Trian locks JHG June 30 close leads whale moves Jun 18

Trian/Peltz secures all approvals to close the Janus Henderson take-private on June 30 — NNDM gets a second public opponent as Oramed lifts to 7.2%, and SpaceX files a landmark post-IPO equity restructure Form 4. Nine items total across the window.

Coverage: Jun 17 13:31 UTC → Jun 18 13:00 UTC

Janus Henderson Group (NYSE: JHG) filed an 8-K on June 16 confirming a Side Letter with Trian Fund Management that pins the merger closing date to June 30, 2026 and extends the outside termination date to September 20, 2026. 1 All regulatory approvals and client consents required to complete the transaction have been obtained.

Trian's concurrent 13D/A (Amendment No. 18) reaffirms 25,654,382 shares = 16.65% of JHG's 154 million outstanding shares, held directly by Trian Partners AM Holdco II, Ltd. (Cayman). 2 Nelson Peltz and Peter W. May are deemed to share voting and dispositive power over the full position. General Catalyst Group Management is also participating in the take-private.

At the close, every public JHG share not held by Trian or its controlled entities converts to $52.00 cash. The company manages approximately $480 billion in assets across 26 global offices and will delist from the NYSE upon completion.

Signal for traders holding JHG: June 30 is now the effective last trading day before delisting. Trian has been accumulating since 2020 (this is Amendment 18). No shareholder vote is pending — just the close.

The Nano Dimension (Nasdaq: NNDM) proxy fight now has two publicly declared opponents of the proposed Infinite Epigenetics deal on record.

Oramed Pharmaceuticals — an Israeli biopharmaceutical company — filed a 13D/A (Amendment No. 2) on June 17 disclosing 15,079,708 shares = 7.2% of NNDM's 210.4 million outstanding shares. 3 Between May 13 and June 15, Oramed spent approximately $8.7 million buying 6,336,565 shares in the open market, financing the purchase from general working capital. The filing also discloses a sizable options book: bought calls on 4.2 million shares (~$230K) and bought puts on 8.7 million shares (~$1.55M), partially offset by sold calls and puts.

Oramed's stated position in Item 4 of the 13D/A: the company "believes the Proposed Transaction is not in the best interests of the Issuer's shareholders and is strongly opposed to it." Oramed says it is "evaluating all options available to it with respect to the Proposed Transaction." 3

Murchinson Ltd. (already ~7.4% of NNDM, pushing for a board-majority replacement) has not yet filed proxy materials as of the window close. The EGM record date is June 23 — five days out — and the EGM itself is July 31.

NNDM's management filed a 425 and 8-K on June 17 defending the Infinite Epigenetics deal, describing the target as a CLIA-certified methylation diagnostics lab with 7,500+ healthcare provider relationships, 120,000+ biological samples, and 50+ peer-reviewed publications. Management's argument: the deal values NNDM at net cash plus a 20% premium, which it contrasts favorably against Murchinson's push to liquidate or restructure the board.

The setup heading into the EGM: Oramed at 7.2% and Murchinson at ~7.4% together control roughly 14.6% of NNDM, both publicly opposing the Infinite Epigenetics pivot. Whether they coordinate or file separate opposition proxy materials will be the key development to watch before June 23.

Elon Musk filed a Form 4 on June 17 reflecting the mechanics of SpaceX (Nasdaq: SPCX)'s IPO equity restructure. 4

The core transaction: approximately 3.32 billion preferred and Class B shares converted to Class A. On top of the conversion, Musk received new equity grants totaling 511.3 million Class A shares and 532.7 million Class B shares, plus 302.1 million performance-vesting RSUs tied to an "AI CEO Award" (performance vesting, not time-based). The Elon Musk Revocable Trust holds 3.79 billion Class B shares and hundreds of millions of Class A shares post-restructure.

The only open-market transaction: 11,390 Class A shares sold at $105.32 — roughly $1.2 million, a rounding error relative to the total position.

SpaceX also filed an 8-K on June 17 announcing that Roelof Botha (Sequoia Capital partner) was appointed independent director and Audit Committee member, effective June 16. 4 No cash or equity compensation for non-employee directors at current policy.

This Form 4 is a structural compliance filing reflecting IPO mechanics, not a market-signal transaction. The Botha appointment is SpaceX's first clearly independent board governance move post-listing.

Charles Cohn, founder, CEO, and Chairman of Nerdy Inc. (NYSE: NRDY), bought 250,007 Class A shares at a weighted average price of approximately $1.00 (range $0.97–$1.01) on June 15 via his revocable trust, per a Form 4 filed June 16. 5 After the purchase, the trust holds 978,311 Class A shares.

The simultaneous 13D/A Amendment No. 9 (event date June 11) puts the full Cohn family stake on record: Charles holds 79,822,406 shares = 48.7% of combined Class A + Class B, and Allison Cohn holds an additional 12,601,127 shares = 9.5%. 6 The majority stake is held across family trusts and Rarefied Air Capital LLC.

Cohn also holds an outstanding Founder CEO Performance Award: up to 9.26 million Class A RSUs vesting in seven equal tranches at stock-price hurdles from $18 to $42 (90-day average), all expiring September 2028. At NRDY's current price near $1.00, those hurdles are deeply out of range — the open-market buys near $1.00 suggest a long-duration conviction bet from the founder's own pocket.

Jupiter Asset Management Ltd. (UK) and its Jupiter Gold & Silver Fund filed a late Schedule 13G/A disclosing a 7.15% passive stake in Collective Mining Ltd. (NYSE: CNL) — 6,622,747 shares based on 92.5 million shares outstanding as of December 31, 2025. 7 The event date was January 7, 2026; the signature date was June 15, 2026 — over five months late. Jupiter attributed the delay to its compliance monitoring system using Canadian filing thresholds rather than US thresholds for a dual-listed security, and said it is reviewing its controls to prevent recurrence. The filing is passive (no intent to influence control).

Corbel Capital Partners SBIC, L.P. — a Los Angeles-based investment fund managed by Jeffrey Schwartz and Jeffrey Serota — filed a Schedule 13G/A (Amendment No. 5) reporting 0 shares, 0% beneficial ownership in Noble Romans Inc. (OTC: NROM), a pizza franchise company. 8 The exit was complete as of June 10; no reason was given.

Magnetar Capital-affiliated funds filed a 13D/A (Amendment No. 9) on June 17 disclosing 22,402,628 shares on an as-converted basis = 42.78% economic interest in Comtech Telecommunications (Nasdaq: CMTL), capped at 9.99% voting power by a blocker provision. 9 The position is held via 147,233 Series B-3 preferred shares convertible at $7.99, now being exchanged for Series B-4. The filing also covers a third amendment to Comtech's $65 million subordinated term loans: the interest rate is 16.0% (18.0% on default), with make-whole premiums of 50% before April 1, 2027 and 75% thereafter. Magnetar receives 500,000 lender warrants at a $0.10 exercise price, vesting October 2026 and expiring April 2032. Financial covenants are suspended through the fiscal quarter ending July 31, 2027. Combined with White Hat Capital's previously disclosed 9.99% capped position (125,000 warrants, same restructuring), CMTL's capital stack is dominated by a small group of distressed-debt holders with deeply below-market warrant exposure.

Three deadlines in focus through June 23: GOSS settlement confirmation (may post Jun 19), DELL 13D/A #15 (expected by Jun 20), and NNDM Murchinson proxy materials (record date Jun 23). If Murchinson files before the record date, that filing — combined with Oramed's 7.2% opposition — would put roughly 15% of NNDM shareholder votes against the Infinite Epigenetics deal on record before the proxy solicitation even begins.