Catalyst Watch #2
28 New Actionable Event-Driven Setups + 3 Quick Pitches
Scroll down to continue reading this week’s most actionable corporate events, along with quick pitches on previously flagged setups, available in HTML format. For all past setups and pitches, please refer to the PDF file at the end.
This Week’s Most Actionable Corporate Events
AmpliTech Group, Inc. (AMPG) | Technology Distributors | $1.51 | $23.5mm
Letter of Intent: Signed a letter of intent with a contract manufacturer, on behalf of its end user, for the purchase of $78mm worth of Band 50 Radios 4x20 Watts. If executed, deliveries are expected to begin in FY25 and ramp up significantly each year through 2027.
bluebird bio, Inc. (BLUE) | Biotechnology | $4.08 | $39.9mm
Unsolicited Proposal: Received an unsolicited non-binding written proposal from Ayrmid for an upfront cash payment of $4.50 per share and a one-time CVR of $6.84 per share, contingent on achieving a net sales milestone. While BLUE had previously engaged with Ayrmid during its strategic review, no formal proposal had been submitted at that time. A month ago, the company entered into a definitive agreement to be acquired and taken private by Carlyle and SK Capital Partners for $3.00 per share in cash and an identical CVR.
B.O.S. Better Online Solutions Ltd. (BOSC) | Communications Equipment | $3.92 | $22.6mm
New Order: Secured a new defense supply chain order for delivery by 3Q25, adding $1.2mm to its backlog. Sees increased global defense spending activity at both its primary customers and their subcontractors worldwide, expecting robust ordering patterns across the strategic defense industry to continue in 2025.
Clean Energy Fuels Corp. (CLNE) | Oil & Gas Refining & Marketing | $1.62 | $362.2mm
Stock Buyback: Resumed buying back shares under the existing share repurchase program initiated in March 2020. With ~$26.5mm of remaining capacity, the company is putting its more than $200mm cash balance to use. Management is cognizant of marketplace uncertainties but believes the stock is undervalued relative to its operations and opportunity.
ConnectM Technology Solutions, Inc. (CNTM) | Application Services | $0.56 | $11.8mm
Purchase Order: Secured its first of several expected India projects through a strategic partnership with Zenith Energy. This initial contract is valued at ~$725k and is scheduled for completion within three months. Facing delisting from NasdaqGM, the company announced a significant $10mm share repurchase program earlier in March, with institutional ownership rising from 26.1% to 46.4% through three different investments since then.
Coda Octopus Group, Inc. (CODA) | Aerospace & Defense | $6.12 | $68.7mm
New Orders: Coda Octopus Colmek, its Defense Engineering Services business, received two orders from the U.S. government totaling $1.3mm, with the potential for increased direct contract opportunities. With order delays under U.S. defense programs since FY24 potentially easing, the company aims to restore this business to its pre-COVID $10mm revenue profile.
Citi Trends, Inc. (CTRN) | Apparel Retail | $22.63 | $190.1mm
Cooperation Agreement: Entered into an amended and restated cooperation agreement with Fund 1 Investments, appointing two new directors. The CEO has also been appointed chairman, and the lead independent director has been replaced. Issued strong comparable store sales growth guidance for 1Q25.
Civeo Corporation (CVEO) | Diversified Support Services | $22.85 | $312.0mm
Stock Buyback: Authorized a new share repurchase program for up to 10% of its total common shares outstanding over the next twelve months, having completed the previous authorization in just six months. Since 2021, the company has repurchased ~20% of its fully diluted shares.
3D Systems Corporation (DDD) | Computer Hardware | $2.12 | $287.3mm
Restructuring: Authorized the next phase of its cost savings and restructuring plan, targeting at least $50mm in annualized savings by 2Q26. Expects to incur aggregate charges of ~$12-20mm, primarily related to employee severance, one-time capital expenditures, and contract termination costs.
Electrovaya Inc. (ELVA) | Electrical Parts & Equipment | $2.38 | $95.7mm
Purchase Order: Received additional purchase orders through its OEM sales channel valued at ~$7.3mm from a Fortune 100 e-commerce customer, following a recent $3.5mm order. Demand for additional sites is expected later this year.