Billionaire Ken Griffin Buys Massive Stake in Asset That’s Soared 124% This Year
Billionaire investor Ken Griffin is putting a significant guess on an organization that’s far outperformed expectations this yr.
In line with a filing with the U.S. Securities and Alternate Fee (SEC), Griffin’s hedge fund Citadel has acquired 3,824,329 shares of NioCorp Developments Ltd (NB), an organization advancing crucial minerals growth in america.
NioCorp’s flagship venture in Nebraska goals to supply uncommon earth minerals like niobium, scandium and titanium.
Citadel’s holdings of NB characterize 5.4% of its whole portfolio, and 5.2% of the entire excellent shares.
NB, with a market cap of simply $229 million, is buying and selling at $3.16 after opening the yr at $1.41 in January – a acquire of 124% up to now.
Citadel’s positioning within the firm seems to underscore a deal with the vitality sector, given its current win on Chevron’s $53 billion takeover of competitor Hess Company.
Citadel Advisors, Adage Capital and HBK Investments have been a part of a gaggle of buyers betting on the acquisition as a part of a merger arbitrage technique, which entails betting on the result of a merger or acquisition, usually by taking lengthy and/or brief positions within the shares of the businesses concerned.
Citadel and HBK every had the equal of $1 billion in shares, in keeping with the companies’ newest filings, says Bloomberg.
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