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Activist Holdings

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Sportsman’s Warehouse Holdings (SPWH)

According to a filing with the Securities and Exchange Commission, Cannell Capital now owns 3,689,372 shares of Sportsman’s Warehouse, accounting for 9.8% of the total outstanding stock. In a letter dated July 24, Cannell Capital urged the current board of directors to step down.

Earlier in April, Cannell Capital introduced four potential candidates to the board of Sportsman’s Warehouse, hoping that one of them would be appointed.

Unfortunately, discussions between the two parties fell apart when Sportsman’s presented a cooperation agreement on May 5. Cannell Capital found the agreement too restrictive as it required their support for all board measures for two years in exchange for appointing one of their nominees. Cannell Capital strongly believes that Sportsman’s should instead allow shareholders to have a say in selecting a new board without delay.

Original Filings

Quotient Technology (QUOT)

Magnetar Capital initiated a position in the digital advertising company of 5,318,060 shares. The entire amount was purchased at prices of $3.78 to $3.90 each from June 20 through July 12. Magnetar Capital is making an arbitrage play in Quotient Technology, as the ad-tech company agreed in June to be acquired by Neptune Retail Solutions for $4 per share in cash, a deal valued at approximately $430 million.

The acquisition is expected to close before the end of this year, subject to shareholder and regulatory approvals.

Absolute Software (ABST)

Gamco Investors (GBL) disclosed a fresh position in the Canadian software company of 3,042,565 shares. Gamco Investors bought 2,156,120 of those Absolute Software shares at prices of $11.02 to $11.49 from May 25 through July 20, and now holds 5.7% of Absolute Software’s tradable stock.

In May, Absolute Software agreed to be taken private by Crosspoint Capital Partners for $11.50 per share in cash.

The deal won approval from the Supreme Court of British Columbia in early July and soon after was cleared in Australia under its Foreign Acquisitions and Takeovers Act. The deal will likely close before the end of July.

Decreases in Holdings

Alta Equipment Group (ALTG)

B. Riley Financial (RILY) sold 2,200,000 shares of the construction-equipment parts supplier through a July 21 stock offering. Shares were offered at $16.25 apiece, and left B. Riley Financial with 4,593,217 Alta Equipment shares after the offering closed on July 25. B. Riley Financial now holds 14.2% of Alta Equipment’s tradable stock, including almost 653,500 shares held by namesake chairman and co-CEO Bryant R. Riley.

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