Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

Rayonier Advanced Materials / Equity Bottom-Up

<ul><li>Strategic process gains credibility. AIP/Lightship’s amended Schedule 13D confirms that the investor has entered into a customary confidentiality and standstill agreement in connection with RYAM’s strategic alternatives review. </li><li>The agreement provides access to due diligence and positions the investor to potentially submit one or more acquisition or recapitalization proposals.</li><li>Importantly, the filing suggests the standstill is procedural rather than restrictive, preserving AIP/Lightship’s ability to participate in a sale process if invited.</li></ul>

Strategic process gains credibility. AIP/Lightship’s amended Schedule 13D confirms that the investor has entered into a customary confidentiality and standstill agreement in connection with RYAM’s strategic alternatives review. The agreement provides access to due diligence and positions the investor to potentially submit one or more acquisition or recapitalization proposals.Importantly, the filing suggests the standstill is procedural rather than restrictive, preserving AIP/Lightship’s ability to participate in a sale process if invited.

RYAM: Trade Policy Strengthens Pricing Backdrop as Strategic Review Moves Forward