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Cardlytics reaches agreement with CAS Investment, appoints new independent director


CAS Investment Partners recently disclosed that they hold a significant position in Cardlytics, owning 5,416,116 shares of the digital-advertising platform. This position represents approximately 14.4% of the firm’s tradable stock.

In a cooperative effort, Cardlytics and CAS Investment reached an agreement on September 19. As a result of this agreement, Alex Mishurov, CEO and Chief Investment Officer of KPS Global Asset Management, has been appointed as an independent director. In response to this appointment, Cardlytics expanded its board to accommodate Mishurov, increasing its size to nine members. Mishurov will serve on various committees, including the nominating and governance, compensation, and transaction committees. His term as a director will continue through the annual shareholder meeting in 2025.

As part of the agreement, CAS Investment has accepted customary standstill provisions and committed to voting all eligible Cardlytics shares in alignment with board recommendations that require shareholder approval. However, there is flexibility for recommendations that receive opposing votes from either Institutional Shareholder Services or Glass Lewis.

Cardlytics stock experienced a significant boost, reaching a 52-week intraday high of $19.57 on September 15. The impressive performance of Cardlytics in recent quarters and the optimistic guidance provided for the future have contributed to a remarkable surge in the company’s shares throughout 2023. In fact, the stock has more than doubled in value this year.

Key Details

  • CAS Investment Partners holds 5,416,116 shares (14.4% of tradable stock) in Cardlytics.
  • A cooperation agreement was established between Cardlytics and CAS Investment.
  • Alex Mishurov of KPS Global Asset Management has been appointed as an independent director.
  • The Cardlytics board has expanded to nine members to accommodate Mishurov.
  • Mishurov will serve on the nominating and governance, compensation, and transaction committees.
  • The agreement includes customary standstill provisions for CAS Investment.
  • CAS Investment will vote all eligible Cardlytics shares in line with board recommendations, except those opposed by Institutional Shareholder Services or Glass Lewis.
  • Cardlytics stock reached a 52-week intraday high of $19.57 on September 15.
  • Cardlytics shares have more than doubled in value this year.

This development signifies a promising growth trajectory for Cardlytics and highlights the increasing confidence from investors in the company’s future prospects.

Decreases in Holdings

Immunocore Holdings (IMCR)

General Atlantic has trimmed its stake in the U.K.-based pharmaceutical company to 2,606,684 American depositary receipts. From Aug. 14 to Aug. 23, General Atlantic sold 249,213 Immunocore ADRs at prices ranging from $60.10 to $60.66 apiece, lowering its position to 5.3% of the outstanding stock. General Atlantic revealed that it adopted a 10b5-1 sales plan on Sept. 15 to sell up to 730,000 Immunocore ADRs, equal to 28% of General Atlantic’s present stake. Any potential sales will begin on Oct. 16. The trading plan will cease on Nov. 10 if the maximum amount isn’t sold before then.

The ADRs have slipped about 10% so far this year.

Expro Group Holdings (XPRO)

Oak Hill Advisors sold three million shares of the well construction and services company on Sept. 14. Oak Hill offloaded those Expro Group shares through a block trade sale at a price of $22.96 each without citing a reason. Oak Hill now holds a 13.6% interest in Expro, equal to 14,774,045 shares, including 198,154 and 60,882 of those underlying options and restricted awards, respectively. Senior partner Alan Schrager and partner Eitan Arbeter serve on Expro’s board. Expro shares have gained nearly 30% year to date.

Cytek Biosciences (CTKB)

RA Capital has significantly reduced its stake in Cytek Biosciences, a leading cell analytics company. The investment firm sold a total of 1,145,650 Cytek Biosciences shares at prices ranging from $6.47 to $7.15 per share between September 14 and September 19. Additionally, RA Capital executed a covered call on September 18, selling an additional 4,342,667 shares at a price of $7 each. Although no reason was given for the sell-off, RA Capital’s interest in Cytek now stands just below the 5% threshold that would necessitate the disclosure of further stock sales. It is worth noting that shares of Cytek Biosciences have declined by almost 40% year to date.

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