline Retail 6732 7 281 4% 500 - 48 46
79 BK Bank of New York Mellon Corp/T Asset Management & Custody Ban 41434 7 3104 7% 10.6m (shars) - 24 5
80 FLEX Flex Ltd Electronic Manufacturing Servi 12108 7 882 7% 0 - 84 29
81 MET MetLife Inc Life & Health Insurance 51154 7 3103 6% 11.7m (shars) - 22 13
82 CSL Carlisle Cos Inc Building Products 18026 7 900 5% 7.5m (shares) - 81 26
83 HOG Harley-Davidson Inc Motorcycle Manufacturers 5408 7 364 7% 347 - 10 3
84 GTES Gates Industrial Corp PLC Industrial Machinery & Supplie 4619 7 252 5% 100 13808797 32 1
85 EXEL Exelixis Inc Biotechnology 6949 6 550 8% 450 - 18 -1
86 ORI Old Republic International Cor Property & Casualty Insurance 8270 6 536 6% 1100 58700 22 16
87 DOCN DigitalOcean Holdings Inc Internet Services & Infrastruc 3244 6 510 16% 140 - 0 -
88 AEL American Equity Investment Lif Life & Health Insurance 4394 6 310 7% 400 - - 15
89 WH Wyndham Hotels & Resorts Inc Hotels, Resorts & Cruise Lines 5905 6 393 7% 400 - 12 8
90 BRKR Bruker Corp Life Sciences Tools & Services 12307 6 152 1% 500 - 10 19
91 HALO Halozyme Therapeutics Inc Biotechnology 4975 6 402 8% 750 - 8 19
92 MAR Marriott International Inc/MD Hotels, Resorts & Cruise Lines 74048 6 4061 5% 25m (shares) - 61 15
www.KEDM.com
Value
Cap)
93 H Hyatt Hotels Corp Hotels, Resorts & Cruise Lines 15855 6 453 3% 1055 - 43 16
94 ZI ZoomInfo Technologies Inc Interactive Media & Services 6087 6 400 7% 500 - -28 -
95 DE Deere & Co Agricultural & Farm Machinery 113186 6 7317 6% 0 - 7 23
96 SNX TD SYNNEX Corp Technology Distributors 10058 6 722 7% 2000 - 26 18
97 FI Fiserv Inc Transaction & Payment Processi 90004 6 4827 5% 0 - 34 12
98 JXN Jackson Financial Inc Diversified Financial Services 4972 6 697 14% 450 194845 90 -
99 ABG Asbury Automotive Group Inc Automotive Retail 4442 6 279 6% 250 - 8 25
100 TOL Toll Brothers Inc Homebuilding 12527 6 599 5% 20 - 104 28
101 WFC Wells Fargo & Co Diversified Banks 200263 6 11851 6% 30000 144270 49 7
102 MTN Vail Resorts Inc Leisure Facilities 8652 6 550 6% 2.5m (shares) - 0 3
103 INDB Independent Bank Corp Regional Banks 2024 6 189 9% 100 151857 -20 -8
104 BYD Boyd Gaming Corp Casinos & Gaming 6239 6 413 7% 500 - 3 18
105 CMCSA Comcast Corp Cable & Satellite 158000 6 11291 7% 15000 - 9 2
106 AFL Aflac Inc Life & Health Insurance 46401 6 2801 6% 100m (shares) 191280 25 13
107 PHM PulteGroup Inc Homebuilding 23270 6 1000 4% 1500 - 86 32
108 PVH PVH Corp Apparel, Accessories & Luxury 6178 6 570 9% 2000 - 22 -3
109 ASGN ASGN Inc Human Resource & Employment Se 4474 6 273 6% 400 - 22 8
110 LBRT Liberty Energy Inc Oil & Gas Equipment & Services 3797 6 213 6% 500 - 76 7
111 CAH Cardinal Health Inc Health Care Distributors 25766 6 1500 6% 3500 - 37 22
112 VAC Marriott Vacations Worldwide C Hotels, Resorts & Cruise Lines 3511 6 298 8% 451 - -22 1
113 PZZA Papa John's International Inc Restaurants 2051 6 210 10% 2.2m (shares) - -16 6
114 UHS Universal Health Services Inc Health Care Facilities 11334 5 547 5% 1400 34183 26 5
115 FHI Federated Hermes Inc Asset Management & Custody Ban 3086 5 177 6% 5 - -10 7
116 HP Helmerich & Payne Inc Oil & Gas Drilling 4235 5 256 6% 0 - 21 -2
117 TXT Textron Inc Aerospace & Defense 18219 5 1168 6% 0 - 40 13
118 LMT Lockheed Martin Corp Aerospace & Defense 109590 5 6000 5% 6000 - -4 11
119 ADM Archer-Daniels-Midland Co Agricultural Products & Servic 31019 5 2673 9% 2000 - -22 11
120 LPLA LPL Financial Holdings Inc Investment Banking & Brokerage 19502 5 1100 6% 0 - 33 30
121 HLT Hilton Worldwide Holdings Inc Hotels, Resorts & Cruise Lines 52480 5 2338 4% 2500 - 51 19
122 VMI Valmont Industries Inc Construction & Engineering 4497 5 364 8% 400 - -25 13
123 CFG Citizens Financial Group Inc Regional Banks 15265 5 906 6% 250 22870 20 4
124 HTZ Hertz Global Holdings Inc Passenger Ground Transportatio 2168 5 315 15% 2000 - -55 -
5 22.2m
125 PYPL PayPal Holdings Inc Transaction & Payment Processi 70338 5259 7% - -11 -9
(shares)
www.KEDM.com
Investor Day Monitor

Stocks with upcoming Company-sponsored Investor or Analyst Days
Investor Day Years Since CEO Change Trailing Webcast or Market Return T-1 to TTM Next Earnings Insider Buys (Shares -
Name Ticker Prior Meeting
Date Prior Meeting 12months (Y/N) registration link Cap (M) Current Return Date Trailing 6 months)
Westlake Corp WLK 6/13/2024 4/7/2022 2.2 N - 19721 - 31% 5/3/2024 0

Reinsurance Group of America I RGA 6/13/2024 6/15/2023 1.0 Y - 12124 - 37% 5/2/2024 440
Ryder System Inc R 6/13/2024 6/3/2022 2.0 N - 5083 - 38% 4/23/2024 0
PG&E Corp PCG 6/12/2024 5/24/2023 1.1 Y - 35416 - -1% 4/25/2024 0
NetApp Inc NTAP 6/11/2024 11/1/2022 1.6 N - 21011 - 56% 5/30/2024 0
White Mountains Insurance Grou WTM 6/7/2024 6/6/2023 1.0 N - 4333 - 18% 5/20/2024 1000
Oscar Health Inc OSCR 6/7/2024 3/25/2022 2.2 Y - 3386 - 126% 5/7/2024 0
Surf Air Mobility Inc SRFM 6/7/2024 No Prior Meeting - N - 50 - -80% 6/3/2024 0
Parks! America Inc PRKA 6/6/2024 No Prior Meeting - N - 30 - 11% 5/16/2024 100000
Lyft Inc LYFT 6/6/2024 No Prior Meeting - Y - 7500 - 88% 5/3/2024 0
Hubbell Inc HUBB 6/4/2024 6/7/2022 2.0 Y - 21567 - 80% 4/25/2024 797
Cloudflare Inc NET 5/30/2024 5/4/2023 1.1 N - 31659 - 45% 5/2/2024 0
JetBlue Airways Corp JBLU 5/30/2024 12/20/2018 5.4 Y - 2296 - -3% 4/23/2024 0
Vista Outdoor Inc VSTO 5/29/2024 10/19/2023 0.6 Y - 1914 - 24% 5/3/2024 1735
Toast Inc TOST 5/29/2024 No Prior Meeting - Y - 13146 - 33% 5/7/2024 0
Raymond James Financial Inc RJF 5/23/2024 5/25/2023 1.0 Y - 25616 - 34% 4/24/2024 879
Charles Schwab Corp SCHW 5/22/2024 7/28/2022 1.8 N - 127761 - 38% 4/15/2024 0
MSA Safety Inc MSA 5/22/2024 5/23/2022 2.0 Y - 7482 - 46% 5/1/2024 0
Scholar Rock Holding Corp SRRK 5/22/2024 7/12/2023 0.9 Y - 1047 - 67% 5/9/2024 0
Curtiss-Wright Corp CW 5/21/2024 5/26/2021 3.0 Y - 9531 - 41% 5/1/2024 224
Kingsway Financial Services In KFS 5/20/2024 5/16/2023 1.0 N - 232 - -4% 5/9/2024 6065
JPMorgan Chase & Co JPM 5/20/2024 5/22/2023 1.0 N - 524989 - 45% 7/12/2024 0
Parker-Hannifin Corp PH 5/16/2024 3/8/2022 2.2 Y - 70667 - 75% 5/2/2024 0
Insperity Inc NSP 5/16/2024 No Prior Meeting - N - 3950 - -13% 4/26/2024 0
Dow Inc DOW 5/16/2024 10/6/2021 2.6 N - 40572 - 7% 4/25/2024 5000
Alliance Entertainment Holding AENT 5/16/2024 No Prior Meeting - N - 111 - -32% 5/22/2024 0
Cummins Inc CMI 5/16/2024 2/23/2022 2.2 Y - 42363 - 33% 5/2/2024 562
Squarespace Inc SQSP 5/15/2024 11/18/2021 2.5 N - 4997 - 12% 5/7/2024 0
Heron Therapeutics Inc HRTX 5/15/2024 11/27/2018 5.5 Y - 462 - 1% 5/10/2024 310000
Tetra Tech Inc TTEK 5/14/2024 No Prior Meeting - N - 10266 - 32% 5/1/2024 0
Crane NXT Co CXT 5/14/2024 No Prior Meeting - N - 3479 - 34% 4/22/2024 0
Crane Co CR 5/14/2024 3/9/2023 1.2 N - 7691 - 70% 4/22/2024 0

DigitalBridge Group Inc DBRG 5/13/2024 6/22/2021 2.9 N - 3026 - 56% 5/3/2024 0
Tennant Co TNC 5/13/2024 10/31/2018 5.5 Y - 2227 - 77% 4/29/2024 0
Oceaneering International Inc OII 5/9/2024 9/18/2018 5.6 N - 2416 - 33% 4/24/2024 0
KBR Inc KBR 5/8/2024 3/25/2021 3.1 N - 8448 - 11% 4/30/2024 5000
ExlService Holdings Inc EXLS 5/7/2024 11/16/2022 1.5 N - 4992 - -11% 5/2/2024 0
Trupanion Inc TRUP 5/4/2024 4/30/2022 2.0 N - 978 - -45% 5/3/2024 0
www.KEDM.com
PROCEPT BioRobotics Corp PRCT 5/3/2024 No Prior Meeting - N - 2584 - 40% 5/1/2024 0
United Airlines Holdings Inc UAL 5/1/2024 6/29/2021 2.8 N - 13744 - 0% 4/16/2024 6000
Mace Security International In MACE 4/30/2024 7/12/2022 1.8 N - 3 - -64% 5/23/2024 0
American Express Co AXP 4/30/2024 3/16/2022 2.1 N - 157112 - 36% 4/19/2024 1000
Sharps Technology Inc STSS 4/30/2024 No Prior Meeting - N - 6 - -72% 5/15/2024 94166
Lexicon Pharmaceuticals Inc LXRX 4/22/2024 4/10/2018 6.0 N - 485 - -20% 5/2/2024 448820
Rekor Systems Inc REKR 4/18/2024 9/14/2021 2.6 N Link 173 - 59% 5/15/2024 0
Riot Platforms Inc RIOT 4/18/2024 10/20/2021 2.5 Y Link 2307 - -33% 5/10/2024 0
Royal Gold Inc RGLD 4/17/2024 4/20/2023 1.0 N Link 7888 - -15% 5/8/2024 0
Appian Corp APPN 4/16/2024 4/26/2022 2.0 N Link 2824 - -8% 5/9/2024 0
Science Applications International Corp SAIC 4/11/2024 4/11/2023 1.0 Y Link 6383 -2 15% 6/5/2024 0
KKR & Co Inc KKR 4/10/2024 4/13/2021 3.0 N Link 86102 -3 89% 5/8/2024 0
Arena Group Holdings Inc AREN 4/9/2024 No Prior Meeting - Y Link 22 -15 -84% 5/10/2024 0
Primoris Services Corp PRIM 4/3/2024 9/27/2018 5.5 N Link 2431 8 80% 5/9/2024 0
Intel Corp INTC 4/2/2024 6/21/2023 0.8 Y Link 151928 -20 13% 4/25/2024 78575
Vishay Intertechnology Inc VSH 4/2/2024 No Prior Meeting - Y Link 2974 -4 1% 5/8/2024 0
Alpine Immune Sciences Inc ALPN 3/28/2024 No Prior Meeting - N Link 4220 67 737% 5/10/2024 0
Kimberly-Clark Corp KMB 3/27/2024 No Prior Meeting - N Link 41740 -2 -6% 4/23/2024 827
Adobe Inc ADBE 3/26/2024 10/10/2023 0.5 N Link 212392 -7 25% 6/13/2024 15
Coherent Corp COHR 3/26/2024 3/8/2023 1.1 Y Link 8137 -14 57% 5/10/2024 0
United Parcel Service Inc UPS 3/26/2024 6/9/2021 2.8 N Link 123655 -7 -21% 4/23/2024 1400
SPX Technologies Inc SPXC 3/26/2024 3/5/2019 5.1 N Link 5517 3 79% 5/3/2024 0
Arthur J Gallagher & Co AJG 3/21/2024 12/13/2023 0.3 N Link 50857 -8 19% 4/25/2024 0
Synopsys Inc SNPS 3/20/2024 10/4/2022 1.5 Y Link 84991 -5 46% 5/17/2024 750
Broadcom Inc AVGO 3/20/2024 11/9/2021 2.4 N Link 622871 9 120% 6/12/2024 0
Altair Engineering Inc ALTR 3/20/2024 5/27/2021 2.8 N Link 6817 2 14% 5/3/2024 0
Huntington Ingalls Industries HII 3/20/2024 2/18/2020 4.1 Y Link 10921 -5 33% 5/2/2024 0
Brown-Forman Corp BF/B 3/20/2024 9/2/2021 2.6 N Link 23585 -6 -21% 6/7/2024 0
Box Inc BOX 3/19/2024 10/11/2023 0.4 N Link 3889 -8 -1% 5/30/2024 0
Redwood Trust Inc RWT 3/19/2024 9/14/2021 2.5 N Link 754 -1 -6% 4/26/2024 0
Lincoln Educational Services LINC 3/19/2024 No Prior Meeting - N Link 309 5 54% 5/6/2024 0
Pool Corp POOL 3/19/2024 3/8/2022 2.0 N Link 14632 -4 13% 4/25/2024 0
3M Co MMM 3/19/2024 11/15/2018 5.3 Y Link 50527 4 9% 4/30/2024 0
Reynolds Consumer Products Inc REYN 3/19/2024 No Prior Meeting - N Link 5938 0 7% 5/10/2024 0
Enfusion Inc ENFN 3/19/2024 No Prior Meeting - Y Link 1226 5 -4% 5/9/2024 0
Butterfly Network Inc BFLY 3/18/2024 No Prior Meeting - Y Link 185 -17 -68% 5/10/2024 0
Perspective Therapeutics Inc CATX 3/18/2024 No Prior Meeting - N Link 863 37 115% 5/15/2024 1528049
Pure Cycle Corp PCYO 3/15/2024 7/19/2023 0.7 N Link 233 4 1% 7/12/2024 0
Azenta Inc AZTA 3/14/2024 11/16/2021 2.3 N Link 3053 -15 19% 5/9/2024 0
Leonardo DRS Inc DRS 3/14/2024 No Prior Meeting - N Link 5417 -10 40% 5/1/2024 0
Aurora Innovation Inc AUR 3/14/2024 9/28/2022 1.5 N Link 4760 38 122% 5/3/2024 0
SoundThinking Inc SSTI 3/14/2024 4/1/2021 3.0 N Link 190 -9 -48% 5/9/2024 0
Jamf Holding Corp JAMF 3/13/2024 No Prior Meeting - N Link 2294 0 -7% 5/3/2024 0
Summit Materials Inc SUM 3/13/2024 5/24/2022 1.8 N Link 7202 -3 52% 5/3/2024 0
World Kinect Corp WKC 3/13/2024 No Prior Meeting - N Link 1514 8 0% 4/25/2024 0
MDU Resources Group Inc MDU 3/13/2024 11/21/2023 0.3 Y Link 4932 6 21% 5/2/2024 375
Instructure Holdings Inc INST 3/12/2024 No Prior Meeting - N Link 2907 -5 -22% 5/8/2024 0
Itron Inc ITRI 3/12/2024 10/5/2021 2.4 N Link 4192 -1 68% 5/2/2024 0
www.KEDM.com
Tronox Holdings PLC TROX 3/12/2024 No Prior Meeting - Y Link 2556 3 23% 5/1/2024 0
Gates Industrial Corp PLC GTES 3/11/2024 3/8/2022 2.0 N Link 4609 7 31% 5/1/2024 1121385
Clarus Corp CLAR 3/11/2024 No Prior Meeting - N Link 233 -7 -37% 5/1/2024 0
Ventyx Biosciences Inc VTYX 3/11/2024 1/26/2023 1.1 N Link 324 -54 -85% 5/10/2024 0
FARO Technologies Inc FARO 3/11/2024 No Prior Meeting - Y Link 373 -10 -21% 5/3/2024 30000
ARS Pharmaceuticals Inc SPRY 3/7/2024 No Prior Meeting - N Link 870 1 48% 5/15/2024 0
Cigna Group CI 3/7/2024 6/3/2022 1.8 N Link 99231 3 35% 5/2/2024 0
GE Aerospace GE 3/7/2024 3/6/2024 0.0 N Link 169052 22 106% 4/23/2024 0
GE Vernova GE 3/6/2024 6/20/2023 0.7 N Link 169052 23 106% 4/23/2024 0
GoDaddy Inc GDDY 3/6/2024 2/11/2022 2.1 N Link 17568 13 60% 5/2/2024 0
Nasdaq Inc NDAQ 3/5/2024 11/8/2022 1.3 N Link 35387 8 13% 4/25/2024 14000
NerdWallet Inc NRDS 3/4/2024 No Prior Meeting - N Link 1076 -18 1% 4/25/2024 0
American Airlines Group Inc AAL 3/4/2024 No Prior Meeting - Y Link 8594 -16 2% 4/25/2024 0
Dominion Energy Inc D 3/1/2024 2/15/2020 4.0 N Link 40967 2 -11% 5/2/2024 23865
Comstock Inc LODE 2/28/2024 6/28/2023 0.7 N Link 37 -30 -21% 5/3/2024 67000
Louisiana-Pacific Corp LPX 2/28/2024 9/29/2020 3.4 N Link 5551 6 34% 5/8/2024 0
BWX Technologies Inc BWXT 2/28/2024 11/16/2021 2.3 N Link 8634 6 48% 5/6/2024 0
Rayonier Inc RYN 2/28/2024 No Prior Meeting - Y Link 4711 -5 -1% 5/1/2024 0
Heartland Financial USA Inc HTLF 2/27/2024 5/20/2020 3.8 Y Link 1448 5 -3% 4/24/2024 1093
Innovage Holding Corp INNV 2/27/2024 No Prior Meeting - Y Link 531 -20 -46% 5/9/2024 0
Whirlpool Corp WHR 2/27/2024 5/23/2019 4.8 N Link 5905 2 -15% 4/24/2024 0
Intapp Inc INTA 2/22/2024 No Prior Meeting - N Link 2265 -22 -29% 5/8/2024 0
HealthEquity Inc HQY 2/22/2024 6/19/2019 4.7 N Link 6880 0 40% 6/5/2024 0
Sonoco Products Co SON 2/22/2024 12/10/2021 2.2 N Link 5528 0 -3% 5/1/2024 0
Hexcel Corp HXL 2/20/2024 5/21/2019 4.7 Y Link 5199 -15 -8% 4/22/2024 0
Envista Holdings Corp NVST 2/16/2024 2/24/2023 1.0 Y Link 3296 -15 -50% 5/1/2024 19185
Beam Global BEEM 2/15/2024 No Prior Meeting - N Link 80 -33 -54% 4/15/2024 0
Datadog Inc DDOG 2/15/2024 10/19/2022 1.3 N Link 42317 -6 87% 5/3/2024 0
Otis Worldwide Corp OTIS 2/15/2024 2/15/2022 2.0 N Link 38866 6 20% 4/24/2024 0
Williams Companies Inc WMB 2/14/2024 2/21/2023 1.0 N Link 46398 13 32% 5/3/2024 0
Uber Technologies Inc UBER 2/14/2024 2/10/2022 2.0 N Link 156699 9 139% 5/2/2024 0
Mama's Creations Inc MAMA 2/13/2024 No Prior Meeting - N Link 177 6 163% 4/26/2024 0
BigBear.ai Holdings Inc BBAI 2/6/2024 9/22/2021 2.4 Y Link 425 11 -37% 5/9/2024 50025
LuxUrban Hotels Inc LUXH 2/6/2024 No Prior Meeting - N Link 38 -71 -66% 5/9/2024 25000
VerifyMe Inc VRME 2/6/2024 11/18/2021 2.2 Y Link 16 43 -14% 5/10/2024 72767
Texas Instruments Inc TXN 2/1/2024 2/2/2023 1.0 Y Link 151242 4 -4% 4/23/2024 0
Ryman Hospitality Properties RHP 1/30/2024 1/17/2024 0.0 N Link 6651 1 28% 5/1/2024 19284
Kura Oncology Inc KURA 1/30/2024 6/12/2023 0.6 N Link 1483 5 65% 5/10/2024 0
Jack in the Box Inc JACK 1/24/2024 6/29/2021 2.6 N Link 1163 -23 -30% 5/14/2024 0
Compass Diversified Holdings CODI 1/17/2024 1/19/2023 1.0 N Link 1687 10 28% 5/3/2024 156412
Ryman Hospitality Properties RHP 1/17/2024 9/14/2018 5.3 N Link 6651 -1 28% 5/1/2024 19284
IDEXX Laboratories Inc IDXX 1/15/2024 8/10/2023 0.4 N Link 41361 -7 4% 5/1/2024 0
5E Advanced Materials Inc FEAM 12/19/2023 No Prior Meeting - Y Link 77 -19 -78% 5/15/2024 0
Utz Brands Inc UTZ 12/15/2023 No Prior Meeting - N Link 2414 20 -1% 5/10/2024 24649
Nuvve Holding Corp NVVE 12/14/2023 No Prior Meeting - N Link 4 -89 -98% 5/10/2024 51775
Schrodinger Inc SDGR 12/14/2023 10/6/2022 1.2 N Link 1921 -16 -6% 5/1/2024 0
Phillips Edison & Co Inc PECO 12/14/2023 11/7/2022 1.1 N Link 4503 -9 9% 4/25/2024 0
Chewy Inc CHWY 12/14/2023 No Prior Meeting - N Link 7672 -14 -49% 5/31/2024 27595
US Silica Holdings Inc SLCA 12/13/2023 No Prior Meeting - N Link 1007 18 3% 4/26/2024 0
www.KEDM.com
Verint Systems Inc VRNT 12/13/2023 6/9/2022 1.5 N Link 1888 12 -22% 6/7/2024 0
Couchbase Inc BASE 12/13/2023 10/20/2021 2.1 N Link 1238 14 62% 6/6/2024 0
Arthur J Gallagher & Co AJG 12/13/2023 6/15/2023 0.5 N Link 50857 -5 19% 4/25/2024 0
B Riley Financial Inc RILY 12/13/2023 No Prior Meeting - N Link 650 -5 -14% 5/3/2024 102515
Lucid Diagnostics Inc LUCD 12/13/2023 No Prior Meeting - N Link 39 -41 -40% 5/15/2024 0
Stronghold Digital Mining Inc SDIG 12/12/2023 No Prior Meeting - N Link 66 -30 -68% 5/10/2024 0
SLM Corp SLM 12/12/2023 3/13/2019 4.7 N Link 4555 22 54% 4/24/2024 0
Graham Holdings Co GHC 12/12/2023 12/13/2022 1.0 N Link 3193 10 21% 5/3/2024 100
Ligand Pharmaceuticals Inc LGND 12/12/2023 12/13/2022 1.0 Y Link 1441 30 8% 5/3/2024 0
Centene Corp CNC 12/12/2023 12/16/2022 1.0 Y Link 37834 -5 2% 4/26/2024 0
L3Harris Technologies Inc LHX 12/11/2023 3/10/2021 2.8 N Link 38520 4 3% 4/25/2024 2500
AECOM ACM 12/11/2023 2/16/2021 2.8 N Link 12733 3 14% 5/8/2024 0
Avantor Inc AVTR 12/8/2023 9/9/2021 2.2 N Link 16930 19 16% 4/26/2024 0
Edwards Lifesciences Corp EW 12/7/2023 12/10/2020 3.0 Y Link 54285 30 7% 4/25/2024 0
Blackstone Secured Lending Fun BXSL 12/7/2023 No Prior Meeting - N Link 5842 18 33% 5/10/2024 0
NETGEAR Inc NTGR 12/7/2023 12/9/2021 2.0 Y Link 435 5 -21% 4/26/2024 0
Woodward Inc WWD 12/7/2023 3/9/2022 1.7 Y Link 8836 9 54% 5/1/2024 0
Domino's Pizza Inc DPZ 12/7/2023 11/12/2020 3.1 Y Link 17243 27 51% 4/29/2024 0
Broadridge Financial Solutions BR 12/7/2023 12/10/2020 3.0 N Link 23417 5 38% 5/2/2024 0
OneMain Holdings Inc OMF 12/6/2023 11/20/2019 4.0 N Link 5602 10 37% 4/30/2024 0
Midwest Energy Emissions Corp MEEC 12/6/2023 No Prior Meeting - N Link 87 -8 130% 4/15/2024 0
CEVA Inc CEVA 12/6/2023 1/14/2019 4.9 Y Link 499 -2 -26% 5/10/2024 0
Owens & Minor Inc OMI 12/6/2023 5/26/2021 2.5 N Link 1959 17 74% 5/6/2024 0
McDonald's Corp MCD 12/6/2023 11/9/2020 3.1 N Link 192789 -6 -5% 4/30/2024 0
Informatica Inc INFA 12/5/2023 7/26/2022 1.4 N Link 11355 49 138% 5/1/2024 0
Neurocrine Biosciences Inc NBIX 12/5/2023 No Prior Meeting - N Link 13544 16 30% 5/1/2024 0
KORU Medical Systems Inc KRMD 12/5/2023 No Prior Meeting - Y Link 97 -12 -48% 5/3/2024 0
Esab Corp ESAB 12/5/2023 No Prior Meeting - N Link 6522 36 84% 5/1/2024 0
Deluxe Corp DLX 12/5/2023 2/25/2020 3.8 N Link 850 2 31% 5/3/2024 2666
Builders FirstSource Inc BLDR 12/5/2023 12/7/2021 2.0 Y Link 23111 38 103% 5/7/2024 0
CVS Health Corp CVS 12/5/2023 12/9/2021 2.0 N Link 86519 1 -6% 5/1/2024 2000
SL Green Realty Corp SLG 12/4/2023 12/5/2022 1.0 N Link 3329 30 140% 4/17/2024 0
Ingersoll Rand Inc IR 11/30/2023 9/22/2022 1.2 N Link 37084 32 64% 5/2/2024 0
ATI Inc ATI 11/29/2023 2/17/2022 1.8 Y Link 6426 17 32% 4/30/2024 0
SharkNinja Inc SN 11/29/2023 No Prior Meeting - N - 8536 28 48% 5/9/2024 0
Vertiv Holdings Co VRT 11/29/2023 No Prior Meeting - Y Link 32044 99 575% 4/24/2024 0
Ecovyst Inc ECVT 11/28/2023 9/14/2021 2.2 Y Link 1206 7 -12% 5/3/2024 0
Chart Industries Inc GTLS 11/28/2023 5/5/2022 1.6 N Link 6487 17 21% 5/3/2024 1900
MDU Resources Group Inc MDU 11/21/2023 5/18/2023 0.5 Y Link 4932 32 21% 5/2/2024 375
Grid Dynamics Holdings Inc GDYN 11/16/2023 No Prior Meeting - N Link 828 -8 -10% 5/3/2024 0
FMC Corp FMC 11/16/2023 12/3/2018 5.0 N Link 7083 6 -53% 5/6/2024 5995
Hyster-Yale Materials Handling HY 11/16/2023 5/25/2021 2.5 Y Link 1082 33 29% 5/7/2024 0
NMI Holdings Inc NMIH 11/16/2023 11/17/2022 1.0 Y Link 2416 4 29% 4/30/2024 0
Powerfleet Inc PWFL 11/16/2023 6/14/2022 1.4 Y Link 156 83 39% 5/9/2024 0
ROBLOX Corp RBLX 11/15/2023 9/15/2022 1.2 N Link 24547 -2 -16% 5/9/2024 0
Fiserv Inc FI 11/15/2023 No Prior Meeting - N Link 89021 24 31% 4/23/2024 0
Faraday Future Intelligent Ele FFIE 11/15/2023 No Prior Meeting - Y Link 3 -97 -100% 4/22/2024 0
Affirm Holdings Inc AFRM 11/14/2023 No Prior Meeting - N Link 10010 43 187% 5/9/2024 0
Stride Inc LRN 11/14/2023 11/18/2020 3.0 Y Link 2565 4 53% 4/23/2024 0
www.KEDM.com
Simulations Plus Inc SLP 11/14/2023 No Prior Meeting - N Link 930 28 4% 7/5/2024 0
Appfolio Inc APPF 11/14/2023 10/12/2022 1.1 Y Link 7942 12 72% 4/25/2024 0
DraftKings Inc DKNG 11/14/2023 3/3/2022 1.7 N Link 21034 24 133% 5/3/2024 0
VSE Corp VSEC 11/14/2023 No Prior Meeting - N Link 1237 33 79% 5/1/2024 0
Thermon Group Holdings Inc THR 11/14/2023 No Prior Meeting - N Link 1043 -2 32% 5/24/2024 9595
BJ's Restaurants Inc BJRI 11/14/2023 No Prior Meeting - Y Link 766 20 17% 4/26/2024 0
Guidewire Software Inc GWRE 11/13/2023 10/6/2022 1.1 N Link 9270 22 42% 5/31/2024 0
Marqeta Inc MQ 11/10/2023 No Prior Meeting - Y Link 2795 -11 22% 5/7/2024 0
Arista Networks Inc ANET 11/9/2023 11/1/2021 2.0 N Link 84792 29 65% 5/7/2024 0
Live Nation Entertainment Inc LYV 11/9/2023 2/24/2022 1.7 N Link 23320 16 43% 5/3/2024 0
Veeva Systems Inc VEEV 11/9/2023 11/3/2022 1.0 N Link 33364 6 14% 5/31/2024 0
HCA Healthcare Inc HCA 11/9/2023 No Prior Meeting - N Link 85381 40 19% 4/26/2024 0
Liberty Broadband Corp LBRDA 11/9/2023 11/18/2021 2.0 N Link 6953 -42 -39% 5/8/2024 0
DENTSPLY SIRONA Inc XRAY 11/9/2023 9/23/2021 2.1 Y Link 6490 14 -23% 5/2/2024 30000
Qurate Retail Inc QRTEA 11/9/2023 6/27/2022 1.4 Y Link 422 60 21% 5/8/2024 0
Liberty Media Corp-Liberty Formula One FWONA 11/9/2023 11/17/2022 1.0 N Link 15573 2 -10% 5/15/2024 0
Liberty Media Corp-Liberty Sirius LSXMA 11/9/2023 11/18/2021 2.0 N Link 8313 2 8% 5/8/2024 0
Liberty TripAdvisor Holdings I LTRPA 11/9/2023 11/18/2021 2.0 N Link 136 268 94% 5/7/2024 0
Stryker Corp SYK 11/8/2023 11/18/2021 2.0 N Link 130140 25 18% 4/30/2024 0
Rockwell Automation Inc ROK 11/8/2023 11/16/2022 1.0 N Link 32638 12 4% 4/26/2024 3500
Extreme Networks Inc EXTR 11/7/2023 5/18/2022 1.5 N Link 1377 -37 -45% 5/1/2024 0
Strategic Education Inc STRA 11/7/2023 11/7/2019 4.0 N Link 2423 14 7% 4/25/2024 0
A O Smith Corp AOS 11/6/2023 11/5/2018 5.0 N Link 12732 21 33% 4/25/2024 0
Constellation Brands Inc STZ 11/2/2023 10/8/2019 4.1 N Link 47943 13 18% 7/1/2024 0
Herc Holdings Inc HRI 11/2/2023 9/20/2021 2.1 N Link 4477 50 46% 4/23/2024 0
Skye Bioscience Inc SKYE 10/25/2023 12/4/2018 4.9 N Link 362 436 199% 5/10/2024 0
PDF Solutions Inc PDFS 10/24/2023 10/15/2019 4.0 N Link 1238 12 -22% 5/9/2024 0
Shockwave Medical Inc SWAV 10/23/2023 No Prior Meeting - N Link 12291 64 27% 5/23/2024 0
Hewlett Packard Enterprise Co HPE 10/19/2023 6/20/2023 0.3 N Link 22646 6 12% 5/30/2024 0
Vista Outdoor Inc VSTO 10/19/2023 5/23/2022 1.4 Y Link 1914 34 24% 5/3/2024 1735
www.KEDM.com
Short Squeeze Monitor

Highest short interest as a percentage of float
MoM Insider Buys
TTM Trailing 5 Short Implied
Market Cap Change % From % From 52 Days to - # of Shares
Tick Company Sector Return day Interest (% Borrow
($M) in SI 200MA week high Cover (trailing
(%) return float) Rate
(%) 6months)
SPWR SunPower Corp Energy-Alternate Sources 434 -81 -7 75% -2 -54 -83 7 - -
RILY B Riley Financial Inc Finance-Invest Bnkr/Brkr 648 -11 -9 65% -8 -35 -65 10 - 102,515
PLCE Children's Place Inc/The Retail-Apparel/Shoe 96 -76 -9 59% -11 -66 -80 5 12 -
BMEA Biomea Fusion Inc Medical-Biomedical/Gene 464 -48 1 48% 26 -17 -70 15 11 -
ACB Aurora Cannabis Inc Medical-Drugs 359 1 -1 45% 52 34 -43 1 32 -
TRUP Trupanion Inc Life/Health Insurance 985 -45 -10 40% 2 -14 -48 20 8 -
IBRX ImmunityBio Inc Medical-Biomedical/Gene 3,542 242 -8 40% 6 58 -25 12 125 -
ABR Arbor Realty Trust Inc REITS-Mortgage 2,495 30 -6 40% 5 -15 -31 25 - 115,128
MAXN Maxeon Solar Technologies Ltd Energy-Alternate Sources 113 -93 -25 40% 17 -79 -95 6 1 -
PHAT Phathom Pharmaceuticals Inc Medical-Biomedical/Gene 591 16 -8 39% 23 -3 -41 13 - 7,500
BYND Beyond Meat Inc Food-Misc/Diversified 429 -55 -11 37% -4 -31 -66 11 65 -
NOVA Sunnova Energy International I Energy-Alternate Sources 522 -73 -12 37% 11 -64 -83 3 5 152,450
UPST Upstart Holdings Inc Finance-Consumer Loans 2,092 45 -3 37% -1 -28 -67 6 2 -
VTLE Vital Energy Inc Oil Comp-Explor&Prodtn 2,068 7 -1 37% 16 14 -10 8 1 1,000
ADV Advantage Solutions Inc Advertising Services 1,344 204 -2 36% 6 32 -15 10 - 505,881
MPW Medical Properties Trust Inc REITS-Health Care 2,372 -50 -2 35% 5 -29 -63 12 - -
ZIM ZIM Integrated Shipping Servic Transport-Marine 1,215 -49 -9 34% 17 -9 -54 12 - -
NVAX Novavax Inc Medical-Biomedical/Gene 595 -53 -4 33% -17 -31 -63 11 27 -
NN NextNav Inc Computers-Other 825 270 -2 33% 16 65 -8 8 1 -
ZYXI Zynex Inc Medical Products 382 2 -4 33% -2 21 -20 53 - -
LMND Lemonade Inc Property/Casualty Ins 1,168 24 -1 33% 2 4 -33 15 2 10,000
PROK ProKidney Corp Medical-Biomedical/Gene 401 -85 17 32% -2 -60 -87 35 - -
DM Desktop Metal Inc Computers-Other 307 -59 0 32% -7 -14 -61 20 - -
CRK Comstock Resources Inc Oil Comp-Explor&Prodtn 2,662 -10 5 31% 0 -7 -29 5 - -
CHPT ChargePoint Holdings Inc Power Conv/Supply Equip 688 -81 -11 31% 27 -59 -84 8 13 -
LOVE Lovesac Co/The Home Furnishings 299 -30 -19 31% 16 -15 -38 17 2 9,100
IRBT iRobot Corp Appliances 221 -81 -11 31% -9 -74 -85 5 - -
LCID Lucid Group Inc Auto-Cars/Light Trucks 5,727 -69 -5 31% 10 -47 -72 8 21 -
ACDC ProFrac Holding Corp Oil-Field Services 1,325 -36 -7 30% 5 -11 -42 5 0 -
LAZR Luminar Technologies Inc Auto/Trk Prts&Equip-Orig 546 -77 -35 30% -4 -67 -84 12 - -
PCT PureCycle Technologies Inc Recycling 923 -13 -3 29% 2 -10 -53 20 49 167,782
AI C3.ai Inc Computer Software 2,724 1 -11 29% -7 -25 -54 8 - -
PLUG Plug Power Inc Energy-Alternate Sources 1,977 -69 -8 29% 15 -53 -78 7 10 -
SAVA Cassava Sciences Inc Medical-Biomedical/Gene 977 -1 6 29% 4 6 -30 25 11 -
OPK OPKO Health Inc Medical Labs&Testing Srv 850 -17 -10 29% -6 -15 -46 5 - 2,141,194
BTSG BrightSpring Health Services I Medical Labs&Testing Srv 1,720 -13 -2 29% 66 - -17 8 - 95,585
GES Guess? Inc Retail-Apparel/Shoe 1,461 51 -10 29% 3 20 -18 3 - -
CVNA Carvana Co Retail-Automobile 14,394 708 -11 28% -13 55 -21 7 1 2,600
ALLO Allogene Therapeutics Inc Medical-Biomedical/Gene 636 -18 -5 28% 22 -2 -45 17 - 190
KSS Kohl's Corp Retail-Regnl Dept Store 2,535 7 -10 28% 8 -9 -23 5 - -
MGPI MGP Ingredients Inc Beverages-Wine/Spirits 1,714 -19 -4 28% 2 -21 -38 26 - 1,752
AVXL Anavex Life Sciences Corp Medical-Biomedical/Gene 344 -45 -5 28% 10 -38 -60 18 8 -
EVGO EVgo Inc Retail-Misc/Diversified 592 -69 -8 27% 9 -39 -71 10 - -
www.KEDM.com
MoM Insider Buys

TTM Trailing 5 Short Implied
Market Cap Change % From % From 52 Days to - # of Shares
Tick Company Sector Return day Interest (% Borrow
($M) in SI 200MA week high Cover (trailing
(%) return float) Rate
(%) 6months)
SMMT Summit Therapeutics Inc Medical-Drugs 2,561 135 -6 27% 37 36 -30 8 - 3,211,911
CNK Cinemark Holdings Inc Theaters 2,175 9 -10 26% 4 10 -13 13 0 -
ENVX Enovix Corp Electronic Compo-Misc 1,222 -48 -4 26% 0 -41 -70 8 3 -
DBI Designer Brands Inc Retail-Apparel/Shoe 472 -3 -18 26% 18 -19 -39 6 - -
ACHR Archer Aviation Inc Aerospace/Defense 1,231 63 -8 26% 11 -27 -47 9 - -
BIG Big Lots Inc Retail-Discount 102 -68 -8 26% 3 -42 -71 6 - 12,000
AAOI Applied Optoelectronics Inc Electronic Compo-Misc 434 391 -10 26% 0 -15 -54 5 - 61,150
SPCE Virgin Galactic Holdings Inc Aerospace/Defense 428 -67 -14 26% 11 -53 -83 8 - -
IGMS IGM Biosciences Inc Medical-Biomedical/Gene 531 -10 3 26% 16 5 -49 21 - -
MED Medifast Inc Commercial Services 344 -66 -4 25% 37 -54 -71 7 - 305
IONQ IonQ Inc Computer Software 1,661 21 -13 25% -6 -38 -63 9 11 115,000
ALT Altimmune Inc Medical-Biomedical/Gene 554 90 -14 25% 64 35 -47 4 - -
EXPI eXp World Holdings Inc Real Estate Mgmnt/Servic 1,519 -18 -2 25% 4 -37 -61 14 - -
VZIO Vizio Holding Corp Audio/Video Products 2,118 17 -2 25% 60 44 -5 4 2 -
ZNTL Zentalis Pharmaceuticals Inc Medical-Biomedical/Gene 952 -23 -11 24% 7 -26 -57 27 - 22,000
PETS PetMed Express Inc Retail-Pet Food&Supplies 88 -72 -9 24% 11 -52 -74 16 - 61,738
KRUS Kura Sushi USA Inc Retail-Restaurants 1,238 67 0 24% 10 30 -10 11 - 1,500
CORT Corcept Therapeutics Inc Medical-Drugs 2,433 8 -7 24% 7 -11 -31 25 6 -
TGTX TG Therapeutics Inc Medical-Biomedical/Gene 2,156 -30 -4 24% -1 -1 -61 16 - -
LFST LifeStance Health Group Inc Medical Labs&Testing Srv 2,297 -24 -2 24% -26 -15 -37 21 3 -
OMER Omeros Corp Medical-Biomedical/Gene 216 -34 9 24% -4 11 -52 41 10 25,000
COLL Collegium Pharmaceutical Inc Medical-Drugs 1,162 61 -11 24% 6 27 -13 14 - -
UHAL U-Haul Holding Co Rental Auto/Equipment 12,229 4 -4 23% 2 5 -13 24 - -
SAVE Spirit Airlines Inc Airlines 458 -74 -6 23% 18 -66 -77 4 6 -
SIRI Sirius XM Holdings Inc Cable/Satellite TV 12,366 -17 -8 22% -9 -31 -60 9 - -
RRGB Red Robin Gourmet Burgers Inc Retail-Restaurants 92 -60 -7 22% 39 -41 -64 7 - -
CMPO CompoSecure Inc Commercial Serv-Finance 532 -14 -4 21% 14 10 -16 9 1 -
www.KEDM.com
IPO Monitor
IPO pipeline for the coming week (ex- SPACs)
Net
Expected Revenue Roadshow
Shares Expected Income Corporate
Company Ticker Description Expected Range Amount (TTM) S1 or Investor
(M) Trade Date (TTM) Website
Raised ($M) ($M) Deck
(M)
Centuri Holdings, Inc. operates as a holding company. The Company,
through its subsidiaries, provides utility infrastructure services such
as maintenance, retrofitting, and installation of electric and natural
Centuri Holdings, Inc. CTRI 12.40 4/18/2024 18.0000 - 21.0000 260.40 2,899 -186 LINK LINK LINK
gas distribution networks, as well as prepares systems for the
transition to clean energy sources. Centuri Holdings serves
customers in the United States and Canada.
FBS Global Limited operates a construction company. The Company
offers construction and engineering solutions such as supply of
FBS Global Ltd. FBGL building materials and pre-cast concrete components, recycling of 1.88 4/18/2024 4.0000 - 5.0000 9.38 13 -1 LINK LINK -
construction and industrial wastes, and pavement consultancy
services. FBS Global serves customers worldwide.
Ibotta, Inc. provides e-commerce software solutions. The Company
offers free-to-use performance marketing platform that allows
brands to deliver digital promotions and cash rewards to its users
Ibotta Inc. IBTA 5.63 4/18/2024 76.0000 - 84.0000 472.50 320 38 LINK LINK LINK
for making purchases at brands and retail partners in-stores, on
mobile applications, and via websites through a network of
publishers. Ibotta serves customers in the United States.
Innovex Downhole Solutions, Inc. designs, manufactures, sells, and
rents oilfield equipment. The Company offers engineered products,
Innovex Downhole as well as drilling and deployment, well construction, completion,
INVX - TBD - - 550 70 LINK LINK -
Solutions production, and fishing and intervention solutions to support
upstream onshore and offshore activities. Innovex Downhole
Solutions serves customers worldwide.
PHI Group, Inc. of Delaware provides helicopter services. The
Company offers passenger transport and air medical transportation
PHI Group, Inc ROTR services for hospitals and emergency agencies. PHI Group serves - TBD - - 862 89 LINK LINK -
offshore oil and gas, onshore mining, air medical, and technical
services industries worldwide.
Waystar Holding Corp. operates as a holding company. The
Company, through its subsidiaries, provides healthcare
organizations with mission-critical cloud software that automate
Waystar Holding Corp. WAY - TBD - - 747 -40 LINK LINK -
payment-related workflow tasks and drive continuous
improvement, which enhances claim and billing accuracy, enriches
data integrity, and reduces labor costs for providers.
PSI Group Holdings Ltd. PSIG - - TBD - - 121 8 LINK LINK -
BKV Corporation BKV - - TBD - - 953 359 LINK LINK -
Bounty Minerals, Inc. provides exploration services. The Company

owns, acquires, and manages oil and gas mineral interests in the
Bounty Minerals, Inc. BNTY - TBD - - 111 83 LINK LINK -
Appalachian Basin with the objective of growing cash flow from
existing portfolio for distribution to stockholders.
MN8 Energy, Inc. operates as a renewable energy company. The
MN8 Energy, Inc. MNX Company offers solar energy generation and storage solutions. MN8 - TBD - - 292 -129 - LINK -
Energy serves customers in the United States.
Sedibelo Resources Ltd SED - - TBD - - 191 -4 LINK LINK -
www.KEDM.com
Net
Expected Revenue Roadshow
Shares Expected Income Corporate
Company Ticker Description Expected Range Amount (TTM) S1 or Investor
(M) Trade Date (TTM) Website
Raised ($M) ($M) Deck
(M)
Decca Investment Limited operates as an architectural
woodworking company. The Company manufactures custom made
Decca Investment Ltd DCCA 6.00 TBD 4.0000 - 6.0000 36.00 96 3 - LINK -
wooden furniture, architectural fixtures, and fittings. Decca
Investment also offers contracting services for interior works.
Steinway Musical Instruments Holdings, Inc. operates as a holding
Steinway Musical company. The Company, through its subsidiaries, manufactures,
STWY - TBD - - 570 75 LINK LINK -
Instruments Holdings, Inc. markets, and distributes musical instruments. Steinway Musical
Instruments Holdings serves customers worldwide.
Cariloha, Inc. manufactures sustainable clothing products. The
Cariloha, Inc. ALOHA Company offers soft bedding, clothing, and bath goods made from 2.00 TBD 9.0000 - 11.0000 - 49 2 LINK LINK -
eco-friendly bamboo. Cariloha serves customers worldwide.
Aleph Group, Inc operates as an digital advertising company. The
Aleph Group, Inc ALEF Company offers end-to-end business solutions for platforms and - TBD - - 173 25 LINK LINK -
advertisers. Aleph Group serves customers worldwide.
DESRI Inc. operates as a renewable energy company. The Company
develops, constructs, owns, and manages solar and wind power
DESRI Inc. DESR - TBD - - 227 119 LINK LINK -
generation and battery storage projects. DESRI serves customers in
the United States.
Turo Inc. operates as a peer-to-peer car sharing company. The
Company allows private car owners to rent out their vehicles via an
Turo Inc. TURO - TBD - - 622 185 LINK LINK -
online and mobile interface. Turo serves customers in the United
States, the United Kingdom, and Canada.
HomeSmart Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, offers cloud-based estate
HomeSmart Holdings, Inc. HS - TBD - - 628 -4 - LINK -
platform to agents, brokerages, and franchisees. HomeSmart
Holdings serves customers in the United States.
Claire's Holdings LLC operates as a holding company. The Company,
through its subsidiaries, provides earrings, necklaces, body
Claire's Holdings LLC CLRS - TBD - - 1,488 89 LINK LINK -
jewellery, rings, anklets, watches, and other accessories, as well as
ear piercing services. Claire's Holdings serves customers worldwide.
www.KEDM.com
Completed IPO Monitor

Recent IPOs that have not unlocked (Ex-SPAC)
Trading IPO to IPO + 1 Short
Shares Mkt CFO Days Until
IPO Raised Below Date to Date Interest Unlock
Ticker IPO Date Company Sector Underwriters Issued in Cap Positive Busted Unlock (if
Price ($M) Cash Return Return (% of Date
IPO ($M) ($M) (Y/N) traditional)
(Y/N) (%) (%) float)
GS; BOFA; C;
ULS 4/12/2024 UL Solutions Inc Commercial Services 34 28 946 5,762 Y Y - - - NO 10/9/2024 180
JPM; JEFF; UBS
Medical
PACS 4/11/2024 PACS Group Inc C; JPM; TRUIST 21 21 450 3,453 Y Y 10 - - NO 10/8/2024 179
Labs&Testing Srv
Mobile-Health Internet Content-
MNDR 4/10/2024 Network 1 2 4 9 347 Y Y 155 - - NO 10/7/2024 178
Network Solution Info/Ne
Zhibao
ZBAO 4/2/2024 Insurance Brokers 2 4 6 50 Y Y -16 2 - YES 9/29/2024 170
Technology Inc
Contineum Medical- GS; MS; HSBC;
CTNM 4/5/2024 7 16 110 372 Y Y -1 - - YES 10/2/2024 173
Therapeutics Inc Biomedical/Gene RBC
MAMO 4/2/2024 Massimo Group Recreational Vehicles Craft; RF 1 5 6 166 Y Y -11 18 - YES 9/29/2024 170
Alta Global Group
MMA 3/28/2024 Recreational Centers ThinkEquity 1 5 7 26 Y Y -41 -29 - YES 9/24/2024 165
Ltd
Medical- GS; Guggenheim;
BOLD 3/28/2024 Boundless Bio Inc 6 16 100 259 Y Y -27 -18 - YES 9/24/2024 165
Biomedical/Gene Leerink; Piper
U-BX Technology
UBXG 3/28/2024 Computer Services Prime Number 2 5 10 122 Y Y -10 10 - YES 3/29/2025 351
Ltd
MS; Santander;
AUNA 3/22/2024 Auna SA Medical-Hospitals 30 12 360 577 Y Y -35 -19 1 YES 9/18/2024 159
C; HSBC; JPM
Internet Content- MS; BofA; C; DB;
RDDT 3/21/2024 Reddit Inc 25 34 860 7,227 Y Y 31 -3 14 NO 9/17/2024 158
Entmnt GS; JPM
Lobo EV Motorcycle/Motor
LOBO 3/21/2024 Kingswood 1 4 6 30 Y Y -4 10 1 YES 3/21/2025 343
Technologies Ltd Scooter
Intelligent Group
INTJ 3/20/2024 Consulting Services Westpark 2 4 8 23 Y Y -57 -15 4 YES 9/16/2024 157
Ltd
Semiconductor MS; Barclays; DB;
ALAB 3/20/2024 Astera Labs Inc 23 36 820 11,752 Y Y 110 18 16 NO 9/16/2024 157
Equipment Evercore
RYDE 3/6/2024 Ryde Group Ltd Applications Software Mixim 3 4 12 43 Y Y -44 -50 0 YES 3/7/2027 1,059
PrimeNumber;
LGCL 3/5/2024 Lucas GC Ltd Human Resources 2 4 6 201 Y Y -37 -34 1 YES 9/1/2024 142
Jones
SolarMax Energy-Alternate
SMXT 2/27/2024 - 5 4 20 615 Y Y 241 133 0 NO 8/25/2024 135
Technology Inc Sources
Wetouch Building&Construct- Craft Capital; RF
WETH 2/21/2024 2 5 11 24 Y Y -60 -50 2 YES 8/19/2024 129
Technology Inc Misc Lafferty
Chromocell Medical-
CHRO 2/16/2024 AGP 1 6 7 11 Y Y -69 -62 0 YES 8/14/2024 124
Therapeutics Corp Biomedical/Gene
Telomir
TELO 2/9/2024 Pharmaceuticals Medical-Drugs Kingswood 1 7 7 243 Y Y 17 64 2 NO 8/7/2024 117
Inc
Retail-Convenience
2/9/2024 BBB Foods Inc - 39 18 677 2,300 Y Y 17 8 7 NO 8/7/2024 117
TBBB Store
Medical- JPM; BMO;
MGX 2/9/2024 Metagenomi Inc 6 15 94 354 Y Y -37 -8 19 YES 8/7/2024 117
Biomedical/Gene COWEN; JEF; WF
Kyverna Medical- JPM; LEERINK;
KYTX 2/8/2024 17 22 367 1,030 Y Y 9 -21 9 NO 8/6/2024 116
Therapeutics Inc Biomedical/Gene MS; WF
Perfect Moment E- ThinkEquity;
PMNT 2/8/2024 1 6 8 50 Y Y -47 -38 0 YES 2/7/2025 301
Ltd Commerce/Products Laidlaw
www.KEDM.com

(Y/N) (%) (%) float)
American BOFA;
AHR 2/7/2024 Healthcare REIT REITS-Health Care BARCLAYS; C; 64 12 773 1,610 Y Y 11 3 2 NO 8/5/2024 115
Inc MS; RBC
GUTS 2/2/2024 Fractyl Health Inc Medical Products - 7 15 110 328 Y Y -54 -47 - YES 7/31/2024 110
Alto Neuroscience Medical-
ANRO 2/2/2024 JEF; STIFEL 9 16 148 379 N N -12 -32 22 YES 7/31/2024 110
Inc Biomedical/Gene
Medical-
FBLG 1/31/2024 Fibrobiologics Inc DIRECT LISTING - - - 369 N N - -35 0 YES - -
Biomedical/Gene
Autonomix DIGITAL
AMIX 1/29/2024 Medical Products 2 5 11 52 Y Y -45 -47 2 YES - -
Medical Inc OFFERING; RFL
Haoxi Health
HAO 1/26/2024 E-Marketing/Info EF Hutton 2 4 10 69 N N 18 -11 0 NO 7/24/2024 103
Technology Ltd
JL 1/24/2024 J-Long Group Ltd Textile-Products Eddid Securities 1 5 7 24 N Y -85 -90 43 YES 7/22/2024 101
Planet Image
YIBO 1/25/2024 Coatings/Paint Tiger Securities 1 4 5 62 N Y -44 -17 1 YES 7/23/2024 102
International Ltd
BrightSpring Medical GS; BMO; BofA;
BTSG 1/26/2024 53 13 693 1,786 N Y -20 -5 29 YES 7/24/2024 103
Health Services I Labs&Testing Srv DB
ArriVent Medical-
AVBP 1/26/2024 GS; C; JEF 11 18 201 590 N N -2 -12 7 YES 7/24/2024 103
Biopharma Inc Biomedical/Gene
Medical-
CGON 1/25/2024 CG oncology Inc MS; Cantor; GS 23 19 437 2,655 N N 110 14 14 NO 7/23/2024 102
Biomedical/Gene
Nuveen Churchill Investment
NCDL 1/25/2024 BofA; JMP; Keefe 6 18 99 945 N N -4 0 0 YES - -
Direct Lendin Companies
SU Group
SUGP 1/24/2024 Security Services Benchmark 1 4 5 29 N N -45 -29 3 YES 7/22/2024 101
Holdings Ltd
Morgan Stanley Investment MS; JPM; RBC;
MSDL 1/24/2024 5 21 103 1,875 Y Y 2 4 0 NO 1/23/2025 286
Direct Lending Companies Keefe; RAYJ; UBS
MS; C; JPM;
KSPI 1/19/2024 Kaspi.KZ JSC Applications Software 11 92 1,040 21,982 Y Y 26 21 - NO 7/17/2024 96
Nomura
CCSC Technology Investment
CCTG 1/18/2024 Revere Securities 2 4 6 35 N Y -24 -66 2 YES 1/17/2025 280
International Companies
Palmer Square Investment JPM; BOFA; C;
PSBD 1/18/2024 5 16 90 530 N Y -1 2 0 YES 1/12/2025 275
Capital BDC Inc Companies RBC; UBS
SYNX 1/12/2024 Silynxcom Ltd Wireless Equipment ThinkEquity 1 4 5 20 N N -4 6 1 YES 7/10/2024 89
JPM, BOFA,
Smith Douglas Bldg-
SDHC 1/11/2024 NOMURA, RBC, 8 21 162 1,475 N Y 37 20 9 NO 7/9/2024 88
Homes Corp Residential/Commer
WF
Commer Banks Non-
NBBK 12/28/2023 NB Bancorp Inc Bank Conversion 41 10 410 572 - - 34 0 2 NO - -
US
E-
LGCB 12/19/2023 Linkage Global Inc EF Hutton 2 4 6 71 N Y -17 23 6 YES 6/16/2024 65
Commerce/Products
China Intl
ZKH 12/15/2023 ZKH Group Ltd Commercial Services Capital; China 4 16 69 2,569 N N 3 3 - NO 6/12/2024 61
Ren.
INHD 12/14/2023 Inno Holdings Inc Steel-Producers AC Sunshine 3 4 10 13 N N -84 -71 4 YES 6/11/2024 60
Finance-Other
GSIW 12/1/2023 Garden Stage Ltd Revere Securities 3 4 10 108 N N 78 -30 0 NO 5/29/2024 47
Services
Fenbo Holdings Investment
FEBO 11/30/2023 - 1 5 5 88 N Y 60 60 1 NO 5/28/2024 46
Ltd Companies
ELAB 11/21/2023 Elevai Labs Inc Cosmetics&Toiletries Univest; Webull 2 4 6 11 N N -84 -82 1 YES 5/19/2024 37
Richtech Robotics Industrial
RR 11/17/2023 RF Lafferty 2 5 11 118 N N -64 -66 6 YES 5/15/2024 33
Inc Automat/Robot
www.KEDM.com

(Y/N) (%) (%) float)
CMB;
DDC Enterprise E-
DDC 11/17/2023 Benchmark; 4 9 33 35 N N -81 -74 1 YES 5/15/2024 33
Ltd Commerce/Services
Freedom 3
Building-Heavy
SHIM 11/14/2023 Shimmick Corp Roth 4 7 25 91 N N -49 -46 1 YES 5/12/2024 30
Construct
Signing Day
SGN 11/14/2023 Applications Software Boustead 1 5 6 5 Y Y -93 -76 0 YES 11/13/2024 215
Sports Inc
Cargo Medical- JPM; Cowen;
CRGX 11/10/2023 19 15 281 849 N N 44 49 20 NO 5/8/2024 26
Therapeutics Inc Biomedical/Gene Jeffries
Hamilton Barclays;
HG 11/10/2023 Insurance Group Property/Casualty Ins Citigroup; MS; 15 15 225 1,424 Y Y -14 -14 3 YES 5/8/2024 26
Ltd WF
Globavend
GVH 11/8/2023 Transport-Services RF Lafferty 2 4 6 25 N Y -57 -7 5 YES 2/6/2024 -66
Holdings Ltd
Pineapple Finance-Mtge
PAPL 11/1/2023 EF Hutton 1 4 4 11 N N -60 -14 9 YES 10/26/2024 197
Financial Inc Loan/Banker
Lexeo Medical-
LXEO 11/3/2023 - 9 11 100 430 N N 19 30 5 NO 5/1/2024 19
Therapeutics Inc Biomedical/Gene
Alpha Technology
ATGL 10/31/2023 Computer Services Prime Number 2 4 8 34 N Y -44 -47 3 YES 4/28/2024 16
Group Ltd
Mach Natural Oil Comp-
MNR 10/25/2023 Stifel; RayJ 10 19 190 1,913 N Y 6 13 1 NO 4/22/2024 10
Resources LP Explor&Prodtn
reAlpha Tech Invest Mgmnt/Advis
AIRE 10/23/2023 DIRECT LISTING - 23 53 N N -95 -99 8 YES - -
Corp Serv
Internet Content- EF Hutton;
WBUY 10/19/2023 Webuy Global Ltd 4 4 15 21 N N -90 - 2 YES 4/16/2024 4
Entmnt Univest
Central Plains Commer Banks Non-
CPBI 10/20/2023 Conversion 4 10 41 42 Y Y 1 - 1 NO - -
Bancshares Inc US
Bldg&Construct Prod- Craft Capital;
NCL 10/19/2023 Northann Corp 1 5 6 11 N N -90 - 4 YES 4/16/2024 4
Misc Prime Number
ATPC 10/13/2023 Agape ATP Corp Medical-Drugs - 8 7 50 19 N N -96 - 1 YES - -
Birkenstock Footwear&Related GS; BNP; BofA; C;
BIRK 10/11/2023 32 46 1,484 8,229 N Y -5 17 19 YES 4/8/2024 -4
Holding Plc Apparel EVR; HSBC
www.KEDM.com
Unlock Monitor
Initial Public Offering unlocks (last 30, next 30 days)
Unlock T - 30 to
180 Shares Shares Short Next
Price Earnings Busted to Date Unlock Options Link to
Ticker Sector IPO Date Lockup Unlocking Unlocking Interest Unlock Notes
Condition Condition IPO Return Date (Y/N) Filings
(Y/N) (M) (% of S/O) (%) Date
(%) Return
Softbank holds the ~930m shares that

are unlocking, but 769m of their shares
are pledged behind the New SoftBank
Electronic Compo-
ARM 9/14/2023 Y - - 930 91% - N 3/12/2024 -2 12 Y Group Facility, so unless that facility is Link
Semicon
repaid, the effective unlock will be
161m shares, making the float ~264m
shares.
Apparel Y (365
MGOL 1/13/2023 - - 9 67% 2 Y 2/13/2024 -33 -43 N Link
Manufacturers days)
Applications
ODD 7/19/2023 Y - - 44 79% 15 Y 1/15/2024 -19 7 Y Link
Software
Medical-
APGE 7/14/2023 Y - - 30 63% 12 N 1/10/2024 70 55 Y Link
Biomedical/Gene
Retail-
SVV 6/29/2023 Y - - 142 88% 38 Y 12/26/2023 -3 23 Y Link
Misc/Diversified
KGS Oil-Field Services 6/29/2023 Y - - 59 76% 7 N 12/26/2023 35 10 Y Link
CAVA Retail-Restaurants 6/15/2023 Y - - 97 85% 17 N 11/23/2023 91 -2 Y Link
Electronic Compo-
ATMU 5/26/2023 Y - - 67 79% 6 N 11/22/2023 48 10 Y Link
Misc
SLRN Medical-Drugs 5/5/2023 Y - - 63 65% 11 Y 11/1/2023 -41 -7 Y Link
KVUE Cosmetics&Toiletries 5/4/2023 Y - - 1,716 90% 2 Y 10/31/2023 5 -7 Y Link
ISPR Tobacco 4/4/2023 Y - - 50 94% 2 Y 10/1/2023 -40 -6 Y Link
Medical-
MLYS 2/10/2023 Y - - 27 66% 4 Y 8/9/2023 -2 -14 Y Link
Biomedical/Gene
ENLT Electric-Generation 2/10/2023 Y - - 102 86% 1 Y 8/9/2023 -10 0 Y Link
Electronic Measur
NXT 2/9/2023 Y - - 118 80% 8 N 8/8/2023 14 8 Y Link
Instr
Medical- Shares in this row are ADS's, with each
GPCR 2/3/2023 Y - - 26 68% - N 8/2/2023 23 -23 Y Link
Biomedical/Gene ADS representing 3 ordinary shares
8.3m shares held in lock up. Of that,
1.2m shares of non-insider
Medical- Y (365
MAIA 7/28/2022 - - 7 65% 6 Y 7/28/2023 -4 8 N shareholders unlock 6 months post IPO Link
Biomedical/Gene days)
(1/28/23). The remaining 7.1m shares
unclock 1 year post IPO (7/28/23)
Medical-
GNLX 1/26/2023 Y - - 20 85% 10 Y 7/25/2023 -84 -27 N Link
Biomedical/Gene
Property/Casualty
SKWD 1/13/2023 Y - - 29 74% 5 N 7/12/2023 44 2 Y Link
Ins
Medical-
COYA 12/29/2022 Y - - 5 50% 1 N 6/27/2023 105 0 N Link
Biomedical/Gene
Medical-
LIPO 12/20/2022 Y - - 4 66% 1 Y 6/18/2023 -68 16 N Link
Biomedical/Gene
www.KEDM.com
Unlock T - 30 to
(Y/N) (M) (% of S/O) (%) Date
(%) Return
Diamonds/Precious
JEWL 12/9/2022 Y - - 8 43% 1 Y 6/7/2023 -59 16 N Executives & Directors Link
Stones
Medical-
ACRV 11/15/2022 Y - - 14 66% 3 Y 5/14/2023 -26 61 N Link
Biomedical/Gene
13.1m shares in lock up post IPO. Of
Internet Connectiv Y (365 these, ~9m unlock on 6 months post
ASNS 5/13/2022 - - 4 24% 1 Y 5/12/2023 -76 19 N Link
Svcs days) IPO (11/8). The remaining ~4m unlock
1 year post IPO (5/12/23)
Energy-Alternate
ASPI 11/10/2022 Y - - 29 92% 1 Y 5/9/2023 529 -35 N Link
Sources
Entertainment
SNAL 11/10/2022 Y - - 3 9% 1 Y 5/9/2023 -33 41 N Link
Software
~15.75M shares in lockup, but only
~50% of which is actually restricted. So
BSFC Fisheries 11/3/2021 N - - 8 32% 1 Y 5/3/2023 -97 -18 N Link
~7.875M shares unlock 18-months after
IPO, on 5/3/2023.
Auto/Trk Prts&Equip-
MBLY 10/26/2022 Y - - 755 94% 24 N 4/24/2023 -31 12 Y Link
Orig
Medical-
PRME 10/20/2022 Y - - 85 87% 16 Y 4/18/2023 -58 11 Y Link
Biomedical/Gene
Machinery-General
LASE 9/30/2022 Y - - 5 59% 10 Y 3/29/2023 -66 15 N Link
Indust
Pre-IPO shareholders unlocking 180
days post IPO have agreed to not sell
more than 1/3rd of their holdings
between day 181 and 270 with a max
HPCO Tobacco 8/30/2022 Y - - 2 7% 2 Y 2/26/2023 -87 -7 N sale on a day of 3% of the daily volume. Link
They may sell another 1/3rd between
day 271 and 365 with the same volume
cap. After day 365, the may sell without
any restrictions
Founder/Chairman Yongjun Liu holds
Y (365
MHUA Medical Products 2/16/2022 - - 16 66% 2 Y 2/16/2023 -97 122 N 15.9M shares that are locked up for 365 Link
days)
days post IPO
REBN Coffee 8/12/2022 Y - - 9 67% 5 Y 2/12/2023 -87 7 N Link
Enterprise Y (365
HTCR 2/10/2022 - - 16 82% 1 Y 2/10/2023 -24 33 N Link
Software/Serv days)
Real Estate
CHG - Y - - 23 84% - N 2/8/2023 - - N Link
Mgmnt/Servic
FRZA Recreational Vehicles 8/12/2022 Y - - 7 67% 2 Y 2/8/2023 -73 33 N Link
Applications
TGL 8/11/2022 Y - - 8 46% 11 N 2/7/2023 -97 26 N Link
Software
8.3m shares held in lock up. Of that,
1.2m shares of non-insider
Medical-
MAIA 7/28/2022 Y - - 1 11% 6 Y 1/28/2023 -51 28 N shareholders unlock 6 months post IPO Link
Biomedical/Gene
(1/28/23). The remaining 7.1m shares
unclock 1 year post IPO (7/28/23)
Entertainment
MGAM 7/29/2022 Y - - 7 38% 1 Y 1/25/2023 -86 -26 N Link
Software
www.KEDM.com
Unlock T - 30 to
(Y/N) (M) (% of S/O) (%) Date
(%) Return
~18.9M shares held by principal

shareholders, ~84.96M shares held by
Computer Data Y (365 D&O (net of shares also held by
CISO 1/14/2022 - - 96 76% 2 Y 1/14/2023 -96 -31 Y Link
Security days) principal shareholders) = total of ~96M
shares held by principal shareholders
and D&O
www.KEDM.com
Priced Secondaries Monitor

US secondaries that are priced and trading (trailing 60 days)
Company (C) Shares

Priced or Offering Short YTD Return From
Market Cap or selling offered w/ % Shares of Offer
Ticker Announced Company Sector Amount Interest Return Offer Price
($M) shareholder greenshoe outstanding Price ($)
Date ($M) (%) (%) (%)
(SS) (M)
NRIX 4/11/2024 Nurix Therapeutics Inc Medical-Biomedical/Gene 846 152 C 10 26 15 14 67 15%

NRSN 4/11/2024 NeuroSense Therapeutics Ltd Medical-Biomedical/Gene 26 5 C 1 9 2 1 114 12%
VLD 4/10/2024 Velo3D Inc Computers-Other 98 12 C 34 13 0 11 -17 -5%
ASTI 4/10/2024 Ascent Solar Technologies Inc Energy-Alternate Sources 1 6 C 4 1615 3 21 -84 -95%
XXII 4/10/2024 22nd Century Group Inc Tobacco 9 4 C 2 48 2 3 -46 -25%
ACRV 4/9/2024 Acrivon Therapeutics Inc Medical-Biomedical/Gene 287 70 C 8 36 9 3 89 9%
VBIV 4/9/2024 VBI Vaccines Inc Medical-Biomedical/Gene 16 2 C 2 10 1 1 2 -32%
LGVN 4/8/2024 Longeveron Inc Medical-Biomedical/Gene 5 5 C 2 -186 2 3 -85 -14%
VIPR CN 4/5/2024 Silver Viper Minerals Corp Precious Metals 15 4 C 39 32 0 0 -5 -27%
CCCS 4/5/2024 CCC Intelligent Solutions Hold Applications Software 7141 233 SS 20 3 12 1 4 1%
REPX 4/4/2024 Riley Exploration Permian Inc Oil Comp-Explor&Prodtn 624 57 C 2 11 27 2 9 10%
MTNB 4/3/2024 Matinas BioPharma Holdings Inc Medical-Biomedical/Gene 51 10 C 33 15 0 1 -7 -33%
SINT 4/3/2024 SiNtx Technologies Inc Advanced Materials/Prd 3 2 C 72 140 0 1 -93 19%
STRO 4/2/2024 Sutro Biopharma Inc Medical-Biomedical/Gene 340 75 C 14 24 5 3 5 -13%
GRTS 4/1/2024 Gritstone bio Inc Medical-Drugs 98 12 C 8 9 2 9 -55 -39%
BIOR 4/1/2024 Biora Therapeutics Inc Diagnostic Kits 25 6 C 5 18 1 6 -48 -36%
MNO CN 4/1/2024 Meridian Mining UK Societas Metal-Copper 137 18 C 43 24 0 0 18 30%
ERAS 3/28/2024 Erasca Inc Medical-Biomedical/Gene 347 45 C 15 11 7 10 8 -65%
FSBC 3/28/2024 Five Star Bancorp Commer Banks-Western US 449 75 C 3 20 22 1 -17 -1%
SNX 3/28/2024 TD SYNNEX Corp Electronic Parts Distrib 10045 611 SS 5 6 115 2 6 0%
PRAX 3/28/2024 Praxis Precision Medicines Inc Medical-Biomedical/Gene 891 188 C 3 25 57 3 142 -5%
FSBC 3/28/2024 Five Star Bancorp Commer Banks-Western US 449 75 C 3 20 22 1 -17 -1%
STOK 3/27/2024 Stoke Therapeutics Inc Medical-Biomedical/Gene 695 75 C 6 12 14 14 157 0%
BWMN 3/27/2024 Bowman Consulting Group Ltd Engineering/R&D Services 527 58 C 2 11 34 2 -11 -7%
ATS 3/27/2024 ATS Corp Machinery-General Indust 3087 163 C - - - 1 -28 -
AUVI 3/27/2024 Applied UV Inc Computers-Other 2 3 C 2 139 2 4 -68 -53%
STOK 3/27/2024 Stoke Therapeutics Inc Medical-Biomedical/Gene 695 125 C 6 12 14 14 157 0%
OGI CN 3/27/2024 Organigram Holdings Inc Medical-Whsle Drug Dist 290 25 C 37 57 2 4 63 52%
VCNX 3/27/2024 Vaccinex Inc Medical-Biomedical/Gene 11 1 C 0 14 8 1 -27 -12%
REXR 3/26/2024 Rexford Industrial Realty Inc REITS-Warehouse/Industr 11097 841 C 17 8 49 6 -15 -3%
TRNO 3/26/2024 Terreno Realty Corp REITS-Warehouse/Industr 5935 392 C 6 7 62 2 -2 -1%
APCX 3/26/2024 AppTech Payments Corp Commercial Serv-Finance 24 2 C 2 9 1 1 -50 -1%
WISA 3/26/2024 WiSA Technologies Inc Electronic Compo-Misc 5 2 C 77 44 0 2 -85 -40%
IBIO 3/27/2024 iBio Inc Medical-Biomedical/Gene 17 15 C 2 36 2 2 45 -1%
BTAI 3/25/2024 Bioxcel Therapeutics Inc Medical-Drugs 85 25 C 3 12 32 12 -5 -91%
MTDR 3/25/2024 Matador Resources Co Oil Comp-Explor&Prodtn 8680 347 C 5 4 66 9 22 5%
NKTX 3/25/2024 Nkarta Inc Medical-Biomedical/Gene 618 210 C 21 43 10 11 33 -12%
IPWR 3/25/2024 Ideal Power Inc Power Conv/Supply Equip 60 15 C 2 37 8 1 5 9%
GDC 3/22/2024 GD Culture Group Ltd Pollution Control 6 1 C 1 11 1 3 -72 -37%
SGMO 3/22/2024 Sangamo Therapeutics Inc Medical-Biomedical/Gene 111 21 C 25 14 1 6 0 -35%
ISPR 3/22/2024 Ispire Technology Inc Tobacco 313 12 C 2 4 6 2 -54 -8%
BROS 3/21/2024 Dutch Bros Inc Retail-Restaurants 5826 272 SS 8 13 34 11 4 -3%
SPIR 3/21/2024 Spire Global Inc Commercial Services 301 30 C 2 10 14 7 49 -17%
www.KEDM.com
Company (C) Shares

Date ($M) (%) (%) (%)
(SS) (M)
STVN 3/22/2024 Stevanato Group SpA Medical Products 8755 380 C 15 44 26 5 6 12%
CRK 3/20/2024 Comstock Resources Inc Oil Comp-Explor&Prodtn 2677 100 Jerry Jones 41 17 5 32 8 91%
CXB CN 3/20/2024 Calibre Mining Corp Diversified Minerals 1384 100 C 171 31 1 5 42 222%
SPIR 3/21/2024 Spire Global Inc Commercial Services 301 30 C 2 10 14 7 49 -17%
DNMR 3/20/2024 Danimer Scientific Inc Chemicals-Specialty 99 15 C 15 15 1 20 -15 -14%
TFFP 3/20/2024 TFF Pharmaceuticals Inc Medical-Drugs 10 1 C 0 6 8 4 -44 -51%
AQST 3/19/2024 Aquestive Therapeutics Inc Medical-Drugs 368 75 C 17 23 5 3 102 -9%
MKP CN 3/19/2024 MCAN Mortgage Corp Finance-Mtge Loan/Banker 586 20 C 2 5 15 3 -2 1%
HLN 3/19/2024 Haleon PLC Cosmetics&Toiletries 37305 771 SS 98 2 8 - -1 4%
SMCI 3/19/2024 Super Micro Computer Inc Computers-Integrated Sys 54878 1750 C 2 4 875 6 230 7%
NDAQ 3/19/2024 Nasdaq Inc Finance-Other Services 36273 1829 SS 31 6 59 1 8 7%
SN 3/19/2024 SharkNinja Inc Appliances 8709 313 SS 5 4 58 3 22 8%
MDGL 3/19/2024 Madrigal Pharmaceuticals Inc Medical-Drugs 5059 195 C 1 4 260 19 6 -6%
GERN 3/19/2024 Geron Corp Medical-Biomedical/Gene 2213 126 C 42 8 3 8 79 26%
FATE 3/19/2024 Fate Therapeutics Inc Medical-Biomedical/Gene 673 80 C 15 15 6 17 59 8%
AQST 3/19/2024 Aquestive Therapeutics Inc Medical-Drugs 368 75 C 17 23 5 3 102 -9%
GNPX 3/19/2024 Genprex Inc Medical-Biomedical/Gene 5 6 C 2 419 4 4 -70 -34%
PIXY 3/19/2024 ShiftPixy Inc Applications Software 15 5 C 1 22 4 7 -57 -45%
SLS 3/15/2024 SELLAS Life Sciences Group Inc Medical-Drugs 79 20 C 13 30 2 9 32 -9%
CISS 3/15/2024 C3is Inc Transport-Marine 5 6 C 120 -101 0 2 -95 -42%
XELB 3/15/2024 Xcel Brands Inc Advertising Agencies 18 2 C 3 16 1 0 -41 16%
ODD 3/12/2024 Oddity Tech Ltd Applications Software 2056 180 SS - - - 15 -22 -
GTES 3/14/2024 Gates Industrial Corp PLC Machinery-General Indust 4604 46 C 20 8 12 4 30 43%
GEHC 3/13/2024 GE HealthCare Technologies Inc Medical Imaging Systems 40253 1200 SS 16 4 0 3 14 -
EPRX CN 3/12/2024 Eupraxia Pharmaceuticals Inc Medical-Biomedical/Gene 134 38 C 9 35 4 0 -30 -9%
EOLS 3/11/2024 Evolus Inc Medical-Biomedical/Gene 779 50 C 4 6 14 9 21 -10%
CDRE 3/14/2024 Cadre Holdings Inc Tools-Hand Held 1379 146 SS 4 12 35 5 4 -2%
KNTK 3/13/2024 Kinetik Holdings Inc Pipelines 5945 441 C 13 30 34 7 18 17%
REVG 3/13/2024 REV Group Inc Auto-Med&Heavy Duty Trks 1193 133 C 7 17 18 2 50 28%
ICHR 3/13/2024 Ichor Holdings Ltd Industrial Automat/Robot 1300 125 C 3 11 38 2 17 5%
GXAI 3/13/2024 Gaxos.ai Inc Entertainment Software 7 4 C 1 135 6 9 63 19%
EPRT 3/12/2024 Essential Properties Realty Tr REITS-Single Tenant 4359 256 C 10 7 25 5 0 4%
LXEO 3/11/2024 Lexeo Therapeutics Inc Medical-Biomedical/Gene 430 95 C 6 24 15 5 -3 -14%
MNMD 3/11/2024 Mind Medicine MindMed Inc Medical-Biomedical/Gene 720 75 C 13 22 6 11 180 71%
APRE 3/11/2024 Aprea Therapeutics Inc Medical-Biomedical/Gene 32 0 C 0 0 0 2 26 -
CGTX 3/11/2024 Cognition Therapeutics Inc Medical-Drugs 82 11 C 7 20 2 1 13 19%
INBS 3/11/2024 Intelligent Bio Solutions Inc Medical-Biomedical/Gene 10 10 C 2 358 5 3 -17 -26%
MAX 3/8/2024 MediaAlpha Inc E-Commerce/Services 1325 60 C 7 16 46 2 80 -56%
FWRG 3/8/2024 First Watch Restaurant Group I Retail-Restaurants 1404 145 C 6 11 24 14 16 -4%
SCPX 3/8/2024 Scorpius Holdings Inc Medical-Drugs 6 2 C 10 38 0 1 -64 7%
APGE 3/7/2024 Apogee Therapeutics Inc Medical-Biomedical/Gene 3392 483 C 8 21 62 12 108 -6%
CWAN 3/7/2024 Clearwater Analytics Holdings Applications Software 4000 276 C 16 13 17 4 -19 -4%
RDNT 3/7/2024 RadNet Inc MRI/Medical Diag Imaging 3603 230 C 5 8 44 5 42 12%
DKL 3/7/2024 Delek Logistics Partners LP Pipelines 1808 138 C 4 8 39 0 -11 0%
MNMD 3/7/2024 Mind Medicine MindMed Inc Medical-Biomedical/Gene 720 75 C 13 22 6 11 180 71%
NYAX 3/7/2024 Nayax Ltd Finance-Credit Card 911 81 C 3 10 26 0 33 -2%
RGNX 3/7/2024 REGENXBIO Inc Medical-Biomedical/Gene 933 105 C 5 10 23 9 6 -17%
ITR CN 3/6/2024 Integra Resources Corp Precious Metals 110 15 C 17 23 1 0 -11 38%
www.KEDM.com
Company (C) Shares

Date ($M) (%) (%) (%)
(SS) (M)
ALB 3/6/2024 Albemarle Corp Chemicals-Specialty 15315 2000 C 10 9 153 12 -10 -15%
ADT 3/6/2024 ADT Inc Protection-Safety 5881 486 SS - Apollo 75 10 7 3 -5 -1%
PYCR 3/6/2024 Paycor HCM Inc Enterprise Software/Serv 3205 161 C 8 5 20 12 -17 -11%
CRGY 3/6/2024 Crescent Energy Co Oil Comp-Explor&Prodtn 2129 126 C 12 15 11 12 -10 13%
LSEA 3/6/2024 Landsea Homes Corp Bldg-Residential/Commer 434 32 C 3 8 12 6 -9 3%
BIAF 3/6/2024 bioAffinity Technologies Inc Medical-Biomedical/Gene 27 3 C 2 16 2 1 60 50%
VANI 3/5/2024 Vivani Medical Inc Medical Products 113 15 C 10 22 5 3 101 -59%
BBLG 3/6/2024 Bone Biologics Corp Medical-Biomedical/Gene 2 2 C 1 146 3 1 -63 -35%
NSSC 3/5/2024 Napco Security Technologies In Electronic Secur Devices 1439 82 SS 2 6 41 8 14 -4%
INTA 3/5/2024 Intapp Inc Enterprise Software/Serv 2313 256 C 5 7 39 7 -16 -18%
VNOM 3/5/2024 Viper Energy Inc Oil-US Royalty Trusts 7216 403 C 12 15 35 4 30 17%
AKRO 3/5/2024 Akero Therapeutics Inc Medical-Biomedical/Gene 1494 367 C 13 23 29 12 -6 -25%
BBIO 3/5/2024 Bridgebio Pharma Inc Medical-Biomedical/Gene 5210 250 C 9 5 29 10 -30 -2%
VNOM 3/5/2024 Viper Energy Inc Oil-US Royalty Trusts 7216 403 C 12 15 35 4 30 17%
NSSC 3/5/2024 Napco Security Technologies In Electronic Secur Devices 1439 82 C 2 6 41 8 14 -4%
PLNH 3/5/2024 Planet 13 Holdings Inc Medical-Drugs 179 11 C 19 8 1 0 15 23%
www.KEDM.com
CEO Change Monitor

Firings and resignations of the CEO position (trailing 60 days)
Internal
TTM
Mkt Return Resign Successor Effective Hire (IH) Link
Initial PR Departing Return Interim Days
Ticker Company Cap since Immediate CEO Date of or Notes/Synopsis/Reasons for Leaving to
Date CEO Before (Y/N) Til ER
($M) PR (%) (Y/N) Announced New CEO External PR
PR (%)
Hire (EH)
Patrick Patrick Harsman will retire as CEO and be replaced by
HLIT 4/8/24 Harmonic Inc 1,182 -28 -20 N Y N 5/11/2024 IH 27 LINK
Harshman Nimrod Ben-Natan, effective 5/11/2024.
Bancorp 34, James James Crotty will resign as CEO, effective immediately. He
BCTF 4/1/24 62 -30 11 Y Y N 4/1/2024 EH 32 LINK
Inc Crotty will be replaced by Ciaran McMullan.
Nick Stanage will retire from his position as CEO and
Hexcel Nick
HXL 4/9/24 5,199 8 -12 N Y N 5/1/2024 EH 55 transition to Executive Chairman. Stanage will be replaced LINK
Corporation Stranage
by Thomas Gentile III effective 5/1/2024.
Mala Murthy will replace Jason Gorevic as CEO on an
Teladoc Jason
TDOC 4/5/24 2,374 -46 -2 Y N Y 4/5/2024 - 19 interim basis, effective immediately. Murthy is currently LINK
Health, Inc Gorevic
the Company's CFO.
Oisin Hanrahan has stepped down as CEO and Director.
Joey Levin has been appointed to succeed, effective
ANGI 10/10/2022 Angi Inc Joey Levin 1,084 -23 -27 Y Y N 4/8/2023 EH 32 immediately. Update 4/8/2024: Jeffrey Kip, will succeed LINK
Joey Levin as CEO. Levin will continue to serve as Chairman
of the Board.
Co-Founder and CEO Kiwi Camara has stepped down.
Kiwi Scott Hill has been named as interim CEO. Update
LAW 9/11/2023 CS Disco, Inc 483 -18 -17 Y Y N 4/29/2024 EH 5 LINK
Camara 4/9/2024: Eric Friedrichsen appointed as permanent CEO,
effective 4/29/2024.
Dr. Urban Forssell will step down as CEO effective
Urban
NEON 4/10/24 Neonode, Inc 23 -63 1 Y N Y - - 18 immediately. Fredric Nihlen, current CFO, has bene LINK
Forssell
appointed to CEO on an interim basis.
David Hering, ceased service as CEO effective as of
David 4/11/2024. Jeremy Gowler, current COO, appointed as
IVVD 4/12/23 Invivyd, Inc 352 -16 150 Y N Y - - 20 LINK
Hering interim CEO. The Board is instituting a search for Hering's
successor.
Anjali Sud will be departing to pursue a new opportunity,
effective 9/1/2023. Board member, Adam Gross, will step
VMEO 7/5/2023 Vimeo, Inc Anjali Sud 609 -3 -10 N Y N 4/8/2024 EH 13 LINK
in as interim CEO. Update 4/4/2024: Philip Moyer named
as permanent CEO.
Andres Lopez to retire, effective 5/15/2024. Update
Andres
OI 3/6/2024 O-I Glass, Inc 2,382 -19 -6 N Y N 4/4/2024 EH 27 4/4/2024: Gordon Hardie appointed as CEO, effective LINK
Lopez
5/15/2024.
The Timken Richard Richard Kyle will retire as CEO on 9/5/2024. Kyle will be
TKR 4/1/24 5,947 11 -3 N Y N 9/5/2024 EH 20 LINK
Company Kyle replaced by Tarak Mehta.
Joseph M. Schierhorn will resign as CEO. Schierhorn will be
Northrim Joseph
NRIM 3/29/24 249 -11 -10 Y Y N 4/1/2024 IH 5 replaced by Michael Huston, the current President and LINK
BanCorp, Inc. Schierhorn
Chief Lending Officer.
OneMedNet Paul J. Paul Casey will retire as CEO and be replaced by Aaron
ONMD 4/2/24 15 -94 -19 Y Y N 3/29/2024 EH 26 LINK
Corporation Casey Green.
Hartford Great Rose Hong Rose Hong Wang has resigned and will be replaced by
HFUS 3/18/24 60 -40 20 Y Y N 4/1/2024 IH 20 LINK
Health Corp. Wang Sheng-Yih Chang as CEO, effective 4/1/2023.
www.KEDM.com
Internal
TTM
PR (%)
Hire (EH)
Tejon Ranch Gregory Gregory Bielli to retire as CEO on 12/31/2024. The Board
TRC 3/20/24 407 -24 -4 N N - - - 32 LINK
Company Bielli has begun a comprehensive CEO search.
Philip
Replimune Dr. Sushil Patel will succeed Philip Astley-Sparke as CEO,
REPL 2/26/24 Astley- 438 -74 -17 Y Y N 4/1/2024 IH 2 LINK
Group, Inc effective 4/1/2024
Sparke
Long time CEO, Randy Garutti, has announced his intention
Shake Shack Randy to retire in 2024, effective upon the selection of his
SHAK 12/11/2023 4,113 76 45 N Y N 5/20/2024 - 30 LINK
Inc Garutti successor. Update 3/18/2024: Robert Lynch has been
appointed as CEO.
Dyne
Joshua John Cox has been appointed as President and CEO,
DYN 3/25/24 Therapeutics, 2,228 117 -1 Y Y N 3/25/2024 EH 25 LINK
Brumm succeeding Joshua Brumm.
Inc.
Roger Hochschild has stepped down as President and CEO,
effective immediately. John Owen appointed interim CEO
Discover and President. Update 12/11/2023: Michael G. Rhodes to
Michael
DFS 8/14/2023 Financial 30,296 50 20 Y N Y 4/1/2024 EH 26 succeed effective 3/6/2024. Update 3/6/2024: Rhodes LINK
Rhodes
Services takes the reins. Update 3/26/2024: Rhodes has resigned
effective 4/1/2024. J. Michael Shepherd appointed as
Interim CEO.
John Flynn has retired as CEO, but will continue as
Chairman of the Board. Keith A. Jezek has been appointed
Open Lending
LPRO 10/6/2022 John Flynn 606 -21 -39 Y N Y 3/22/2024 27 to succeed, effective immediately. Update 3/22/2024: LINK
Corporation
Keith Jezek has resigned, effective immediately. Charles
Jehl has been appointed as interim CEO.
Cesar Johnston has been fired as CEO, effective
Energous Cesar
WATT 3/24/24 10 -93 -6 Y N Y 3/24/2024 - 33 immediately. He will be replaced by Mallorie Burak, LINK
Corporation Johnston
current CFO, on an interim basis.
The Boeing David
BA 3/25/24 103,448 -18 -11 N N - - - 41 David Calhoun to step down as CEO at the end of 2024. LINK
Company Calhoun
Jeffrey J. Brown to retire in order to pursue another
opportunity, effective 1/31/2024. Update 1/18/2024:
Ally Financial Jeffrey J.
ALLY 10/11/2023 11,316 47 50 N N N - - 13 Douglas R. Timmerman appointed as interim CEO, effective LINK
Inc Brown
2/1/2024. Update 3/27/2024: Michael Rhodes appointed
as CEO.
Mark Newman has been placed on administrative leave
The Chemours Mark pending completion of the audit committee review.
CC 2/29/2024 3,942 -19 35 Y N N - - 26 LINK
Company Newman Denise Dignam appointed as interim CEO. Update
3/22/2024: Denise Dignam appointed full-time CEO.
Marcel Kessler has announced his intention to step down
GrafTech
Marcel due to family reasons, effective 11/15/2023. CFO, Timothy
EAF 9/28/2023 International 462 -66 -52 N N N - - 19 LINK
Kessler K. Flanagan, appointed to serve as interim CEO. Update
Ltd
3/26/2024: Flanagan appointed to full-time CEO.
The CEO position will transfer from Someit Sidhu, the
Zura Bio Someit
ZURA 3/24/24 170 -67 64 N Y N 4/8/2024 IH 10 Company's founder, to its COO, Robert Lisicki, as part of LINK
Limited Sidhu
the Company's CEO transition plan.
Matthew D'Onofrio will replace Dave Gonyer as the
Evoke Pharma, Dave Company's CEO. Mr. D'Onofrio is the Company's co-
EVOK 3/21/24 4 -82 -14 Y Y N 3/31/2024 IH 20 LINK
Inc. Gonyer founder and previously served as their President, COO,
Secretary and Treasurer.
www.KEDM.com
Internal
TTM
PR (%)
Hire (EH)
Mr. Jack Schwefel, who will be based at the Company’s
New York headquarters, will replace Mr. David Stefko who
Vince Holding David has served as Interim CEO since August 28, 2020. Update
VNCE 03/08/2021 37 -61 -65 Y N Y 3/26/2024 - 20 LINK
Corp Stefko 3/26/2024: Jack Schwefel will resign as CEO and as a
member of the BOD. David Stefko is re-appointed as
interim CEO.
Papa John's Rob Lynch has resigned to assume another CEO position.
PZZA 3/21/2024 International, Rob Lynch 2,024 -24 -9 Y N Y - - 24 Current CFO, Ravi Thanawala, appointed as interim CEO, LINK
Inc effective immediately.
Juergen Stark has stepped down from his role as Chairman,
Turtle Beach Juergen effective immediately, and as CEO, effective6/30/2023.
HEAR 5/1/2023 344 102 49 N N N 3/21/2024 IH 13 LINK
Corporation Stark Update 6/21/2023: Cris Keirn appointed as interim CEO.
Update 3/21/2024: Keirn appointed as CEO.
Bentley COO, Nicholas Cumins, to be promoted to CEO,
Greg
BSY 3/21/2024 Systems, 15,771 38 -7 N Y N 7/1/2024 IH 26 effective 7/1/2024. Greg Bentley to transition to executive LINK
Bentley
Incorporated chair.
Ayub Khattak has stepped down as CEO, President and
Ayub
HLTH 3/20/2024 Cue Health Inc 26 -95 -10 Y Y N 3/20/2024 IH 13 Chairman, effective immediately. Clint Sever appointed to LINK
Khattak
succeed.
Lifecore Paul Josephs has been elected to succeed James G. Hall as
LFCR 3/20/2024 James Hall 185 -46 21 N Y N 5/20/2024 EH 19 LINK
Biomedical, Inc CEO, effective 5/20/2024.
Raymond CFO, Paul M. Shoukry, to succeed Paul C. Reilly upon his
RJF 3/19/2024 James Paul Reilly 25,616 17 1 N Y N 2025 IH 27 eventual retirement. It is anticipated to be effective LINK
Financial, Inc sometime during fiscal 2025.
International
Mark Andrew Silvernail will succeed Mark Sutton as CEO,
IP 3/19/2024 Paper 12,900 10 -4 N Y N 5/1/2024 EH 32 LINK
Sutton effective 5/1/2024.
Company
Ron Delia to step down due to health reasons, effective
AMCR 3/19/2024 Amcor plc Ron Delia 12,878 -20 -5 N N Y - - 26 LINK
4/15/2024. Peter Konieczny appointed as interim CEO.
FreightCar Jim Meyer to step down as CEO, effective 5/1/2024.
RAIL 3/18/2024 Jim Meyer 67 12 14 N Y N 5/1/2024 IH 20 LINK
America, Inc Current COO, Nicholas J. Randall, appointed to succeed.
Chromocell Christian Kopfli has been succeeded by Frank Knuettel,
Christian
CHRO 3/18/2024 Therapeutics 12 #REF! -36 Y N Y 3/18/2024 IH #REF! who has been serving as interim CEO since July 2023, as LINK
Kopfli
Corporation CEO, effective 3/18/2024.
Bakkt Gavin Gavin Michael to step down, effective 3/26/2024. Current
BKKT 3/18/2024 158 -62 -5 N Y N 3/26/2024 IH 19 LINK
Holdings, Inc. Michael board member Andy Main to succeed.
The employment of Paul O’Brien will terminate, as the
Paul
MRDB 3/18/2024 MariaDB plc 33 -95 62 N N N - - 6 company has elected not to renew his employment LINK
O’Brien
agreement which expires 5/26/2024.
Octávio Octávio Simões has moved from CEO to an advisory role,
TELL 3/18/2024 Tellurian Inc 392 -86 -32 Y N N - - 2 LINK
Simões effective 3/15/2024.
The Real Good
Gerard Gerard Law has been succeeded by Tim Zimmer as CEO,
RGF 3/18/2024 Food 12 -95 -19 Y Y N 3/15/2024 EH 41 LINK
Law effective 3/15/2024.
Company, Inc.
www.KEDM.com
Bankruptcy Monitor
Recent bankruptcy filings of public companies with a remaining market cap >5m
BK Filing BK Market
Company Sector Description KEDM Notes Docket
Date Ticker Cap (M)
Acorda Therapeutics Inc. is a biotechnology company that is

developing therapies for spinal cord injury and related
Acorda Medical- Entered into asset purcahse agreement with Merz Therapeutics to sell all of the
4/1/2024 ACOR neurological conditions, including multiple sclerosis. 1 Link
Therapeutics Inc Biomedical/Gene Company's assets for $185. Sale expected to close in June 2024. Equity to be wiped
Additionally, Acorda is developing multiple approaches to
regeneration and repair of the spinal cord and brain.
Casa Systems, Inc. provides telecommunication equipment and
solutions. The Company offers cable, modem, optical, and Wi-Fi
Company plans to sell its core 5G business to Lumine Group for $15m and their
networking products. Casa Systems also provides software-
- Casa Systems Inc CASSQ Wireless Equipment 1 cable assets to Vecima Technology for $20m and then liquidate the rest of the Link
centric infrastructure solutions that allow cable service providers
assets. Equity to be wiped.
to deliver voice, video, and data services over a single platform.
Casa Systems operates worldwide.
View, Inc. operates as a glass-manufacturing company. The
Bldg Prod- Prepackaged Chapter 11. Equity to we wiped. Expected to emerge a private
4/2/2024 View Inc VIEWQ Company produces a building glass products based on 1 Link
Doors&Windows company. Expedited timeline, company expects court approval within 45 days.
electrochromism. View serves customers worldwide.
Waitr Holdings Inc. operates an online ordering technology
platform. The Company provides delivery, for carryout and dine-
E-
4/2/2024 Waitr Holdings Inc ASAPQ in options, connecting restaurants and national chains, grocery 0 Chapter 7 bankruptcy. Equity to be wiped. Link
Commerce/Services
stores, drivers, and diners in cities. Waitr Holdings serves
customers in the United States.
Airspan Networks Holdings Inc. operates as a holding company.
The Company, through its subsidiaries, offers software and
Sofware and hardware provider for 5G networks. Prepackaged Chapter 11.
Airspan Networks hardware provducts for 5G networks, and a pioneer in end-to-
3/31/2024 MIMO Networking Products - Expected to exit bankruptcy on an expedited timeline in 30-45 days. Will exit a Link
Holdings Inc end open RAN solutions that provides interoperability with other
private company majority owned by Fortress.
vendors. Airspan Networks Holdings serves customers
worldwide.
Curo Group Holdings Corp. operates as a consumer finance
Consumer lender. Prepackaged Chapter 11 which plan to reduce the Company's
company. The Company offers unsecured and secured
debt by $1B. Expects to emerge from bankruptcy in 120 days. Company’s distress
Curo Group Finance-Consumer installment, open-end, and single-pay loan services, as well as
3/22/2024 CUROQ 4 comes amid an attempt to transition the business towards longer term, lower Link
Holdings Corp Loans renders other customer service, robust operating systems, call
interest rate consumer loans from its short term, high interest loans after being
center, and a track record services. Curo Group serves customers
sued by U.S. regulators for predatory lending practices
in the United States, United Kingdom, and Canada.
Enjoy SA own and operates hotels and casinos in Chile and
Argentina. The Company currently operates casinos and five-star
ENJOY Operates a chain of casino and hotels in Chile.Also engaged in the operation of
6/12/2020 Enjoy SA Casino Hotels hotels in the Chilean cities of Antofagasta, Coquimbo, Vina del 27269 Link
CI nightclubs, restaurants, and the import/export of gaming machines
Mar, Rinconada, Santa Cruz, Pucon and a casino in the
Argentinian city of Mendoza.
JOANN Inc. operates an online fabric and craft stores. The
Arts and crafts retailer. Operates ~800 stores. Filed prepackaged Chapter 11 with
Company offers fabric, sewing supplies, quilting materials,
$1.06B in funded debt. Planning to emerge in April majority owned by term loan
3/18/2024 JOANN Inc JOAN Retail-Arts&Crafts notions, crafts, frames, artificial floral, finished seasonal, home - Link
lenders. Company seeking approval for $142m in DIP financing, $95m in DIP
decor, and paper crafting products. JOANN serves customers
unlocked with $25m of trade payables converted to DIP term loans
globally.
Enviva Inc. manufactures processed biomass fuel. The Company
Producer of utility grade wood pellets. Wrong way bet on wood pellet pricing
Energy-Alternate offers wood chips and wood pellets to power generation and
3/12/2024 Enviva Inc EVA 31 triggered company's financial issues. Unlocked $150m in DIP financing. Entered Link
Sources industrial customers. Enviva serves customers in the United
into 2 RSA's with lender groups. Expected to complete its restructuring in Q4 2024
States and Europe.
www.KEDM.com
BK Filing BK Market
Date Ticker Cap (M)
Canadian Overseas Petroleum Limited operates as an oil and gas

Canadian
Oil Comp- company. The Company focuses on acquisition, exploration, O&G exploration company. Trading of shares suspended. Company believes there
- Overseas XOP CN 18 Link
Explor&Prodtn development, and optimization of producing assets. Canadian is little prospect for a return to bond holders nevermind shareholders.
Petroleum Lt
Overseas Petroleum serves clients in Canada.
Charge Enterprises, Inc. provides solutions in communications
and electric vehicle charging infrastructure installation. The
Charge Electronic Parts Company offers unified communications as a service and EV charging infrastructure company. $10m of DIP lined up. Expecting to emerge
3/7/2024 CRGE - Link
Enterprises Inc Distrib platform service. Charge Enterprises addresses installation and by May 15h owned by its lenders
maintenance of portable power banks, micro-mobility docking
and electric vehicle charging stations.
BowFlex Inc. markets, develops, and manufactures health and
Home fitness equipment designer and retailer. Failed out-of-court restructuring.
fitness products. The Company offers a wide range of exercise
Entered into purchase agreement with Johnson Health Tech Retail to serve as the
3/5/2024 BowFlex Inc BFXXQ Athletic Equipment bikes, cardio equipment, strength training, and smart and 0 Link
stalking horse bidder for $37.5m cash UPDATE 4/5: Court approves $25m in DIP
connected home fitness products. BowFlex serves customers
financing
worldwide.
Polished.com Inc. operates as an online consumer goods retailer.
The Company offers microwave ovens, grills, fridge, dishwashers, E-commerce platform for appliances, furniture, and home goods. Suspneded
Retail-Consumer
- Polished.com Inc POLCQ dryers, space heaters, furniture, rugs, garbage disposals, 0 operations and filed for chapter 7 after the company said it was unable to obtain Link
Electron
furniture, and home improvement products. Polished.com additional financing from its lenders.
serves customers in the United States.
E-House (China) Enterprise Holdings Limited engages in real
estate transaction services business. The Company offers real
E-House China E-House China estate agency services, real estate information and consultancy
10/3/2022 2048 HK 177 Provides real estate transcation services in China and Vietnam. Link
Enterprise Holdi Enterprise Holdi services, real estate brokerage services, and other services. E-
House (China) Enterprise Holdings mainly conducts businesses in
China.
Invitae Corporation operates as a genetic information company.
The Company specializes in providing information for genetic
diagnostics, preimplantation, oncology, pediatrics, cardiology, Genetic testing company. Company received approval to run a 5 month
- Invitae Corp NVTAQ Invitae Corp 0 Link
pathology, and carrier screening for inherited disorders, bankruptcy sale process to find a buyer and exit from Chapter 11 by July.
miscarriage analysis, and hereditary cancer. Invitae serves
customers globally.
Breast implant manufacturer. Company hopes to sell the business during Chapter
Sientra, Inc. manufactures and markets plastic surgery
11 to avoid filing Chapter 7. Some of the Company's products are used in ongoing
implantable devices. The Company focuses on developing plastic
medical treatments so a Chapter 7 filing would leave customers in a difficult
surgery and aesthetics medicine such as cosmetic and
position. UPDATE 3/9: Court approves bidding procedures for Company's assets.
2/12/2024 Sientra Inc SIEN Sientra Inc reconstructive surgical devices including breast implants, tissue - Link
March 28th auction set and April 10th sale hearing date UPDATE 3/16: Company
expanders, body contouring implants, and other specialty
unlocks $13.5m in additonal DIP financing UPDATE 4/5: Tiger Aesthetics Medical
products. Sientra serves customers throughout the United
and Nuance Intermediary succesful bidders for Company's assets for a combined
States.
purchase price of $50.5m for a sale of all of the Company's assets.
Cano Health, Inc. operates value-based primary care centers and

Entered into a restructuring support agreement with its lenders, where they will
supports affiliated primary care medical practices for seniors and
hold about 86% of its revolving and long-term loan debt as well as 92% of its senior
underserved communities in US markets. Cano Health provides
2/4/2024 Cano Health Inc CANOQ Cano Health Inc 1 unsecured notes. UPDATE 3/9: Company unlocks an additional $100m in DIP Link
high quality, accessible, cost-effective primary care through
financing UPDATE 3/30: Company files plan of reorganization and aims for a June
population health management programs including telehealth,
28th comnfirmation hearing
wellness programs and complex care management.
www.KEDM.com
BK Filing BK Market
Date Ticker Cap (M)
Develops, manufactures, and sells technology for scientific and clinical information
in the fields of genomics and proteomics. UPDATE 3/1: $12.5m in DIP financing
NanoString Technologies, Inc. develops solutions and life science unlocked UPDATE 3/9: Unsecured creditors committee objects to DIP financing
tools for translational research and molecular diagnostics. The amid disagreements with the Company over the DIP financing arangements
NanoString NanoString
2/4/2024 NSTG Company offers profiling technology for gene transcripts and - UPDATE 3/16: Seeking approval of bidding procedures and stalking horse Link
Technologies Inc Technologies Inc
copy number variations. NanoString technology serves arrangements with Nucleus Buyer, LLC for a $220m credit bid UPDATE 3/21:
customers in the United States. Unlocked $35m in additional DIP financing UPDATE 3/30: Court approves stalking
horse arrangements with Patient Square Capital who has submitted a $220m
cash bid. April 16th auction and April 19th sale hearing scheduled
DMK Pharmaceuticals Corporation operates as a clinical stage

neuro-biotechnology company. The Company focuses on Clinical stage neuro-biotechnology company that develops and commercializes
DMK DMK
developing and commercializing products in various therapeutic products in the therapeutic areas of allergy, opioid overdose, respiratory, and
2/2/2024 Pharmaceuticals DMK Pharmaceuticals - Link
areas, including allergy, opioid overdose, respiratory and inflammatory diseases. Company recently changed name and has a new executive
Corp Corp
inflammatory disease. DMK Pharmaceuticals serves clients in the team.
United States.
ADDvantage Technologies Group, Inc. operates as an electronic

company. The Company offers electronics, hardware, and
ADDvantage
ADDvantage equipment repair services for cable television and Provider of wireless infrastructure services and network communications
1/31/2024 Technologies AEY - Link
Technologies Group telecommunications industries, as well as operates technical equipment
Group
service centers and repair various brands of cable TV.
ADDvantage Technologies serves customers in the Unites States.
Gol Linhas Aereas Inteligentes S.A. provides airline services for

Low cost Brazilian airline. Fleet of 146 Boeing 737's. Negotiating with creditors to
passengers and cargo. The Company offers scheduled air
Gol Linhas Aereas Gol Linhas Aereas try to secure $950m in DIP financing. UPDATE 2/9: Company accusing other LatAm
1/25/2024 GOLL4 transportation, cargo shipping, flight rescheduling, logistics, and 635 Link
Inteligentes Inteligentes airlines of poaching planes and pilots UPDATE 3/1: Additional $200m in DIP
onboard connectivity services. Gol Linhas Ae reas Inteligentes
financing unlocked after resolving issues raised by creditors' commitee
serves customers worldwide.
Owns and operates radio stations in various formats and hosts live events such as
performances and concerts. Prepackaged Chapter 11. Existing lenders have
Audacy, Inc. is a multi-platform audio content and entertainment committed to providing $57 million of debtor-in-possession (“DIP”) financing
company. The Company owns and operates radio stations which comprised of $32 million of a new term loan and a $25 million upsize of the
1/7/2024 Audacy Inc AUDAQ Audacy Inc offers broadcasting, podcasting, digital, network, live 2 Company’s existing accounts receivables financing facility. February 20th plan Link
experiences, music, sports, and news. Audacy serves customers confirmation hearing. UPDATE 2/9: Company seeking approval of $18m sale of the
in the United States. real estate of Entercom Boston UPDATE: Company is set to emerge from
bankprutcy with debt reduced by $1.7B and hand ownership to its creditors
including Soros Fund Management
Electric scooter companty. Using the Chapter 11 process to facilitate a sale of its
assets. Pre-pandemic valuation of $2.5B. Financial statements in 2020 and 2021
Bird Global Inc is an electric vehicle company focusing on had been overstated according to an audit. UPDATE 1/12: Stalking horse bid of
transportation solutions such as e-scooters and e-bikes to $82.7m from Toronto based VC group Relay Ventures, auction date set for Feb
12/20/2023 Bird Global Inc BRDSQ Bird Global Inc 1 Link
communities. The Company provides micro electric vehicles to 28th. UPDATE 1/26: Court approves bidding procedures, sale hearing set for
riders across cities globally. March 6th UPDATE 2/9: Unlocked $6.6m of new DIP financing and rolled up ~$48m
of first and second lien debt UPDATE 3/16: Court approves $76.6m sale of assets
to stalking horse Venture Capital Group
www.KEDM.com
BK Filing BK Market
Date Ticker Cap (M)
Software and e-commerce services supplier. Filing Chapter 11 amid interest rate
pressure and questionable accounting. Bid from Zinnia Distributor Solutions with
$400m base purchase price. $15m in DIP financing unlocked. UPDATE 1/19: Court
approves bidding procedures and stalking horse arrangements with Zinnia for
Ebix, Inc. supplies software and electronic commerce solutions to
North American life and annuity assets. $400m base purchase price UPDATE 2/3:
the insurance industry. The Company provides a series of
Unlocked $20m in DIP financing to pursue asset sales UPDATE 2/9: Shareholders
application software ranging from carrier systems, agency
holding approx 18% of the outstanding common shares have filed a motion to
12/18/2023 Ebix Inc EBIXQ Ebix Inc systems, and exchanges to custom software development for all 28 Link
establish an equity commitee UPDATE 2/24: Court approves sale of North
entities involved in the insurance and financial industries. Ebix
American Life and Annuity assets for $400m to Zinnia Distributor Solutions
offers products, support, and consultancy to customers on
UPDATE 3/16: Company seeking approval of bidding procedures for remaining
several continents.
assets. Aiming for May 8th auction and May 14th sale hearing UPDATE 3/30:
Company files plan of reorganization, aiming for June 25th confirmation hearing
UPDATE 4/5: Company sseking 90-day extension of exclusive plan filing period
until July 14th
Harbor Custom Development, Inc. operates as a real estate

Real estate development company in Washington, California, Texas, and Florida
development company. The Company focuses on the land
involved land acquisition, entitlement, development, and construction of project
development cycle including land acquisition, entitlements,
Harbor Custom Harbor Custom infrastructure; single and multi-family vertical construction; and marketing and
12/11/2023 HCDI construction of project infrastructure, home building, marketing, - Link
Development Inc Development Inc sale of various residential projects. UPDATE 3/9: Company files plan to liquidate
sales, and management of various residential projects. Harbor
its real property assets UPDATE 4/11: Company seeks 90 day extension of filing
Custom Development serves customers in the State of
period until July 8th
Washington.
Once valued at $50B, WeWork filed for Chapter 11. Rising interest rates, a
strucutally flawed business model, and an increase in competition from flexible-
office providers all were factors in the companies downfall.The Company is in the
process of negotiating with landlords and is likely to close some of their 777
WeWork Inc. provides co-working spaces for individuals and
locations. UPDATE 12/1: Secured $682.5m in DIP financing UPDATE 12/15:
entrepreneurs. The Company offers private offices, office suites,
Reached new lease agreements with 18 landlords, continuing to try to negotitate
11/6/2023 WeWork Inc WEWKQ WeWork Inc headquarters, and custom build out options to fit a variety of 3 Link
lease costs down UPDATE 2/9: WeWork co-founder Adam Neumann working
office needs, as well as desk spaces and conference rooms.
with Third Point and other investors on a potential bid to regain control of the
WeWork serves customers worldwide.
company. UPDATE 3/9: Company seeking 120-day extension of plan filing period
UPDATE 3/30: Adam Neumann reportedly submits offer to buy back the
Company UPDATE 4/5: Company is aiming to emerge from bankruptcy by the
end of May with a rationalized lease portfolio
www.KEDM.com
BK Filing BK Market
Date Ticker Cap (M)
Planning on closing hundreds of underperforming stores, selling its pharmacy

benefit company Elixir and resolving lawsuits over its sale of addictive opioid
medications during Chapter 11. Major stakeholders have agreed in principle to
an RSA UPDATE 11/3: List of stores set to be closed continues to grow UPDATE
11/11: Total number of stores set to close now at 184 UPDATE 12/31: Facial
Rite Aid Corporation operates a retail drugstore chain in various recognition lawsuit settled. $3.45b in DIP financing unlocked. Court approves
states and the District of Columbia. The Company sells $604m in seller financing for Elixir sale UPDATE 1/19: Court approves sale of Elixir
10/15/2023 Rite Aid Corp RADCQ Rite Aid Corp 7 Link
prescription drugs, as well as other products such as health and Assets to MedImpact Healthcare Systems UPDATE 2/17: Company files extension
beauty aids, nonprescription medications, and cosmetics. of exclusive filing plan until April 29th UPDATE 3/9: Court issues amended final
DIP order of $3.45b in DIP financing, Company agrees to sell parts of Health
Dialog Business to Caranet Health UPDATE 3/30: Company files second
ammended plan. Company has reached a settlement with its lenders, the DOJ,
and drug supplier McKesson. UPDATE 4/5: Company nearing a deal with
bondholders to avoid liquidation and emerge a going concern
Filed for Chapter 11 after a court ruled it owed its former investment banker,
UpHealth, Inc. provides health care services. The Company offers
Needham & Co, $31.5m related to services the bank provided during the
patient-centric digital health platform and tech-enabled services
9/19/2023 UpHealth Inc UPH UpHealth Inc - company's merger with a SPAC. UPDATE 1/26: Company is in the midst of sales Link
to manage health and integrate care. UpHealth serves patients
processes that will pay a subsantial portion of the outstanding secured debt,
worldwide.
Court allows extension of exclusive plan filing period until April 30th
Chinese real estate giant. Filed for chapter 15 with over $300b in debt. UPDATE
9/15: China's financial regulator approves the setup of a state-owned insurer to
take over all of Evergrande Life Insurance's assets and liabilities. UPoDATE 9/22:
Citing sluggish sales, Evergrande has canceled creditor meetings to reassess
terms of proposed restructuring. Some senior staff of the Company's wealth
China Evergrande Group operates as a multi-industry and digital management unit have been detained by Chinese authorities. UPDATE 10/27:
technology enterprise. The Company owns real estate Evergrande founder who was once worth $42b is not longer a billionare. UPDATE
China Evergrande China Evergrande
8/17/2023 EGRNF development, new energy, property service, network, health, - 12/1: Company negotiating an 11th hour restructuring deal to avoid liquidation Link
Group Group
and other industries. China Evergrande Group mainly conducts UPDATE 12/15 Liquidation hearing pushed to Jan 2024. UPDATE 1/5: Deal
businesses in China. between Company's electric vehicle subsidiary and Dubai based NWTN to issue
$500m of shares to NWTN has lapsed UPDATE 1/12: Executive director of
Company's EV subsidiary detained UPDATE: 1/26 Hong Kong judge set to
determine on January 29 whether or not Evergrande's assets should be
liquidated UPDATE 2/3: Honk Kong court orders liquidation, trading of shares
halted UPDATE 2/17: Evergrande's liquidators preparing to sue PWC over audits
www.KEDM.com
BK Filing BK Market
Date Ticker Cap (M)
Preparing to file for bankruptcy and is in discussions to sell off all or parts of the
business. All operations have ceased. UPDATE 8/6: Filed for Chapter 11. UPDATE
8/17: Received $140m in DIP financing, Bid Procedures for Asset Sales Approval
Sought, No Stalking Horse Selected Yet UPDATE 9/15: Estes Express Lanes
outbids dominion to offer $1.525B for Yellow's shipment centers UPDATE 9/22:
Court approves Yellow's plan to sell its fleet by October. Company has set Oct 13
bid date for rolling stock assets of 12,000 trucks and 35,000 trailers. Yellow
intends to conduct an auction for the vehicles by Oct 18 and seek court approval
for the vehicle sale on Oct 27. UPDATE 10/27: Judge approves plan to allow
company to sell its vehicle fleet over several months in an effort to maxmimize
Yellow Corp. operates as a holding company. The Company,
sale value UPDATE 11/3: Company seeking 90 day extension of exclusive filing
through its subsidiaries, offers supply-chain solutions and
plan until 3/4/2024 to complete sale of real estate and rolling stock UPDATE
heavyweight shipments for the transportation of industrial,
8/6/2023 Yellow Corp YELLQ Yellow Corp 334 12/1: Executive chair of Jack Cooper Transport is leading a bid that would replace Link
commercial, and retail goods, such as apparel, appliances,
Yellow with a smaller trucking company. The bid which was submitted November
automotive parts, chemicals, food, furniture, glass, machinery,
28 commits $1.1 billion in financing that would be used to repay lenders, pay off
and metal.
bankruptcy fees and fund the new company. UPDATE 12/9: Yellow rejects bid to
restart company from Jack Cooper Transport, opts to continue to auction off the
assets UPDATE 12/15: Court approves sale of real estate assets to multiple
bidders at a $1.88b value. UPDATE 1/19: Court approves total of $82.9m in sales
of leased properties to multiple bidders UPDATE 2/17: Company seeking second
extension of exclusive plan filing period amid generating $2b in proceeds from
assets sales since entering Chapter 11. Litigation regarding pension funds
remains ongoing. UPDATE 3/1: Court allows second extension of filing plan
period until June 3 to continue asset sale efforts and prosecute pension fund
litigation
Reviewing a variety of strategic alternatives. Entered Chapter 11 after

restructring efforts stalled. Commitment of $15.5 in DIP financing from existing
lender base. UPDATE 8/4/2023: Court approves bidding procedures for sale of
South Texas and Giddings Assets UPDATE 9/15: Court approves sale of the
Company's South Texas assets to San Isidro Energy Company II, Ageron Holdings,
Alpine Summit Energy Partners, Inc. provides oil and gas
and Needmore Minerals UPDATE 10/27: Giddings Production emerges as the
Alpine Summit Alpine Summit exploration services. The Company explores and develops oil
7/5/2023 ALPSQ 0 successful bidder for the Company's Giddings assets. $15.4m purcahse price. Sale Link
Energy Partners Energy Partners projects. Alpine Summit Energy Partners serves customers
hearing scheduled for 10/31 UPDATE 11/3: Court approves sale of Giddings
worldwide.
assets UPDATE 12/2: Court approves 67 day extension of exclusive plan filing
period UPDATE 12/31: Plan of liquidation filed for remaining assets, aiming for
February 2024 confirmation hearing UPDATE 3/16: Company files second
amended liquidating plan UPDATE 4/11: Court grants 3rd extension of exclusive
plan filing period until April 30th
www.KEDM.com
Bankruptcy Exit Monitor

Companies that have successfully restructured and re-emerged from bankruptcy with tradeable NewCo
BK Exit or Exit to Net

BK Filing Mkt Cap EV/
Company Ticker Sector KEDM Notes listing date Date Debt/
Date ($M) EBITDA
Date Return (%) CF
Hornbeck Offshore (To be listed under ticker HOS) filed to raise $100m in an IPO of its common stock.
The Company provides marine transportation services to companies in offshore oilfield markets and
some non-oilfield markets such as military support and renewable energy. The Company owns 60
Hornbeck Offshore
HOS Transport-Marine offshore supply vessels and 15 multi-purpose vessels and reported doing $160.2m in revenue from 5/19/2020 PENDING - -
Services Inc
the July-Sep period this year in its IPO filing. The Company was previously publicly listed but has been
private since it emerged from Chapter 11 in 2020. Ares Management owns about 42% of the
Company.
Gas turbine manufacturer that specializes in microturbine power along with heating and cooling
cogeneration systems. Prepackaged Chapter 11. A subsidiary of the Company will be renamed
Capstone Green Energy Corporation and be relisted as a public company. At emergence the Capstone
Capstone Green Power Conv/Supply
CGRN business has significantly reduced its indebtedness and obtained an additional $7 million of new 9/28/2023 PENDING - -
Energy Corp Equip
money financing. As a result of the restructuring transactions, the Company will operate the Capstone
business through a 62.5% controlling interest in a newly formed subsidiary. Company plans to relist
on OTC Pink market within the next few weeks.
Provider of passenger and cargo air transportation services in Chile, Peru, Ecuador, Colombia, Brazil,
Latam Airlines
LTM CI Airlines other Latin American countries, the Caribbean, North America, Europe, and Oceania. Expected to 5/26/2020 PENDING 7797249 - 5 3
Group SA
relist on the NYSE within 6 months of April 2024.
Casino Guichard
CO FP Food-Retail French Casino Operator. Emerged from bankruptcy in February 2024 and relisted on March 28th 2024. - 3/28/2024 1257 -16 14
Perrachon SA
Update 2/1: 70m RILY DIP after BTC ripped YTD; may cleave off 18% of mining rigs to NYDIG to wipe
40m debt UPDATE: Request submitted to form an equity committee UPDATE 3/1: Additional $35m
funding; hearing on equity committee pushed until 3/3 UPDATE 8/4/2023: Seeking approval to pay
out combined $35.8m in settlements with 4 contractors. Seeking first set of exclusivity extension.
Commercial Serv- UPDATE 10/6: Court approves $675k supplemental KERP for 22 employees as the Company faces
Core Scientific Inc CORZ 12/21/2022 1/26/2024 579 -13 6 13
Finance significant attrition during a longer than expected bankruptcy process UPDATE 11/3: Reached
agreement with creditors on reorg plant. Expected to exit bankruptcy by the end of 2023 with an EV
of $1.5b (Company once had a market cap of $26b during the peak of bitcoin mania) UPDATE 12/29:
Amended RSA filed; extention of RO to Jan 5; timeline set out; expect emergence in mid-Jan and listing
"at or shortly after emergence" UPDATE 1/5: Company announced full paydown of DIP financing
Designer and manufacturer of zero-emission electric transit vehicles. Seeking approval of bidding
procedures for sales of two asset tracks. Also soliciting recapitalization bids. UPDATE 9/15:
Bankruptcy court has approved the sale of substanially all of the Company's assets UPDATE 10/20:
Auction of Company's assets delayed UPDATE 11/18: Volvo Battery Solutions, a subsidiary of Mack
Truck, named winning bidder for the Company's commercial vehicle tech line with a bid of $210m.
Sale hearing set for Nov 28th and transaction expected to close in Q1 2024. UPDATE 12/1: Court
Auto-Med&Heavy
Proterra Inc PTRA approves sale of assets to Volvo Battery Solutions UPDATE 1/5: 120 day extension of exclusive plan 8/7/2023 - - -
Duty Trks
filing period, Sale of assets to Volvo has been delayed twice now UPDATE 1/26: Court approves
March 5th plan of reorg confirmation hearing UPDATE 2/27: Company files fourth ammended plan
of reorganization and second amended plan support agreement UPDATE 3/9: 5th ammended plan
of reorg confirmed, company aiming for March 30th effective date, equity holders wiped. Upon
emergence, existing shares were canceled, and new common stock was issued, with 1,000,000
shares allocated to former holders of Second Lien Convertible Notes.
www.KEDM.com

Date ($M) EBITDA
Date Return (%) CF
Entered bankruptcy with over $2.7 billion in debt, and its lenders have agreed to provide $517 million
in new loans to fund the company's bankruptcy. The new money is part of a broader debt reduction
agreement that should enable the company to emerge from bankruptcy in the Q3 2023. UPDATE
Computers- 8/11: Successfully completed its financial restructuring and anticipates emerging from the related
Diebold Nixdorf Inc DBD 8/14/2022 6/22/2023 1223 - 5
Integrated Sys Chapter 11 and Chapter 15 proceedings on Friday, Aug. 11. The company also has received notice
that new shares have been approved to relist on the New York Stock Exchange (NYSE) and
anticipates shareholders can trade its newly issued common stock on Monday, Aug. 14 at the
market open under the symbol "DBD."
Emerged from bankruptcy - previous equity holders wiped. Operates more than 50 offshore vessels.
DOF
DOF ASA Transport-Marine This includes 11 platform supply vessels, 15 anchor handling tug supply vessels and 29 Construction - 6/22/2023 - - 7
NO
Support vessels.
As part of the restructuring support agreement, all funded debt ($1.15b) is to be equitized UPDATE
6/30: Under the confirmed Plan, the Company will eliminate its debt through the equitization of its
secured debt. Upon emergence, the Company will maintain its existing corporate structure with
National CineMedia
NCMI Advertising Services National CineMedia, Inc. (NASDAQ: NCMI) (NCM Inc.) serving as the manager of NCM LLC. - 475 - 9
Inc
Additionally, the Company intends to enter into an approximately $55M exit financing facility, which
will be used to fund operations and growth initiatives. The existing management team will continue
to lead the reorganized company.
Emerging from bankruptcy with a new CEO, a new board of directors and approximately $875 million
Talen Energy Corp TLNE Electric-Generation 12/22/2022 5/17/2023 5549 101 11 -
of liquidity, including cash on hand and undrawn funds in its revolving credit facilities.
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 and APO; plan deadline is 10/15 UPDATE: Company files for exetension of exclusivity
period until 11/26; hearing set for 10/28 UPDATE 10/18: Court approves the APO and Oaktree
financing UPDATE 10/28: Court approves 1-month extension of exclusivity period; mediation in
November UPDATE 11/2: Airline AZUL is considering a offer if the restructuring plan fails UPDATE
11/9: Q3 earnings; 200m draw on DIP UPDATE: BK Plan filed; plan calls for $5B stock and convert raise;
Latam Airlines debt slashed by 4B; SVP and Sculptor to gain control; will resume trading in Santiago with NYSE ADRs;
LTMAY Airlines 5/26/2020 11/3/2022 337579 58 125 3
Group SA 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 UPDATE 1/25: Revised Plan and
Disclosure filed; seeking votes; voting deadline on March 4; Confirmation Hearing March 30 UPDATE
2/16: Minority creditor group (Pentwater, Invictus) proposing alternative exit financing UPDATE 3/15:
Judge signs off on backstop fee UPDATE: Minorities still pushing back; vote on 5/10; final confirmation
5/17 UPDATE 5/11: Company settled with holdouts; plan confirmation hearing on MAY 17-18 UPDATE
6/11: Exit financing secured UPDATE 6/19: Plan confirmed UPDATE 7/5: Shareholders approve exit;
will exit in Q4; prospectus filed to float ADS on NYSE UPDATE 10/12: LATAM will emerge November 3
with 2.2b in liquidity and erase 35% of their debt
New plan filed; revolver paid in full; first & second lien term repaid in cash or takeback term loans;
unsecured recieves pro rata share of takeback 2nd lien notes and equity in NewCo UPDATE 6/16:
Judge approves company to collect votes on the plan UPDATE 9/3: Reaches settlement with Opioid
creditors; amended plan to be filed next week; confirmation hearing in September UPDATE 11/1:
Confirmation hearing begins UPDATE 12/6: MNKKQ wins fight over Acthar antitrust claims UPDATE
12/17: Litigant group withdraws objection to the reorg plan UPDATE: Closing arguments underway;
Mallinckrodt PLC MNK Medical-Drugs exit likely in Q2 UPDATE: Fourth amended plan filed UPDATE 2/3: Plan confirmed UPDATE 3/4: Plan 8/28/2023 6/17/2022 - - - -
confirmed (link right); emergence in H1 22 UPDATE 4/27: Irish courts confirm scheme; begins raising
exit funding; exit in next few weeks UPDATE: 900m exit funding delayed due to uncertainty in the
leveraged loan markets UPDATE: 900m loan failed; 650m exit funding note secured from existing
creditors UPDATE 6/8: Exit funding placed in escrow; expect a exit on 6/14 UPDATE 6/13: Will exit in
the coming days; new shares will list OTC with an eventual relist on a national exchange; Trading on
6/17 under MNKPF UPDATE: Uplisiting to AMEX on 10/25
www.KEDM.com

Date ($M) EBITDA
Date Return (%) CF
Plan submitted 1/25 to emerge. Equitization of senior unsecured. Exit likely in April. UPDATE: Plan
Diamond Offshore
DO Oil&Gas Drilling confirmed. Current shareholders to receive rights to purchase 7% of NewCo. 625m in exit financing. 4/26/2020 4/23/2021 1459 - 9 49
Drilling Inc
UPDATE 6/22: S-1 filed UPDATE 3/30: Trading commences
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 5.6B for 750m in 2nd
lien takeback plus 83% of NewCo equity; exit facility of 300m to recieve 16.75% of NewCo;
shareholders to recieve .25% of NewCo if all classes vote in favor of the plan. Will exit later this year
SDRL
Seadrill Ltd Oil&Gas Drilling or early 2022; Disclosure statement hearing 9/2 UPDATE 9/2: Disclosure Statement approved; creditor - 2/22/2022 - - 9 -
NO
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 UPDATE 1/12: Seadrill New
Finance (SDRLF finance sub) restructuring plan approved UPDATE 1/20: New Finance emerges from
prepack UPDATE 2/22: Emerged from Ch11; trading is pending UPDATE 4/21: Oslo exchange received
application for listing UPDATE 4/27: TRADING UPDATE 10/12: Trading on NYSE and EuroNext
Reitmans (Canada) Ltd. retails women's apparel. The Company operates women's apparel retail
Reitmans Canada RET/A Retail-
stores under the Reitmans, Smart Set, Penningtons Wearhouse, Dalmys, Antels, and Cactus names. 5/19/2020 1/12/2022 129 20 - 0
Ltd CN Apparel/Shoe
Reitmans stores are located throughout Canada.
3/22 - Entered into RSA with lenders. Eliminates 1.4B in debt, CBL equity and prefs each get 5.5% of
the new restructured equity UPDATE 4/16: Filed amended Ch11 plan & disclosure UPDATE 5/18: Files
CBL & Associates REITS-Regional amended reorg plan; court approves disclosure statement; creditor vote forthcoming UPDATE 7/22:
CBL 11/1/2020 11/2/2021 707 -12 - 11
Properties In Malls Amended plan supplement filed UPDATE: Confirmation hearing on 8/11; amended plan filed UPDATE
8/11: Plan approved; exit 11/1/21; as noted, pref and equity to recieve up to 11% in NewCo UPDATE
10/27: Exit on 11/1; will relist on NYSE under CBL on 11/2
Company has proposed an asset sale (10 of 12 airplanes) to fund repayment of its only secured lender,
Drake Asset Management. Drake has stalking horse bid to acquire the aircraft. Company intends to
remain public post asset sales and with a clean B.S. UPDATE: AeroCentury Aircraft Sale Approved,
Erasing $83 Million in Debt UPDATE 6/22: Plan filed (link right); hearing date of July 12; two paths -
Internet Content- Sponsored Plan (ACY has yet to find a sponsor) and a Standalone Plan (liquidation) UPDATE 7/12:
Mega Matrix Corp MTMT 3/29/2021 9/30/2021 - - - -
Info/Ne Revised Plan and Disclosure; judge approves combined docs; 8/31 final hearing UPDATE 7/27: ACY
files to extend exclusivity until 10/25 UPDATE: LOI signed with Plan Sponsors; 11m equity investment
as part of the plan of exit; NewCo pro forma ownership: 65% Plan Sponsors and 35% Legacy ACY
shareholders UPDATE 8/17: Plan Sponsor Agreement filed UPDATE 8/31: Received court approval for
the plan; targeting exit prior to 9/30
The Company, offers renting and leasing of cars from its corporate and franchise locations, as well as
maintains separate airport counters, reservations and reservation systems, marketing, and other
Hertz Global Rental
HTZ customer contact activities. Update 5/11: Knighthead sweetens offer to 6B; wins auction; equity to 5/22/2020 7/1/2021 2180 -75 13 -
Holdings Inc Auto/Equipment
recieve 240m plus warrants (appx. 8$ value) UPDATE 6/10: Plan confirmed; June 30 exit Update 7/1:
Trading; warrants trading under HTZZW
Will emerge in late Q1. UPDATE 3/19: Extended stay until June 4. UPDATE 5/04: Seeking
authorization from Quebec courts to file a plan of arrangement with creditors on May 7; creditors
meeting called for June 11 to vote on 18m distribution to creditors in a "full and final settlement of all
DavidsTea Inc DTEA Tea claims" UPDATE 5/11: Court authorized DTEA to file its Plan; simple majority on June 17 needed to 7/8/2020 6/17/2021 - - - -1
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
www.KEDM.com

Date ($M) EBITDA
Date Return (%) CF
Gulfport Energy Corporation operates as an energy exploration and production company. The
Gulfport Energy Oil Comp-
GPOR Company focuses on oil and natural gas exploration and production services. Gulfport Energy serves - 5/18/2021 2854 115 5 1
Corp Explor&Prodtn
clients in the United States.
Valaris Limited provides offshore contract drilling services. The Company owns, operates, and
Valaris Ltd VAL Oil&Gas Drilling 8/19/2020 5/03/2021 5143 199 11 2
manages rig fleets and provides drilling services. Valaris serves customers worldwide.
Garrett Motion Inc. operates as an automobile technology provider. The Company offers
Auto/Trk
Garrett Motion Inc GTX turbocharging, electric boosting, and automotive software solutions. Garrett Motion serves 9/20/2020 4/30/2021 2236 72 6 -
Prts&Equip-Orig
customers worldwide. UPDATE 11/2: Exploring options.
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 5713 -11 7 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 liquids.
Ferrellgas Partners Retail-Propane The Partnership serves residential, industrial and commercial, portable tank exchange, agricultural,
FGPR 1/11/2021 280 64 - -
LP Distrib wholesale and other customers throughout the United States, the District of Columbia, and Puerto
Rico.
Chesapeake Energy Corporation produces oil and natural gas. The Company's operations are focused
Chesapeake Energy Oil Comp-
CHK on discovering, developing, and acquiring conventional and unconventional natural gas reserves 6/28/2020 2/10/2021 11464 134 5 0
Corp Explor&Prodtn
onshore in the United States.
Noble Corporation PLC provides diversified services for the oil and gas industry. The Company
provides contract drilling services with its fleet of offshore drilling units located in markets worldwide.
Noble Corp plc NE Oil&Gas Drilling 7/31/2020 2/05/2021 7141 - - -
Noble also provides labor contract drilling services, well site and project management services, and
engineering services. UPDATE: To trade under NE on June 9
Extraction Oil & Gas, Inc. operates as an energy company. The Company focuses on the acquisition,
Extraction Oil & Gas Oil Comp-
XOG development, and production of oil, natural gas, and natural gas liquid reserves in the Rocky 6/14/2020 1/21/2021 - - - 0
Inc Explor&Prodtn
Mountains. Extraction Oil & Gas serves customers in the United States. UPDATE: Acquired by CIVI
Tuesday Morning Corporation retails home furnishing, gifts, and related items. The Company offers
Tuesday Morning Retail-Home
TUEM bath and body, bed, craft, dining, kitchen, furniture, fashion accessories and products. Tuesday 5/27/2020 1/4/2021 - - - -
Corp Furnishings
Morning serves customers in the United States. Update: Refiled; CH22
Pennsylvania Real Estate Investment Trust is a self-administered real estate investment trust involved
Pennsylvania Real REITS-Regional in acquiring, managing, and holding real estate interests for current yield and long-term appreciation.
PEI 12/10/2023 12/11/2020 - - - -
Estate Inves Malls 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.
Chord Energy Corporation operates as an oil and gas exploration company. The Company acquires,
Oil Comp-
Chord Energy Corp OAS exploits, develops, and explores for crude oil, natural gas, and natural gas liquids. Chord Energy serves 9/30/2020 11/19/2020 - - - -
Explor&Prodtn
FTS International, Inc. provides oil field services. The Company offers pressure pumping, wireline and
FTS International Inc FTSI Oil-Field Services perforating, reservoir optimization, hydraulic fracturing, and equipment manufacturing services. FTS 9/22/2020 11/19/2020 - - - -
International serves customers worldwide.
California Resources Corporation is an independent oil and natural gas company. The Company
California Resources Oil Comp- focuses on maximizing the value of land, mineral and technical resources for decarbonization by
CRC 7/15/2020 10/27/2020 3896 292 3 0
Corp Explor&Prodtn developing carbon capture and storage and other emissions reducing projects. California Resources
serves customers in the State of California.
Denbury Inc. operates as an independent oil and natural gas company. The Company acquires,
Oil Comp-
Denbury Inc DEN develops, operates, and explores oil and gas properties. Denbury markets its services to customers in 7/30/2020 9/18/2020 - - - 0
Explor&Prodtn
the Gulf Coast region of the United States.
Whiting Petroleum Corporation operates as an oil and gas exploration company. The Company
Whiting Petroleum Oil Comp-
WLL acquires, explores, produces, and supplies petroleum products. Whiting Petroleum serves customers 4/1/2020 9/1/2020 - - - 0
Corp Explor&Prodtn
in the United States.
www.KEDM.com

Date ($M) EBITDA
Date Return (%) CF
PG&E Corporation is a holding company that holds interests in energy based businesses. The
Company's holdings include a public utility operating in northern and central California that provides
PG&E Corp PCG Electric-Integrated 1/29/2019 7/1/2020 35128 84 9 12
electricity and natural gas distribution, electricity generation, procurement, and transmission, and
natural gas procurement, transportation, and storage.
Mcdermott International, Ltd provides engineering and construction solutions. The Company offers
Mcdermott Engineering/R&D
MCDIF engineering, fabrication, onshore construction, procurement, commissioning, and consulting services. - 6/30/2020 164 -89 - -
International Ltd Services
Mcdermott International serves clients worldwide.
Weatherford International Public Limited Company provides oil field services and equipment. The
Weatherford
WFRD Oil&Gas Drilling Company offers drilling solutions, gas well unloading, restoration, and other related activities. 7/2/2019 12/13/2019 8671 380 7 1
International 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 Link
Warrant IBC PR Corp. Current Warrant Listed
Deal Target Name Notes/Description to 8K Arb
Ticker Date Presentation Price Price Options
Ticker or PR
Linqto is a leading fintech investment platform allowing accredited investors to identify, evaluate and
BCSA BCSAW LINQTO 4/9/24 Link - 11.14 0.17 -0.53 N
make liquid investments in private companies
Hotel101 is a hotel prop-tech operator pioneering an asset-light "condotel" business model. It is
JVSA - HOTEL101 GLOBAL 4/8/24 Link - 10.09 - - N
currently a subsidiary of DoubleDragon Corp listed in the Philippines
Tembo is the premier electric solution for ruggedised and/or customised applications for fleet owners
CCTS CCTSW TEMBO 4/4/24 Link - 11.10 0.07 -0.47 N
in mining agro, energy utilities, defense, police, govt, humanitarian, and game safari industries
AERKOMM is a satellite technology company, providing carrier-neutral and software-defined

IXAQ IXAQW AERKOMM infrastructure for multi-orbit, end-to-end satellite broadband connectivity. It is listed under AKOM on 3/29/24 Link - 11.31 0.08 -0.27 N
the Euronext exchange
OmnigenicsAI is a precision medicine company operating in Latam with two divisions dedicated to
OMNIGENICSAI &
APXI APXIW enhancing healthcare through proprietary genetic tests & services. MultiplAI is a preventive medicine 3/26/24 Link - 11.44 0.20 -0.26 N
MULTIPLAI HEALTH
company providing blood screening for cardiovascular & other complex diseases
Aurous is a South African gold mining company operating the Blyvoor Mine on Johannesburg's West
RRAC RRAC/WS - 3/11/24 Link Link 11.23 0.33 -0.60 N
Rand.
EMPIRE DIVERSIFIED Empire Diversified Energy provides a diverse range of logistic products from chemical storage to
VIVK - 3/1/24 Link - 0.90 - - N
ENERGY emerging recycling solutions
Vesicor is an early-stage biopharmaceutical company focused on the development of microvesicle-

ALTU ALTUW VESICOR THERAPEUTICS 3/1/24 Link - 10.12 0.00 -1.38 Y
based therapeutics
Webull is a leading digital investment platform built on next generation global infrastructure. The
SKGR SKGRW WEBULL 2/28/24 Link Link 11.07 0.40 -0.83 N
Webull Group operates in 15 regions globally and serves 20 million registered users globally.
Capital A International is a global brand management platform, specializing in the expansion,

CAPITAL A management & licensing of the AirAsia brand. CAPI aims to capitalize AirAsia's brand value through
GMFI GMFIW 2/28/24 Link - 11.28 0.06 -0.28 N
INTERNATIONAL additional licensing and to deploy its proven strategy to promote & accelerate the expansion of its IP
portfolio
Silexion Therapeutics is a pioneering clinical stage, oncology-focused biotech company dedicated to the
MACA MACAW SILEXION development of innovative treatments for unsatisfactorily treated solid tumor cancers which have the 2/22/24 Link - 11.16 0.08 -0.42 N
mutated KRAS oncogene.
Car Tech was founded in 2016 to lead Shin Young's expansion of US sales as a Tier-One supplier that
AEAE AEAEW CAR TECH 2/21/24 Link - 11.46 0.06 -0.10 N
directly supplies parts to BMW, Volvo, and Wolkswagen
Cunova is a leading global producer of mission-critical copper alloy products and solutions for a diverse
SEDA SEDA/WS CUNOVA 2/20/24 Link Link 10.99 0.25 -0.76 N
set of end markets including casting, maritime, industrial & energy.
Foxx is a distinguished player in the realm of consumer electronics and integrated IoT solutions, catering
FOXX DEVELOPMENT
ACAC ACACW to both retail and institutional clients. Foxx focuses on forging enduring alliances with global mobile 2/20/24 Link - 11.25 0.09 -0.34 N
INC
network operators, distributors, and suppliers
Adagio Medical develops innovative cryoablation technologies that create contiguous, transmural
ARYD - - lesions to treat cardiac arrhythmias, including paroxysmal and persistent atrial fibrillation, atrial flutter, 2/14/24 Link Link 11.30 - - N
and ventricular tachycardia
Rbio Energy is a newly-formed company with the intent to develop, acquire & consolidate biorefinery,
PFTA PFTAW RBIO ENERGY 2/7/24 Link - 10.77 0.04 -0.77 N
biogas & biomass assets in the Pacific NW of US
www.KEDM.com
Pre Link
Ticker or PR
Lynk is a patented, proven, and commercially-licensed satellite-direct-to-standard-mobile-phone
SLAM SLAMW LYNK GLOBAL system. Lynk allows commercial subscribers to send and receive text messages to and from space, via 2/5/24 Link Link 11.04 0.18 -0.64 N
standard unmodified mobile devices.
Alps Global is a fully-integrated biotech research, medical and wellness company dedicated to the
GLLI GLLIW ALPS GLOBAL development of personalized medicine using cutting-edge tech such as genomics DNA, mRNA, and 1/31/24 Link - 11.02 0.04 -0.52 N
cellular therapy.
Fusemachines is a global provider of enterprise AI products & solutions. It helps companies transform
CSLM CSLMW FUSEMACHINES INC 1/23/24 Link - 11.10 0.16 -0.56 N
its enterprise AI through it's proprietary AI Studio, AI Engines and Fuse Hubs
SHENZHEN QIANZHI Qianzhi BioTech is a health & wellness focused biotech company and develops plant-based & ozonated
BOWN - 1/18/24 Link - 10.46 - - N
BIOTECH products for antibacterial, skincare, gynecological & andrological applications.
Hunch Mobility is an urban air mobility platform dedicated to providing "by-the-seat" short distance air
DSAQ DSAQW HUNCH MOBILITY 1/18/24 Link Link 11.15 0.20 -0.55 N
mobility services in India.
Mediforum is a leading Korean biotech company with a mission to enhance the quality of life for those
VSAC VSACW MEDIFORUM 1/16/24 Link - 11.17 0.03 -0.36 N
facing Alzheimer's Disease & meuropathic pain.
HCYC partners with multiple insurance companies and leverages the resources of these partners to
ATMC ATMCW HCYC GROUP 1/5/24 Link - 10.97 0.02 -0.55 N
deliver professional, customized and value-added services to both individual and corporate clients.
New Era Helium is an exploration and production company that sources helium produced in association
with the production of natural gas reserves in North America. NEH currently owns and operates over
ROCL ROCLW NEW ERA HELIUM 1/4/24 Link - 10.82 0.09 -0.77 N
137,000 acres in Southeast New Mexico and has over 2bn cubic feet of proved and probable helium
reserves.
Pomvom provides experiential documentation solutions to the global amusement parks and attraction
ISRL ISRLW POMVOM market, which replace the existing operative photographic solution. Pomvom currently trades on the 1/2/24 Link - 10.92 0.05 -0.63 N
Tel-Aviv Stock Exchange under PMVM
PSI is a long-established global logistics & supply chain solution provider, specialized in air freight
AIB - PSI GROUP forwarding services, connecting businesses from Asian transportation hubs to the US and the rest of 12/27/23 Link - 11.85 - - N
world.
VISIOX Visiox is a biopharma company focused on the development & commercialization of ophthalmic
PWUP PWUPW 12/27/23 Link - 11.11 0.04 -0.43 N
PHARMACEUTICALS therapeutic candidates to address highly prevalent diseases in need of new treatment options
Blaize has developed a suite of purpose-built, full-stack programmable processor architecture & low-
BRKH BRKHW BLAIZE 12/22/23 Link - 11.00 0.17 -0.67 N
code/no-code software platform that enables AI processing solutions for high performance computing.
PSI is at the intersection of egineering, fleet management solutions, & product platforms for the
POWERMERS SMART
OCAX OCAXW commercial transport & industrial equipment sectors. PSI handles equipment sales, energy solutions, 12/22/23 Link - 10.92 0.11 -0.69 N
INDUSTRIES, INC
logistics data services, financial services, marketplaces & carbon credit solutions.
Lionsgate Studios holds the Television Studio and Motion Picture Group of Lionsgate. Lionsgate Studios
is a platform-agnostic, pure-play content company with a deep portfolio of franchise properties
SCRM SCRMW LIONSGATE STUDIOS including The Hunger Games, John Wick, The Twilight Saga & Ghosts, a robust film & TV production & 12/22/23 Link Link 10.75 0.48 -1.23 N
distribution business, a leading talent management & production company and a world-class film and
TV library
Custom Health provides a tech-enabled medication management and managed care solution focused
BACA BACAW CUSTOM HEALTH 12/22/23 Link - 10.38 0.01 -1.13 N
on serving poly-med patients with chronic conditions
Vaso is a diversified medical tech company currenty trading OTC. It specializes in managed IT systems &
AVHI AVHIW VASO CORP 12/7/23 Link - 10.92 0.01 -0.59 N
services, professional sales services & design, manufacturing & sales of proprietary medical devices
Blue Gold is a newly-formed company incorporated in the UK with the goal of acquiring Tier 1 gold
RCFA RCFA/WS BLUE GOLD HOLDINGS 12/6/23 Link - 11.18 0.05 -0.37 N
mining assets. Blue Gold's initial activities will be focused on the Ashanti gold belt in Ghana
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Eco Modular is a pioneer in the modular construction sector. Ecohouse has delivered over 7,000 single
Modular Accessory Dwelling Units over 15 years. Eco Modular is planning on doubling its production
ZLS ZLSWW ECO MODULAR 12/5/23 Link - 10.85 0.07 -0.72 N
capacity, expanding showrooms and increasing sales efforts to reach 500 units per month in the UK and
Europe
eLong Power is a provider of high power battery technologies for commercial & specialty vehicles &
TMTC - ELONG POWER 12/4/23 Link - 10.84 - - N
energy storage systems.
FENIX360 is an artist-centric, multi-genre social media platform that has been created to help
DUET DUETW FENIX360 11/28/23 Link - 10.96 - - N
independent artists and creatives monetize their art. DUET previously agreed to acquire AnyTech 365
Veea was formed in 2014 to redefine & simplify secure edge computing to improve application
PLMI PLMIW VEEA INC 11/28/23 Link - 11.11 0.34 -0.73 N
responsiveness, reduce bandwidth and data transport costs, and eliminates central cloud dependency
OSR Holdings is a global healthcare company with a network of companies and development partners
BLAC BLACW - around the world seeking to develop & license its pipeline of biomedical therapies with the goal of 11/16/23 Link - 10.70 0.02 -0.82 N
addressing unmet medical needs.
Sio Silica is a Canadian-based high-purity quartz silica producer offering superior products sustainably
PHYT PHYT/WS SIO SILICA developed. Sio's extraction of silica will not require truck traffic, surface mining, tunneling, dust 11/13/23 Link Link 11.32 0.04 -0.22 N
generation or chemical cleansing.
Thunder Power offers premium passenger EVs positioned to gain market share based on competitive
FLFV FLFVW THUNDER POWER design, quality, comfort, range and price. It has engaged Zagato to design and develop prototypes and 10/27/23 Link - 10.98 0.03 -0.55 N
intends to leverage partnerships with European and Chinese suppliers.
Innventure creates, funds, operates and scales companies in strategic collaboration with Multinational
Corporations. It selects opportunities based on transformative potential, the ability to provide
LCW LCW/WS INNVENTURE 10/24/23 Link - 10.94 0.10 -0.66 N
immediate economic value to the end customer, and strategic alignment with MNCs to help catalyze
early adoption
Citius Pharma is a late-stage pharma company developing and commercializing targeted oncology
CITIUS
TENK - therapies. Its strategy focuses on gaining a market leading position by advancing innovative therapies 10/24/23 Link Link 11.10 - - N
PHARMACEUTICALS
with reduced development & clinical risks, including new formulations of previously approved drugs.
Flybondi is Argentina's largest low-cost carrier & second-largest airline overall, with over 1,400
INTE INTEW FLYBONDI 10/20/23 Link - 10.82 0.10 -0.78 N
dedicated employees, growing fleet of 737-800s & serves 20 destinations across Argentina & Brazil.
GRAND CENTREX GCL Asia provides a full suite of gaming services & reach, enabling creators to deliver fun experiences to
RFAC RFACW 10/18/23 Link - 10.86 0.02 -0.67 N
LIMITED ASIA the fast-growing market of Asian gamers.
Alpha Modus develops data-driven tech in retail to enhance consumers' in-store experience at the point
INAQ INAQW ALPHA MODUS 10/16/23 Link - 10.93 0.04 -0.61 N
of decision.
Big Tree is a consumer-oriented, mission-driven, and tech-empowered company dedicated to the

PLTN PLTNW BIG TREE CLOUD 10/10/23 Link - 10.81 0.04 -0.73 N
development, production & sales of personal care products & other consumer goods in China.
Bolt Threads focuses on developing efficacious & sustainable solutions tailored for the consumer goods
GAMC GAMCW BOLT THREADS 10/4/23 Link Link 10.72 0.20 -0.98 N
segment, like b-silk, a biobased & biodegradable substitute for silicone elastomers.
Heramba is a company focused on investing in companies with technologies & capabilities to accelerate
PEGR PEGRW HERAMBA ELECTRIC the decarbonization of commercial transportation. Heramba is led by Dr. Grundmann, former CEO of 10/3/23 Link - 10.59 0.09 -1.00 N
Siemens Mobility & other leadership roles with Siemens & AEG; UPDATE: Shareholder vote set for 3/28
Abpro is a biotech company looking to fight severe and life-threatening diseases with next-generation
ACAB ACABW ABPRO 9/21/23 Link - 10.80 0.08 -0.77 N
antibody therapies
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Gamehaus is a tech-driven mobile game publishing company dedicated to partnerships with
GODN - GAMEHAUS INC small/medium game developers and providing them with data-driven commercialization support and 9/18/23 Link - 10.66 - - N
optimized game distribution solutions.
BIOGENYSIS & Biogenysis & Virogentics are subsidiaries of Enzolytics. It is a company trying to commercialize
SAGA - 9/18/23 Link - 10.88 - - N
VIROGENTICS propriertary proteins and monoclonal antibodies to treat debilitating infectious diseases.
AgileAlgo makes an enterprise-grade natural language code generator for machine learning & data
IGTA IGTAW AGILEALGO HOLDINGS management platforms. It intends to grow & acquire IT consulting practices and work with large-scale 9/13/23 Link - 11.00 0.16 -0.66 N
project owners to drive down complexity, time & cost of producing software.
DevvStream Holdings is a leading carbon streaming company focused on tech-based decarbonization

DEVVSTREAM
FIAC FIAWT solutions that advance the development & monetization of environmental assets. DevvStream partners 9/13/23 Link Link 11.04 - - N
HOLDINGS
with governments and corporations to achieve sustainability goals
AnyTech365 is a leading European IT Security & Support company serving users and small businesses.
The company offers an array of European native-speaking talent to help service client needs, providing
TCOA FIACW ANYTECH365 9/11/23 Link - 10.95 0.04 -0.59 N
24/7 technical support. AnyTech previously signed merger agreement with DUET in July 2022,
terminated in April 2023
Brand Engagement Network (BEN) is a provider of conversational AI tech & human-like AI avatars with
BRAND ENGAGEMENT a focus on industries with a large workforce gap & opportunity to transform engagement. DHCA
DHCA BNAIW 9/7/23 Link - - 0.11 - N
NETWORK previously attempted to merge with Glorifi before terminating the agreement on 1/26/23; UPDATE:
Shareholder approve, will trade under BNAI, date TBD
ScanTech Identification Beam Systems is a leading global innovator, developing non-intrusive 'fixed-
MARX - SCANTECH gantry' CT baggage & cargo logistics screening technology. ScanTech uses AI to develop CT scanners that 9/5/23 Link - 10.73 - - N
detect hazardous & contraband materials.
SANUWAVE is a commercial stage medical device company in the wound care space with two FDA
approved products including the UltraMIST system. UltraMIST is a low frequency, non-contract
SEPA SEPAW SANUWAVE HEALTH 8/23/23 Link - 9.62 0.17 -2.05 N
ultrasound system that delivers energy through a fluid mist and promotes wound healin; UPDATE:
Shareholder vote set for 1/29
Scage is a zero-emission solution provider focused on new energy heavy-duty commercial vehicles and
FNVT FNVTW SCAGE INTERNATIONAL 8/21/23 Link - 11.27 0.03 -0.26 N
e-fuel solutions.
Nuvo is reinventing pregnancy care for the 21st century with INVU, an FDA-cleared prescription initiated
LGVC LGVCW NUVO GROUP remote pregnancy monitoring & mgmt system.; UPDATE: Shareholder vote set for 3/28; UPDATE: 8/18/23 Link - 8.19 0.04 -3.35 N
Shareholder vote pushed to 4/1
LatAm Logistic Properties is a leading developer, owner and manager of institutional quality, class A
LATAM LOGISTICS industrial and logistics real estate in Central & South America. LLP's customers are multinational &
TWOA TWOA/WS 8/15/23 Link Link 10.70 - - N
PROPERTIES regional e-commerce retailers, 3P logistic operators, B2B distributors & retail distribution companies;
UPDATE: Shareholder vote set for 3/25
One Power is an industrial power company and largest installer of on-site, behind-the-meter, wind
TRTL TRTL/WS ONE POWER energy in the US. One Power developed modern energy services to control cost and risk, such as Wind 8/15/23 Link Link 10.77 0.13 -0.86 N
for Industry and Managed High Voltage.
Wanshun Technology Industrial Group engages in a peer-to-peer marketplace for on-demand ride
WANSHUN
ATMV - hailing service. Wanshun is also creating an online and offline ecosystem by integrating complimentary 8/14/23 Link - 10.96 - - N
TECHNOLOGY
verticals including physical stores/showrooms
HDL Therapeutics is focused on developing first-in-class treatments for intractable cardiovascular &
IVCP IVCPW HDL THERAPEUTICS 8/11/23 Link - 10.81 0.06 -0.75 N
neurovascular diseases using HDL's proprietary technology platform
Barca Media is the digital content creation platform for FC Barcelona. Barca Media centralizes the
MCAA MCAAW BARCA MEDIA 8/11/23 Link Link 11.52 0.12 -0.10 N
creation, production & commercialization of FC Barcelona's digital & esports output.
TOYO Solar focused on solar photovoltaic products in Southeast Asia. TOYO is an indirect subsidiary of
BWAQ BWAQW TOYO SOLAR 8/10/23 Link - 11.26 0.16 -0.40 N
Fuji Solar, whose major shareholder is Abalance Corp, listed in Japan
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Addimmune is in the pursuit of a gene therapy cure for HIV. Its cell therapy is designed to modify a
patient's immune system so that it's capable of fighting HIV like a normal virus. 10X Capital and VCXB
VCXB VCXB/WS ADDIMMUNE 8/9/23 Link - 10.87 0.03 -0.67 N
previously had a merger agreement with Sparks Energy before terminating the agreement in February
2023
Immersed in a leading provider of enterprise AI productivity solutions that digitally transform the
working environment to enhance worker and company efficiency. Immersed developed spacial
MAQC MAQCW IMMERSED 8/9/23 Link - 11.02 0.04 -0.52 N
computing software optimized for enterprise that allows users to work full-time with their team in
virtual AR/VR spaces.
Perfect Hexagon is a Malaysia-based leading non-financial institutional market maker of commodities

HHGC HHGCW PERFECT HEXAGON 8/3/23 Link - 11.25 0.03 -0.28 N
in Asia, as well as a physical commodity trading house focusing on precious metal and base metals
Crown LNG Holdings AS is a leading provider of offshore LNG liquefaction & regasification terminal
CHAA CHAAW CROWN LNG infrastructure solutions for harsh weather locations; UPDATE: Shareholder vote set for 3/6; UPDATE: 8/3/23 Link Link 11.19 0.10 -0.41 N
CorpAcq is a corporate compounder founded in 2006 with a diversified portfolio of 41 companies across
CVII CVIIW CORPACQ 7+ industries. It has a track record of unlocking potential, profitability & LT growth for SMEs through its 8/1/23 Link Link 10.71 0.25 -1.04 Y
M&A playbook & decentralized operational approach
Unifund purchases, collects and services portfolios of defaulted consumer receivables in the US. In
MNTN MNTN/WS UNIFUND addition, it offers portfolio enhancement solutions, which include analytics, litigation, sales and 7/24/23 Link Link 11.20 0.17 -0.47 N
government services.
Spinal Stabilization Technologies is a medical device company specializing in nucleus pulosus

SPINAL STABILIZATION
BLUA BLUA/WS replacement. Its flagship device, the PerQdisc, is an innovative lumbar intervertebral disc nucleus 7/24/23 Link Link 10.97 0.09 -0.62 N
TECHNOLOGIES
replacement designed to alleviate chronic lower back pain associated with Degenerative Disc Disease
TCO is an optical & 3D sensing technology company primarily involved in the customization, design and
CHEA CHEAW TAIWAN COLOR OPTICS supply of optical components & integrated chips for various industries. ; UPDATE: Shareholder vote set 7/21/23 Link - - - - N
for 2/2
Set Jet is a private jet membership company. It's proprietary tech platforms enables security pre-
screened and approved Members to self-aggregate & share a private jet charter between frequently
RCAC - SET JET 7/18/23 Link - 10.65 - - N
traveled destinations to many of the West Coast's top destinations. Set Jet does not own the jets, but
acts as a liaison between Members and the charter operator
Oklo is developing advanced fission power plants to provide emmission-free, reliable and affordable
ALCC - OKLO 7/11/23 Link Link 12.76 - - Y
energy.
Baird Medical is a leading microwave ablation medical device developer in China. Its devices are used
XFIN XFINW BAIRD MEDICAL for treatment of benign and malignant tumors including thyroid nodules, liver cancer, lung cancer and 6/26/23 Link Link 10.98 0.05 -0.57 N
breast lumps
Verde Bioresins is a full-service bioplastics company that specializes in sustainable product innovation
TLGY TLGYW VERDE BIORESINS 6/22/23 Link Link 11.34 0.03 -0.19 N
and the manufacturing of proprietary biopolymer resins
JEPLAN is a global leader in chemically recycled PET technology. JEPLAN utilizes is commercialized PET
APCA APCA/WS JEPLAN, INC chemical recycling technology to produce recycled PET resin and r-BHET resin from waste food 6/16/24 Link - 11.33 0.05 -0.22 N
packaging, plastic PET bottles, and waste polyester fiber.
K Enter will acquire 7 diversified entertainment companies based in Korea including Solaire Partners, a
GLST GLSTW K ENTER Korean content-specialized PE firm, a K drama production company, 3 K movie production companies, 6/16/23 Link - 10.76 0.02 -0.76 N
1 virtual production company & 1 IP merchandising company
New Quantum provides global unified fintech as a service, delivering a fully integrated digital platform
CNGL CNGLW NEW QUANTUM for wealth managers, family offices, governments, asset managers, fintech businesses & financial 6/15/23 Link - 11.02 0.02 -0.50 N
advisors
TNL Mediagene is the merger of Taiwan's The News Lens Co & Japan's Mediagene Inc., two leading,
BOCN BOCNW TNL MEDIAGENE independent digital-media groups. It takes pride in its political neutrality, reach with younger audiences, 6/6/23 Link - 11.10 0.03 -0.43 N
and its quality.
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KUSTOM Kustom Entertainment is a subsidiary of Digital Ally (DGLY) and holds subsidiaries TicketSmarter &
CLOE CLOEW 6/2/23 Link - 12.15 - - N
ENTERTAINMENT Kustom 440
The Schmid Group is a global solutions provider for the high-tech electronic, photovoltaics, glass and
PGSS PGSS/WS SCHMID GROUP 5/31/23 Link - 11.38 0.42 -0.54 N
energy systems industries.
ANEW is focused on developing disruptive new therapies to alleviate and/or reverse the progression of
RWOD RWODW ANEW MEDICAL INC neurodegenerative diseases through the use of cell & gene therapy; UPDATE: Shareholder vote set for 5/30/23 Link - 10.40 0.09 -1.19 N
3/8; UPDATE: Shareholder vote pushed to 3/22; UPDATE: Shareholder vote pushed to 4/1
NextTrip is a tech-driven platform for innovative solutions for business & leisure travel. NextTrip
GGAAF GGAWF NEXTTRIP 5/23/23 Link - 12.40 - - N
provides individual & group travellers with vacations in Mexico, the Caribbean & across the world.
Allrites is a global B2B content marketplace with Content as a Service technology for film & TV rights for
AFAR AFARW ALLRITES 5/9/23 Link - 11.10 0.01 -0.41 N
broadcast and streaming buyers with studio and production company sellers
COOL COOLW NOVENTIQ Noventiq provides global solutions and services in digital transformation & cybersecurity 5/4/23 Link - 11.33 0.18 -0.35 N
Above Food is a regenerative ingredient company. It delivers nutritious food to businesses and
BITE BITE/WS ABOVE FOOD customers with traceability and sustainability. Its consumer products are available online and in grocery 5/1/23 Link Link 10.80 0.08 -0.78 N
stores in US and Canada
iLearningEngines is a leader in cloud-based, AI driven mission critical training for enterprises; UPDATE:
ARRW ARRWW ILEARNINGENGINES 4/27/23 Link - 12.90 0.25 1.15 N
Shareholder vote set for 2/22; UPDATE: Shareholder vote pushed to 3/28
OpSec is a leader in the optimization, monetization and protection of brands and IP. OpSec addresses
IVCB IVCBW OPSEC GROUP 4/26/23 Link Link 11.32 0.10 -0.28 N
brand value and vulnerability across both physical and digital domains.
Air Water Ventures specializes in making high-quality drinking water from the air, focused on the
ATEK ATEK/WS AIR WATER VENTURES 4/20/23 Link Link 11.32 0.04 -0.22 N
development and manufacturing of its product portfolio of atmospheric water generators
MSSA MSSAW FUTURE DAO Future Dao is an emerging blockchain technology company focused on Bitcoin mining 4/12/23 Link - 11.23 0.02 -0.29 N
Clearday is an innovative longevity healthcare tech company with a vision to make high-quality care
solutions more accessible, affordable and empowering for aging individuals. It operates residential
VHAQ VHAQW CLEARDAY 4/6/23 Link Link 9.00 - - N
memory care and adult daycare communities, as well as telehealth and remote monitoring. VHAQ
terminated its original merger with Suneva Medica on 2/3
Arrival, listed on NASDAQ as ARVL, designs, produces, sells and services purpose-built electric vehicles.
KCGI KCGI/WS ARRIVAL 4/6/23 Link Link 10.90 0.07 -0.66 N
It uses scalable, local Microfactories to produce its cars
Avila is listed on the CSE under VIK with owned and operated oil & natural gas production, pipelines and
INAQ INAQW AVILA ENERGY 4/3/23 Link - 10.93 0.04 -0.61 N
facilities and is a licensed producer, explorer & developer in Canada
REAL Messenger is a tech/social media platform focused on joy, fun and a sense of community to the
NOVV NOVVW REAL MESSENGER real estate industry. It connects different stakeholders to integrate the fragmented businesses of the 3/28/23 Link Link 11.79 0.03 0.26 N
industry into one platform
AQU - BESTPATH Bestpath is involved with R&D, manufacturing and sales of hydrogen fuel cell powered vehicles in China 3/27/23 Link - 10.86 - - N
Braiin is a farm mgmt platform that provides end-to-end precision agriculture solutions and analytics
NRAC NRACW BRAIIN 3/21/23 Link Link - - - N
services to farmers and land bureaus to improve productivity, yields and sustainability
AIRO is a multi-faceted air mobility, autonomy & aerospace platform with brands like Aspen Avionics &
KRNL KRNLW AIRO GROUP HOLDINGS 3/6/23 Link - 10.83 0.07 -0.73 N
Jaunt Air Mobility
Sakuu is a solid-state battery company with an additive manufacturing platform for commercial-scale
PLMI PLMIW SAKUU 3/3/23 Link - 11.11 0.34 -0.73 N
production of batteries & other complex devices.
LEXASURE FINANCIAL Lexasure is a leading Southeast/South Asia fintech, insurance and finserv companies offering insurance
CMCA CMCAW 3/1/23 Link - 11.03 - - N
GROUP including Reinsurance-as-a-Service solution.
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DePalma is a company holding NYC, Philadelphia and Chicago taxi medallion assets. After the close, the
GATE GATEW DEPALMA company will enter into a management services agreement with Marblegate Asset Mgmt, an affiliate of 2/21/23 Link - 10.49 0.03 -1.04 N
the SPAC sponsor
Refreshing USA is an automated refreshments company. Refreshing USA provides beverages and snack
WEL WEL/WS REFRESHING USA 2/10/23 Link Link 11.40 0.04 -0.14 N
foods to businesses, schools and municipalities
PTWO PTWOW SBC MEDICAL GROUP SBC is involved mainly in the field of cosmetic medicine, starting in Japan and expanding globally 2/2/23 Link - 11.64 0.04 0.10 N
Longevity is a biopharma company focused on advancing technologies across therapeutics, health

DECA DECAW LONGEVITY BIOMEDICAL monitoring & digital health solutions to restore tissue form & function; UPDATE: Shareholder vote set 1/26/23 Link Link 8.40 0.07 -3.17 N
for 1/4; UPDATE: Shareholder vote pushed to 1/9
Openmarkets is a group of market infrastructure fintech companies providing products and services to
BRAC - OPENMARKETS 1/19/23 Link - 11.25 - - N
Aussie and international equity markets
APRINOIA APRINOIA Therapeutics is a global clinical-stage biotech company developing therapeutics and precision
ROSS ROSS/WS 1/18/23 Link Link 11.08 0.09 -0.51 N
THERAPEUTICS diagnostics for treatment of neurodegenerative diseases
Wejo previously SPACed with VOSO in 2021, deSPACed, and will SPAC once again. Wejo is a cloud and
USCT USCTW WEJO GROUP 1/10/23 Link Link 11.24 0.02 -0.28 N
software analytics company for connected, electric and autonomous mobility.
Cognos is a medtech company focused on developing implantable smart pump tech for local delivery
that is able to metronomically administer therapeutics directly to the central nervous system; UPDATE:
MBTC - COGNOS THERAPEUTICS 1/3/23 Link - 11.66 - - N
Shareholder vote set for 1/30; UPDATE: Shareholder vote pushed to 2/6; UPDATE: Shareholder vote
pushed to 2/27; UPDATE: Shareholder vote pushed to 3/19; UPDATE: Shareholder vote pushed to 4/2
ConnectM is a vertically integrated clean energy technology and solutions provider for buildings and
MCAC MCACW CONNECTM OEMs with a proprietary platform to accelerate the transition to solar and all-electric heating, cooling 1/3/23 Link - 11.21 0.03 -0.32 N
and transport
LE is a leading LED conglomerate in Hong Kong, focusing on expanding into data-driven systems in
ACBA ACBAW LE WORLDWIDE 12/23/22 Link - 12.15 - - N
Controlled Environment Agriculture and greenhouse farming
Sparks Energy is a leading provider of power infrastructure restoration & services for US utilities. Its fleet
VCXB VCXB/WS SPARKS ENERGY 12/21/22 Link - 10.87 0.03 -0.67 N
and workforce perform storm response & energy restoration services.
UNIQUE LOGISTICS Unique Logistics International (OTC UNQL) is a global logistics and freight forwarding company where
EAC EACPW 12/19/22 Link - 10.65 0.00 -0.85 N
INTERNATIONAL, INC customers outsorce sections of their supply chain process to Unique.
DarkPulse (OTC: DPLS) uses advanced laser-based monitoring systems to provide rapid and accurate
GSDI GSDWW DARKPULSE 12/15/22 Link - 10.69 0.00 -0.81 N
monitoring of temps, strains and stresses of infrastructure in Smart Cities.
Wellous is a health food and nutrition company that develops, manufactures, markets and distributes
KACL KACLW WELLOUS 12/13/22 Link - 11.67 0.02 0.15 N
health and wellness products. Wellous is based in Malaysia with a strong APAC presence
Infinite Reality helps clients develop immersive Web3 experiences that maximize the value between
NBST NBSTW INFINITE REALITY 12/12/22 Link - 10.83 0.07 -0.74 N
audiences, brands and creators. IR develops Metaverse experiences.
Modulex is a ConstrucTech company manufacturing 3D volumetric steel modular buildings and
MODULEX MODULAR
PPHP PPHPW harnessing emerging tech to meet housing and infrastructure needs. It is HQed in the UK with offices in 12/8/22 Link Link 10.99 0.03 -0.54 N
BUILDINGS PLC
India and Mauritius
AOI focuses on the manufacture and sale of sustainable oil seeds to global customers. It processes,
AUSTRALIAN OILSEEDS
ADOC ADOCW manufactures and sells non-GMO oilseeds and organic and non-organic food-grade oils; UPDATE: 12/7/22 Link - 2.85 0.05 -8.70 N
INVESTMENTS PTY
Shareholder vote set for 2/26; UPDATE: Shareholder vote pushed to 3/5
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The Flexi Group is one of the largest flexible workspace groups in APAC across brands the Hive, Common
Ground, and The Cluster. It has 45 locations across 12 cities in 9 countries including Australia, Singapore,
TGVC TGVCW THE FLEXI GROUP 12/5/22 Link - 10.81 0.01 -0.70 N
Malaysia, Hong Kong, Thailand, Philippines, Taiwan, Vietnam and Japan; UPDATE: Shareholder vote set
for 2/8; UPDATE: Shareholder vote pushed to 2/22; UPDATE: Shareholder vote pushed to 3/1
Liminatus is a clinical-stage biopharma company developing novel cancer therapies that exploit the
IRAA IRAAW LIMINATUS PHARMA 11/30/22 Link - 10.63 0.06 -0.93 N
body's immune system to recognize and attack cancer cells.
Cycurion is a cybersecurity company providing solutions to govt agencies and commercial partners. It is
WAVS WAVSW CYCURION 11/22/22 Link Link 10.65 0.03 -0.88 N
able to protect and monitor both front-end and back-end technologies
Digital Virgo is one of the world's leading mobile payment specialists for telecom operators and
PUCK PUCKW DIGITAL VIRGO 11/17/22 Link - 10.77 0.02 -0.75 N
merchants, serving as the single destination for mobile content, entertainment and commerce needs.
Qenta is a fintech company established to digitize all the world's assets & transactions. Qenta Digital
Assets offers provenance, custody and ownership tracking of precious metals; Qenta Payments is an alt
BCSA BCSAW QENTA 11/10/22 Link - 11.14 0.17 -0.53 N
banking and payment application; and Qenta Capital & Risk Management offers hedging products &
margin financing for soft commodities & precious metals
Profusa is a digital health company that is pioneering the next generation of personalized medicine as a
NVAC - PROFUSA 11/7/22 Link Link 11.27 - - N
leading developer of novel tissue integrated biosensors
True Velocity aims to deliver innovation to the ammo industry through proprietary processes, superior
BREZ BREZW TV AMMO services and unmatched products. TV's composite cartridges are 30% lighter than traditional brass- 11/1/22 Link Link 11.59 0.81 -0.72 Y
cased cartridges and provide significant logistical and efficiency improvements.
zTrip is the largest taxi fleet operator in the US, operating in over 26 cities, with more than 2.700 and
SHAP SHAP/WS ZTRIP over 3,170 contracted drivers. It combines experience in acquiring and operating traditional taxi fleets 10/31/22 Link - - - - N
with proprietary technology.
NaturalShrimp (SHMP OTC) is an aquaculture company that developed the first commercially viable
YOTA YOTAW NATURALSHRIMP 10/25/22 Link - 10.61 0.03 -0.91 N
system for growing shrimp in enclosed, salt-water systems.
RISEE ENTERTAINMENT
IMAQ IMAQW Reliance Studios produces films, shows and games primarily for the Indian market 10/24/22 Link - 11.36 0.03 -0.17 N
& RELIANCE STUDIOS
PMGM PMGMW QUALITY GOLD Quality Gold offers jewelry and gift products available to ship same day. 10/21/22 Link Link 11.02 0.04 -0.52 N
Super App Holdings is a holding company that will purchase 60% of MobilityOne's interest in OneShop
TETE TETEW SUPER APP HOLDINGS Retail. MobilityOne has developed an end-to-end e-commerce solution which connects various service 10/19/22 Link - 11.78 0.01 0.27 N
providers across several industries
DiaCarta is a precision molecular diagnostics company that has developed innovative tech that
HHLA HHLA/WS DIACARTA transforms patient care by providing effective precision diagnostics using liquid biopsy. It offers a range 10/15/22 Link Link - - - N
of products and testing services based on its proprietary XNA and SuperbDNA tech platforms.
EEW is an independent global developer of utility scale solar PV projects from greenfield to ready-to-
EEW ECO ENERGY
CLRC CLRCW build stage. It has developed projects with a capacity of ~1.5GW, which are deployed for major 10/6/22 Link - 11.30 - - N
WORLD PLC
institutional investors across Europe, the UK and Australia
Rana Financial is a licensed money transfer company providing affordable, online and mobile app
RANA FINANCIAL &
transfer of funds between the US and LatAm. Mobitech International (dba Afinoz) is an AI digital lending
FEXD FEXDW MOBITECH 9/12/22 Link - 11.01 0.02 -0.51 N
platform used by India's leading banks, non-banking financial companies, and Fintech loan providers.
INTERNATIONAL
FEXD is acquiring both in this agreement.
Newsight Imaging develops CMOS image sensor chips for 3D machine vision & spectral analysis. Its
NEWSIGHT IMAGING
VSAC VSACW depth camera sensors can be applied to Mobile & Metaverse, Robotics, Industry 4.0, Automotive Safety, 8/30/22 Link Link 11.17 0.03 -0.36 N
LTD
etc.
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Caspi is the concession owner of the Rakushechnoye Oil Field, located in West Kazakhstan. The
LIBY LIBYW CASPI OIL GAS Rakushechnoye License Block is located onshore the Mangyshlak peninsula on the Caspian Sea. It covers 8/10/22 Link - 11.09 0.03 -0.44 N
287 sq km in the SW Manghystau Province.
Seamless Group pioneers a global fintech banking platform for e-wallets, financial institutions and
IFIN IFIN/WS SEAMLESS GROUP merchants worldwide, delivering frictionless interoperable real-time fund transfers and instant 8/4/22 Link - 11.49 - - N
messaging.
TOMORROW CRYPTO Tomorrow Crypto is a BTC/ETH mining company dedicated to becoming a vertically integrated provider
GLLI GLLIW 8/3/22 Link - 11.02 0.04 -0.52 N
GROUP of crypto mining infrastructure and services.
Roxe's smart payment technology automatically selects the best route for the fastest, least expensive,
and most reliable payments for businesses and individuals. The company unifies fragmented global
GDST GDSTW ROXE HOLDINGS 6/21/22 Link - 11.08 0.02 -0.44 N
payment systems so that payment and remittance companies, banks, and consumers can get the speed
and cost savings benefits of blockchain technology without directly transacting with crypto.
DHAC is acquiring Vsee Lab and iDoc Telehealth and will form a new combinded entity. Vsee Lab is a no-
code/low-code SaaS platform that enables clinicians and enterprises to create their telehealth
VSEE LAB & IDOC
DHAC - workflows without programming. iDoc is an acute care organization, set of integrated telehealth 6/16/22 Link - 12.00 - - N
TELEHEALTH
technologies, and team of neurointensivists, neurologists, and nurses that treate and coordinate care
for acutely ill patients 24/7 in the NICU and ICU for stoke, brain trauma and other neuro conditions.
Excelera is a tech-enabled care delivery platform that equips physicians with precision medicine insights
and financial resources to succeed in Medicare's value-based delivery programs. "Like Airbnb and Uber
FHLT FHLTW EXCELERA 6/14/22 Link - 12.81 0.06 1.25 N
for independent homeowners and drivers," Excelera offers a platform that allows physicians to remain
independent, but operate with the sophistication of a nationally networked HMO.
Holisto is an AI-powered online travel agency, aiming to make hotel booking affordable and personalized
for consumers. Instead of searching and comparing available deals as offered by the various industry
MACA - HOLISTO 6/13/22 Link Link 11.16 - - N
channels, Holisto deploys predictive proprietary algorithms, allowing it to create real-time, unique
booking options.
VCV Digital develops digital asset mining solutions and services that aim to rely on renewable energy for
FRLA FRLAW VCV DIGITAL blockchain/Web3 computing infrastructure deployment. VCV believes blockchain computing 5/2/22 Link Link 11.19 0.04 -0.35 N
infrastructure will replace current dominant centralized platforms
CH-AUTO is a Chinese EV company and established its EV brand Qiantu Motor in 2015. In 2018, it built
a production facility in Suzhou and started producing its Qiantu K50 series of EV supercars. It plans to
MCAF - CH-AUTO 5/2/22 Link - 14.85 - - N
release its Qiantu K20 series in 2H22.; UPDATE: Shareholder vote set for 10/30; UPDATE: Shareholder
vote pushed to 11/20
EON Reality is a leading AR/VR company for the education industry and Knowledge Metaverse. EON-XR
AOGO AOGOW EON REALITY is a SaaS platform that brings code-free XR development and publishing to smartphones, tablets, 4/26/22 Link - 10.92 0.03 -0.61 N
laptops, etc. EON currently has more than 1.1m licenses after 20+ years of operating.
Coincheck is a digital asset trading service with the highest number of app downloads in Japan and is
THCP THCPW COINCHECK regulated by Japan's Financial Services Agency. Coincheck was acquired by Monex (8698 JP) in 2018 and 3/22/22 LINK LINK 10.41 0.20 -1.29 N
Monex will retain its current equity at closing.
Suneva Medical, Inc. is a leader in regenerative aesthetics. It is focused on developing, manufacturing

and commercializing branded products for providers and their patients. Suneva Medical offers a
VHAQ VHAQW SUNEVA MEDICAL portfolio of products to address the impact of the aging process to deliver solutions that leverage the 1/12/22 LINK LINK 9.00 - - N
body's own restorative capacity. UPDATE: Shareholder meeting to extend deadline on 3/18; Deadline
extended to 6/28; Shareholder vote set for 12/23; Extended to 2/3
The Rezolve Platform is a powerful set of mobile commerce and engagement capabilities that provide
AACI AACIW REZOLVE mobile application vendors with a range of valuable commercial opportunities that can be realized 12/17/21 LINK LINK 11.12 0.16 -0.54 N
without having to develop code, host operations or manage security.
www.KEDM.com
Pre Link
Ticker or PR
Brivo is the global leader in mobile, cloud-based access control for commercial real estate, large
distributed enterprises, and multifamily residential. The comprehensive product ecosystem and open
CPTK CPTKW BRIVO 11/10/21 LINK LINK - - - N
API provide businesses with powerful digital tools to increase security automation, elevate employee
and tenant experience, and improve the safety of all people
www.KEDM.com
Completed SPAC Monitor

SPACs that have completed their Initial Business Combination (trailing 180)
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Warrant Closing Current Listed since
Ticker Company Name Business Description/Notes Cap Presentation Price of
Ticker Date Price Options merger
($M) or PR Warrants
(%)
ZOOZ is a leading provider of Flywheel-based Power Boosting solutions enabling ultra-green, ultra-
fast electric vehicle charging anywhere. ZOOZ's goal is to enable the vast roll-out of cost-effective
ZOOZ ZOOZW3 Zooz Power Ltd 38 4/5/2024 Link 3.15 283.30 N -23.17
ultra-fast charging infrastructure while sustainably overcoming existing grid limitations; UPDATE:
NewGen helps couples and individuals build families and increase access to infertility treatment with
NewGenIvf Group
NIVF NIVFW clinics in Thailand, Cambodia & Kyrgyzstan; UPDATE: Shareholder vote set for 3/1; UPDATE: - 4/4/2024 Link 0.86 0.05 N -42.59
Ltd
Shareholder vote pushed to 3/4; UPDATE: Shareholders approved, trading under NIVF on date TBD
DigiAsia Bios is an Embedded Fintech-as-a-Service company in Indonesia. It operates Digital

FAAS FAASW DigiAsia Corp Payments, P2P lending, remittances and digital financial services. The entire platform can be 466 4/3/2024 Link 7.09 0.06 N 5.66
embedded in any application and ecosystem
Zapata AI is an Industrial Generative AI company, empowering enterprises to leverage large language

Zapata Computing
ZPTA ZPTAW models and numerical generative models better, faster and more efficiently; UPDATE: Shareholder 71 4/1/2024 Link 2.43 0.16 N -57.37
Holdings Inc
vote set for 2/13
GCT Semiconductor is a leading fabless designer & supplier of advanaced 5G and 4G LTE semi
GCT
solutions. GCT's solutions enable fast & reliable 4G LTE connectivity to numerous commercial devices.
GCTS GCTS/WS Semiconductor 266 3/27/2024 Link 6.06 0.28 N -86.23
GTC's system-on-chip solution offers complete 4G and 5G platform solutions; UPDATE: Shareholder
Holding Inc
vote set for 2/27
Trump Media & Technology Group's mission is to create a rival to the liberal media consortium and
Trump Media &
DJT DJTWW fight back against the "Big Tech” companies of Silicon Valley, which have used their unilateral power 4,455 3/26/2024 LINK 32.59 13.69 Y -43.80
Technology Group
to silence opposing voices in America; UPDATE: Shareholder vote set for 3/22
Murano is a development company with experience in the structuring, development & assessment
Murano Global
MRNO MRNOW of industrial, residential, corporate office and hotel projects in Mexico; UPDATE: Shareholder vote - 3/21/2024 Link 10.86 0.12 N 12.89
Investments PLC
set for 3/5
Montana Technologies is an atmospheric energy & water harvesting tech company that provides
Montana
AIRJ AIRJW efficient & sustainable air conditioning & pure water from air through its AirJoule technology; 565 3/15/2024 Link 10.50 0.60 N -12.50
Technologies Corp
Graphjet Technology Sdn. Bhd. Was founded in 2019 in Malaysia as an innovative graphene and
Graphjet graphite producer. It has the world's first patent-pending technology to recycle palm kernel shells
GTI ENCPW 1,496 3/15/2024 Link 10.14 0.03 N -
Technology generated in producing palm seed oil to produce single layer graphene and artificial graphote;
UPDATE: Shareholder vote set for 2/23; UPDATE: Shareholder vote push to 2/27
www.KEDM.com
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Mkt Corp. Current
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Sunergy is a Florida-based provider of residential solar, distributed energy & energy efficiency
ZEO ZEOWW Zeo Energy Corp solutions; UPDATE: Shareholder vote set for 3/6; UPDATE: Shareholders approve merger, will trade 217 3/14/2024 Link 5.40 0.11 N -16.92
under ZEO, date 3/14
Nature's Miracle is an agtech company providing services to Controlled Environment Agriculture

Nature's Miracle (CEA)/vertical farming growers. It offers hardware with integrated software to design, build and
NMHI NMHIW 27 3/12/2024 Link 0.97 0.04 N -67.99
Holding Inc operate growing settings. It also offers other hydroponic products to growers in North America;
BitFuFu is a fast-growing digital asset mining service and world-leading cloud-mining service provider.
FUFU FUFUW BitFuFu Inc 631 3/1/2024 LINK 3.87 0.31 N -39.34
BitFuFu has been invested by, and is the only cloud-mining strategic partner of Bitmain
Critical Metals will own European Lithium's (EUR AU) Wolfsberg Lithium Project and a 20% interest
Critical Metals in other Austrian projects. The Wolfsberg Lithium Project is expected to be the first licensed lithium
CRML CRMLW 905 2/28/2024 Link 11.09 0.18 N -28.45
Corp mine in Europe; UPDATE: Shareholder vote set for 1/31; UPDATE: Shareholder vote pushed to 2/6;
UPDATE: Shareholder vote pushed to 2/15; UPDATE: Shareholder vote pushed to 2/21
Lotus Technology Lotus Technology is a luxury battery EV company delivering SUVs and sedans focused on
LOT LOTWW 4,529 2/23/2024 Link 6.72 0.50 N -51.34
inc electrification and digitalisation; UPDATE: Shareholder vote set for 2/2
CERo Therapeutics CERo is an immunotherapy company developing next gen engineered T cell therapeutics for
CERO CEROW 26 2/15/2024 Link 1.78 0.10 N -63.67
Holdings Inc treatment of cancer.
Sable has agreed to acquire Santa Ynez Field from ExxonMobil consisting of three offshore platforms
Sable Offshore
SOC SOC/WS in federal waters off Santa Barbara, CA. The field was shut down in 2014 after a pipeline leak and has 659 2/14/2024 Link 10.96 2.60 N -9.42
Corp
a target online date of January 2024; UPDATE: Shareholder vote set for 2/12
AtlasClear plans to build a financial services firm and create a platform for trading, clearing,
settlement, and banking for small/middle market firms. AtlasClear will acquire the trading technology
AtlasClear assets of Atlas Fintech Holdings and combine with Wilson Davis & Co, a correspondent clearing
ATCH ATCHW 17 2/12/2024 Link 1.43 0.00 N -79.57
Holdings Inc broker-dealer. AtlasClear also has an agreement to acquire a federal reserve member following the
combination (Commercial Bancorp of Wyoming); UPDATE: Shareholder vote set for 11/3; UPDATE:
Shareholders approve vote, closing date not set, will trade under ATCH
Borealis is a food tech company that developed a line of plant-based ready-to-eat meals sold in the
BRLS BRLSW Borealis Foods Inc 93 2/8/2024 Link 4.37 0.12 N -46.71
US and Canada; UPDATE: Shareholder vote set for 2/2
Honeycomb Battery Co. (fmr energy solutions division of Global Graphene Group) is focused on the
Solidion development & commercialization of battery materials, components, cells & selected module/pack
STI NUBIW 241 2/5/2024 Link 2.77 - N -8.58
Technology Inc technologies; UPDATE: Shareholder vote set for 11/24; UPDATE: Shareholder vote pushed to 12/5;
TruGolf Holdings TruGolf builds indoor golf products including the video game "Links" and an e-sports platform.
TRUG - 23 2/1/2024 Link 1.75 - N 31.58
Inc TruGolf also developed its launch monitor APOGEE; UPDATE: Shareholder vote set for 1/19/24
www.KEDM.com
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Psyence is a life science biotech company listed in Canada (PSYG) and OTC (PSYGF) with a focus on
Psyence natural psychedelics. It works with natural psilocybin for mental health as palliative care. It built and
PBM PBMWW 11 1/26/2024 Link 0.81 0.08 N -65.62
Biomedical Ltd operates one of the first federally licensed commercial psilocybin mushroom cultivation & production
factories in Africa; UPDATE: Will list on 1/26 under PBM
Horizon Aircraft is an advanced aerospace engineering company that developed the world's first
New Horizon eVTOL that can fly most of its mission exactly like a normal aircraft while offering industry-leading
HOVR HOVRW 45 1/16/2024 Link 2.48 0.04 N -26.19
Aircraft Ltd speed, range & operational utility; UPDATE: Shareholder vote set for 1/4; UPDATE: Shareholders
approved, planning to list under HOVR on 1/16
Hwh International HWH is a purpose-driven lifestyle company enabling home-based people in the gig economy create
HWH ACAXW 19 1/9/2024 Link 1.17 - N -58.51
Inc lasting weath.; UPDATE: Shareholder vote set for 7/25; Shareholder vote moved to 8/1
Griid Griid, procures cheap, carbon-free energy to manage, build and operate a portfolio of U.S.-based
GRDI - 71 1/3/2024 LINK 1.08 - N -79.93
Infrastructure Inc Bitcoin mining facilities
Pinstripes Holdings
PNST GRDIW Pinstripes combines made-from-scratch dining, bowling and bocce and a flexible private event space. 127 1/2/2024 Link 3.18 0.07 N -76.11
Inc
Zoomcar Holdings Zoomcar is the leading marketplace for car sharing across India, SE Asia and the MENA region with
ZCAR ZCARW 24 12/28/2023 Link 0.39 0.03 N -95.98
Inc over 25,000 cars available on its platform; UPDATE: Shareholder vote set for 10/25
flyExclusive is a premiere Part 135 owner/operator of private jet experiences. They have a Jet Club
FLYX FLYX/WS flyExclusive Inc and private charter program and recently launched a fractional program; UPDATE: Shareholder vote 360 12/28/2023 Link 4.69 0.41 N -31.53
set for 12/7
Alternus is an international vertically integrated independent power producer listen on Euronext

Alternus Clean
ALCE CLINW Growth Oslo. It develops, installs, owns and operates midsized utility scale solar parks; UPDATE: 32 12/26/2023 Link 0.40 - N -80.81
Energy Inc
Nukkleus, Inc. (OTC: NUKK) combines its world-class multi-asset technology with digital asset
exchange execution and payment services, providing institutional clients with a full-service offering
NUKK ACLEW Nukkleus Inc to operate effectively in the modern world. Nukkleus’s portfolio delivers institutional-grade custody 12 12/26/2023 LINK 0.85 - N -77.03
and access to traditional and digital asset markets globally. UPDATE: Deadline extended until 7/23;
Airship AI is an AI-driven video, sensor & data management surveillance platform that improves
Airship AI Holdings
AISP AISPW public safety and operation efficiency in the public sector and commercial customers by providing 182 12/23/2023 Link 7.96 0.65 Y 87.29
Inc
predictive analysis of events before they happen; UPDATE: Shareholder vote set for 12/15
Mobix Labs is a fabless semi company delivering next gen wireless & connected solutions; UPDATE:
MOBX MOBXW Mobix Labs Inc 47 12/22/2023 Link 2.00 0.22 N -61.69
Global Hydrogen seeks to be a leading the energy transition as a next-gen industrial gas supplier. It
HGAS HGASW Global Gas Corp targets both private and publicly-funded hydrogen development & carbon recovery projects and 17 12/22/2023 Link 2.10 0.05 N -63.79
primarily targets renewable waste as feedstock; UPDATE: Shareholder vote set for 12/4
www.KEDM.com
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LeddarTech LeddarTech develops & provides comprehensive perception software solutions that enable the
LDTC LDTCW 64 12/22/2023 Link 2.22 0.12 Y -47.02
Holdings Inc development of ADAS and autonomous driving applications.
ICI develops & manufactures infared-senor systems deployed across O&G, distribution & logistics,
MultiSensor AI
MSAI MSAIW manufacturing and utilities. It offers handheld and fixed hardware with on-device and cloud-based 33 12/20/2023 Link 2.78 0.07 N 6.11
Holdings Inc
software; UPDATE: Shareholder vote set for 12/8
Vast is a leading renewable energy company that developed concentrated solar power systems to
VSTE VSTEW Vast Solar Pty Ltd generate, store & dispatch carbon free, utility-scale electricity and industrial heat; UPDATE: 158 12/19/2023 Link 5.41 0.12 N -54.88
ECD Automotive ECD restores Land Rovers, Range Rovers and Jaguars. ECD creates bespoke, one-off luxury
ECDA ECDAW 45 12/13/2023 Link 1.40 0.05 N -25.93
Design Inc restorations; UPDATE: Shareholder vote set for 12/7
SRIVARU is a commercial provider of premium e-motorbikes in India. UPDATE: Shareholder vote set
SVMH SVMHW Srivaru Holding Ltd for 9/28; UPDATE: Shareholder vote for merger, not yet closed, will trade under SVMH; UPDATE: 8 12/11/2023 Link 0.21 0.02 N -70.42
Closing deadline moved to 11/8
African Agriculture, Inc. is a global food security company based in NY and operates an alfalfa farm in
African Agriculture
AAGR AAGRW Senegal. It also owns additional arable land in Africa to meet demand for ag commodities globally; 30 12/7/2023 Link 0.47 0.01 Y -90.02
Holdings I
Volato is a full-service private aviation company providing modern ways to enjoy ways to enjoy luxury
SOAR SOAR/WS Volato Group Inc private jets with fractional ownership, aircraft management, jet card, deposit and charter programs.; 80 12/4/2023 Link 2.75 0.11 N -68.75
UPDATE: Shareholder vote approved on 11/28, expected to begin trading under SOAR on 12/4
XBP Europe is the European business of Excela Technologies (XELA). Exela is a business process
XBP Europe
XBP XBPEW automation leader, using proprietary tech to provide digital transformation solutions enhancing 51 11/30/2023 Link 1.61 0.06 N -91.53
Holdings Inc
quality, productivity and end-user experience; UPDATE: Shareholder vote set for 8/24
GLAAM is the inventor of G-Glass, the world's first IT building material & architectural display product.
CAPT CAPTW Captivision Inc It makes LED embedded architectural glass without comprising real estate value or architectural 148 11/16/2023 Link 5.12 0.13 Y 271.01
durability. UPDATE: Shareholder vote set for 9/27
HNR Acquisition Pogo acquires, develops and exploits O&G assets in the Permian Basin; UPDATE: Shareholder vote
HNRA HNRA/WS 13 11/16/2023 Link 2.61 0.11 N -
Corp set for 10/30; UPDATE: Shareholder vote pushed to 11/13
Aeries Technology is a global professional services & consulting partner for early-stage and
Aeries Technology
AERT AERTW transforming businesses. It has over 1,500 professionals on staff and a number of leading private 78 11/8/2023 Link 2.12 0.05 N -1.40
Inc
equity sponsors & portfolio companies as clients; UPDATE: Shareholder vote set for 11/2
OneMedNet provides innovative solutions that unlock the significant value contained within the
clinical image archives of healthcare providers. OneMedNet securely de-identifies, searches and
ONMD ONMDW OneMedNet Corp 15 11/8/2023 Link 0.64 0.02 N -87.85
curates a data archive locally, bringing a wealth of internal and 3P research opportunities; UPDATE:
www.KEDM.com
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Carbon Revolution Carbon Revolution is an Australian tech company making carbon fiber wheels for the global auto
CREV CREVW - 11/3/2023 Link 13.60 0.07 N -53.62
PLC industry. UPDATE: Shareholder vote set for 9/26; UPDATE: Shareholder vote moved to 10/3
DLQ, a subsidiary of Logiq, Inc (trades OTC as LGIQ), is a provider of e-commerce and digital customer
Collective
CAUD TRCA/WS acquisition solutions by simplifying digital advertising. It also has a self-serve ad tech platform. ASPA 6 11/3/2023 Link 0.48 - N -92.45
Audience Inc
terminated a deal with Apifiny on 7/25; UPDATE: Shareholder vote set for 10/23
Engene Holdings enGene is a clinical-stage biotech company developing non-viral gene therapies with its proprietary
ENGN ENGNW 665 11/1/2023 Link 15.40 - N -23.00
Inc dually derived chitosan (DDX) platform; UPDATE: Shareholder vote set for 10/24
Next.e.Go designs and manufactures battery electric vehicles for the urban environment, with a focus
on convenience, reliability and affordability. Next.e.Go has developed a disruptive solution for
producing its electric vehicles using proprietary technologies and low cost MicroFactories, and has
EGOX EGOXW Next.e.GO NV 3 10/20/2023 Link 0.03 - N -97.57
vehicles already on the road today; UPDATE: Shareholder vote set for 9/21; UPDATE: Shareholder
vote moved to 9/28; UPDATE: Shareholder voted for merger, not closed yet, expected to trade
under EGOX
MoneyHero is a leader in online personal finance aggregation and comparison in Greater Southeast
MNY MNYWW MoneyHero Ltd Asia operating in Singapore, Hong Kong, Taiwan, the Philippines & Malaysia; UPDATE: Shareholder 80 10/13/2023 Link 2.08 0.09 Y -37.91
vote set for 10/10
Envoy Medical is a hearing health company focused on providing innovative technologies & solutions
COCH COCHW Envoy Medical Inc across the hearing loss spectrum. UPDATE: Shareholder vote set for 9/27; UPDATE: Shareholders 99 10/2/2023 Link 5.05 0.18 N 5.21
voted for merger, expected to close on 10/2 and trade under COCH
NKGen Biotech is a clinical-stage biotech company focused on the development & commercialization
NKGN NKGNW NKGen Biotech Inc of autologous, allogeneic & CAR-NK cell therapeutics; UPDATE: Shareholder vote set for 8/30; 27 10/2/2023 Link 1.20 0.10 N -78.98
UPDATE: Shareholder vote pushed to 9/20
Estrella is a preclinical-stage biopharma company developing CD19 & CD22 targeted ARTEMIS T-cell
Estrella
therapies to address treatment challenges for patients with blood cancers & solid tumors; UPDATE:
ESLA ESLAW Immunopharma 41 10/2/2023 Link 1.13 0.07 N -67.44
Shareholder vote set for 7/31; UPDATE: Shareholder voted for merger, expected to close on 10/2
Inc
and trade under ESLA
Conduit Conduit is a clincal stage specialty biopharma company addressing unmet medical needs in the areas
CDT CDTTW Pharmaceuticals of autoimmune disease and idiopathic male infertility; UPDATE: Shareholder vote set for 9/20; 232 9/25/2023 Link 3.18 0.08 N -69.36
Inc UPDATE: Shareholder approved, expected to begin trading on 9/25 under CDT
Greenfire Greenfire is an intermediate sized low-cost oil sands producer in Calgary; UPDATE: Shareholder vote
GFR - 436 9/21/2023 Link 6.34 - N -7.85
Resources Ltd set for 9/11
American
AON is an alliance of physicians and healthcare leaders to ensure the long-term success of community
AONC AONCW Oncology Network 59 9/21/2023 Link 5.56 0.33 N -72.88
oncology. It represents 107 physicians across 18 states; UPDATE: Shareholder vote set for 9/19
Inc
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Roadzen is a tech insurance company on a mission to transform global auto insurance powered by
RDZN RDZNW Roadzen Inc advanced AI. Roadzen combines computer vision, telematics and AI with other data sources to build 401 9/21/2023 Link 5.86 0.10 N -10.81
auto insurance products; UPDATE: Shareholder vote set for 8/25
Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that

Calidi
is revolutionizing the effective delivery and potentiation of oncolytic viruses for targeted therapy
CLDI CLDI/WS Biotherapeutics 25 9/13/2023 Link 0.69 0.09 N -85.82
against difficult-to-treat cancers. Calidi originally signed a deal with ADOC that was terminated
Inc
8/12/22; UPDATE: Shareholder vote set for 8/22; UPDATE: Shareholder vote moved to 8/28
Spectral MD is a predictive AI company focused on medical diagnostics for faster & more accurate
MDAI MDAIW Spectral AI Inc treatment decisions in wound care with its DeepView platform; UPDATE: Shareholder vote set for 35 9/11/2023 Link 2.00 0.16 N -82.71
9/6
Noco-Noco is a development stage manufacturer of carbon-zero EV battery technology. UPDATE:

NCNC NCNCW Noco-Noco Inc 34 8/28/2023 Link 0.25 0.02 N -87.75
Mobile
Mobile Infrastructure invests in parking lots and garages in the US. It owns 44 parking facilities in the
BEEP - Infrastructure 111 8/28/2023 Link 3.64 - N -64.90
US; UPDATE: Shareholder vote set for 8/10
Corp
iCoreConnect is a cloud-based software and tech company focusing on workflow productivity and
customer profitability through its enterprise and healthcare workflow platform; UPDATE:
ICCT FGMCW iCoreConnect Inc 13 8/28/2023 Link 1.32 - N -16.98
Shareholder vote set for 5/26; UPDATE: Shareholder vote moved to 8/11; UPDATE: Shareholder
vote moved to 8/18
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 funded $30.9B in home
Better Home &
BETR - loans and provided over $7B in cumulative coverage through Better Cover and Better Settlement 337 8/23/2023 LINK 0.45 - N -97.45
Finance Holding
Services, the insurance divisions of Better. Better has raised over $400M in equity capital since
inception.; UPDATE: Shareholder vote set for 8/11
Able View provides full-service brand management for brands entering China. It provides solutions
Able View Global
ABLV ABLVW covering marketing strategy, branding, digital & social marketing, omni-channel sales, customer 83 8/18/2023 Link 1.97 0.05 N -64.17
Inc
service, oversea logistics, warehouse & fulfillment; UPDATE: Shareholder vote set for 8/2
VinFast is the leading Vietnamese automotive manufacturer with a full portfolio of electric SUVs, e-
VFS VFSWW Vinfast Auto Ltd 8,416 8/14/2023 Link 3.60 0.58 Y -65.55
scooters & e-buses; UPDATE: Shareholder vote set for 8/10
TriSalus Life Sciences is an oncology therapeutics company integrating immunotherapy with

disruptive delivery technology for patients with liver and pancreatic tumors. It aims to use its
TriSalus Life
TLSI TLSIW proprietary delivery method to overcome intratumoral pressure and immunosuppression that 252 8/11/2023 Link 9.43 0.99 N -21.42
Sciences Inc
usually acompanies cancer treatments; UPDATE: Shareholder vote set for 8/2; Shareholder vote
moved to 8/8
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ESG is a Singapore company that restores and regenerates industrial waste into sustainable circular
ESGL ESGLW ESGL Holdings Ltd 7 8/3/2023 Link 0.56 0.01 N -94.68
products; UPDATE: Shareholder vote set for 7/26
Electriq provides intelligent energy storage and management solutions for residential and small
Electriq Power
ELIQ ELIQW business use. Combining Electriq's solution with rooftop solar creates a low-cost solar plus storage 3 8/1/2023 Link 0.06 0.00 N -98.69
Holdings Inc
solution; UPDATE: Shareholder vote set for 7/25
AEON is a clinical stage biopharma company focused on developing ABP-450 injection for treatment
AEON Biopharma of debilitating medical conditions with an initial focus on the neurology and gastroenterology
AEON AEON/WS 287 7/24/2023 Link 7.60 1.78 N -17.39
Inc markets. UPDATE: Shareholder vote set for 6/6; UPDATE: Pushed to 6/13; UPDATE: Pushed to 6/21;
UPDATE: Pushed to 6/26; UPDATE: Merger approved, will begin trading on 7/24
Complete Solaria Complete Solaria combines two residential solar companies: Complete Solar & Solaria. It will offer
CSLR CSLRW 26 7/18/2023 Link 0.52 0.07 N -90.46
Inc best-in-class tech, financing, project fulfilment and service. UPDATE: Shareholder vote set for 7/11
Carmell is a Phase 2 biotech company developing allogeneic plasma-based biomaterials designed to

CTCX CTCXW Carmell Corp boost innate regenerative pathways across a variety of bone and soft tissue indications. UPDATE: 49 7/17/2023 Link 2.57 0.11 N -73.61
Marti was founded in 2018 and is Turkey's leading mobility app, operating a fleet of over 46k e-
Marti
MRT - mopeds, e-bikes and e-scooters; UPDATE: Shareholder vote set for 7/5; Closed on 7/6, will begin 69 7/11/2023 Link 1.33 - N -77.83
Technologies Inc
trading under MRT on 7/11
Lifezone Metals provides supply chain solutions to the global battery metals market. It seeks to pair
Lifezone Metals
LZM LZM/WS one of the largest undeveloped nickel sulphide deposits in the world with its proprietary hydromet 609 7/6/2023 Link 7.61 0.53 N -54.16
Ltd
technology as an alt to smelting. UPDATE: Shareholder vote set for 6/29
Abacus Life is a leading vertically integrated alternative asset manager specializing in life insurance
ABL ABLLW Abacus Life Inc products since 2004. It purchases life insurance policies from consumers and actively manages a 769 7/3/2023 Link 12.08 0.54 N 11.34
portfolio of life insurance products. UPDATE: Shareholder vote set for 6/29
Bitcoin Depot is a bitcoin ATM network that allows users with simple means of converting cash into
BTM BTMWW Bitcoin Depot Inc crypto. Along with its 7,000 kiosk locations in North America, users can also convert cash at thousands 93 7/3/2023 Link 1.59 0.08 N -55.96
of retail cash registers through BDCheckout. UPDATE: Shareholder vote set for 6/28
Drilling Tools International is an oilfield services company that rents downhole drilling tools used in
Drilling Tools
DTI - horizontal & directional drilling of oil & nat gas wells. It operates from 22 locations across NA, Europe 137 6/21/2023 Link 4.60 - N -0.22
International C
and the Middle East.
CSA is a copper mine in NSW, Australia wholly-owned by Glencore. It produced 41kt of payable
Metals Acquisition copper and 459koz of payable silver in 2021 and is expected to produce over 40kt of copper in 2022.
MTAL MTAL/WS 654 6/16/2023 Link 13.51 2.40 N 40.73
Ltd CSA has been in operation since 1967 and has an estimated current mine life of over 15 years
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($M) or PR Warrants
(%)
NET Power is a clean tech company that invents, develops and licenses technology for reliable, on-
NPWR NPWR/WS Net Power Inc demand nat gas power with emissions 90% lower than current systems. UPDATE: Shareholder vote 2,170 6/9/2023 Link 10.15 2.45 Y -30.53
set for 6/6
The Beneficient Company Group provides a suite of simple, rapid and cost-effective liquidity solutions
& other financial/fiduciary services for owners of alt assets. It uses its own balance sheet and serves
BENF BENFW Beneficient 27 6/8/2023 Link 0.10 0.01 N -98.92
to remove many of the barriers to liquidity faced by HNW individuals & SMID institutions. UPDATE:
Chijet develops, manufactures, sells and services traditional fuel vehicles and Evs. State-of-the-art
Chijet Motor Co manufacturing systems and stable supply chain management enable Chijet to provide customers with
CJET - 56 6/2/2023 Link 0.35 - N -90.87
Inc products of high performance at reasonable prices. Chijet previously had an agreement with DMAQ
that was terminated on 9/30/22; UPDATE: Shareholder vote set for 4/20
Tigo develops and manufactures smart hardware and software solutions that enhance the safety and
yield of solar systems while lowering the operating costs. It combines its Flex Module Level Power
TYGO TYGOW Tigo Energy Inc 66 5/23/2023 Link 1.10 - N -89.00
Electronics with intelligent, cloud-based software capabilities. UPDATE: Shareholder vote set for
5/18
Auto Services (SunCar) is a leading provider of digital platforms for comprehensive auto services and
SunCar Technology insurance products in China. It provides enterprise clients with plug-in aftermarket auto service and
SDA SDAWW 618 5/17/2023 Link 7.00 0.30 N 14.57
Group Inc insurance solutions. GBRG recently terminated its last merger with AgiiPlus on 5/3; UPDATE:
Zapp creates electric motorcyles, launching its first model i300 in June 2022 as an urban electric high
Zapp Electric
ZAPP ZAPPW performance two-wheeler; UPDATE: Shareholder vote set for 4/12; Shareholder vote moved to 16 4/28/2023 Link 0.26 0.01 N -97.02
Vehicles Group L
4/14
Bitdeer is a world-leading technology company for the cryptocurrency mining community

headquartered in Singapore. Bitdeer has committed to providing comprehensive digital asset mining
Bitdeer
solutions for its customers. Bitdeer handles complex processes involved in mining such as miner
BTDR - Technologies 699 4/13/2023 LINK 6.04 - Y -39.60
procurement, transport logistics, mining datacenter design and construction, mining machine
Group
management and daily operations. Bitdeer has mining datacenters deployed in the United States and
Norway. UPDATE: Shareholder vote set for 4/11
Apollomics is an innovative clinical-stage biopharma company focused on the discovery and

development of oncology therapies. It has a pipeline of nine drug candidates with six in the clinical
APLM APLMW Apollomics Inc 50 3/30/2023 Link 0.56 0.01 N -98.10
stage. It includes vebreltinib (APL-101) in Phase 2 trials in the US, uproleselan (APL-106) in Phase 1
and 3 trials in China. UPDATE: Shareholder vote set for 3/20
GSH (will rename to United Homes Group) is one of the largest homebuilders in the Southeast with
United Homes
UHG UHGWW a presence in South Carolina and Georgia. It focuses on high-quality, affordable homes for entry-level 291 3/30/2023 Link 6.01 1.03 N -52.60
Group Inc
and first move-up buyers. UPDATE: Shareholder vote set for 3/23
www.KEDM.com
Newsletter Short Monitor

Campaigns by notable short sellers and newsletters (trailing 60)
Return
Date of Insider Short YTD
Research since initial Link to
Initial Ticker Company Sector Mkt Cap ($M) Selling (# Interest Return Thesis
Firm publication Research
Report of shares) (%) (%)
(%)
Extensive insurance fraud that the management had a
knowledge of; the sales agencies committed insurance fraud
Life/Health
Fuzzy Panda 4/11/2024 GL Globe Life Inc 5,480 -91,044 3 19% -52% LINK (writing policies for dead people, forged signatories,
Insurance
withdrawing funds without approval); fraudulent sales; illegal
kickbacks;
AI wannabe (company's AI does not work, it is operated all by

humans); misled investors (the restaurant business is a disaster
Culper Applications
7/27/2023 SOUN SoundHound AI Inc 1,343 -673,499 14 95% 105% LINK and the claimed massive backlog is a joke); executives are selling
Research Software
$9.8m of shares; Update 4/10 - Filed new $150mil ATM, as
expected. Target price: $1 per share.
Inflated demand (actual number of interest <150 vs. claimed

>1,500); potentially fake 'significant revenue' contract; series of
VERS Applications
Verses AI 4/9/2024 Verses AI Inc 68 0 - -6% -32% LINK defunct businesses; false degree credentials; sued by the initial
CN Software
funding providers; stock promotion; misrepresented
partnerships;
Subsidiary listing in Shanghai attracted Chinese regulatory
scrutiny; did not disclose that the IPO was blocked by Chinese
Electronic
Jcapital 4/4/2024 AXTI AXT Inc 155 0 5 9% 46% LINK regulators due to unfair related-party transactions; false data;
Compo-Semicon
tax evasion; improper storage of chemicals; sales dropped more
than 50%;
Paywalled (We believe Marqeta is a financial platform in distress
with its biggest customer, Block, and its biggest banking partner,
Sutton Bank, both under the aggressively growing scrutiny of
The Bear Commercial Serv-
4/4/2024 MQ Marqeta Inc 2,803 -327,399 3 -7% -22% LINK regulators. The Bear Cave further believes that Marqeta,
Cave Finance
through its partnership with Cash App, is facilitating criminal
payments and becoming the preferred payment processor for
child pornography.)
Aggressive revenue recognition; accounting maneuvers to
Blue Orca Enterprise inflate profits; key profitability metrics are manipulated; shares
4/4/2024 DAY Dayforce Inc 9,546 -70,084 6 -5% -9% LINK
Capital Software/Serv are trading +25% over competitors; overvalued (x39 EBITDA, x57
EBIT); up to 50% downside;
The company's all previous businesses failed and are now solely
White Internet Content- dependent on FlexTV; failed crypto business due to management
4/4/2024 MPU Mega Matrix Corp 98 0 10 2% 93% LINK
Diamond Info/Ne incompetency; FlexTV is likely to fail again as the management
has no experience in any entertainment business;
The company's e-commerce business has collapsed because of

Bleecker Containers- Amazon; products can't be used in the state due to recycling and
4/3/2024 SEE Sealed Air Corp 4,681 0 4 -5% -12% LINK
Street Paper/Plastic labeling bills; organic growth has collapsed; facing existential
challenges;
www.KEDM.com
Return
Date of Insider Short YTD
Research since initial Link to
Initial Ticker Company Sector Mkt Cap ($M) Selling (# Interest Return Thesis
Firm publication Research
Report of shares) (%) (%)
(%)
Growing financial strain (high employee turnover and shrinking
EBITDA margin); non-standard financial definitions to
WSP Engineering/R&D manipulate and inflate data; opaque revenue reporting; actual
Spruce Point 4/3/2024 WSP Global Inc 26,102 -32,353 0 0% 13% LINK
CN Services CF conversion is 38% vs. claimed 110%; undisclosed
whistleblower allegations over tax evasion; IFRC guidance
violated;
The company's current business practice could be deemed as
Finance-Mtge
Hunterbrook 4/2/2024 UWMC UWM Holdings Corp 10,034 0 18 5% -12% LINK fraudulent; false claim to homebuyers; taking advantage of both
Loan/Banker
homebuyers as well as mortgage brokers;
Distressed business; declining sales hidden by aggressive

Jehoshaphat Medical revenue recognition; key operational metrics are manipulated;
4/1/2024 DOCS Doximity Inc 4,836 -24,000 9 -2% -8% LINK
Research Information Sys declining customer ROI; an engagement with the company's
platform is falling; chief executives are leaving in the same year;
Kerrisdale Enterprise Long Bitcoin and short MSTR, which is trading at 2.5x the spot
3/28/2024 MSTR MicroStrategy Inc 24,786 -453,620 23 -14% 131% LINK
Capital Software/Serv price of Bitcoin; no justification for excessive premium;
The loan book is distressed in its entirety; underlying collateral is

vastly overstated; the loans can't be refinanced anywhere; most
of the loans are maturing in 18 months; Update 11/29 - Follow-
up report: Nov CLO performance data is as bad as expected.
Update 12/5 - Whistleblowers provided evidence on certain
Viceroy 11/16/2023 ABR Arbor Realty Trust Inc REITS-Mortgage 2,495 0 40 3% -20% LINK
syndicated portfolios. Update 12/22 - Follow-up report:
Delinquencies on the rise. Update 1/8 - The short-seller sent a
letter to ABR's auditor EY. Update 1/22 - Delinquencies grew
50%, according to January CLO. Update 2/21 - Commented on
ABR's earnings results. Update 3/26 - Follow-up report.
Paywalled (Hershey faces rapidly growing competition from one

of the world’s youngest, most talented, and most influential
entrepreneurs: 25-year-old YouTube star Jimmy Donaldson, AKA
Food-
Bear Cave 7/20/2023 HSY Hershey Co/The 37,792 -17,783 2 -23% -1% LINK MrBeast. His new chocolate brand, Feastables, has waged an all-
Confectionery
out war against Hershey in retail and on social media — and is
winning.) Update 3/21 - Follow-up report: Hershey is losing in
competition.
Uncovered hidden loan equal to 50% of the loan coming due;

Culper Commer Banks-
3/21/2024 TBBK Bancorp Inc/The 1,640 -32,734 10 -2% -19% LINK insufficient loan loss reserve against non-performing loans;
Research Eastern US
potential loan losses equal to over 40% of the book value;
Overvalued (trading at 86% premium to its peers); AFFO
manipulated by at least 22% in 2023; accounting manipulations;
Hindenburg 3/20/2024 EQIX Equinix Inc REITS-Diversified 72,013 -54,042 2 -8% -6% LINK
CapEx accounting manipulation; operating margins are driven by
financial engineering;
www.KEDM.com
13D Monitor
13D filings and activist campaigns by notable investors (trailing 60 days)
Return
TTM Days Link
Initial Filing Market since
Ticker Company Activist Fund Sector Objective/Notes Return Until to
Date Cap (M) objective
(%) AGM 13D
(%)
Launch a $1 trillion yen buyback and sell down its $3.6 billion stake in
Mitsui Oriental Land, which runs Tokyo Disneyland (According to people
Real Estate
8801 JP Fudosan Co Elliott Investment Management 2/5/2024 4,707,811 familiar with the matter). UPDATE 4/12/24: Elliott "welcomes Mitsui 30 105 - Link
Oper/Develop
Ltd Fudosan's new Long-Term Vision, which reflects the constructive
dialogue" that they had with the Company.
Opposes break up. Believes that the private equity firm’s (KKR) offer
undervalues the network and that any sale would be a strategic mistake.
Telecom UPDATE 3/19/24: Merlyn is considering filing its own slate of nominees
Vivendi SA; Merlyn Advisors; Telephone-
TIT IM Italia 6/22/2023 4,885 for TIM's board. UPDATE 3/29/24: Bluebell Capital has presented -12 -26 - Link
Bluebell Capital Partners Integrated
SpA/Milano candidates for TIT IM's board. UPDATE 4/11/24: Bluebell proposed
nominating an ex-Google executive (Laurence Lafont) as a candidate
for the CEO position at TIT IM.
~15% position; Will engage management about operational and

strategic opportunities including asset and corporate consolidation;
Company adopts poison pill. UPDATE 6/14/23: Riposte wants the
company to drop the anti-takeover defenses , explore a sale, return
capital via a dividend, and to make executive compensation changes.
UPDATE 9/28/23: Riposte filed a 13D/A expressing their concerns.
Believes the Board is not acting with shareholders interests in mind.
SilverBow Oil Comp-
SBOW Kimmeridge; Riposte Capital LLC 9/23/2022 844 UPDATE 11/30/23: Riposte wrote a letter to SBOW calling for new 32 29 263 Link
independent directors. UPDATE 3/13/24: Kimmeridge delivered a
proposal to SBOW, offering to combine Kimmeridge Texas Gas with
SBOW, valuing SBOW at $34 per share. UPDATE 3/21/24: Riposte Capital
supports the proposed transaction made by Kimmeridge. UPDATE
4/11/24: Kimmeridge asked SBOW to provide their views of SBOW's
relative value and the terms under which they would be willing to
transact by April 15, 2024.
Clearlake offers unsolicited 71/sh; Company rejects. UPDATE 10/2/23:

BLKB extended its existing stockholder rights plan. UPDATE 3/18/24:
Enterprise
BLKB Blackbaud Inc Clearlake Capital 3/27/2023 3,962 BLKB terminated the stockholder rights plan. UPDATE 4/11/24: Per 20 14 - Link
Software/Serv
Bloomberg: Clearlake Capital renewed its exploration to take BLKB
private, according to sources familiar with the matter.
Zimcal filed a proxy. Nominated 2 candidates for election to the board

Medallion
Finance-Consumer and outlined 5 steps the company should take: i) Enhance the board. ii)
MFIN Financial ZimCal Asset Management 4/10/2024 182 3 20 - Link
Loans Resolve the SEC complaint. iii) Improve the management team. iv) Cut
Corp
expenses. v) Go on offense.
www.KEDM.com
Return
TTM Days Link
(%) AGM 13D
(%)
Arkhouse Management and Brigade Capital made a $5.8 billion ($21 a
share) offer to take Macy's private, according to a person familiar with
the matter. UPDATE 1/18/24: Macy's is cutting about 3.5% of its
workforce. UPDATE 1/21/24: Macy's confirmed that it received an
acquisition offer for the company for $21 per share in cash from
Arkhouse and Brigade Capital. Per the 8-K, Macys stated "Arkhouse and
Brigade Failed to Provide Evidence of a Viable Financing Plan and the
Arkhouse Management & Retail-Regnl Dept
M Macy's Inc 12/10/2023 5,293 Unsolicited Proposal Lacks Compelling Value". Arkhouse is threatening 13 15 35 Link
Brigade Capital Store
to take the offer to shareholders. UPDATE 2/20/24: Arkhouse
nominated nine independent candidates for election to the board.
UPDATE 3/5/24: Arkhouse and Brigade increased their offer to acquire
Macy's to $24 per share and Arkhouse is against Macy's decision to close
150 stores. UPDATE 3/19/24: Macy's stated that it will open its books to
Arkhouse and Brigade. UPDATE 4/10/24: Arkhouse terminated its
proxy contest as two of its nominees were added to the board.
Oasis is urging the company to: i) Prioritize the international growth of

core cosmetics and skincare brands. ii) Hire a leading Chief Marketing
Officer or equivalent with global experience immediately to transform
the Company’s approach to marketing. iii) Appoint outside board
4452 JP Kao Corp Oasis Management 4/4/2024 Cosmetics&Toiletries 2,916,534 members with branding and marketing experience. iv) Cut 3 20 - Link
underperforming brands and SKUs. v) Enhance transparency and
disclosure. UPDATE 4/9/24: Oasis owns about 3% of Kao Corp. and
believes that if the company prioritized its Cosmetics and Health &
Beauty segments, the stock price would exceed 10,000 yen per share.
Ashford
AHT Hospitality Blackwells Capital 4/9/2024 REITS-Hotels 57 Reconstitute the board. 3 -50 32 Link
Trust Inc
Danaos Corporation Delivered Letter to Eagle Bulk Shipping Board.
Eagle Bulk Danaos wants the poison pill removed, believes the boards decisions do
EGLE Danaos Corp 6/26/2023 Transport-Marine 693 40 - - Link
Shipping Inc not benefit all shareholders. UPDATE 4/9/24: Star Bulk completed its
merger agreement with EGLE.
Matrix believes the proposed merger with Skydance is "sub-optimal"
Paramount
PARA Matrix Asset Advisors 4/8/2024 Multimedia 7,591 and "significantly dilutive to shareholder value". Matrix wants PARA to -1 -50 - Link
Global
consider the offer from Apollo.
Tredegar Metal Per the 13-D: If the business performance does not improve, then the
TG John D Gottwald 4/8/2024 222 0 -26 27 Link
Corp Processors&Fabrica board needs to consider changes in senior management.
Ducommun Aerospace/Defense- DCO received a non-binding indication of interest from Albion River
DCO Albion River Management 4/8/2024 803 -2 4 12 Link
Inc Equip Management to acquire the company for $60 per share in cash.
Wynnefield opposes TPCS's proposed acquisition of Votaw Precision

Technologies. UPDATE 12/19/23: Wynnfield is concerned that TPCS is
ignoring its duty to shareholders by failing to explain the proposed
TechPrecision Metal
TPCS Wynnefield Capital 12/7/2023 48 acquisition. UPDATE 1/19/24: Wynnefield wrote a letter to the board -8 -25 - Link
Corp Processors&Fabrica
imploring TPCS to give all shareholders a voice in the proposed
transaction. UPDATE 4/8/24: TPCS terminated its agreement to acquire
Votaw Precision Technologies.
www.KEDM.com
Return
TTM Days Link
(%) AGM 13D
(%)
Discussions regarding the board. UPDATE 1/10/24: GK Investor

nominated two candidates to the board. UPDATE 1/22/24: GNK wrote a
Genco letter to shareholders illustrating how the company plans to create long-
GNK Shipping & GK Investor (George Economou) 12/29/2023 Transport-Marine 878 term value. UPDATE 3/5/24: GNK rejected George Economou's 26 38 - Link
Trading Ltd nominees. UPDATE 4/8/24: Economou filed a 13-D/A and a preliminary
proxy. Economou is seeking to elect only one nominee to the board
and wants the Chairman removed.
Discussions. UPDATE 12/28/23: Ancora identified candidates for the

board, and wants HLIT to accelerate the sales process of its video
Scopia Capital Management; Telecommunication
HLIT Harmonic Inc 9/21/2023 1,182 business. UPDATE 4/8/24: HLIT's CEO retired and the board appointed 10 -32 - Link
Ancora Advisors Equip
a new CEO. HLIT concluded its strategic review of its Video business
with no transaction completed.
Symetryx opposes the merger between Chek-Cap and Keystone Dental.

UPDATE 9/29/23: Symetryx issued a letter to the Board of CHEK
demanding a Special Meeting of Shareholders to remove and replace
Directors. UPDATE 12/5/23: Yoav Kimchy, the founder of Check-Cap
Check Cap Symetryx; EquityLine Alternate Medical Imaging issued an open letter to shareholders urging them to vote against the
CHEK 9/21/2023 13 -44 67 - Link
Ltd Assets Systems merger. UPDATE 3/25/24: CHEK and Nobul entered into a definitive
business combination agreement. UPDATE 4/1/24: EquityLine Alternate
Assets is concerned about the proposed the merger, the recent changes
in leadership, and the company's cash burn. UPDATE 4/8/24: CHEK and
EquityLine Alternate Assets entered into a support agreement.
BoD and mgmt. changes (CFO). IRES unanimously recommends
shareholders vote FOR all proposed resolutions at the 2023 AGM.
Irish UPDATE 12/18/23: Vision Capital is pushing for a strategic review and
IRES ID Residential Vision Capital 4/12/2023 REITS-Apartments 530 removal/replacement of five directors. UPDATE 1/8/24: IRES ID 7 7 - Link
Properties R launched a strategic review. UPDATE 4/5/24: Vision Capital is planning
on nominating three individuals for election to the board at the annual
meeting.
www.KEDM.com
Mergers and Acquisitions Monitor

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

Date of PR Target Company Acquirer Type Cash Stock Deal Price Notes LINK
Ticker Ticker ($) (%) (%)
5/31/2023 - A private equity firm Thomas H. Lee bid $17 per

Maravai share, all-cash offer but the company rejected the offer.
Thomas H Lee
5/16/2023 LifeSciences MRVI - Cash - - - - - Update 7/14 - Germany's Merck KGaA (MKGAF) is speculated LINK -
Partners LP
Holdings to be interested in acquiring MRVI. Update 8/1 - Bio-Techne
Corporation is exploring acquisition options.
12/15/2023 - Merger agreement. All-cash transaction.
Expected to close in Q1 2024. Update 12/28 - EGM will be held
on Feb 7. Update 1/9 - Received notice of non-compliance
from NYSE. Update 1/24 - Merger termination date extended
from Apr 12 to Jun 12. Update 2/6 - Merger amendment:
Funding deadline extended until Feb 15. Termination fee
decreased from $8.0 mil to $3.5 mil; Update 2/12 - Filed
12/15/2023 Battalion Oil Corp BATL Fury Resources Inc Private Cash 9.8000/sh. - 9.80 4.34 79.49 LINK -
preliminary proxy statement. Update 2/16 - Third merger
amendment: a) Deposit obligation is removed; b) Termination
fee reduced to $0; c) Operating covenants deleted. Update
3/28 - Merger was amended. Update 4/8 - Preliminary proxy
filed. Update 4/10 - The parent company informed that the
Funding Deadline requirement will not be met. The company
has the right to terminate the agreement.
11/8/2023 - Definitive merger agreement. All-cash
Sega Sammy transaction. Expected to close by Q4 2024. Update 1/10 - EGM
11/8/2023 GAN Ltd GAN 6460 Cash 1.9700/sh. - 1.97 0.64 48.12 LINK 50
Holdings Inc will be held on Feb 13. Update 2/13 - GAN shareholders voted
for the merger.
transaction. Expected to close in 2024. Update 9/22 - EGM will
be held on Oct 25, 2023. Update 10/3 - HSR expired. Update
10/12 - It is speculated that CPRI might receive a rival offer
from a European company. Update 10/25 - CPRI shareholders
8/10/2023 Capri Holdings Ltd CPRI Tapestry Inc TPR Cash 57.0000/sh. - 57.00 17.60 44.67 LINK 62
voted for the merger. Update 11/3 - Received second request
from FTC. Update 1/10 - It was reported that the China's SAMR
cleared the deal in Dec. Update 3/7 - TPR filed with the EU
antitrust regulator. Update 3/14 - It is reported that the EU
review could be quicker.
transaction. Expected to close by Q2 2025. Update 1/9 - EGM
will be held on Feb 16. Update 2/6 - Provided update on
litigations and financial projections. Update 2/7 - Received
Hawaiian Alaska Air Group additional request from DOJ. Update 2/20 - HA shareholders
12/3/2023 HA ALK Cash 18.0000/sh. - 18.00 4.99 38.36 LINK 34
Holdings Inc Inc voted for the merger. Update 3/19 - Preliminary prospectus
filed. Update 3/27 - Entered into a timing agreement with the
DOJ, not to consummate the merger before 90 days following
the compliance with the Second Request. Update 4/1 - AGM
will be held on May 15.
www.KEDM.com

10/14/2022 - Definitive merger agreement. Expected to be

completed early 2024. ACI is in process of spinning-off its
subsidiary before the merger consummation, in which case,
the merger consideration will be reduced by that amount.
Special cash dividend of $6.85 announced, payable on Nov 7
with a record date of Oct 24. Update 10/19 - US senators raised
their concerns to FTC regarding the acquisition. Update 11/2 -
State attorneys general sued to block ACI's special dividend
prior to the merger, stating it would hinder the company's
competitive advantage. Update 11/4 - Washington state judge
granted a temporary order to block ACI's dividend payments.
Update 11/8 - ACI given greenlight to proceed with $4bil
dividend. Update 12/5 - HSR expired. Update 12/6 - FTC
requested more details. Update 1/17 - Washington state court
Albertsons Cos ruled for the dividend payment. Payment will be made on Jan
10/14/2022 ACI Kroger Co/The KR Cash 27.2500/sh. - 27.25 7.00 LINK -
Inc 34.53 20. Update 8/2 - Judge dismissed the request for preliminary
injuction. Update 9/6 - KR is in talks with C&C Wholesalers to
dispose grocery stores to address FTC concerns. Update 9/8 -
Parties in agreement to sell more than 400 stores to C&S for
$1.9 bil. Update 12/11 - The International Brotherhood of
Teamsters opposes any sales of KR or ACI assets to C&S and
urgeed the FTC to reject C&S as a buyer. Update 1/17 -
Washington State sued to block the deal. Merger parties
stated that they will vigorously defend it in court. Update 2/21
- FTC expects to sue the deal before Feb 28. Several states are
expected to join. Update 2/26 - FTC filed a lawsuit to block the
merger. Eight other states joined the suit. Update 3/12 - FTC's
trial is scheduled to start on Aug 26. Update 3/25 - A number
of state lawsuit hearings are set for August. Parties are
working on more divesture plans to address the concerns.
transaction. Expected to close in Q3 2024. Update 12/21 -
White House said the deal deserves serious scrutiny. Update
1/12 - The US review may extend into 2025, Bloomberg
reported. Update 1/24 - X dislosed that Cleveland-Cliffs (CLF)
submitted non-binding offer of $54 in cash and stock. Update
1/24 - Preliminary proxy statement filed. Update 1/30 - CLF
CEO doesn't believe the deal would close. Update 2/1 -
JPMorgan, an advisor to CLF on X's acquisition, suspended its
rating on CLF and X. CLF CEO said the offer is off the table.
Update 2/1 - Trump said he would block the deal if he wins the
United States election. Update 2/2 - Filed an investor presentation. Update
12/18/2023 X Nippon Steel Corp 5401 Cash 55.0000/sh. - 55.00 14.00 34.15 LINK 73
Steel Corp 2/16 - Environmentalists are against the merger. Update 2/23
- Nippon Steel's China asset raises concerns. Update 2/23 -
Preliminary proxy filed. Update 2/27 - Nippon Steel signed an
NDA with the workers' union to progress the talks. Update 3/7
- United Steelworkers union meeting with Nippon Steel did not
yield progress. Update 3/12 - EGM will be held on Apr 12,
2024. Update 3/13 - Joe Biden plans to intervene in the deal.
Update 3/15 - Nippon Steel defends the deal. Update 4/10 -
DOJ opened a formal investigation into the deal. Update 4/12
- Merger parties are working on a decision to push back the
expected completion date to H2 2024. Update 4/12 - EU
decision deadline.
www.KEDM.com

.4345
1/16/2024 - Definitive merger agreement. All-stock
Firstsun Capital Aqr
1/16/2024 HomeStreet Inc HMST FSUN Stock - 15.28 2.31 17.79 transaction. Expected to close by Q2 2024. Update 1/29 - Filed LINK 82
Bancorp sh./Tgt
an investor presentation.
sh.
transaction. Expected to close by Q1 2025. Update 2/20 - Sen.
Elizabeth asks the deal to be blocked. Update 2/26 - Warren
and 12 lawmakers issued a letter to block the deal. Update 3/7
1.0192
- FT reported that JPMorgan pursued DFS deal before COF's
Discover Financial Capital One Aqr
2/19/2024 DFS COF Stock - 141.74 20.99 17.38 offer. Update 3/15 - EGM will be held on May 9. Update 3/27 LINK 14
Services Financial Corp sh./Tgt
- DFS President and CEO resigned, effective from Apr 1, as he
sh.
was not expected to have long-term role at the combined
company. Update 4/8 - Senate Majority Leader Chuck
Schumer requests information on the deal to explore its
anticompetitive effects.
.3450 1/16/2024 - Definitive merger agreement. Cash and stock
Cash
Aqr transaction. Expected to close by Q2 2025. Update 4/1 -
1/5/2024 ANSYS Inc ANSS Synopsys Inc SNPS and 197.0000/sh. 388.73 54.88 16.44 LINK 14
sh./Tgt Received second request from the FTC. Update 4/11 - EGM
Stock
sh. will be held on May 22.
10/17/2023 - All-cash transaction. Expected to close by Q2
2024. Update 10/31 - Tender commenced, expiring on Nov 30,
2023. Update 11/16 - HSR expired. Update 12/1 - Tender offer
Thermo Fisher extended until Dec 14. Update 12/22 - Parties decided to refile
10/17/2023 Olink Holding AB OLK TMO Cash 26.0000/sh. - 26.00 3.32 14.61 LINK 68
Scientific Inc on Jan 15, 2024 for a compiance with Germany. Update 1/4 -
TMO extended the tender offer until Feb 29. Update 2/2 - the
UK antitrust regulator is evaluating the merger. Update 3/1 -
Tender extended until Apr 30.
2/5/2024 - Definitive merger agreement. All-cash transaction.

2/5/2024 Catalent Inc CTLT Novo Holdings A/S Private Cash 63.5000/sh. - 63.50 7.06 12.51 LINK 17
Expected to close in Q4 2024.

transaction. Expected to close in Q1 2025. Update 11/3 - The
5th largest shareholder Wildcat Capital opposes the deal and
wants to terminate the sale if a higher price can't be agreed.
Consolidated
Update 1/3 - EGM will be held on Jan 31. Update 1/11 - CNSL
10/16/2023 Communications CNSL Searchlight Capital - Cash 4.7000/sh. - 4.70 0.40 LINK -
9.43 files investor presentation highlighting benefits of transaction.
Ho
Update 1/19 - ISS recommends shareholders vote FOR the
merger. Update 1/23 - Glass Lewis recommends shareholders
vote FOR the merger. Update 1/31 - CNSL shareholders voted
for the merger.
transaction. Expected to close in 2H 2023. Update 8/4 - HSR
expired. Update 8/9 - Shareholders voted for the merger.
UnitedHealth Update 8/10 - DOJ requests more info. Update 9/11 - AMED
6/26/2023 Amedisys Inc AMED UNH Cash 101.0000/sh. - 101.00 8.63 LINK 46
Group Inc 9.34 shareholders voted for the merger. Update 10/4 - Sen. Eliz.
Warren asked antitrust regulator to look closely at the deal.
Update 2/27 - DOJ launched an antitrust probe. Update 3/21 -
DOJ is considering a lawsuit against the merger.
Expected to close by Q1 2025. HPE CEO said the deal may not
Juniper Networks Hewlett Packard
1/9/2024 JNPR HPE Cash 40.0000/sh. - 40.00 3.29 8.96 need Chinese approval. Update 2/7 - Preliminary proxy filed. LINK 7
Inc Enterprise Co
Update 2/26 - EGM will be held on Apr 2. Update 4/2 - JNPR
shareholders voted for the merger.
www.KEDM.com


Cerevel
transaction. Expected to close by Q2 2024. Update 1/5 -
12/6/2023 Therapeutics CERE AbbVie Inc ABBV Cash 45.0000/sh. - 45.00 3.25 7.78 LINK 36
Preliminary proxy filed. Update 1/18 - EGM will be held on Feb
Holdings
16. Update 2/16 - Received the second request from FTC.
2/20/2024 - Entered into a merger agreement. All-cash
Vizio Holding
2/20/2024 VZIO Walmart Inc WMT Cash 11.5000/sh. - 11.50 0.80 7.49 transaction. Update 3/27 - HSR refiled voluntarily to all LINK -
Corp
additional time to review the transaction.
.3130
Cash
Superior Drilling Drilling Tools Aqr 3/7/2024 - Definitive merger agreement. All-cash, plus stock
3/7/2024 SDPI DTI or 1.0000/sh. 1.20 0.08 7.30 LINK 16
Products Inc International C sh./Tgt deal. Expected to close by Q3 2024.
Stock
sh.
1.0250 transaction. Expected to close in Q1 2024. Update 11/1 -
Aqr Senator Chuck Schumer urges FTC to look into XOM and CVX
10/23/2023 Hess Corp HES Chevron Corp CVX Stock - 162.35 9.52 6.23 LINK 29
sh./Tgt deal. Update 12/8 - FTC requested additional information.
sh. Update 2/26 - Preliminary proxy filed. Update 3/7 - Parties
disagree with Exxon's interpretation regarding the ROFR.
Advent 4/1/2024 - Definitive merger agreement. All-cash transaction.
4/1/2024 Nuvei Corp NVEI Private Cash 34.0000/sh. - 34.00 1.74 5.38 LINK 6
International LP Expected to close by Q1 2025.
Expected to close in Q2 2024. Update 2/6 - Preliminary proxy
Boston Scientific
1/8/2024 Axonics Inc AXNX BSX Cash 71.0000/sh. - 71.00 3.36 4.98 filed. Update 2/22 - EGM will be held on Mar 22. Update 3/25 LINK 7
Corp
- AXNX shareholders voted for the merger. Update 4/4 - FTC
requested for an additional information.
Renesas Electronics transaction. Expected to close in Q2 2024. Update 3/4 - EGM
1/11/2024 Transphorm Inc TGAN 6723 Cash 5.1000/sh. - 5.10 0.24 4.83 LINK 7
Corp will be held on Apr 9. Update 4/10 - TGAN shareholders voted
for the merger.
Update Nov 11/7 - China focused PE firm - Ascendent Capital,
13.7% shareholder made non-binding, all-cash offer. Update
11/8 - The Consortsium upped their bid. Update 11/22 - HOLI
had productive talks with the bidders. EGM will be held in a
week of Jan 22, 2024. Update 12/12 - HOLI signed a deal and
Hollysys
Ascendent Capital Ascendent. Update 12/27 - Go-shop period expired. Received
- Automation HOLI Private Cash 26.5000/sh. - 26.50 1.11 LINK -
Partners Ltd 4.37 no other offer. Update 1/5 - EGM will be held on Feb 8. Update
Technologi
1/26 - Glass Lewis recommends shareholders REJECT the offer.
Update 1/28 - ISS recommends shareholders vote AGAINST
the merger. Update 1/30 - HOLI stated its support for the
Merger. Update 2/8 - HOLI shareholders voted for the
merger.
.5043
Summit Financial Burke & Herbert Aqr
8/24/2023 SMMF BHRB Stock - 26.31 1.09 4.32 s LINK 20
Group Inc Financial Serv sh./Tgt
sh.
Endeavor Group Silver Lake 4/2/2024 - Definitive merger agreement. All-cash transaction.
4/2/2024 EDR Private Cash 27.5000/sh. - 27.50 1.10 4.17 LINK 4
Holdings Inc Management LLC Expected to close by Q1 2025.

Metropolis transaction. Expected to close in 2024. Update 1/10 - EGM will
10/5/2023 SP Plus Corp SP Technologies Private Cash 54.0000/sh. - 54.00 2.02 3.89 be held on Feb 9. Update 2/8 - Additional information LINK 5
Inc/Ca requested by the DOJ. Update 2/12 - SP shareholders voted
for the merger.
www.KEDM.com

2.8211
Cash 1/29/2024 - Cash or stock election. Expected to close in Q2
McGrath WillScot Mobile Aqr
1/29/2024 MGRC WSC or 123.0000/sh. 119.42 4.40 3.82 2024. Update 2/21 - Parties received additional info request LINK 18
RentCorp Mini Holdings sh./Tgt
Stock from the FTC.
sh.
10/11 - Definitive merger agreement. All-stock transaction.
Update 12/5 - FTC requested additional information. Update
2.3234 1/8 - EGM will be held on Feb 7. Regulatory approvals from
Pioneer Natural Aqr DOJ and FTC needed. Update 2/8 - PXD shareholders voted for
10/11/2023 PXD Exxon Mobil Corp XOM Stock - 278.78 8.38 3.10 LINK 14
Resources Co sh./Tgt the merger. Update 3/27 - Republican Senators sent a letter
sh. to FTC arguing against the Democrat's request for full
investigation into oil and gas deals. Parties are not in
substantial compliance with the FTC.
.9790
Cash
Sterling Check First Advantage Aqr 2/29/2024 - Definitive merger agreement. Cash and stock
2/29/2024 STER FA or 16.7300/sh. 15.91 0.44 2.83 LINK 6
Corp Corp sh./Tgt transaction. Expected to close in Q3 2024.
Stock
sh.
.3504
Equitrans Aqr 3/11/2024 - Definitive merger agreement. All-stock
3/11/2024 ETRN EQT Corp EQT Stock - 13.02 0.34 2.70 LINK 4
Midstream Corp sh./Tgt transaction. Expected to close in Q4 2024.
sh.
.8750
Codorus Valley Orrstown Financial Aqr 12/12/2023 - Definitive merger agreement. All-stock deal.
12/12/2023 CVLY ORRF Stock - 21.90 0.50 2.34 LINK 5
Bancorp Inc Services In sh./Tgt Expected to close in Q3 2024.
sh.
1.0000 9/12/2023 - Definitive merger agreement. Cash and stock
Cash
Smurfit Kappa Aqr transaction. Expected to close by Q2 2024. Update EU
9/12/2023 Westrock Co WRK SKG and 5.0000/sh. 49.09 1.10 2.30 LINK 11
Group PLC sh./Tgt commission approved the merger, citing no anticompetitive
Stock
sh. concerns.
Shockwave 4/5/2024 - Definitive merger agreement. All-cash transaction.
4/5/2024 SWAV Johnson & Johnson JNJ Cash 335.0000/sh. - 335.00 7.42 2.27 LINK 10
Medical Inc Expected to close by Q2 2024.
Taro
Sun Pharmaceutical 1/17/2024 - Definitive merger agreement. All-cash
1/17/2024 Pharmaceutical TARO SUNP Cash 43.0000/sh. - 43.00 0.91 2.16 LINK 10
Industries transaction. Expected to close in Q2 2024.
Industries
National Western Prosperity Life transaction. Expected to close in Q1 2024. Update 11/30 - EGM
10/9/2023 NWLI Private Cash 500.0000/sh. - 500.00 9.20 1.87 LINK 9
Life Group In Insurance Grou will be held on Nov 30. Update 1/9 - Shareholders voted for
the merger.
.1460 9/27/2023 - Agreement and Plan of Merger. All-stock
Peoples Financial Aqr transaction. Expected to close by Q2 2024. Update 11/17 -
9/27/2023 FNCB Bancorp Inc FNCB PFIS Stock - 5.40 0.09 1.71 LINK 8
Services Cor sh./Tgt Investor ppt. will be posted on investors.fncb.com. Update
sh. 1/24 - EGM will be held on Mar 22.
transaction. Expected to close in Q1 2024. Update 10/30 - Joint
.1276 investor day ppt will be held on Nov 16. Update 1/24 - EGM
MiX Telematics Aqr will be held on Feb 28. Parties filed a prospectus. Update 2/27
10/10/2023 MIX Powerfleet Inc NJ PWFL Stock - Preliminary - 1.51 LINK -
Ltd sh./Tgt - South African Competition Commission cleared the deal.
sh. Shareholders voted for the merger. Update 3/15 - MIXT sent
a note to Johannesburg Exchange that all the conditions were
met.
transaction. Expected to close within 12 months. Update 6/21
Aristocrat Leisure
5/14/2023 NEOGAMES SA NGMS ALL Cash 29.5000/sh. - 29.50 0.25 - EGM will be held on Jul 18. Update 7/20 - NGMS shareholders LINK 10
Ltd 0.87
voted for the merger. The merger proceeds and expected to
close in 1H 2024. Update 4/9 - EGM will be held on 4/25.
www.KEDM.com

10/3/2023 - All-cash transaction. Expected to close in H1 2024.

iA Financial Corp Update 11/1 - Preliminary proxy filed. Update 11/14 - A 76%
10/3/2023 Vericity Inc VERY IAG Cash 11.4300/sh. - 11.43 0.08 0.70 LINK 3
Inc shareholder provided written consent to the merger. No
other vote required by any stockholder.
2/5/2024 - All-cash transaction. Expected to close in H1 2024.
2/5/2024 MorphoSys AG MOR Novartis AG NOVN Cash 68.0000/sh. - 68.00 0.20 0.29 Update 3/22 - HSR expired. Update 4/11 - Tender LINK 1
commenced.
Arcline Investment
1/19/2024 Kaman Corp KAMN Private Cash 46.0000/sh. - 46.00 0.13 0.28 transaction. Expected to close by Q2 2024. Update 2/20 - LINK 1
Management LP
Preliminary proxy filed.
.4000
Aqr
1/22/2024 NuStar Energy LP NS Sunoco LP SUN Stock - 21.25 0.04 0.20 transaction. Expected to close in Q2 2024. Update 4/3 - EGM LINK 1
sh./Tgt
will be held on May 1, 2024. Update 4/9 - HSR Expired.
sh.
www.KEDM.com
International Mergers and Acquisitions Monitor

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

Acquirer Type Cash Stock Notes LINK
PR Company Ticker Ticker Price ($) (%) (%)
07/11/2023 - Released a statement regarding a possible cash offer: 70 pence

STM Group Jambo Src per share from PSF Capital. Update 10/10 - Competing bid by Jambo SRC: 60
7/11/2023 STM Private Cash 67.0000/sh. - 67.00 9.50 16.52 LINK 131
PLC Ltd pence in cash and deferred consideration of up to 7 pence in cash. Shareholders
voted for the merger. Update 2/23 - Deal progresses.
KPS Capital 1/26/2024 - KPS explored a bid for ELM LN, for 160 pence per share. ELM LN
1/25/2024 Elementis PLC ELM Private Cash 160.0000/sh. - 160.00 16.20 11.27 LINK -
Partners LP was aiming for 180 pence.
Sign In
Smartspace 3/14/2024 - Parties reached an agreement for a recommended cash offer.
3/14/2024 SMRT Solutions Private Cash .9000/sh. - 0.90 0.02 2.27 LINK -
Software Plc Approximately ~40% of the SO is in favor of the offer.
Inc
www.KEDM.com
Busted M&A Monitor

TTM Deals that have been canceled or withdrawn
Target Target Return
Date of Acquirer Target Current Proposed Deal Equity Options
Acquiror Target Company Target Sector Mkt Cap since
Termination Ticker Ticker Price ($) Price ($ per) (Y/N)
($M) Termination
3/27/2024 Custodian Property CREI LN Abrdn Property API LN REITS-Diversified 185.27 48.60 0.70 - N
3/15/2024 JD.com JD Currys PLC CURY LN Retail-Consumer Electron 724.87 63.95 0.70 - Y
3/13/2024 Innodata INOD Appen APX AU Computers-Other 178.48 0.81 0.70 -17 N
3/11/2024 Choice Hotels CHH Wyndham WH Hotels&Motels 5904.92 72.32 49.50 + .32/SH -7 Y
3/4/2024 MNC Capital - Vista Outdoor VSTO Athletic Equipment 1914.26 32.89 - 2 Y
3/4/2024 JetBlue Airways JBLU Spirit Airlines SAVE Airlines 457.62 4.18 - -27 Y
2/23/2024 Renesas Electronics Corporation 6723 JP Sequans Communications SQNS Electronic Compo-Semicon 34.48 0.56 3.03 - Y
2/7/2024 Woodside Energy WDS AU Santos Ltd. STO AU Oil Comp-Explor&Prodtn 25365.11 7.81 - 9 Y
1/29/2024 Amazon AMZN iRobot IRBT Appliances 221.20 7.91 51.75 -49 Y
1/22/2024 Sony 6758 JP Zee Entertainment Z IN Broadcast Serv/Program 140764.12 146.55 - -37 Y
1/18/2024 F9 Investments - LL Flooring LL Retail-Floor Coverings 51.96 1.69 3.00 -44 Y
1/15/2024 Bain Capital - One Software Technologies SWON SW Computer Services 2603.91 16.42 19.50 12 Y
1/2/2024 Avangrid AGR PNM Resources PNM Electric-Integrated 3099.50 36.11 - -7 Y
12/10/2023 Cigna HUM Humana HUM Medical-HMO 37583.48 311.77 - -35 Y
12/4/2023 Consortium - Origin Energy Ltd ORG AU Electric-Integrated 16831.24 9.77 - 30 Y
11/30/2023 Colt CZ Group CZG CP Vista Outdoor VSTO Athletic Equipment 1914.26 32.89 - 17 Y
11/21/2023 Picton Property PCTN LN UK Commercial Property UKCM LN REITS-Diversified 868.01 66.80 - 18 N
11/7/2023 Confidential - Sky Network SKT NZ Cable/Satellite TV 402.80 2.88 - 5 N
11/1/2023 Morphogensis - Cohbar CWBR Medical-Biomedical/Gene 2.33 0.80 - -13 Y
PENDING Forward Air FWRD Omni Logistics - - - - - - -
10/26/2023 Western Digital WDC Kioxia Holdings 6600 JP Electronic Compo-Semicon - - - - N
10/20/2023 Ellington Financial AJX Great Ajax AJX REITS-Mortgage 137.97 3.73 - -38 Y
10/17/2023 AutoNation AN Pendragon PLC PDG LN Retail-Automobile - - - - N
10/19/2023 Qantas Airways QAN AU Alliance Aviation AQZ AU Airlines 485.42 3.02 - -4 N
10/3/2023 Park Lawn PLC CN Carriage Services CSV Funeral Serv&Rel Items 366.93 24.22 - 2 Y
9/28/2023 RBB Bancorp RBB Gateway Bank GWBK S&L/Thrifts-Western US - - 22.9m - N
9/28/2023 Stratasys Ltd. SSYS Desktop Metal, Inc DM Computers-Other 306.79 0.93 .123/sh -33 Y
9/1/2023 Office Properties OPI Diversified Healthcare DHC REITS-Health Care 604.65 2.52 0.147/sh -4 Y
8/16/2023 Intel Corporation INTC Tower Semiconductor TSEM Electronic Compo-Semicon 3486.63 31.41 53.00 4 Y
7/31/2023 Cresco Labs Inc CL CN Columbia Care CBST CN Medical-Drugs 192.73 0.43 - -31 N
7/26/2023 MaxLinear MXL Silicon Motion SIMO Electronic Compo-Semicon 2492 75.40 - 17 Y
7/7/2023 EQT - Alfa Financial ALFA LN Enterprise Software/Serv 516 174.80 - 22 N
6/15/2023 Apollo Global Management Inc APO Millicom International Cellula TIGO Cellular Telecom 3457 20.09 - 15 Y
6/14/2023 Management Group - Canaccord Genuity Group Inc CF CN Finance-Invest Bnkr/Brkr 876 8.53 11.25 11 Y
5/22/2023 Standard General LP - TEGNA Inc TGNA Broadcast Serv/Program 2418 13.61 24.00 -11 Y
5/15/2023 Apollo Global Management Inc APO John Wood Group PLC WG/ LN Engineering/R&D Services 969 140.00 2.40 -3 Y
5/12/2023 Apollo Global Management Inc APO THG PLC THG LN E-Commerce/Products 812 61.00 - -3 N
5/12/2023 Dan Loeb - SiriusPoint Ltd SPNT Reinsurance 2066 12.17 - 34 Y
5/4/2023 Toronto-Dominion Bank/The TD First Horizon Corp FHN Commer Banks-Southern US 7869 14.18 25.00 48 Y
2/21/2023 Elliott - American Equity Investment AEL Life/Health Insurance 4394 55.09 45.00 42 Y
2/14/2023 Idaho Strategic Resources Inc IDR Westwater Resources Inc WWR Non-Ferrous Metals 27 0.47 .23/SH -52 Y
1/24/2023 Fox Corp FOXA News Corp NWSA Publishing-Newspapers 14044 24.34 - 26 Y
1/9/2023 Frontline PLC FRO Euronav NV EURN Transport-Marine 3586 16.30 1.45 SH 24 Y
1/3/2022 Brenntag SE BNR GR Univar Solutions Inc UNVR Distribution/Wholesale - - - - Y
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
CMG Chipotle Mexican Grill Inc 81887 Retail-Restaurants 6/26/2024 75 50 for 1 - Y

BKKT Bakkt Holdings Inc 172 Commercial Serv-Finance 4/29/2024 17 1 for 25 - Y
FLNT Fluent Inc 42 Advertising Services 4/12/2024 - 1 for 6 - Y
GRRR Gorilla Technology Group Inc 55 Computer Services 4/15/2024 3 1 for 10 - Y
AGEN Agenus Inc 183 Medical-Biomedical/Gene 4/12/2024 - 1 for 20 - Y
NUTX Nutex Health Inc 48 Enterprise Software/Serv 4/10/2024 - 1 for 15 -23 N
RNAC Cartesian Therapeutics Inc 290 Medical-Biomedical/Gene 4/5/2024 - 1 for 30 36 Y
GLAD Gladstone Capital Corp 448 Investment Companies 4/5/2024 - 1 for 2 4 Y
NRXP NRX Pharmaceuticals Inc 53 Medical-Biomedical/Gene 4/2/2024 - 1 for 10 10 Y
DOYU DouYu International Holdings L 237 Entertainment Software 3/28/2024 - 1 for 10 14 Y
ODFL Old Dominion Freight Line Inc 46809 Transport-Truck 3/28/2024 - 2 for 1 0 Y
TPL Texas Pacific Land Corp 13670 Oil-US Royalty Trusts 3/27/2024 - 3 for 1 4 N
LENZ LENZ Therapeutics Inc 537 Medical-Biomedical/Gene 3/22/2024 - 1 for 7 34 Y
ADVM Adverum Biotechnologies Inc 249 Medical-Biomedical/Gene 3/21/2024 - 1 for 10 -19 Y
CSPI CSP Inc 179 Computer Services 3/21/2024 - 2 for 1 -8 N
AEVA Aeva Technologies Inc 206 Auto/Trk Prts&Equip-Orig 3/19/2024 - 1 for 5 -25 Y
YSG Yatsen Holding Ltd 334 E-Commerce/Products 3/18/2024 - 1 for 5 33 Y
LFWD ReWalk Robotics Ltd 43 Medical Products 3/15/2024 - 1 for 7 8 Y
OTLK Outlook Therapeutics Inc 194 Therapeutics 3/14/2024 - 1 for 20 58 N
AFMD Affimed NV 87 Medical-Biomedical/Gene 3/11/2024 - 1 for 10 10 Y
GOEV Canoo Inc 153 Auto-Cars/Light Trucks 3/8/2024 - 1 for 23 7 Y
PGY Pagaya Technologies Ltd 775 Internet Financial Svcs 3/8/2024 - 1 for 12 -37 Y
EGIO Edgio Inc 78 Internet Content-Entmnt 3/1/2024 - 1 for 40 75 Y
CELU Celularity Inc 110 Medical-Biomedical/Gene 2/29/2024 - 1 for 10 30 Y
PHUN Phunware Inc 61 Enterprise Software/Serv 2/27/2024 - 1 for 50 -9 Y
WMT Walmart Inc 488479 Retail-Discount 2/26/2024 - 3 for 1 1 Y
COO Cooper Cos Inc/The 19180 Medical Products 2/20/2024 - 4 for 1 0 Y
JZ Jianzhi Education Technology G 44 Internet Content-Info/Ne 2/20/2024 - 1 for 3 -19 N
DTIL Precision BioSciences Inc 98 Medical-Biomedical/Gene 2/14/2024 - 1 for 30 21 Y
ASMB Assembly Biosciences Inc 80 Medical-Biomedical/Gene 2/12/2024 - 1 for 12 23 Y
GRYP Gryphon Digital Mining Inc 67 Enterprise Software/Serv 2/9/2024 - 1 for 20 -71 Y
ZJYL Jin Medical International Ltd 488 Investment Companies 2/8/2024 - 20 for 1 - N
HOLO MicroCloud Hologram Inc 18 Electronic Compo-Semicon 2/2/2024 - 1 for 10 54 N
TCRT Alaunos Therapeutics Inc 27 Medical-Biomedical/Gene 2/1/2024 - 1 for 15 -18 Y
HUBG Hub Group Inc 2598 Transport-Services 1/29/2024 - 2 for 1 -9 Y
KAVL Kaival Brands Innovations Grou 8 Distribution/Wholesale 1/25/2024 - 1 for 21 10 N
INO Inovio Pharmaceuticals Inc 269 Medical-Biomedical/Gene 1/25/2024 - 1 for 12 73 Y
EFTR eFFECTOR Therapeutics Inc 9 Medical-Biomedical/Gene 1/12/2024 - 1 for 25 -79 Y
SABS SAB Biotherapeutics Inc 42 Medical-Biomedical/Gene 1/5/2024 - 1 for 10 -23 N
JSPR Jasper Therapeutics Inc 421 Medical-Biomedical/Gene 1/4/2024 - 1 for 10 315 Y
MULN Mullen Automotive Inc 26 Auto-Cars/Light Trucks 12/21/2023 - 1 for 100 -72 Y
SIDU Sidus Space Inc 16 Satellite Telecom 12/20/2023 - 1 for 100 3 N
NGNE Neurogene Inc 655 Medical-Drugs 12/19/2023 - 1 for 4 154 Y
LU Lufax Holding Ltd 2436 Finance-Consumer Loans 12/15/2023 - 1 for 4 21 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 Description Prior Exchange New Exchange listing
Cap ($M) downlist?
change (%)
LATAM Airlines Group S.A. is an airline that provides both domestic and international flight
Latam Airlines services. The Company provides passenger and cargo services to destinations in Chile, South
LTM CI Filed 7,797,249 - NYSE Relist -
Group SA America, the Caribbean, Europe, North America, and the Pacific. LATAM Airlines operates
passenger aircraft and cargo freighters.
SS Innovations International, Inc. develops and manufactures medical and surgical devices. The
SS Innovations Company offers computer-integrated medical robotics systems for minimally invasive surgery and
SSII FILED 1,041 OTC NASDAQ Uplist -
International I dimensional imaging with scanning and registration. SS Innovations International operates in the
United States.
Talen Energy Corporation provides utility services. The Company generates, distributes,
transmits, and markets electricity, as well as produces and supplies natural gas and other
TLNE Talen Energy Corp Mid Q2 5,549 OTC - Uplist -
renewable energy products for residential and commercial users. Talen Energy serves customers
in the United States.
IWG PLC operates as a holding company. The company owns and provides office space. UPDATE:
IWG LN IWG PLC PENDING 1,862 LSE NY Primary Change -
Expected announcement to move to GAAP in H1.
Correlate Energy Corp operates as a real estate company. The Company focuses on developing
Correlate Energy and financing renewable energy projects. Correlate Energy provides a portfolio-scale real estate
CIPI FILED 83 OTC Nasdaq Uplist -
Corp platform that strives to eliminate the barriers faced by property owners in the pursuit of energy
optimization and sustainability goals.
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 24 OTC Nasdaq Uplist -
ownership and reporting. UPDATE: Will uplist to Nasdaq in early 2022
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 4,492 - - US Listing -
Holdings Ltd
business lines: asset management, trading, principle investments, and advisory services.
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 47 OTC Nasdaq Uplist -
Holdings I
greenhouse gas emissions. Global Clean Energy Holdings serves clients worldwide.
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 22 OTC - Uplist -
Corp
climate goals. The Company provides investors a way to invest in a low carbon future.
SinglePoint Inc. operates as a renewable energy and sustainable lifestyle company with core
holdings in solar energy and hemp consumer products. The Company focuses on building the
SING Singlepoint Inc FILED 1 OTC NASDAQ Uplist -
network of renewable energy solutions and modernizing the traditional solar and energy storage
model. SinglePoint also produces consumer products in the smokable hemp market.
iQSTEL Inc. provides telecommunication services. The Company offers long distance, data center
IQST iQSTEL Inc FILED 67 - Nasdaq Uplist -
facilities, and Internet on things technology solutions for retail and corporate markets.
www.KEDM.com
Return since
Market Uplist or
Ticker Company Effective Date Description Prior Exchange New Exchange listing
Cap ($M) downlist?
change (%)
Correlate Energy Corp operates as a real estate company. The Company focuses on developing
Correlate Energy and financing renewable energy projects. Correlate Energy provides a portfolio-scale real estate
CIPI FILED 83 OTC NYSE Uplist -
Corp platform that strives to eliminate the barriers faced by property owners in the pursuit of energy
optimization and sustainability goals.
Healthy Extract Inc. operates as a pharmaceutical company. The Company engages in the
proprietary research and development of natural plant-based formulations, sales, and
HYEX Healthy Extract Inc FILED distribution of cardiovascular and neuro products to improve brain health, memory, cognition, 6 OTC Nasdaq Uplist -
focus, migraines, dementia, and neuro-energy. Healthy Extract focuses on patients and
healthcare professionals.
Flutter Entertainment Public Limited Company provides mobile and online gambling services. The
Flutter
FLTR LN FILED Company offers betting and gaming brands in markets as well as provides consulting services. 27,318 Dublin NYSE Primary Change -
Entertainment PLC
Flutter Entertainment serves customers in Ireland.
Skye Bioscience, Inc. operates as a biopharmaceutical company. The Company focuses on
SKYE Skye Bioscience Inc 4/10/2024 developing pharmaceuticals to treat obesity, glaucoma, and other diseases with significant unmet 355 OTC NASDAQ Uplist -1
medical needs. Skye Bioscience serves customers worldwide.
G2 Goldfields Inc. operates as a mining company. The Company explores and produces gold and
GTWO CN G2 Goldfields Inc 4/9/2024 221 Venture TSX Uplist 6
other metals.
Hafnia Limited operates as an international shipping company. The Company offers seaborne
HAFN Hafnia Ltd 4/9/2024 transportation of petroleum products, as well as owns and operates fleet of tankers. Hafnia serves 3,837 OTC NYSE Dual Listing 1
customers worldwide.
SolarBank Corporation operates as an energy company. The Company designs and develops
SUUN SolarBank Corp 4/8/2024 renewable and clean energy projects. SolarBank manages solar photovoltaic ("PV") power 143 OTC NASDAQ Uplist -4
generation projects in Canada and the United States.
PetVivo Holdings, Inc. operates as a holding company. The Company, through its subsidiaries,
PetVivo Holdings develops, licenses, and distributes biotech and biomedical devices for the treatment of
PETV 4/8/2024 8 NASDAQ OTC Downlist -42
Inc companion animals such as dogs and horses suffering from arthritis and other afflictions. PetVivo
Holdings serves customers in the State of Minnesota.
Eupraxia Pharmaceuticals Inc. operates as a biotechnology company. The Company develops

Eupraxia
EPRX 4/5/2024 pharmaceuticals for long-lasting treatment while minimizing safety complications in target and 104 OTC NASDAQ Listing -7
Pharmaceuticals Inc
non-target tissues. Eupraxia Pharmaceuticals serves patients in Canada.
Tokens.com Corp. operates as a proof-of-stake (PoS) technology company. The Company

provides investors with a simple and secure way to invest in the cryptocurrencies that power
COIN CN Tokens.com Corp 3/28/2024 16 - Venture - -13
decentralized finance (DeFi) and non-fungible tokens (NFTs). Tokens.com serves clients in
Canada.
Denarius Metals Corp. provides exploration and mining services. The Company explores and
Denarius Metals
DSLV CN 3/27/2024 develops multi-metal assets in Lomero-Poyatos Project in Spain and the Guia Antigua Project in - Venture Cboe Canada Uplist -
Corp
Colombia. Denarius Metals serves customers worldwide.
Fisker Inc. is building a technology-enabled, asset-light automotive business. The Company
focuses on vehicle development, customer experience, sales, and service to change the
FSRN Fisker Inc 3/26/2024 18 NYSE OTC Delist -19
personal mobility experience through technological innovation. Fisker serves customers in the
United States.
LianBio operates as a biological technology company. The Company develops therapies to treat
LIANY LianBio 3/19/2024 cardiovascular, oncology, respiratory, ophthalmology, and inflammatory disease. LianBio serves 31 Nasdaq OCT Delist 2
patients worldwide.
Sprott Copper Miners ETF is an ETF incorporated in the US. The Fund aims to provide investment
results that correspond generally to the total return performance of the Index. The Fund invests
Sprott Copper
COPP 3/7/2024 a minimum of 80% of its assets in securities of the Index, which is designed to track the 22 - Nasdaq Listing 21
Miners ETF
performance of companies that derive at least 50% of their revenue from mining, and production
of copper.
www.KEDM.com
Strategic Alternatives Monitor

Companies currently exploring strategic alternatives or reviews to unlock shareholder value (trailing 60, ex-pharma)
Initial Market Return
Ticker Company Announcement Cap EV Business Description since PR Link Notes and Type of Transaction
Date ($M) (%)
Evaluating strategic options. UPDATE 4/12/24: PRTG paused a clinical development
Portage Biotech Inc. researches and develops pharmaceutical and and expanded its evaluation of strategic alternatives, which may include finding a
Portage
PRTG 1/4/2024 9 4 biotech products. The Company focuses on unmet clinical needs -65 Link partner for one or more of its assets, a potential sale of one or more of its assets, a
Biotech Inc
and orphan drugs. sale of the Company, a merger, restructurings, both in and out of court, a company
wind down or other strategic action.
Exploring potential strategic alternatives that may include, but are not limited to, an
Eliem Therapeutics, Inc. operates as a clinical-stage company. The acquisition, merger, business combination, or other transaction. Engaged Leerink
Eliem
Company develops medicines for patients with neurologic Partners to act as a strategic advisor. UPDATE 3/19/24: ELYM received a proposal
ELYM Therapeutics 7/20/2023 126 20 51 Link
diseases. Eliem Therapeutics serves clients in the United States from Tango, in which ELYM would acquire Tango in an all-stock transaction. UPDATE
Inc
and the United Kingdom. 4/11/24: ELYM announced an agreement to acquire Tenet Medicines and a
concurrent $120 million private placement.
CEA Industries Inc. provides controlled environmental agriculture
solutions. The Company offers environmental control engineering Strategic alternatives. UPDATE 4/10/24: CEAD is continuing to evaluate strategic
CEA Industries
CEAD 8/14/2023 4 -8 and equipment for commercial cultivation facilities such as indoor -39 Link alternatives, including merger and acquisition opportunities. CEAD is also
Inc
facilities, vertical farms, and greenhouses. CEA Industries serves considering dissolving the company.
Cue Health Inc. operates as a healthcare technology company.
The Company develops and manufactures medical diagnostic
HLTH Cue Health Inc 4/9/2024 26 -7 -7 Link Strategic alternatives.
products which are used in clinical and at-home settings. Cue
Health serves customers in the United States.
Eyenovia, Inc. operates as a biopharmaceutical company. The
Company provides therapeutics for the treatment of eye
Strategic alternatives. Including a potential sale of assets of the Company, a sale of
EYEN Eyenovia Inc 4/8/2024 26 27 diseases. Eyenovia discovers and develops ophthalmology -26 Link
the Company, a merger, or other strategic action.
products for glaucoma, mydriasis, and dry eyes diseases.
Eyenovia serves customers in the United States.
Harmonic Inc. designs, manufactures, and markets digital and
fiber optic systems. The Company's systems enable cable,
HLIT received indications of interest for their Video business, and has started a
satellite, and wireless operators to deliver video, Internet,
HLIT Harmonic Inc 10/30/2023 1183 1245 9 Link strategic review. UPDATE 4/8/24: HLIT concluded their strategic review of their
telephony, and high-speed data services. Harmonic's transend
Video business. No transaction completed.
digital product line combines and customizes content from a
variety of sources.
Loop Media, Inc. provides entertainment facilities. The Company
Exploring strategic alternatives and financing opportunities. UPDATE 4/8/24: LPTV
LPTV Loop Media Inc 3/19/2024 24 26 offers music and video tracks. Loop Media serves customers -14 Link
entered into a strategic partnership with Adnimation.
worldwide.
Divergent Energy Services Corp. provides pumping products and
Divergent
services. The Company supplies and services conventional electric
DVG CN Energy Services 4/8/2024 1 2 50 Link Strategic alternatives.
submersible pumps to the oil and gas industry. Divergent Energy
Corp
Services serves customers in North America.
www.KEDM.com
Privatization Monitor
Recent or proposed government privatizations
Announcement Expected Link to

Company Ticker Government Sector Exchange Notes Prospectus
Date Date Update
Saudi Stock The investment arm of Riyad Bank, is considering an IPO. PIF is the largest
4/4/2024 Riyad Capital - Saudi Arabia Bank TBD LINK
Exchange shareholder.
The Cabinet approved a plan to reorganize the company into a holding company to
Pakistan
speed up privatization, which is progressing. Update 4/3 - Govt. approved the criteria
3/21/2024 International PIAA PA Pakistan Airlines TBD TBD LINK -
for potential buyers and opened the bidding for 51% to 100% of the company.
Airlines
Statement of Qualifications deadline is May 3.
A Malaysian state-owned investment firm Johor Corp, plans to raise $227m via an IPO
Johor
Bursa of its plantation unit. Update 1/8 - Preliminary prospectus filed. The company will
6/22/2022 Plantations - Malaysia Agriculture 1H 2024 LINK LINK
Malaysia offer 35% to the public. Pending further details. Could raise up to US$ 180 mil. Update
Group Bhd
4/3 - Obtained approval from the exchange.
Egypt's Prime Minister announced that the govt will unveil IPO programs for two
state-run companies within weeks. Update 9/19 - 5% to 10% of the shares will be
Administrative listed. The company is building the country's new capital 45km east of Cairo. Update
Capital for 11/12 - The company expects up to 20% profit growth this year. Plans to raise EGP 70
Egyptian
1/30/2023 Urban - Egypt Construction 2024 bil (USD 2.2 bil) from the IPO. Update 11/13 - The company received offers for its IPO LINK -
Exchange
Development advisors. Update 11/25 - Chairman said the company could raise EGP 150 bil
(ACUD) ($4.85bil). Timing could be by Q2 2024. Potential dual listing. Update 1/25 - The IPO
is planned for Q2 2024. Update 4/2 - The company completed the restructuring in
preparation for going public.
Brazil's Sao Paulo governor said the Electrobras (ELET3 BZ)'s model could be used to
privatize the company. Update 1/31 - Appointed new directors as privatization plan
advances. Update 2/28 - The Board agreed with the privatization studies. Update 3/4
- Govt. to hire World Bank's IFC on the privatization, as it is a complex matter. Update
4/10 - The contract with IFC is expected to be signed on this day. Update 7/31 - The
state will privatize through the sales, but the govt. will maintain a minority stake.
Update 8/17 - A few concerns have emerged regarding the privatization. Update 9/20
- The privatization board authorized to start the process of selecting investment
banks. Update 9/25 - Equity offering is expected to be around May, 2024. Update
Sao Paulo
1/2/2023 Sabesp SBSP3 BZ Brazil Utilities May 2024 10/18 - Sao Paulo governor submits the privatization bill. Update 11/16 - The LINK -
Exchange
privatization bill is expected to pass by Dec. Update 12/7 - State legislators approved
the privatization. The govt plans to reduce its holding from 50.3% to 15-30%. Further
details will be announced by Feb 2024. Update 12/8 - The privatization should not
affect its rating. Update 12/22 - Selected investment banks. Update 2/15 -
Privatization proceeds. A strategic investor will have a lock-up period of 5 years. The
govt's state will reduce from 50% to ~20%. Update 2/19 - Sabesp will have mandatory
investment until 2029, in relation to the privatization plan. Update 3/4 - The govt.
likely to maintain 20% ownership. The 30% stake could be offered in stages, starting
in May. Update 3/26 - The privatization process will be decided by next week.
IMF recommended the privatization of state-owned companies, such as National Oil
Corp. and Kenya Pipeline Co. Update 12/5 - The privatization process was halted by
Nairobi
Development the court decision until Feb 6, 2024. Update 2/16 - The govt. approves the plan to
11/27/2023 - Kenya Bank Securities - LINK -
Bank of Kenya privatize 7 state-owned entities, one of them being the Development Bank. Update
Exchange
2/14 - The Cabinet approved the privatization. Update 3/25 - Privatization
commenced. Invited advisors on the process.
OQ SAOC's two Oman's OQGN OM is considering two IPOs this year. UPDATE: 3/22: Bank chosen -
2/7/2024 - Oman Pipelines Muscat 2024 LINK -
units HSBC and MS
3/18/2024 Asyad Group - Oman Logistics - - Oman Wealth Fund is seeking pitches for its Logistics Firm - Asyad Group. LINK -
www.KEDM.com

Date Date Update
The company is considering an IPO and having discussions with banks. The company
United Arab
3/1/2024 Etihad Airways - Airlines - 2024 will be the first airline listing in the Gulf. Update 3/7 - Advisors chosen. The company LINK -
Emirates
is readying for an IPO as soon as this year.
Following the sales of the National Bank of Greece (ETE GA), the Govt. plans to sell its
stake in the bank. Update 1/9 - The Bank raised EUR 500 mil via a Tier 2 bond issue.
Piraeus Financial Athens Stock
12/1/2023 TPEIR GA Greece Bank Mar 2024 Update 1/19 - The govt. stated to sell a significant portion of its 27% stake in the bank. LINK LINK
Holdings SA Exchange
Update 2/29 - The price range is expected this week and book building is planned next
week. Update 3/5 - Prospectus filed. The 27% offering is priced at 4 EUR per share.
A.k.a Ukrposhta, the company is looking to offer 20% to 25% to the public. The
National Postal
2/29/2024 - Ukraine Postal Service - - company could also be fully privatized. EBRD, IFC, and VCs might be interested. DHL LINK -
Service
and Amazon are considered strategic investors.
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 Govt (46%); each would sell half their holdings in the listing. The IPO
could be worth 1 tril yen ($9.1 bil). Update 5/25 - Five brokerage firms were chosen
7/15/2021 Tokyo Metro Co. - Japan Metro - By Apr 2025 to lead the IPO. Update 1/26 - Half of the company will be sold. The privatization LINK -
process will start in April. Update 1/29 - The Tokyo Metro IPO is expected next year.
At first 50% will be privatized and eventually the govt. will dispose the entire stake.
Update 2/26 - The Japanese govt. will sell 50% of their stake in a financial year of
2024.
NASDAQ The Bank IPOed in Jun 2021 (see 'Completed Privatizations' monitor). The Ministry of
2/23/2024 Islandsbanki ISB IR Iceland Banking TBD LINK -
Iceland Finance published a draft bill to sell the government's 42.5% stake.
The country's wealth fund appointed an IPO advisor. Update 2/21 - The fund
Oman Electricity
2/21/2024 - Oman Utilities - - appointed Lizard Inc. on the IPO. The govt. plans to invite other banks to the IPO LINK -
Transmission
pitches.
Saudi Global The company is owned by Saudi's sovereign wealth fund and Singapore's PSA
2/19/2024 - Saudi Arabia Transportation - Q4 2024 LINK -
Ports International. The details of the IPO are still being considered.
The Dutch govt. plans to sell EUR 1 bil of stake, which will lower its 49.5% ownership
to 40%. The sales price is under discussion with financial advisors. Update 2/10 - The
ABN Amro Bank
11/30/2023 ABN NA Netherlands Bank - TBD govt. will start selling its stake in the coming days. The bank also announced EUR 500 LINK -
NV
mil buyback program. Update 2/16 - The Bank expects govt. to keep reducing its
ownership. The govt. plans to fully privatize the bank.
Angolan Stock The govt. is planning an IPO for its biggest telecommunications company. Unitel was
2/8/2024 Unitel - Angola Telecommunication 2024 LINK -
Exchange nationalized in 2022 from the daughter of the former president and an army general.
Banco de Angolan Stock The govt. plans to reduce its ownership of the country's second-largest lender through
2/8/2024 - Angola Bank 2024 LINK -
Fomento Angola Exchange the stock exchange.
www.KEDM.com

Date Date Update
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 Jul 13. The stake offloaded could be between 26% - 45.5%. Update
8/26/2021 - KPMG appointed as the transaction advisor. Expression of Interest will be
organized in October. Update 9/21 - At least 4 entities expressed interest in
purchasing a controlling stake in the bank. Update 6/1 - Plans to hold roadshows in
the US. The amount of stake to be sold will be finalized after the roadshow. Update
6/10 - Govt. plans preliminary tenders by the end of July. Update 8/25 - Govt. is
10/16/2020 IDBI Bank IDBI IN India Bank National India 2025 considering to sell at least 51%. Update 9/15 - The government will soon seek LINK -
expressions of interest to sell its stake. Update 10/10/2022 - The privatization is likely
to conclude by Sep 2023. Update 10/10/2022 - IDBI said the company will divest
60.7% in total. Update 10/23 - The Govt. said it will not veto any proposals of the new
owner and is also looking for 30% markup in the sale. Update 11/18 - Govt. will receive
EOI until Dec 16. Update 1/4 - Govt. eased minimum public float requirement to
promote privatization. Update 1/8 - Govt. received multiple preliminary bids. Due
diligence pending. Update 1/10 - The govt. disinvestment is expected to happen in H1
2024. Update 3/17 - The privatization could be deferred due to market volatility.
Update 11/22 - The govt. is likely to complete the sale only after the general elections
in mid-2024. Update 2/2/2024 - The govt. expects to complete the sale next year.
The government plans to sell up to 4% of the company to raise EUR 2 bil to reduce
1/18/2024 Eni SpA ENI IM Italy Energy Italy 2024 LINK -
government debt. The govt. plans to sell ~EUR 20 bil by 2026.
Almoosa Health
1/11/2024 - Saudi Arabia Health TBD 2024 A Saudi healthcare provider is planning an IPO. The company has chosen an advisor. LINK -
Group
Argentina's new president highlighted a number of companies to privatize. The
Aerolineas
12/21/2023 - Argentina Airlines - TBD president authorized the handover of the shares. Update 1/10 - The number of LINK -
Argentinas SA
managers was cut by 43% as part of a 'comprehensive streamlining plan.'
The government of Egypt has postponed the sale of stakes in the public bank Banque
du Caire in an Initial Public Offering (IPO) due to Covid. Initially scheduled for mid-
April, the operation is deferred to a future date. Update 5/10 - The Bank could be
privatized in two years. Update 7/19 - IPO is delayed due to unfavorable market
Cairo Stock
4/1/2020 Banque du Caire - Egypt Bank By 2024 conditions. Update 8/29/2022 - The government agreed on the privatization to be LINK -
Exchange
completed by 2024. Update 2/9/2023 - Egypt will sell stakes in 32 firms over the next
year, including Banque du Caire. Update 9/5 - Sales process started, planning to
complete in 2024. The process could be part of the IPO plan. Update 11/29 - EBRD is
interested in acquiring stakes in the company.
The govt. to value the airline TAP prior to its privatization, which is expected to start
in July. Lufthansa (LHA GR), Air France-KLM (AF FP) and British Airways owner IAG (INR
GR) are interested. Update 5/14 - Q1 results improved, becoming attractive for
investors. Update 7/12 - The Finance Minister said the degree to privatize the
company will be approved in the coming weeks. Update 7/14 - The privatization is
delayed from Jul 2023 due to an extensive valuation process. Update 8/31 - Q2
4/27/2023 Airline TAP - Portugal Airlines - 2024 profitability was strong. Update 9/28 - Privatization approved. The govt plans to sell LINK -
51% of its stake. Update 10/5 - Air France (AF FP) expressed a strong interest in the
purchase of the stake. The privatization process commenced. Update 10/20 - Govt will
define the size of the stake once all proposals are submitted. Update 10/24 - Q3 net
profit jumped 62% to a record high level. Update 10/28 - The president vetoes the
privatization due to transparency concerns. Update 11/15 - The country's PM
resigned over corruption allegations, which could delay the privatization process.
Pakistan
Engineering Pakistan Stock
11/8/2023 - Pakistan Materials TBD The privatization commission of Pakistan initiated the process of privatization. LINK -
Company Exchange
(PECO)
www.KEDM.com

Date Date Update
10/23/2023 Nupco - Saudi Arabia Health TBD TBD Saudi's PIF-backed medical procurement firm is exploring IPO options. LINK -
Nigerian The CEO said the President is committed to the plan. Expected to sell the shares to
National Nigerian Stock the public this year. Update 8/1 - The govt. plans global investment roadshow ahead
7/11/2023 - Nigeria Oil H2 2024 LINK -
Petroleum Co. Exchange of the IPO. Update 10/3 - The IPO will be ready by mid of next year. Update 10/27 -
Ltd The IPO process is 80% ready.
The government will sell 7.49% stake through an offer for sale (OFS) from Jul 6th,
2021. The floor price was fixed at INR 165 per share. The offer was fully subscribed.
Update 3/10 - Secretary of DIPAM says the disinvestment will happen soon. Update
6/2 - Govt. sold Nagarnar land as part of the privatization. Update 9/4 - Govt. to invite
preliminary bids for the sale of NMDC's steel plant. Update 12/2 - Govt. invites bids
7/6/2021 NMDC Ltd. NMDC IN India Materials BSE H1 2023 for NMDC's steel plant until Jan 27, 2023. Update 1/27 - Govt. received multiple LINK -
preliminary bids. Update 2/24 - The govt. revised the timeline. Update 2/27 - Six
companies are shortlisted. Update 4/7 - The privatization is expected in in H1 2023.
The govt. will sale 50.79% of its stake. Update 6/18 - Invitation for financial bid is
expected is expected soon. Update 10/20 - NMDC's Bastar steel plan won't be
privatized, the Union Home Minister stated.
The government planning to privatize the majority of Azores Airlines' capital. The
public tender will begin in Jan 2023. Update 2/13 - The govt. plans to privatize more
than 51% of the company. Update 3/9 - CEO laid out the privatization process: 51% to
11/23/2022 Azores Airlines - Portugal Airlines TBD TBD LINK -
85% will be sold. Update 3/24 - Tender process started, expiring on Jun 21, 2023.
Update 7/31 - The privatization tender expired on Jul 31 and now the proposal
commences.
Brazilian power utility Cemig is planning an initial public offering of its gas distribution
unit and nearly 1.7Billion of assets including its hydrodams. The state, Minas Gerais,
Sao Paulo
4/28/2021 Cemig spin-off CMIG3 BZ Brazil Utilities 2022 currently owns 51% Update 12/28/2022 - The Brazilian state plans to reduce its LINK -
Exchange
controlling stake. Update 7/13 - Cemig reported weak financials for 2023 Q1, which
could affect negatively to the privatization plan.
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 - Company took $3 bil net loss for 2020. The restructuring process will
be concluded by the end of 2022 and IPO will happen after that. Update 10/14 -
Angolan Stock Privatization program launched, at first 30% will be offered through an IPO. Update
1/1/2020 Sonangol - Angola Oil By 2026 LINK -
Exchange 1/24 - Angola Finance Minister said the privatization could take two years. Update 9/2
- The Chairman of the govt's asset management agency said the IPO is planned within
the next 5 years. Update 1/4 - The company expects IPO via listing abroad. Update
6/22 - The privatization is currently in the second phase and will be completed by
2026. Update 6/27 - The government is to divest 30% stake by the end of 2026.
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 be issued at a planned valuation of NIS 12 billion (approximately
Tel Aviv Stock $4.8 billion), with only 25% likely to be on offer initially. The Israeli government will
11/20/2020 Israel Aerospace - Israel Aerospace Dec 2023 LINK -
Exchange 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. Update
6/13 - The offering is delayed until the end of 2023, due to employee pay related
issues.
A state-owned diamond miner. The govt. will list 5% to 10% of the company via an IPO
Angolan Stock
2/8/2023 Endiama - Angola Mine 2024 at home and then will seek a secondary dual listing. Update 5/5 - The privatization is LINK -
Exchange
expected next year.
www.KEDM.com
Completed Privatization Monitor

Completed government privatizations
Announcement
Company Ticker Government Sector Exchange Trade Date Notes Link Prospectus
Date
Back in Mar 2022, the govt. sold its stake down to 39%. The govt further plans to sell shares
to retail investors for the first time. Update 1/25 - The Treasury Minister said the UK's stake
sales look promising this year. Update 1/28 - The govt. is asking for share sale proposals.
Update 2/6 - The govt. owns 35% stake in the company. The share sale is expected in June.
11/22/2023 NatWest NWG LN UK Bank London 3/28/2024 Update 2/16 - Permanent CEO appointed. Update 2/28 - The govt. will raise GBP 3-4bil from LINK -
selling its share and the announcement is expected next week. Update 3/6 - The govt. confirms
summer share sale. Update 3/18 - The company is seeking approval to buy up to 15% of its
stock in a 12-month period from the government. Update 3/28 - The govt reduced its
ownership to ~29% and is no longer a controlling shareholder.
The government owns 39% of the bank and plans to sell up to 10% of the company. The govt.
Banca Monte dei
2/21/2024 BMPS IM Italy Banking Borsa Italiana 3/27/2024 sold about 25% of the lender for EUR 920 mil last year. Update 3/27 - Govt. sold ~12.5% for LINK -
Paschi di Siena SpA
EUR 650 mil as part of the divestment plan, equal to EUR 4.15 per share.
The gov't plans to sell 30% of its stake. Hired financial advisors. Update 2/28 - The IPO price
was set at 48 riyals per share with 3.9 bil riyals (~$1.0 bil) market cap. IPO oversubscribed
MODERNMI Saudi Stock
2/7/2024 Modern Mills Co Saudi Arabia Food 3/26/2024 x127. Retail investors can participate between Mar 5 and 6. Update 3/5 - Offering expired. The LINK LINK
AB Exchange
final allocation is on Mar 12. Update 3/13 - Retail offering oversubscribed. Update 3/26 -
Started trading. IPO priced at SAR 48.00 per share.
The govt. is to sell a 25% stake in the company. The offer will begin on Mar 5 and the price
range is expected on the same day. Subscription for retail investors will continue until Mar 12.
Dubai
United Arab Update 3/5 - Fully subscribed within minutes. IPO will be priced between 2.00 to 2.10 AED per
2/27/2024 Parkin Company PARKIN UH Transportation Financial 3/21/2024 LINK LINK
Emirates share. Raised ~$429 mil, valued at $1.7 bil. Final pricing is on Mar 14 and expected trading on
Market
Mar 21. Update 3/14 - The offer 165x oversubscribed. Priced at 2.10 AED per share. Update
3/21 - Started trading, share price opened 31% higher.
Kazakhstan's national airline. The major shareholder is Samruk Kazyna Sovereign Wealth Fund.
Air Astana did not receive any financial support and showed good results. The shares might
also be dual-listed on international exchanges. Update 1/25 - Plans IPO in 2024. Update 4/4 -
Privatization plan is ongoing. Update 6/9 - British aerospace company - BAe Systems, a 49%
owner in Air Astana, may exit the company during the IPO. Update 10/16 - The govt. plans the
IPO. Update 10/24 - The national company Samruk Kazyna (with a 51% stake) plans to sell 5%
to 10% of its stake. The company will sell additional shares. Update 11/29 - The company is to
London Stock hire advisors for London IPO in 2024. Update 12/5 - Hired advisors for a dual listing on LSE and
2/16/2022 Air Astana AIRA LI Kazakhstan Airlines 2/9/2024 LINK LINK
Exchange Kazakhstan Stock Exchange. Update 1/12 - The company confirmed the IPO. Registration
document will be published. Book building and price range is expected by the end of Jan.
Preliminary offer material published. Update 1/12 - Prospectus filed. The airline plans to raise
$120 mil via GDRs on LSE and concurrent offerings in Kazakhstan. Book building will start by
the end of Jan. Update 1/22 - The IPO roadshow will start on Jan 29. London listing is expected
in Feb. Update 1/30 - The IPO is priced between $8.5 and $11.0 per GDR. Final pricing is on
Feb 9. Trading is on Feb 14 in London. Expected market cap is between $770 mil and $962 mil.
Update 2/9 - Started trading, IPO priced at USD 9.5 per GDR.
www.KEDM.com
Announcement
Date
Greece's biggest airport is to be privatized, and investment bankers have been hired as
advisors. 20% of the company will be sold via an IPO, valuing the stake for $500mil to 700mil.
Update 09/22: Privatization proceeds. Shareholders signed a memorandum of understanding.
Update 1/12 - The IPO is planned for next month. The government wants to divest a 30% stake
Athens International Athens Stock
6/1/2023 AIA GA Greece Airlines 2/7/2024 owned by Athen's privatization agency. Update 1/17 - 30% will be sold via IPO. Prospectus is LINK LINK
Airport SA Exchange
expected next week. Update 1/25 - Greece launches the IPO, plans to offer 30% to raise EUR
1.2 bil. Price range is between EUR 7.0 and 8.2 per share. Trading is from Feb 7. Update 2/2 -
Shares are priced at EUR 8.2 per share. Oversubribed over x10. Will be moved to "Completed
Privatizations" next week. Update 2/7 - Started trading.
MBCGROUP Saudi Stock Saudi's media giant priced its IPO at the top of the range - 25 SAR (~$6.67) per share. The
11/21/2023 MBC Group Saudi Arabia Media 1/15/2024 LINK LINK
AB Exchange company, with a valuation of $2.21bil, will list 10% of its SO.
Also known as Luberef Refinery Unit is planning to sell 30% to raise $1 billion via an IPO.
Update 11/24 - Received regulatory approval for the IPO. Update 12/4 - IPO opened for
Saudi Aramco Base Saudi Stock
4/4/2022 LUBEREF AB Saudi Arabia Energy 12/11/2023 institutional investors and fully covered. Retail subscription will be between Dec 14 and 18. LINK LINK
Oil Co (Luberef) Exchange
Final price is expected on Dec 11. Update 12/11 - IPO is priced at the top end, 99 SAR per
share.
The government is exploring strategic options for its assets, including a taxi company. The
company has 5,000 vehicles. Update 7/20 - Dubai's Roads and Transport Authority invited
investment banks to pitch their roles for the IPO. Update 8/3 - The banks are chosen for the
IPO. Update 10/30 - The company seeks to raise ~$300 mil from a share sale next month.
United Arab Dubai Stock
12/7/2023 Dubai Taxi Corp DTC UH Transport 12/6/2023 Update 11/13 - The privatization process commences. Govt will sell 25% of the company for LINK LINK
Emirates Exchange
~$300mil. Price will be announced on Nov 21 and subscription will end on Nov 29. Expected
trading is on Dec 7. Update 11/21 - The IPO is priced between 1.80 AED to 1.85 AED. Final
pricing on Nov 30. Update 11/29 - The company received $41bil in orders for $315mil IPO.
Trading is on Dec 7. Update 12/6 - Started trading, priced at 1.85 AED per share.
The company is owned 64% by the government. The govt is considering 15% sales and
evaluating the proposals. Update 10/16 - The privatization is expected to be completed by the
Banca Monte dei Italian Stock
9/20/2023 BMPS IM Italy Bank 11/21/2023 end of next year. Update 10/21 - Financial and legal advisers were chosen. Update 11/21 - The LINK -
Paschi di Siena SpA Exchange
govt. sold 25% in the company for $1bil at 4.9% discount to the closing price. Govt's stake
will be reduced to 39%.
Govt. plans to divest 20% of its stake, of which 15% will be offered via a book-building and the
National Bank of Athens Stock
10/18/2023 ETE GA Greece Bank 11/17/2023 remaining 5% to retail investors; Update 11/2 - The govt. will start the sell in the coming weeks. LINK LINK
Greece Exchange
Update 11/17 - The 22% stake was oversubsribed x8 times at EUR 5.30 per share.
Saudi hired HSBC to explore an IPO of the cargo unit of the kingdom's airline. Saudi Arabian
Airlines owns 70% of SAL. Update 6/23 - Saudi Arabia's capital market regulator approved the
IPO, to issue 30% of its shares. The approval is valid for 6 months. A prospectus will be
Saudi Arabian published. Update 9/13 - Prospectus published, offering will take place between Sep 25 and
4/1/2021 SAL AB Saudi Arabia Logistics Tadawul 11/1/2023 LINK LINK
Logistics Oct 10. Update 9/25 - SAL could raise $678mil, based on an indicative price range of 98 to 106
SAR per share. Book building began and fully subscribed. Update 10/5 - IPO priced at 106 riyals
($28.26) per share to raise $678mil. Retail subscription is between Oct 11 and 13. Update
10/18 - x16 times oversubscribed. Update 11/1 - Started trading.
Omani state energy firm OQ SAOC raised $748m in the initial public offering of its gas pipelines
9/21/2023 OQ Gas Networks OQGN OM Oman Pipelines Muscat 10/24/2023 business, offering 49% stake in the company. Shares are expected to trade on Oct 24. Update LINK LINK
10/24 - Started trading.
www.KEDM.com
Announcement
Date
IPO is priced, valuing the company for ~$4.1 billion. The IPO is x15 times oversubscribed by
Saudi Stock institutions. Retail subscription is until Sep 28. Update 9/26 - Retail subscription started, priced
9/20/2023 ADES Holding ADES AB Saudi Arabia Oil 10/10/2023 LINK LINK
Exchange at SAR 13.5 per share. Update 10/4 - The retail tranche oversubscribed nearly 10 times.
Update 10/10 - Started trading.
The govt. owns nearly 70% and after the privatization, its shareholding will be reduced to 10%
of the voting capital. Update 11/24 - The state assembly approved the privatization. Update
Cia Paranaense de Sao Paulo 7/26 - Final stage of $1bil offer is to complete this week. The secondary offer is set to be priced
11/21/2022 CPLE6 BZ Brazil Utilities 8/9/2023 LINK LINK
Energia (Copel) Exchange on Aug 8. Update 8/1 - Brazil's audit court cleared the sale. Update 8/2 - The privatization
draws early interest from GQG and Zimmer. Update 8/9 - $1.1 bil privatization completed:
Govt. reduced its holding from 70% to below 50%, selling each shares at 8.25 BRL.
The govt. will not sell its stake, the sole investment fund Fondul Proprietatea (FP RO) will list
15% out of its 20% stake by Nov 15. Update 11/16 - Franklin Templeton's fund is the sole
minority shareholder in state-controlled entity and govt. approved 15% - 20% float. Update
2/23 - Investor meetings are done and prospectus will be filed by Apr. The privatization is
Bucharest expected in May or June. Update 4/11 - The privatization plan is in progress. Update 5/30 -
8/22/2022 Hidroelectrica H2O RO Romania Energy 7/12/2023 LINK LINK
exchange The IPO attracts interest and could raise EUR 2 bil. Update 6/16 - Could be dual listing also on
London Stock Exchange. Expects to list at least 15% by June 30. Update 6/23 - Romania's
financial regulator approved the prospectus. The company will sell up to 17.3% between Jun
23 and Jul 4. Update 6/28 - The IPO was fully subscribed in three days. Update 7/5 - IPO priced
at 104 RON (~22.87$). The govt. will retain 80% of the company. Update 7/12 - Started trading.
The IPO pricing is set at the top end, x69 times oversubscribed. The IPO will raise ~$266mil
Saudi Stock
5/30/2023 First Milling Co. FIRSTMIL AB Saudi Arabia Food 6/22/2023 USD. The retail offer is between Jun 6 and Jun 7. Update 6/22 - IPO priced at SAR 60, after LINK LINK
Exchange
listing 30% of the SO.
Budapest Stock Budapest

6/21/2023 BET HB Hungary Exchange 6/21/2023 Hungary's stock exchange floated on June 21; National Bank held 81% pre-IPO LINK -
Exchange Exchange
Abu Dhabi National Oil has hired banks to work on potentially listing its shipping unit. The
company has more than 200 vessels transporting oil and gas. Update 3/24 - Adnoc plans an
IPO for maritime and logistics unit in June. Update 4/5 - The company plans $1 bil IPO as soon
Adnoc Logistics & ADNOCLS United Arab Dubai Stock
11/3/2022 Logistics 6/1/2023 as May. Update 5/10 - The IPO fully subscribed within minutes, raising $607mil. Final offer LINK LINK
Services UH Emirates Exchange
price will be set next week. Expected to start trading on Jun 1. Update 5/22 - Increased its
offering stake from 15% to 19%, raising $769 mil. Update 5/25 - Attracted $125 bil order for
its $769 mil offer. Update 6/1 - Trading started.
The UK government intends to sell its 62% stake in NWG by 2025. The govt injected capital
into NWG (Royal Bank of Scotland) in 2008/2009. UPDATE 3/19: NatWest bought back $1.5B
USD from the govt. thereby reducing the govt stake from 62 to 59.8% UPDATE 5/10: Govt sold
another 580m shares (5% of shares outstanding) for appx. 1.56B; reduced ownership to 54.8%.
Update 7/23/2021 - The govt will sell the shares on the open market (could be from Aug 12
3/3/2021 NatWest NWG LN UK Banking London 5/22/2023 and will end no later than Aug 11, 2022). Not more than 15% of the aggregate volume will be LINK -
sold. The selling price will not be below the 'fair value'. Update 3/28 - Govt. to cut its stake to
less than 50% via an off-market share buyback for US$ 1.6 bil. The remaining tranche will be
sold between 2025 and 2026. Update 6/22 - Govt. extends share sale until Aug 11, 2023 as its
stake down to 48%. Update 5/22/2023 - The company is buying back GBP 1.3 bil of shares
from the Government, making state ownership below 40%.
www.KEDM.com
Announcement
Date
Abu Dhabi National Oil (ADNOCDIS UH)'s subsidiary Adnoc Gas could be valued at ~$7.0 billion.
Advisers of the listings were appointed. The company is also considering an IPO of 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. Update 11/21 - IPO delayed until next year. Update 12/14 - Banks
ADNOCGAS United Arab Dubai Stock
4/26/2021 Adnoc Gas Energy 3/13/2023 were chosen for the IPO. Update 1/25 - GS and BofA will lead the IPO. Update 1/30 - Adnoc LINK LINK
UH Emirates Exchange
Gas targets $50 bil valuation and IPO is expected within weeks. Update 2/17 - Adnoc will offer
4%. IPO will be between Feb 23 and Mar 3, and trading will start in 10 days. Update 2/23 -
Adnoc's $2bil offering filled within hours; trading starts March 13. Update 3/3 - IPO is priced
at top of the range, drawing $124 bil of orders for $2.5 bil IPO. Update 3/13: Started trading.
Kazakhstan's oil and gas company. The major shareholder is Samruk Kazyna Sovereign Wealth
Fund. The shares might also be dual-listed on international exchanges. Update 7/14 - The IPO
Kazakhstan will take place this year. Investment banks are hired. Update 8/22 - IPO preparation could be
KazMunayGas
2/16/2022 KMGZ Kazakhstan Oil & Gas Stock 12/6/2022 completed by Oct 2022 and investors will be offered a discount of the valuation, Bloomberg LINK LINK
(KMG)
Exchange reported. Update 10/13/2022 - The IPO will be completed by Dec 16. Update 11/8 - KMG will
offer 5% for listing. IPO price is 8,406 KZT. Accepting bids until Dec 2. Update 12/6 - 3% was
sold via IPO for $330mil.
Also known as Saudi Arabia’s Power and Water Utility is to raise $1.2 bil by selling 30% stake.
Hired HSBC and Riyad Capital as managers. Update 10/2 - The company intends to list ~30%
MARAFIQ Saudi Stock
5/24/2022 Marafiq Saudi Arabia Utilities 11/24/2022 of its capital. Update 10/25 - The IPO drew $53bil in orders compared to its plan of $897mil. LINK LINK
AB Exchange
IPO is priced at SAR 46 per share. Update 11/4 - IPO price finalized at SAR 46. Update 11/24 -
Started trading.
Initially, a 10% sale was planned. Due to increased demand, 20% of the company will be sold,
Emirates Central
EMPOWER United Arab Dubai Stock to raise ~$724mil. Initial pricing is set between 1.31 AED ($0.36) to 1.33 AED. The final pricing
11/1/2022 Cooling Systems Utilities 11/15/2022 LINK LINK
UH Emirates Exchange will be on Nov 9 and trading is expected on Nov 15. Prospectus at the link. Update 11/9 -
(Empower)
Received $34bil in bids. Update 11/15 - IPO started trading.
A Saudi oilfield-services and drilling company, which is partly owned by Schlumberger NV
(49%), is preparing for an IPO with a valuation of ~$2.0 billion. Update 4/7/2022 - Hired Banks
for the IPO. Discussions are at an early stage. The company could be valued more than ~$1.4
billion. Update 6/29 - Regulatory approval obtained to list 30% stake. Update 9/28 - IPO price
ARABIAND Saudi Stock
5/2/2021 Arabian Drilling Saudi Arabia Energy 11/8/2022 is set between 90 to 100 riyals. The bookbuilding will end on Oct 5. Retail subscription will LINK LINK
AB Exchange
start on Oct 18. IPO prospectus at the link. Update 10/12 - The IPO drew $43bil orders. The
retail subscription will take place between Oct 18 and 19. Update 10/18 - Retail subscription
started. The final allocation is on Oct 25. Update 10/25 - IPO raised $712m from 30% sale.
Update 11/8 - Started trading
The company is having one-on-one investor meetings in mid of Jun. Details on valuation and
United Arab Dubai Stock the size of the offer will be announced. Update 9/5 - Govt. to sell 25% stake. The offering
6/9/2022 Salik toll system SALIK UH Payment 9/29/2022 LINK LINK
Emirates Exchange started on Sep 13 and the expected listing is on Sep 29.Update 9/22 - $1bil IPO drew $50bil in
orders. Started trading from Sep 29.
Dubai plans to sell 12.5% of the company for $500m. Price range will be announced on Jun 16.
United Arab Dubai Stock
6/8/2022 Tecom Group TECOM UH Group 7/5/2022 Exchange trading will be from Jul 5. Update 6/16 - IPO price set between AED 2.46 and 2.67 LINK LINK
Emirates Exchange
(USD 0.66 - 0.72). Update 6/23 - IPO price is set at the top of the range - AED 2.67 per share.
Angola's largest lender by assets, intends to sell appx. 10% of its shares through an IPO by
Angolan 2022. Update 4/20 - IPO prospectus filed. The first equities trading on the exchange. Will trade
3/18/2021 Banco BAI (pending) Angola Financial 6/9/2022 LINK -
Exchange from Jun 6. Update 6/9 - BAI floated 10% of SO, priced at 20,640 AOA (Angolan Kwanza),
~US$48.61.
www.KEDM.com
Announcement
Date
Angola's largest lender by assets, intends to sell appx. 10% of its shares through an IPO by
Sao Paulo 2022. Update 4/20 - IPO prospectus filed. The first equities trading on the exchange. Will trade
4/1/2020 Eletrobras ELET3 BZ Brazil Power 6/9/2022 LINK -
Exchange from Jun 6. Update 6/9 - BAI floated 10% of SO, priced at 20,640 AOA (Angolan Kwanza),
~US$48.61.
JV of Abu Dhabi National Oil and Borealis AG. Could be valued for $20 bil. Update 4/25 - 10%
BOROUGE United Arab will be sold for $2 bil. Update 5/18 - Subscription period between May 23 and 28. Shares are
3/18/2022 Borouge Chemicals Abu Dhabi 6/3/2022 LINK LINK
UH Emirates expected to trade on Jun 3. Update 5/26 - IPO will be underwritten by Citi, HSBC and Emirates
NBD. Update 5/31 - Oversubscribed by 42 times. Will start trading from Jun 3.
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. Update 4/5 - India
plans to sell 7% stake in LIC for $6.6 bil via an IPO. Update 4/14 - Fifty to sixty anchor investors
Life Insurance were shortlisted, including BlackRock and JP Morgan. Delay beyond May 12 would require
6/1/2020 LICI IN India Insurance BSE 5/17/2022 LINK -
Corporation of India renewed filing. Update 4/22 - LIC IPO timing will be decided this week. Update 4/27 - Govt.
slashed the capital to raise from the IPO to $2.74 bil due to investor appetite. IPO opens offer
on May 2 and expected to trade on May 9. Update 5/3 - Anchor investors such as Norway and
Singapore Wealth funds are to participate in the IPO. Update 5/4 - LIC IPO subscribed 67
percent on first day bidding. Update 5/12 - IPO allocation will be completed by May 12. Update
5/17 - Started trading.
Frankfurt
Finance Minister said the government would sell its 15% stake as part of the long-term plan.
2/13/2022 Commerzbank AG CBK GR Germany Banking Stock 4/11/2022 LINK -
Update 4/11 - US$1.7 bil of shares were sold to an unidentified investor.
Exchange
Philippine Philippines' SEC approved the IPO, to raise PHP 3.4 bil (~66 mil USD). The proceeds will be used
2/16/2022 Bank of Commerce BNCOM PM Philippines Banking Stock 4/1/2022 to upgrade the bank's physical infrastructure. IPO will run between Mar 7 and 15. Prospectus LINK -
Exchange filed. Update 4/1 - Trading started.
Abu Dhabi
Dubai Electricity & United Arab Plans to sell 6.5% stake for $2.2 bil via IPO. Update 3/30 - IPO size increased to 17% to raise
3/24/2022 DEWA UH Energy Securities 4/6/2022 LINK LINK
Water Authority Emirates $5.7 bil. Update 4/6 - IPO oversubscribed.
Exchange
Abu Dhabi
United Arab
2/8/2022 Abu Dhabi Ports ADPORTS Shipping Securities 2/8/2022 The company raised $1.1 bil via an IPO. UAE's sovereign wealth fund is 75.4% shareholder. LINK LINK
Emirates
Exchange
The IPO is worth ~2 billion. Saudi's public investment fund is planning to sell up to 30% of the
Elm Information Saudi Stock company. The plan is at an early stage. Update 1/23 - The company is seeking to raise USD 820
6/2/2021 ELM AB Saudi Arabia e-Services 1/30/2022 LINK -
Security Exchange mil from an IPO. IPO price range is set and book building will start this week. Prospectus
published. Update 1/30 - IPO price set.
The Irish government, owning 13.9% of the bank, plans to sell part of its 676 million euro ($807
Bank of Ireland
6/23/2021 BIRG ID Ireland Banking Dublin 1/19/2022 million) stake over the next six months, through a pre-arranged trading plan. Update 1/19 - LINK -
Group PLC
Govt. reduced its shareholding to 6.93% and is no longer the largest shareholder.
Saudi Stock TADAWULG The stock exchange was valued at $3.4 bil, after an institutional bookbuilding. IPO will be open
11/28/2021 Saudi Arabia Financial Tadawul 12/8/2021 LINK -
Exchange AB to retail subscribers by Dec 2. ~$1 bil will be raised via an IPO. Trading 12/8
Saudi Wealth Fund hired Goldman Sachs, Morgan Stanley etc. to sell part of its 70% stake in
9/30/2021 Saudi Telecom Co STC AB Saudi Arabia Telecom Tadawul 12/5/2021 STC for ~12.9 billion. The Fund would keep more than 50% ownership. Update 12/6 - Saudi LINK -
sovereign fund sold 5.01% stake via secondary offer.
www.KEDM.com
Announcement
Date
The South Korean government plans to divest the 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 under target price.
Korea Stock Update 9/9 - Govt to open a bidding process, letter of intent until Oct 8. Update 9/10 - The full
12/1/2020 Woori Financial 316140 KS South Korea Banking 11/22/2021 LINK -
Exchange 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. Update 12/10 - The selling of 9.3% took place. Update
11/22/2021 - Technically, fully privatized.
Govt. plans to sell $8.9 bil stake in Oct 2021, to bring down its stake to ~61%, the minimum
Japan Post Holding
9/30/2021 6178 JP Japan Postal Service Tokyo 10/25/2021 required by the law. Update 10/25 - Secondaries were priced at 820.6 yen apiece and the LINK -
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 for
ACWA Power
8/31/2021 ACWA AB Saudi Arabia Power Tadawul 9/28/2021 solar and hydrogen going forward. Update 9/2 - Prospectus issued. Retail offering will be LINK -
International
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
Govt to sell 8% stake in HUDCO through an offer for sale and raise ~ USD 97 mil. Non-retail
Housing & 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 the LINK -
Development Corp.
sale, govt's stake will reduce to 81.8%.
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 and will offer a
minimum of 25% of the bank; to be listed before June-end UPDATE 6/15: IPO offer price set
NASDAQ for 79/sh for 636m shares for a value of 457m; mkt cap on listing of 1.3B; shares to trade on
12/1/2020 Islandsbanki ISB IR Iceland Banking 6/22/2021 LINK LINK
Iceland Nasdaq Iceland 6/22 Update 6/22: Trading. Update 4/19 - Govt's remaining share sale did not
go as planned due to lack of transparency in a previous share sale. Update 5/12 - The IPO
process was highly criticized by the public and now investigations opened by the central bank
and the National Audit Office. Update 1/9/2023 - Islandsbanki seeks settlement with the
regulator.
Ho Chi Minh
Vietnam's Power Generation Corp, a sub of Vietnam Electricity will hold a public auction on
5/1/2020 Vietnam Electricity GE2 VN Vietnam Utilities City Stock 5/12/2021 LINK -
2/8 for 49% of the corp; initial price indicated at 24,520 dong. UPDATE: IPO'd in May 2021
Exchange
Agricultual Indian Government intends to offer 20% of their 75% stake in NFL via a secondary offering.
2/10/2021 National Fertilizer NFL IN India National India 5/5/2021 LINK -
Chemicals UPDATE 4/14: Govt to sell 20% stake in NFL; govt accepting bids until May 5
‘Caixa Seguradora,’ the insurance company of the federal bank, is said to be the first in-line to
Sao Paulo be privatized as the government of Brazil pursues an IPO of R$15 billion (Euros 2,5 billion) for
8/1/2020 Caixa Seguridade CXSE 3 BZ Brazil Insurance 4/29/2021 LINK LINK
Balcao the state assets to be floated on the Sao Paulo Balcão. UPDATE: PROSPECTUS FILED; UPDATE:
IPO priced 9.67 reais
Government is planning to IPO its "digital" bank. The virtual-only bank was established to
Caixa Economica Sao Paulo
10/20/2020 CXSE3 BZ Brazil Bank 4/27/2021 provide aid to Brazil's poor during Covid. The Bank now has 64m accounts. Update 4/6 Caixa LINK -
Federal Exchange
Seguridade Participacoes started trading from Apr 27
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 3/26/2021 LINK LINK
Ltd. currently holds appx. 87%
www.KEDM.com
Announcement
Date
Tata Government intends to dispose of its 26.12% stake through a secondary by year end. Update
1/19/2021 TCOM IN India Telcom National India 3/16/2021 LINK -
Communications 3/16: Govt. offered 46m shares reducing their stake to appx. 10%
11/22/2020 MIDHANI MIDHANI IN India Steel & Alloy BSE 3/15/2021 Secondary offering. Government to sell another 10% of holdings. LINK -
Railway Government plans to sell 15% of its stake in IRCON by December 2020. India currently holds
11/7/2020 IRCON International IRCON IN India BSE 3/4/2021 LINK LINK
engineering appx. 89% of IRCON shares.
State-owned telecom infrastructure provider RailTel has filed Draft Red Herring Prospectus
10/1/2020 RailTel RAILTEL IN India Telecom National India 2/25/2021 (DRHP) with the market regulator Sebi for an initial public offer (IPO) of up to 8.66 crore equity LINK LINK
shares. Prospectus filed October. UPDATE: IPO on 2/25
The government is looking at launching initial public offering (IPO) of Indian Railway Finance
Indian Railway
7/1/2020 IRFC IN India Finance; rail National India 1/29/2021 Corp Ltd (IRFC) in Q1. The government has set a price of 25-26/sh to be sold 1/18-1/20 for LINK LINK
Finance Corp
appx. 14% of the company.
The government named 4 banks to finalize the secondary for their shares. The government
Indian Railway
currently owns 87% of IRCTC and looks to sell 20% in a secondary offering in Q4. Government
10/28/2020 Catering and IRCTC IN India Rail National India 12/11/2020 LINK -
names legal advisors for sale (11/22). The share sale will take place on 12/10 and 12/11 (retail
Tourism
investors only).
Russia’s top shipping company Sovcomflot plans to sell a 15.5%-17% stake in new shares and
Oil and LNG
9/1/2020 Sovcomflot FLOT RX Russia Moscow 10/7/2020 raise around 42.25 billion roubles ($534 million) in an initial public offering (IPO) on the LINK -
Shipping
Moscow Exchange.
SBI Cards & Payment Services (SBIC) is a subsidiary of SBI and the second largest credit card
SBI Cards and
3/1/2020 SBICARD IN India Credit Cards National India 3/2/2020 issuer in India with 18% market share in terms of cards outstanding, with 9.83 million credit LINK -
Payment
cards outstanding
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 Saudi Arabia Oil Tadawul 12/1/2019 32 Saudi riyal (approximately $8.53) per share. UPDATE 1/28: Crown Prince indicated that the LINK LINK
govt. will sell more shares to fund their SWF. UPDATE 4/29: Saudi is in talks with investors to
sell additional stakes in Aramco.
National
11/1/2019 Francaise des Jeux FDJ FP France EuroNext 11/1/2019 The French government will hold 27.85% of the FDJ after the IPO LINK LINK
Lottery
www.KEDM.com
Demutualization Monitor
Recent mutual-to-stock conversions
Link to Most
Announcement Return Since Link to
Company Status Ticker Description/ Synopsis Trade Date Recent
Date Listing Prospectus
Update
EWSB Bancorp, Inc. (“New EWSB Bancorp” or the “Company”), a newly formed
Maryland corporation, and the proposed holding company for East Wisconsin Savings
Wisconsin Mutual
Announced - Bank (the “Bank”), is offering shares of common stock for sale in connection with the 3/11/2024 - - - LINK
Bancorp
conversion of Wisconsin Mutual Bancorp, MHC (the “MHC”), from a mutual holding
company to a stock holding company form of organization.
In connection with the mutual to stock conversion of Fidelity Bank, a Louisiana-
chartered mutual savings bank (“Fidelity”), FB Bancorp, Inc. (“FB Bancorp”), a newly-
formed Maryland corporation and the to-be holding company of Fidelity, is offering
FB Bancorp Announced FBLA 3/7/2024 - - - LINK
shares of its common stock for sale at $10.00 per share. Following the stock offering,
it is expected that shares of FB Bancorp common stock will be listed on the Nasdaq
Capital Markets under the symbol “FBLA.”
Mutual Savings and Loan Association, a federally chartered savings association
headquartered in Metairie, Louisiana, today announced that its Board of Directors
Mutual Savings and Loan Announced - 2/2/2024 - - LINK -
adopted a plan to convert Mutual Savings and Loan Association (“Mutual Savings” or
the “Association”) to a stock institution (“Plan of Conversion”).
Fifth District Savings Bank, a federally chartered mutual savings association (“Fifth
District”), Fifth District Bancorp, Inc. (“Fifth District Bancorp”), a newly-formed
Fifth District Savings Maryland corporation and the to-be holding company of Fifth District, is offering
Announced FDSB 3/8/2024 - - - LINK
Bank shares of its common stock for sale at $10.00 per share. Following the stock offering,
it is expected that shares of Fifth District Bancorp common stock will be listed on the
Nasdaq Capital Markets under the symbol “FDSB.”
Agency Agreement signed UPDATE 9/21: Subscription completed; EGM 9/28; pending
Central Plains regulatory approvals UPDATE 9/29: Members approved; awating regulatory UPDATE
Trading CPBI 6/15/2023 10/20/2023 LINK LINK
Bancshares 10/17: Transaction to close on 10/19; trading under CPBI on 10/20 UPDATE 10/23: 11
Closed
Update 7/27: S1 amended UPDATE 9/20: Extension of offering to 9/29 UPDATE 10/12:
NB Bancorp Trading NBBK Agency Agreement with Piper signed UPDATE 10/20: 424B3 filed update 12/27: 6/9/2023 12/18/2023 - LINK LINK
Offering complete; trading under NBBK
he bank unanimously adopted a Plan of Conversion and Reorganization. As per the
Plan of Conversion, Cambray Mutual would sell its majority ownership in Gouverneur
Bancorp to the bank and to the public. The bank would then turn into a fully public
Gouverneur Bancorp Inc Trading GOVB stock holding company following the completion of the transaction which is regarded 5/22/2023 11/1/2023 LINK LINK
14
as a ‘second step’ conversion. UPDATE: S1 filed UPDATE 8/24: Offering commences
UPDATE 9/20: Extension of offering to 9/29 UPDATE 10/4: Offering commences
UPDATE: Offereing completed UPDATE: 10/31: Offering closed
S1 filed; UPDATE 4/25: Amended S1 filed UPDATE 5/17: S1 effective UPDATE 5/25:
Mercer Bancorp Trading MSBB 424B3 filed UPDATE: Increase shares offered; extended offering date until 6/23 3/10/2023 7/27/2023 LINK LINK
2
UPDATE: Completed
S1 filed UPDATE 4/25: Amended S1 filed UPDATE 6/9: S1/A filed UPDATE 7/21: S1/A
filed UPDATE 8/11: Agency agreement signed UPDATE 8/21: Offering commences
PFS Bancorp Trading PFSB 10/18/2023 LINK LINK
UPDATE 10/17: Offering closed; will trade on 10/18 UPDATE 10/23: Notice of (2)
effectiveness
www.KEDM.com
Link to Most
Update
BV Financial, Inc. is the holding company for Bay-Vanguard Federal Savings Bank. The
Bank attracts deposits from the general public and uses such funds to originate one-
to-four family residential real estate loans. Bay-Vanguard operates in Baltimore and
BV Financial Trading BVFL Anne Arundel Counites, Maryland. UPDATE 1/19: BV announced second step UPDATE 1/19/2023 8/1/2023 LINK LINK
(1)
3/16: S1 filed UPDATE 4/24: Amended S1 filed Update: S1 effective; agency agreement
filed UPDATE 5/25: 424B3 filed UPDATE 7/18: Conversion completed UPDATE 7/25:
Regulatory approvals; will commence trading on 8/1
First Seacoast Bancorp operates as a holding company. The Company, through its
subsidiaries, focuses on banking services. First Seacoast Bancorp serves customers in
First SeaCoast Bancorp Trading FSEA the State of New Hampshire. UPDATE 9/13: S1 filed UPDATE 11/11: Amended S1 8/16/2022 1/20/2023 LINK LINK
(15)
filed; S1 EFFECTIVE; Meeting to be held on 12/29/22 UPDATE: Shareholders approve
UPDATE: Offering complete
Somerset Savings Bank, SLA ("Somerset Savings") announced that its Board of
Directors has adopted a plan of conversion to convert from the mutual to stock form
of organization. In connection with the conversion, the Boards of Directors of
Somerset Savings Bank/
Trading SRBK Somerset Savings and SR Bancorp entered into a definitive agreement to merge with 7/25/2022 9/20/2023 LINK LINK
SR Bancorp 1
Regal Bancorp, Inc. ("Regal Bancorp") and its subsidiary Regal Bank. UPDATE: S1 filed
UPDATE: Agency agreement signed UPDATE 9/11: Completed; trading on 9/20
UPDATE: Trading
VWF Bancorp, Inc is offering shares of common stock for sale at $10.00 per share in
connection with the conversion of Van Wert Federal Savings Bank from the mutual
VWF Bancorp Trading VWFB form of organization to the stock form of organization. UPDATE 5/13: Agency - 7/14/2022 LINK
20
agreement with Performance Trust Capital to market the offering UPDATE 5/23:
Prospectus filed UPDATE 7/7: Expected to trade on 7/14 UPDATE: Trading
Everett Bank, a mutual co-operative bank located in Everett, Massachusetts has filed
to convert to stock ownership and will become a wholly owned subsidiary of newly
formed bank holding company, ECB Bancorp, Inc. ECB Bancorp, Inc., a Maryland
corporation, is offering shares of common stock for sale in connection with the
ECB Bancorp. Inc Trading ECBK 3/10/2022 7/28/2022 LINK
conversion of Everett Co-operative Bank from the mutual to stock form of (9)
organization. UPDATE 5/13: Agency agreement with Keefe, Bruyette & Woods to
market the offering UPDATE 5/23: Prospectus filed UPDATE 6/23: Max purchase
limitations increased to $550k UPDATE 7/28: Trading
NSTS Bancorp, Inc. is offering shares of common stock for sale in connection with the
conversion of North Shore MHC from the mutual holding company to stock form of
North Shore Trust and organization. Update 10/18: Amended S1 filed (link right) UPDATE 11/10: Agency
Trading NSTS - 1/19/2022 LINK
Savings agreement signed with Keefe (KBW) to market the offering UPDATE 1/3: Members (24)
approved the conversion UPDATE 1/12: All regulatory approvals received; will trade
on Nasdaq under NSTS on 1/19
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 - 7/15/2021 LINK
Bancshares Inc 44
Company’s common stock is expected to begin trading on the Nasdaq under the
trading symbol “TCBS” on July 15. A total of 3,257,759 shares of common stock of the
Company are issued and outstanding.
Ponce Bank Mutual Holding Company and PDL Community Bancorp (NASDAQ: PDLB),
the holding company for Ponce Bank and Mortgage World Bankers, Inc., announced a
Plan of Conversion and Reorganization. Will reorganize into a new stock holding
company and will conduct a second-step stock offering of new shares of common
PDL Bancorp. Trading PDLB 5/25/2021 1/28/2022 LINK
stock; to be named PDL Community Financial Corp. UPDATE 11/16: Agency agreement (24)
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
www.KEDM.com
Link to Most
Update
stockholder approval UPDATE 1/3: Members approved the conversion; 13m shares to
be sold at $10; 25m shares outstanding post conversion UPDATE: Trading 1/28
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
St Landry Homestead savings and loan holding company for St. Landry Homestead by owning all of its
Trading CLST 3/12/2021 10/13/2021 LINK
Federal Sa outstanding shares of capital stock. UPDATE 8/6: Notice of Effectiveness; Agency (13)
agreement signed with Piper Sandler to lead the offering of 5.3m shares in accordance
with the Plan of Conversion UPDATE 8/16: Prospectus filed UPDATE 9/8: Extended the
subscription deadline from 9/8 to 9/17 due to Hurricane Ida; UPDATE 10/7: Nasdaq
approves the listing; will trade on 10/12 UPDATE: Opened trading on 10/13 at 13.33
PB Bankshares is planning a second-step conversion to a pubco and raise appx. 20m
in an offering. HQ'd in Pennsylvania, Prosper had $275 million in assets, $231 million
in deposits, $186 million in loans and total equity of $22 million as of 12/31. UPDATE
Prosper Bank Trading PBBK 4/23: Amended S1 filed UPDATE 5/7: S1-A filed UPDATE 5/20: Company enetered into 3/12/2021 7/15/2021 LINK
(4)
an Agency Agreement with Piper Sandler who will run the upcoming offering UPDATE
6/29: Depositors approved the Conversion; sufficient orders recieved; no syndicated
offering UPDATE 7/14: PBBK sold 2.778m shares; trading on 7/15
Cullman will reorganize into a new fully public stock holding company structure and
as part of the conversion will conduct a second-step stock offering of new shares of
common stock. UPDATE 4/23: Amended S1 filed UPDATE 5/11: Amended S1 filed
UPDATE 5/19: Company entered into an Agency Agreement with Raymond James to
assist in the upcoming offering UPDATE 5/24: Stock offering commencing; 3.7-4.3m
Cullman Bancorp, Inc Trading CULL shares offered at 10; open until June 17. UPDATE: Offering complete; no syndicated 3/10/2021 7/15/2021 LINK
(5)
offering will be held; meeting called for July 2 UPDATE 7/6: Approved; closing subject
to customary regulatory approvals. UPDATE 7/12: Cullman Bancorp, Inc. (CULL)
second step conversion. The sold 4,284,375 shares which is almost the supermax.
Exchange ratio=2.8409. Shares outstanding after the conversion 7,406,000. TBV
around $12.96. Trades on Nasdaq on 07/15/21.
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
(%)
SOLV Solventum Corp Medical Products S&P 500 3/27/2024 4/1/2024 - -8 -9

GEV - Machinery-Electric Util S&P 500 3/27/2024 4/2/2024 - 7 -4
XRAY DENTSPLY SIRONA Inc Dental Supplies&Equip MidCap 400 S&P 500 3/27/2024 4/3/2024 6716 -4 -2
VFC VF Corp Apparel Manufacturers SmallCap 600 S&P 500 3/27/2024 4/3/2024 5249 -8 -13
FOXF Fox Factory Holding Corp Auto/Trk Prts&Equip-Orig SmallCap 600 MidCap 400 3/27/2024 4/3/2024 1803 -2 -14
ROIV Roivant Sciences Ltd Medical-Biomedical/Gene MidCap 400 3/26/2024 4/1/2024 9025 3 5
RUN Sunrun Inc Energy-Alternate Sources SmallCap 600 MidCap 400 3/26/2024 4/1/2024 2699 13 -9
APPF Appfolio Inc Applications Software MidCap 400 3/25/2024 4/1/2024 8085 6 -8
NARI Inari Medical Inc Medical Products SmallCap 600 MidCap 400 3/25/2024 4/1/2024 2496 11 -14
EMR AU Emerald Resources NL Real Estate Oper/Develop MVIS - 3/8/2024 3/18/2024 2254 -10 28
SMCI Super Micro Computer Inc Computers-Integrated Sys S&P 500 MidCap 400 3/1/2024 3/18/2024 53195 11 -10
DECK Deckers Outdoor Corp Apparel Manufacturers S&P 500 MidCap 400 3/1/2024 3/18/2024 20795 1 -10
INTU Intuit Inc Applications Software S&P 100 - 3/1/2024 3/18/2024 175928 -5 -1
CYTK Cytokinetics Inc Medical-Biomedical/Gene MidCap 400 SmallCap 600 3/1/2024 3/18/2024 7659 -14 12
AIT Applied Industrial Technologie Machinery-General Indust MidCap 400 SmallCap 600 3/1/2024 3/18/2024 7437 0 -1
MGY Magnolia Oil & Gas Corp Oil Comp-Explor&Prodtn SmallCap 600 3/1/2024 3/18/2024 5483 5 10
AL Air Lease Corp Finance-Leasing Compan SmallCap 600 3/1/2024 3/18/2024 5434 17 4
BOX Box Inc Computer Software SmallCap 600 3/1/2024 3/18/2024 3952 10 -8
BGC BGC Group Inc Finance-Invest Bnkr/Brkr SmallCap 600 3/1/2024 3/18/2024 3916 13 -3
BL BlackLine Inc Enterprise Software/Serv SmallCap 600 3/1/2024 3/18/2024 3968 9 -1
ARCH Arch Resources Inc Coal SmallCap 600 3/1/2024 3/18/2024 2866 -5 -3
MGEE MGE Energy Inc Electric-Integrated SmallCap 600 3/1/2024 3/18/2024 2733 18 1
WHR Whirlpool Corp Appliances MidCap 400 S&P 500 3/1/2024 3/18/2024 6062 -2 3
ZION Zions Bancorp NA Commer Banks-Western US MidCap 400 S&P 500 3/1/2024 3/18/2024 6065 2 2
CALX Calix Inc Networking Products SmallCap 600 3/1/2024 3/18/2024 2068 -7 -11
MPW Medical Properties Trust Inc REITS-Health Care SmallCap 600 3/1/2024 3/18/2024 2462 -2 -7
MGY Magnolia Oil & Gas Corp Oil Comp-Explor&Prodtn SmallCap 600 3/1/2024 3/18/2024 5483 5 10
AL Air Lease Corp Finance-Leasing Compan SmallCap 600 3/1/2024 3/18/2024 5434 17 4
BOX Box Inc Computer Software SmallCap 600 3/1/2024 3/18/2024 3952 10 -8
BGC BGC Group Inc Finance-Invest Bnkr/Brkr SmallCap 600 3/1/2024 3/18/2024 3916 13 -3
BL BlackLine Inc Enterprise Software/Serv SmallCap 600 3/1/2024 3/18/2024 3968 9 -1
ARCH Arch Resources Inc Coal SmallCap 600 3/1/2024 3/18/2024 2866 -5 -3
MGEE MGE Energy Inc Electric-Integrated SmallCap 600 3/1/2024 3/18/2024 2733 18 1
MDA CN MDA Ltd Aerospace/Defense TSX60 3/1/2024 3/18/2024 1751 -5 4
CXM Sprinklr Inc Internet Applic Sftwr SmallCap 600 - 2/28/2024 3/4/2024 3235 8 -15
AMH American Homes 4 Rent REITS-Apartments MidCap 400 - 2/26/2024 3/1/2024 13159 3 -3
AMZN Amazon.com Inc E-Commerce/Products DJIA - 2/20/2024 2/26/2024 1931534 5 7
UBER Uber Technologies Inc E-Commerce/Services DJTA - 2/20/2024 2/26/2024 154763 2 -4
AAWH Ascend Wellness Holdings Inc Consumer Products-Misc MSOS - 2/7/2024 2/7/2024 272 - -22
ERIE Erie Indemnity Co Property/Casualty Ins High yield aristocrats - 1/24/2024 2/1/2024 20569 2 10
SR Spire Inc Gas-Distribution High yield aristocrats - 1/24/2024 2/1/2024 3113 0 0
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)
Return
Listed on new Announcement Effective Market Cap (since
Ticker Company Deletion Index New Index Sector
index (Y/N) Date Date (M) effective)
(%)
VFC VF Corp S&P 500 Y SmallCap 600 3/27/2024 4/3/2024 5,249 Apparel Manufacturers -13
XRAY DENTSPLY SIRONA Inc S&P 500 Y MidCap 400 3/27/2024 4/3/2024 6,716 Dental Supplies&Equip -2
FOXF Fox Factory Holding Corp MidCap 400 Y SmallCap 600 3/27/2024 4/3/2024 1,803 Auto/Trk Prts&Equip-Orig -14
MODV ModivCare Inc SmallCap 600 N 3/27/2024 4/3/2024 329 Medical-Outptnt/Home Med -5
SSP EW Scripps Co/The SmallCap 600 N 3/27/2024 4/3/2024 283 Multimedia -7
RUN Sunrun Inc MidCap 400 Y SmallCap 600 3/26/2024 4/1/2024 2,699 Energy-Alternate Sources -9
NARI Inari Medical Inc MidCap 400 Y SmallCap 600 3/25/2024 4/1/2024 2,496 Medical Products -14
IFF International Flavors & Fragra High yield aristocrats N 3/22/2024 4/1/2024 22,008 Chemicals-Specialty -3
NUAG CN New Pacific Metals Corp MVIS N - 3/8/2024 3/18/2024 433 Precious Metals 83
SBM AU St Barbara Ltd MVIS N - 3/8/2024 3/18/2024 233 Gold Mining 74
USAS Americas Gold & Silver Corp MVIS N - 3/8/2024 3/18/2024 71 Precious Metals 30
WHR Whirlpool Corp S&P 500 Y MidCap 400 3/1/2024 3/18/2024 6,062 Appliances 3
ZION Zions Bancorp NA S&P 500 Y MidCap 400 3/1/2024 3/18/2024 6,065 Commer Banks-Western US 2
EXC Exelon Corp S&P 100 N - 3/1/2024 3/18/2024 36,900 Electric-Distribution 0
CALX Calix Inc MidCap 400 Y SmallCap 600 3/1/2024 3/18/2024 2,068 Networking Products -11
MPW Medical Properties Trust Inc MidCap 400 Y SmallCap 600 3/1/2024 3/18/2024 2,462 REITS-Health Care -7
CRMT America's Car-Mart Inc/TX SmallCap 600 N - 3/1/2024 3/18/2024 380 Retail-Automobile -6
TBI TrueBlue Inc SmallCap 600 N - 3/1/2024 3/18/2024 341 Human Resources -6
FORR Forrester Research Inc SmallCap 600 N - 3/1/2024 3/18/2024 376 Consulting Services -9
OIS Oil States International Inc SmallCap 600 N - 3/1/2024 3/18/2024 393 Oil-Field Services 0
APPS Digital Turbine Inc SmallCap 600 N - 3/1/2024 3/18/2024 209 Software Tools -34
CCSI Consensus Cloud Solutions Inc SmallCap 600 N - 3/1/2024 3/18/2024 261 Communications Software -10
IRBT iRobot Corp SmallCap 600 N - 3/1/2024 3/18/2024 257 Appliances -15
SMCI Super Micro Computer Inc MidCap 400 S&P 500 3/1/2024 3/18/2024 53,195 Computers-Integrated Sys -10
DECK Deckers Outdoor Corp MidCap 400 S&P 500 3/1/2024 3/18/2024 20,795 Apparel Manufacturers -10
CYTK Cytokinetics Inc SmallCap 600 N - 3/1/2024 3/18/2024 7,659 Medical-Biomedical/Gene 12
AIT Applied Industrial Technologie SmallCap 600 N - 3/1/2024 3/18/2024 7,437 Machinery-General Indust -1
CRMT America's Car-Mart Inc/TX SmallCap 600 N - 3/1/2024 3/18/2024 380 Retail-Automobile -6
TBI TrueBlue Inc SmallCap 600 N - 3/1/2024 3/18/2024 341 Human Resources -6
FORR Forrester Research Inc SmallCap 600 N - 3/1/2024 3/18/2024 376 Consulting Services -9
OIS Oil States International Inc SmallCap 600 N - 3/1/2024 3/18/2024 393 Oil-Field Services 0
APPS Digital Turbine Inc SmallCap 600 N - 3/1/2024 3/18/2024 209 Software Tools -34
CCSI Consensus Cloud Solutions Inc SmallCap 600 N - 3/1/2024 3/18/2024 261 Communications Software -10
IRBT iRobot Corp SmallCap 600 N - 3/1/2024 3/18/2024 257 Appliances -15
LAAC CN Lithium Americas Argentina Cor TSX60 N - 3/1/2024 3/18/2024 1,222 Diversified Minerals 11
LAC CN Lithium Americas Corp TSX60 N - 3/1/2024 3/18/2024 1,602 Diversified Minerals 26
MDRX Veradigm Inc SmallCap 600 N - 2/28/2024 3/4/2024 856 Medical Information Sys 20
WBA Walgreens Boots Alliance Inc DJIA N - 2/20/2024 2/26/2024 15,546 Retail-Drug Store -15
JBLU JetBlue Airways Corp DJTA N - 2/20/2024 2/26/2024 2,323 Airlines 6
WLY John Wiley & Sons Inc High yield aristocrats N - 1/24/2024 2/1/2024 2,142 Commercial Services 9
NUS Nu Skin Enterprises Inc High yield aristocrats N - 1/24/2024 2/1/2024 603 Multilevel Dir Selling -36
WBA Walgreens Boots Alliance Inc High yield aristocrats N - 1/24/2024 2/1/2024 15,546 Retail-Drug Store -22
www.KEDM.com
Contingent Value Right Monitor

CVRs either pending or still trading on a public exchange
Date to be
Target Ticker/ CVR Still
shareholder of CVR Expiration PR or
Date of PR Ticker Company Shareholder Target Outstanding Terms Notes
record to Ticker Date Filing
of Record (Y/N)
receive CVR
All-stock, combination agreement. The
CVR milestones: a) successful
combined company will trade under "HURA".
TuHURA Kintara enrollment of min 10 breast cancer
4/3/2024 - KTRA Q3 2024 - PENDING 12/31/2025 KTRA shareholders will own ~2.85% of the LINK
Biosciences Therapeutics patients; b) completion of eight
company or ~5.45% including the CVR
weeks of follow-up study.
considerations. CVRs are non-transferable.
CVR holders will be entitled to a) All-stock definitive merger agreement. The

Trawsfynydd Onconova
4/1/2024 - ONTX 4/15/2024 - PENDING 4/15/2024 43.7% of net proceeds from legacy combined company will be traded under LINK
Therapeutics Therapeutics
assets. "TRAW" from Apr 3.
Definitive merger agreement for $20.42 per

Landos Each CVR could be worth $11.14 per
3/25/2024 ABBV AbbVie Inc LABP Q2 2024 - PENDING 3/31/2029 share in cash (~$137.5 mil in cash in total), plus LINK
Biopharma share.
one CVR.
CVR milestones are i) $10mil in cash if The restructuring process, in which the
the annual revenues from Omisirge in company's principal lender - Highbridge
the US exceed $100 mil for 4 Capital will convert $75 mil of existing
consecutive quarters within 3 years; unsecured convertible senior notes into equity
3 years
3/27/2024 - - GMDA Gamida Cell TBD - PENDING ii) $15 mil in cash if the annual and provide another $30 mil of new capital. LINK
from close
revenues exceed $150 mil for 4 Upon restructuring, the company will become
consecutive quarters; and iii) $2.5 mil a private company and the newly organized
in cash upon the first regulatory company will issue CVR, with a max value of
approval. $27.5 mil.
Definitive merger agreement for a total $2.4
Fusion
Each CVR would valued for $3.00 per bil. All-cash agreement: $21.00 per share in
3/19/2024 AZN AstraZeneca FUSN Pharmaceuticals Q2 2024 - PENDING 8/31/2029 LINK
share. cash plus one CVR. Update 4/10 - Preliminary
Inc.
proxy filed.
In case the company is dissolved after In an Asset Purchase Agreement, IMNM will
Ayala 6 months from the close, the shares acquire ADXS's certain assets and liabilities for
2/6/2024 IMNM Immunome, Inc ADXS TBD - PENDING TBD LINK
Pharmaceuticals and contractual rights will be $20mil in cash, $30mil in IMNM shares, and
distributed via CVRs. additional up to $37.5mil in payments.
All-stock definitive merger agreement. The
Tectonic CVR will be entitled to 80% of the net merged company will trade under TECX. AVRO
1/30/2024 - AVRO AVROBIO, Inc Q2 2024 - PENDING TBD LINK
Therapeutic, Inc proceeds of the AVRO's programs will own 22.3% of the New Company. Update
3/26 - Preliminary proxy filed.
Definitive merger agreement of $2.2 bil, or $30
per share in cash, plus one CVR plus 0.25
shares of the new company. SNY will acquire
Each CVR is equal to $5.00 in cash all assets and liabilities of INBX and a major
1/23/2024 SNY Sanofi INBX Inhibrx, Inc Q2 2024 - PENDING 6/30/2027 upon achievement of a milestone - therapy asset. The remaining assets will be LINK
FDA approval. spun out from INBX into a new public
company. SNY will fund the new company with
$200 mil in cash. Update 2/29 - Preliminary
proxy filed.
The asset purchase agreement, in which BCEL
is disposing of all of the assets. IMNM will pay
Each CVR, not transferable, will $5.5 mil (~$0.06 per share) in cash at the
12/22/2023 IMNM Immunome, Inc BCEL Atreca, Inc TBD - PENDING TBD LINK
entitle the holder ~$0.17 per share. closing of the asset sale and up to $7.0 mil
contingent upon certain milestones. Update
1/5 - Preliminary proxy filed.
www.KEDM.com
Date to be
Target Ticker/ CVR Still
shareholder of CVR Expiration PR or
Date of PR Ticker Company Shareholder Target Outstanding Terms Notes
record to Ticker Date Filing
of Record (Y/N)
receive CVR
The CVR will entitle holders to receive
Share exchange agreement, in which BLBX will
Blackboxstocks 2 years net proceeds for the sale or spin-off
12/22/2023 BLBX - Evtec Aluminium Q1 2024 - PENDING own 26.7% of the combined company. BLBX LINK
Inc since close of the BLBX's fintech operations
shareholders will receive one CVR each.
within 2 years.
All-stock transaction. The combined company
The CVR holder will be entitled to
Homology will trade under "QTTB". Update 1/29 -
11/16/2023 QTTB Q32 Bio Inc FIXX TBD - PENDING TBD receive payments from the LINK
Medicines, Inc Preliminary proxy filed. Update 2/12 - EGM
disposition of legacy assets.
will be held on Mar 15.
Upon completion of the DD, TLX AU
will pay $33.1mil in stock and up to Non-binding term sheet signed. TLX AU will
$90mil in CVR. In case of termination, pay $2 mil pre-closing collaboration fee for the
Telix QSAM 10 years the collaboration fee will be development of mutually agreed goals and 60
11/14/2023 TLX AU QSAM TBD - PENDING LINK
Pharmaceuticals Biosciences Inc from close converted into common stock at days of exclusivity - pending completion.
$6.70 per share. CVR terms and Update 2/7 - Signed Definitive Agreement.
conditions are subject to the final Merger considerations stayed the same.
merger agreement.
Each CVR has a 10 year term and will
be exchanged for 0.0497 of a Pan
Tahoe shareholders received 1 CVR for each
American share upon first
share. Update 3/4/2021: PAAS reported Q4
PAN AMERICAN commercial shipment of concentrate
11/13/2018 PAAS - Tahoe Resources 2/22/2019 PAASF Y 2/22/2029 2020 financials. The company is now debt- LINK
SILVER CORP following the restart of operations at
free. However, no development at the Escobal
the Escobal mine. The Company
mine operation.
issued an aggregate of 313,887,490
CVRs
www.KEDM.com
Tender Offer Monitor

Tender offers and Mini-Tenders; trailing 30
Amount Amount
Announced Tender Current Expiration of Odd Lot
Ticker Company (value in (shares in Description/Notes Link
Date Px Px Offer Provision
MM) MM)
The company intends to launch a Modified Dutch Auction in one month, on Apr 10. New CEO
Turtle Beach 13.75 -
HEAR 3/13/2024 30.00 2.10 16.29 5/10/2024 TBD appointed. Update 4/9 - Tender offer cancelled. The plan is replaced with share repurchase of LINK
Corp 15.00
up to $55 mil.
Virtus Total 98% of i) unconditional tender offer for 10% of the SO and ii) conditional offer for another 10% of the
ZTR 4/8/2024 41.50 7.00 5.37 5/1/2024 N LINK
Return Fund Inc the NAV SO.
A substantial issuer bid for ~3.1% of the SO. The offer is not conditional on a minimum number
CIX CN CI Financial Corp 2/26/2024 85.00 4.86 17.50 16.54 4/2/2024 Y LINK
of shares tendered. Update 4/5 - Final results announced: Fully subscribed at 17.50 per share.
ASCL The company commenced a Dutch auction tender offer for ~21% of the SO as well as a) GBP 450
Ascential PLC 4/4/2024 GBP 300 95.24 315 - 331 316.00 5/3/2024 N LINK
LN mil Special Dividend and b) GBP 100 mil share buyback.
The Board authorized a modified Dutch Auction tender for ~10% of the SO. The tender is expected
Cannae Holdings 20.75 -
CNNE 2/21/2024 200.00 9.52 20.19 4/1/2024 Y to commence in early March. Update 3/1 - Tender commenced. Update 4/4 - Final results - Fully LINK
Inc 23.75
subscribed at $22.95 per share.
A modified Dutch Auction tender for ~7.9% of the SO. The tender will commence on Feb 20.
SuRo Capital 4.00 -
SSSS 2/14/2024 9.00 2.00 3.98 4/1/2024 N Update 2/20 - Tender commenced. Update 4/3 - Final results announced: Fully subscribed at LINK
Corp 5.00
$4.70 per share.
Virtus Total 98% of

ZTR 3/11/2024 42.90 7.00 5.37 5/1/2024 N The tender will commence on Apr 2. Update 4/2 - Tender for 10% fo the SO commenced. LINK
Return Fund Inc the NAV
TPOU Third Point 98% of As the trust was trading with more than 10% discount for 6 months, the fund is commited to
4/1/2024 162.68 5.94 22.75 TBD N LINK
LN Investors Ltd the NAV returning 25% of the share capital.
CONX Conx Corp 4/1/2024 22.44 2.12 10.59 10.55 4/29/2024 N Tender offer for all of the SO commenced, in order to complete the business combination. LINK
Herzfeld
97.5% of The tender offer of up to 10% of the SO, to be commenced in Q1 2024. Details pending. Update
CUBA Caribbean Basin 2/9/2024 5.69 1.68 2.45 3/19/2024 N LINK
NAV 2/20 - Tender commenced. Update 3/25 - Final results announced: Fully subscribed.
Fund
9.00 -
GPRK Geopark Ltd 3/20/2024 50.00 5.26 9.84 4/17/2024 Y Tender offer for ~9.5% of the SO. LINK
10.00
PureTech Health The company will receive $293mil in gross proceeds from the remaining stake in Karuna, which
PRTC 3/19/2024 100.00 TBD 2.50 27.05 TBD TBD LINK
PLC was acquired by BMY. Details will be announced.
Diversified Shareholders can waive their Q3 2023 dividend and tender their shares. Update 3/19 - Tender
DEC 2/26/2024 42.00 3.88 10.82 13.99 3/27/2024 N LINK
Energy Co PLC terminated due to conflicting regulations between the US and UK.
The company spun off its Russian assets for RUB 23.75 bil (~$260 mil), to be paid over 4 years.
QIWI QIWI plc 2/27/2024 TBD 6.27 TBD - TBD TBD The EGM will be held on Mar 11 to approve the buyback of 10% of the SO. Further details will be LINK
announced. Update 3/12 - Shareholders voted against the tender.
www.KEDM.com
Amount Amount
Announced Tender Current Expiration of Odd Lot
Ticker Company (value in (shares in Description/Notes Link
Date Px Px Offer Provision
MM) MM)
Tetragon
9.00 -
TGONF Financial Group 3/8/2024 25.00 2.56 9.74 4/10/2024 N Modified Dutch auction tender for non-voting shares. LINK
10.50
Ltd
MSC Income 4.50 -
MSCF 2/5/2024 2.50 0.41 5.90 3/4/2024 N Modified Dutch Auction tender. Update 3/8 - Announced final results: Fully subscribed. LINK
Fund Inc 7.81
9.00 - The company intends to commence a modified Dutch Auction tender before the end of March,
GPRK Geopark Ltd 3/6/2024 50.00 5.26 9.84 TBD TBD LINK
10.00 for ~10% of the SO.
Franklin BSP
FRBP 2/29/2024 38.95 2.69 14.49 11.50 4/9/2024 N The tender represents ~2% of the SO. The tender price is the NAV as of Jan 24, 2024. LINK
Capital Corp
Osprey Bitcoin Offer to purchase 20% of the SO. Update 2/7 - The tender was terminated due to SEC pricing
OBTC 1/26/2024 23.34 1.67 13.99 19.92 2/9/2024 Y LINK
Trust structure requirement.
15.00 - Self tender offer for ~9% of the SO. Update 1/19 - Announced final results: 16.5mil shares were
GDEV GDEV Inc 12/19/2023 40.00 2.00 2.26 1/18/2023 N LINK
20.00 tendered at $2.00 per share.
The company announced CEO succession and substantial issuer bid for ~5.7% of the SO. The
DCBO Docebo Inc 11/22/2023 100.00 1.82 55.00 44.82 12/28/2023 Y company can terminate the SIB in case of more than 10% price decline from Nov 21 level. Update LINK
12/29 - Tender completed.
www.KEDM.com
Rights Offering Monitor

Global rights offerings from companies with $50m+ market cap
Right
Announced Record Amt to be Rights Subscription Backstopped Free Oversubscription
Company Ticker Description/Notes Link
Date Date raised (M) Ratio Px (Y/N) Traded facility
(Y/N)
Available up to the
Includes institutional offer. The retail offer will run between Apr 18 and
NEXTDC NXT AU 4/11/2024 4/15/2024 AUD 1,321 1 per 6 15.40 N N total proposed LINK
May 2. The proceeds will be used to finance ongoing projects.
amount
The offering will expire on Mar 25. The prospectus will be filed. Update
Available up to the
Empire Petroleum 3/8 - Rights offering commenced. Prospectus filed. Update 3/28 - Offer
EP 2/28/2024 3/7/2024 20.00 1 per 1 5.00 N N total proposed LINK
Corp terms changed. Rights will expire on Apr 10. Update 4/11 - Final results:
amount
Fully subscribed.
The price will be determined by Mar 8. The offer will expire on Mar 25.
Backstopped by Lancer Capital, led by the Chairman and the largest
Available up to the
shareholder. The rights will be transferrable. Update 3/6 - Pricing set.
INNOVATE Corp VATE 2/26/2024 3/6/2024 19.00 1 per 1 0.70 Y Y total proposed LINK
Update 3/8 - Rights offering commenced. Update 3/25 - Offering
amount
extended until Apr 9. Update 4/9 - Rights offering extended again until
Apr 19.
Rights offering will commence on Apr 11 and end on Apr 17. The proceeds Available up to the
Swiss Steel 73 per
STLN SW 4/8/2024 4/10/2024 EUR 300 0.0925 Y N will be used to strengthen the balance sheet. Prospectus published. The total proposed LINK
Holding AG 72
main shareholder will subscribe to all unexercised rights. amount
Includes institutional offer. The proceeds will be used to pay off the Available up to the
Heartland Group 1 per
HGH AU 4/8/2024 4/9/2024 NZD 105 1.00 N N payable and satisfy the regulatory capital. Retail offer will be open from total proposed LINK
Holdings 6.85
Apr 11 and 22. amount
Juventus Football The rights will be traded between Mar 11 and Mar 21. The prospectus
JUVE IM 3/7/2024 3/4/2024 EUR 200 1 per 2 2.60 N Y Not available LINK
Club S.p.A. filed. Update 4/4 - Fully subscribed.
Fully guaranteed. The terms will be finalized on Mar 20. The rights will be
traded between Apr 3 and 12. The offer will expire on Apr 17. The
Available up to 100%
Nobia AB NOBI SS 2/20/2024 3/28/2024 SEK 1,250 3 per 1 2.50 N Y proceeds will be used to repay the credit facility. Update 3/20 - Final LINK
of the entitlement
terms announced. Pending approval from EGM on Mar 26, 2024. Update
4/4 - Rights offering approved. Prospectus published.
The Board approved the offering. Details pending. Update 4/3 - Available up to 100%
Pulse Biosciences PLSE 3/28/2024 TBD 60.00 TBD TBD TBD N LINK
Preliminary statement filed. of the entitlement
Up to CHF 67.5 mil is backed by shareholders. The rights will be traded

Meyer Burger M6YA 28 per
3/18/2024 3/19/2024 CHF 200 0.01 N Y between Mar 20 and 26. The offer will expire on Apr 2. Update 4/3 - Not available LINK
Technology AG GR 5
Rights offering completed.
Conditional upon pending approval from the EGM on Mar 13. Terms and
conditions will be available by Mar 18. The rights offering will be 8.4% of
MINEST
Minesto AB 2/26/2024 3/15/2024 SEK 120.5 1 per 4 3.00 N N the SO. ~83% of the rights offering is guaranteed. Update 3/15 - Not available LINK
SS
Prospectus published. 83% guaranteed. The rights offering will expire on
Apr 2. Update 4/3 - Raised SEK 100 mil from the offer.
The rights will be traded between Mar 18 and 26. The rights will expire
Available up to the
on Apr 2. SEK 77 mil is committed and the remaining amount is
Tobii AB TOBII SS 3/6/2024 3/14/2024 SEK 300 6 per 5 2.36 N Y total proposed LINK
guaranteed. The prospectus will be available on Mar 14. Update 3/14 -
amount
Prospectus published. Update 4/3 - Oversubscribed.
The transaction is pending approval from the EGM, which will be
Trendlines Group 1 per
TTGL SP 3/26/2024 TBD SGD 4.4 0.06 TBD N convened on Apr 18. The proceeds will be used for direct and indirect TBD LINK
Ltd/The 14
investments in the portfolio companies.
www.KEDM.com
Right
Announced Record Amt to be Rights Subscription Backstopped Free Oversubscription
Company Ticker Description/Notes Link
Date Date raised (M) Ratio Px (Y/N) Traded facility
(Y/N)
Clarity
1 per Raised another AUD 110 mil via a Placement. The offer will be open from
Pharmaceuticals CU6 AU 3/26/2024 3/28/2024 AUD 11 2.55 TBD N TBD LINK
33 Apr 4 to Apr 19. Further details will be announced on Apr 4.
Ltd
Raised another NOK 500 via a Placement. Pending EGM approval on Apr
XXL ASA XXL NO 3/22/2024 3/25/2024 NOK 60 TBD 0.70 TBD TBD Not available LINK
12. The offering is expected in Q2 2024.
Available up to 100%
Sify Technologies SIFY 3/21/2024 TBD TBD TBD TBD TBD Y The company announced plans for rights offering. Details pending. LINK
of the entitlement
DIAMYD MEDICAL DMYDB 1 per The rights offering will be between Apr 2 and 16. Most of the proceeds Additional SEK 20 mil
3/18/2024 3/27/2024 SEK 114 12.00 N N LINK
AB SS 10 will be used for the currently ongoing clinical development. can be raised
Syrah Resources 5 per Available up to 100%
SYR AU 3/13/2024 3/15/2024 AUD 98 0.55 N N The proceeds will be used to fund the current project. LINK
Ltd 51 of the entitlement
Red Hawk Mining 3 per Raised another AUD 10.1 mil via an Institutional Offer. The retail offer
RHK AU 3/12/2024 3/14/2024 AUD 2.4 0.60 N N Not available LINK
Ltd 26 starts on Mar 12. The proceeds will be used to finance an iron ore project.
Hindustan
13 per
Construction Co HCC IN 3/12/2024 3/16/2024 INR 3,500 21.00 N N The proceeds will be used to fund long-term working capital. Not available LINK
118
Ltd
SF Retail 1 per The rights will be traded between Mar 7 and 13. The proceeds will be
SFR SW 3/6/2024 3/8/2024 CHF 40.9 101.00 N Y Not available LINK
Properties Fund 15 used to expand the real estate portfolio.
Atlantic Sapphire Raised another NOK 369 mil via a private placement. Pending approval
ASA NO 3/1/2024 3/4/2024 54.00 TBD 1.20 TBD TBD TBD LINK
ASA from EGM on Mar 22.
The subscription will run between Feb 13 and 27. Pending approval from
BONAVA EGM on Feb 7. The major shareholder committed and the remaining issue Available based on
Bonava AB 12/20/2023 2/9/2024 SEK 1,020 2 per 1 4.90 Y Y LINK
SS is secured. The prospectus will be published on Feb 9. Update 2/29 - Fully pro-rata
subscribed.
The rights issuance is fully committed by the largest three shareholders.
1 per
Enzymatica AB ENZY SS 2/16/2024 2/23/2024 SEK 27.4 3.00 Y Y The rights will be traded between Feb 28 and Mar 8. The offer will expire Not available LINK
18
on Mar 14.
1 per Share redemption program. The redemption rights will be traded
AcadeMedia AB ACAD SS 2/16/2024 2/23/2024 SEK 274.5 65.00 N Y Not available LINK
25 between Feb 27 and Mar 8. The offer will close on
www.KEDM.com
Fund Letter Monitor

Quarterly Investor Letters; please send all letters to InvestorLetters@kedm.com
Return since
Name of CIO or inception
Fund ~ Twitter Website Quarterly YTD Tickers with brief write-up Tags Theme
portfolio manager (CAGR /
Annualized)
William C. Nygren,
Oakmark Global Select Fund LINK Twitter LINK 7.6% 3.0% 3.0% FI, CHTR, RKT LN, IQV, CNC - -
Michael A. Nicolas
Oakmark International Fund LINK David G. Herro Twitter LINK 8.6% 0.1% 0.1% DTG GR, BAYN GR, BXB AU, SKG LN, SN/ LN - -
David G. Herro,
Oakmark Global Fund LINK Twitter LINK 9.4% 4.4% 4.4% DTG GR, STJ LN, CNC - -
Clyde S. McGregor
Oakmark Fund LINK William C. Nygren Twitter LINK 13.0% 10.3% 10.3% DE, DAL, KVUE - -
William Nygren,
Oakmark Select Fund LINK Twitter LINK 11.9% 6.2% 6.2% DE, LBRDA - -
Tony Coniaris
Oakmark Fixed Income LINK Adam Abbas Twitter LINK - - - - - Positive for LT fixed income
Daniel Gehlen,
MAB1 LN, TPFG LN, IWG LN, 0AA3 LN, 0RP3 LN,
Gehlen Brautigam LINK Marc-Lennart - LINK 1.5% -1.4% -1.4% - -
GYM LN, SFQ GR, KSB GR, OGN LN, IWB IM
Bräutigam
Leaven Partners LINK Brent Jackson Twitter - 8.4% 10.0% 10.0% LSF - -
HORAN Capital Advisors LINK David I. Templeton Twitter LINK - - - - - -
John Baldi,
ClearBridge Investments
LINK Michael Clarfeld, Twitter LINK - - - META, NVDA, DIS, DTE - -
Dividend Strategy
Peter Vanderlee
ClearBridge Investments Large Peter Bourbeau,
LINK Twitter LINK - - - PYPL, UNH - -
Cap Growth Strategy Margaret Vitrano
DKAM Donville Kent Asset J.P. Donville, Jesse
LINK - LINK - - - ZDC CN, VHI CN, NVEI - -
Management Gamble
JPMorgan Chase & Co LINK Jamie Dimon Twitter LINK - - - - - -
Rodrigo Benedetti LINK Rodrigo Benedetti Twitter LINK - - - APP, AM FP - -
Black Bear Value Partners LINK Adam Schwartz - LINK 10.5% 4.6% 4.6% BLDR, ALS CN, AN, PAG, CEIX - -
KKR, FFH CN, EXO NA, AMZN, ESAB, LBRDA,

Alphyn Capital Management LINK Samer Hakoura Twitter LINK 6.7% 7.1% 7.1% - -
CCOI, CRTA LN, OCSL, KFS, DSGR
Cove Street Capital Small Cap SSP, VSAT, LFCR, CMP, HNRG, LTRPA, CLMB,
LINK Jeffrey Bronchick Twitter LINK 9.1% 1.6% 1.6% - -
Value Fund WMT, PKE, TBRG, RDVT, TRU, GLDD, DCO
East72 Holdings LINK Andrew Brown Twitter LINK - 6.8% 6.8% 142 HK, 45 HK, FFH CN - -
Miller Value Partners Income
LINK Bill Miller IV Twitter LINK 10.6% 11.7% 11.7% CHRD, UGI, MSTR, STLA, JXN, MPW - -
Strategy
Miller Value Partners Deep
LINK Daniel Lysik Twitter LINK - 1.8% 1.8% TPC, GTN, FOSL, LNC - -
Value Strategies
Right Tail Capital LINK Jeremy Kokemor Twitter LINK - - - BYD CN - -
AI, uranium,
Old West Capital Management LINK Joseph Boskovich Twitter LINK - - - AFM CN, MLX AU -
copper
Mawer International Equity
LINK Dylan Anderson et. Al Twitter LINK 7.7% 7.9% 7.9% - - -
Fund
Van Der Mandele Arar Fund LINK Joost van der Mandele Twitter LINK - 7.6% 7.6% BFIT NA - -
www.KEDM.com
Return since
Name of CIO or inception
Fund ~ Twitter Website Quarterly YTD Tickers with brief write-up Tags Theme
portfolio manager (CAGR /
Annualized)
Vulcan Value Partners - Small
LINK C.T. Fitzpatrick - LINK 7.5% 0.2% 0.2% CCK, CNM, MEDP - -
Cap
Vulcan Value Partners - Large
LINK C.T. Fitzpatrick - LINK 9.9% 12.0% 12.0% LYV, KMX, SBUX, GE, NICE IT, KKR, TDG - -
Cap
Vulcan Value Partners - All Cap LINK C.T. Fitzpatrick - LINK 10.2% 6.6% 6.6% LYV, KKR, TDG, NICE IT - -
Vulcan Value Partners - Focus LINK C.T. Fitzpatrick - LINK 13.6% 12.7% 12.7% GE, KKR, AMZN, CRM, MSFT, TDG - -
Vulcan Value Partners - Focus
LINK C.T. Fitzpatrick - LINK 12.9% 12.9% 12.9% GE, KKR, AMZN, CRM, MSFT, TDG - -
Plus
Headwaters Capital LINK Christopher Godfrey Twitter LINK 31.6% 10.4% 10.4% UFPT, QLYS, CLMB - Optimistic for 2024
Strong oil and gas; current valuation
Kathmandu Capital LINK Vincent Lo - LINK 17.1% 17.8% 17.8% 3918 HK , KSPI, VU FP Oil;
is bit more optimist
Commercial Real
Warden Capital LINK Hawkins Entrekin Twitter LINK - 2.2% 2.2% - CRE could have bottomed
Estate
Saga Partners LINK Joe Frankenfield Twitter LINK 7.8% - - CVNA, RDFN, ROKU - -
The market is overvalued, likely in a
Vltava Fund LINK Daniel Gladiš Twitter LINK - - - LMT, LH, CE -
bubble
Cedar Grove Capital Crypto gain is mad; more pain for
LINK Paul Cerro Twitter LINK - - - RH, MTCH, PTON Crypto; CRE
Management CRE
Andvari Associates LINK Douglas E. Ott Twitter LINK 13.3% 12.1% 12.1% CSGP, KPG AU, MO - -
Palm Valley Capital Jayme Wiggins, GENC, MLR, CRD/A, SSRM, AAP, NWN, TBI, Small-cap valuations have nuances,
LINK - LINK 7.6% 1.0% 1.0% Small-cap
Management Eric Cinnamond SMCI know where to look at;
Alpinum Investment
LINK Oliver Rossi Twitter LINK - - - - - Positive bias for risk assets
Management
St. James Investment Company LINK Robert J. Mark - LINK - - - - - Excessive concentration;
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 Praetorian PR LLC (“PPR”), an independent entity engaged by Mongolia Growth Group Ltd. (“MGG”) to produce KEDM. PPR and MGG believe the information contained is from sources (including third-
party sources) believed to be reliable, but no representation or warranty, express or implied, is made by PPR, 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,
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KUPPY’S

EVENT DRIVEN MONITOR

Page | 1 KEDM Subscribe at KEDM.com

Page | 2 KEDM April 14, 2024

KEDM Kliff Notes

Page | 3 KEDM April 14, 2024

Page | 4 KEDM April 14, 2024

upside because they’ve hedged so much. He also participates in private placements

Page | 5 KEDM April 14, 2024

BTC TO XAU…Will BTC be the onramp to GC?

Page | 6 KEDM April 14, 2024

Cluster Buying Notes:

Page | 7 KEDM April 14, 2024

Investor Day Notes:

Short Squeeze Notes:

• Short Squeeze Watchlist: ZIM

CEO Turnover Notes:

• SPAC Mergers Announced this week: JVSA/Hotel101 Global; BCSA/Linqto;

Newsletter Short Notes:

13D and Activist Notes:

Page | 8 KEDM April 14, 2024

• LL- F9 investments (controlled by Tom Sullivan, founder of LL Flooring) back

Busted Merger Notes:

• Busted Watchlist: WG/ LN; TGNA; CF CN

Listing Change Notes:

Page | 9 KEDM April 14, 2024

Strategic Alternatives Notes:

Tender Offer Notes:

Rights Offering Notes:

• EP’s rights offering was fully subscribed at $5.00 per share.

Investor Letter Notes:

Page | 10 KEDM April 14, 2024

Page | 11 KEDM April 14, 2024

KEDM Inflection Monitor

ALF REITs, BKD; SNDA; OHI;

BMA; CEPU; CRESY;

NYC Commercial; ESRT; PGRE; VNO;

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

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

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

PRELIMINARY DISCUSSIONS: CMC Markets is working with advisers on a possible seperation of

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

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

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

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

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings

Source: The KEDM team; Refinitiv, Bloomberg LP; Company filings