Daily Recap: RYAM, BIIB, BWXT, EA, GNK/DSX, DVN, WBD/PSKY, DLX

Research evidence excerpt

Daily Recap: RYAM, BIIB, BWXT, EA, GNK/DSX, DVN, WBD/PSKY, DLX

Quick Note

June 18, 2026 SPECIAL SITUATIONS

Daily Recap: RYAM, BIIB, BWXT, EA, GNK/DSX, DVN, WBD/

Analysts PSKY, DLX

Michael Piccolo

212-668-9863

michael.piccolo@wedbush.com

Rayoneir Advanced Materials Inc. (RYAM - $9.07)

Activist Mill Pond Urges Board to Complete Ongoing Strategic Review with Full

Sale Citing Previously Rejected Offer. Mill Pond Capital (3% stake) sent a public

letter to RYAM's Board on June 17 demanding a sale of the company, escalating

from a private letter sent May 8 that received no substantive response. The

activist, a self-described commodity-sector specialist invested since 2019, argues

RYAM's challenges are structural rather than operational: ~$55-60M in annual

overhead is unsustainable for a small-cap standalone, and no management team

can fully overcome it. The backdrop is damning: American Industrial Partners (AIP)

submitted a Nov. 18, 2025 proposal to acquire RYAM at a ~99-117% premium to

prevailing share price, which the Board rejected in December, stating it did not

serve the best interests of shareholders. AIP subsequently disclosed a 5.1% stake

via Schedule 13D in Feb. 2026. On April 20, RYAM announced a formal strategic

alternatives review concurrent with the immediate resignation of CEO Scott Sutton,

RYAM's third CEO since 2019. 1Q'26 results showed net sales of $319M, a net loss

of $81M, and Adjusted EBITDA of just $8M, against $779M total debt and FY'25

negative free cash flow of -$88M. (Press Release)

TRADING VIEW: RYAM popped on June 17 on the Mill Pond letter, consistent

with the Feb. surge when AIP's rejected bid went public. The stock still trades

well below the $11-12 AIP offer, implying significant deal optionality at current