MP Materials, Pitney Bowes See Activist Investor Action

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These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from May 4 through May 10, 2023. Source:

Activist Holdings

MP Materials

(MP)

QVT Financial owns 13,501,578 shares of the rare-earths miner and products refiner, a 7.6% interest in the industrial firm. On May 5, QVT founder and CEO Daniel Gold resigned from the MP Materials board, effective immediately. The resignation wasn’t due to any disagreement or any operational or strategic matter between QVT and MP Materials. Earlier this month, MP Materials reported a strong first quarter. The stock has slipped about 10% so far this year.

Increases in Holdings

Pitney Bowes

(PBI)

Hestia Capital boosted its position in the shipping-services company to 15,790,922 shares. From April 4 through April 29, Hestia purchased 1,157,422 Pitney Bowes shares at per share prices ranging from $3.57 through $3.80, giving Hestia a 9% stake. Pitney Bowes confirmed the preliminary election results of its May 9 shareholders meeting, acknowledging the addition of four Hestia representatives to its board, including founder Kurt Wolf. Hestia now holds four of Pitney Bowes’ nine board seats.

ModivCare

(MODV)

Coliseum Capital raised its interest in the healthcare-services company to 1,582,814 shares. That includes the purchase of 210,016 ModivCare shares from March 17 through May 9 at prices ranging from $50.50 to $80.25 each. After the fresh investment, Coliseum now holds 11.2% of ModivCare’s tradable stock. Coliseum Capital co-founder Christopher Shackelton serves as ModivCare’s chairman. ModivCare reported a solid first quarter earlier in May. Shares have dropped about 40% so far this year.

Reneo Pharmaceuticals

(RPHM)

Carlyle Group

(CG) lifted its holding in the pharmaceutical company to 2,730,457 shares, inclusive of 31,500 shares underlying exercisable options. Through a May 9 private placement, Carlyle affiliate Abingworth Bioventures bought 625,000 Reneo Pharmaceuticals shares at a price of $8 per share. Carlyle now holds 8.2% of Reneo’s outstanding stock. The private placement coincided with Reneo’s public offering of approximately 7.9 million shares at the same price that closed on May 8.

Decreases in Holdings

Donnelley Financial Solutions

(DFIN)

Simcoe Capital reduced its holding in the compliance-reporting-services company to 3,476,059 shares. That figure includes 36,088 shares held by Simcoe Capital founder Jeffrey Jacobowitz, plus an additional 6,178 underlying restricted stock units. Simcoe sold 148,236 and 212,696 Donnelley shares, respectively, on May 5 and May 9, at prices ranging from $42.25 to $43.26 apiece. Simcoe now holds 11.8% of Donnelley’s outstanding stock. Shares have gained about 16% so far this year.

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