Magnetar Group Amends Comtech Stake Filing
Ticker: CMTL · Form: SC 13D/A · Filed: Jun 20, 2024 · CIK: 23197
| Field | Detail |
|---|---|
| Company | Comtech Telecommunications CORP /De/ (CMTL) |
| Form Type | SC 13D/A |
| Filed Date | Jun 20, 2024 |
| Risk Level | medium |
| Pages | 11 |
| Reading Time | 13 min |
| Key Dollar Amounts | $0.10, $7.99, $1,036.58 |
| Sentiment | neutral |
Sentiment: neutral
Topics: activist-filing, ownership-change, schedule-13d
Related Tickers: CMTL
TL;DR
Magnetar group updated their Comtech stake filing - watch CMTL.
AI Summary
On June 20, 2024, Magnetar Capital Partners LP, along with David J. Snyderman and Supernova Management LLC, filed an amendment to their Schedule 13D. This filing indicates a change in beneficial ownership of Comtech Telecommunications Corp. (NASDAQ: CMTL). The group now holds a significant stake, with details of their holdings and intentions to be further elaborated in the filing.
Why It Matters
This amendment signals a potential shift in control or influence over Comtech Telecommunications Corp. by a significant investment group, which could impact the company's strategic direction and shareholder value.
Risk Assessment
Risk Level: medium — Schedule 13D filings often precede significant corporate actions or activist campaigns, introducing uncertainty for investors.
Key Players & Entities
- Magnetar Capital Partners LP (company) — Filing entity
- David J. Snyderman (person) — Filing entity group member
- Supernova Management LLC (company) — Filing entity group member
- Comtech Telecommunications Corp. (company) — Subject company
FAQ
What is the specific percentage of Comtech Telecommunications Corp. shares beneficially owned by the Magnetar group after this amendment?
The filing does not explicitly state the exact percentage of shares beneficially owned in this amendment document, but it indicates a change in beneficial ownership.
When was the previous Schedule 13D filing made by this group for Comtech Telecommunications Corp.?
The filing is an amendment (Amendment No. 5), implying previous filings were made, but the exact date of the prior filing is not specified in this excerpt.
What is the primary business of Comtech Telecommunications Corp.?
Comtech Telecommunications Corp. is in the business of Radio & TV Broadcasting & Communications Equipment, with SIC code 3663.
Which SEC Act governs this Schedule 13D filing?
This Schedule 13D filing is made under the Securities Exchange Act of 1934.
What is the ticker symbol for Comtech Telecommunications Corp.?
The ticker symbol for Comtech Telecommunications Corp. is not explicitly stated in this excerpt, but it is commonly known as CMTL.
Filing Stats: 3,210 words · 13 min read · ~11 pages · Grade level 10.7 · Accepted 2024-06-20 08:21:19
Key Financial Figures
- $0.10 — ame of Issuer) Common Stock, par value $0.10 per share (Title of Class of Securiti
- $7.99 — tock, at an initial conversion price of $7.99 per share, without giving effect to the
- $1,036.58 — th an initial liquidation preference of $1,036.58 per share (representing the per share l
Filing Documents
- tm2417576d1_sc13da.htm (SC 13D/A) — 92KB
- 0001104659-24-073161.txt ( ) — 94KB
of the Schedule 13D is hereby supplemented as follows
Item 7 of the Schedule 13D is hereby supplemented as follows: Exhibit No. Description Exhibit 1 Subscription and Exchange Agreement, dated June 17, 2024, by and among Comtech Telecommunications Corp. and the Investors named therein (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on June 18, 2024). Exhibit 2 Certificate of Designations designating the Series B-1 Convertible Preferred Stock of Comtech Telecommunications Corp., dated June 17, 2024 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 18, 2024). Exhibit 3 Form of Warrant (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 18, 2024). Exhibit 4 Form of Voting Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on June 18, 2024). Exhibit 5 Registration Rights Agreement, dated as of June 17, 2024, by and among Comtech Telecommunications Corp. and the Investors named therein (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on June 18, 2024). - 8 - SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated:June 20, 2024 MAGNETAR FINANCIAL LLC By: Magnetar Capital Partners LP Its: Sole Member By: /s/ Hayley Stein Name: Hayley Stein Title: Attorney-in-fact for David J. Snyderman, Manager of Supernova Management LLC, the General Partner of Magnetar Capital Partners LP MAGNETAR CAPITAL PARTNERS LP By: /s/ Hayley Stein Name: Hayley Stein Title: Attorney-in-fact for David J. Snyderman, Manager of Supernova Management LLC, the General Partner of Magnetar Capital Partners LP SUPERNOVA MANAGEMENT LLC By: /s/ Hayley Stein Name: Hayley Stein Title: Attorney-in-fact for David J. Snyderman,