Event-Driven Investment Opportunities, Special Situation Investments

Dalius Tauraitis

Event-Driven Investment Opportunities

Special Situation Investments

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

Benson Hill, Inc. is a food technology company. The Company offers technology platform which combines data, plant, and food sciences to create food, ingredient, and feed products. Benson Hill engages in plant-based protein movement with a pipeline of soy products and sell fresh produce products. Benson Hill serves customers worldwide.

<ul><li>Benson Hill's share price decline amid no management updates raises concerns of potential buyout failure and urgent funding needs.</li><li>Indiana Resources announced a special dividend after settling with Tanzania, with further shareholder returns expected by 2025.</li><li>Grifols rejected Brookfield Asset Management's buyout offer, maintaining a 22% discount between Class A and Class B shares.</li></ul>

Benson Hill's share price decline amid no management updates raises concerns of potential buyout failure and urgent funding needs.Indiana Resources announced a special dividend after settling with Tanzania, with further shareholder returns expected by 2025.Grifols rejected Brookfield Asset Management's buyout offer, maintaining a 22% discount between Class A and Class B shares.

Event-Driven Updates: BHIL's Widening Spread, MSTR's Short-Seller Impact

Galaxy Gaming, Inc. develops casino table games, electronic table games, and wagering systems.  The Company markets its games in North America and to cruise ships.

<ul><li>Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles.</li><li>OCI N.V. plans a $1bn capital return in H1 2025, equating to 40% of its market cap.</li><li>Benson Hill's buyout spread widened to 60% due to liquidity issues and ongoing buyout negotiations nearing completion.</li></ul>

Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles.OCI N.V. plans a $1bn capital return in H1 2025, equating to 40% of its market cap.Benson Hill's buyout spread widened to 60% due to liquidity issues and ongoing buyout negotiations nearing completion.

SSI Weekly: Galaxy Gaming Acquisition and Other Portfolio Updates

<ul><li>Evolution AB agreed to acquire Galaxy Gaming for $3.20 per share, contingent on shareholder vote and regulatory approval.</li><li>Directors and executives, owning 18.1% of shares, support the merger; minimal regulatory risk is anticipated.</li><li>Galaxy's acquisition is regulated by the Nevada Gaming Commission; expected closure is mid-2025, pending approvals.</li></ul>

Evolution AB agreed to acquire Galaxy Gaming for $3.20 per share, contingent on shareholder vote and regulatory approval.Directors and executives, owning 18.1% of shares, support the merger; minimal regulatory risk is anticipated.Galaxy's acquisition is regulated by the Nevada Gaming Commission; expected closure is mid-2025, pending approvals.

Galaxy Gaming Acquisition: Shareholder Vote, Regulatory Approval, and Potential 15% Upside Analysis

Avation Plc operates as a commercial aircraft leasing company. The Company is headquartered in Singapore and owns and manages a fleet of commercial aircraft and serves airlines worldwide. Avation's customers are commercial airlines.

<ul>
<li>Essa Pharma (EPIX) halted pipeline development, launched strategic review, offering 21% upside to NAV/liquidation value by mid-2025.</li>
<li>DMC Global (BOOM) Q3 earnings weak, management ruled out divestitures, trading at 5x 2024E EBITDA guidance, facing macro headwinds.</li>
<li>Delek US (DK) reported weak Q3 results, refining margins low, management plans to deconsolidate DKL, trades below DKL stake value.</li>
</ul>


Essa Pharma (EPIX) halted pipeline development, launched strategic review, offering 21% upside to NAV/liquidation value by mid-2025.
DMC Global (BOOM) Q3 earnings weak, management ruled out divestitures, trading at 5x 2024E EBITDA guidance, facing macro headwinds.
Delek US (DK) reported weak Q3 results, refining margins low, management plans to deconsolidate DKL, trades below DKL stake value.


Key Updates on EPIX, HLVX, PRKR, BOOM, VZIO, WOW, AVAP:L, LOGC, LFCR, DK

HilleVax, Inc. is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of novel vaccines. HilleVax operates in the United States.

<ul><li>HilleVax trades at a 46% discount to net cash, with potential upside from strategic review outcomes like liquidation or sale.</li><li>Frazier Life Sciences and Takeda Pharmaceutical hold significant stakes, with Frazier controlling four of nine board seats.</li><li>HilleVax raised $108m in September 2023 at $12.50/share, despite poor trial results and subsequent stock price drop.</li></ul>

HilleVax trades at a 46% discount to net cash, with potential upside from strategic review outcomes like liquidation or sale.Frazier Life Sciences and Takeda Pharmaceutical hold significant stakes, with Frazier controlling four of nine board seats.HilleVax raised $108m in September 2023 at $12.50/share, despite poor trial results and subsequent stock price drop.

HilleVax Strategic Review: Cash Position, Workforce Reductions, and Potential Strategic Alternatives

I am a private investor posting my research on SSI and managing my own capital full-time. I have a few years of experience in investment banking and strategy consulting in London and a few finance degrees under my belt. Event-driven setups are my daily bread and butter. I sift through hundred+ of opportunities every month before picking out a few attractively looking gems for deeper research. I am constantly looking for setups with a catalyst and where my research could give me an edge. Most often I find that in less discovered small/microcap names.