Feb. 3 at 10:57 PM
$NAUT I’ve been digging through the SEC filings on Nautilus (
$NAUT), Adagio (
$ADGM), Immatics (
$IMTX), and the Freenome deal, and it’s looking less like separate plays and more like one connected long-game by Perceptive Advisors. They brought all these companies public through their own SPACs ARYA I for IMTX (8-K ), ARYA II for NAUT (8-K ), ARYA IV for ADGM (S-1/A ), and now Freenome through another Perceptive SPAC (PCSC 8-K ). What stands out is how locked down the governance is, especially at NAUT their amended bylaws (Exhibit 3.2 to 8-K ) show a staggered board, super advance notice rules, no shareholder consent which isn’t normal for a small biotech. It’s built for control. Then there’s ADGM’s capital structure in their latest S-1 ), which shows a tiny float, like 21M shares, with a
$24 price trigger for sponsor vesting just sitting there like a catalyst waiting
