Activism / Strategic review: 70% upside (at $10.06)
Quick Pitch: Elevation Oncology (ELEV)
Potential Liquidation or Sale — 60% Upside (at $0.28/share)
Lifeway Foods (LWAY) – Company Sale – 20%+ Upside
Current Price: $22.6
Target Price: $27+
Upside: 20%+
Expected Timeline: June 2025
Quick Pitch: Allakos (ALLK)
Strategic review / NOL shell: Upside TBD
Quick Pitch: Revance Therapeutics (RVNC)
Merger Arb / Potential Bidding War: 11%+ Upside (at $3.27)
Quick Pitch: Destination XL Group (DXLG)
Merger Arb / Higher Offer: 15%-40% Upside (at $2.62)
Quick Pitch: Luna Innovations (LUNA)
Delisting / Potential sale – Multibagger Upside
VIZIO Holding (VZIO) – Short on Antitrust Concerns – 30% Upside
Current Price: $11.28
Target Price: $8
Potential gain on the short position: 30%
Expected Timeline: Q4 2024 / Q1 2025
Microstrategy (MSTR) – NAV Premium Arbitrage – 40% Upside
Current Price: $138
Target Price: $80
Upside: 40%
Expected Timeline: 1 year
OCI N.V. (OCI:AS) – Large Asset Sales & Capital Return – 25%+ Upside
Current Price: €26
Target Price: €32 (distribution of €14.5/share received in Oct’24)
Upside: 25%+
Expiration Date: H2 2024
Benson Hill (BHIL) – Buyout Arbitrage – 35% Upside
Current Price: $0.165 (or $5.77 post reverse-split)
Offer Price: $0.2236 (or $7.83 post reverse-split). *Offer increased to $8.6/share.
Upside: 35%
Expected Closing: H2 2024
Carnarvon Energy (CVN:AX) – Strategic Review – 60% Upside
Current Price: A$0.19
Target Price: A$0.30+
Upside: 60%+
Expected Timeline: H2 2024
Quick Pitch: Altreca (BCEL)
Contingent value rights – Multi-bagger Upside
Quick Pitch: James River Group (JRVR)
Strategic review – 35%+ Upside
Calumet Specialty Products (CLMT) – Discount to SOTP – 50%-200%+ Upside
Current Price: $16
Target Price: $24-$51
Upside: 50%-200%
Expected Timeline: 1-2 years
Ascential (ASCL.L) – Large Asset Sale & Special Dividend – 30% Upside
Current Price: £2.7
Target Price: £3.6
Upside: 33%
Expiration Date: Q1 2024
GAN Limited (GAN) – Company Sale – Upside TBD
Current Price: $1.32
Expected Price: $3.00+
Upside: TBD
Expected timeline: 2-3 months