Callouts & quotes from 529+ activist slides

"Spruce Point believes this shows a clear misalignment of interests between shareholders and investors."

"Spruce Point believes the MA case will get moved to federal court and ultimately a petition to SCOTUS."

"Spruce Point believes AMR's financial statements are masking an extremely low quality coal producer."

"Engine believes change at the Board level is warranted given the exceptional stock underperformance."

"Spruce Point believes that Dropbox will increasingly struggle to grow with scale as it turns to M&A."

"The mathematician Gil Kalai believes that quantum computers can't possibly work, even in principle."

"Spruce Point believes that self-indexing poses a large and growing threat to MSCI's Index business."

"Spruce Point believes that FND's discussion of gross profit drivers is weak and could be improved."

"Marcato Believes Board Change Would Drive Management Accountability and Maximize Shareholder Value"

"Spruce Point Believes U.S. Concrete (Nasdaq: USCR) Is A "Strong Sell" With 60% - 90% Downside Risk"

"Spruce Point believes that Tempus has a $250 million cookie jar to embellish its Adjusted EBITDA."

"Spruce Point believes Stryker is wildly overpaying for Vocera at a $3.1 billion dollar valuation."

"Spruce Point believes that Stryker could be dangerously levered around 4.9x Debt to '22E EBITDA."

"Spruce Point believes that leaving Premier's GPO immediately could be the best option for GNYHA"

"Spruce Point believes Zillow shareholders would benefit from a major shakeup of Zillow’s Board."

"Spruce Point believes investors should not be comforted by GFL's supposed "Independent" Board."

"Spruce Point believes there is additional indicators that Zebra's RFID business has pressures."

"Spruce Point believes the 3rd Amendment to the BH agreement triggered a contract modification."

"Trian believes it already has had a significant impact, but there is more value to be unlocked"

"Spruce Point believes that FND investor expectations are wildly optimistic heading into 2025."

"Spruce Point believes that FND investor expectations are wildly optimistic heading into 2025."

"Spruce Point believes that WSP's Adj. EBITDA margin increase is purely an accounting mirage."

"Oasis believes the low board size limits the coverage of skills, diversity and independence."

"Oasis believes the low board size limits the coverage of skills, diversity and independence."

"Spruce Point believes the market should consider RELY's 23m+ RSUs as part of the valuation."

"Spruce Point believes analysts are overly promoting Xylem’s troubled acquisition of Evoqua."

"Pershing believes the best way to think about Pro Forma McDonald's is as a growing annuity."

"Spruce Point Believes Maxar Technologies (MAXR) Is A "Strong Sell" With 100% Downside Risk"

"The FTC believes Intuit has "engaged in or [is] engaging in deceptive or unfair conduct"."

"Spruce Point Believes Limbach Has Too Many Financial And Operational Red Flags To Ignore"

"Elliott believes Southwest Airlines (NYSE: LUV) represents the most compelling airline"

"Spruce Point believes that Enfusion's core problems are rooted in growing competition."

"Spruce Point Believes Dollarama (TSX: DOL) Is A “Strong Sell” With ~40% Downside Risk"

"Mr. Icahn believes that the current environment continues to be conducive to activism"

"Spruce Point Believes WD-40 Is The Exact Opposite Of What A Good Business Looks Like"

"Spruce Point believes current sell-side analyst price targets are wildly optimistic."

"Spruce Point Believes That Saputo Is Now Entering The Declining Phase Of Its Growth"

"Citron believes Peloton’s glory days of hardware sales are in the rear-view mirror."

"Spruce Point believes that 6 of 10 acquisitions should be categorized as failures."

"The Board of Phillips 66 believes these results are acceptable. Investors do not."

"The Board of Phillips 66 believes these results are acceptable. Investors do not."

"Spruce Point believes Aegon's shares present a poor risk / reward for investors."

"Spruce Point believes that Viterra's results reflect a deeply injured business."

"Management should clarify if it still believes its service is price inelastic."

"Spruce Point believes Generac massively overpaid for ecobee at 4.5x revenues."

"Trian believes that this product should have never been brought to market"

"Starboard believes AAP could be worth in excess of $350 per share"

"Spruce Point believes this could be the death knell for CLEAR."

"Elliott Believes Recent Corporate Actions Are Insufficient"