Secondaries Announce 3.15.17

THIS POST HAS BEEN INTENTIONALLY DELAYED TO 6PM

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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. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Penumbra
Symbol: PEN
Price: Last Trade $78.85
Trade Date: 3/17
Shares: 1.3 million
Underwriter(s) J.P. Morgan, BofA Merrill Lynch
Co Managers: Wells Fargo, Canaccord Genuity
Rating =  Subscription Needed

Company: Intrepid Potash, Inc.
Symbol: IPI
Price: Last Trade $1.41
Trade Date: 3/16
Description: Re-Offer Range: Subscription Needed
Shares: 28.4 million
Underwriter(s) Cantor Fitzgerald
Rating =  Subscription Needed
Cash Raise: $40 million

Company: Editas Medicine
Symbol: EDIT
Price: Last Trade $24.64
Trade Date: 3/17
Shares: 4 million
Underwriter(s) Morgan Stanley, J.P. Morgan
Co-Manager(s) Cowen and Company, JMP Securities
Rating =  Subscription Needed

Company: Investar Holding Corporation
Symbol: ISTR
Price: Last Trade $21.55
Trade Date: 3/17
Shares: 1.4 million
Underwriter(s) Sandler O’ Neill
Co-Manager(s)Raymond James, Hovde Group, Piper Jaffray
Rating =  Subscription Needed
Cash Raise: $30 million

Company: Tesla, Inc.
Symbol: TSLA
Price: Last Trade $255.73
Trade Date: 3/17
Shares: 980 thousand
Underwriter(s) Goldman Sachs, Deutsche Bank, Citigroup, Morgan Stanley, Barclays, BofA Merrill Lynch, Credit Suisse
Rating =  Subscription Needed
Listed Raise: $250 million
Note: $750 million of convertible senior notes due in 2022
Elon Musk (CEO): $25 million purchase

Company: Acadia Healthcare Company, Inc.- Block
Symbol: ACHC
Price: Last Trade $42.11
Trade Date: 3/16
Shares: 3.02 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Jefferies
Rating =  Subscription Needed