Catalyst Watch #5
32 Actionable Event-Driven Setups
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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
Ascent Industries Co. (ACNT) | Steel | $12.80 | $129.0mm
New Contract: Signed a significant multi-year contract, expanding its relationship with an existing customer. The agreement is expected to generate more than $750k in annual EBITDA, representing a 10% yoy increase for the Specialty Chemicals segment. This comes as part of its ongoing strategic transformation towards becoming a pure-play specialty chemicals company.
AmpliTech Group, Inc. (AMPG) | Electronic Components | $1.54 | $30.3mm
Purchase Orders: Received company-record purchase orders valued at ~$11mm, bringing total orders received in a month to ~$12mm, all deliverable within FY25. These orders are part of a multi-year letter of intent from a Tier 1 MNO in North America, following another record-setting $78mm LOI announced earlier this month, bringing total signed LOIs with two leading ORAN 5G telecom customers to over $100mm.
AmeriServ Financial, Inc. (ASRV) | Regional Banks | $2.35 | $38.8mm
Advisory Agreement: Signed a new advisory agreement with significant shareholder SB Value Partners L.P., which currently owns ~8.2% of the company, aimed at meaningfully growing its $2.4bn AUM and corresponding free cash flow from the trust and wealth management division. Additionally, both parties agreed to extend their cooperation agreement, originally signed in April 2024, through 2029.
Atea Pharmaceuticals, Inc. (AVIR) | Pharmaceuticals | $2.97 | $254.0mm
Stock Buyback: Announced a $25mm share repurchase program following the de-risking of its Phase 3 HCV program. Concurrently, it entered into an agreement with shareholders Bradley L. Radoff and Michael Torok, who collectively own ~5.4% of the company, resulting in the appointment of Howard H. Berman to the board and ending the proxy fight initiated last December. Since then, the company has launched and continues to pursue a strategic alternatives process to explore opportunities to enhance shareholder value, including strategic partnerships, acquisitions, mergers, asset sales, or other strategic transactions.
Better Choice Company Inc. (BTTR) | Packaged Foods & Meats | $2.02 | $4.9mm
Stock Buyback: Reinstated its stock repurchase program with an increased authorization of up to $6.5mm until year-end, following the repurchase of ~100k shares under the previous $5mm program, citing a strong belief that its equity is undervalued. This comes a day after the company announced the sale of its Asian business to CZC Company for total gross proceeds of $8.1mm, including $6.5mm in cash ($3.34 per share), along with a 5-year royalty agreement, allowing the company to focus on its core health and wellness product portfolio.
Cars.com Inc. (CARS) | Interactive Media & Services | $11.29 | $720.8mm
Accidental Disclosure: Inadvertently emailed an internal marketing newsletter to an external mailing list, now disclosed for Regulation FD purposes. The email, sent by CMO Jennifer Vianello and starting with “What a Q1!,” highlighted several marketing-related achievements, including record unique visitors in Q1, with a particularly strong March.
Conduit Pharmaceuticals Inc. (CDT) | Life Sciences Tools & Services | $0.62 | $4.1mm
Management Change: Appointed Andrew Regan, its founder and initial financial backer, as CEO, succeeding David Tapolczay, who is stepping down from both the CEO role and the board for personal reasons. Regan, the founding shareholder of Asos and Imperial Energy, among other companies, brings cross-sector entrepreneurial experience. Tapolczay will remain with the company as Head of Strategy & Licensing, ensuring continuity in strategic development.
ConnectM Technology Solutions, Inc. (CNTM) | Application Software | $0.65 | $19.0mm
Debt Reduction: Retired an additional $9mm of debt in April, reducing annual interest expense by 90%. Since going public in July 2024, the company has eliminated $40mm in liabilities, reducing total outstanding debt to less than $8mm, while expecting to achieve a positive stockholder equity position by 2Q25. Meanwhile, Win-Light, one of its largest stockholders and a member of the investor group that initiated a buy-out offer last month, increased its ownership stake by 18.5%, bringing the group's total stake to 24.5% of shares outstanding.