{
  "docId": "019dd923-622c-750b-8b99-374c176318da",
  "docSlug": "4a47ec40bed5",
  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 94,
  "pageCount": 105,
  "prevPage": 93,
  "nextPage": 95,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a red flag icon to signal a warning or point of interest.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-374c176318da/94",
  "deckHref": "/decks/019dd923-622c-750b-8b99-374c176318da",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-374c176318da.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-374c176318da#slide-94",
  "components": [
    {
      "bbox": {
        "h": 0.098,
        "w": 0.872,
        "x": 0.094,
        "y": 0.204
      },
      "kind": "callout",
      "text": "On July 26, 2016, 810,811 warrants were issued with an exercise price of $46.911 with each warrant having a claim on 1.15 common shares. Up until recently, none of the warrants had been exercised. Now in Q1 2022, we see that a block of warrants were exercised.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d31d208-7a88-47da-a58e-d811b779c1b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.287,
        "w": 0.937,
        "x": 0.063,
        "y": 0.452
      },
      "kind": "paragraph",
      "text": "As of March 31, 2022, 744,845 warrants remained outstanding, with a total of 856,572 shares underlying the un-exercised warrants. For the three months ended March 31, 2022, the Company issued 64,861 shares of common stock resulting from exercises of its warrants and, pursuant to the terms of the underlying warrants agreement, withheld 91 of the issued shares in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock. As of March 31, 2021, 801,370 warrants remained outstanding, with a total of 921,576 shares underlying the un-exercised warrants. For the three months ended March 31, 2021, there were no warrants exercises",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "565a7ea6-fb4f-462c-a140-0cb81275100c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "As of March 31, 2022, 744,845 warrants remained outstanding, with a total of 856,572 shares underlying the un-exercised warrants. For the three months ended March 31, 2022, the Company issued 64,861 shares of common stock resulting from exercises of its warrants and, pursuant to the terms of the underlying warrants agreement, withheld 91 of the issued shares in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock. As of March 31, 2021, 801,370 warrants remained outstanding, with a total of 921,576 shares underlying the un-exercised warrants. For the three months ended March 31, 2021, there were no warrants exercises — Q1 2022 10-Q",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea1-3ca8a63c2fe9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.022,
        "w": 0.198,
        "x": 0.073,
        "y": 0.709
      },
      "kind": "source-note",
      "text": "Source: Q1 2022 10-Q",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83adacaf-beed-448f-9c41-a2433258196a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.055,
        "w": 0.585,
        "x": 0.305,
        "y": 0.038
      },
      "kind": "title",
      "text": "Follow-The-Money: Warrant Holders Starting To Exercise",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ce9c94a-7dab-4cdf-b86a-3fc8a4e111b8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "872d3ba0-16b1-403f-8741-b7368cac0397",
      "evidence": "The slide uses 'Follow-The-Money' and red flag iconography to suggest suspicious or noteworthy financial activity.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 105,
      "from": 51,
      "beatId": "1c6c8d3e-e53b-45f5-91da-e5c362f50fac",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document concludes with a clear call to action and valuation analysis.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 98,
      "from": 88,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "022842b5-fad5-40a6-9cc8-993e227a02f6",
      "evidence": "The document presents a clear valuation analysis and call to action.",
      "position": 1,
      "objective": "Highlight the cost of inaction for investors",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}