Special Situations Digest #2

Welcome to edition #2 of the Special Situations Digest.

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Activist Campaigns

CEA Industries BNC (US) · Mkt Cap: $189M · EV: $165MCompany with cryptocurrency treasury holdingsYZi Labs is engaged in a proxy fight with CEA Industries, seeking to expand the board from 5 to 7 seats and warning of potential Nasdaq delisting risk due to the board delaying annual shareholder meetings for over 400 days. YZi holds 2.15 million shares and large warrant positions, while CEA has adopted a poison pill defense. The dispute centers on CEA’s $481 million BNB treasury and governance practices.Dentium Co., Ltd. 145720.KS (KR) · Mkt Cap: $296M · EV: $425MDental implant and equipment manufacturerAlign Partners Capital Management has submitted shareholder proposals for the 26th Annual General Meeting targeting governance improvements and capital allocation discipline. The company trades at 6.6x LTM EV/EBITDA and 0.77x P/B versus global peer averages of 14.0x and 3.13x respectively.ImmuneOncia Therapeutics 383310.KQ (SO) · Mkt Cap: $510M · EV: $466MBiotechnology company developing cancer immunotherapy treatmentsImmuneOncia announced a 120 billion won third-party share allocation (approximately 16.83 million shares, 23% of outstanding shares) for R&D and working capital funding. Minority shareholders are forming an emergency committee opposing the dilutive equity raise, demanding parent company Yuhan Corp clarify its participation plans.MarineMax, Inc. HZO (US) · Mkt Cap: $650M · EV: $1.7BMarine and recreational vehicle retailerThe Donerail Group, owning over 4% of shares, issued an open letter announcing their $35.00 per share all-cash acquisition proposal. Donerail is urging shareholders to vote against CEO Brett McGill’s director election at the March 3, 2026 annual meeting, criticizing board entrenchment and management’s refusal to engage over seven months.Fox Factory Holding Corp. FOXF (US) · Mkt Cap: $836M · EV: $1.5BManufacturer of suspension products and specialty sports equipmentThe company added two independent directors and formed a Board-level Transformation Committee following discussions with activist investor Engine Capital. The Transformation Committee will oversee operational improvements targeting enhanced profitability, working capital efficiency and disciplined capital allocation.Edinburgh Worldwide Investment Trust PLC EWI.L (UK) · Mkt Cap: $1.1B · EV: NoneInvestment trust focused on global growth companiesSaba Capital Management (30% shareholder) proposed three new directors after failing to remove all six independent directors last month. Saba is calling for shareholders to vote against re-election of current directors at the AGM, citing underperformance and governance failures.Kobayashi Pharmaceutical Co., Ltd. 4967.T (JP) · Mkt Cap: $2.6B · EV: $2.2BJapanese pharmaceutical and health products companyHong Kong activist fund Oasis Management, the largest shareholder, submitted proposals for the March 27 AGM including changing the board chairman to an outside director and appointing new auditors. The company’s board unanimously opposes all proposals, arguing governance reforms have already progressed.Kusuri no Aoki 3549.T (JP) · Mkt Cap: $2.7B · EV: $3.2BJapanese drugstore chain operatorCompany is holding an extraordinary shareholder meeting on February 17 to introduce poison pill defense measures against any entity acquiring 20% or more of shares without following prescribed procedures. Major shareholder Oasis Management, holding over 11% of shares, is opposing the proposal and urging other shareholders to vote against the defensive measure.BlackLine BL (US) · Mkt Cap: $2.8B · EV: $2.7BCloud-based software provider for financial close and accounting automationActivist investor Engaged Capital nominated three directors for election to BlackLine’s 11-member board, launching a proxy contest. This intersects with BlackLine’s existing Strategic Committee process and could pressure the board to consider cost discipline, portfolio moves, or a sale process.KCC Corporation 002380.KS (KR) · Mkt Cap: $2.8B · EV: $5.6BKorean industrial materials and chemical companyActivist fund TRUSTON Asset Management (1.87% stake) sent a public shareholder letter demanding liquidation of Samsung C&T holdings and improved shareholder returns. KCC’s Samsung C&T stake is valued at 4.9 trillion won, exceeding KCC’s market cap of 4.1 trillion won, creating a 55% NAV discount.Coway Co Ltd 021240.KS (KR) · Mkt Cap: $4.5B · EV: $5.7BWater purifiers and air cleaners manufacturerAlign Partners Capital Management has submitted formal shareholder proposals for Coway’s 37th AGM and published their third public shareholder letter. The activist is targeting Coway’s undervaluation, with shares down 16% from 2019 levels despite strong business growth. Align Partners is demanding board response by March 13, 2026.Bill Holdings BILL (US) · Mkt Cap: $4.7B · EV: $4.2BB2B payments and financial software platformThree activist investors - Starboard Value (8.5% stake), Elliott Investment Management (5%+ stake), and Barington Capital Group - are pressuring the company to explore a sale. Private equity firm Hellman & Friedman has held acquisition talks, and the company added four new board directors in October including two from Starboard to evaluate strategic alternatives.WEX Inc. WEX (US) · Mkt Cap: $5.5B · EV: $5.1BFleet payment solutions and corporate expense management servicesImpactive Capital, holding 5.0% of WEX, has nominated four director candidates for election at the 2026 annual meeting. The activist cites significant underperformance versus peer Corpay (81% over 3 years) and lack of management accountability. Over 30% of shareholders voted against three directors including CEO Melissa Smith at the 2025 annual meeting.Swatch Group UHR.SW (SW) · Mkt Cap: $13.1B · EV: $11.7BSwiss luxury watch manufacturer and retailerUS activist Steven Wood via Greenwood Investors (0.5% stake) submitted seven proposals for May 12 AGM seeking governance changes including board seats for bearer shareholders and majority independent directors. Swatch rejected all proposals, with the Hayek family controlling 43% of voting rights despite owning 25% of capital through enhanced voting registered shares.LG Chem 051910.KS (KR) · Mkt Cap: $16.7B · EV: $32.1BChemical company producing petrochemicals, advanced materials, and battery materialsUK activist Palliser Capital reduced its stake from 1.01% to 0.67% but continues targeting structural undervaluation. LG Chem announced plans to reduce LG Energy Solution holdings to 70% over 5 years from current 79.4%. Palliser’s demands include board improvements, better capital allocation, share buybacks using LG Energy stakes, and discount management programs.CoStar Group CSGP (US) · Mkt Cap: $19.1B · EV: $18.3BCommercial real estate data and analytics providerBaillie Gifford has publicly backed CoStar Group in an ongoing activist investor battle. The institutional investor is taking a supportive stance of management’s position against the activist campaign.Lululemon Athletica LULU (US) · Mkt Cap: $20.9B · EV: $21.4BAthletic apparel and accessories retailerLululemon faces product quality issues with see-through leggings while operating without a permanent CEO. An activist investor is pushing for board changes during this leadership transition period.Korea Zinc Co Ltd 010130.KS (KR) · Mkt Cap: $21.1B · EV: $23.8BZinc smelting and metal processing companyMajor shareholder Youngpoong-MBK Partners has submitted shareholder proposals at the 52nd annual meeting including director fiduciary duty bylaws, 10-for-1 stock split, executive officer system, and electing 6 directors through cumulative voting including MBK nominees. The proposals aim to normalize the company’s governance structure.KeyCorp and Eastern Bancshares KEY, EBC (US) · Mkt Cap: $25.5B · EV: NoneRegional banking institutions providing commercial and consumer financial servicesActivist HoldCo Asset Management dropped proxy fights at both banks after they adopted its core demands. KeyCorp announced a $300 million share repurchase, ruled out acquisitions, and made governance changes including new board nominees. Eastern similarly pivoted to emphasize organic growth and capital returns while targeting a 12% CET1 ratio.Universal Music Group UMG.AS (NL) · Mkt Cap: $43.8B · EV: $47.7BMusic label and entertainment companyLondon-based activist investor Independent Franchise Partners has built a stake of just over 3%, making it the sixth largest shareholder. The stake was disclosed through a filing with the Dutch financial regulator.London Stock Exchange Group LSEG.L (UK) · Mkt Cap: $50.9B · EV: $64.8BOperates financial markets infrastructure and data servicesElliott Management has built a significant stake in London Stock Exchange Group and is engaging with management to drive performance improvements. Elliott is pushing for a fresh share buyback program amid shares declining over 35% in the past 12 months due to AI disruption concerns.Meta Platforms META (US) · Mkt Cap: $1.6T · EV: $1.7TSocial media and virtual reality technology companyBill Ackman’s Pershing Square has invested approximately $2 billion in Meta, representing about 10% of the fund’s portfolio. The investment began in November 2025 at an average cost of $625 per share, with shares currently trading around $670.Gunho Online Entertainment 054780.KS (KR) · Mkt Cap: N/A · EV: N/AOnline gaming and entertainment companyThe board has decided to oppose shareholder proposals from Strategic Capital and other investors. The company formally resolved to recommend shareholders vote against the activist proposals.

Strategic Reviews

Rivalry Corp. RVLY.V (CA) · Mkt Cap: $1M · EV: $16MSports betting platform operatorRivalry Corp. announced significant reduction in operations and is evaluating strategic alternatives for its assets. The company has paused player activity on its sports betting platform, implemented substantial cost reductions including workforce cuts, and is in discussions with third parties regarding potential transactions. Strategic alternatives may include asset-level transactions, corporate transactions, or restructuring initiatives.SRx Health Solutions, Inc. SRXH (US) · Mkt Cap: $10M · EV: $7MConsumer products company focused on pet food business (Halo brand)The company completed a significant restructuring, exiting specialty pharmacy and healthcare services to focus solely on its Consumer Products segment (Halo pet food business). SRx reported Q3 net sales of $2.8M but posted a net loss of $8.6M, while management explores strategic alternatives including potential partnerships and product expansion opportunities.Shyam Century Ferrous Limited SHYAMCENT.NS (IN) · Mkt Cap: $13M · EV: $4MIron and steel manufacturing companyShyam Century Ferrous Limited shareholders approved disposal of substantially whole assets through postal ballot with 99.97% approval on February 10, 2026. The special resolution allows the company to sell, lease, or dispose of the whole or substantially the whole assets under Section 180(1)(a) of the Companies Act, 2013.Quince Therapeutics, Inc. QNCX (US) · Mkt Cap: $19M · EV: $-1MBiotech company developing therapies for rare diseasesQuince has engaged LifeSci Capital as exclusive financial advisor to explore strategic alternatives including partnerships, joint ventures, mergers, acquisitions, licensing, or other strategic transactions. LifeSci Capital will also advise on potential restructuring of company liabilities. The company will not provide updates unless the Board approves a specific action.GEE Group Inc. JOB (US) · Mkt Cap: $26M · EV: $8MStaffing and human resources services companyThe company reported Q1 fiscal 2026 results with 15% revenue decline to $20.5M, primarily due to loss of major customer. GEE Group is exploring strategic alternatives to enhance shareholder value, including potential mergers and acquisitions, while maintaining strong liquidity with $20.1M cash and zero long-term debt.Skillsoft Corp SKIL (US) · Mkt Cap: $69M · EV: $581MCorporate learning and workforce development technology platformSkillsoft is undergoing strategic realignment focusing on AI and workforce readiness, appointed Bernard Barbour as CTO in January 2026, and announced it’s evaluating strategic alternatives for its Global Knowledge division including potential sale. The company is concentrating resources on core competencies and AI-driven growth initiatives.The Hain Celestial Group HAIN (US) · Mkt Cap: $82M · EV: $780MNatural and organic food and personal care products companyHain Celestial is executing a strategic portfolio review with Goldman Sachs and has agreed to sell its North American snacks business for $115 million cash to reduce debt. The company is evaluating additional asset sales as part of a multi-stage plan to address upcoming debt maturity in December 2026.Orion Properties Inc. ONL (US) · Mkt Cap: $147M · EV: $605MReal estate investment trust focused on office propertiesOrion Properties announced a formal strategic alternatives process aimed at enhancing shareholder value. The review could result in portfolio adjustments or comprehensive structural changes, with results expected to be discussed during the March 6 analyst call following Q4 earnings release on March 5.Motorcar Parts of America, Inc. MPAA (US) · Mkt Cap: $209M · EV: $430MAutomotive aftermarket parts remanufacturer and distributorMotorcar Parts reported Q3 2026 results with declining sales ($167.7M vs $186.2M prior year) primarily due to reduced ordering from a large customer. The company is pursuing strategic alternatives for its EV technology division and focusing on divesting non-strategic assets while maintaining an active $25.1M share repurchase program.Nano Dimension NNDM (UN) · Mkt Cap: $415M · EV: $13M3D printing technology companyConducting strategic review to evaluate alternatives for enhancing shareholder value while relocating operational footprint and redomesticating to United States, targeted for H1 2026 completion. Implemented time-limited shareholder rights agreement to maintain oversight during strategic process.Ontex Group NV ONTEX.BR (BE) · Mkt Cap: $462M · EV: $1.2BEuropean hygiene products manufacturerOntex Group announced a strategic review in December 2025 following disappointing 2025 results with revenue down 4.9% and EBITDA margin contracting 2pp to 10%. New CEO Laurent Nielly initiated the process after completing divestments of emerging markets businesses for €131 million net proceeds.European Opportunities Trust PLC EOT.L (UK) · Mkt Cap: $552MClosed-end investment trust investing in European equitiesThe trust initiated a strategic review considering multiple options including potential combination with another closed-end fund via scheme of reconstruction, cash exit at close to NAV, or roll-over into a proposed open-ended investment company. The review follows ongoing performance challenges and consultation with major shareholders, with the Board acknowledging likely failure to meet performance conditions for upcoming tender offer.Picton Property Income Limited PCTN.L (UK) · Mkt Cap: $613M · EV: $839MUK commercial property REITPicton Property Income announced a strategic review in mid-January 2025, with LondonMetric named as a counterparty under Takeover Code rules following a press leak. The company paused its share buyback program due to the ongoing strategic review process.Aker BioMarine AKBM.OL (NO) · Mkt Cap: $918MAntarctic krill harvesting and processing company for marine ingredientsThe company is considering strategic options for its Human Health Ingredients division. The division recently secured a listing with US retailer Costco for a krill oil product during the quarter.InMode Ltd. INMD (US) · Mkt Cap: $968M · EV: $376MMedical aesthetic technology company providing minimally invasive treatment platformsInMode’s Board of Directors has initiated a strategic alternatives review to improve company value and hired Bank of America as their investment bank. CEO confirmed they are considering possible buyout offers, though no outcomes have been determined and management is not directly involved in negotiations.Tripadvisor TRIP (US) · Mkt Cap: $1.1B · EV: $1.5BTravel review and booking platformTripadvisor is considering strategic alternatives as the company faces ongoing traffic declines from Google’s AI overviews impacting its SEO-dependent business model. CEO Matt Goldberg cited declining flyby visitors due to the changing search landscape, with CFO noting SEO expected to generate less than 10% of strategic Experience businesses’ gross booking volumes by end of 2026.Advantage Energy Ltd. AAV.TO (CA) · Mkt Cap: $1.3B · EV: $2.0BNatural gas and oil exploration and production companyAdvantage Energy’s Board of Directors has concluded its strategic review process, rejecting all proposals received including potential sale or merger opportunities. The Special Committee determined that none of the strategic alternatives evaluated were in the best interests of shareholders as they were inferior to the company’s intrinsic value and long-term prospects.Barrick Gold Corporation GOLD (US) · Mkt Cap: $1.6B · EV: $2.4BGold mining companyBarrick plans to spin off its premium North American assets (Nevada Gold Mines and Dominican Republic operations) into a new public entity called ‘NewCo’ targeting a late 2026 IPO. Joint venture partner Newmont Corporation, which holds a 38.5% stake in Nevada operations, is blocking the spin-off and demanding operational issues be resolved first. Newmont has potential veto rights that could derail the transaction.Signature Global SIGNATURE.NS (IN) · Mkt Cap: $1.6B · EV: $1.7BReal estate developer focused on affordable and mid-segment housing projectsThe company formed a 50:50 joint venture with RMZ Group to develop a ₹14,000-16,000 crore mixed-use project in Gurugram. RMZ will invest ₹1,283 crore to acquire 50% equity stake in Gurugram Commercity Ltd, a wholly-owned subsidiary of Signature Global.Melco Resorts & Entertainment Ltd MLCO (US) · Mkt Cap: $2.2B · EV: $12.8BCasino resort operator focused on Asia Pacific marketsMelco Resorts terminated its strategic review of City of Dreams Manila after failing to find options that would fully realize the property’s value. The company had been evaluating strategic alternatives since February 2024 as part of a shift to an asset-light model. CEO Lawrence Ho indicated they may reevaluate the situation in the future when business rebounds.Ramsay Health Care RHC.AX (AU) · Mkt Cap: $5.9B · EV: $14.6BPrivate hospital operator with facilities across Australia, Europe, and AsiaRamsay Health Care is reportedly scrapping its previously planned demerger of its troubled European hospital division and will instead likely sell its stake to its joint-venture partner. The company faces mounting pressure to resolve issues with the European operations.SalMar ASA SALM.OL (NO) · Mkt Cap: $8.5B · EV: $11.0BAtlantic salmon farming and processing companySalMar ASA has launched a strategic review of its 33% stake in Hellesund Fiskeoppdrett, a salmon farming company. This review comes after a wave of acquisitions in the salmon farming sector.LKQ Corporation LKQ (US) · Mkt Cap: $9.0B · EV: $14.1BAutomotive aftermarket parts and services companyLKQ Corporation has intensified its portfolio review, selling non-core Self Service and Specialty operations while targeting an additional $75 million in annual cost savings. The board is conducting an ongoing review of ‘strategic alternatives,’ including a possible company or segment sale.Darden Restaurants Inc. DRI (US) · Mkt Cap: $24.8B · EV: $32.6BMulti-brand restaurant operator including Olive Garden and LongHorn SteakhouseDarden Restaurants completed its strategic review of Bahama Breeze brand, closing 15 locations in May 2024 and announcing plans to close half of remaining 28 locations while converting the other half to different Darden brands. The conversions are expected to occur over the next 12-18 months.Kraft Heinz KHC (US) · Mkt Cap: $29.6B · EV: $47.7BFood and beverage company producing packaged food productsKraft Heinz is pausing its previously announced company split under new CEO Steve Cahillane, who believes the company’s challenges are fixable. The company will instead invest $600 million in a U.S. business turnaround focused on marketing, R&D, and product improvements. The original split was announced in September, reversing the 2015 $46 billion merger.Cencora, Inc COR (US) · Mkt Cap: $69.8B · EV: $79.0BPharmaceutical distribution and healthcare solutions companyCencora announced a revision to its financial reporting structure, reorganizing into U.S. Healthcare Solutions, International Healthcare Solutions, and Other segments. The ‘Other’ segment will explore strategic alternatives for MWI Animal Health, Profarma, and other assets, with changes effective from Q1 2026.The Walt Disney Company DIS (US) · Mkt Cap: $191.1B · EV: $239.1BMedia and entertainment conglomerate operating theme parks, streaming services, and content productionWall Street analyst Rich Greenfield is encouraging Disney to spin off ESPN into a standalone company as ESPN prepares for major Super Bowl programming and traditional cable bundles continue to shrink. The potential spinoff is being discussed amid ESPN’s strategic positioning challenges.Shell SHEL.L (UK) · Mkt Cap: $222.4B · EV: $294.0BIntegrated oil and gas companyShell is conducting a strategic review of its Sprng Energy renewables unit in India, which it acquired for $1.55 billion in 2022. The unit has 2,300 MWp operational capacity and 5,026 MWp contracted capacity as part of CEO Wael Sawan’s strategy to refocus on LNG trading and upstream operations.Turnstone Biologics TSBX (INTL) · Mkt Cap: None · EV: NoneBiotechnology company developing cancer treatmentsTurnstone Biologics discontinued all clinical trials for Tidal-01 in solid tumors and launched a strategic alternatives review process to maximize shareholder value. The company hired an advisor to explore potential acquisitions, mergers, asset sales, licensing, or other transactions, while implementing workforce reductions and cost-cutting measures.Bulten Group BULTEN (INTL) · Mkt Cap: None · EV: NoneAutomotive fastener manufacturer serving vehicle assembly industryBulten completed a strategic review and decided to consolidate U.S. manufacturing operations by closing its Streetsboro, Ohio facility and shifting production to European operations. The company will transition to a pure distribution model in the U.S., with the change expected to improve earnings by SEK 10-20 million annually.Abelco Investment Group AB ABEL.ST (INTL) · Mkt Cap: None · EV: NoneInvestment holding company managing diversified portfolio assetsAbelco Investment Group terminated a previously planned reverse acquisition and is now conducting a structured strategic review of its long-term positioning and potential development paths within its core investment business. The review is focused on long-term value creation, with the Board promising updates as decisions are made.Insplorion AB INSP.ST (SE) · Mkt Cap: $479K · EV: $86KNanosensor technology company focused on hydrogen sensing and research instrumentsInsplorion AB has completed its strategic review and entered into an agreement in principle to sell its hydrogen sensor business to Mann Teknik AB for SEK 5.5 million cash. The definitive agreement is expected to be signed in Q1 2026 subject to shareholder approval. The company is also exploring value-creating alternatives for its remaining assets including research instruments business.Battery X Metals Inc. BATX (CSE), BATXF (OTCQB), 5YW0 (FSE) (INTL) · Mkt Cap: None · EV: NoneBattery metals exploration and development companyBattery X Metals is selling its 100% interest in the Belanger gold and copper exploration project in Ontario for C$10,000 cash plus C$5,000 in equity. The divestiture is part of portfolio optimization to focus on core battery metals strategy, with transaction expected to close by March 31, 2026 pending TSXV approval.Tantalizers Plc TANG.LG (INTL) · Mkt Cap: None · EV: NoneNigerian food service company diversifying into entertainmentRGM Materials Solutions invested N2bn for a 10% stake in Tantalizers’ entertainment subsidiary Tantainment Limited, valuing the subsidiary at N30bn. The proceeds will fund studio equipment acquisition, content development, and operational improvements for their live game show platform launching Q2 2026.African Sun Limited AFSUN.VF (INTL)Zimbabwe-based hotel operatorCompany announced plans to delist from Victoria Falls Stock Exchange and conduct partial share buyback as part of strategic review. Seeking approval to sell Caribbea Bay Resort for $5.65 million, continuing asset disposal program that has generated over $27 million since 2024 from non-core property sales.Altiplano Metals Inc. APN.TO (INTL)Mining company with copper-gold-iron operations in ChileSuspended rental agreement with contractor Andes Core Mining for Santa Beatriz mine and El Peñón processing plant, placing both on care and maintenance. Undertaking strategic review aimed at improving shareholder returns while evaluating optimization plans and alternative operating structures for Chilean assets. Separately closed $1.06 million private placement financing.

M&A / Divestitures

Reliance Global Group, Inc. EZRA (UN) · Mkt Cap: $2M · EV: $7MInvestment company focused on acquiring controlling stakes in technology companiesReliance Global Group signed agreement to acquire 51% controlling stake in post-quantum cybersecurity company Enquantum Ltd. for $2.125 million, payable in milestone-based tranches over 10 months. The acquisition starts with 8% ownership at closing and increases monthly to reach 51% control, with transaction expected to close within 30 days.Onconetix Inc ONCO (UN) · Mkt Cap: $2M · EV: $2MLife sciences and biotechnology companyOnconetix will acquire 100% of Realbotix LLC, the AI-robotics subsidiary of Realbotix Corp, in an all-stock transaction. Realbotix Corp will receive 75-90% ownership of ONCO’s fully diluted shares and 4 of 5 board seats, with transaction expected to close before end of Q3 2026.Restart Life Sciences Corp HEAL.CN (CA) · Mkt Cap: $3M · EV: $3MWellness and life sciences companyRestart Life Sciences executed a definitive agreement to acquire 100% of Holy Crap Foods Inc. from Happy Belly Food Group for $1 million cash, subject to working capital adjustments. The acquisition includes Holy Crap’s brand portfolio and British Columbia manufacturing facility, with closing expected within 10 business days.Gold Basin Resources Corporation GXX.V (CA) · Mkt Cap: $4M · EV: $5MMineral exploration company focused on gold mining projectsCANEX Metals (TSXV:CANX) completed its takeover offer for Gold Basin Resources (TSX.V:GXX), acquiring 54.04% control with 73,026,822 shares as of February 10, 2026. CANEX plans to call a special meeting to approve a subsequent acquisition transaction to privatize Gold Basin and delist it from the TSXV.NexGel Inc NXGL (UN) · Mkt Cap: $11M · EV: $14MHydrogel technology and healthcare products companyNexGel signed financing agreements including a $56.7 million senior secured convertible note facility with an institutional investor to fund an approved acquisition. The company issued $1.8 million in Series A notes immediately and plans up to $54.9 million in Series B notes subject to acquisition completion and stockholder approvals.Aqua Metals Inc. AQMS (UN) · Mkt Cap: $14M · EV: $11MBattery recycling technology companyAqua Metals entered into a term sheet to acquire Lion Energy LLC in an all-stock transaction expected to close in Q2 2025. Lion Energy achieved approximately $50 million in revenue in 2025 and develops commercial/residential energy storage systems and proprietary energy management software. The acquisition also includes Lion Energy’s minority stake in American Battery Factory.Luminar Technologies, Inc. LAZR (US) · Mkt Cap: $15M · EV: $394MAutonomous vehicle sensor and software company developing LiDAR technologyLuminar Technologies filed a Chapter 11 liquidation plan proposing to sell substantially all assets for $143 million total - LSI semiconductor business to Quantum Computing Inc. for $110 million and LiDAR technology business to MicroVision Inc. for $33 million. The company has $488 million in funded debt obligations and equity holders are projected to receive no recovery.Generation Bio Co. GBIO (US) · Mkt Cap: $36M · EV: $-27,545,620Genetic medicine company developing non-viral gene therapiesXOMA Royalty Corporation successfully completed its tender offer to acquire all outstanding shares of Generation Bio Co. for $4.2913 per share in cash plus one non-tradeable contingent value right. The tender offer expired February 6, 2026, with 70% of outstanding shares tendered, satisfying the minimum condition and completing the acquisition.Inception Growth Acquisition Limited IGTA (UN) · Mkt Cap: $36M · EV: $39MSpecial purpose acquisition company seeking business combination targetsIGTA stockholders approved amendments extending the SPAC’s liquidation deadline by up to 6 months from February 13, 2026 to August 13, 2026, with monthly extensions costing $0.075 per outstanding share. The extension provides additional time to complete a business combination transaction.Cineverse Corp. CNVS (US) · Mkt Cap: $47M · EV: $47MStreaming entertainment and technology company acquiring CTV monetization platformCineverse Corp. (NASDAQ: CNVS) announced acquisition of IndiCue Inc., a CTV monetization platform, for $22 million in cash and stock, expected to close Feb 13, 2026. Simultaneously, the company issued $13 million in convertible notes with 9% interest rate and 4-year term to partially fund the acquisition.Air T, Inc. AIRT (US) · Mkt Cap: $64M · EV: $245MAviation services and ground equipment companyAir T completed acquisition of substantially all assets of Rex Regional Airlines, an Australian regional airline in voluntary administration since July 2024. Air T paid AUD $50M for assets with preliminary fair value of $106.9M, resulting in a preliminary bargain purchase gain of $95.8M due to distressed sale conditions.Cayson Acquisition Corp CAPN (US) · Mkt Cap: $84M · EV: $85MSPAC seeking to extend business combination deadline and eliminate minimum asset requirementsCayson Acquisition Corp (SPAC) is seeking shareholder approval to extend its business combination deadline with Mango Financial Group Limited by up to 12 months to March 23, 2027, with insiders contributing $100,000 monthly to the trust account. The company also wants to eliminate the $5,000,001 net tangible assets requirement, allowing the deal to proceed regardless of redemption levels.Royal Orchid Hotels Limited ROHLTD.NS (IN) · Mkt Cap: $119M · EV: $192MIndian hospitality company operating hotels and resortsRoyal Orchid Hotels Limited (ROHL) completed the sale of its subsidiary Multi Hotels Limited to Tanzania-based Greenleaf Properties Limited for $3.4 million. The subsidiary had not commenced commercial operations, and ROHL will receive proceeds in installments within 120 days.BioSyent Inc. RX.V (CA) · Mkt Cap: $120M · EV: $98MCanadian specialty pharmaceutical company developing and commercializing healthcare productsBioSyent announced acquisition of privately-held Oral Science Inc. for $25.5M ($22.5M cash + $3M in BioSyent shares at $12.81/share). Transaction includes potential $6M earn-out through 2033 and is expected to close by end of February 2026. Combined pro-forma TTM revenue exceeds $70M with EBITDA over $15.75M.abrdn National Municipal Income Fund VFL (US) · Mkt Cap: $128M · EV: NoneClosed-end investment fund investing in municipal bondsabrdn National Municipal Income Fund (VFL) is being reorganized into MFS Municipal Income Trust (MFM) in a NAV-based share exchange transaction. VFL shareholders will receive MFM shares based on relative NAVs, with the combined fund expected to be renamed Aberdeen Municipal Income Fund. Shareholder vote scheduled for March 11, 2026 with expected closing in Q2 2026.BARK, Inc. BARK (US) · Mkt Cap: $136M · EV: $152MDog products and services company offering toys, treats, and health productsBARK’s special committee is evaluating two competing takeover proposals: one from insider group Great Dane Ventures (including CEO Matt Meeker) at $0.90/share, and another from GNK Holdings/Marcus Lemonis at $1.10/share. The special committee is conducting a formal strategic review process with independent advisors to maximize shareholder value.AnGes 4563.T (JP) · Mkt Cap: $152M · EV: $148MJapanese biotech company developing gene therapy and genomic medicine treatmentsAnGes reported 35.8% revenue growth for 2025 driven by its progeria treatment drug ‘Zokinvy’ and expanded newborn screening services. The company did not record special losses related to its previous acquisition of genome editing company Emendo, avoiding the 20 billion yen impairment losses from the prior year.Happy Belly Food Group Inc. HBFGF (CA) · Mkt Cap: $173M · EV: $172MCanadian food company operating cereal brands and quick service restaurant businessesHappy Belly signed a definitive agreement to sell its Holy Crap Foods cereal and oatmeal brand for $1,000,000 CDN in cash plus working capital adjustments, representing an estimated 10x EBITDA. The transaction is expected to close within ten business days, with proceeds earmarked for QSR business expansion and franchise development.Mutoh Holdings 7999.T (JP) · Mkt Cap: $205M · EV: $49MWide-format printer manufacturerBrother Industries is launching a ¥35bn tender offer to acquire all outstanding shares of Mutoh Holdings at ¥7,626 per share, aiming to convert Mutoh into a wholly-owned subsidiary. The tender offer period runs from February 5 to March 23, 2026, giving shareholders 30 business days to decide.Aimia Inc. AIM.TO (CA) · Mkt Cap: $208M · EV: $378MInvestment holding company with interests in data analytics and specialty chemicalsAimia Inc. has entered into a definitive agreement to sell its specialty chemicals business. The company has been active with share buybacks and recently received tax refunds totaling approximately $38 million in 2025.OneWater Marine Inc. ONEW (US) · Mkt Cap: $214M · EV: $1.2BMarine dealer network selling boats and related servicesOneWater Marine Inc. (ONEW) completed the sale of Ocean Bio-Chem Holdings Inc. (OBCI) as part of its portfolio optimization strategy. The company will use $50 million in proceeds to pay down debt, targeting net leverage below 4.0x by fiscal year end and generating $3.5 million in annual interest expense savings.XOMA Royalty Corporation XOMA (US) · Mkt Cap: $284M · EV: $415MRoyalty aggregator acquiring and managing biotech royalty and milestone streamsXOMA Royalty completed its tender offer and acquisition of Generation Bio for $4.2913 per share in cash plus a non-tradeable contingent value right. Approximately 4.7 million shares (70% of outstanding) were tendered, and Generation Bio became a wholly owned subsidiary of XOMA through a follow-on merger. Generation Bio shares ceased trading on Nasdaq on February 6, 2026.Olympic Steel Inc ZEUS (US) · Mkt Cap: $539M · EV: $813MMetals processing and distribution companyOlympic Steel Inc consummated its merger and notified Nasdaq of trading suspension and delisting. The company requested withdrawal of its listing and filing of Form 25 to delist/deregister common stock, with plans to suspend SEC reporting obligations via Form 15.Hyundai Home Shopping 057050.KS (KR) · Mkt Cap: $604M · EV: $1.2BKorean home shopping and e-commerce companyHyundai Department Store Group plans to delist Hyundai Home Shopping from the Korean stock exchange through a going-private transaction as part of corporate restructuring efforts.ARKO Corp ARKO (UN) · Mkt Cap: $724M · EV: $3.1BConvenience store operator and fuel distributorARKO Corp is spinning off its wholesale fuel distribution operations into ARKO Petroleum Corp (APC) via IPO. APC is offering 10.5 million shares at $18-20 per share, raising approximately $200 million, with shares to trade on NASDAQ under ticker APC.Mid Penn Bancorp, Inc. MPB (US) · Mkt Cap: $766M · EV: $730MRegional bank holding company1st Colonial Bancorp shareholders approved the merger with Mid Penn Bancorp with over 3.99 million shares voting in favor and only 456 against. The merger is awaiting regulatory approval before closing.Mutares SE & Co. KGaA MUX.DE (DE) · Mkt Cap: $804M · EV: $1.7BPrivate equity holding company focused on special situations investmentsMutares signed an agreement to acquire the Flooring Business of Hamberger Industriewerke, a market-leading manufacturer of parquet and floor coverings operating under the HARO brand. The business generates approximately EUR 150 million in revenue with over 700 employees and operations in Germany and Bulgaria, with closing expected in Q2 2026 subject to regulatory approvals.Great Lakes Dredge & Dock Corporation GLDD (US) · Mkt Cap: $1.1B · EV: $1.6BMarine dredging and infrastructure contractorSaltchuk Resources agreed to acquire Great Lakes Dredge & Dock for $17.00 per share in cash, representing $1.2 billion in equity value and $1.5 billion total transaction value. The deal includes a tender offer followed by a second-step merger, with closing expected in Q2 2026 subject to HSR approval.Clear Channel Outdoor Holdings, Inc. CCO (US) · Mkt Cap: $1.2B · EV: $7.4BOutdoor advertising company operating billboards and transit displaysClear Channel Outdoor agreed to be acquired by Mubadala Capital and TWG Global for $6.2 billion enterprise value. Shareholders will receive $2.43 per share in cash, representing a 71% premium. The transaction includes a 45-day go-shop period expiring March 26, 2026, and is expected to close by end of Q3 2026.Dynavax Technologies Corp DVAX (US) · Mkt Cap: $1.8B · EV: $1.5BBiopharmaceutical company developing vaccines and immunotherapiesDynavax Technologies completed its merger on February 10, 2026, and requested Nasdaq to halt trading and delist its shares effective before market open. The company will file Form 25 to remove shares from listing and Form 15 to terminate SEC registration and reporting obligations.Hillenbrand, Inc. HI (US) · Mkt Cap: $2.3B · EV: $3.8BIndustrial company providing process solutions and equipment for various industriesHillenbrand notified the NYSE that its merger has closed and requested delisting of its common stock. The company will suspend trading, delist from NYSE, and file Form 15 to suspend SEC reporting obligations.Orbia Advance Corporation ORBIA.MX (ME) · Mkt Cap: $2.4B · EV: $2.6BSpecialty chemicals and materials company with businesses in advanced materials, building and infrastructure, precision agriculture, and connectivity solutionsChinese billionaire Haoyu Wang is negotiating to acquire Israeli irrigation company Netafim from Mexican public company Orbia at a $1.4 billion valuation. Orbia hired Evercore to find a buyer based on ~$1.2 billion enterprise value, with the seller expected to retain 10-20% stake rather than exit completely. U.S. regulatory approval remains the primary obstacle given Netafim’s $250 million annual U.S. revenue.Ivanhoe Electric Inc. IE (US) · Mkt Cap: $2.5B · EV: $2.6BMineral exploration and technology company focused on copper projectsIvanhoe Electric amended its asset sale agreement to sell its remaining 50% interest in the Alacrán Copper Project for $128 million through subsidiary Cordoba. The company will receive full $128 million at closing with no post-closing payments and plans to distribute net proceeds to shareholders while retaining $10 million.ZIM Integrated Shipping Services ZIM (US) · Mkt Cap: $2.7B · EV: $6.4BIsraeli shipping and container logistics companyGerman shipping company Hapag-Lloyd has been selected to acquire 100% of ZIM in partnership with Israeli private equity fund FIMI, following a six-month tender process. The acquisition is valued at over $3.5 billion, representing a ~30% premium to ZIM’s current $2.7 billion market cap. ZIM will be delisted from the NYSE where it has traded since 2021.Polaris Inc. PII (US) · Mkt Cap: $3.7B · EV: $5.2BManufacturer of powersports vehicles and motorcyclesPolaris entered into a definitive agreement to sell a majority interest in its Indian Motorcycle business, which closed in Q1 2026. The company reported an operating loss of $(348.7) million compared to $290.6 million income in 2024, largely due to impairment charges related to the Indian Motorcycle divestiture and goodwill writedowns.Tri Pointe Homes TPH (US) · Mkt Cap: $4.1B · EV: $4.5BUS residential homebuilder and developerSumitomo Forestry announced acquisition of all shares of Tri Pointe Homes for $4.5 billion total consideration ($47 per share). The deal is expected to close in Q2 2026, after which TPH will be delisted from NYSE.PennyMac Financial Services, Inc. PFSI (US) · Mkt Cap: $4.6B · EV: $27.3BMortgage lending and servicing companyPennyMac announced acquisition of Cenlar’s subservicing business for $172.5 million upfront plus up to $85 million contingent consideration over 3 years. The deal adds $740 billion in mortgage loan unpaid principal balance and 2 million loans, bringing PFSI’s total portfolio to over $1 trillion.Sapporo Holdings 2501.T (JP) · Mkt Cap: $4.8B · EV: $6.1BJapanese beer and beverage company with real estate operationsSapporo Holdings announced the sale of its real estate subsidiary Sapporo Real Estate Development to a joint venture backed by investment funds KKR and PAG, generating approximately 330 billion yen in proceeds. The company is using proceeds to dramatically increase dividends from 90 yen to 200 yen annually and implement semi-annual dividend payments starting 2026.Mattel MAT (US) · Mkt Cap: $5.3B · EV: $8.5BToy manufacturer and entertainment companyMattel is acquiring NetEase’s 50% stake in their joint venture Mattel163 for $318 million, gaining full ownership of the mobile gaming studio. The acquisition will be funded more than half with the venture’s existing cash and is expected to close by end of Q1.UiPath PATH (US) · Mkt Cap: $6.0B · EV: $4.9BRobotic process automation software providerUiPath announced the acquisition of WorkFusion, a pioneer in AI agents for financial crime compliance including AML and KYC processes. The acquisition is expected to complete in UiPath’s Q1 FY2027, with undisclosed deal terms.Tokyo Electric Power Company Holdings (TEPCO) 9501.T (JP) · Mkt Cap: $6.5B · EV: $43.9BElectric utility company serving the Tokyo metropolitan areaTokyo Electric Power Company Holdings filed mandatory pre-disclosure documents for a corporate split involving Nomura Real Estate. The disclosure indicates a potential divestiture or spin-off transaction involving real estate assets.Cidara Therapeutics CDTX (UN) · Mkt Cap: $7.0B · EV: $6.5BBiotechnology company developing antifungal and antiviral therapiesMerck has completed its cash tender offer to acquire Cidara Therapeutics at $221.50 per share, purchasing approximately 85.96% of outstanding shares (27.1 million shares). Merck plans to complete the acquisition through a merger where remaining shares will receive the same cash consideration, after which Cidara will become a wholly owned subsidiary and delist from Nasdaq.Terex Corporation TEX (US) · Mkt Cap: $7.0B · EV: $6.1BManufacturing company providing lifting and material processing products for construction and other industriesTerex completed the sale of Midwest Automotive Designs to Alliance RV, LLC on February 10, 2026. This divestiture follows Terex’s recent merger completion with REV Group on February 2, 2026, and is part of ongoing portfolio streamlining that included earlier sales of Tower and Rough Terrain Cranes businesses in November 2025.Rayonier Inc. RYN (US) · Mkt Cap: $7.2B · EV: $3.8BTimberland and forest products company that completed merger with PotlatchDelticRayonier (RYN) completed its merger of equals with PotlatchDeltic on January 30, 2026, ahead of schedule, creating a combined company with over 4 million acres of timberland and expanded wood products operations. The company is targeting $40 million in annual run rate synergies by end of year two, with $20 million expected in the first year post-merger. A new company name and ticker symbol will be announced later in Q1 2026.Sumitomo Forestry 1911.T (JP) · Mkt Cap: $7.2B · EV: $12.0BJapanese forestry, lumber and homebuilding companySumitomo Forestry announced acquisition of major US homebuilder Tri Pointe Homes for approximately $4.2 billion, its largest M&A deal ever. The acquisition will be completed through a US subsidiary during Q1 2026, making Sumitomo the 5th largest homebuilder in the US with 18,000 annual units and expanding into California and Nevada markets.BlueScope Steel BSL.AX (AU) · Mkt Cap: $9.1B · EV: $9.5BSteel manufacturing company producing flat steel productsBlueScope Steel is defending against an unsolicited $30 per share takeover bid from a consortium of industrial and investment groups, which the board has rejected. The company projects $2 billion in additional free cash flow capacity by 2029 as capital spending winds down, with analysts valuing the stock in the high thirties per share. Management is arguing for independence based on organic cash generation, $150 million in cost cuts by 2026, and potential cyclical recovery in steel margins.Dongfeng Motor Group 0489.HK (HK) · Mkt Cap: $10.1B · EV: $5.3BChinese automotive manufacturer and joint venture partnerDongfeng Motor Group is privatizing and delisting through a share distribution and absorption merger, while simultaneously spinning off its NEV brand VOYAH to list on HKEX by introduction on March 19. Under the plan, Dongfeng will distribute its 79.67% VOYAH stake to shareholders pro-rata, with VOYAH then listing independently while the parent company delists.Schroders SDR.L (UK) · Mkt Cap: $12.4B · EV: $2.7BUK-based asset management companyUS asset manager Nuveen agreed to acquire Schroders for £9.9 billion, paying 590 pence per share in cash plus up to 22 pence in dividends, representing a 34% premium to previous close. The founding family holding 41% stake has irrevocably agreed to the deal, ending 222 years of family control.Kirin Holdings Co Ltd 2503.T (JP) · Mkt Cap: $12.7B · EV: $19.9BJapanese beverage companyKirin is selling its Four Roses bourbon brand to private wine company Gallo for up to $775 million. The deal is expected to close in Q2 2025 and is part of Kirin’s strategic portfolio review to reallocate resources toward core capabilities.QXO Inc. QXO (US) · Mkt Cap: $18.5B · EV: $21.0BBuilding products distribution companyQXO agreed to acquire Kodiak Building Partners for $2.25 billion ($2B cash + 13.2M QXO shares) from private equity firm Court Square Capital Partners. Kodiak generated $2.4B revenue last year distributing building products primarily in Florida and Texas, with QXO retaining right to repurchase the shares at $40/share.Broadridge Financial Solutions BR (US) · Mkt Cap: $20.7B · EV: $24.2BFinancial technology services providerBroadridge has agreed to acquire CQG, a provider of futures and options trading technology and execution management tools. The acquisition will integrate CQG’s global trading technology operations into Broadridge’s order management ecosystem to expand derivatives market capabilities.Nebius Group N.V. NBIS (US) · Mkt Cap: $22.5B · EV: $22.9BAI cloud platform and infrastructure companyNebius is acquiring Israeli AI startup Tavily for $275 million upfront with potential earnouts up to $400 million total. Tavily, founded in late 2024, develops agentic search technology for AI agents and serves Fortune 500 companies.Hexagon AB HEXA-B.ST (SE) · Mkt Cap: $28.6B · EV: $29.0BIndustrial technology and software solutions providerHexagon filed a Registration Statement on Form 10 with the SEC for its planned spin-off of Octave Intelligence Limited, which will become an independent software and SaaS company focused on operational intelligence. The spin-off is expected to complete in late Q2 2026 with dual listings on Nasdaq Global Select Market and Nasdaq Stockholm, subject to regulatory approvals.Seven & i Holdings 3382.T (JP) · Mkt Cap: $35.5B · EV: $55.6BJapanese retail company operating convenience stores, supermarkets and department storesJapan’s Ministry of Economy, Trade and Industry is developing supplementary guidelines to clarify corporate takeover rules amid increased unsolicited M&A activity including Alimentation Couche-Tard’s bid for Seven & i Holdings. The ministry aims to clarify that boards can reject high-priced offers if they believe current management can create more value. Final guidelines expected by May 2025.Toyota Industries 6201.T (JP) · Mkt Cap: $39.4B · EV: $47.7BForklift manufacturer and key Toyota Group affiliateToyota Motor’s tender offer for Toyota Industries has been extended to March 2 after failing to reach the required 42.01% minority shareholder acceptance threshold, with only 33.1% tendered by the original deadline. The offer was sweetened to 18,800 yen per share but faces opposition from Elliott Investment Management, which holds 7.1% and values the company at 26,134 yen per share.Anglo American AAL.L (UK) · Mkt Cap: $51.7B · EV: $76.6BGlobal mining company producing diamonds, copper, platinum group metals, iron ore and coalAnglo American reported Q4 2025 nickel production of 10,300 tonnes, down 36.9% year-over-year. The company has a definitive agreement to sell its nickel business to MMG Singapore Resources and is awaiting European Commission antitrust approval. Its South Africa refined nickel business has already been divested and established as separate entity Valterra Platinum.BD (Becton, Dickinson and Company) BDX (US) · Mkt Cap: $57.3B · EV: $79.3BMedical technology company serving healthcare institutions, life science researchers and pharmaceutical companiesBD completed the spin-off of its Biosciences & Diagnostic Solutions business and combination with Waters Corporation. BD shareholders received ~0.135 WAT shares per BDX share and BD received $4 billion cash, with the spun-off business valued at $18.8 billion. BD plans to use $2 billion for share repurchases and $2 billion for debt repayment.Singapore Telecommunications Limited Z74.SI (SI) · Mkt Cap: $62.3B · EV: $68.8BTelecommunications services providerSingtel is partnering with KKR in a $6.6 billion acquisition of ST Telemedia Global Data Centres (STT GDC). Singtel will invest approximately $740 million for a 25% stake, while KKR will own 75%, valuing STT GDC at $13.8 billion enterprise value. The deal expands Singtel’s data centre business under Nxera across Asia-Pacific, Britain and Europe.Hindustan Unilever Limited HINDUNILVR.NS (IN) · Mkt Cap: $63.7B · EV: $63.0BIndian consumer goods company manufacturing personal care, home care and food productsHindustan Unilever completed the demerger of its ice cream business into Kwality Wall’s India Ltd (KWIL), with the new entity expected to list in February 2026. The ice cream business contributed about 2.7% to HUL’s total revenue and operated on lower margins.NatWest Group NWG.L (UK) · Mkt Cap: $67.6B · EV: $-84,729,942,369UK retail and commercial banking groupNatWest announced a £2.7 billion acquisition of Evelyn Partners, one of the UK’s largest wealth managers, outbidding rival Barclays. The deal will double NatWest’s assets under management to £127 billion and is expected to close by summer 2026, reducing core capital by 1.3%.Warner Bros. Discovery Inc. WBD (US) · Mkt Cap: $70.0B · EV: $99.4BMedia and entertainment company operating streaming services, television networks, and film studiosParamount Skydance Corporation enhanced its $30 per share all-cash takeover offer for Warner Bros. Discovery, adding a $0.25 quarterly ticking fee starting January 2027 if deal not closed by December 2026, and agreeing to cover WBD’s $2.8 billion Netflix termination fee plus $1.5 billion debt financing costs. The enhanced offer is backed by $43.6 billion in equity commitments and tender offer extended to March 2, 2026, with 42.3 million WBD shares already tendered.Waste Management Inc WM (US) · Mkt Cap: $94.3B · EV: $117.2BWaste collection and disposal services companyWM subsidiary USA Waste of California is acquiring California-based Waste Resources, which provides residential waste and recycling services across multiple Southern California cities including Glendale, Gardena, and Carson. The deal includes established municipal franchise agreements, with WM’s 2026 acquisition spending expected to stay in the $100-200 million range.Mitsubishi Heavy Industries 7011.T (JP) · Mkt Cap: $111.3B · EV: $111.0BJapanese industrial company manufacturing aerospace, defense, power systems and machineryMitsubishi Heavy Industries signed definitive agreements for corporate spin-off and divestiture of its domestic onshore wind power business. MHI will transfer the wind power operations to newly established wholly-owned subsidiary M-Wind Co., Ltd., then sell all shares of M-Wind to Electric Power Development Co. (J-Power).Mizuho Financial Group 8411.T (JP) · Mkt Cap: $124.8B · EV: $-221,487,769,835Japanese banking and financial services companyMizuho Bank announced acquisition of 70% stake in fintech company UPSIDER Holdings for approximately 46 billion yen ($460 million). UPSIDER is an AI-powered corporate financial services company that had raised over 60 billion yen cumulatively and achieved 10 billion yen in annual revenue as of April 2025.Blackstone Inc. BX (US) · Mkt Cap: $159.7B · EV: $125.6BAlternative asset management and private equity firmBlackstone Inc. and EQT are acquiring Urbaser, a global waste management platform, from Platinum Equity for $6.6 billion. The transaction involves Urbaser, which serves 60+ million people globally through waste collection, treatment and environmental services across urban, municipal and industrial segments.Honeywell International HON (US) · Mkt Cap: $162.0B · EV: $173.1BIndustrial conglomerate providing aerospace, building technologies, performance materials and safety solutionsHoneywell International reported Q4 2025 results with revenue of $9.758 billion but net income fell to $295 million due to goodwill and asset impairments. The company provided 2026 guidance for continuing operations revenue of $38.8-39.8 billion and diluted EPS of $9.59-9.89. Honeywell is planning to spin off its aerospace business.Salesforce Inc CRM (US) · Mkt Cap: $174.9B · EV: $181.6BCloud-based software company providing customer relationship management solutionsSalesforce (CRM) signed a definitive agreement to acquire Cimulate, an AI-powered product discovery company, to strengthen its Agentforce Commerce platform. The acquisition will integrate Cimulate’s intent-aware search technology to help retailers deliver more personalized shopping experiences. Transaction expected to close in Q1 FY2027 subject to customary conditions.Netflix Inc. NFLX (US) · Mkt Cap: $326.1B · EV: $332.5BGlobal streaming entertainment service and content producerNetflix is pursuing an $82.7 billion cash acquisition of Warner Bros. Discovery, facing competition from a higher $108.4 billion rival bid by Paramount Skydance. Activist investor Ancora Holdings is urging Warner Bros. Discovery shareholders to reject Netflix’s offer in favor of the Paramount bid, while U.S. and European regulators review the transaction for antitrust concerns.Eli Lilly and Company LLY (US) · Mkt Cap: $923.9B · EV: $968.1BPharmaceutical company developing and manufacturing medicines for diabetes, oncology and other therapeutic areasEli Lilly is acquiring Orna Therapeutics, a private company developing circular RNA-based in vivo CAR-T therapies for autoimmune diseases. Orna shareholders could receive up to an undisclosed amount, with the lead program ORN-252 targeting CD19 for B cell-driven autoimmune diseases being clinical trial-ready.InPost S.A. INPST (INTL) · Mkt Cap: None · EV: NoneAutomated parcel machine network operator in EuropeA consortium including Advent International, FedEx, A&R Investments, and PPF Group has announced a recommended all-cash takeover offer for InPost at EUR 15.60 per share, valuing the company at EUR 7.8 billion. The offer represents a 50% premium to the undisturbed share price and 53% to the three-month VWAP, with shareholders representing 48% of outstanding shares already supporting the transaction. The deal is expected to complete in H2 2026.Rakon Limited RAK (US) · Mkt Cap: None · EV: NoneManufacturer of frequency control solutions and crystal oscillatorsBourns, Inc. has made a full takeover offer to acquire all equity securities in Rakon Limited for $1.55 per share. The offer is conditional on regulatory approvals including Overseas Investment Act approval and must remain open until at least March 23, 2026. Rakon’s board advises shareholders to take no action until they receive the Target Company Statement and Independent Adviser’s Report by February 23, 2026.Fractal Analytics FRACTAL.NS (INTL) · Mkt Cap: None · EV: NoneEnterprise AI and data analytics services providerFractal Analytics is launching a ₹2,833 crore IPO priced at ₹857-900 per share, opening for subscription today and closing February 11th. The IPO includes ₹1,024 crores fresh issue for debt repayment, R&D investment, and expansion, with remainder as offer for sale by existing shareholders. Company serves 120+ enterprise clients including Citibank, Nestle, Costco with 64.9% revenue from US market.Selectis Health SLIS (INTL) · Mkt Cap: None · EV: NoneHealthcare real estate investment trust focused on skilled nursing facilitiesBlack Pearl Equities filed a Schedule TO/C indicating plans for a tender offer to acquire all outstanding shares of Selectis Health at $4.00 per share in cash. Selectis reported substantial doubt about going concern status in its 2024 annual report, with $2.4M net loss and $16.1M working capital deficiency, though recently sold two Georgia SNFs for $13.2M generating $5.4M in net proceeds.dsm-firmenich DSM.AS (INTL) · Mkt Cap: None · EV: NoneGlobal science-based company active in nutrition, health and sustainable livingdsm-firmenich announced the divestment of its Animal Nutrition & Health business to CVC Capital Partners for €2.2 billion enterprise value (including up to €0.5 billion earnout), while retaining a 20% equity stake. The company will receive approximately €1.2 billion at closing and plans to launch a €0.5 billion share buyback program in Q1 2026, with transaction completion expected end of 2026.Kainos 4556 (INTL) · Mkt Cap: None · EV: NoneDiagnostic reagent and medical device manufacturerDenka is acquiring Kainos through a tender offer at ¥2,285 per share, representing a 75.23% premium to the closing price of ¥1,304. The TOB runs from Feb 9 to Mar 25, 2026, with total consideration of approximately ¥7.89 billion for 44.73% minimum ownership, leading to delisting from Tokyo Stock Exchange.Oscillate Plc SRVL (INTL) · Mkt Cap: None · EV: NoneInvestment company focused on acquiring and developing mineral exploration assetsOscillate Plc announced a conditional sale and purchase agreement to acquire Kalahari Copper Limited for £2 million cash plus the target’s cash balance. The acquisition will establish Oscillate as a large landholder in copper exploration assets across Namibia and Botswana. Completion is expected to occur simultaneously with the company’s proposed AIM listing, subject to regulatory approvals.Lupin Limited LUPN.NS (INTL) · Mkt Cap: N/A · EV: N/AIndian pharmaceutical companyLupin announced it will acquire a 51% stake in Dafra. Deal terms and timeline were not disclosed.Transocean Ltd. and Valaris Limited RIG (acquirer), VAL (target) (INTL) · Mkt Cap: None · EV: NoneOffshore drilling companies providing services to oil and gas industryTransocean will acquire Valaris in an all-stock transaction valued at $5.8 billion, with Valaris shareholders receiving 15.235 RIG shares per VAL share. The combined company will have 53% Transocean ownership and 47% Valaris ownership, creating a $17 billion enterprise value entity with 73 rigs. Transaction expected to close in second half of 2026 subject to regulatory and shareholder approvals.Seres 601127.SH (INTL) · Mkt Cap: None · EV: NoneChinese electric vehicle manufacturerSeres signed cooperation agreement to spin off its Landian Automobile subsidiary by contributing existing assets to form a new company. The Shapingba District Government will become controlling shareholder with ~33.5% stake, other investors ~18.5%, while Seres retains ~32% as minority shareholder after cash capital increase by external parties.NTT Data 9613.T (INTL) · Mkt Cap: None · EV: NoneJapanese IT services company providing digital transformation and consulting servicesNTT Data announced acquisition of Zero&One Holding Limited, a Dubai-based AWS services provider, through its subsidiary Dimension Data Middle East. Zero&One is the first local company in the MENA region to achieve AWS Premier Tier Services partner certification and has approximately 60 employees.Paya Holdings, Inc. PAYA (INTL) · Mkt Cap: None · EV: NonePayment processing company providing integrated payment solutionsThird Circuit Court ruled on February 3, 2026 in case involving Nuvei Corporation’s $9.75 per share acquisition of Paya Holdings via tender offer in January 2023. The court held that the Best Price Rule does not require offerors to purchase shares subject to pre-existing forfeiture provisions, rejecting plaintiffs’ claims that their earnout shares should have been accepted despite contractual restrictions.Genus Power Infrastructures GENUS.NS (INTL) · Mkt Cap: None · EV: NoneIndian company manufacturing electricity meters and power infrastructure equipmentGenus Power Infrastructures signed agreement to acquire additional 86.49% stake in Newlectric Innovation Private Limited for ₹25.23 Cr on January 20, 2026, making NIPL a wholly-owned subsidiary. The company also completed demerger of its Strategic Investment Division into Genus Prime Infra Limited to focus on core metering business.Silicon Valley Acquisition Corp. SVAQU (US) · Mkt Cap: None · EV: NoneSpecial purpose acquisition company seeking business combinationsSilicon Valley Acquisition Corp. (SVAQU) announced that starting February 12, 2026, holders of its IPO units can elect to separately trade Class A ordinary shares (SVAQ) and warrants (SVAQW). The SPAC is seeking business combinations in fintech, crypto/digital assets, AI infrastructure, energy transition, auto/mobility, technology, consumer, healthcare and mining industries.Iveco Group N.V. IVG (US) · Mkt Cap: None · EV: NoneCommercial vehicles and defense equipment manufacturerIveco Group is calling an extraordinary general meeting for March 25, 2026 to approve either an extraordinary dividend of €5.5-6.0 per share from proceeds of selling its Defence Business to Leonardo S.p.A., or a statutory demerger to spin off the Defence Business into a new company IDV Group. The sale transaction is expected to close by March 31, 2026.NE (Next Engine) 441A (INTL) · Mkt Cap: None · EV: NoneSaaS provider for e-commerce business efficiencyNE completed its spin-off listing from parent company Hamee in November 2025. The company is trading at 11x forward P/E despite stable high-margin business with 70%+ gross margins and sub-1% monthly churn rate, with management preparing to announce a new mid-term business plan.Magnum Ice Cream Company N.V. MAGN.L (INTL) · Mkt Cap: None · EV: NoneIce cream manufacturer with global brandsMagnum Ice Cream Company reported disappointing first full-year results since spinning off from Unilever, with pre-tax profit falling 48.7% to €307m and operating profit declining to €599m from €764m. Free cash flow dropped significantly to €38m from €803m, primarily due to demerger-related costs and transition expenses.Scientex Packaging (Ayer Keroh) Bhd SCIPACK.KL (INTL) · Mkt Cap: N/A · EV: N/AMalaysian packaging subsidiary being taken private by parent companyScientex Bhd is taking subsidiary Scientex Packaging private via selective capital reduction at RM1.50 per share, with trading suspension starting Feb 27, 2026. Shareholders approved the privatization plan in November 2025, and the company will delist from Bursa Malaysia after completion. Scientex currently holds 72% stake after previous acquisition attempts since 2019.Peel Mining Limited ASX:PEX (INTL) · Mkt Cap: N/A · EV: N/AAustralian copper mining company being acquired with simultaneous spin-off of non-copper assetsAeris Resources Limited (ASX:AIS) is acquiring Peel Mining Limited (ASX:PEX) via scheme of arrangement in a share-for-share deal where Peel shareholders will own 20.5% of Aeris. Simultaneously, Peel will demerge its non-copper assets into a new company (NewCo) that will be distributed to Peel shareholders and listed on ASX with an underwritten capital raising. The combined structure delivers a 46% premium to Peel’s pre-announcement share price.Kwality Walls India Ltd KWIL.NS (INTL) · Mkt Cap: N/A · EV: N/AIce cream business spun off from Hindustan Unilever beginning trading as standalone public companyHindustan Unilever’s demerged ice-cream business, Kwality Walls India Ltd (KWIL), will list on February 16. Shareholders received one KWIL share for every HUL share held. The spun-off business represents ~₹1,800-2,000 crore revenue (3% of HUL) and is valued at ₹10,000-12,000 crore, with HUL stock adjusted down ₹44 per share on demerger date (December 5).TBI Bank EAD TBIF.BG (INTL) · Mkt Cap: None · EV: NoneConsumer finance and banking services providerThe European Central Bank granted preliminary approval for Bago (Luxembourg) S.a r.l., a portfolio company of Advent International, to acquire a majority stake exceeding 50% in TBI Bank EAD from 4finance Holding S.A. The transaction is expected to complete in Q4 2025, subject to regulatory approvals.Enstar Group Limited ESGR (INTL) · Mkt Cap: None · EV: NoneInsurance and reinsurance run-off specialistEnstar Group has entered into a definitive agreement to acquire 100% of Accident Fund Holdings (AF Group) from Blue Cross Blue Shield of Michigan. The transaction is expected to close in the second half of 2026 subject to regulatory approvals. AF Group will operate as a standalone subsidiary under Enstar, combining complementary P&C capabilities including workers’ compensation.Elkem ASA ELK (INTL) · Mkt Cap: None · EV: NoneSpecialty silicones and silicon-based materials producerElkem has entered into a definitive agreement to sell the majority of its Silicones division to Bluestar, with the entire consideration being settled through redemption of all of Bluestar’s 338,338,536 shares in Elkem. Following completion, Bluestar will no longer hold any Elkem shares, transforming Elkem into a pure-play metals and materials business focused on Silicon Products and Carbon Solutions.

Restructuring

American Rebel Holdings Inc AREB (US) · Mkt Cap: $1M · EV: $22MConsumer goods company focused on American-themed lifestyle productsAmerican Rebel Holdings received Nasdaq delisting notice on February 4, 2026 for failing to maintain $1.00 minimum bid price for 30 consecutive days. Stock and warrants will be delisted effective February 13, 2026, with expected trading on OTC markets under AREB ticker.Jingrui Holdings Ltd 1862.HK (HK) · Mkt Cap: $3M · EV: $2.5BChinese property developerHong Kong court issued winding-up order after company failed to repay debt under guarantee. Court rejected jurisdictional and arbitration defenses, determining winding-up could benefit creditors through potential recognition under Hong Kong-Mainland cross-border insolvency pilot scheme.Sphere 3D Corp. ANY (US) · Mkt Cap: $5M · EV: $-705,562Bitcoin mining and blockchain infrastructure companySphere 3D Corp., a Bitcoin mining company, completed a 1-for-10 reverse stock split to support its Nasdaq listing, reducing outstanding shares from 33.9 million to 3.39 million effective February 9, 2026. The company has been restructuring operations by upgrading mining equipment, cutting G&A expenses by 50% year-over-year, and monetizing assets including CORZ shares for $9.4 million above settlement value. Management indicated they are reviewing strategic alternatives in 2026.DNA X, Inc. SONM (UN) · Mkt Cap: $9M · EV: $10MDigital asset trading platform (formerly rugged mobile phone manufacturer)Completed divestiture of legacy mobile communications business to NEXA in January 2026 following shareholder approval. Pivoted to focus entirely on digital asset trading platform, with proceeds used for debt reduction and working capital. New leadership includes Mike Mulica as interim CEO with modified compensation packages including RSU grants.Oxbridge Re Holdings OXBR (CA) · Mkt Cap: $9M · EV: $10MReinsurance and specialty risk underwriting companyOxbridge Re Holdings signed a $1,000,000 promissory note with Real World Digital Assets bearing 16% annual interest and maturing August 14, 2026, to strengthen liquidity for working capital. The company granted a security interest in substantially all assets to secure the borrowing.BioAtla, Inc. BCAB (UN) · Mkt Cap: $12M · EV: $10MBiotechnology company developing antibody therapeuticsNasdaq’s Listing Council will review the exchange’s decision to delist its securities due to non-compliance with bid price and equity rules. Trading continues during the review process, which may take weeks to months to resolve.Southern Energy Corp SOU.V (CA) · Mkt Cap: $17M · EV: $28MOil and gas exploration and development companyThe company announced a US$23.5M financing transaction including senior secured convertible debentures and equity raise, plus a royalty sale, generating net proceeds of US$22M after discount. The proceeds will be used to retire existing high-cost senior credit facility and fund development capital including completion of two drilled wells, with transaction expected to close February 12, 2026.Europa Oil & Gas (Holdings) plc EOG.L (UK) · Mkt Cap: $18M · EV: $19MOil and gas exploration company focused on European assetsEuropa is raising up to £3.5 million through a placing of new shares at 1.2 pence per share (20% discount to market price) plus warrants. The company stated that if the shareholder resolution for the placing is not passed, there would be material uncertainty over its ability to continue as a going concern.Deveron Corp. DVRNF (CA) · Mkt Cap: $23M · EV: $70MAgricultural technology and data analytics services providerDeveron Corp completed the sale of substantially all its assets to a group of purchasers including RRL Ultimate Parent, BidCo and Maple NewCo. The company now faces potential migration to the TSXV NEX board unless it can identify and develop a replacement business to meet continued listing requirements.Welife Technology Limited 1680.HK (HK) · Mkt Cap: $24M · EV: $334MTechnology companyThe company is facing a winding-up petition hearing with judgment reserved as of February 2026, related to RMB 9.4 million debt. Multiple hearing adjournments have occurred since March 2025, and the Hong Kong Stock Exchange has decided to cancel the company’s listing.Hilong Holding 1623.HK (HK) · Mkt Cap: $51M · EV: $275MChinese oilfield services companyThe company announced the dismissal of a winding-up petition that had been filed against it, successfully avoiding potential liquidation proceedings.abc Inc. 8783.T (JP) · Mkt Cap: $55M · EV: $60MCompany operating book-themed accommodations and digital token activitiesabc Inc. announced a third-party allocation of new shares and 19th series stock warrants. The company also announced a management strategy update and mentioned activities related to WOWBIT (WWB) tokens and subsidiary operations.Immunic Inc IMUX (US) · Mkt Cap: $110M · EV: $75MBiopharmaceutical company developing treatments for autoimmune diseasesImmunic announced a $400M private placement ($200M upfront, $200M in warrants) led by BVF Partners to fund Phase 3 trials and transform into a commercial-stage company. CEO Daniel Vitt will step down to search for a commercial-focused CEO, with former Roche executive Simona Skerjanec elevated to interim Board Chair.Lavoro Limited LVRO (US) · Mkt Cap: $112M · EV: $2.2BAgricultural inputs and services company operating in Latin AmericaLavoro Limited announced it will voluntarily delist its ordinary shares and warrants from Nasdaq, with the last trading day expected to be February 23, 2026. The company will file Form 25 with the SEC around February 24, 2026, and Form 15 around March 6, 2026, to suspend reporting obligations. The decision is driven by challenging market conditions in Brazil, low trading volume, limited liquidity, and high public company compliance costs outweighing benefits.Raffles Education Limited NR7.SI (SI) · Mkt Cap: $171M · EV: $380MPrivate education provider operating colleges and universities internationallyRaffles Education Limited is undergoing significant restructuring including disposal of Hefei Yuren Education Management for RMB 426.4 million (~S$76M) and sale of 51 Merchant Road property. The company also approved conversion of $11.75M in bonds and RMB21.2M in director loans into new shares, plus a special dividend of S$0.004 per share.Bunker Hill Mining Corp. BNKR.V (CA) · Mkt Cap: $186M · EV: $260MMining company developing zinc, lead, and silver projectsThe company announced a C$30 million brokered private placement of units at C$0.18 per unit to fund mine ramp-up to commercial production. It also approved a 1-for-35 reverse stock split to increase share price for potential NYSE American listing.Riverstone Energy Limited RSE.L (UK) · Mkt Cap: $238M · EV: NoneInvestment company focused on energy assets executing managed wind-down strategyRiverstone Energy Limited reported Q4 2025 portfolio valuations showing continued execution of its managed wind-down strategy. The company completed a £190 million compulsory partial redemption in October 2025 and successfully sold its entire interest in Onyx Power to ResInvest Group on January 30, 2026, generating proceeds at 2.86x gross MOIC.Nobia AB NOBI.ST (SE) · Mkt Cap: $277M · EV: $784MNordic kitchen specialist manufacturing and selling kitchen solutionsNobia AB announced final terms of its fully guaranteed rights issue of up to 841.3 million new shares at SEK 1.78 per share, raising approximately SEK 1.5 billion. The rights issue (4 rights for 5 new shares) will run from Feb 24-Mar 11, 2026, and is fully backed by major shareholders Nordstjernan, If Skadeförsäkring, and AP4.Cango Inc. CANG (US) · Mkt Cap: $322M · EV: $708MTechnology company transitioning from Bitcoin mining to AI compute infrastructureThe company completed the sale of 4,451 Bitcoin for approximately $305 million in USDT proceeds, which were used to partially repay a Bitcoin-collateralized loan. It is executing a strategic pivot from Bitcoin mining to AI compute infrastructure, appointing Jack Jin as CTO of its AI business line and planning to deploy modular GPU compute nodes across existing sites.Oatly Group AB OTLY (US) · Mkt Cap: $337M · EV: $8.2BPlant-based oat milk and dairy alternative products manufacturerReported first full year of profitable growth with $6.8M adjusted EBITDA and announced strategic review of Greater China business including potential carve-out. Achieved gross margins >32% (2,100 bps improvement since 2022) and guided for $25-35M adjusted EBITDA in 2026.Bally’s Corporation BALY (US) · Mkt Cap: $670M · EV: $6.2BCasino and gaming company operating casinos and online sports bettingEntered $1.1 billion term loan credit facility due 2031 from Ares Management Credit, King Street Capital, and TPG Credit. Completed $700 million sale-leaseback of Twin River Lincoln Casino Resort with GLP Capital. Proceeds will fund corporate purposes including development projects and repay $1.47 billion in existing term loans due 2028.Sakata INX 4633.T (JP) · Mkt Cap: $803M · EV: $974MPrinting ink and imaging materials manufacturerSakata INX announced a corporate restructuring involving a company split to transition to a holding company structure through an absorption-type split. The company will also transition to a company with audit and supervisory committee structure and make partial amendments to its articles of incorporation.Yamazen Corporation 8051.T (JP) · Mkt Cap: $839M · EV: $480MTrading and distribution company for industrial machinery and toolsYamazen Corporation announced the issuance of convertible bonds with stock acquisition rights to Advantage Partners-managed fund as the underwriter. This represents a significant financing transaction that could result in equity dilution or conversion to shares depending on stock performance.HEG Ltd HEG.NS (IN) · Mkt Cap: $1.1BIndia’s leading graphite electrode manufacturerHEG Ltd has proposed a demerger to separate its graphite electrode business into HEG Graphite Ltd while the residual company becomes HEG Greentech Ltd. Existing shareholders will receive one share of HEG Graphite for every HEG share held, with Bhilwara Energy Ltd subsequently merging into HEG Greentech.Metaplanet 3350.T (JP) · Mkt Cap: $2.6B · EV: $2.6BBitcoin investment companyThe company announced plans to raise approximately $137 million through a new share and rights offering, with $91.2 million for additional Bitcoin purchases and $33.8 million for debt repayment. It currently holds 35,102 BTC with an average cost of ~$107,716 per Bitcoin, resulting in approximately 39% unrealized losses at current Bitcoin prices around $60,000-$65,000.Driven Brands Holdings Inc. DRVN (US) · Mkt Cap: $2.8B · EV: $5.4BAutomotive services franchise company operating car wash, oil change, and repair brandsDriven Brands completed the divestiture of its International Car Wash business on January 27, 2026, and announced new segment reporting structure effective Q4 2025. The company restructured into three segments: Take 5, Franchise Brands, and Auto Glass Now, with ICW results reported as discontinued operations.Crescent Energy CRGY (US) · Mkt Cap: $3.4B · EV: $5.8BOil and gas exploration and production companyThe company announced a rights offering targeting $6 million with record date Feb 2, 2026 and closing Feb 27, 2026, where shareholders receive rights to purchase 0.057 shares at $2.99 per share for each share held. The company also extended $20 million credit facility maturity to Dec 29, 2028.WPP PLC WPP.L (UK) · Mkt Cap: $4.0B · EV: $11.5BGlobal advertising and marketing services companyThe company is consolidating its three main marketing agencies (Ogilvy, VML, and AKQA) under a single holding structure called WPP Creative while maintaining independent brand operations. Management announced a strategic review in January focused on streamlining operations and leveraging AI technology, with preliminary results and forward plans to be discussed on February 26.Apollo Hospitals Enterprise Limited APOLLOHOSP.NS (IN) · Mkt Cap: $11.9B · EV: $12.5BHealthcare services company operating hospitals and pharmacies across IndiaApollo Hospitals’ Board approved a Composite Scheme of Arrangement to demerge its omni-channel pharmacy distribution and digital health platform businesses into a new separate entity. The company reported strong Q3 FY26 results with 35% YoY profit growth and declared an interim dividend of Rs 10 per share.Yum! Brands Inc. YUM (US) · Mkt Cap: $44.1B · EV: $56.3BFast food restaurant company operating KFC, Pizza Hut, and Taco BellPizza Hut will close 250 underperforming locations nationwide in the first half of 2026, representing a small portion of Pizza Hut’s 20,000 global units. The closure is part of a strategic review that also includes marketing improvements, technology modernization, and franchise agreement updates.Marubeni Corporation 8002.T (JP) · Mkt Cap: $67.7B · EV: $83.1BJapanese trading conglomerate with diverse business segmentsAnnounced spin-off of part of its chemicals business to subsidiary Marubeni Chemicals through absorption-type company split, effective April 1, 2026. Marubeni Chemicals will simultaneously merge with subsidiary Marubeni Phlax to form Marubeni Innovexis Corporation. Restructuring consolidates trading functions for salt, chloroalkali, vinyl chloride, and inorganic chemicals.Barrick Mining B (US) · Mkt Cap: $79.2B · EV: $86.5BGold mining company with operations in North America and internationallyBarrick Mining plans to spin off its top North American gold assets through an IPO, selling a minority stake in the new entity valued at over $60 billion. The IPO package will include key joint venture interests and select mines, while higher risk assets will remain with the parent company.Tencent Holdings (Riot Games subsidiary) 0700.HK (HK) · Mkt Cap: $632.4B · EV: $646.2BTechnology conglomerate with gaming, social media, and fintech operationsRiot Games is laying off approximately 80 developers (about half the global team) working on 2XKO, a League of Legends fighting game spin-off, less than a month after its full launch on January 20th. The company cited insufficient player engagement momentum to support the current team size long-term.Yellow Corporation YRCW (INTL) · Mkt Cap: None · EV: NoneTrucking and logistics companyThe trucking company’s Chapter 11 liquidation is nearing final stages after ceasing operations in summer 2023 following a dispute with the Teamsters union. The company has already repaid its $700M CARES Act loan in February 2024 from asset sales, with final resolution awaiting settlement of ongoing lawsuit with the International Brotherhood of Teamsters union.Faron Pharmaceuticals FARN.HE (INTL) · Mkt Cap: None · EV: NoneBiopharmaceutical company developing cancer treatmentsFaron announced a rights offering of approximately 40 MEUR to fund Phase II registration trial for bexmarilimab in high-risk MDS treatment. The company is seeking authorization for 80 million new shares, representing a 42% increase in share count, after partnership negotiations failed.India Glycols Limited INDIAGL.BO (IN)Chemical company producing glycols, bio pharma products, and spirits & biofuelsIndia Glycols’ Board approved a modified Scheme of Arrangement for demerging its Bio Pharma and Spirits & Biofuel undertakings, with an appointed date of April 1, 2026. The company completed a preferential allotment raising ₹467 crore at ₹915 per share and executed a 10:5 stock split.Valor Estate Ltd DBREALTY (INTL)Real estate development company focused on property projectsValor Estate Ltd reported strong Q3 and nine-month revenue and profit growth driven by major project completion and strategic restructuring. The company has completed a demerger of its hospitality business and is now focused solely on real estate operations.REC Silicon ASA REC.OL (NO)Polysilicon manufacturer for solar and electronics industriesREC Silicon announced a fully underwritten rights issue to raise NOK 972.6 million (~$100M USD) at NOK 0.2385 per share (25% discount to 10-day VWAP). Proceeds will be used to repay $30M in advance payments, $40M in debt facilities, and $30M for working capital.Faraday Future FFIE (US)Electric vehicle manufacturer developing luxury smart mobility solutionsFaraday Future signed strategic cooperation agreements with Chinese partner Hebei Huanzhou Automobile Sales Co. for mass production of the FX Super One MPV. The partnership may expand to include future models like the FX 4 and geographic expansion to Canada and the Middle East.Navidea Biopharmaceuticals NAVB (INTL) · Mkt Cap: N/A · EV: N/ABiotech company developing diagnostic imaging agentsFiled for Chapter 11 bankruptcy protection and submitted a reorganization plan to the bankruptcy court. Has a pending motion to sell certain assets (filed November 2025) to provide liquidity. Company has pre-bankruptcy measures including reverse stock split option (valid until July 2027) and protections for NOL carryforwards and R&D credits (valid until April 2027).TFF Pharmaceuticals TFFP (INTL) · Mkt Cap: N/A · EV: N/ABiotech company developing drug delivery technology using Thin Film Freezing platformIn final stages of liquidation after ceasing operations, attempting to monetize its Thin Film Freezing technology platform and two development programs (TFF TAC and TFF VORI) through asset sales or licensing agreements. Shareholders will only receive distributions if funds remain after all creditor obligations are satisfied.Deutsche Konsum REIT-AG DKR.DE (INTL) · Mkt Cap: N/A · EV: N/AGerman retail real estate investment trustCompleted a restructuring rights issue following a financial restructuring process.Spirit Airlines SAVEQ (INTL) · Mkt Cap: None · EV: NoneUltra-low-cost airline operating domestic and international flightsSpirit Airlines filed for Chapter 11 bankruptcy twice in 2025 - first for a quick balance sheet restructuring that left operational debts unimpaired, then a second filing in mid-August after issuing a going concern warning. The second Chapter 11 case aims for comprehensive operational restructuring beyond just balance sheet reset.Athersys ATHX (INTL) · Mkt Cap: None · EV: NoneBiotechnology company developing cell therapy products including MultiStem platformAthersys filed Chapter 11 bankruptcy in early 2024 and sold substantially all assets including its MultiStem cell therapy platform to Healios K.K. for $2.25 million. The company was delisted from Nasdaq in January 2024 and now trades OTC with only $13 cash remaining as it undergoes final liquidation under court supervision.LIDDS AB LIDDS.ST (SE) · Mkt Cap: $376,313 · EV: $182,047Swedish pharmaceutical company developing drug delivery technologiesLIDDS AB has been declared bankrupt by Gothenburg District Court after the liquidator determined company assets cannot cover debts and liquidation costs. Nasdaq has delisted the shares from First North Growth Market with immediate effect, and a bankruptcy trustee has been appointed.Peptonic Medical AB PEPTO (SE) · Mkt Cap: None · EV: NoneMedical technology company developing wound care solutionsPeptonic Medical AB completed a rights issue as part of restructuring measures under a reconstruction plan, and has now issued 1,005,578 units (100.6M shares + warrants) to guarantors as compensation at SEK 0.16 per unit. The guarantors provided guarantee commitments of ~35.6% for the rights issue and chose to receive 20% compensation in units rather than 15% in cash.Maxland Bhd MAXLAND.KL (MY) · Mkt Cap: None · EV: NoneMalaysian timber plantation and logging companyMaxland Bhd proposed a rights issue to raise up to RM32.07 million through 2.405 billion rights shares at 2 sen each (one-for-one basis), representing a 16-32% discount to recent trading prices. Chairman has committed to subscribe to his entitlement plus additional 110 million shares if needed, with proceeds funding timber camp maintenance, replanting, and working capital.Tongaat Hulett TON.JO (INTL)Sugar production and agricultural operations companyTongaat Hulett has filed for provisional liquidation after Vision Group failed to secure R2.3 billion financing from the IDC to implement the company’s business rescue plan. The liquidation follows the collapse of a debt-to-equity exchange deal that required Vision to refinance IDC facilities and provide R517 million for SASA escrow.Religare Enterprises Limited RELIGAR.NS (IN)Financial services and insurance conglomerateReligare Enterprises Limited board approved a demerger scheme to spin off its financial services business into separately listed Religare Finvest Limited via 1:1 share swap. REL will retain insurance business (Care Health Insurance) while RFL will focus on lending, broking and investments. Subject to regulatory approvals with planned Q1 FY28 listing.Convano Inc. 6574 (INTL)Operates nail service business under FASTNAIL brandConvano approved a basic policy to spin off its nail service business (FASTNAIL brand) into a new wholly-owned subsidiary through corporate split. The parent company will transition to a holding company structure while remaining publicly listed. Detailed plan approval expected in March 2026 with split effective date TBD.Econet Wireless Zimbabwe ECO.ZW (INTL) · Mkt Cap: None · EV: NoneTelecommunications and wireless services providerEconet Wireless Zimbabwe is delisting from the Zimbabwe Stock Exchange and spinning off its infrastructure assets into Econet Infrastructure Company Limited (InfraCo), which will list on the Victoria Falls Stock Exchange on March 31. Shareholders receive US$0.50 per share exit package (US$0.17 cash + US$0.33 InfraCo scrip). The restructuring has already boosted Econet’s market cap from US$739 million to US$1.07 billion.Histogen Inc HSTO (INTL) · Mkt Cap: None · EV: NoneBiotechnology company developing regenerative medicine therapiesHistogen is in advanced stage of liquidation under bankruptcy proceedings, with a critical court hearing scheduled for March 12, 2026 in California bankruptcy court. The hearing will address administrative matters and potential objections to asset distribution plans. Recovery depends on sale of intellectual property and pipeline technologies to other pharmaceutical companies.

Management Changes

Goodfood Market Corp FOOD.TO (CA) · Mkt Cap: $19M · EV: $46MOnline grocery and meal kit delivery serviceChairman Selim Bassoul appointed as CEO effective immediately with mandate to reinforce financial and balance sheet strength, enhance operational performance, and position for sustainable profitability. Board member John Khabbaz stepped down to focus on investor responsibilities but remains a supportive shareholder.Shankara Building Products Limited SHANKARA.NS (IN) · Mkt Cap: $30M · EV: $36MBuilding materials distributor and retailer in IndiaThe board approved reappointment of Managing Director Sukumar Srinivas for a five-year term from April 2026 to March 2031, subject to shareholder approval. The company reported Q3FY26 revenue growth of 15.80% to ₹420.40 crores and returned to profitability with ₹1.23 crores net profit after completing demerger of its trading business in September 2025.Embecta Corp. EMBC (US) · Mkt Cap: $609M · EV: $1.8BMedical device company focused on diabetes care productsEmbecta elected CEO Devdatt Kurdikar as Chairman of the Board and Dr. Claire Pomeroy as Lead Independent Director, effective immediately. The changes follow the retirement of previous Non-Executive Chairman LTG (Ret.) David F. Melcher due to outside commitments.The GEO Group, Inc. GEO (US) · Mkt Cap: $2.0B · EV: $3.6BPrivate prison and detention facility operatorCEO J. David Donahue is retiring effective February 28, 2026, with founder George C. Zoley returning as CEO on March 1, 2026 under a new employment agreement through April 2029. Zoley previously served as CEO from the company’s 1994 public listing through June 2021.Kyndryl KD (US) · Mkt Cap: $2.7B · EV: $5.2BIT infrastructure services provider spun off from IBMCFO David Wyshner and General Counsel Edward Sebold departed immediately as the company conducts a review of cash management practices following SEC document requests. The company appointed Harsh Chugh as interim CFO and delayed its 10-Q filing, expecting to report material weaknesses in internal controls.Dentsu Group Inc. 4324.T (JP) · Mkt Cap: $5.0B · EV: $7.3BGlobal advertising and marketing services companyDentsu is replacing CEO Hiroshi Igarashi with Takeshi Sano effective April 1, 2026, citing need to accelerate transformation. The company is reporting a $2 billion goodwill impairment for Q4 2025 and previously failed to sell international operations to potential buyers including Apollo and Bain over the past year.CarMax Inc. KMX (US) · Mkt Cap: $6.1B · EV: $23.7BUsed car retailer operating nationwide dealershipsCarMax appointed Keith Barr, former CEO of InterContinental Hotels Group, as its new President and CEO. The leadership change comes as the used car retailer faces several years of declining sales and seeks operational transformation.

Other Situations

SmartKem, Inc. SMTK (UN) · Mkt Cap: $2M · EV: $1MDeveloper of organic semiconductor materials for flexible electronics and displaysNasdaq notified SmartKem of delisting determination due to continued non-compliance with stockholders’ equity requirements under Listing Rule 5550(b). The company plans to request a hearing before the Nasdaq Hearings Panel, which will stay any suspension or delisting pending the hearing process.Identitii Limited ID8.AX (AU) · Mkt Cap: $3M · EV: $3MTechnology company providing digital identity and regulatory compliance solutionsAustralia’s Takeovers Panel declared unacceptable circumstances regarding the company’s $2.88M rights issue, which could increase underwriter Beauvais Capital’s voting power from 29.92% to 49.91%. The Panel ordered supplementary disclosure, re-opening of the rights issue with withdrawal rights, and prohibited issuing securities to the underwriter without shareholder approval.AIM ImmunoTech AIM (US) · Mkt Cap: $3M · EV: $3MBiotechnology company developing immunotherapies for cancer and viral diseasesThe company launched an equity offering to fund its clinical pipeline, including the ongoing DURIPANC Phase 2 study evaluating Ampligen combined with AstraZeneca’s Imfinzi for metastatic pancreatic cancer. The trial has recruited 18 of 25 planned patients, with management hosting an investor conference to update on clinical progress.Iconovo AB ICO.ST (SE) · Mkt Cap: $6M · EV: $4MMedical device company developing inhalation productsIconovo is conducting a rights issue to raise approximately SEK 24.6 million at SEK 1.15 per share. The subscription period runs from February 13-27, 2026, with existing shareholders receiving preferential rights (7 subscription rights for 2 new shares). The rights issue is 100% covered by subscription undertakings and guarantee commitments.Bloomia Holdings, Inc. TULP (UN) · Mkt Cap: $9M · EV: $87MConsumer products companyBloomia announced Q2 FY2026 results showing improved operating performance with operating loss narrowing to $2.3M from $3.9M year-over-year. The company has an ongoing rights offering with an updated expiration date, providing existing shareholders the opportunity to purchase additional shares.BiBBInstruments AB BIBB.ST (SE) · Mkt Cap: $10M · EV: $13MMedical device company developing instruments for tissue biopsies including the EndoDrill GIAnnounced plans for a SEK 60 million (~$5.7 million USD) rights offering. The company develops medical instruments and has been reporting increasing operating losses while expanding into the U.S. market through distribution partnerships.Maruti Interior Products Limited 543464.BO (IN) · Mkt Cap: $13MAutomotive interior components manufacturerMaruti Interior Products postponed its Rights Issue Committee meeting scheduled for February 13, 2026, pending stock exchange approval. The committee was set to finalize key rights issue parameters including record date, issue price, and entitlement ratio following Board approval on February 3, 2026.Nexam Chemical Holding AB NEXAM.ST (SE) · Mkt Cap: $21M · EV: $23MChemical company focused on recycling technologyCompleted fully subscribed rights issue raising approximately SEK 51.8 million (~$5M USD) through 21.6 million shares at SEK 2.40 per share. 64.8% was subscribed by existing shareholders and 35.2% covered by underwriters including management, diluting existing shareholders by approximately 21.1%.Skyline Builders Group Holding Limited SKBL (HO) · Mkt Cap: $39M · EV: $101MConstruction and real estate development companyPrivate placement of $31.59 million of 6,318 preferred shares convertible to Class A ordinary shares at $2.40 per share. Offering includes $26.59 million for US investors under Regulation D and $5 million for non-US investors, with closing expected February 13, 2026.Starwood European Real Estate Finance Ltd SWEF.L (UK) · Mkt Cap: $66MReal estate finance companySWEF has announced a proposal for voluntary winding up, requiring 75% shareholder approval at an EGM on February 27, 2026. If approved, shares will be suspended from London Stock Exchange listing on the EGM date and trading will halt by March 2, 2026. Joint liquidators Stuart Gardner and Richard Barker are proposed to manage the liquidation process.Talenom Plc TNOM.HE (FI) · Mkt Cap: $123M · EV: $231MAccounting services companyTalenom is completing a partial demerger on Feb 28, 2026, spinning off its software business into a new publicly listed company called Easor Plc. Talenom shareholders will receive one share of Easor for each Talenom share held (45.6M shares total), with Easor shares expected to begin trading on Nasdaq Helsinki around March 2, 2026 under ticker ‘EASOR’.Octopus AIM VCT plc OOA.L (UK) · Mkt Cap: $143M · EV: $80MVenture capital trust investing in AIM-listed companiesOctopus AIM VCT declared a special dividend of 4.6 pence per share, payable April 1, 2026 to shareholders of record March 13, 2026. The dividend represents profits from recent sales of portfolio companies including Intelligent Ultrasound Group, Learning Technologies, and Breedon Group. The company is also conducting a share allotment on March 9, 2026 for investors who applied before March 4.Amiya Co Ltd 4258.T (JP) · Mkt Cap: $159M · EV: $142MJapanese company issuing stock warrantsAmiya (4258) is issuing 3,200 third series stock warrants representing 320,000 potential shares at 2,558 yen per warrant to Simplex Capital PIPEs Investment Limited Partnership No. 1. Exercise period runs from March 16 through December 30, 2030 with payment due March 13.Syrah Resources SYR.AX (AU) · Mkt Cap: $223M · EV: $345MGraphite mining and processing companySyrah climbed 6.4% as US tariffs of at least 160% on Chinese graphite imports advance toward a final decision in March 2026. The company has hired Macquarie to explore strategic partnership options as it faces cash constraints with only A$18M available cash. Tesla has issued a default notice with a cure date of March 16, 2026.TCW Strategic Income Fund, Inc. TSI (US) · Mkt Cap: $226M · EV: NoneClosed-end investment fund focused on strategic income investmentsAnnounced a transferrable rights offering where current stockholders receive one right per share held as of Feb 19, 2026, with three rights required to purchase one new share at 92.5% of average market price. Rights will trade on NYSE under ‘TSI RT’ from Feb 25 through Mar 17, 2026, with offering expiring Mar 18, 2026.Dalmia Bharat Sugar and Industries DALMIASUG.NS (IN) · Mkt Cap: $267M · EV: $219MSugar and industrial products manufacturer in IndiaThe company completed a demerger in October 2025, spinning off its refractory business into Dalmia Bharat Refractories Limited (DBRL) at a 1:48.18 ratio. It has now declared its first post-demerger interim dividend of Rs 4.50 per share with February 11, 2026 as record date.Chorus Aviation Inc CHR.TO (CA) · Mkt Cap: $361M · EV: $629MRegional aviation services companyChorus is conducting up to C$100 million in share buybacks over four years and recently completed a tender offer repurchasing 8% of shares at C$23.00-C$25.00 per share. The company also announced a 38% dividend increase and acquired Kadex Aero Supply for approximately C$50 million.M&A Research Institute Corp 9552.T (JP) · Mkt Cap: $383M · EV: $360MM&A intermediary and advisory services providerMys Holdings filed ¥120 million damages lawsuit against parent company Quants Research HD in Tokyo District Court in November 2024. The lawsuit stems from M&A transaction in November 2023 where M&A Research Institute served as intermediary for Mys HD’s acquisition of Saiki Kogyo.Evernorth Holdings / Armada Acquisition Corp. II XRPN (US) · Mkt Cap: $404M · EV: $323MSPAC vehicle merging to create public XRP treasury holding companyEvernorth Holdings is going public via SPAC merger with Armada Acquisition Corp. II, listing on Nasdaq under ticker XRPN. The deal raises over $1 billion in gross proceeds to purchase XRP and build the world’s largest public XRP treasury. Investors include Ripple, SBI Holdings ($200M commitment), Pantera Capital, Kraken, and GSR.First REIT AW9U.SI (SI) · Mkt Cap: $450M · EV: $765MHealthcare-focused real estate investment trustFirst REIT reported mixed FY25 results with stable operating performance but continued FX headwinds and portfolio valuations declining 6.2% on same-store basis. S$5.4 million in outstanding rentals owed by MPU remain unresolved. The REIT is in discussions to refinance S$260 million of loans due in 2026.Zuken Inc. 6947.T (JP) · Mkt Cap: $625M · EV: $393MCAD/CAM software developer for electronics designZuken reported strong year-over-year profit and sales growth for nine months ended December 31, 2025, with rising comprehensive income and EPS. The company announced plans for a special commemorative dividend alongside continued growth projections for the full year.Yext, Inc. YEXT (US) · Mkt Cap: $676M · EV: $493MDigital knowledge management platform that helps businesses manage online presence and customer informationAnnounced a modified Dutch auction tender offer to purchase up to $180 million of its common stock at $5.75-$6.50 per share, compared to the previous day’s closing price of $4.91. The tender offer expires March 12, 2026 and is not subject to minimum tender or financing conditions.Apartment Investment and Management Company AIV (US) · Mkt Cap: $857M · EV: $1.6BReal estate investment trust that owns and operates apartment propertiesStockholders approved a plan of sale and liquidation, with the board declaring an initial $1.45 per share liquidating distribution payable March 13, 2026. The company has contracts to sell 12 properties for ~$680 million and expects to distribute an additional $0.85-$0.95 per share in Q2 2026 after debt retirement and transaction costs.Energy Resources of Australia ERA.AX (AU) · Mkt Cap: $862M · EV: $373MUranium mining company with operations in Northern TerritoryEnergy Resources of Australia is paying shareholders a special dividend from retained earnings despite reporting sharp drops in profit and revenue in recent years. The company has been experiencing financial difficulties with declining performance.Hokkaido Electric Power Company 9509.T (JP) · Mkt Cap: $1.5B · EV: $9.5BElectric utility serving Hokkaido region of JapanBoard approved issuance of convertible bonds with stock acquisition rights worth 40 billion yen, maturing in 2031. The convertible structure provides bondholders option to convert to equity over the 5-year term.Sigma Lithium Corporation SGML (BR) · Mkt Cap: $1.5B · EV: $1.6BLithium mining and production companySigma Lithium announced the sale of 150,000 tonnes of lithium fines at US$140/t with an option for additional 350,000 tonnes at market prices. The company also initiated a US$96 million production-backed revolver facility for supply of 70,500 tonnes of high-grade lithium concentrate in 2026, with monthly US$8 million prepayments starting 30 days before production.GCI Liberty, Inc. GLIBA (US) · Mkt Cap: $1.5B · EV: $2.2BTelecommunications and media companyGCI Liberty completed a $300 million rights offering in December 2025, issuing 11.06 million shares of Series C GCI Group Common Stock. The company reported 2025 revenue of $1.05 billion (up 3%) and record Adjusted OIBDA of $403 million (up 12%), though operating loss was $347 million due to a $525 million non-cash impairment charge.Mitsui Soko Holdings 9302.T (JP) · Mkt Cap: $1.9B · EV: $2.1BLogistics and warehousing services companyMitsui Soko Holdings announced a share buyback program through off-market purchases and issuance of stock acquisition rights through third-party allocation. The stock surged 8.7% on the announcement.Olav Thon Eiendomsselskap OLT.OL (NO) · Mkt Cap: $3.6B · EV: $5.9BNorwegian real estate company owning commercial and residential propertiesEuronext Oslo Børs has announced the delisting of shares from the exchange. The company’s shares will be removed from public trading.SOLV Energy MWH (US) · Mkt Cap: $3.6BSolar engineering, procurement and construction contractorSOLV Energy completed its IPO on Nasdaq under ticker MWH, pricing 20.5 million shares at $25 per share. The company is a leading solar EPC contractor that has expanded through acquisitions of Sacramento Drilling Inc and Spartan Infrastructure in 2025.Air Canada AC.TO (CA) · Mkt Cap: $4.3B · EV: $8.4BCanada’s largest airline providing domestic and international passenger serviceThe airline halted flights to Cuba due to aviation fuel shortages, cancelling seasonal flights to Holguín and Santa Clara for the rest of the season and suspending Varadero/Cayo Coco flights until May 1. The airline plans to redeploy aircraft normally used on Cuba routes to other destinations.Indosat Ooredoo Hutchison ISAT.JK (IN) · Mkt Cap: $4.3B · EV: $7.4BTelecommunications services companyIndosat is targeting net proceeds of ~US$560mn from a fiber asset sale expected in 2Q/3Q26. The company is planning to gradually increase dividend payout ratio to 70% by FY28F, with potential for special dividend from asset sale proceeds. Management expects the fiber sale could provide an estimated ~8.2% special dividend yield.Escorts Kubota Limited ESCORTS.NS (IN) · Mkt Cap: $4.6B · EV: $3.9BIndian manufacturer of agricultural and construction equipmentReported higher revenue and net profit for Q3 FY26 and declared a special dividend. The company approved a major greenfield expansion project to boost production capacity, with exceptional items including asset sale gains.Plus500 Ltd PLUS.L (UK) · Mkt Cap: $4.7B · EV: $3.1BOnline trading platform for CFDs and derivativesPlus500 announced $187.5 million in shareholder returns comprising $87.5 million dividend and new $100 million share buyback program. The company has repurchased 39% of shares since 2027 and maintains policy of returning 50% of net profit to shareholders. Management expects 2026 results to beat current market expectations.Red Rock Resorts RRR (US) · Mkt Cap: $6.8B · EV: $7.4BCasino and gaming operator focused on Las Vegas locals marketThe company declared a $1.00 per Class A share special dividend payable February 27, 2026 to shareholders of record February 20, 2026. It reported Q4 2025 sales of $390.2 million and full-year 2025 sales of $1.53 billion with net income of $188.07 million, showing improved profitability versus 2024.Gecina GFC.PA (FR) · Mkt Cap: $6.8B · EV: $14.4BFrench real estate investment trust focused on office and residential propertiesThe company reported 2025 earnings showing +4.2% EPS growth, completed €1.8bn of portfolio rotation with €0.8bn residential disposals and €0.6bn accretive office investments at 6.1% average yield. It increased its dividend to €5.50 per share and expects continued EPS growth to €6.70-6.75 in 2026.SiteOne Landscape Supply SITE (US) · Mkt Cap: $7.2B · EV: $8.1BLandscape supplies distribution companySiteOne Landscape Supply reported Q4 2025 earnings with 3% net sales growth to $1.05 billion and improved margins. The company repurchased $97.7 million of shares during fiscal 2025 and completed eight acquisitions totaling $55 million in trailing revenue. Net debt decreased to 0.8x EBITDA from 1.1x in the prior year.Amkor Technology AMKR (US) · Mkt Cap: $12.0B · EV: $12.3BSemiconductor assembly and test services companyAmkor Technology’s controlling Kim Family is selling 10 million shares (up to 11.5M with overallotment) through 915 Investments LP in a secondary offering, with Goldman Sachs as sole bookrunner. The Kim Family will retain over 49% ownership after the sale and has agreed to a 180-day lockup on remaining shares.CNA Financial Corporation CNA (US) · Mkt Cap: $13.5B · EV: $14.2BCommercial property and casualty insurance companyCNA Financial raised its regular quarterly dividend by 4% to $0.48 per share and announced a $2.00 special dividend, both payable March 12, 2026 to shareholders of record February 23, 2026. The company is returning capital to shareholders ahead of upcoming earnings release.AECOM ACM (US) · Mkt Cap: $13.7B · EV: $15.7BGlobal infrastructure consulting firmThe company completed its strategic review of the Construction Management business and decided to retain rather than divest it. AECOM also increased its share repurchase authorization to $1 billion and returned over $340 million to shareholders in Q1 through buybacks and dividends.Rakuten Group 4755.T (JP) · Mkt Cap: $14.0B · EV: $17.2BE-commerce and internet services companyRakuten Group announced the issuance of 9,151 stock options to its CEO (1 person, 422 units) and executives/employees (67 people, 8,729 units) as performance-based compensation. The stock options vest gradually over 4 years with a 10-year exercise period, covering 915,100 shares of common stock. Exercise price is set at 1 yen per share with specific vesting schedules.Moderna, Inc. MRNA (US) · Mkt Cap: $17.3B · EV: $12.6BBiotechnology company developing mRNA-based vaccines and therapeuticsSigned a five-year Memorandum of Understanding with the Government of Mexico, BIRMEX, and Laboratorios Liomont for technology transfer to produce mRNA-1273 domestically and supply respiratory vaccines. The agreement includes a purchase adjudication for up to 10 million doses.Koninklijke KPN N.V. KPN.AS (NL) · Mkt Cap: $21.3B · EV: $29.1BTelecommunications services providerKPN completed a tender offer for £278 million of its outstanding bonds (£95.7M of 2026 notes and £182.5M of 2029 notes) at premiums to par, financed by a new €500M 3.5% bond maturing 2034. The transaction reduces near-term refinancing requirements and lowers KPN’s average borrowing costs.CK Hutchison Holdings 0001.HK (HK) · Mkt Cap: $31.1B · EV: $71.9BDiversified conglomerate with operations in ports, telecommunications, retail, and infrastructureCK Hutchison faces loss of control over two strategic Panama Canal ports after Panama’s Supreme Court ruled its concession ‘unconstitutional.’ The company is threatening legal action against A.P. Moller-Maersk, which has been tapped to temporarily operate the ports, and has launched arbitration proceedings against Panama while pursuing international legal recourse.Vodafone Group Plc VOD.L (UK) · Mkt Cap: $36.3B · EV: $97.4BGlobal telecommunications services providerVodafone Egypt is acquiring additional 2x10MHz of 1,800MHz spectrum with payments of $100 million annually starting FY26 over four years. Vodafone Group expects to recognize approximately $350 million in additional intangible spectrum assets. Future phases expected FY28-FY32 will include 3,500MHz spectrum allocation and 2,600MHz renewal.HCA Healthcare HCA (US) · Mkt Cap: $121.7B · EV: $169.7BHospital operator and healthcare services providerHCA Healthcare stock up 2.4% following Frist family filing showing 31.4% ownership stake and internal share reorganization. Schedule 13D revealed exchange of 36.6M shares between family entities and HCA, with filing detailing director nomination rights and sale restrictions. Bernstein raised price target to $541 citing solid execution and increased buybacks.Costco Wholesale COST (US) · Mkt Cap: $442.8B · EV: $425.2BMembership-based warehouse club retailerArticle speculates that Costco may announce a special dividend in 2026, based on its historical pattern of paying large special dividends every few years (last one was $15/share in January 2023). The company has strong financials with 13.6% net income growth, $14.76 billion operating cash flow, and a lower payout ratio that could support another special dividend.Multiple Tech Companies GOOGL, ORCL, AMZN, META, MSFT, TSLA (US) · Mkt Cap: $3.8T · EV: N/ATechnology companies investing in AI infrastructureMajor tech companies are raising massive amounts of debt to fund AI infrastructure investments, with Oracle planning $45-50B and Alphabet completing over $30B in bond offerings. UBS estimates tech/AI debt issuance could reach $990B in 2026, up from $710B in 2025, as hyperscalers collectively spend ~$700B on capex this year.Sterling Bancorp STL (INTL) · Mkt Cap: None · EV: NoneBank holding company in final liquidation after subsidiary saleSterling Bancorp sold its Sterling Bank and Trust subsidiary to EverBank Financial Corp in April 2025 and paid initial liquidation distribution of $4.85 per share. The company ceased Nasdaq trading and is completing final asset monetization. Final shareholder distributions are pending settlement of all corporate obligations under Michigan law.ABL Bio 298380.KS (INTL) · Mkt Cap: None · EV: NoneBiopharmaceutical company developing treatments for neurodegenerative diseasesABL Bio shares fell 19.47% after partner Sanofi deprioritized development of ABL301 (SAR446159) in Q4 earnings. The Parkinson’s disease bispecific antibody was licensed to Sanofi in a deal worth up to $1.06 billion. ABL301 represents 11-27.6% of ABL Bio’s total pipeline value according to brokerages.ReYuu 9425 (INTL) · Mkt Cap: None · EV: NoneTechnology services companyReYuu announced an update on the exercise status of its second series of stock warrants. The company is reporting on warrant exercises, which can affect share count and dilution levels.Orca Energy Group ORC.B.V (INTL) · Mkt Cap: None · EV: NoneOil and gas company operating natural gas projects in TanzaniaDoubled its special dividend to C$2 per share (up from C$1 announced in September 2025) while pursuing arbitration with Tanzania over its Songo Songo gas license extension. The dividend is payable February 27 to shareholders of record February 13, funded by extracted project value rather than new investments.Mitsui Warehouse Holdings 9302 (INTL) · Mkt Cap: None · EV: NoneJapanese logistics and warehousing companyAnnounced a share buyback program through off-exchange transactions and the issuance of first and second series stock warrants through third-party allocation. The stock rose 1.08% following the announcement.White River Energy Corp. WRIVF (INTL) · Mkt Cap: None · EV: NoneOil and gas company based in FayettevilleU.S. Sen. Ron Wyden has asked SEC Chair Paul Atkins to consider delisting the company, which is accused of fraudulent sale of tribal tax credits. The company faces federal criminal investigation and has failed to file required financial reports, with no 10-K since 2023 and no quarterly report since March 2023.Spring Valley Acquisition IV SVIVU (US) · Mkt Cap: None · EV: NoneSpecial Purpose Acquisition Company targeting energy infrastructure and decarbonization industriesThe energy-focused SPAC raised $200 million through IPO of 20 million units at $10, targeting power infrastructure and decarbonization industries. Led by Christopher Sorrells (former Renewable Energy Group director) and will trade on Nasdaq under SVIVU.Audacia ALAUD (INTL) · Mkt Cap: None · EV: NoneFrench private equity company focused on high-growth sectorsThe company successfully completed a €8 million rights issue, raising funds through issuing 1,975,308 new shares at €4.05 per share. The offering was 100% subscribed with new strategic investor Manitoba Capital contributing €4 million and existing shareholders including Truffle Capital participating, with settlement occurring February 11, 2026.Agibank AGIBANK (INTL) · Mkt Cap: None · EV: NoneBrazilian fintech company with 6.4 million active usersThe Brazilian fintech is debuting on NYSE February 11 but scaled back its IPO by over half, now offering 20 million shares at $12-13 vs previously planned 43.6 million shares at $15-18. The company will raise approximately 65% less proceeds than originally anticipated at the revised midpoint pricing.Tata Motors TATAMOTORS.NS (INTL) · Mkt Cap: None · EV: NoneCommercial vehicle manufacturer following post-demerger pure-play structureThe company hit a record high of Rs 492 following announcement of its largest overseas order - 70,000 commercial vehicles from Indonesia’s state-owned PT Agrinas Pangan Nusantara. The stock has rallied nearly 50% since its market debut in November 2025 post-demerger of the CV business, with Q3 FY26 results showing 16% revenue growth despite one-time exceptional costs of Rs 1,643 crore related to the demerger.ENGlobal Corporation ENG (INTL) · Mkt Cap: N/A · EV: N/AEngineering and automation services companyENGlobal is in final stages of court-supervised liquidation with an evidentiary hearing scheduled for March 10, 2026. All outstanding equity shares are slated for cancellation under the court-approved liquidation plan. The company’s operational divisions have already been transferred to Gulf Island Fabrication as part of the wind-down process.Saudi Kayan Petrochemical Co. 2350 (INTL) · Mkt Cap: N/A · EV: N/APetrochemical manufacturing companySaudi Kayan received allocation for additional 30 million scfd of ethane feedstock from Saudi Ministry of Energy, bringing total ethane allocation to 80 million scfd plus 70,000 bpd of butane. The additional feedstock will be available from mid-2026 or earlier, requiring $162 million in associated costs to meet ministry requirements.Bahrain Islamic Bank BISB.BH (INTL) · Mkt Cap: N/A · EV: N/AIslamic banking and financial services providerBahrain Islamic Bank announced a rights offering of 283.36 million new ordinary shares at BD0.300 each, raising BD85 million. The subscription period runs from September 16-30, 2024, with record date September 12. The capital raise is intended to fund expansion into the wider GCC market.XFLH Capital Corporation XFLHU (INTL) · Mkt Cap: N/A · EV: N/ABlank check company seeking business combination targetsXFLH Capital Corporation priced its $100 million IPO at $10.00 per unit, with 10 million units expected to trade on NYSE under ticker XFLHU starting Feb 12, 2026. The blank check company was formed to pursue mergers, acquisitions, or similar business combinations with target businesses. Each unit includes one share plus 1/7 right to receive additional shares upon completion of initial business combination.Aqualine 6173 (INTL) · Mkt Cap: N/A · EV: N/AJapanese company with warrant bondsAqualine (6173) announced the large-scale exercise of its 2nd series warrant bonds with exercise price adjustment provisions that were issued through third-party allocation. The stock price increased 2.77% to 185.0 yen following the announcement.Social Commerce Partners Corporation SCPQU (US) · Mkt Cap: N/A · EV: N/ASPAC focused on social commerce and direct selling industrySocial Commerce Partners Corporation (SCPQU), a SPAC focused on social commerce/direct selling industry, announced that starting Feb 12, 2026, holders can separately trade Class A shares (SCPQ) and warrants (SCPQW) that were previously bundled in IPO units. The SPAC is led by Stuart Johnson as CEO and is seeking a business combination target.BHAV Acquisition BHAVU (INTL) · Mkt Cap: N/A · EV: N/ASPAC targeting robotics, electric vehicles, drones, and fintechBHAV Acquisition, a SPAC led by reAlpha Tech founder Giri Devanur, filed for a $100 million IPO to raise capital for acquiring businesses in robotics, electric vehicles, drones, and fintech. The company plans to offer 10 million units at $10 each, with each unit containing one share and half a warrant exercisable at $11.50.Kudan Inc. 4425 (INTL) · Mkt Cap: None · EV: NoneComputer vision and artificial intelligence software companyCompleted exercise of 18th series warrant bonds with exercise price adjustment provisions issued through third-party allotment. Company disclosed monthly exercise status confirming full warrant exercise completion.Liberty Broadband LBRD.K (INTL)Broadband and cable services companyLiberty Broadband completed a major rights offering to raise capital following record 2025 revenue. The proceeds are earmarked for infrastructure expansion and acquisitions planned for 2026 in its broadband and cable assets business.RF Acquisition Corp III RFAMU (US)Special purpose acquisition company (SPAC)RF Acquisition Corp III priced its $100 million IPO at $10.00 per unit (10 million units), with units trading on Nasdaq under ticker RFAMU starting Feb 13, 2026. This is a blank check company led by CEO Tse Meng Ng that will seek to complete a business combination with one or more target companies.Lum Chang Holdings Limited 5WL.SI (INTL)Construction and property development companyLum Chang declared a special dividend of 1.5 cents per share plus interim ordinary dividend of 0.5 cent per share, payable March 16, 2026. The special dividend was announced in appreciation to shareholders following the successful IPO of subsidiary Lum Chang Creations Limited on July 21, 2025. Company reported strong 1H2026 results with net profit up 122% YoY despite 8% revenue decline.PayPay PAYP (INTL) · Mkt Cap: None · EV: NoneJapanese mobile payments app with 72 million registered users and 75% market share among Japan smartphone ownersPayPay filed F-1 prospectus for US IPO on Nasdaq under ticker PAYP, estimated at $2 billion valuation. SoftBank is the parent company seeking to monetize this portfolio asset.Proem Acquisition Corp I PAACU (US)Special purpose acquisition company seeking business combination targetProem Acquisition Corp I completed its $130 million IPO on February 13, 2026, with units trading on NASDAQ. The SPAC is led by CEO Imran Khan and CFO Greg Pearson and is seeking a business combination target in any industry.

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