Form 4: Corre Partners Management Increases Stake in Team, Inc. (TISI) Through Multiple Transactions
SEC Form 4 Filing
Corre Partners Management, LLC, along with affiliated funds, increased its holdings in Team, Inc. (TISI) through a series of open market purchases between March 19 and March 21, 2024.
Summary
- Corre Partners Management, LLC, along with affiliated funds Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP, and Corre Horizon II Fund, LP, reported changes in beneficial ownership of Team, Inc. (TISI) common stock.
- On March 19, 2024, they purchased 20,342 shares at $5.7079 per share.
- On March 20, 2024, they purchased 30,000 shares at $5.845 per share.
- On March 21, 2024, they purchased 5,250 shares at $6.2621 per share.
- Following these transactions, the total number of shares beneficially owned by the reporting entities is 1,510,136.
- The shares are held directly by Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP, and Corre Horizon II Fund, LP.
- Corre Partners Management, LLC serves as the Investment Adviser, with investment management authority delegated by Corre Partners Advisors, LLC, the general partner of the funds.
- John Barrett and Eric Soderlund are the co-owners and managing members of both the Investment Adviser and the General Partner.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It reflects standard trading activity by a significant shareholder. The increased stake could be seen as mildly positive, but it's not overwhelmingly so.
Positives
- Corre Partners Management's increased investment in Team, Inc. could be interpreted as a positive signal about the company's prospects.
- The purchases demonstrate confidence in the company's value at the given price points.
Industry Context
This activity is typical for investment management firms adjusting their positions in publicly traded companies. Monitoring such filings provides insights into investor sentiment and potential future actions.
Stakeholder Impact
- The increased stake by Corre Partners Management could positively influence shareholder confidence.
- The transactions may have a minor impact on the stock price in the short term.
Key Dates
| Date | Description |
|---|---|
| 03/19/2024 | Purchase of 20,342 shares of Common Stock at $5.7079 per share. |
| 03/20/2024 | Purchase of 30,000 shares of Common Stock at $5.845 per share. |
| 03/21/2024 | Purchase of 5,250 shares of Common Stock at $6.2621 per share. |
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