Catalyst Watch #3
32 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
Agrify Corporation (AGFY) | Agricultural & Farm Machinery | $16.39 | $32.0mm
Business Discontinuation: Discontinued its legacy extraction business to refocus on hemp-derived beverages. Expects to reduce its workforce by nine employees and dispose of any remaining inventory relating to the extraction business.
Alico, Inc. (ALCO) | Agricultural Products & Services | $29.39 | $224.5mm
Stock Buyback: Approved a $50mm stock repurchase program and amended its credit agreement to better align financial covenants with its ongoing business transformation. Reduced Crop and Tree Insurance coverage requirements for the 2025/2026 harvest season, which is expected to generate cost savings.
Angi Inc. (ANGI) | Interactive Media & Services | $12.20 | $614.2mm
Spinoff: Completed the spin-off of IAC's full ownership stake in the company by distributing shares of the newly formed independent public entity to IAC stockholders. This marks the 10th fully independent company to emerge from IAC's 30-year history. Joey Levin transitioned from CEO of IAC to Executive Chairman of Angi.
Anaergia Inc. (ANRG) | Waste Management | $0.68 | $117.0mm
New Contract: Signed a ~€100mm contract with Techbau, a leading Italian company specializing in large-scale engineering and construction projects, for the construction of five new biomethane production plants across Southern Italy, as previously announced in January. All five plants are expected to be fully operational and supply renewable biomethane to Italy’s gas pipeline grid by mid-2026, with the company anticipating over C$27mm in revenue from the project.
Broadwind, Inc. (BWEN) | Heavy Electrical Equipment | $1.58 | $35.3mm
Order Award: Awarded its largest order to date for precision machined gearing products, bringing 1Q25 bookings from this leading OEM customer to $2.0mm. Sees strong interest in its precision manufactured components and a multi-year opportunity across all business units.
Clear Channel Outdoor Holdings, Inc. (CCO) | Advertising | $0.93 | $455.8mm
Divestiture: Completed the sale of its Europe-North segment to Bauer Radio Limited for $625mm, bringing total international divestitures to ~$745mm in purchase consideration. Prepaid in full the $375mm outstanding CCIBV term loans, plus ~$12mm of accrued interest, using proceeds from the sale. Plans to use the remaining net proceeds to retire the most advantageous debt, thereby reducing cash interest and increasing AFFO.
CECO Environmental Corp. (CECO) | Environmental Services | $19.80 | $692.8mm
Divestiture: Completed the previously announced divestiture of its Fluid Handling business to May River Capital for ~$110mm, enabling greater alignment of its portfolio of environmental solution businesses against its high growth opportunities in energy and industrial markets. Plans to use the proceeds to reduce debt and fund future strategic growth investments.
Canopy Growth Corporation (CGC) | Pharmaceuticals | $0.92 | $144.6mm
Debt Reduction: Reduced its term loan by $100mm through an optional early prepayment, eliminating any material debt obligations until September 2027. Expected to result in annualized interest expense savings of ~$13 million.
Cannae Holdings, Inc. (CNNE) | Restaurants | $16.89 | $1,060.6mm
Capital Deployment: Announced plans to allocate at least $460mm, or 72% of the proceeds from the recently announced sale of Dun & Bradstreet, to repurchase shares of its common stock, pay future quarterly dividends, and retire existing debt. Specifically, it expects to repurchase at least $300mm of its common stock, including through a tender offer, shortly following the anticipated closing of the DNB transaction. Of the remaining funds, an additional $60mm will be retained for future quarterly dividends, with the balance used to repay the $101mm outstanding under its existing margin loan.