Activist Holdings
Cardlytics
(CDLX)
CAS Investment Partners disclosed a position of 5,416,116 shares in the digital-advertising platform, 14.4% of the firm’s tradable stock. On Sept. 19, Cardlytics and CAS Investment entered into a cooperation agreement that led to the appointment of Alex Mishurov, CEO and chief investment officer of KPS Global Asset Management, as an independent director.
Per the agreement, Cardlytics increased the size of its board to nine to accommodate Mishurov, who will serve through the 2025 annual shareholder meeting and join the nominating and governance, compensation, and transaction committees. In return, CAS Investment agreed to customary standstill provisions, and will vote all eligible Cardlytics shares in support of board recommendations that require shareholder approval. The agreement allows exceptions for any recommendations that either Institutional Shareholder Services or Glass Lewis vote against.
Cardlytics stock rose to a 52-week intraday high of $19.57 on Sept. 15. Strong quarterly reports and upbeat guidance have powered Cardlytics shares in 2023, and they have more than doubled this year.
Decreases in Holdings
Immunocore
Holdings (IMCR)
General Atlantic trimmed its stake in the U.K.-based pharmaceutical company to 2,606,684 American depositary receipts. From Aug. 14 to Aug. 23, General Atlantic sold 249,213 Immunocore ADRs at prices ranging from $60.10 to $60.66 apiece, lowering its position to 5.3% of the outstanding stock. General Atlantic revealed that it adopted a 10b5-1 sales plan on Sept. 15 to sell up to 730,000 Immunocore ADRs, equal to 28% of General Atlantic’s present stake. Any potential sales will begin on Oct. 16. The trading plan will cease on Nov. 10 if the maximum amount isn’t sold before then.
The ADRs have slipped about 10% so far this year.
Expro Group
Holdings (XPRO)
Oak Hill Advisors sold three million shares of the well construction and services company on Sept. 14. Oak Hill offloaded those Expro Group shares through a block trade sale at a price of $22.96 each without citing a reason. Oak Hill now holds a 13.6% interest in Expro, equal to 14,774,045 shares, including 198,154 and 60,882 of those underlying options and restricted awards, respectively. Senior partner Alan Schrager and partner Eitan Arbeter serve on Expro’s board. Expro shares have gained nearly 30% year to date.
Cytek Biosciences
(CTKB)
RA Capital slashed its position in the cell analytics company to 6,809,404 shares. Without providing a reason, RA Capital sold 1,145,650 Cytek Biosciences shares at prices ranging from $6.47 to $7.15 per share from Sept. 14 through Sept. 19. RA Capital sold another 4,342,667 Cytek shares at a price of $7 each through a covered call on Sept. 18. As a result, RA Capital interest in Cytek lies just below 5%, the threshold that would require disclosure of any further Cytek stock sales. Shares have slipped nearly 40% year to date.
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