Hc2 Holdings Inc. (HCHC): Hudson Bay Capital Unloads Over 3 Million Shares

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According to a freshly-amended 13D filing with the SEC, Sander Gerber‘s Hudson Bay Capital Management has significantly decreased its stake in Hc2 Holdings Inc. (NYSEMKT:HCHC). The fund now holds 594,521 common shares, which amass 1.4% of the float. The fund’s stake was lowered from 3.73 million shares, which represented 8.9% of the company’s outstanding stock, as per its most recent 13D filing on the company prior to the current one.

HC2 Holdings is a holding company that runs seven divisions: Telecommunications, Manufacturing, Life Sciences, Insurance, Utilities, Marine Services, and Other. Recently, an HC2 Holdings’ portfolio company within one of its subsidiaries, MediBeacon, announced a cooperation with scientists at Washington University School of Medicine on a research project funded by the Bill & Melinda Gates Foundation. Over the past 12 months, the company’s shares have lost 32.49%. For the second quarter of 2016, HC2 Holdings disclosed EPS of $0.02 and revenue of $359.3 million, an improvement compared to the loss per share of $0.47 and revenue of $280.99 million that it managed for the same period of the previous year.

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Seven hedge funds from within Insider Monkey’s database reported holding long positions in Hc2 Holdings Inc. (NYSEMKT:HCHC) as of the end of June, down from 11 three months earlier. Among the bullish investors were William Martin’s Raging Capital Management, which held a position valued at $11.69 million, Dov Gertzulin’s DG Capital Management, with a position worth $2.02 million, Luke and John Fichthorn’s Dialectic Capital Management, and Cliff Asness’ AQR Capital Management.

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Some of the investors who dropped their positions in Hc2 Holdings Inc. (NYSEMKT:HCHC) during the June quarter encompassed John Orrico’s Water Island Capital, which dumped its position in the company valued at $2.08 million at the end of March, J. Carlo Cannell’s Cannell Capital, which said goodbye to a position worth $683,000, Jim Simons’ Renaissance Technologies, and Israel Englander’s Millennium Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Hudson Bay Credit Management 0 594,521 0 594,521 594,521 1.4%
Hudson Bay Capital Management 0 594,521 0 594,521 594,521 1.4%
Sander Gerber 0 594,521 0 594,521 594,521 1.4%

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Page 1 of 7 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. 8)*

HC2 Holdings,

(Name of Issuer)

Common Stock,
$0.001 par value per share

(Title of Class of Securities)


(CUSIP Number)
Scott Black
General Counsel and Chief Compliance Officer
Hudson Bay Capital Management LP
777 Third Ave., 30th Floor
New York, NY 10017
(646) 825-2155
with a copy to:
Eleazer N. Klein, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022

(212) 756-2000

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

October 13,

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule
13d-1(f) or Rule 13d-1(g), check the following box. [ ]

(Page 1 of 7 Pages)


* The remainder of this cover page shall be filled out for a reporting
person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

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