Spartan Nash (SPTN) shares have pulled back off recent highs to the rising 21-day moving average and is an intriguing event-driven play shaping up as 10,000 May $35/$45 call spreads bought on 3/18. SPTN shares jumped on 3/18 after receiving a notice to nominate three Macellum Advisors and Ancora candidates to the board and issued a statement to drive shareholder value. Macellum and Ancora own about 4.5% of the company’s stock noting at least one financial buyer and multiple real estate firms that have been interested in pursuing transactions with SpartanNash over the past two years. SpartanNash delivers groceries for Amazon.com Inc.’s Amazon Fresh, and also operates commissaries for the U.S. military. It owns 134 supermarkets, mostly under the names Family Fare, Martin’s Super Markets and D&W Fresh Market. The investors said that SpartanNash had underperformed its peers from an operational and shareholder return perspective. It’s also sitting on $1 billion of real estate that is on its balance sheet. SPTN has a $1.13B market cap and trades 14.4X Earnings, 21.1X FCF and yields a 2.48% dividend. Ancora sees SPTN worth at least $50/share which would fully satisfy the call spreads opened.