Trecora Resources enters into a definitive agreement to be acquired by an affiliate of Balmoral Funds; Pangaea withdrew its nomination of candidates

Key Summary: Bradley L. Radoff, increasing his stake from 3.6% to 6%, criticized the board’s handling of M&A efforts and pushed for a strategic review and potential sale, while considering a rival board slate for the 2022 AGM. Pangaea Ventures/Ortelius Advisors (11.3%) also pressed for governance reforms and board changes, nominating six directors before withdrawing after Trecora agreed to be acquired by Balmoral Funds for $9.81/share in May 2022.