Catalyst Watch #9
37 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
Aemetis, Inc. (AMTX) | Oil & Gas Refining & Marketing | $1.70 | $94.1mm
New Agreement: Signed a $27mm equipment agreement with Centuri Holdings, a $2.6bn infrastructure services contractor, to build biogas cleanup systems across 15 dairy digesters. This agreement, alongside anticipated future contracts with Centuri, will enable the company to rapidly scale up the construction of dairy digesters to produce RNG for a total of 50 dairies already secured. By this summer, 16 dairies are expected to be operational within the Aemetis Biogas Central Digester Project near Modesto, California. In addition, the company’s mechanical vapor recompression system at the Keyes ethanol plant is projected to drive $32mm in incremental annual cash flow beginning in 2026, adding to other ongoing renewable energy and efficiency projects.
Aqua Metals, Inc. (AQMS) | Waste Management | $1.10 | $9.1mm
Asset Sale: Entered into a Purchase and Sale Agreement and Joint Escrow Instructions with Trident Enterprises to sell its Sierra ARC property, a five-acre parcel of land with an existing building, for a purchase price of $4.3mm. The transaction is expected to close by mid-June.
bluebird bio, Inc. (BLUE) | Biotechnology | $4.97 | $48.7mm
Definitive Agreement: Amended its definitive agreement with Carlyle and SK Capital, allowing stockholders to elect either (x) the original offer of $3.00 per share in cash plus a CVR of $6.84 per share payable upon reaching a net sales milestone, or (y) $5.00 per share in cash. The amended structure offers an alternative for stockholders who would prefer greater upfront cash over potential CVR upside. Shares tendered without an election will receive the original consideration of $3.00 in cash plus a CVR per share.
Barnes & Noble Education, Inc. (BNED) | Other Specialty Retail | $10.96 | $373.2mm
Business Update: Announced a wave of new campus store partnerships with colleges and universities across 17 states, including both former self-operated locations and those switching from other vendors. These institutions have selected Barnes & Noble College (BNC) to operate their stores ahead of the 2025-2026 academic year, with over 20 openings scheduled between February and August. This total is more than double the number added during the same period in each of the prior two years. More than half of the new partners will launch First Day Complete, BNC’s fastgrowing, industry-leading affordable access program, beginning this fall.
Barnwell Industries, Inc. (BRN) | Oil & Gas E&P | $1.20 | $12.1mm
Proxy Fight: Announced that, based on preliminary results from its proxy solicitor, shareholders consented to remove directors Alexander Kinzler and Douglas Woodrum, elect Ned Sherwood nominee Heather Isidoro, and repeal the recent Bylaw revision. However, Ned Sherwood did not succeed in electing a majority of the Board by very small margins. Ned Sherwood will seek to elect his remaining nominees via the upcoming annual meeting proxy vote.
Chegg, Inc. (CHGG) | Education Services | $0.90 | $95.5mm
Restructuring: Announced a restructuring plan, reducing its workforce by ~22%, or 248 employees, to cut costs and streamline operations as students increasingly turn to AI-powered tools like ChatGPT over traditional edtech platforms. Additionally, the company will close its U.S. and Canada offices by year-end, saving $5.3mm, and plans to scale back marketing, product development efforts, and G&A expenses. The majority of the $34-38mm in related charges are expected in Q2 and Q3, with anticipated cost savings of $45-55mm in 2025 and $100-110mm in 2026.
Cannae Holdings, Inc. (CNNE) | Restaurants | $18.40 | $1,155.9mm
Business Update: Approved a series of strategic actions aimed at unlocking shareholder value, including diversifying the company’s portfolio, broadening its capital allocation opportunities, and appointing two new independent directors with significant investment and governance experience. The Board also announced an executive management succession, appointing Ryan R. Caswell as CEO alongside other management changes. Finally, it announced an expansion of its strategic relationship with activist JANA Partners by entering into an agreement to acquire an additional 30% stake in JANA for $67.5mm, expected to close in 3Q25, resulting in a total post-closing ownership of 50%.