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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-17 00:00:00",
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  "notes": "Highlights the conflict of interest between insiders/sponsors and public shareholders.",
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      "text": "C-Suite Trading Arrangements: Hardeep Gulati (400,000 shares) and Mr. Shander (90,293 shares) adopted 10b5-1 plans.",
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      "text": "We believe the owners are likely to continue selling shares which could act as an overhang on the upside potential.",
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      "text": "PowerSchool Announces Pricing of Secondary Offering of Class A Common Stock by Selling Stockholders",
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      "text": "PowerSchool is still heavily owned by its sponsors – Vista Equity funds (21% Class A / 100% Class B) and Onex Funds (43% Class A). The PE owners, along with the CEO, sold $183 million worth of stock in March 2023 at $21 per share.",
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      "text": "Source: Onex 2023 annual report, PowerSchool Secondary Offering",
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      "text": "Motivated Sellers Could Put A Ceiling On PowerSchool's Share Price",
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