Sabby Management, LLC has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 1,800,000 shares of Apricus Biosciences, Inc. (NASDAQ:APRI). This represents 7.68 percent ownership of the company. Apricus Biosciences, Inc. has declared a standard industrial code (sic) of 2834 which is the “Pharmaceutical Preparations” industry.
Sovereign Holdings Inc. has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,600,016 shares of TOP Ships, Inc. (NASDAQ:TOPS). This represents 13.3 percent ownership of the company. Previously, Sovereign Holdings Inc. had reported owning 14,837,691 shares, indicating a decrease of -82.48 percent.
When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC. If these groups intend to influence management into changing the business strategy, they are considered “activist” investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.
Investors that acquire 10% or more of a company’s shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.
New Activist Investor Filings
Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D.
Amended Activist Investor Filings
Finish Line, Inc. (THE) (FINL) – Sports Direct International plc has filed an amended Schedule 13D/A, reporting a 29.00% ownership stake in Finish Line. This is a decrease of 6.75% from their previous filing.
MutualFirst Financial, Inc. (MFSF) – PL Capital, LLC has filed an amended Schedule 13D/A, reporting a 8.40% ownership stake in MutualFirst Financial. This is a decrease of 14.29% from their previous filing.
New Passive Investor Filings
Investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.
Amended Passive Investor Filings
Xenon Pharmaceuticals Inc. (XENE) – Biotechnology Value Fund L P has filed an amended Schedule 13D/A, reporting a 9.99% ownership stake in Xenon Pharmaceuticals. This is a decrease of 49.80% from their previous filing.
International Tower Hill Mines Ltd. (THM) – Electrum Strategic Opportunities Fund Ii L.p. has filed an amended Schedule 13D/A, reporting a 14.30% ownership stake in International Tower Hill Mines. This is an increase of 33.64% from their previous filing.
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