Dark Side of the Street (Edition #55)
New Odd Lot Tender $CORT, Special Sit Updates, Top Movers and More!
Welcome to the Dark Side of the Street! Here we shed light on the dark corners of the market. If you haven’t already, sign up below for weekly updates. If you’re new to special situations, see some of my learning resources on my substack home page to learn more! Feel free to reach out with any feedback.
Disclaimer: Nothing on this newsletter or on this blog is investing or financial advice; please see our full disclaimer here.
New Special Sit to Watch
Corcept Therapeutics (CORT) - Odd Lot Tender Offer
On March 6th, CORT announced that it had commenced a modified dutch auction offer for up to 7.5M shares of its stock. The offer range is between $19.25 - $22/share. The stock is currently trading near $21/share with a max gain of about 4%. The offer will be terminated on March 31st, 2023.
Here is the full press release of the offer.
Recent Insider Buying
Large Micro Cap Purchases
Top News of the Week
“Justice Dept. Sues to Block JetBlue’s Acquisition of Spirit” - By Niraj Chokshi of NY Times
“Uber stock rises after Freight spinoff report” - By Levi Sumagaysay of MarketWatch
Top Micro Cap Movers this Week
Top 10 Gainers
Top 10 Losers
Special Situation Watchlist
Activision Blizzard (ATVI 0.00%↑) - Risk Arbitrage
The spread between the buyout price ($95/share) and ATVI’s current trading price is now ~22%.
News: “Microsoft offers to keep ‘Call of Duty’ on PlayStation for at least a decade as it seeks to close Activision deal” - By Wallace Witkowski of MarketWatch
AMMO, Inc. ( POWW 0.00%↑) - Spinoff
News Updates: No updates
111, Inc. ( YI 0.00%↑) - Going Private Transaction
The non-binding offer has been upgraded from $3.61 to $3.66/share (see link for SEC filing)
The spread between the offer price and the current stock price is 39%
World Wrestling Entertainment, Inc (WWE 0.00%↑ ) - Potential Sale
Current stock price: $81.15/share.
News Updates:
“Vince McMahon’s asking price for WWE is $9 billion, report says” - By MarketWatch
This would value the company near $121/share.
Albertsons Companies, Inc (ACI 0.00%↑) - Merger Arbitrage
The spread between the buyout price ($27.25/share) and the current trading price is now ~37%.
News Articles:
No new updates
Madison Square Garden Entertainment (MSGE 0.00%↑) - Spinoff
TravelCenters of America (TA 0.00%↑) - Risk Arbitrage
The spread between the buyout price ($86/share) and the current trading price is now ~2%.
*See links for the situation summary from prior editions
I re-found this early Kendrick song this week. Enjoy.
See you next week!
- Dark Side of the Street