Secondaries Announced 4.10.17

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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: AEHR Test Systems
Symbol: AEHR
Price: Last Trade $4.28
Trade Date 4/13
Shares: 3.5 million ($15m raise)
Underwriter(s) Craig Hallum
Rating = Subscription Needed

Company: Hostess Brands, Inc.
Symbol: TWNK
Price: Last Trade $15.82
Trade Date 4/13
Shares: 20.1 million
Underwriter(s) Credit Suisse, Morgan Stanley, Barclays, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank
Rating = Subscription Needed

Company: Cytori Therapeutics, Inc.
Symbol: CYTX
Price: Last Trade $1.72
Shares: 7.5 million
Underwriter(s) Maxim Group
Rating = IPO Boutique Does Not Rate Maxim Deals

Company: Axovant Sciences Ltd.
Symbol: AXON
Price: Last Trade $18.53
Trade Date 4/11
Re-Offer Range: Subscription Needed
Shares: 5.4 million ($100m raise)
Underwriter(s) J.P. Morgan, Morgan Stanley
Rating = Subscription Needed

Company: Coupa Software Inc.
Symbol: COUP
Price: Last Trade $24.50
Trade Date 4/13
Shares: 3.7 million
Underwriter(s) Morgan Stanley, J.P. Morgan, Barclays, RBC Capital Markets
CoManager(s) Cantor Fitzgerald, JMP Securities, Raymond James, BTIG
Rating = Subscription Needed