First Trust Exits Slam Corp. (SLAM) Position as of Dec 31, 2023

TL;DR

**First Trust just dumped all its Slam Corp. shares, signaling a complete exit.**

AI Summary

First Trust Capital Management L.P., through its First Trust Merger Arbitrage Fund, has filed an amended SC 13G/A for Slam Corp. (NASDAQ: SLAM) indicating that as of December 31, 2023, they no longer beneficially own any Class A Ordinary Shares. This update, filed on January 10, 2024, shows a complete divestment from their previous holdings. This matters to investors because a significant institutional holder has exited its position, which could signal a change in their investment thesis regarding Slam Corp.'s future prospects or a rebalancing of their portfolio.

Why It Matters

This filing indicates that a major institutional investor, First Trust, has sold all its shares in Slam Corp., which could be interpreted as a lack of confidence or a strategic portfolio shift.

Risk Assessment

Risk Level: medium — The complete divestment by an institutional investor could indicate potential concerns or a lack of future upside, posing a medium risk for current or prospective shareholders.

Analyst Insight

A smart investor would investigate the reasons behind First Trust's complete divestment from Slam Corp. and consider if this signals underlying issues or simply a portfolio rebalancing before making any investment decisions.

Key Numbers

• 0 — Sole Voting Power (Number of shares with sole voting power beneficially owned by First Trust Merger Arbitrage Fund as of December 31, 2023.)
• 0 — Shared Voting Power (Number of shares with shared voting power beneficially owned by First Trust Merger Arbitrage Fund as of December 31, 2023.)
• 0 — Sole Dispositive Power (Number of shares with sole dispositive power beneficially owned by First Trust Merger Arbitrage Fund as of December 31, 2023.)
• 0 — Shared Dispositive Power (Number of shares with shared dispositive power beneficially owned by First Trust Merger Arbitrage Fund as of December 31, 2023.)

Key Players & Entities

• Slam Corp. (company) — the issuer of the securities
• First Trust Capital Management L.P. (company) — the reporting person filing the amendment
• First Trust Merger Arbitrage Fund (company) — the specific fund that previously held shares
• December 31, 2023 (date) — the date of the event requiring the filing
• January 10, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Slam Corp.'s stock price may experience downward pressure or increased volatility in the short term due to the institutional divestment. (Slam Corp.) — medium confidence, target: Q1 2024
• Other institutional investors might re-evaluate their positions in Slam Corp. following First Trust's complete exit. (Institutional Investors) — low confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.0001 — r) Class A Ordinary Shares, par value $0.0001 per share (Title of Class of Securiti

Filing Documents

• schedule13gaslam01102024.htm (SC 13G/A) — 76KB
• 0001604488-24-000006.txt ( ) — 78KB

Ownership

Item 4. Ownership (a) Amount Beneficially Owned: As investment adviser to the Client Accounts, FTCM has the authority to invest the funds of the Client Accounts in securities (including Ordinary Shares of the Issuer) as well as the authority to purchase, vote and dispose of securities, and may thus be deemed the beneficial owner of any shares of the Issuer's Ordinary Shares held in the Client Accounts. As of December 31, 2023, VARBX owned 0 shares of the outstanding Ordinary Shares of the Issuer, while FTCM, FTCS and Sub GP collectively owned 0 shares of the outstanding Ordinary Shares of the Issuer. FTCS and Sub GP may be deemed to control FTCM and therefore may be deemed to be beneficial owners of the Ordinary Shares reported in this Schedule 13G/A. No one individual controls FTCS or Sub GP. FTCS and Sub GP do not own any Ordinary Shares of the Issuer for their own accounts. (b) Percent of Class: (1) VARBX: 0% (2) FTCM, FTCS and Sub GP: 0% (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: (1) VARBX: 0 (2) FTCM, FTCS and Sub GP: 0 (ii) Shared power to vote or to direct the vote: (1) VARBX: 0 (2) FTCM, FTCS and Sub GP: 0 (iii) Sole power to dispose or to direct the disposition of: (1) VARBX: 0 (2) FTCM, FTCS and Sub GP: 0 (iv) Shared power to dispose or to direct the disposition of: (1) VARBX: 0 (2) FTCM, FTCS and Sub GP: 0

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ X ].

Ownership of more than Five Percent on Behalf of Another Person

Item 6. Ownership of more than Five Percent on Behalf of Another Person. See Item 4.

Identification and classification of the subsidiary which acquired the security being reported on by

Item 7. Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company or control person. See Item 2.

Identification and classification of members of the group

Item 8. Identification and classification of members of the group. Not applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Not applicable.

Certifications

Item 10. Certifications. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. 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: January 10, 2024 First Trust Merger Arbitrage Fund By: /s/ Joy Ausili Joy Ausili, Trustee, Vice President and Assistant Secretary First Trust Capital Management L.P. By: /s/ Chad Eisenberg Chad Eisenberg, Chief Operating Officer First Trust Capital Solutions L.P. By: /s/ Chad Eisenberg Chad Eisenberg, Chief Operating Officer FTCS Sub GP LLC By: /s/ Chad Eisenberg Chad Eisenberg, Chief Operating Officer The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001). Exhibit I JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The

View Full Filing

View this SC 13G/A filing on SEC EDGAR