Secondaries Announced 7.26.2017

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period.
Company: Eastside Distilling, Inc.
Symbol: ESDI
Price: Last Trade $6.20
Trade Date: 8/4
Shares: 1.2 million
Underwriter(s) : Roth Capital, Aegis
Rating = Subscription Needed

Note: Each share of their common stock is being sold together with a warrant to purchase one-half of a share of our common stock.

Company: Sachem Capital
Symbol: SACH
Price: Last Trade $4.10
Trade Date: 7/28
Shares: 2.9 million ($12m cash raise)
Underwriter(s) : Jospeh Gunnar, Axiom Capital
Rating = Subscription Needed

Company: Triumph Bancorp, Inc.
Symbol: TBK
Price: Last trade $28.80
Trade Date: 7/27
Re-offer Range: Subscription Needed
Shares: 1.7 million
Underwriter(s) : Stephens, Inc., Keefe, Bruyette & Woods, Sandler O’Neill & Partners, Wells Fargo Securities
Rating = Subscription Needed

Company: CIT Group, Inc.
Symbol: CIT
Price: Last trade $48.12
Trade Date: 7/27
Re-offer Range: Subscription Needed
Shares: 2.1 million
Underwriter(s) : Morgan Stanley
Rating = Subscription Needed

Company: TripAdvisor-BLOCK
Symbol: TRIP
Price: Last trade $39.06
Trade Date: 7/27
Re-offer Range: Subscription Needed
Shares: 450,000
Underwriter(s) : Morgan Stanley
Rating = Subscription Needed

Company: Tetraphase Pharmaceuticals, Inc.
Symbol: TTPH
Price: Last Trade $7.88
Trade Date: 7/28
Shares: 7.61 ($60 million cash raise)
Underwriter(s) : Piper Jaffray, BMO Capital Markets, Stifel | SunTrust Robinson Humphrey, H.C. Wainwright & Co.
Rating = Subscription Needed

Company: Neuralstem, Inc.
Symbol: CUR
Price: Last Trade $2.47
Trade Date: 7/27
Re-offer Range: Subscription Needed
Shares: 2.4 million
Underwriter(s) : Canaccord Genuity
Rating = Subscription Needed