Updates on a few positions.

Closing out a position.

Final update on HUT 8 (HUT).

Updates on a few positions.

Final update on a position.

Revisiting our European industrial co, with a new potential suitor coming to the fore.

Two new positions- 1 long (120%+ upside)/1 short (~22% downside)- added to the book at the end of last week.

Update 2 on a position.

upside: 36%+

Gold E&P co trading below its unaffected price, despite multiple potential suitors w/ an ongoing exclusivity period, a strong gold market, a prime asset, & a likely compressed timeline.

Short squeeze with potentially a long way to go, ignited by news of significant federal funding & more positive developments that should significantly re-rate the stock.

upside: 18%

Credible take-private offer by founder/CEO who already owns 60% of a co operating within an industry that could be among the first casualties of AI.

Update 2 on EHang (EH).

Closing out The Aaron's Co. (AAN) short.

Updates on a few positions.

upside: 48%

48% upside to non-binding offer for healthcare technology co, with limited downside and a likely short timeline.

upside: ~30%+

Betting that the recent US Fed surprise 50 bps rate cut will reignite a certain industry.

Updates on a couple of positions.

Update on a position.

Final update on a position.

Update on a position.

Update 2 on Hut 8 (HUT).

upside: 75%

75% spread on a politically-charged deal that has been rumored to be on the verge of a block for months, with quite the compelling setup.

downside: 24%

Asymmetric opportunity in shorting The Aaron's Company (AAN), based on a report by J Capital indicating that regulatory risk on acquisition is grossly mispriced.

upside: 73%+

Biopharma co trading at >60% discount to NLV, despite ongoing strategic review with interesting dynamics.

Update on Hut 8 (HUT).

Update on a position.

Update on a position.

Update on a position.

upside: 17%

17% spread with limited downside on a deal that is likely to be resolved within ~3 months.

Update on a position.

Update on a position.

Update on Upwork (UPWK) & Fiverr (FVRR).

Final update on a position.

upside: Up to 116%

CORRECTED- Revisiting Delek (DK) as it finally begins to proactively close the SOTP gap, with much improved dynamics.

upside: TBD

Starter position in one of the world's largest & lowest-cost polysilicon producers, which is down >85% from highs & is trading at <0.5x net cash. Potential for significant upside.

upside: 23%+

European industrial co. subject of acquisition interest, with compelling dynamics.

Update on a position.

Final update on a position.

upside: 14%

14% spread on deal that is almost certain to close before the end of the year.

Updates on 4 positions.

Re-exploring HUT 8 (HUT) short.

upside: 46%+

Nano-cap innovator subject to takeover interest from significant SH group at an over 46% premium to current price, with limited short-term downside.

upside: >80%

Revisiting an old speculative position, with a (potentially overlooked & possibly crucial) development.

Update 2 on a position.

Update 2 on a position.

upside: 57%+

Potentially free money in biopharma co. looking to maximize SH value.

UPDATE on a position.

UPDATE on a position.

UPDATE on recently revisited position.

Final update on short squeeze from this morning.

upside: 24%

24% spread on a deal that is highly likely to close by EOY.

UPDATE on short squeeze from this morning.

Active, high-ish conviction short squeeze.

UPDATES- trimming a couple of positions.

upside: 77%

250-year-old expanding & highly cash-generative specialty retailer trading very cheaply due to a minor guidance revision, & a misunderstood development.

UPDATE on a position.

UPDATES on a couple of positions.

UPDATE on Renovaro (RENB).

upside: 40%

40% upside on a strategic acquisition proposal with an LOI + exclusivity, & a deal that is likely to close within 7 weeks.

Starter position in profitable, op. cash-positive biopharma co that is trading below net cash, & is subject to keen acquisition interest at 60%+ over current price.

upside: 99% to 150%

Following up on US Global Investors (GROW).

upside: >20%

Media co, down 90% from highs; currently subject of lots of interest & SH discord. Significant upside- & limited downside- on potentially imminent resolution of ongoing uncertainty.

FINAL UPDATE on Eliem Therapeutics (ELYM).

upside: 28%+

Straightforward bet on a compelling situation involving an iconic brand with uniquely attractive assets, and a potentially compressed timeline.

UPDATE on Indigo (IDG.TO).

upside: 96% to 203%

Revisiting a recently closed idea with renewed optimism.

downside: 37% to 53%

CORRECTED-Japanese co trading at a significant premium to better-performing peers, despite tough, almost impossible, road to successful realization of the bull thesis.

FINAL UPDATE on Genetron (GTH).

~30% spread on all-stock deal that is expected to close within 3 months.

*UPDATE on a position*

*UPDATE on Canadian Solar (CSIQ)*

*UPDATE on EHang (EH)*

A re-examination of the professional services gig economy thesis- Upwork (UPWK) & Fiverr (FVRR).

Follow-up write-up on coin with significant potential upside.

*UPDATE 2 on Hudson Technologies (HDSN)*

A foray into promising blockchain solutions- a coin with significant potential upside.

*UPDATE on a position*

*UPDATE on Hut 8 (HUT)*

*Not really an update, but rather a re-examination of Match Group (MTCH)*

*UPDATE on Hudson Technologies (HDSN)*

*UPDATE on Sequans (SQNS)*

upside: 10%+

10%+ spread on a take-private offer by entity affiliated with founder-CEO, representing total ownership of ~65%. Transaction likely to close in short order.

Two new shorts added to the book based on compelling reports by Hindenburg & J Capital.

*UPDATE 3 on Danaos (DAC)*

*UPDATE 2 on Future (FUTR.L)*

downside: 28%+

Short position: featuring a tender that looks like it's about to fail for a company that is in very bad shape.

upside: 26% to 36%

Leading Italian co trading at a discount to historical multiples, despite record profitability, stable outlook, & increasing pressure by activists to merge with competitor.

*UPDATE on Tribal Group (TRB.L) & Danaos (DAC)*

upside: 66%

*UPDATE on Danaos (DAC)*

*UPDATE on Upwork (UPWK) & Fiverr (FVRR)*

* A few updated price targets *

*UPDATE on Delek US Holdings (DK)*

*FINAL UPDATE on Spirit Airlines*

*UPDATE on a position*

*UPDATE on Step One Clothing (STP.ASX)*

upside: >3x

Perpetually profitable HK-listed Singaporean family-run business trading below net cash.

*UPDATE 3 on Spirit Airlines (SAVE)*

upside: 2x to 4x

Revisiting an old friend... Still trading daftly low, despite an enhanced market position + virtually allayed bear case point.

upside: 3x to 5x

Tiny speculative call options position, featuring an ongoing summer saga; potential for an improved offer.

*EDIT (Jan 3)* 37%+ spread on an agreed deal, with the stock trading near its pre-deal price due to a wrinkle.

*UPDATES on a couple of positions*

*UPDATE on Hollysys Automation Technologies*

Strongly accelerating, high(ish) conviction short squeeze.

*UPDATE on Future plc (FUTR.L)*

upside: 38% to 42%

Potentially free money in biotech special situation.

upside: 84%+

Growing & transforming undisputed market leader in one of the world's most disruptive themes, trading at 10x 2025 earnings.

*UPDATE on Blink Charging*

Potentially fading short squeeze.

30% spread on compelling merger arb opportunity.

Short position based on compelling report by Hindenburg Research.

*UPDATE on FaZe/GameSquare*

*UPDATE on flatexDEGIRO*

*UPDATE 2 on Spirit Airlines*

*FINAL UPDATE on Maravai LifeSciences*

Three compelling M&A opportunities.

*FINAL UPDATE on Check-Cap*

*UPDATE on Kazatomprom*

upside: Up to 2.6x

Founder-led leading solar co., with record-setting qrtrs & a segment with contracts equal to market cap, trading at a fraction of appropriate multiples & SOTP valuation.

upside: 90%

US-based investment manager trading far below even a conservative estimate of NAV.

*UPDATE 2 on Check-Cap*

*UPDATE on Check-Cap*

upside: 31%+

Nano-cap medical diagnostics co, with a recently initiated wind-down & strategic review, and a buyout offer, trading far below net cash.

upside: 115% to 170%

US small-cap, with massive regulatory tailwinds, trading far below historical multiples.

Uranium producer- likely to be the biggest beneficiary of the fallout from the recent coup d'état in Niger.

upside: 46% & 81%

Two market leaders in one of the most transformative up-and-coming themes, trading at significant discounts.

*UPDATE on SurgePays*

*UPDATE on Cumulus Media*

Starter short position in a US micro-cap media co.

upside: 98%+

UK-based growing cash machine, down 80% from 2021 highs, with several potential catalysts.

*UPDATE on Spirit Airlines*

upside: 84% to 130%

Rapidly growing US micro-cap MVNO and fintech provider, with a low float, high insider ownership & short interest, trading at <4x FY 2024 earnings.

*UPDATE on Arise AB*

Swedish renewables co. trading at a discount to historical multiples, with a new CEO & potentially promising macro.

*UPDATE on Pardes & Bellicum*

upside: 150% to 5x

Profitable, rapidly growing, founder-led Aussie nano-cap, down almost 90% from IPO.

*UPDATE on Activision Blizzard*

upside: 84%+

Shipping co. trading at 2.5x FY EBIT and below peers, despite having 2-year contracted revenue that will generate more than market cap in cash.

*UPDATE on Currency Exchange International*

Virtually free money in two failed US micro & nano-cap biotech cos.

upside: 90%+

US energy co. trading at half its sum-of-the-parts valuation, with management actively aiming to close that gap.

upside: 12x to 16x

Troubled merger arb coming to a head, with a potentially mammoth opportunity on call options, should the deal miraculously close on time.

*UPDATE on Algoma Steel*

upside: 68% to 100%

Growing, increasingly profitable European small-cap trading at a big discount to peers, despite a superior outlook and runway.

*UPDATE on agilon Health*

upside: 7%

Virtually free money on a residual merger spread that should close within 2-3 months.

US life sciences co and beleaguered COVID-darling trading far below recent takeover offer, with superior fundamental metrics.

~70% spread on a compelling M&A opportunity.

upside: 96%

Founder-led & owned FX services co. trading at its net cash position, with a rapidly growing segment.

Steel producer trading at a negative EV, despite multiple actual and potential catalysts.

Compelling short opportunity in a predatory co operating within the US Medicare system.

~18%+ spread on an attractive merger arb opportunity.

*UPDATE on Bed Bath & Beyond*

Active, high conviction short squeeze.