Special Situations Digest #3

Welcome to edition #3 of the Special Situations Digest.

Activist Campaigns

Hogi Medical 3892.T (JP) · Mkt Cap: $57M · EV: $28MJapanese medical device manufacturerUS private equity firm Carlisle Group launched a TOB for Hogi Medical at ¥6,700 per share with March 2 deadline. US activist Dalton Investments Group (27%+ stake) will tender shares but also reinvest up to 20% in the post-privatization entity. GMO fund joined as co-reinvestor in this ‘double-dip’ structure allowing activists to profit from both the TOB and eventual exit.Kitagawa Seiki 6327.T (JP) · Mkt Cap: $80M · EV: $66MManufacturer of vacuum press machines used in printed circuit board manufacturingHong Kong-based hedge fund Rhim Advisors has accumulated an 18.24% stake in Kitagawa Seiki as of October 14, 2025, and continues to actively buy shares. The activist involvement coincides with strong AI data center demand for the company’s vacuum press machines, driving the stock to consecutive all-time highs with 7 consecutive days of gains.Asiro Inc. 7378.T (JP) · Mkt Cap: $90M · EV: $80MTechnology services companyAsset Value Investors increased its stake in Asiro from 28.42% to 29.78% according to a regulatory filing. The stock surged approximately 9% on the news as investors viewed the increased position by the known activist fund as a positive catalyst.AnGes Inc. 4563.T (JP) · Mkt Cap: $150M · EV: $141MJapanese biotech venture companyZhao Fengxiang, holding 2.52 million shares in AnGes, sent a formal complaint opposing the company’s decision to issue up to ¥7 billion in stock warrants to Cantor Fitzgerald. Zhao claims his group presented better funding terms that were ignored by management and is demanding an extraordinary shareholders meeting to remove three outside directors.abrdn European Logistics Income ASLI.L (UK) · Mkt Cap: $153MReal estate investment trust focused on European logistics propertiesShareholders of abrdn European Logistics Income rejected two resolutions proposed by Polish activist investor DL Invest Group at a requisitioned General Meeting. The specific terms of the rejected resolutions and DL Invest Group’s stake size were not disclosed.GSI Technology, Inc. GSIT (US) · Mkt Cap: $237M · EV: $184MAI inference technology company developing memory-based computing solutionsGalloway Capital Partners disclosed a 5.02% stake in GSI Technology and launched an activist campaign citing material undervaluation of the AI inference technology company. Galloway intends to engage constructively with management and board to evaluate all options to maximize shareholder value, citing insufficient capital markets communication and lack of strategic milestones.Innventure INV (US) · Mkt Cap: $250M · EV: $471MIndustrial growth conglomerate that founds and operates IP-driven companiesInnventure issued a statement responding to a Schedule 13D filing by Commonwealth Asset Management, stating the Board is committed to acting in shareholders’ best interests and is open to constructive engagement. The company reiterated its long-term value creation strategy focusing on founding and operating IP-driven companies.Funko Inc FNKO (US) · Mkt Cap: $302M · EV: $516MCollectibles maker specializing in pop culture merchandise and vinyl figuresPleasant Lake Partners disclosed a roughly 10% stake in Funko and is urging the collectibles maker to immediately explore strategic alternatives including a potential sale to corporate buyers or private equity. The activist involvement comes as Funko has struggled with softer toy demand and revenue declines over the past two years.Jack in the Box Inc. JACK (US) · Mkt Cap: $317M · EV: $2.9BQuick-service restaurant chain operating Jack in the Box locationsActivist investor Sardar Biglari is pushing to unseat board chair Davie Goebel, with proxy advisors Glass Lewis and Egan-Jones recommending shareholders vote against Goebel due to persistent underperformance. The company has experienced same-store sales declines, sold Del Taco, and conducted large-scale closures while adopting a poison pill defense against Biglari’s campaign.Ebara Jitsugyo Co., Ltd. 6328.T (JP) · Mkt Cap: $436M · EV: $348MJapanese industrial equipment distributorUK activist fund Nippon Active Value Fund (NAVF), holding 9.63% jointly with Dalton Investments, submitted shareholder proposals for March 24 AGM including up to ¥6.465 billion share buyback, majority independent board composition, and restricted stock compensation changes. This marks the 6th consecutive year NAVF has made proposals at the company.MarineMax, Inc. HZO (US) · Mkt Cap: $645M · EV: $1.7BRecreational boat and yacht retailerLevin Capital Strategies, a top 10 shareholder, is publicly calling on the board to immediately announce a strategic alternatives review following a $35 per share all-cash acquisition offer from The Donerail Group. The activist threatens to hold directors accountable at future annual meetings if the board continues to delay action on value-maximizing opportunities.Tripadvisor TRIP (US) · Mkt Cap: $1.2B · EV: $1.3BOnline travel platform and review siteStarboard Value, which took a 9% stake in 2025, is preparing to nominate a slate of directors to secure majority control of the eight-member board. If successful in winning at least five seats, Starboard would gain ability to overrule chairman Greg Maffei and CEO Matt Goldberg. The activist is pushing for asset sales including TheFork, Viator, and potentially Tripadvisor itself.Wendy’s WEN (US) · Mkt Cap: $1.5B · EV: $5.4BFast-food restaurant chainNelson Peltz’s Trian Fund Management disclosed in an SEC filing that Wendy’s is undervalued and has spoken with financing sources about potential deals including an acquisition that could give control of the company. Peltz holds a 16.24% stake in Wendy’s and previously considered a takeover bid in 2022. Wendy’s board said it would review any proposal in line with fiduciary duties.Kobayashi Pharmaceutical Co., Ltd. 4967.T (JP) · Mkt Cap: $2.7B · EV: $2.3BPharmaceutical and health supplement manufacturerHong Kong-based activist investor Oasis Management filed a shareholder derivative lawsuit seeking ¥13.5 billion in damages over the company’s handling of a supplement scandal that allegedly caused kidney disease and 408 deaths. Oasis has been targeting multiple Japanese companies including Nintendo, Kyocera, Tokyo Dome, and Kao with activist campaigns demanding business reforms.Fujitec Co Ltd 6406.T (JP) · Mkt Cap: $2.9B · EV: $2.4BElevator and escalator manufacturerOasis Management is engaged in an activist campaign targeting founder family control and alleged corporate governance issues. The campaign escalated into a major confrontation with founder family CEO Koichi Uchiyama after dialogue failed, with Oasis alleging privatization attempts by the founding family and conducting investigations into past real estate transactions.Keisei Electric Railway 9009.T (JP) · Mkt Cap: $4.3B · EV: $6.5BJapanese railway operatorUK investment fund Palliser Capital sent a letter to Keisei Electric Railway’s board proposing to take the company private. Palliser held 4.4% of shares as of March 2024 and advocated for delisting to enable management restructuring followed by re-listing.WEX Inc. WEX (US) · Mkt Cap: $5.3B · EV: $5.1BCorporate payment solutions providerImpactive Capital has nominated four directors to WEX’s board, launching a proxy contest focused on governance or strategic changes that may conflict with management’s current long-term plans. WEX has disclosed the campaign creates significant legal and operational costs while potentially causing stock price volatility.Riot Platforms RIOT (US) · Mkt Cap: $5.8B · EV: $6.3BBitcoin mining company pivoting to AI data center operationsActivist investor Starboard Value, holding 3.12% of Riot Platforms, is pushing the bitcoin mining company to accelerate its pivot to AI-focused data center operations. Starboard estimates the company could generate over $1.6 billion in annual EBITDA by leasing its 1.7 gigawatts of Texas power capacity at competitive AI data center rates. Riot already has a $311 million, 10-year lease deal with AMD at its Rockdale facility.Toto Ltd 5332.T (JP) · Mkt Cap: $6.5B · EV: $6.1BBathroom fixtures and toilet manufacturerAn activist investor has identified Japan’s largest toilet maker as an undervalued artificial intelligence play, suggesting the company’s technology capabilities are not properly reflected in its current valuation. The activist is positioning Toto as having AI-related business potential beyond its traditional toilet manufacturing operations.Pearson PSON.L (UK) · Mkt Cap: $7.9B · EV: $9.9BEducational publishing and services companyThree activist investors now control over 33% of shares: Cevian (backed by Carl Icahn) holds 18% and has called for moving the listing from London to New York, Artisan Partners doubled its stake to 10%, and Silchester holds nearly 6%. Shares are down 32% over the past year amid AI disruption concerns.Norwegian Cruise Line NCLH (US) · Mkt Cap: $11.0B · EV: $25.0BCruise line operatorElliott Management has built a more than 10% stake and plans to push for operational changes at the struggling cruise operator. Elliott has approached former Royal Caribbean executive Adam Goldstein as a potential board nominee and aims to improve both financial performance and guest experience.Siemens Energy ENR.DE (DE) · Mkt Cap: $163.1B · EV: $156.7BEnergy technology and infrastructure companyU.S. activist investor Ananym Capital disclosed a stake and is pushing for a spin-off of the loss-making wind business Siemens Gamesa, which it values at $10 billion. Major shareholders are resisting, saying the company should first restructure the unit that posted a 1.36 billion euro loss in 2025. The topic will be debated at the February 26 AGM.Fiserv FI (INTL) · Mkt Cap: None · EV: NoneFinancial services technology and payments companyJana Partners has built a stake and is pressing the payments company to pursue steps to lift its lagging share price. Jana wants Fiserv to speed up expansion of its core banking business and launch a strategic review that could include shedding non-core operations. The stock declined 67% in 2025 and is down nearly 12% year-to-date.Taiheiyou Kinzoku Corporation 5541 (INTL) · Mkt Cap: N/A · EV: N/AJapanese ferronickel producerCompany is targeted by activist investors including former Murakami Fund affiliates. Trades at 0.5-0.7x P/B ratio with 93% equity ratio and virtually no debt. Announced new dividend policy with 4% DOE target, increasing dividend to 135 yen per share (~7% yield) in response to activist pressure.

Strategic Reviews

Royale Energy, Inc. ROYL (UN) · Mkt Cap: $4M · EV: $9MOil and gas exploration and production companyRoyale Energy announced a Strategic Review led by Roth Capital Partners and appointed Jonathan Gregory as Executive Chairman. The review will evaluate balance sheet optimization, asset allocation, and potential transactions to increase scale and pursue Nasdaq relisting.Mainz Biomed N.V. MYNZ (GE) · Mkt Cap: $6M · EV: $4MMolecular diagnostics company developing cancer detection testsMainz Biomed announced a $6M private placement with David Lazar becoming Chairman, strategic pivot to focus solely on pancreatic cancer detection in the U.S., and plans to sell colorectal cancer assets while winding down German operations. The company is evaluating broader strategic alternatives while reducing operating expenses.Cosmos Health Inc. COSM (UN) · Mkt Cap: $14M · EV: $33MPharmaceutical and healthcare products companyCosmos Health is evaluating strategic monetization options for its real estate portfolio, valued at approximately $15 million, which exceeds the company’s current market cap of $13.5 million. The company is considering various alternatives including outright sale, joint ventures, sale-leaseback transactions, or other strategic arrangements for its manufacturing facility and logistics center properties in Athens, Greece.Laurion Mineral Exploration Inc. LME.V (CA) · Mkt Cap: $51M · EV: $46MGold exploration company developing the Ishkōday projectLaurion appointed mining engineer Sean Ghosal as strategic advisor to evaluate strategic alternatives as the Ishkōday gold project advances toward mineral resource estimate. Management emphasizes exploring non-dilutive options and de-risking before monetization.Verde Clean Fuels, Inc. VGAS (UN) · Mkt Cap: $54M · EV: $-7MClean fuels technology company pivoting from plant development to licensing modelVerde Clean Fuels announced a strategic pivot to capital-lite technology licensing while forming a Restructuring Committee led by Jonathan Siegler to evaluate strategic alternatives. The company is implementing 50% cost reductions and maintains $50+ million cash position.Domo, Inc. DOMO (US) · Mkt Cap: $157M · EV: $249MCloud-based business intelligence and data visualization platformDomo’s Board has initiated a formal process to explore strategic alternatives to maximize shareholder value, including potential strategic investment, sale, strategic business combination, or other transaction. The company has engaged Jefferies as financial advisor and Goodwin Procter as legal advisor for the process.Limoneira Co LMNR (US) · Mkt Cap: $255M · EV: $358MCalifornia citrus grower and real estate development companyLimoneira has undergone a multi-year strategic transformation from a traditional California citrus grower into a hybrid farming-real estate operation. The company is monetizing non-core land through joint ventures with homebuilders and asset sales to reduce debt and unlock land value.NextEnergy Solar Fund NESF.L (UK) · Mkt Cap: $397M · EV: N/ASolar energy investment fundNextEnergy Solar Fund is conducting a strategic review under new chair Tony Quinlan, with investor update scheduled for March 11. The company trades at 40% discount to NAV with high gearing and has raised £72.5m from disposals.Equity Trustees Limited EQT.AX (AU) · Mkt Cap: $425MAustralian trustee services and wealth management companyEquity Trustees announced a strategic review of its Superannuation Trustee Services (STS) business with a 6-12 month timeframe, explicitly flagging the possibility of exiting this division. The review focuses on optimal capital allocation, with the STS business operating at lower margins than other divisions and facing regulatory pressures following the Shield Master Trust collapse.Centerspace CSR (US) · Mkt Cap: $1.1B · EV: $2.3BMultifamily REIT owning apartment communities across 7 statesCenterspace has formally engaged financial and legal advisors to perform a strategic alternatives review. Raymond James analyst notes the portfolio is an attractive target for potential buyers, leading to the firm downgrading shares to Market Perform from Strong Buy due to valuation gap closure amid the strategic process.FMC Corporation FMC (US) · Mkt Cap: $1.8B · EV: $5.3BAgricultural chemicals and solutions companyFMC reported net loss of $2.24 billion for 2025 with Q4 sales of $1.08 billion. The Board is exploring strategic options to strengthen the balance sheet and enhance the portfolio amid continued sales decline guidance for 2026.Select Medical Holdings SEM (US) · Mkt Cap: $1.9B · EV: $5.0BOperates specialty hospitals and outpatient rehabilitation clinicsExecutive Chairman Robert A. Ortenzio made a non-binding proposal to take Select Medical private at $16.00-$16.20 per share. The board’s independent special committee is reviewing the offer and evaluating broader strategic alternatives. The company completed a tax-free spin-off of Concentra in November 2024.Aurizon Holdings Limited AZJ.AX (AU) · Mkt Cap: $4.8B · EV: $8.7BAustralian rail freight and infrastructure companyAurizon Holdings has decided to retain its Queensland rail network after conducting a strategic review, rejecting offers for minority stakes in the asset. The company concluded that keeping the network would deliver higher returns to shareholders than selling partial ownership stakes.LKQ Corporation LKQ (US) · Mkt Cap: $8.7B · EV: $13.7BProvider of alternative automotive parts and specialty vehicle equipmentLKQ Corporation announced a formal Board-led strategic review including a possible sale of the company. The company is also conducting a separate review of its Specialty segment. This follows weak earnings, lowered 2025 guidance, and ongoing patent litigation with General Motors.AECOM ACM (US) · Mkt Cap: $11.8B · EV: $13.7BEngineering and construction services companyAECOM completed a strategic review of its Construction Management division and decided to retain the business rather than divest it. The company raised 2026 earnings guidance to $1.2-1.3B adjusted EBITDA and increased share buyback program to $1 billion, having returned $3.4B to shareholders since 2020.Carlsberg CARL-B.CO (DE) · Mkt Cap: $20.7B · EV: $30.7BDanish brewing companyCarlsberg is exploring an IPO of its India business to unlock shareholder value, as confirmed by Group CEO Jacob Aarup-Andersen. No final decision has been made and the company is assessing whether the listing would create adequate value for shareholders.International Flavors & Fragrances IFF (US) · Mkt Cap: $21.2B · EV: $26.7BManufactures flavors, fragrances, and specialty ingredientsIFF placed its $3.28B Food Ingredients segment under strategic review and launched a formal sale process, taking a $1.15B goodwill write-down to reflect expected sale proceeds below book value. The company completed $2.9B in debt reduction and multiple other divestitures including Pharma Solutions and soy operations. The sale represents the latest divestiture as IFF reshapes its portfolio following the 2021 $26B DuPont merger.Robinhood Markets HOOD (US) · Mkt Cap: $67.1B · EV: $67.2BCommission-free stock trading and financial services platformRobinhood is launching an IPO for its corporate venture fund Robinhood Ventures Fund I, planning to raise $1bn by issuing 35 million fund shares and 5 million Robinhood shares at $25 each on NYSE. The fund focuses on late-stage deals and has backed Databricks, Airwallex, Ramp, and agreed to invest in Stripe at a $140bn valuation.Vale S.A. VALE (US) · Mkt Cap: $71.3B · EV: $82.6BGlobal mining company focused on iron ore and base metals productionVale’s subsidiary formed a four-party consortium with Exiro Minerals, Orion Resources Partners and Canada Growth Fund to own and develop the Thompson Nickel Belt in Manitoba. Vale will retain 18.9% ownership while the three new investors hold 81.1%, with up to $200 million in new investment committed and an offtake agreement securing nickel concentrate supply to Vale. Closing is targeted by end of 2026.CRH plc CRH.L (UK) · Mkt Cap: $84.4B · EV: $107.0BGlobal building materials manufacturer and supplierCRH is reviewing its London Stock Exchange listing and preference share capital structure, with completion expected in Q1 2026. The company previously delisted from Euronext Dublin in 2023 and maintains $1.4 million in preference shares on Euronext Growth Dublin. The review may result in delisting ordinary shares from the LSE.Johnson & Johnson JNJ (US) · Mkt Cap: $586.1B · EV: $624.3BHealthcare and pharmaceutical conglomerateJohnson & Johnson is preparing to sell its orthopedic business ‘DePuy Synthes’ with a potential valuation of up to $20 billion. Multiple private equity firms are reportedly considering forming investor consortiums to acquire the business, though J&J previously stated it prefers a tax-free spinoff while keeping other options open. DePuy Synthes manufactures hip, knee, and shoulder implants and generated $9.3 billion in revenue in 2025.Lime Petroleum Holding AS LIME.OL (INTL) · Mkt Cap: None · EV: NoneOil and gas exploration and production companyLime Petroleum has initiated a comprehensive strategic and financial review with ABG Sundal Collier due to material drilling cost overruns and production delays that severely impacted its financial position. The review includes potential mergers, asset transactions, debt amendments, or broader financial restructuring. The company warns it may be unable to meet financial obligations without a timely recapitalization solution.Motus GI Holdings MOTS (US) · Mkt Cap: $638 · EV: $-2.5MMedical device company developing colonoscopy systemsMotus GI is exploring strategic alternatives including partnerships, asset sales, or M&A after facing Nasdaq delisting proceedings and severe financial distress. The company has limited cash runway, ongoing losses, and has been diluting shareholders through reverse splits and equity raises.Enad Global 7 AB EG7 (INTL) · Mkt Cap: None · EV: NoneVideo game developer and publisherEG7 announced a comprehensive strategic review of its business units and portfolio, withdrawing its previous 2026 financial targets of SEK 3 billion revenue and SEK 1 billion Adjusted EBITDA. The company is evaluating performance across all business areas including three units where it invested over SEK 600 million, with results to be presented at a Capital Markets Day in Q1 2027.The Canadian Chrome Company Inc. CACR (INTL) · Mkt Cap: N/A · EV: N/AChromite mining company with projects in Canada’s Ring of Fire regionThe Canadian Chrome Company has engaged Origin Merchant Partners to conduct a strategic review of alternatives including potential sale, merger, joint venture, or asset sale. The company recently closed a second tranche of private placement raising $260,000.Guard Therapeutics International AB GUARD (INTL)Biopharmaceutical company developing treatments for acute kidney injuryGuard Therapeutics ended its RMC-035 program following negative phase 2b trial results and has initiated a strategic review including potential merger options. The company reported a net loss of -108.9 MSEK for the year but maintains sufficient cash for 2026 operations and is implementing cost cuts.Ramsay Health Care RHS.AX (INTL)Private hospital operator with facilities in Australia and EuropeRamsay announced plans to spin off its 52.79% stake in European subsidiary Ramsay Santé through an in-specie distribution to shareholders via scheme of arrangement. The demerger is expected to complete by December 2026, subject to shareholder, regulatory and court approvals. Ramsay Santé shares will be tradeable on ASX through CDIs.

M&A / Divestitures

Tinexta S.P.A TNX.MI (IT) · Mkt Cap: $6M · EV: $20MItalian business services and digital solutions companyZinc Bidco has launched a mandatory public tender offer for shares of Tinexta S.P.A. The offer follows Zinc Bidco’s acquisition of a controlling stake in the company.cbdMD, Inc. YCBD (US) · Mkt Cap: $8M · EV: $6MCBD products company manufacturing and distributing hemp-derived cannabidiol productscbdMD completed an all-equity asset acquisition of Bluebird Botanicals in January 2026, expected to contribute ~10% revenue growth and expand the company’s product portfolio with GRAS-compliant assets. The deal includes earnout shares and is intended to strengthen cbdMD’s competitive position in the CBD market.EMERGE Commerce Ltd. ECOM.V (CA) · Mkt Cap: $11M · EV: $14ME-commerce platform and digital marketplace operatorEMERGE Commerce signed a definitive agreement to acquire substantially all assets of Viral Loops, a B2B referral marketing platform, from Wishpond Technologies Ltd. The company also announced an $18M private placement to fund the transaction. Management expects the acquisition to be immediately accretive to earnings and cash flow.ClearOne Inc. CLRO (US) · Mkt Cap: $14M · EV: $15MAudio and visual communication solutions for conferencingClearOne has entered into a definitive agreement to sell certain assets to Biamp Systems, including intellectual property, product inventory, and customer data, as part of a strategic plan to potentially sell all or most of its assets. The company announced a one-time special stock dividend of Class A Redeemable Preferred Stock linked to the asset sales, causing shares to surge 93.9%.Sensei Biotherapeutics SNSE (US) · Mkt Cap: $32M · EV: $10MBiotechnology company developing immunotherapies for cancer treatmentSensei Biotherapeutics acquired Faeth Therapeutics in a stock-for-stock transaction and raised $200 million in concurrent private placement. Post-transaction, original Sensei shareholders will own only 4.9%, Faeth shareholders 40.8%, and new investors 54.3% of the combined company on a fully-diluted basis. The deal brings Faeth’s lead asset PIKTOR into Sensei’s pipeline for endometrial and breast cancer development.Aleanza Holdings 7425.T (JP) · Mkt Cap: $49M · EV: $13MJapanese home improvement retailerKonan Trading announced a TOB for Aleanza Holdings, acquiring 49.45% of shares (all shares except those held by Barrow Holdings’ 50.55% stake). This structure makes Aleanza an equity method affiliate rather than a consolidated subsidiary. Barrow Holdings and founding shareholder Asakura have agreed to the TOB.XiangXing International Holding Limited 1079.HK (HK) · Mkt Cap: $52M · EV: $48MHong Kong-listed industrial companyWestwell Holdings completed a voluntary cash partial offer for XiangXing International, acquiring a 29% stake with final acceptances requiring pro-rata scaling. Post-offer, Westwell and Glory Fame Venture Limited control 59.3% combined, acting in concert.Inspecs Group PLC SPEC.L (UK) · Mkt Cap: $110M · EV: $159MUK-based eyewear design and manufacturing companyBidco 1125 Ltd has switched from a scheme arrangement to a takeover offer for Inspecs Group, maintaining the 84p per share cash offer worth £85.4 million. The bid represents more than double the pre-announcement share price, with Bidco holding commitments from 51% of shares.JFB Construction Holdings JFB (UN) · Mkt Cap: $137M · EV: $164MConstruction company merging with AI-driven defense robotics companyJFB announced an all-stock merger with XTEND, an AI-driven defense robotics company, valued at $1.5 billion. Upon closing, XTEND shareholders will own ~70% and JFB shareholders ~30% of the combined company, which will be renamed XTEND AI Robotics and trade under ticker ‘XTND’. The transaction is expected to close mid-2026.Mkango Resources Ltd. MKA.L (UK) · Mkt Cap: $263M · EV: $272MRare earths mining and development companyMkango Resources subsidiary Mkango Rare Earths Limited filed confidential Form F-4 with SEC for previously announced business combination with Crown PropTech Acquisitions (SPAC). Deal has $400M implied pro forma valuation and plans Nasdaq listing under MKAR ticker. Deal deadline extended to September 2026 with additional $250K sponsor funding bringing total to $750K.Aditya Birla Fashion and Retail Limited ABFRL.NS (IN) · Mkt Cap: $937M · EV: $1.4BFashion and retail company operating clothing brands and retail storesABFRL acquired TCNS Clothing Co Ltd through a multi-step transaction involving SPA for promoter stake (Rs. 1,650 crore), mandatory open offer, and subsequent merger approved by NCLT in August 2024. Total transaction value was Rs. 3,105 crore with TCNS shareholders receiving ABFRL shares post-merger.BuySell Technologies 7685.T (JP) · Mkt Cap: $1.1B · EV: $1.1BSecond-hand goods buying and selling retail chain operatorBuySell Technologies announced on February 13 that it will acquire DelightZ, operator of second-hand goods buying stores ‘Yukichi’, as a wholly-owned subsidiary. DelightZ operates 14 stores concentrated in Kyushu region (Nagasaki and Saga prefectures) and will spin off its restaurant, fisheries, and estate clearing businesses to focus solely on the reuse business before the acquisition.Colowide Co., Ltd. 7616.T (JP) · Mkt Cap: $1.3B · EV: $2.1BJapanese restaurant chain operatorColowide has secured exclusive negotiation rights to acquire C-United, which operates the “Kohikan” and “Cafe Veloce” coffee shop chains, from LongReach Group. The acquisition is valued at approximately 40 billion yen (~$260 million).Aretha Holdings 3148.T (JP) · Mkt Cap: $1.4B · EV: $1.2BJapanese home center operator through subsidiaries in home improvement retailKohnan Shoji announced a TOB for Aretha Holdings. Under the structure, Kohnan will acquire all shares except those held by Barrow Holdings (50.55% stake), resulting in Barrow maintaining 50.55% and Kohnan holding 49.45%. This means Kohnan will not obtain majority control but will gain Aretha as an equity method affiliate.Kennedy Wilson Holdings, Inc. KW (US) · Mkt Cap: $1.5B · EV: $6.5BReal estate investment company focused on multifamily and commercial propertiesKennedy Wilson agreed to be acquired by a consortium led by CEO William McMorrow and Fairfax Financial for $10.90 per share in cash, representing a 46% premium to the unaffected share price. The all-cash transaction is valued at approximately $1.65 billion and is expected to close in Q2 2026.Nojima Corporation 7419.T (JP) · Mkt Cap: $2.1B · EV: $2.1BElectronics retailer operating consumer technology storesNojima Corporation President Koji Nojima expressed strong intention for large-scale M&A activity, stating the company could potentially invest 200-300 billion yen in a single acquisition. This represents a significant strategic shift for the major electronics retailer.Mister Car Wash, Inc. MCW (US) · Mkt Cap: $2.3B · EV: $4.0BCar wash services operatorLeonard Green & Partners, which owns over 66% of Mister Car Wash, announced a take-private transaction at $7.00 per share. LGP has already approved the transaction using its controlling stake without soliciting votes from public shareholders. A law firm is investigating potential breaches of fiduciary duty regarding the transaction price.IHS Towers IHS (US) · Mkt Cap: $2.7B · EV: $6.1BTelecommunications infrastructure company operating wireless tower networks in emerging marketsMacquarie Asset Management agreed to acquire IHS Towers’ South American wireless tower operations (8,500+ sites in Brazil, 270 in Colombia) for approximately $685 million enterprise value. The transaction marks IHS Towers’ complete exit from the Latin America region and is expected to close later in 2026.DigitalBridge DBRG (US) · Mkt Cap: $3.0B · EV: $4.1BDigital infrastructure investment and asset management companyDigitalBridge announced agreement to sell its stake in Netomnia (UK fiber operator) to nexfibre for £2 billion enterprise value. DigitalBridge invested in Netomnia in 2022 to support expansion of the company’s fiber network serving 3 million UK premises. Transaction subject to regulatory approvals.Hims & Hers Health Inc HIMS (US) · Mkt Cap: $3.5B · EV: $4.1BDigital health platform providing telehealth services and direct-to-consumer healthcare productsHims & Hers announced acquisition of international digital health company Eucalyptus for up to $1.15 billion ($240M cash at closing, remainder in deferred/earnout payments over 18 months through early 2029). Eucalyptus has $450M+ annual revenue run rate and operates telehealth brands across Australia, Japan, Germany, Canada and UK. Deal expected to close mid-2026 pending regulatory approvals.Liberty Global LBTYB (US) · Mkt Cap: $4.7B · EV: $13.0BInternational telecommunications and cable companyLiberty Global is conducting a 100% spin-off of Sunrise with key dates set: shareholder meeting October 25, 2024, record date November 4, 2024, and distribution date November 12, 2024. Sunrise Class A ADSs will begin trading on Nasdaq November 13, 2024, and on SIX Swiss Exchange November 15, 2024.Etsy, Inc. ETSY (US) · Mkt Cap: $5.2B · EV: $6.5BOnline marketplace for handmade and vintage itemsEtsy announced a definitive agreement to sell fashion resale platform Depop to eBay for $1.2 billion cash. The divestiture marks a strategic retreat from Etsy’s ‘House of Brands’ model to focus on its core marketplace. Depop had been diluting consolidated EBITDA margins by 350 basis points in 2025.Portland General Electric POR (US) · Mkt Cap: $5.7B · EV: $11.3BElectric utility company serving customers in OregonPortland General Electric announced a $1.9 billion acquisition of PacifiCorp’s Washington utility assets, adding approximately 140,000 customers and including three power generation facilities plus 4,500 miles of transmission/distribution lines. The deal is subject to regulatory review expected to take roughly 12 months, with Manulife owning a 49% stake in the Washington utility business.Qube Holdings Limited QUB.AX (AU) · Mkt Cap: $6.3B · EV: $8.3BAustralian infrastructure and logistics companyQube Holdings has agreed to an $11.7 billion cash takeover by Macquarie Asset Management at $5.20 per share via scheme of arrangement. The deal follows a non-binding proposal made three months earlier and has board support, subject to regulatory and shareholder approvals.BlueScope Steel BSL.AX (AU) · Mkt Cap: $8.7B · EV: $9.1BSteel manufacturing and building products companyBlueScope Steel rejected a A$13.2 billion ($9.3 billion) takeover proposal from SGH and U.S.-based Steel Dynamics at A$30 per share. The market had been pricing in expectations of a higher rival bid in the A$35-40 range, but no fresh corporate developments have emerged. The company reported strong H1 results and announced A$310 million share buyback plus special dividend.Anglo American AAL (US) · Mkt Cap: $8.9B · EV: $39.2BGlobal mining company focused on critical minerals including copper, diamonds, and platinumAnglo American agreed to merge with Teck to form ‘Anglo Teck’, creating a global critical minerals company with 70%+ copper exposure. The company completed demerging Valterra Platinum in May 2025 and is progressing the sale of its Steelmaking Coal business and separation of De Beers. The Teck merger received overwhelming shareholder support and awaits regulatory approvals.Masimo Corporation MASI (US) · Mkt Cap: $9.4B · EV: $9.7BMedical technology company that develops patient monitoring and noninvasive pulse oximeter technologiesDanaher agreed to acquire Masimo for $180 per share in cash, representing a total enterprise value of approximately $9.9 billion. The transaction values Masimo at 18x estimated 2027 EBITDA and is expected to close in the second half of 2026, subject to regulatory and shareholder approval.Booz Allen Hamilton BAH (US) · Mkt Cap: $9.6B · EV: $12.8BManagement consulting and technology services firmBooz Allen Hamilton entered into a definitive agreement to acquire Defy Security from private equity firm Sverica Capital Management. The cybersecurity solutions provider has tripled in size over the past five years and serves hundreds of enterprise clients with partnerships across 400+ cybersecurity vendors. The acquisition is expected to close in Q2 of Booz Allen’s fiscal year 2026.Hormel Foods Corporation HRL (US) · Mkt Cap: $13.4B · EV: $15.2BAmerican food processing company producing packaged meat and food productsHormel Foods announced a definitive agreement to sell its whole-bird turkey business to Life-Science Innovations, including Melrose, MN production facility and Swanville, MN feed mill. The transaction is expected to close by the end of Q2 fiscal 2026, with financial terms undisclosed.Generac Holdings Inc. GNRC (US) · Mkt Cap: $13.4B · EV: $14.5BManufacturer of backup power generation equipmentGenerac signed a definitive agreement to acquire Enercon Engineering, a manufacturer of generator enclosures and switchgear. The acquisition adds 120+ employees and a 160,000 sq ft manufacturing facility to support Generac’s goal of doubling C&I product sales. Closing is expected in Q2 2026 subject to regulatory approvals.Ovintiv Inc. OVV (US) · Mkt Cap: $13.8B · EV: $18.1BNorth American oil and natural gas exploration and production companyOvintiv announced the sale of its Anadarko assets in Oklahoma for $3.0 billion cash to an undisclosed buyer. The divestiture includes approximately 360,000 net acres with current production of ~90,000 boe/d and is expected to close in Q2 2026.Clean Harbors CLH (US) · Mkt Cap: $15.3B · EV: $17.2BEnvironmental and industrial services company providing hazardous waste management and emergency responseClean Harbors entered into a definitive agreement to acquire Depot Connect International’s Industrial Services and Rail Services business for approximately $130 million. The transaction includes five strategic locations across Ohio, Louisiana, and Texas and is expected to close in the first half of 2026.Genuine Parts Company GPC (US) · Mkt Cap: $17.0B · EV: $23.4BDistributor of automotive replacement parts and industrial parts and materialsGenuine Parts Company announced plans to separate into two independent public companies—Global Automotive and Global Industrial—by Q1 2027. The spinoff aims to unlock shareholder value and enhance operational focus, with both segments reporting strong 2025 financial performance.Grab Holdings Limited GRAB (US) · Mkt Cap: $17.8B · EV: $13.3BSoutheast Asian ride-hailing, food delivery, and financial services platformGrab Holdings agreed to acquire fintech company Stash for $425 million upfront (majority stake) plus fair market value for remaining stake over 3 years, closing Q3 2025. Stash has $5B+ AUM, 1M+ users, and expected $60M EBITDA by 2028.Mediobanca MB.MI (IT) · Mkt Cap: $18.3B · EV: $45.1BItalian investment bank and merchant banking companyMonte dei Paschi di Siena will take full control of Mediobanca and delist it from the Milan stock exchange. MPS already owns 86% of the merchant bank, with the small remaining free float prompting discussions about maintaining the listing.Bombardier Inc. BBD-B.TO (CA) · Mkt Cap: $19.3B · EV: $21.1BCanadian manufacturer of business jets and recreational productsBombardier acquired Velocity Maintenance Solutions, a business aviation MRO services provider founded in 2021 and headquartered in New Castle, Delaware. The acquisition was completed through Bombardier’s U.S. subsidiary Learjet Inc., with undisclosed terms.Nippon Steel Corporation 5401.T (JP) · Mkt Cap: $22.7B · EV: $57.2BJapanese integrated steel producer and one of the world’s largest steelmakersNippon Steel’s CFO stated that acquired US Steel will contribute to earnings from the first half of fiscal 2027 (starting April 2026), after previously revising the fiscal 2026 impact from ¥80 billion positive to zero due to weak US market conditions. The company has dispatched around 100 technical staff to improve US Steel operations, particularly at the Arkansas plant.Qnity Electronics Q (US) · Mkt Cap: $23.8B · EV: $25.7BMaterials supplier to the semiconductor industryDuPont spun off Qnity Electronics in November 2025 with shareholders receiving one Qnity share for every two DuPont shares owned. Qnity has gained about 40% year-to-date and is the 15th top performer in the S&P 500. Deutsche Bank raised its price target to $126 from $92.CK Hutchison Holdings 0001.HK (HK) · Mkt Cap: $31.2B · EV: $72.0BMultinational conglomerate with ports, telecom, retail and energy operationsCK Hutchison Holdings negotiated a $23 billion deal with a BlackRock-led consortium to sell its non-Chinese port subsidiaries, but Beijing intervened to stall the transaction. Panama’s Supreme Court ruled CK Hutchison’s concession to operate two strategic Panama Canal ports ‘unconstitutional,’ with Maersk subsidiary APM Terminals tapped to temporarily take over operations.eBay Inc. EBAY (US) · Mkt Cap: $39.5B · EV: $40.9BOnline marketplace platform for consumer-to-consumer and business-to-consumer saleseBay will acquire Depop, a consumer-to-consumer fashion marketplace, from Etsy for $1.2 billion in cash. The transaction has been unanimously approved by both boards and is expected to close in Q2 2026. Etsy originally purchased Depop for $1.6 billion in June 2021.Larsen & Toubro LT.NS (IN) · Mkt Cap: $65.0B · EV: $73.6BEngineering, construction, and technology conglomerateLarsen & Toubro announced the divestment of its entire stake in subsidiary Nabha Power Limited to Torrent Power for Rs. 3,660.87 crores ($440M USD), expected to close by June 30, 2026. NPL operates a 1,400 MW coal-fired power plant and contributed Rs. 4,421.54 crores in turnover (1.73% of L&T consolidated) in FY25.Cencora COR (US) · Mkt Cap: $69.6B · EV: $78.2BPharmaceutical distributor and healthcare solutions providerCencora announced it will merge its subsidiary MWI Animal Health with privately-held Covetrus in a transaction valuing the division at $3.5 billion. Cencora will receive $1.25 billion in cash, $800 million in preferred shares, and $1.45 billion in common shares, while retaining a 34.3% non-controlling stake in the combined entity.TransDigm Group TDG (US) · Mkt Cap: $75.1B · EV: $102.6BAerospace components manufacturer specializing in highly engineered aircraft parts and systemsTransDigm completed $1.2 billion in 6.125% senior subordinated notes due 2034 and secured $800 million in new term loans due 2033 to fund pending acquisitions of Stellant Systems, Jet Parts Engineering, and Victor Sierra Aviation Holdings. The company also raised its full-year guidance supported by strong commercial aftermarket demand and global aviation recovery.Johnson Controls International plc JCI (US) · Mkt Cap: $86.7B · EV: $94.5BBuilding technology and energy solutions company providing HVAC and security systemsJohnson Controls signed an agreement to acquire Alloy Enterprises, a Boston-based company specializing in next-generation thermal management platform for data centers. The acquisition is expected to close in fiscal Q3 2026, subject to regulatory approvals. Financial terms were not disclosed.Palo Alto Networks PANW (US) · Mkt Cap: $124.9B · EV: $110.2BCybersecurity company providing network security, cloud security, and endpoint protection solutionsPalo Alto Networks entered into a definitive agreement to acquire Koi, a pioneer in Agentic Endpoint Security that protects AI agents and tools operating on enterprise endpoints. The acquisition will integrate Koi’s technology into PANW’s Prisma AIRS AI security platform and enhance their Cortex XDR endpoint security solution.Danaher Corporation DHR (US) · Mkt Cap: $147.5B · EV: $159.7BLife sciences and diagnostics technology companyDanaher agreed to acquire medical device company Masimo for $9.9 billion, or $180 per share, representing a 38.3% premium to the closing price. The acquisition expands Danaher into patient monitoring equipment and is expected to close by late 2026.Iberdrola IBE.MC (SP) · Mkt Cap: $160.0B · EV: $242.3BSpanish multinational electric utility company focused on renewable energyIberdrola is delisting its Brazilian unit Neoenergia from Spain’s Latibex market and acquiring the remaining 16.2% of shares to achieve complete ownership. This represents a going-private transaction for the subsidiary with Iberdrola buying out minority shareholders.Nestlé S.A. NESN.SW (SW) · Mkt Cap: $268.4B · EV: $336.9BWorld’s largest food and beverage company producing coffee, bottled water, infant formula, and frozen foodsNestlé announced negotiations are progressing to sell its ice cream business (including Häagen-Dazs) to UK joint venture company Froneri. This represents a strategic divestiture of a significant business segment by the world’s largest food and beverage company.Visa Inc V (US) · Mkt Cap: $617.7B · EV: $613.3BGlobal payments technology company operating electronic payment processing networksVisa entered into a definitive agreement to acquire Prisma and Newpay, Argentine payments infrastructure companies, from private equity firm Advent International. Prisma processes over 6 billion transactions annually as an issuer processing platform, while Newpay provides payments and cash access infrastructure including real-time account-to-account payments and ATM operations. The transaction is expected to close in Q1 2026.Hapag-Lloyd AG / ZIM Integrated Shipping Services Ltd. HLAG.DE / ZIM (Global) · Mkt Cap: N/A · EV: N/AContainer shipping companies operating global maritime freight servicesHapag-Lloyd is acquiring ZIM Integrated Shipping Services in a $4.2 billion deal expected to complete this year. The acquisition will strengthen the combined network across trans-Pacific, intra-Asia, Atlantic, Latin America, and East Mediterranean routes, with expected synergies of up to $500 million.Nitin Castings Limited 508875.BSE (IN) · Mkt Cap: N/A · EV: N/AManufacturing company producing castingsNitin Castings Limited promoters (Nirmal Kedia, Nitin Kedia, and Citrus Castings Private Limited) have announced a voluntary delisting offer to acquire all public shareholdings and delist from BSE. The board will meet on February 20, 2026 to consider approving or rejecting the delisting offer after reviewing the due diligence report.INFORICH 9338 (JP) · Mkt Cap: N/A · EV: N/AInformation technology services companyINFORICH announced a management buyout (MBO) with a tender offer price of 4,560 yen per share, representing a 117% premium to the Feb 13 closing price of 2,105 yen. The tender offer period runs from Feb 16 to Mar 31, 2026. The board has approved the MBO and recommends shareholders tender their shares.U.S. Steel Corporation X (US) · Mkt Cap: N/A · EV: N/ASteel production and manufacturing companyU.S. Steel reported $5.6 billion economic impact in Pennsylvania for fiscal 2024. The article references Nippon Steel’s $14.1 billion acquisition of U.S. Steel, which is expected to include at least $2.4 billion in investments for Mon Valley facilities and modernization efforts.Rosebank Industries plc ROSE (UK) · Mkt Cap: N/A · EV: N/AInvestment company focused on acquiring industrial businessesRosebank Industries is in advanced discussions to acquire two private equity-owned US businesses for $3.05 billion enterprise value. The transaction would be funded through a £1.9 billion fully underwritten equity raise plus new debt facilities, with trading suspended pending prospectus publication.Crown PropTech Acquisitions CPTKW (US) · Mkt Cap: N/A · EV: N/ASpecial purpose acquisition company (SPAC)Crown PropTech Acquisitions (CPTKW) and Mkango Rare Earths Limited filed confidential draft Form F-4 registration statement with SEC on Feb 13, 2026 for their proposed business combination first announced July 3, 2025. Upon closing, the combined entity’s shares and warrants are expected to list on Nasdaq as MKAR and MKARW, subject to SEC review and shareholder approvals.Toshiba Corporation 6502.T (INTL) · Mkt Cap: None · EV: NoneJapanese multinational conglomerate manufacturing electronics and industrial equipmentToshiba is considering reducing its stake in its elevator business, with Finnish elevator giant Kone expressing interest in increasing its ownership from the current ~20% stake. Toshiba owns approximately 80% of Toshiba Elevator & Building Systems and may sell part or all of its stake.Kesoram Industries Limited KESORAM.NS (INTL) · Mkt Cap: None · EV: NoneIndian conglomerate involved in cement manufacturing and other industrial activitiesFrontier Warehousing Limited is acquiring 42.80% stake in Kesoram Industries from existing promoters and launching mandatory open offer for additional 26% at ₹5.48 per share. The open offer runs February 26 - March 12, 2026, with Frontier becoming new promoter.Trial Holdings 8889.T (JP) · Mkt Cap: N/A · EV: N/AJapanese retail company operating discount stores and supermarketsTrial Holdings acquired Seiyu supermarket chain for approximately 380 billion yen in July 2024. The acquisition created Japan’s third-largest food retailer with combined sales of 1.2 trillion yen, behind Seven & i Holdings and Aeon. Trial is converting existing Seiyu stores to ‘Trial Seiyu’ format.Novartis India NOVARTIS.NS (INTL) · Mkt Cap: None · EV: NoneIndian pharmaceutical subsidiary of Swiss drugmaker Novartis AGNovartis AG is selling its 70.68% controlling stake in publicly-traded Novartis India to private equity firm ChrysCapital for approximately Rs 1,450 crore. The deal involves a mandatory open offer to public shareholders at Rs 860.64 per share and will result in complete change of control from Swiss parent to PE ownership.Hang Seng Bank 11.HK (INTL)Hong Kong-based banking and financial services companyHSBC’s HK$106 billion plan to privatize Hang Seng Bank has received court approval, following earlier shareholder approval. The transaction will take Hang Seng Bank private, with HSBC acquiring the remaining shares it doesn’t already own.

Restructuring

Xinming China Holdings Limited 2699.HK (HK) · Mkt Cap: $3M · EV: $155MChinese industrial companyXinming China Holdings is conducting a major non-underwritten rights issue offering 6 new shares for every existing share at HK$0.188, aiming to raise up to HK$106 million. The issue could increase share capital by more than 50% within 12 months and requires shareholder approval at an extraordinary general meeting where controlling shareholders must abstain from voting.Catheter Precision, Inc. VTAK (US) · Mkt Cap: $3M · EV: $2MMedical device company specializing in cardiac catheter technologiesCompany announced definitive agreement to divest its atherectomy catheter technologies (including FDA approvals and patents) to focus on core electrophysiology solutions. The transaction includes $15,000 upfront cash, 5% equity stake in the acquirer with anti-dilution protection, and 10-year royalty agreement.Jaguar Health JAGX (UN) · Mkt Cap: $3M · EV: $32MPharmaceutical company developing gastrointestinal productsCompany declared a one-time special dividend of Series O convertible preferred shares to common stockholders of record on March 2, 2026. The non-transferable preferred stock converts to common shares by December 31, 2026 and is designed to provide dilution protection as the company evaluates debt restructuring options.Vector Holdings 2656.T (JP) · Mkt Cap: $23M · EV: $19MJapanese holding company experiencing expanding lossesAnnounced third-party allocation of new shares and 14th series warrants, along with execution of third-party allocation agreement. Company has expanding losses with Q3 cumulative final result showing widened red ink, and recently underwent CEO resignation and replacement in January.Shankara Buildpro Limited SHANKARA.NS (IN) · Mkt Cap: $28M · EV: $33MSteel distribution company demerged from Shankara Building ProductsShankara Buildpro was recently listed following its demerger from Shankara Building Products Limited. The newly independent company reported 29% revenue growth to ₹1666 crore in Q3 FY26, driven primarily by its steel segment which grew 34% to ₹1520 crore with 37% volume growth.Carna Biosciences 4572.T (JP) · Mkt Cap: $41M · EV: $43MBiotechnology companyCarna Biosciences completed a third-party allocation financing involving unsecured convertible bonds (private placement), warrants with price adjustment provisions, and new share issuance. The transaction represents significant equity dilution at a biotech company that reported continued losses in its recent earnings.Oncopeptides AB ONCO.ST (SE) · Mkt Cap: $53M · EV: $56MBiopharmaceutical company developing peptide-based cancer treatmentsCompany is launching a SEK 200 million rights issue with 1:2 terms at SEK 1.55 per share, subscription period March 2-16. The company has secured commitments/guarantees covering SEK 190 million of the offering to strengthen the balance sheet and fund Pepaxti commercialization in Europe.Road King Infrastructure Limited 1098.HK (HK) · Mkt Cap: $64M · EV: $1.9BToll road operator and property developerCompany’s winding up application against wholly-owned subsidiary New Select Global Limited has been adjourned to March 16, 2026, with potential appointment of provisional liquidators to be considered. This follows ongoing legal proceedings since November 2025 regarding the subsidiary’s liquidation.Tanaka Seimitsu 7218.T (JP) · Mkt Cap: $76M · EV: $99MPrecision manufacturing equipment companyTanaka Seimitsu announced a corporate restructuring involving a simplified company split to establish an intermediate holding company structure. The stock rose 1.84% on the announcement date.ArrowMark Financial Corp. BANX (US) · Mkt Cap: $155M · EV: $198MClosed-end investment fundArrowMark Financial Corp. completed a transferable rights offering that expired February 18, 2026, allowing rights holders to subscribe for up to 2,604,156 common shares at $19.79 per share (90% of NAV). The rights offering was oversubscribed, requiring pro-rata allocation.Rena Co Ltd 4889.T (JP) · Mkt Cap: $156M · EV: $141MIndustrial equipment and machinery companyRena Co Ltd announced the third issuance of new shares and stock warrants through third-party allocation under its stock and warrant issuance program contract. The transaction follows the company’s recent quarterly results showing a shift to net loss in the 9-month period.SunPower Corporation SPWR (US) · Mkt Cap: $174M · EV: $376MSolar energy companySunPower’s liquidation process is nearing completion after selling its core residential and commercial business units to strategic buyers in 2024. The company reached an $11 million settlement in early 2026 to resolve class-action lawsuits alleging misleading financial statements prior to bankruptcy, with final court approval pending.Xerox Holdings Corporation XRX (US) · Mkt Cap: $256M · EV: $4.2BPrinting technology and business process servicesXerox formed a joint venture with TPG to monetize IP assets, raising $450 million through TPG Credit-led financing consisting of senior secured term loans and preferred equity. Xerox contributed specific intellectual property assets to the JV in exchange for equity interests while retaining full licensing rights. Proceeds will be used for general corporate purposes, accelerating the Reinvention strategy including Lexmark integration, and potentially addressing the capital structure including debt reduction.Nobia AB NOBI.ST (SE) · Mkt Cap: $277M · EV: $681MKitchen cabinet manufacturer and retailerCompany published disclosure document for a fully guaranteed rights issue of approximately SEK 1.5 billion to strengthen its capital base. The rights offering will run from late February to mid-March 2026, with Handelsbanken and Nordea serving as bookrunners.Community Health Systems CYH (US) · Mkt Cap: $499M · EV: $11.8BHospital operator managing acute care facilities across the United StatesCompleted sale of three Pennsylvania hospitals for $48M total and signed definitive agreement to sell Crestwood Medical Center in Alabama for $450M. Combined transactions represent nearly $500M in asset divestitures with Alabama closing expected Q2 2026.Chrysalis Investments Ltd CHRY.L (UK) · Mkt Cap: $619M · EV: N/AInvestment company focused on growth equity investmentsProposed to sell entire portfolio and return proceeds to shareholders over next three years, citing persistent 34% discount to NAV despite £100M+ in buybacks. Shareholders vote on March 24 on new investment policy focused on orderly asset realization.Kwality Wall’s (India) Limited KWIL.NS (IN) · Mkt Cap: $725MIce cream company operating brands like Cornetto and Magnum across 400+ cities in IndiaKwality Wall’s listed on BSE and NSE following completion of demerger from Hindustan Unilever, with HUL shareholders receiving one KWIL share for each HUL share held as of December 5, 2025. The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has signed agreement to acquire controlling stake in KWIL post-listing.Altus Group Limited AIF.TO (CA) · Mkt Cap: $1.2B · EV: $1.1BReal estate analytics and commercial appraisal servicesAltus Group entered into a definitive agreement to sell its Canadian Appraisals business to an affiliate of Newmark Group Inc. The transaction is expected to close around March 1, 2026, and includes a multi-year license agreement for Newmark to access Altus’ ARGUS Intelligence and other software/data offerings.Elemental Royalty Corporation ELE (CA) · Mkt Cap: $1.4B · EV: $519MPrecious metals royalty and streaming companyCompany completed the sale of its Nordic operational platform (infrastructure, equipment, employees) to Goldsky Resources for approximately $360,000 in staged payments over two years. Elemental retains all mineral properties, exploration permits, and existing royalties, plus receives a 1% NSR royalty on any projects generated by Goldsky over the next five years.Country Garden Holdings Company Limited 2007.HK (HK) · Mkt Cap: $1.5B · EV: $38.6BChinese property developer focused on residential and commercial real estate developmentA Hong Kong court dropped the winding-up petition against Country Garden Holdings, allowing the company to continue operations while dealing with financial difficulties. The company had been facing liquidation proceedings but has avoided this outcome.DCM Shriram Industries DCMSHRIRAM.NS (IN) · Mkt Cap: $1.9B · EV: $2.0BDiversified industrial company operating in chemicals, manufacturing infrastructure, defense and aerospace segmentsDCM Shriram completed a demerger creating two new publicly listed entities: DCM Shriram Fine Chemicals and DCM Shriram International. The demerger ratio was 1:1:1, with shareholders receiving one share of each new company for every DCM Shriram Industries share held, with record date of December 26, 2026.Upstart Holdings, Inc. UPST (US) · Mkt Cap: $2.9B · EV: $4.2BAI-powered lending platform and credit technology companyCompany announced the sale of $333 million in auto lending assets to affiliates of Bayview Asset Management. This represents part of Upstart’s strategy to optimize balance sheet usage for newer products while maintaining partnership growth in auto lending.Lion Corporation 4912.T (JP) · Mkt Cap: $3.3B · EV: $2.9BConsumer products company manufacturing oral care, beauty care, fabric care and living care productsLion Corporation is selling all shares of two consolidated chemical business subsidiaries to investment fund Advantage Partners, effective June 30. This is part of a group business reorganization strategy.SM Energy Company SM (US) · Mkt Cap: $5.4B · EV: $5.1BOil and gas exploration and production companySM Energy agreed to sell South Texas assets (61,000 net acres, 260 wells in Webb County) to Caturus Energy for $950 million cash, expected to close in Q2 2026. The assets produce approximately 37-39 MBoe/d and generate ~$160 million in annual cash flows. Proceeds will be used primarily for debt reduction as part of the company’s goal to sell over $1 billion in assets.UPL Ltd UPL.NS (IN) · Mkt Cap: $7.0B · EV: $10.5BAgricultural chemicals and crop protection products manufacturerCompany announced complex restructuring involving mergers and demerger to create two separate listed entities - existing UPL and new UPL Global Sustainable Agri focused on crop protection. The scheme involves specific share swap ratios and is expected to complete in 12-15 months with April 1, 2026 as appointed date.Orkla ASA ORK.OL (NO) · Mkt Cap: $13.3B · EV: $15.3BNordic consumer goods conglomerate operating in branded consumer goods, food ingredients and aluminum solutionsOrkla is undergoing major strategic restructuring to break up its conglomerate structure and focus on core assets, with three companies already sold and clear divestiture targets set. The company announced a NOK 2.00 special dividend alongside strong Q4 earnings.Host Hotels & Resorts HST (US) · Mkt Cap: $14.0B · EV: $19.2BHotel real estate investment trustHost Hotels & Resorts sold two Four Seasons properties (Orlando and Jackson Hole) for $1.1 billion, generating an 11.0% unlevered IRR and 14.9x EBITDA multiple. The company also closed the previously announced sale of St. Regis Houston for $51 million at a 25.0x EBITDA multiple. Since 2018, HST has disposed of $6.4 billion in hotels at a blended 16.7x EBITDA multiple while acquiring $4.9 billion at 13.6x EBITDA.Nidec Corporation 6594.T (JP) · Mkt Cap: $17.4B · EV: $19.9BElectric motor and precision equipment manufacturerNidec filed an improvement plan with Tokyo Stock Exchange acknowledging that its post-merger integration processes were inadequate. The company admitted it expanded through M&A without building sufficient management systems or having enough qualified personnel to oversee acquired companies. This is the first time Nidec has publicly acknowledged deficiencies in its post-acquisition value creation processes.Shionogi & Co., Ltd. 4507.T (JP) · Mkt Cap: $20.0B · EV: $18.7BPharmaceutical company specializing in infectious diseases and pain managementCompany announced it will absorb its fully-owned subsidiary Torii Pharmaceutical through a merger effective April 1, 2027. Shionogi completed the acquisition of Torii in September 2025 through a tender offer and is now moving to fully integrate the companies to maximize synergies.Vedanta Ltd VEDL.NS (IN) · Mkt Cap: $29.4B · EV: $39.6BDiversified natural resources and mining companyCompany is proceeding with demerger into five separately listed companies, with focus on stabilizing declining oil and gas production ahead of the split. The oil and gas business has experienced production declines for 10 consecutive years and will operate independently as Vedanta Oil & Gas Ltd post-demerger.FedEx Corporation FDX (US) · Mkt Cap: $91.7B · EV: N/AGlobal logistics and shipping company providing express delivery, ground, and freight servicesFedEx is spinning off its Less-Than-Truckload unit, FedEx Freight, into a standalone public company (ticker: FDXF) scheduled for June 1, 2026. The $8.9 billion revenue freight business will be distributed tax-free to existing shareholders. Additionally, FedEx is implementing Network 2.0 consolidation targeting $1 billion in cost reductions and acquiring a 37% stake in InPost S.A. for €7.8 billion.Honeywell International HON (US) · Mkt Cap: $164.2B · EV: $175.0BDiversified industrial conglomerate operating in aerospace, building technologies, performance materials, and safety solutionsHoneywell plans to spin off its Aerospace division into a separate publicly traded avionics company as part of an accelerated portfolio overhaul. The remaining company will focus on industrial automation and related businesses.Citigroup Inc. C (US) · Mkt Cap: $208.9B · EV: $-306,698,452,992Global banking and financial servicesCiti completed the sale of its Russian subsidiary AO Citibank to Renaissance Capital, fully exiting Russia operations including 800 employees. The divestiture is expected to provide approximately $4 billion benefit to Common Equity Tier 1 capital in Q1 2026, primarily from deconsolidation of risk-weighted assets and release of currency translation adjustment loss.HSBC Holdings plc HSBA.L (UK) · Mkt Cap: $298.5B · EV: $-196,050,399,005Global banking and financial services companyHSBC is executing a global restructuring to cut $1.5 billion in annual costs by 2026, including 8% reduction in personnel expenses and asset sales across multiple regions. The bank recently completed a $13.6 billion buyout of the remaining 37% stake in Hang Seng Bank it didn’t own, while divesting non-core businesses in Europe and scaling back US operations.Kwality Wall’s India KWALITY.NS (IN)Ice cream manufacturer operating brands including Magnum and Cornetto across IndiaKwality Wall’s completed its demerger from Hindustan Unilever and began trading independently on February 16, listing at ₹29.80 per share with a market cap of ₹7,001.78 crore. The company targets double-digit volume growth through distribution expansion from current 200,000 outlets.Religare Enterprises Limited RELG.NS (IN)Financial services and insurance company operating lending and health insurance businessesReligare Enterprises approved a demerger to spin off its financial services business into separately listed Religare Finvest Limited. REL shareholders will receive 1:1 shares in RFL, with listing expected on BSE and NSE in Q1 FY28, while REL will retain insurance business including stake in Care Health Insurance.Barloworld Limited BAWP (ZA)Industrial equipment and automotive services company operating across Africa and internationallyBarloworld is finalizing the redemption of all cumulative preference shares at ZAR 2.557 per share on March 2, 2026, followed by delisting from JSE and A2X. This follows the earlier compulsory acquisition of ordinary shares by Newco in January 2026.DMK Pharmaceuticals DMKPF (INTL) · Mkt Cap: None · EV: NonePharmaceutical companyDMK Pharmaceuticals’ Chapter 11 liquidation plan was court-approved, resulting in complete equity wipeout for shareholders. All equity interests will be cancelled with zero distribution, while creditors receive liquidation proceeds from asset sales including $3.17M from ZIMHI product assets sold in May 2024.Gemini Space Station Inc. GEMS (INTL) · Mkt Cap: None · EV: NoneCryptocurrency exchange platformGemini announced immediate departure of three C-suite executives (COO, CFO, CLO) following 25% workforce cuts and withdrawal from UK/EU/Australia markets. Company expects $257-267M adjusted pre-tax loss for 2025 with operating expenses rising to $520-530M from $308M prior year. Stock down 14% on the news to $6.50, having fallen from IPO high of $45.89 in September.Azul AZUL (INTL)Brazilian airlineAmerican Airlines and United Airlines are jointly investing $200M ($100M each) in Azul as part of its Chapter 11 exit strategy. Combined with $100M from existing creditors and potential $25M from warrants, total new capital exceeds $300M. U.S. Bankruptcy Court has approved the reorganization plan, with United’s investment via equity rights offering settling February 20, 2026, and American’s via warrants pending Brazilian antitrust approval.Oando Plc OANDO.LG (INTL)Nigerian energy groupOando launched a 220 billion naira ($162.5 million) rights issue to raise capital through issuing 4.4 billion new shares at 50 naira each, on a 1-for-2 basis to existing shareholders. The capital raise is part of a broader restructuring plan that includes debt-to-equity conversions and aims to strengthen the balance sheet and improve financial flexibility.AMAK AMAK (INTL)Company conducting rights offeringAMAK’s board of directors has recommended a rights issue to existing shareholders. The rights offering would allow current shareholders to purchase additional shares, typically at a discount to market price.Nittetsu Mining Co., Ltd. 1515 (INTL)Mining companyNittetsu Mining Co. filed mandatory pre-disclosure documents for a corporate spin-off involving Yotsuura Silica Stone Co., Ltd. The stock declined 4.24% on the announcement day.Alzinova AB ALZN.ST (INTL)Biotechnology companyAlzinova AB is conducting a rights issue of up to 20.9 million units (comprising shares and warrants) to raise approximately SEK 50.1 million ($4.7M USD). The rights issue is 80% covered through subscription and underwriting commitments, with the subscription period ending February 20, 2026.Honda Motor Co., Ltd. 7267 (INTL)Automotive manufacturer and mobility technology companyHonda filed mandatory pre-disclosure documents for a company split involving Honda R&D Co., Ltd. The corporate restructuring requires regulatory disclosure under Japanese securities law.Shiftpixy PIXY (INTL)Workforce management technology platformCompany’s Chapter 11 reorganization was converted to Chapter 7 liquidation following court determination of insolvency. The company has liabilities of $1-10 million against assets of only $500K-$1 million, with all operations ceased and stock delisted from Nasdaq in October 2024.Tullow Oil plc TLW (US)Independent oil exploration and production companyCompany signed agreement to acquire the TEN FPSO (floating production vessel) for $205 million gross ($125.6 million net to Tullow) from T.E.N. Ghana MV25 BV, with completion expected end of Q1 2027. The acquisition eliminates annual lease costs and aims to optimize production and reduce fixed costs for the TEN and Jubilee fields offshore Ghana.e-Agency 2367.T (INTL)Digital marketing and data solutions companyCompany announced major corporate restructuring transitioning to a holding company structure effective April 1, 2026. The company will change its name to e-Agency Group and split operations into three new subsidiary companies focusing on data solutions/AI, SaaS products, and Web3/fandom marketing respectively.New World Development Co Ltd 17.HK (INTL)Property developer and infrastructure investorCompany is executing a multi-billion dollar asset disposal program, selling major portfolio of mainland China and Hong Kong properties to related parties to reduce debt and improve liquidity during China’s property downturn. The restructuring involves selling assets in the low-to-mid billion dollar range with proceeds earmarked for debt reduction and extending debt maturity.HKC International Holdings Limited 448.HK (INTL)Property investment and development companyCompany is conducting a non-underwritten rights issue offering 1 new share for every 2 existing shares at HK$0.28 per share, seeking to raise up to HK$21.8 million gross. The subscription price represents a 79.1% discount to NAV with 90% of proceeds to be used to repay bank borrowings of HK$131.4 million due within 12 months.H&R REIT HR.UN (INTL)Real estate investment trust focused on office, residential and industrial propertiesCompany completed a spin-off of its Primaris mall portfolio in early 2022 and has been repositioning away from office and retail toward residential and industrial assets. The REIT is trading at a significant discount to estimated net asset value while management continues strategic asset sales and capital recycling.REC Silicon ASA REC.OL (INTL)Silicon materials producer for solar and semiconductor industriesREC Silicon announced a fully underwritten rights issue to raise NOK 972.6 million gross proceeds. Existing shareholders will receive approximately 9.695 subscription rights for every 1 share held, with subscription price of NOK 0.2385 per new share, representing up to 4.078 billion new shares.India Glycols Limited INDGL.NS (INTL) · Mkt Cap: N/A · EV: N/AChemicals and biotech company operating spirits and biofuel operationsCompany is demerging into two separate publicly traded entities - Ennature Bio Pharma Limited and IGL Spirits Limited. National Company Law Tribunal approved the scheme with April 1, 2026 appointed date, and unsecured creditors meeting scheduled for March 24, 2026.Asian Granito India Limited ASGN.BO (INTL) · Mkt Cap: N/A · EV: N/ATiles and ceramics manufacturing companyNCLT Ahmedabad approved Composite Scheme of Arrangement to demerge tiles manufacturing business of subsidiary Adicon Ceramica Tiles into Adicon Ceramics Limited. Approval came despite objections from Income Tax Department over ₹104.73 crores in outstanding tax demands.Imara Gold Plc IGLD.L (INTL) · Mkt Cap: N/A · EV: N/AGold mining company with operations in KenyaPlans voluntary delisting from London Stock Exchange on March 20, 2026, moving to alternative trading platform as part of financial restructuring. Company secured additional $1M debt funding and is in discussions to restart operations at Kilimapesa Gold Mine under contractor-funded arrangement.Kaiho 3133 (INTL) · Mkt Cap: N/A · EV: N/AJapanese company with recent UAE partnershipAnnounced issuance of 9th series stock acquisition rights with exercise price adjustment provisions through third-party allocation, plus 2nd and 3rd series unsecured ordinary bonds. This follows recent business partnership agreement with UAE-based UTT Group Corps.Kubient Inc. KBNT (UN) · Mkt Cap: $1,472 · EV: $-11,747,583Digital advertising technology company providing programmatic ad solutionsKubient Inc. is undergoing Chapter 7 liquidation after voluntary Nasdaq delisting in November 2023 following an accounting scandal and conviction of ex-CEO Paul Roberts. Court-appointed trustee is disposing of remaining assets to satisfy creditor claims, with shareholders expected to receive nothing due to their lowest priority status.Near Intelligence NIRLQ (INTL) · Mkt Cap: N/A · EV: N/ALocation intelligence and data analytics company serving retailers and marketersNear Intelligence filed for Chapter 11 bankruptcy in December 2023, with court approving full liquidation plan by March 2024. All common stock has been cancelled with zero recovery for equity holders, and the company now trades OTC under ticker NIRLQ as a liquidation stub.Rishab Special Yarns Limited RISHAB.BO (INTL) · Mkt Cap: N/A · EV: N/AIndian textile company manufacturing specialty yarns and fabricsRishab Special Yarns’ board approved a comprehensive restructuring including authorized share capital increase, name change to Impera Worldwide Limited, and a rights issue to raise funds. All decisions require shareholder approval via postal ballot, with specific terms of the rights issue to be determined at the next board meeting.

Management Changes

Coty Inc. COTY (US) · Mkt Cap: $2.2B · EV: $5.5BBeauty and fragrance companyCoty appointed Markus Strobel as Executive Chairman and Interim CEO following disappointing results with 6-month revenue down 6% like-for-like. Strobel launched a strategic framework called ‘Coty. Curated.’ focused on improving execution and core business investment, while continuing portfolio review including the recent Wella divestiture. Company withdrew full-year guidance citing complex market backdrop and leadership transition.PayPal Holdings PYPL (US) · Mkt Cap: $38.5B · EV: $39.0BDigital payments platformPayPal announced former HP CEO Enrique Lores will replace Alex Chriss as CEO after failed turnaround efforts. Stock dropped 21% post-earnings on weak results and guidance. Company now trades at less than 8x forward earnings following the decline.

Other Situations

SDS Holdings 1711.T (JP) · Mkt Cap: $20M · EV: $45MSolar power system company pivoting to AI data center businessAnnounced entry into AI data center business, pivoting from traditional solar operations. Stock hit daily limit up of 341 yen (+80 yen from previous day).Bayview Acquisition Corp BAYA (US) · Mkt Cap: $41M · EV: $43MSpecial purpose acquisition companyBayview Acquisition Corp received a delisting notice from Nasdaq on February 19, 2026 for failing to meet market value and annual meeting requirements. Trading will be suspended March 2, 2026 unless the company appeals by February 26, 2026, which they intend to do.Celsius Resources Limited CLA.AX (AU) · Mkt Cap: $48M · EV: $46MMining and resources exploration companyCelsius Resources Limited is terminating its secondary listing on the Namibia Securities Exchange, with final trading on March 3, 2026 and official delisting on March 11, 2026. The company indicated in October 2025 it was drafting agreements to potentially sell its 95% stake in the Opuwo Cobalt Project in Namibia.SymBio Pharmaceuticals 4582.T (JP) · Mkt Cap: $54M · EV: $41MPharmaceutical companyAnnounced the large-scale exercise and completion of its 65th series of stock warrants with exercise price adjustment provisions. The stock surged 41.32% to 171 yen following the announcement.Westwater Resources WWR (US) · Mkt Cap: $106M · EV: $101MGraphite and lithium mining companyU.S. Department of Commerce imposed 220% total tariffs on Chinese graphite anode materials (93.5% anti-dumping + 66.68% countervailing duties). WWR stock surged 13.6% pre-market, with final determination expected March 2026.Almasane Alkobra Mining Company 2090.SR (SA) · Mkt Cap: $127M · EV: $136MSaudi mining companyAMAK’s board recommended a 680 million Saudi riyal ($181.32 million) rights offering to fund expansion and growth investments. The rights issue requires approval from authorities and shareholders’ extraordinary general assembly, with Al Rajhi Capital as financial advisor.網屋 (Amiya) 4258.T (JP) · Mkt Cap: $179M · EV: $149MJapanese cybersecurity company網屋 announced a strategic investment partnership with Simplex Capital, issuing ¥1.5 billion in convertible bonds and ¥1.055 billion in warrants through third-party allocation. The company plans to use treasury shares for conversion/exercise rather than issuing new shares to avoid dilution.ARKO Corp ARKO (UN) · Mkt Cap: $696M · EV: $3.1BConvenience store operator and petroleum distributorARKO Corp completed an IPO of its subsidiary ARKO Petroleum at $18 per share, raising approximately $200 million while retaining ~75.9% ownership stake. The subsidiary is now listed on Nasdaq as a separate public entity.HealthCare Global Enterprises Ltd HCG.BO (IN) · Mkt Cap: $928M · EV: $1.1BCancer-focused healthcare provider operating specialty oncology hospitalsHealthCare Global’s board approved a rights issue to raise up to ₹425 crore ($51M) from existing shareholders. The company will determine specific terms including issue price, ratio, and record date through its board or Rights Issue Committee.Once Upon a Farm OFRM (US) · Mkt Cap: $963M · EV: $304MOrganic children’s food brandOnce Upon a Farm completed its IPO at $18 per share on February 6, 2026, trading on NYSE under ticker OFRM. The offering included ~11 million shares with proceeds for debt repayment, equipment purchases, and general corporate purposes.Kusuri no Aoki Holdings 3549.T (JP) · Mkt Cap: $2.5B · EV: $3.1BJapanese drugstore chain operatorKusuri no Aoki terminated its 20+ year alliance with Aeon after rejecting Aeon’s increased stake to ~10% without consent. The company implemented a poison pill defense against shareholders acquiring 20%+ stakes, with a shareholder vote scheduled for January 17.Array Digital Infrastructure AD (US) · Mkt Cap: $4.4B · EV: $5.3BDigital infrastructure and spectrum assets companyArray Digital Infrastructure completed an AT&T spectrum sale and announced a $10.25 special dividend. DCF analysis suggests 36% undervaluation at current $50.88 share price versus intrinsic value of $79.89.Gold Fields Limited GFI (US) · Mkt Cap: $48.7B · EV: $50.1BGold mining companyGold Fields reported record 2025 profit of US$3.57 billion and announced a US$1.7 billion capital return program representing 54% of adjusted free cash flow. The program includes a final dividend of 1,850 SA cents per share, special dividend of 450 SA cents per share, and share buybacks totaling US$353 million.Shin-Etsu Chemical Co., Ltd. 4063.T (JP) · Mkt Cap: $66.2B · EV: $59.2BChemical and semiconductor materials manufacturerShin-Etsu Chemical announced terms for issuing its 26th series of stock acquisition rights through third-party allocation for acquiring treasury shares via an Accelerated Share Repurchase program. The company is implementing a structured buyback mechanism using stock warrants to facilitate the share repurchase process.Medtronic MDT (US) · Mkt Cap: $124.2B · EV: $145.2BMedical technology companyMedtronic’s diabetes business MiniMed Group (MMED) is in the IPO pipeline and could set terms for a public offering in the coming week. The carve-out represents a spin-off of Medtronic’s diabetes management operations into a separate publicly traded entity.PayPay Corp N/A - IPO filing (None) · Mkt Cap: None · EV: NoneJapan’s leading QR code payment platformPayPay filed for a Nasdaq IPO targeting a valuation above $6.5 billion with potential listing as early as March 2025. The SoftBank-backed company operates Japan’s dominant digital payments platform and is seeking to expand to the U.S. market through a Visa partnership.SmartCraft ASA SMCRT (INTL) · Mkt Cap: None · EV: NoneConstruction software solutions providerSmartCraft launched a tender offer to repurchase up to NOK 75 million of its own shares through a reverse book building process. The application period runs from Feb 16-20, 2026, with DNB Carnegie as sole bookrunner.Fame India FAME.BO (INTL) · Mkt Cap: None · EV: NoneMultiplex operatorFame India plans to raise up to Rs 900 million via rights issue to existing shareholders. This follows Inox acquiring a majority stake and Reliance ADAG making a counter-offer for the company.iFOREX Financial Trading Holdings Ltd TBD (INTL) · Mkt Cap: N/A · EV: N/ARetail forex and financial trading platformiFOREX announced its IPO process has recommenced for London Stock Exchange listing with admission expected in late February 2026. The IPO was previously delayed in June 2025 due to a routine BVI compliance inspection requiring additional finalization time.Trust Securities & Brokerage Limited TSBL (INTL) · Mkt Cap: N/A · EV: N/ASecurities brokerage and financial services companyTrust Securities launched a 150% rights issue at Rs1 per share. Shareholders can subscribe through CDC with online payment facilities via 1Link member banks and JS Bank branches.Longfin Corp LFIN (US) · Mkt Cap: $7,454 · EV: $9MFormer fintech company now in liquidation following delisting and regulatory actionsCourt-appointed administrators are managing asset distribution through a SEC Fair Fund compensation mechanism for former shareholders. Corporate dissolution is pending final accounting and resolution of civil/criminal proceedings against former leadership.Pryme N.V. 8XG0 (INTL)Cleantech company specializing in plastic waste recyclingShareholders holding approximately 88.3% of share capital have requested an extraordinary general meeting to vote on applying for delisting from Euronext Growth Oslo. The delisting proposal is shareholder-driven.Bolt Projects Holdings BSLK (UN) · Mkt Cap: $611,257 · EV: $9MProject development companyBolt Projects Holdings is voluntarily delisting from Nasdaq and deregistering with the SEC after failing to meet minimum equity standards. The company will file Form 25 around March 2, 2026 for formal delisting by March 12, 2026, followed by Form 15 to terminate SEC reporting obligations within 90 days.Idea Acquisition Corp. IACOU (US) · Mkt Cap: None · EV: NoneSpecial purpose acquisition company targeting AI and software companiesIdea Acquisition Corp. completed a $350 million IPO of 35 million units at $10 per unit on Nasdaq. The company targets business combinations with software companies leveraging AI and large language models. Each unit includes one Class A share and one-third warrant exercisable at $11.50.Durlax Top Surface Limited DURLAX.NSE (INTL)Surface treatment and coating solutions providerDurlax Top Surface is conducting a rights issue of 1.23 crore shares at INR 40 per share, raising INR 49.22 crore with entitlement of 37 shares for every 50 shares held. Subscription opens Feb 23 - Mar 5, 2026, with proceeds funding new machinery (INR 13 crore), working capital (INR 12 crore), and new product launches (INR 9.5 crore).

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