Welcome to edition #5 of the Special Situations Digest.
Activist Campaigns
Carver Bancorp, Inc. CARV (US) · Mkt Cap: $8M · EV: $24MCommunity bank serving primarily minority communitiesDream Chasers Capital Group, Carver’s leading shareholder, nominated two board candidates including banking turnaround expert Moishe Gubin for the May 21, 2026 annual meeting. Carver is transitioning from Nasdaq to OTCQB and will cease SEC reporting by March 8, 2026.PEDEVCO Corp PED (US) · Mkt Cap: $60M · EV: $46MOil and gas exploration and production company focused on unconventional shale playsJuniper Capital funds, led by Edward Geiser, filed an amended 13D showing significant control through multiple investment vehicles. Under a Shareholder Agreement, Juniper will control 3 out of 6 board seats following an ‘Automatic Conversion Date’, giving them board control.Spruce Power Holding Corporation SPRU (US) · Mkt Cap: $67M · EV: $705MSolar energy company providing residential solar installations and financingSteel Partners accumulated a 14.0% stake through open market purchases totaling ~$8 million. The filing states shares were viewed as undervalued and the group may engage in discussions with management or consider other transactions.Eagle Nuclear Energy Corp. NUCL (UN) · Mkt Cap: $161M · EV: NoneNuclear energy companyBlue Bird Capital disclosed a 20.88% stake via Schedule 13D filing following Eagle’s merger closing on February 24, 2026. Blue Bird has a consulting agreement with Eagle and reserves the right to engage with management and shareholders regarding governance, strategy, and operations.Xponential Fitness, Inc. XPOF (US) · Mkt Cap: $279M · EV: $594MOperates franchise fitness brands including Club Pilates, Pure Barre, and other boutique fitness conceptsTravis W. Cocke of Voss Capital disclosed an 18.2% stake and filed a Schedule 13D pushing for a formal strategic review process including potential sale of the company. Voss argued that Club Pilates alone is worth more than the current enterprise value of the entire company and urged the board to retain independent financial advisors to explore strategic alternatives.Goldcrest Co Ltd 8871.T (JP) · Mkt Cap: $699M · EV: $760MJapanese real estate developerUS activist fund Sapphire Terra Capital is planning public proposals to Goldcrest regarding financial strategy and corporate value enhancement. Sapphire Terra estimates Goldcrest’s true value at over 5,500 yen per share, approximately 70% higher than the March 5th closing price.GungHo Online Entertainment 3765.T (JP) · Mkt Cap: $879M · EV: $203MMobile game developer and publisherGungHo announced CEO change with Kazuya Sakai replacing Kazuki Morishita, alongside ¥5 billion share buyback, cancellation of 16 million treasury shares, and dividend increase. Activist investor Strategic Capital continues acquiring shares and submitting shareholder proposals despite these management concessions.Bicara Therapeutics BCAX (US) · Mkt Cap: $982M · EV: $694MBiotechnology company developing cancer immunotherapiesRA Capital Management disclosed an 11.5% stake through purchasing 300,000 shares at $16.00 and 2.2 million pre-funded warrants at $15.9999 in February 2026 offering for $40M total. The pre-funded warrants include a 9.99% blocker provision preventing exercise above that threshold.SBS Group 2384.T (JP) · Mkt Cap: $1.0B · EV: $1.8BJapanese logistics company providing warehousing and distribution servicesJapanese logistics companies face increased activist pressure due to undervalued real estate assets on balance sheets. This is driving more MBOs and asset sales to improve capital efficiency, with activists targeting companies not effectively utilizing their assets.Wizz Air WIZZ.L (UK) · Mkt Cap: $1.3B · EV: $7.8BLow-cost airline operating primarily in Central and Eastern EuropeActivist investor Causeway Capital has raised its stake in Wizz Air Holdings. The specific stake size and investment thesis details are not disclosed.Hertz Global Holdings HTZ (US) · Mkt Cap: $1.4B · EV: $20.1BCar rental companyKnighthead Capital Management and Certares Opportunities filed an amended Schedule 13D reporting beneficial ownership of 58.1% of Hertz outstanding shares. This represents Amendment No. 9 to their original filing from July 2021.Aurinia Pharmaceuticals Inc. AUPH (US) · Mkt Cap: $1.9B · EV: $1.7BBiopharmaceutical company developing treatments for autoimmune diseasesTang Capital Management and affiliates have increased their stake in Aurinia Pharmaceuticals to 9.2% (12.2M shares) after spending $26.3M to purchase 2.2M shares since March 2025. The investment management firm now holds a significant position just below the 10% threshold that would trigger additional disclosure requirements.Rengo Co., Ltd. 3941.T (JP) · Mkt Cap: $2.3B · EV: $5.0BJapan’s major corrugated cardboard and packaging materials manufacturerFormer Murakami Fund-affiliated investor took a new stake in Rengo, causing the stock to surge 4.1% the following trading day to 1422 yen. The stock has since risen to 1528 yen with PBR improving to 0.82x, still below the TSE Prime average of 1.7x.FS KKR Capital Corp. FSK (US) · Mkt Cap: $3.1B · EV: $10.5BBusiness development company providing financing to middle-market companiesFSK trades at $10.80, representing a 48.3% discount to its $20.89 net asset value, while paying a 17.8% dividend yield. The significant discount has led to speculation that the BDC could attract activist investor interest seeking to unlock shareholder value.Euronet Worldwide Inc. EEFT (US) · Mkt Cap: $3.1B · EV: $3.4BProvides electronic payment processing and distribution solutions for financial institutions and retailersVoss Capital, holding 4.2% stake, issued open letter to board demanding immediate exploration of strategic alternatives due to sustained underperformance. EEFT has declined 54% over 5 years while trading at 6.5x 2026 consensus earnings versus historical 15-20x range. Voss cites recent Brink’s acquisition of NCR Atleos at multiples implying $115-140 value for EEFT.Fuji Media Holdings 4676.T (JP) · Mkt Cap: $4.8B · EV: $6.3BMedia and broadcasting conglomerate operating television networks and entertainment contentFuji Media Holdings conducted a massive share buyback worth approximately 235 billion yen (about 30% of outstanding shares) at 3,839 yen per share in response to activist pressure. Former Murakami Fund-affiliated investment company Leno and US investment fund Dalton Investments participated in the tender offer.Hexcel Corporation HXL (US) · Mkt Cap: $7.1B · EV: $7.9BAerospace composites manufacturer providing carbon fiber and advanced materials for aircraftHexcel reached an agreement with activist investor Vision One to add Neal Keating, a longtime aerospace and defense executive, to its board of directors and audit subcommittee. The deal was described as a ‘surprise’ agreement between the company and the activist.First Industrial Realty Trust FR (US) · Mkt Cap: $8.6B · EV: $11.0BIndustrial real estate investment trustLand & Buildings Investment Management has launched an activist campaign nominating its founder/CIO for the board and demanding $500M-$1B in asset sales with proceeds returned to shareholders. The activist is calling for board refresh and exploration of strategic alternatives if the trading discount doesn’t improve within six months.Pinterest PINS (US) · Mkt Cap: $12.9B · EV: $10.5BVisual discovery platform for lifestyle and shopping contentElliott Management disclosed a $1 billion activist stake in Pinterest, causing shares to surge 8%. The fund sees value despite user growth plateauing around 500 million monthly actives and advertising headwinds from TikTok and Instagram competition.Kao Corporation 4452.T (JP) · Mkt Cap: $17.9B · EV: $17.5BConsumer goods company producing cosmetics, personal care products, and household chemicalsActivist fund Oasis Management is demanding Kao convene an extraordinary general meeting to conduct an independent investigation into supply-chain risk management and internal controls. Oasis received whistleblower allegations concerning potential links to deforestation and human rights violations in Kao’s supply chain and is seeking shareholder support for an independent review.Dell Technologies DELL (US) · Mkt Cap: $99.0B · EV: $117.1BTechnology company providing hardware, software and services for data storage and computingAnalysis of Carl Icahn’s 2013 activist campaign against Michael Dell’s plan to take the company private. Since returning public in 2018, Dell has delivered 30% CAGR including the VMware spin-off and dividends, while Icahn Enterprises declined -25.6% CAGR over the same period.Sony Group Corporation 6758.T (JP) · Mkt Cap: $131.3B · EV: $130.9BDiversified technology and entertainment conglomerateThird Point LLC published activist proposal recommending semiconductor business spinoff/IPO, focus on entertainment as core, downsizing electronics business, and selling financial stakes for shareholder returns. Sony responded by selling PC business, downsizing TV operations, and spinning off Sony Financial.Empery Digital N/A (None) · Mkt Cap: None · EV: NoneCompany that converted to a Bitcoin treasury holder with 4,081 BTCActivist investors are pressuring Empery Digital for leadership changes and potential sale of its Bitcoin treasury holdings. The company holds 4,081 BTC, ranking among the top 25 public Bitcoin holders, but faces shareholder scrutiny over this capital allocation strategy.Ferretti S.p.A. FERR.MI (INTL) · Mkt Cap: None · EV: NoneLuxury yacht manufacturerKKCG Maritime launched a voluntary partial tender offer for Ferretti shares at €3.50 per share to increase stake from 14.5% to 29.9%. The offer runs March 16 to April 13, 2026, with KKCG seeking board representation and more active governance role.Flutter Entertainment FLTR (US) · Mkt Cap: N/A · EV: N/AOnline sports betting and gaming companyParvus Asset Management Jersey doubled its stake in Flutter Entertainment to 10.7% from 5.1%, making it the second-largest shareholder. This follows Flutter’s weaker-than-expected guidance showing 4% profit growth versus 18% consensus expectations, causing shares to fall 60% over six months. Parvus previously blocked a William Hill merger citing lack of strategic logic.
Strategic Reviews
Cytophage Technologies Ltd. CYTO.V (CA) · Mkt Cap: $5M · EV: $6MBiotechnology companyCytophage formed a special committee of independent directors to evaluate strategic alternatives after receiving unsolicited strategic financing proposals. The committee will oversee a competitive process exploring options including merger, sale, or other business combinations, with no timetable set and no guarantee of a transaction.The Canadian Chrome Company Inc. KWGBF (CA) · Mkt Cap: $35M · EV: $58MChrome mining and mineral resource development companyCompany extended maturity of a $34.5M secured convertible note from September 2026 to August 2027 and granted 2.7M stock options at $1.60. The company has retained Origin Merchant Partners to evaluate strategic alternatives including potential sale, merger, asset divestiture, or joint venture opportunities.Summa Defence Plc SUMMA.HE (FI) · Mkt Cap: $52M · EV: $54MFinnish defense technology and renewable energy solutions companySumma Defence announced a strategic review of its renewable energy subsidiary Summa Energy Oy, which operates European solar thermal solutions under the Savosolar brand. Summa Energy generated EUR 10.1 million in revenue but posted EUR -2.7 million EBITA loss in the first nine months of 2025. The review aims to clarify group structure and reallocate resources to core defense technology focus areas.Roots Corporation ROOT.TO (CA) · Mkt Cap: $98M · EV: $182MCanadian lifestyle brand and retailer of apparel and leather goodsBoard initiated strategic review to identify opportunities to maximize shareholder value, including evaluating a potential sale. J.P. Morgan Securities Canada Inc. engaged as financial advisor and Torys LLP as legal advisor for the process.BARK Inc BARK (US) · Mkt Cap: $136M · EV: $157MDog products and services companyCEO Matt Meeker has withdrawn from Great Dane Ventures LLC, an investor entity that made a preliminary non-binding proposal to acquire BARK. A Special Committee is evaluating potential acquisition proposals alongside the company’s standalone strategy with independent advisors.Orion Properties Inc. ONL (US) · Mkt Cap: $138M · EV: $587MREIT with single-tenant net lease office propertiesOrion Properties reported net losses of $(139.3) million for 2025 while completing 924,000 sq ft of leasing and selling 10 properties for $80.7 million. Management stated they continue to “evaluate strategic alternatives” while executing their business plan.Theravance Biopharma, Inc. TBPH (US) · Mkt Cap: $707M · EV: $422MBiopharmaceutical company developing medicines for respiratory diseasesPhase 3 CYPRESS study for ampreloxetine failed to meet primary endpoint, prompting 60% cost reduction and R&D program wind-down. Strategic Review Committee is accelerating evaluation of alternatives to maximize shareholder value, including potential sale of the company. Company maintains $400M cash and generates $60-70M annualized cash flow from YUPELRI product.CSE Global Limited 544.SI (SI) · Mkt Cap: $742M · EV: $913MEngineering services and solutions providerCSE Global launched a strategic review following a request from controlling shareholder Heliconia Capital Management and a non-binding preliminary expression of interest for a potential transaction involving the company’s shares or business assets. The company is appointing a financial adviser to assess options, with discussions at early stage and no agreed terms.Certara CERT (US) · Mkt Cap: $1.1B · EV: $1.2BBiosimulation software and services for pharmaceutical drug developmentCompany reported Q4 2025 results with revenue growth but $5.9M net loss and weak 2026 guidance of 0-4% revenue growth. Management called 2026 a ‘transition year’ and emphasized potential strategic review of its profitable regulatory writing business while focusing on AI-enabled product launches.Poongsan Corporation 103140.KS (KR) · Mkt Cap: $2.2B · EV: $2.7BKorean copper and munitions manufacturerPoongsan is reviewing structural reforms including potential sale of its profitable munitions business for ~$1 billion to resolve succession issues, as chairman’s son holds U.S. citizenship which restricts him from managing Korean defense firms. Company has hired Lazard, Kim & Chang, and Samil PwC as advisers, though maintains no final decision made.Trump Media & Technology Group DJT (US) · Mkt Cap: $3.0B · EV: $3.1BSocial media and technology company operating Truth Social platformConsidering spinning off Truth Social platform into a separate publicly traded company (via Texas Ventures Acquisition III / TVA) following the pending TAE merger close. Post-spinoff, DJT would become the holding company for TAE’s nuclear fusion business and related assets, while Truth Social would trade separately. Company holds 11,500 Bitcoin reserves under Truth.Fi fintech brand.Victoria’s Secret & Co. VSCO (US) · Mkt Cap: $3.9B · EV: $7.2BIntimate apparel and beauty retailerVictoria’s Secret initiated a strategic review of DailyLook, a non-core asset acquired in the December 2022 Adore Me deal. The review aligns with the company’s focus on its core brands (Victoria’s Secret and PINK) under its Path to Potential strategy while exploring optimization of the Adore Me business within its portfolio.Qiagen QIA.DE (DE) · Mkt Cap: $9.8B · EV: $10.4BBiotechnology company providing molecular diagnostics and life sciences solutionsLeadership conducting CEO search and actively reviewing strategic alternatives with advisors to maximize shareholder value. Company pursuing growth through new product launches and M&A while strategic review process continues in parallel with leadership transition.
M&A / Divestitures
Enzon Pharmaceuticals Inc ENZN (UN) · Mkt Cap: $4M · EV: $5MBiopharmaceutical company developing drug delivery technologiesEnzon Pharmaceuticals is proceeding with an all-stock merger with Viskase that would result in current common shareholders owning only ~5% of the combined company post-merger. Icahn-affiliated entities are expected to control ~93% of the combined entity, subject to conditions including Series C exchange offer completion and minimum $40M cash balance.Burger King Japan (RK Holdings) 3372.T (JP) · Mkt Cap: $20M · EV: $23MOperates Burger King franchise restaurants in JapanGoldman Sachs acquired RK Holdings from Affinity Equity Partners for approximately ¥80 billion. The chain expanded from 77 stores in 2019 to 337 stores by December 2025, targeting 600 stores by 2028.Tevogen Bio Holdings Inc. TVGN (US) · Mkt Cap: $30M · EV: $44MClinical-stage biotechnology company developing T cell therapiesTevogen signed a non-binding letter of intent to evaluate acquiring Apozeal Pharmaceutical Inc. The target would bring 11 FDA-approved ANDA products for the U.S. market and additional ANDAs in development to expand Tevogen’s generics strategy.MarketWise, Inc. MKTW (US) · Mkt Cap: $34M · EV: $-222,383,696Publisher of financial newsletters and investment research servicesMarketWise received an unsolicited acquisition proposal from Monument & Cathedral Holdings and a separate proposal from The Agora Companies to acquire the remaining 57% stake for approximately $280 million. The company has formed a special committee with financial and legal advisors to evaluate strategic alternatives.Lisata Therapeutics, Inc. LSTA (US) · Mkt Cap: $37M · EV: $18MClinical-stage pharmaceutical company developing oncology therapiesLisata entered into a definitive agreement to be acquired by privately-held Kuva Labs for $5.00 per share in cash plus one contingent value right worth up to $1.00 per share if certain regulatory milestones for certepetide are met within 7 years. The board unanimously approved the transaction with closing expected in Q2 2026.Rallybio Corporation RLYB (US) · Mkt Cap: $51M · EV: -$19MBiotechnology company developing treatments for rare diseasesRallybio announced a definitive merger agreement with Candid Therapeutics, with the combined company operating as Candid Therapeutics under ticker CDRX. The transaction includes $505+ million private financing and values pre-transaction Rallybio shareholders at approximately 3.65% of the combined entity, plus CVRs tied to legacy asset dispositions.Pasofino Gold VEIN.V (CA) · Mkt Cap: $97M · EV: N/AGold exploration and development company with projects in ArgentinaPasofino Gold agreed to be acquired by majority shareholder Mansa Resources in a going-private transaction at C$0.90 per share cash, valuing equity at C$141.6 million. Mansa already owns 50.8% and has secured voting agreements representing 76% of shares, with shareholder vote scheduled for March 31, 2026.Cordoba Minerals Corp CDBMF (CA) · Mkt Cap: $100M · EV: $100MMining company with copper-gold exploration projectsCordoba closed the sale of its remaining 50% interest in the Alacrán Project and all Colombian exploration assets to Veritas Resources AG for US$128 million cash. The company plans to distribute net proceeds to shareholders after retaining US$10 million for corporate purposes, subject to British Columbia Supreme Court approval (hearing March 12, 2026) and TSXV approval.Tecnotree Corporation TEM1V.HE (FI) · Mkt Cap: $148M · EV: $119MDigital business support systems and telecom software providerResilience Investment Holdings Ltd commenced a voluntary recommended public cash tender offer for all shares and equity securities in Tecnotree Corporation not held by the company itself. The offer covers shares, convertible debentures, warrants, and options, with the tender offer document supplement approved by the Finnish Financial Supervisory Authority.Banca Sistema S.p.A. BST.MI (IT) · Mkt Cap: $155M · EV: N/AItalian specialty bank focused on salary-backed lending and factoring servicesBanca CF+ S.p.A. secured control of Banca Sistema through a voluntary tender offer, obtaining 70.732% of share capital at €1.89 per share. The acceptance period will reopen for five additional trading days, potentially allowing Banca CF+ to increase its stake further.MediaDo Co., Ltd. 3678.T (JP) · Mkt Cap: $163M · EV: $100MJapanese e-publishing distributor providing digital content distribution servicesMediaDo announced acquisition of US publisher Seven Seas Entertainment for $80 million, which completed in March 2024, marking its first overseas publisher acquisition. The transaction aimed to expand MediaDo’s US operations by leveraging growing manga popularity. (Note: transaction closed 2024; digest coverage reflects ongoing US market expansion angle.)WildBrain Ltd. WILD.TO (CA) · Mkt Cap: $208M · EV: $801MChildren’s content and entertainment company producing animated series and managing IP brandsWildBrain completed the sale of its 41% stake in Peanuts Holdings LLC to Sony for CA $630 million cash. The company used proceeds to fully repay its Senior Secured Credit Facility, eliminating corporate term debt and maintaining over $40 million in cash surplus.Ellomay Capital Ltd. ELLO (US) · Mkt Cap: $390M · EV: $873MRenewable energy development and investment companyEllomay Capital’s principal shareholders completed the sale of their combined 45.9% stake to O.Y. Nofar Energy Ltd. on March 4, 2026. In connection with the control stake sale, two board members resigned immediately and the chairman will resign within 30 days, with two new independent directors appointed.Blend Labs, Inc. BLND (US) · Mkt Cap: $447M · EV: $526MDigital lending platform providing software solutions for mortgage and consumer bankingBlend Labs completed the sale of substantially all assets and liabilities of Title365 Company, which constituted its title insurance business, to Covius Services, LLC on March 1, 2026.Community Health Systems, Inc. CYH (US) · Mkt Cap: $463M · EV: $11.8BHealthcare company operating hospital facilitiesCommunity Health Systems agreed to sell four Arkansas hospital facilities to Freeman Health System for $112 million. The divestiture is expected to close in Q2 2026, subject to customary closing conditions.MarineMax HZO (US) · Mkt Cap: $634M · EV: $1.7BRecreational boat and yacht retailerMarineMax is fielding multiple takeover bids including a $1.1B cash offer from Donerail Group at $35/share (38% premium) and competing proposals from Blackstone, Centerbridge, and TPG. The company has issued confidentiality agreements to multiple bidders for due diligence.Reservoir Media, Inc. RSVR (US) · Mkt Cap: $646M · EV: $1.0BMusic publishing and record label companyIrenic Capital Management, holding 9.3% of Reservoir Media, submitted a nonbinding proposal to acquire 100% of the company’s equity for $10.00-$11.00 per share in cash. The proposal is conditional on management agreement for continued employment and allowing certain major stakeholders to participate in the deal.Esperion Therapeutics ESPR (US) · Mkt Cap: $691M · EV: $1.2BCardiovascular pharmaceutical companyEsperion Therapeutics announced a definitive agreement to acquire privately-held Corstasis Therapeutics for $75 million upfront cash plus up to $180 million in milestones and low double-digit royalties. The acquisition adds Enbumyst, the first FDA-approved nasal spray loop diuretic for heart failure-related edema, with expected closure in Q2 2026.Tilray TLRY (US) · Mkt Cap: $857M · EV: $852MCannabis and beverage company operating in North America and EuropeTilray acquired Brewdog’s UK brewing operations, brand, and 11 pubs for £33m after Brewdog went into administration. The deal preserved 733 jobs but resulted in 484 redundancies and closure of 38 bars.Seneca Foods Corporation SENEA (US) · Mkt Cap: $938M · EV: $1.2BFood processor and canner of fruits and vegetables for retail and food serviceSeneca Foods acquired the Green Giant U.S. frozen business from B&G Foods, including the Green Giant brand and IP, U.S. frozen inventory, and Yuma, AZ manufacturing operations. The deal reunites Green Giant’s shelf-stable (acquired Nov 2023) and frozen businesses under Seneca.Genco Shipping & Trading Limited GNK (US) · Mkt Cap: $962M · EV: $1.1BDry bulk shipping company operating a fleet of vesselsDiana Shipping increased its hostile takeover bid to $23.50 per share from $20.60, representing a 31% premium to undisturbed price. Diana owns 14.8% of Genco and has secured $1.433 billion in fully underwritten financing. Star Bulk agreed to purchase 16 Genco vessels for $470.5 million contingent on the acquisition completion.Ventyx Biosciences VTYX (US) · Mkt Cap: $1.0B · EV: $816MBiopharmaceutical company developing treatments for inflammatory diseasesVentyx Biosciences completed a merger and is voluntarily delisting from Nasdaq effective March 4, 2026. The company suspended trading and filed Form 25 for delisting, with plans to file Form 15 to terminate SEC reporting obligations.Great Lakes Dredge & Dock Corporation GLDD (US) · Mkt Cap: $1.2B · EV: $1.6BMarine dredging and construction services companySaltchuk subsidiary has initiated a tender offer for GLDD shares. This represents a potential acquisition or going-private transaction for the publicly traded dredging company.Enviri Corporation NVRI (US) · Mkt Cap: $1.5B · EV: $3.1BEnvironmental services and industrial equipment companyEnviri Corporation received early termination of HSR Act waiting period for the sale of its Clean Earth division to Veolia Environnement SA. The company plans to file Form 10 registration statement for the simultaneous spin-off of Harsco Environmental and Harsco Rail, with both transactions expected to close in mid-2026 subject to shareholder approval.Ardelyx ARDX (US) · Mkt Cap: $1.6B · EV: $1.6BBiotechnology company developing treatments for gastrointestinal and chronic kidney diseasesArdelyx is subject to acquisition speculation with rumors that Indian pharmaceutical company Zydus Lifesciences is exploring a majority stake in the biotech company. No confirmed approach or terms have been disclosed.RAPT Therapeutics, Inc. RAPT (US) · Mkt Cap: $1.7B · EV: $1.5BBiopharmaceutical company developing therapies for cancer and immune disordersGSK’s tender offer for RAPT Therapeutics at $58.00 per share has expired with 93.36% of shares tendered. GSK will proceed with a backend merger under Delaware Section 251(h) without shareholder vote, making RAPT a wholly-owned subsidiary and delisting the stock from NASDAQ.Ziff Davis ZD (US) · Mkt Cap: $1.7B · EV: $1.9BDigital media and internet services companyZiff Davis announced the sale of its Connectivity division (including Ookla Speedtest and Ekahau brands) to Accenture for $1.2 billion in cash. The deal price exceeds the company’s entire market cap of ~$1.05 billion prior to announcement, with the stock surging 74% on the news.Select Medical Holdings Corporation SEM (US) · Mkt Cap: $2.0B · EV: $5.2BOperator of specialty hospitals and outpatient rehabilitation clinicsSelect Medical agreed to be acquired by a consortium led by Executive Chairman Robert Ortenzio, Martin Jackson, and private equity firm WCAS for $16.50 per share in cash, representing a $3.9 billion enterprise value. The deal offers an 18% premium to the unaffected share price and is expected to close mid-2026 subject to minority shareholder approval and regulatory clearances.Kraken Robotics Inc. PNG.V (CA) · Mkt Cap: $2.0B · EV: $2.0BUnderwater technology and robotics systems providerKraken Robotics announced acquisition of Covelya Group for $615 million ($480M cash, $135M in shares), a leading underwater technology provider with 6 subsidiary companies including Sonardyne International. Covelya Group reported $249-275M revenue in 2025 with 24% EBITDA margins and employs 750 people across 12 global facilities.Day One Biopharmaceuticals DAWN (US) · Mkt Cap: $2.2B · EV: $1.8BPediatric cancer drug development companyFrench pharma company Servier announced acquisition of Day One for $21.50 per share in cash, valuing the deal at approximately $2.5 billion. The offer represents a 68% premium to Day One’s Thursday closing price, centered around Day One’s FDA-approved pediatric brain cancer drug Ojemda.Neogen Corporation NEOG (US) · Mkt Cap: $2.4B · EV: $3.1BFood and animal safety testing company providing diagnostic solutionsNeogen Corporation is selling its global genomics business (GeneSeek) to Zoetis for $160 million, expected to close by end of first half of fiscal 2027. The genomics business generated approximately $90 million in sales during fiscal 2025, with net proceeds used primarily for debt reduction.IAC Inc. IAC (US) · Mkt Cap: $2.9B · EV: $3.6BInternet media and services company owning various digital brands and platformsIAC entered into a definitive agreement to sell its wholly-owned subsidiary Care.com to an affiliate of Pacific Avenue Capital Partners for approximately $320 million in cash. The transaction is expected to close in the first half of 2026, subject to customary closing conditions.Tegna Inc. TGNA (US) · Mkt Cap: $3.4B · EV: $5.7BTelevision broadcasting company operating local TV stations across the USTegna remains on track to complete its $6.2 billion acquisition by Nexstar Media Group in the second half of 2026, pending regulatory approvals. The cash transaction, valued at $22 per share, was already approved by Tegna stockholders in November 2025.EPR Properties EPR (US) · Mkt Cap: $4.4B · EV: $7.4BReal estate investment trust specializing in experiential propertiesEPR announced definitive agreements to acquire a portfolio of seven regional parks from Six Flags Entertainment Corporation for $342 million gross transaction value. The parks comprise over 1,600 acres with 418 attractions across five states and Canada, drawing 4.5 million annual attendees.RadNet RDNT (US) · Mkt Cap: $5.2B · EV: $6.9BRadiology imaging services and AI technology providerRadNet announced acquisition of Paris-based radiology AI company Gleamer for 230 million euros (215 million upfront, 15 million milestone-based). Gleamer generates ~$30 million annualized recurring revenue and has FDA clearance for four AI-enabled radiology devices, targeting $7 million in cost synergies.SSR Mining Inc. SSRM (US) · Mkt Cap: $6.5B · EV: $6.5BPrecious metals mining company with operations in the Americas and TurkeySSR Mining agreed to sell its 80% stake in the Çöpler mine in Turkey to Cengiz Holding for $1.5 billion in cash, expected to close in Q3 2026. The transaction includes a $100 million deposit and $50 million reciprocal break fee, subject to Turkish regulatory approval. The company plans to use proceeds for reinvestment, capital returns, and growth initiatives while conducting a strategic review of remaining Turkish assets.Tokyo Century Corporation 8439.T (JP) · Mkt Cap: $6.7B · EV: $35.5BFinancial services and leasing companyTokyo Century Corporation is acquiring Australia’s largest domestic car rental company, Bargain Car Rentals, for approximately 20 billion yen (~$200 million USD). The acquisition will be completed on April 1st, making Bargain Car Rentals a wholly-owned subsidiary with 13 locations and a fleet of about 5,000 vehicles.Levi Strauss & Co. LEVI (US) · Mkt Cap: $7.9B · EV: $9.6BApparel company known for denim and casual clothingLevi Strauss & Co. has completed the sale of its Dockers brand to Authentic Brands Group for $311 million, with potential earnouts reaching $391 million. The company plans to return approximately $100 million to shareholders through share repurchases and will focus resources on its core denim business and Beyond Yoga athleisure division.Rohm 6963.T (JP) · Mkt Cap: $7.9B · EV: $7.3BSemiconductor manufacturerDenso has proposed to acquire Rohm for approximately 1.3 trillion yen through a tender offer for all shares. Rohm shares traded with upward momentum following the announcement as investors anticipate the TOB price.Middleby Corporation MIDD (US) · Mkt Cap: $8.4B · EV: $10.4BManufacturer of commercial kitchen equipment and food processing systemsMiddleby Corporation is planning a tax-free spin-off of its food processing segment, originally targeted for February 2025. The company estimates enterprise value of both segments at $11.5 billion, with equity value of approximately $9.6 billion versus current market cap of $8.5 billion. (Note: originally targeted February 2025; current status/timeline unclear.)Hudbay Minerals Inc. HBM.TO (CA) · Mkt Cap: $8.9B · EV: $9.3BCopper, zinc, and gold mining companyHudbay agreed to acquire all remaining shares of Arizona Sonoran Copper Company for 0.242 Hudbay shares per Arizona Sonoran share, valuing the deal at US$1.48 billion. Hudbay currently owns 9.99% and plans to take Arizona Sonoran private and delist it from TSX and OTCQX.Beazley BEZ.L (UK) · Mkt Cap: $10.2B · EV: $-5.0BFTSE 100 specialty insurer focusing on cyber, marine, and political riskZurich Insurance is acquiring Beazley for £8.2 billion in an all-cash deal. The acquisition will add Beazley’s specialty insurance business to Zurich and expand access to Lloyd’s market. Beazley will delist from the London Stock Exchange upon completion.Sterling Infrastructure, Inc. STRL (US) · Mkt Cap: $13.6B · EV: $13.1BInfrastructure construction and engineering services companySterling Infrastructure announced acquisition of substantially all assets of CEC Facilities Group and subsidiary MCEC for $505 million ($450M cash + $55M stock + up to $80M earnouts through 2029). CEC provides electrical, mechanical, and technological design/construction services across the U.S. Transaction was expected to close Q3 2025 subject to antitrust approval.Sumitomo Mitsui Trust Holdings 8309.T (JP) · Mkt Cap: $22.9B · EV: $17.0BTrust banking and asset management services companySumitomo Mitsui Trust Holdings announced a partnership with US financial firm Raymond James Financial, where Raymond James will acquire a majority stake in Greensledge Holdings. SMTG will retain a minority stake and become a joint shareholder with Raymond James, with the partnership targeting collaboration in finance, M&A, real estate transactions, and asset management.MasTec, Inc. MTZ (US) · Mkt Cap: $23.7B · EV: $25.9BInfrastructure construction company serving communications, energy and utility marketsMasTec announced the acquisition of McKee Utility Contractors from private equity firm Boyne Capital for $276 million enterprise value. McKee is a water and wastewater infrastructure contractor based in Oklahoma serving Texas, Oklahoma, and Arkansas markets.Suzuki Motor Corporation 7269.T (JP) · Mkt Cap: $25.5B · EV: $29.4BAutomotive manufacturer specializing in compact cars and motorcyclesSuzuki Motor announced it will acquire Kanadevia Corporation’s all-solid-state lithium-ion battery business, effective July 1, 2026. Kanadevia (formerly Hitachi Zosen) has been developing solid-state batteries since 2006. The acquisition includes Kanadevia’s proprietary dry manufacturing process and technology, strengthening Suzuki’s next-generation EV battery capabilities.Denso Corporation 6902.T (JP) · Mkt Cap: $34.7B · EV: $36.9BToyota Group automotive parts manufacturerDenso has made an acquisition proposal to semiconductor company Rohm. Rohm is reportedly carefully considering the proposal.Heidelberg Materials HEI.DE (DE) · Mkt Cap: $37.8B · EV: $47.4BGlobal building materials company producing cement, aggregates, and ready-mix concreteHeidelberg Materials announced a binding agreement to acquire Maas Group Holdings’ construction materials business for approximately EUR 1.023 billion. The acquisition includes 40 quarries, 22 concrete plants, and two asphalt operations across Eastern Australia, with expected EBITDA multiple of 8.4x.Lonza Group AG LONN.SW (SW) · Mkt Cap: $45.6B · EV: $50.1BLife sciences company providing manufacturing and development servicesLone Star Funds agreed to acquire Lonza’s Capsules & Health Ingredients division, with Lonza retaining a 40% equity position in the divested business. The CHI division operates globally across hard empty capsules, dosage form solutions, and health ingredients segments.Anglo American AAL.L (UK) · Mkt Cap: $51.4B · EV: $73.5BGlobal mining company focused on copper, iron ore, and agricultural nutrientsAnglo American completed the demerger of its majority interest in Valterra Platinum on May 31, 2025, following shareholder approval. Valterra listed on the London Stock Exchange on June 2, 2025, and Anglo American subsequently sold its remaining 19.9% stake in September 2025 for $2.5 billion cash proceeds.L3Harris Technologies LHX (US) · Mkt Cap: $68.8B · EV: $79.6BDefense contractor providing aerospace, defense and technology systemsL3Harris is preparing to spin off its Missile Solutions business via IPO in late 2026, with current CFO Ken Bedingfield transitioning to lead the missile unit while former Peraton CFO Kenneth Sharp takes over as company CFO on March 16. The missile business is expected to grow from $3.8 billion in 2025 to $6.3 billion in 2028.Paramount Skydance / Warner Bros. Discovery PSKY, WBD (US) · Mkt Cap: $70.4B · EV: N/AMajor entertainment companies with streaming services, television networks, and film studiosParamount Skydance announced plans to acquire Warner Bros. Discovery in a $110 billion all-cash deal ($31/share), unanimously approved by both boards on February 27, 2026. The merger would combine HBO Max, Paramount+, CBS, CNN, DC Studios, and Warner Bros. Pictures into the largest traditional media company. Transaction expected to close Q3 2026 pending regulatory and WBD shareholder approval; FCC chairman has characterized the deal as “cleaner” than the competing Netflix bid.Accenture ACN (US) · Mkt Cap: $133.1B · EV: $128.8BTechnology consulting and professional services companyAccenture has entered into an agreement to acquire Ookla, a global leader in network intelligence and competitive benchmarking. The acquisition includes Ookla’s data products such as Speedtest, Downdetector, Ekahau, and RootMetrics, with the transaction subject to customary closing conditions including regulatory approvals.Nvidia Corporation NVDA (US) · Mkt Cap: $4.4T · EV: $4.4TSemiconductor and artificial intelligence computing companyNvidia has made a $30 billion investment in OpenAI, with the timing aligning with OpenAI’s anticipated IPO. The investment represents a strategic move by Nvidia to strengthen its position in the AI ecosystem and potentially secure equity upside in what could be one of the largest tech IPOs.NEXT RE SIIQ S.p.A. NEXTRE.MI (INTL) · Mkt Cap: None · EV: NoneReal estate investment company focused on Italian commercial propertiesCPI Property Group launched a voluntary tender offer for all remaining publicly traded shares of NEXT RE SIIQ, targeting 4.4M shares (20% of share capital, 40% of voting rights) that it doesn’t already own. CPI already owns 50% of the company plus all non-voting Class B shares, and aims to delist NEXTRE from Euronext Milan.Bloomberry Resorts Corp BLOOM.PS (INTL)Philippine casino and resort operatorBloomberry completed its exit from the Jeju casino business, selling to Gangwon Blue Mountain Co. Ltd. for KRW 10 billion total (KRW 7 billion paid, KRW 3 billion due by Feb 27). The demerger involved transferring the Jeju Sun casino gaming license and operations to Heaven Co. Ltd., which was then sold to the buyer.Allfunds Group Plc ALLFG.L (INTL) · Mkt Cap: None · EV: NoneInvestment fund platform and distribution services providerDeutsche Börse Group has made a recommended acquisition offer for Allfunds Group, coinciding with Allfunds’ strategic review that resulted in business simplification through exits from Allfunds Tech and Luxembourg ManCo operations. The company reported strong 2024 results with 17.1% growth in assets under administration to €1.76 trillion.Six Flags Entertainment Corporation SIX (INTL) · Mkt Cap: None · EV: NoneTheme park operatorSix Flags Entertainment Corporation entered a definitive agreement to sell seven parks including Six Flags St. Louis to EPR Properties, with operations transitioning to EPR and partner Enchanted Parks after the 2026 season. The divestiture is part of Six Flags’ ongoing strategy to optimize its park portfolio and focus investment on parks with greatest growth opportunities.Jubilee Holdings Limited JBHL.NR (INTL) · Mkt Cap: None · EV: NoneInsurance and financial services companyJubilee Holdings is selling its remaining minority stakes (15-34%) in general insurance businesses across Kenya, Uganda, Tanzania, Burundi and Mauritius to Sanlam Allianz Africa for Sh4.5 billion (~$30M USD). The company plans to distribute part of proceeds as special dividend to shareholders. (Note: completion was originally targeted end of 2024 pending regulatory approval; current status unclear.)Insplorion INSP.ST (SE) · Mkt Cap: $351,321 · EV: $68,792Sensor technology and nanotechnology companyInsplorion is selling its hydrogen sensor business division to Manntek. The transaction represents a strategic divestiture of a business segment for the Swedish technology company.TC Transcontinental Inc. TCL.A (CA) · Mkt Cap: N/A · EV: N/APrinting and educational publishing companyTC Transcontinental completed the sale of its Packaging Business to ProAmpac Holdings for CAD $2.1 billion in cash. The company expects to distribute approximately $20 per share to shareholders through a combination of capital reduction (~$7/share, subject to shareholder approval) and cash dividend.
Restructuring
Qlife Holding AB QLIFE.ST (SE) · Mkt Cap: $3M · EV: $4MHealthcare technology companySecured new guarantors for SEK 31.4 million rights offering while pursuing reverse takeover with Hipro Biotechnology. Letter of intent for reverse takeover extended until end of 2026.Nanologica AB NICA.ST (SE) · Mkt Cap: $4M · EV: $9MSwedish nanotechnology company developing silica-based drug delivery systemsNanologica is conducting a rights issue with 7:3 terms (7 new shares for every 3 existing shares) at SEK 0.40 per share. Subscription period runs March 11-25, 2026, with rights trading March 11-20. The company trades ex-rights starting March 6, 2026.COSCIENS Biopharma Inc. CSCI.TO (CA) · Mkt Cap: $5M · EV: $267KPharmaceutical company developing hormone-related treatments and active ingredientsCOSCIENS is ceasing funding of its German subsidiaries, triggering structured insolvency and surrender of rights to its main pharmaceutical asset Macrilen® (macimorelin). The company will significantly reduce operating expenses and refocus on its active ingredients business while exploring strategic alternatives including sales and licensing opportunities.Contel Technology Company Limited 8065.HK (HK) · Mkt Cap: $6M · EV: $2MTechnology companyTwo wholly-owned subsidiaries received winding-up petitions in Hong Kong High Court alleging unpaid debts totaling US$550,000 and RMB 14 million. Company denies allegations and plans to defend against petitions, with court hearing scheduled for May 6, 2026.Magnetite Mines Limited MGT.AX (AU) · Mkt Cap: $6M · EV: $7MIron ore and critical minerals exploration company in South AustraliaCompany began trading rights for renounceable rights issue on ASX under code MGTRH, with trading concluding March 18, 2026. Capital raising supports development of magnetite and critical minerals portfolio including Razorback Iron Ore Project.Iterum Therapeutics plc ITRM (IR) · Mkt Cap: $8M · EV: $31MPharmaceutical companyReceived Nasdaq delisting determination for failing to maintain minimum $1.00 bid price, with trading suspension scheduled for March 5, 2026. Company is evaluating strategic alternatives including wind-down, bankruptcy, liquidation or dissolution due to limited capital-raising ability.Trinseo PLC TSE (US) · Mkt Cap: $8M · EV: $2.5BMaterials and specialty chemicals companyNYSE is commencing delisting proceedings due to falling below the minimum $15 million average market capitalization requirement over 30 days. Trading has been suspended immediately, though the company has appeal rights.enish Inc. 3667.T (JP) · Mkt Cap: $12M · EV: $605,486Mobile game development and publishing companyenish exercised 24,900 warrant rights (17.7% of total issuance) in February 2026, issuing 2.49 million new shares and raising ¥147 million. The company has 36,620 warrant rights remaining unexercised and reported losses of ¥8.82 billion in FY2024.Eezy Plc EEZY.HE (FI) · Mkt Cap: $18M · EV: $75MStaffing and healthcare services companyPlanning fully-underwritten rights issue of up to EUR 10 million with main shareholders including Sentica funds providing full underwriting commitment. Also exploring divestitures of low-profitability healthcare staffing operations.Birdman Co., Ltd. 7063.T (JP) · Mkt Cap: $21M · EV: $24MJapanese logistics and trading companyBirdman announced a major equity raise through third-party allocation to Dubai-based KANDB Investment, issuing 6.67M shares plus warrants for 21.33M additional shares at ¥150 each, raising ¥4.07B total. Maximum dilution of 113.85% of current shares outstanding. Funds allocated for M&A activity, debt reduction, and expansion into renewable energy business.Nine Energy Service, Inc. NINE (US) · Mkt Cap: $25M · EV: $362MOilfield services company providing completion and production solutionsNine Energy Service emerged from Chapter 11 bankruptcy on March 5, 2026, after filing prepackaged cases on February 1, 2026. The restructuring reduced secured debt by $320 million, cut annual interest expense by $40 million, and provided a new $135 million ABL credit facility upon emergence.Add New Energy Investment Holdings Group Limited 0188.HK (HK) · Mkt Cap: $27M · EV: $-64MInvestment company focused on mining and energy sector investmentsAdd New Energy Investment Holdings is conducting a major non-underwritten rights issue to raise up to HK$504.4 million, offering 1 new share for every 2 existing shares at HK$2.88 per share (40.37% discount to market price). Controlling shareholders have committed to 55.7% of the offering. Proceeds will fund acquisitions/investments in mining companies (70%) and working capital (30%).China Water Industry Group Limited 1129.HK (HK) · Mkt Cap: $31M · EV: $145MWater infrastructure and environmental services in ChinaCompany faces winding-up petition with third supporting creditor (Mr. Wang Jiandong) seeking HK$2 million bond repayment. Court hearing scheduled for March 25, 2026, with company actively negotiating settlements with all creditors to withdraw petition.Angkor Resources Corp ANK.V (CA) · Mkt Cap: $49M · EV: $53MOil and gas exploration company with projects in CambodiaCompany completed sale of 40% interest in Evesham oil and gas assets for $4.8M, eliminating $3.8M in debt and providing $1M net proceeds. Transaction received over 99% shareholder approval and allows focus on Cambodian exploration projects.Hain Celestial Group HAIN (US) · Mkt Cap: $72M · EV: $770MNatural and organic food and personal care products companyHain Celestial completed the sale of its North American Snacks business to Snackruptors Inc. for $115M on March 2, 2026. Proceeds will reduce debt and support investment in higher-margin core categories including Celestial Seasonings teas, The Greek Gods yogurt, and Earth’s Best Organic.Franklin Street Properties Corp. FSP (US) · Mkt Cap: $72M · EV: $292MCommercial real estate investment trustFranklin Street entered into a new $320 million secured credit facility with Silver Oak Capital/TPG Credit affiliate, consisting of $275 million initial term loans and $45 million delayed draw capacity. The facility carries a 9.0% initial interest rate with 6% original issue discount, 3-year term with 1-year extension option, and is secured by substantially all company assets.MFS High Yield Municipal Trust CMU (US) · Mkt Cap: $94MClosed-end municipal bond investment fundMFS High Yield Municipal Trust announced a tender offer for up to 50% of outstanding shares at 99% of NAV, contingent on shareholder approval of its reorganization into MFS Municipal Income Trust. The tender offer provides liquidity ahead of the reorganization expected around June 1, 2026, with shareholder vote scheduled for March 11, 2026.Precision BioSciences DTIL (UN) · Mkt Cap: $100M · EV: $40MGene-editing company developing therapeutic applications using ARCUS platformPrecision BioSciences faces significant cash crunch and trades at distressed micro-cap levels. The company has restructured operations, narrowed focus, and relies on partnerships to extend cash runway while facing potential delisting risk.Shalby Limited SHALBY.NS (IN) · Mkt Cap: $176M · EV: $238MMulti-specialty hospital chain and healthcare services providerShalby increased its shareholding in subsidiary PK Healthcare Private Limited from 87.26% to 91.13% through a ₹59.6 crore rights issue. The rights issue involved allotment of 5.96 crore equity shares at ₹10 per share in 1:2 ratio to existing shareholders.Methode Electronics, Inc. MEI (US) · Mkt Cap: $226M · EV: $498MElectronic components manufacturer for automotive and industrial applicationsMethode Electronics (NYSE: MEI) announced the sale of its dataMate copper transceiver business to Bel Fuse Inc. (NASDAQ: BELFA, BELFB). The divestiture is part of Methode’s portfolio refinement strategy to focus on power solutions for data centers and AI computing architectures while reducing debt.Protean eGov Technologies Limited PROTEAN.NS (IN) · Mkt Cap: $253M · EV: $245MDigital governance and technology services providerNCLT Mumbai approved the composite scheme of arrangement involving demerger with Protean Infosec Services Limited. The tribunal approved the demerger order under Companies Act provisions, with the company obtaining certified copies for stock exchange compliance.MBIA Inc MBI (US) · Mkt Cap: $342M · EV: $3.4BBond insurer and financial guarantorMBIA announced the sale of its primary operating subsidiary National Public Finance Guarantee Corporation to Assured Guaranty Ltd and approved a $14 per share special cash dividend. The transaction marks the beginning of a controlled wind-down and capital return strategy, with MBIA transitioning from an operating company to a liquidation vehicle.Rare Element Resources Ltd. REEMF (UN) · Mkt Cap: $342M · EV: $273MMining company developing rare earth element projectsRare Element Resources completed an oversubscribed rights offering raising $30.9 million gross proceeds through issuance of 129 million shares at $0.24 per share. Following the offering, majority shareholder Synchron will own approximately 71.4% of outstanding shares. Proceeds will fund rare earth processing operations, demonstration plant advancement, and Bear Lodge project permitting.Apartment Investment and Management Company AIV (US) · Mkt Cap: $626M · EV: $1.4BReal estate investment trust focused on apartment investments and managementShareholders approved a Plan of Sale and Liquidation to sell all assets and return net proceeds to shareholders after settling liabilities. The company will distribute a liquidating dividend of $1.45 per share and has already sold its Chicago apartment portfolio for $455 million.ARKO Corp ARKO (US) · Mkt Cap: $714M · EV: $3.1BConvenience store and fuel retail operatorARKO completed a carve-out IPO of its wholesale/fleet fueling subsidiary ARKO Petroleum, raising $200 million and reducing debt by $184 million while retaining a 76% stake. The new public subsidiary trades at approximately $900 million valuation. ARKO is also executing a ‘dealerization’ strategy, converting 410 retail locations to dealer-operated with plans for 120 more conversions.ams-OSRAM AG AMS.SW (SW) · Mkt Cap: $1.1B · EV: $3.2BSemiconductor and sensor solutions company focusing on optical technologiesams OSRAM completed the sale of its Entertainment and Industry Lamps business to Ushio Inc. for EUR 114 million cash. The transaction is part of a comprehensive deleveraging plan to achieve net-debt to adjusted EBITDA ratio below 2, including production facilities in Berlin and approximately 500 employees.Cyient Limited CYIENT.NS (IN) · Mkt Cap: $1.1B · EV: $986MEngineering and technology services providerNCLT Bengaluru has ordered liquidation of Infotech HAL Limited, a 50:50 joint venture between Cyient Limited and Hindustan Aeronautics Limited, with liquidator appointed to conduct wind-up proceedings. The joint venture filed for liquidation under the Insolvency and Bankruptcy Code after failed resolution process.CBL Properties CBL (US) · Mkt Cap: $1.1B · EV: $3.3BShopping mall and retail property REITCompany acquired Gateway Mall in Lincoln, Nebraska for $43.5 million, financing with $21 million loan at 6.46% interest. Separately entered contract to sell open-air center for net proceeds of $25 million at 8% cap rate, with April closing expected.Elementis ELM.L (UK) · Mkt Cap: $1.2B · EV: $1.5BSpecialty chemicals company producing additives and materialsElementis is executing a major strategic transformation called ‘Elevate Elementis’ to become a pure-play specialty chemicals business, including divestments, acquisitions, and cost cuts. The company completed a £40M share buyback in 2025, acquired Alchemy Ingredients for $22M, and agreed to sell its pharmaceutical manufacturing business to Associated British Foods with proceeds to be returned to shareholders in Q2 2026.Pokka Sapporo Food & Beverage 2270.T (JP) · Mkt Cap: $1.3B · EV: $1.6BBeverage and food company (subsidiary of Sapporo Holdings)Company will spin off entire vending machine business (40,000 machines) to Life Drink Company through corporate divestiture, effective October 2026. Deal includes three vending machine subsidiaries and represents strategic exit from vending sector to refocus on core lemon business.Senko Group Holdings 9069.T (JP) · Mkt Cap: $2.1B · EV: $4.1BLogistics and supply chain services companySenko Group announced major organizational restructuring effective April 1, 2025, including consolidation of agricultural companies and merger of Senko Shoji and SENKO International Trading. (Note: restructuring effective date was April 2025; entry reflects recent reporting on the completed organizational change.)Fasadgruppen Group AB FASA.ST (SE) · Mkt Cap: $3.1B · EV: $3.0BSwedish construction company specializing in facade and building envelope solutionsFasadgruppen’s extraordinary general meeting approved a rights issue of approximately SEK 504 million (~$48 million USD). The board initially resolved on the rights issue on February 3, 2026, subject to shareholder approval, which was granted on March 6, 2026.Macy’s M (US) · Mkt Cap: $4.9B · EV: $9.7BDepartment store retailerAnnounced closure of 14 additional stores across 12 states as part of ‘Bold New Chapter’ plan to close 150 underperforming stores by 2026. Company has already closed 66 locations, with targeted stores representing 25% of square footage but less than 10% of sales.Core Scientific CORZ (US) · Mkt Cap: $4.9B · EV: $5.8BBitcoin mining and AI data center operatorCore Scientific announced plans to sell up to 2,500 BTC (substantially all of its bitcoin holdings) by Q1 2026 to finance its pivot from bitcoin mining to AI data center operations. The company is winding down mining operations due to declining profitability and network difficulty pressures.Acea S.p.A. ACE.MI (IT) · Mkt Cap: $6.0B · EV: $12.5BItalian utility companyExecuting partial demerger by spin-off, transferring centralized services operations to newly created wholly-owned subsidiary a.evolution S.p.A. Board approved the transaction on February 13, 2026, as part of reorganization to centralize management of services provided to Group companies.Max Financial Services Ltd MFSL.NS (IN) · Mkt Cap: $6.4BFinancial services holding companyMax Financial Services is considering merging with its 81%-owned subsidiary Axis Max Life Insurance to enable direct listing of the insurance business. The board granted in-principle approval, with the restructuring requiring regulatory approvals including from IRDAI and consent from Axis Bank entities who own 19% of the insurer. If the merger doesn’t complete by agreed timelines, Axis entities can trigger alternative options including an IPO process, with listing commitment by April 2027.Fluor Corp. FLR (US) · Mkt Cap: $6.5B · EV: $4.1BEngineering and construction company providing project management servicesFluor Corp. is monetizing its stake in NuScale Power, having received $1.35 billion from share sales in early 2026 and raising almost $2 billion total in proceeds. The company is returning capital to shareholders through massive share buybacks, repurchasing nearly 17 million shares for over $700 million and authorizing an additional 30 million shares for repurchase (representing over 20% of outstanding shares).Mebuki Financial Group 7167.T (JP) · Mkt Cap: $7.7B · EV: $2.2BRegional banking and financial services groupMebuki Financial Group announced establishment of a subsidiary and internal group business reorganization. The company recently raised its full-year profit forecast and increased dividend guidance by 2 yen for the March 2026 fiscal year.Stora Enso Oyj STEAV.HE (FI) · Mkt Cap: $10.0B · EV: $13.9BForest industry company producing paper, packaging materials and wood productsStora Enso announced the executive management team for its new forest asset company that will be demerged from the parent company, with completion expected in H1 2027. The demerger follows a strategic review completed in November 2025 and aims to create the largest listed pure-play forest company in Europe. Tuomas Hallenberg was appointed CEO.Aptiv PLC APTV (US) · Mkt Cap: $15.4B · EV: $21.9BAutomotive technology company providing electrical systems and software solutionsAptiv’s Board approved the spin-off of its Electrical Distribution Systems business into Versigent, a new public company. Record date is March 17, 2026, distribution April 1, 2026, with shareholders receiving 1 Versigent share for every 3 Aptiv shares. Versigent will trade on NYSE under ticker VGNT.Associated British Foods ABF.L (UK) · Mkt Cap: $17.7B · EV: $21.9BInternational food and retail conglomerate operating Primark stores and food businessesAssociated British Foods has appointed Eoin Tonge as permanent CEO of Primark/Penneys, replacing interim leadership after the previous CEO’s resignation. This comes as ABF is conducting a strategic review of its group structure announced in November, with potential demerger of the Primark business being considered due to its ‘size and complexity’.Toyota Tsusho Corporation 8015.T (JP) · Mkt Cap: $42.4B · EV: $55.4BTrading company and Toyota Group memberAnnounced simplified absorption-type company split with a subsidiary. Stock declined 6.66% following the announcement, though specific terms and details of the restructuring were not disclosed.MicroStrategy MSTR (US) · Mkt Cap: $46.0B · EV: $56.1BBusiness intelligence software company that holds Bitcoin as treasury assetMultiple Bitcoin treasury companies are unwinding positions as sector collapses. GD Culture approved selling 7,500 Bitcoin ($505M) for share buybacks, while Empery Digital faces shareholder revolt demanding sale of all Bitcoin holdings. MicroStrategy trades at $133 down from $473, with 14% of shares sold short.Singapore Telecommunications Limited Z74.SI (SI) · Mkt Cap: $64.5B · EV: $71.0BTelecommunications and digital services providerCompany appointed provisional liquidators for winding up of subsidiary Singtel Strategy as part of corporate restructuring. Parent recently completed major transactions including SG$6.6 billion data center deal with KKR.Block Inc SQ (US)Digital payments and financial services platform operating Square, Cash App, and AfterpayBlock announced a major restructuring cutting more than 4,000 jobs (~40% of workforce), reducing headcount from over 10,000 to under 6,000, as part of an AI-driven reorganization. CEO Jack Dorsey tied the cuts directly to productivity gains from AI tools. Stock surged over 20% in after-hours trading following the announcement alongside raised 2026 guidance.Easor Plc EASOR (None)Software business serving SME customers and accounting firm partnersEasor began trading on Nasdaq Helsinki Main Market following completion of partial demerger from Talenom. The demerger separated Talenom into two companies, with Easor focusing on software business serving over 15,000 SME customers and 220 accounting firm partners across Finland, Sweden, Spain and Italy.Insignia Systems Inc ISIG (INTL)Marketing services and in-store advertising solutions providerInsignia Systems delisted from Nasdaq and deregistered with the SEC, becoming a non-reporting dark company. The company previously sold substantial assets through strategic review process and is winding down operations while positioning for potential asset monetizations or strategic deals.Faron Pharmaceuticals Ltd FARN (INTL)Clinical-stage biopharmaceutical company developing cancer immunotherapiesShareholders approved board authorization to issue up to 80 million new shares in a rights offering. The authorization is valid until June 30, 2026, with the board having discretion over pricing, timing, and terms of the offering.Azul S.A. AZLUY (INTL) · Mkt Cap: None · EV: NoneBrazilian airlineCompleted Chapter 11 bankruptcy reorganization effective February 20, 2026, including a 75-to-1 reverse stock split and new share issuance to committed investors and existing noteholders. The reorganization plan was confirmed by U.S. Bankruptcy Court in December 2025.Lemon Tree Hotels LEMON.NS (INTL) · Mkt Cap: None · EV: NoneHotel operator in IndiaAnnounced restructuring to become fully asset-light by shifting all hotel ownership to subsidiary Fleur. Plans to create two distinct publicly traded entities within 12-15 months through this separation.Justera Health Ltd. VTAL.V (INTL) · Mkt Cap: None · EV: NoneHealthcare companyAnnounced sale of subsidiary Port North Extracts Inc. for $1 with buyer assuming all liabilities. CEO Joshua Herman and CFO Paul Haber both resigned, leaving Young Cho Lee as sole director and officer.GD Culture Unknown (INTL) · Mkt Cap: None · EV: NoneCompany with Bitcoin treasury holdingsApproved sale of some or all of its 7,500 Bitcoin holdings (worth ~$505 million) to fund a $100 million share repurchase program. Company has 42% unrealized loss (~$208 million) on Bitcoin position acquired five months ago.EEI Corp. EEI.PS (INTL) · Mkt Cap: None · EV: NoneConstruction company in the PhilippinesConducting ₱11.42 billion debt resolution by assuming subsidiary liabilities in exchange for shares, and consolidating non-core assets into EEI Ventures Inc. through 300 million share swap at ₱22.22 per share. Management indicates consolidated real estate entity could eventually be spun off via IPO.Nobia AB NOBI-B.ST (INTL) · Mkt Cap: None · EV: NoneKitchen cabinet manufacturerConducting SEK 1.5 billion rights issue while simultaneously divesting British operations for zero consideration. Restructuring includes substantial dilution for existing shareholders through the capital raise.Inland ZDP PLC INLZ (UK) · Mkt Cap: N/A · EV: N/AZero Dividend Preference Share investment companyCancelling listing of Zero Dividend Preference Shares from London Stock Exchange effective March 30, 2026. Company is in voluntary liquidation and liquidators consider maintaining listing no longer necessary during winding-up process.Mahindra & Mahindra Ltd MAHM.NS (IN) · Mkt Cap: N/A · EV: N/AAutomotive and farm equipment manufacturerAssociate company Mitsubishi Mahindra Agricultural Machinery approved winding down agricultural machinery business by H1 FY27, ceasing R&D, production, and sales. MAM contributed ₹1,786 crore revenue but posted ₹151.6 crore losses, representing 1.17% drag on M&M’s consolidated PAT.Cumulus Media Inc. CMLS (US) · Mkt Cap: $122K · EV: $755MRadio broadcasting company operating local radio stationsCumulus Media entered a restructuring support agreement to eliminate approximately $600 million of debt through a prepackaged Chapter 11 bankruptcy filed March 5, 2026. The plan calls for 100% cancellation of existing funded debt in exchange for 100% of reorganized equity plus $50 million of new convertible notes. Court hearing expected within 60 days with emergence contingent on FCC approvals.King International Investment Limited 928.HK (INTL)Investment holding company with healthcare subsidiaryKing International faces a winding-up petition filed by Huang Xiaojun over HK$259,862 in overdue employment contract payments from subsidiary Life Healthcare. The petition hearing is scheduled for May 13, 2026, with any share transfers after Feb 27, 2026 potentially void without court validation if winding-up proceeds.MultiChoice Group MCG.JO (INTL)Pay-TV and streaming services provider in AfricaMultiChoice, recently acquired by Canal+, announced the discontinuation of its Showmax streaming platform which has over 3 million subscribers, citing substantial annual losses. The decision follows Canal+’s completion of MultiChoice acquisition in late 2025 after a process that began in 2020. MultiChoice will transition to Canal+’s in-house streaming platform as part of post-acquisition integration.Cepatwawasan Group Bhd CEPAT.KL (INTL)Renewable energy and investment companyCepatwawasan is restructuring its renewable energy business by selling a 40% stake in its 12MW Sandakan biomass plant to ASX-listed subsidiary Timah Resources for RM31.61 million on deferred payment terms. The transaction aims to unlock value in the renewable energy segment with completion expected by Q2 2026.IMAC Holdings, Inc. BACK (US) · Mkt Cap: $218K · EV: $4MOutpatient medical clinic operator focusing on regenerative medicineIMAC Holdings has issued multiple unsecured promissory notes at substantial discounts (28-29%) with short maturities, raising approximately $699K in cash proceeds against $979K in principal obligations through October 2025. The company has also experienced SEC filing delays and a board resignation, indicating potential financial distress.Oando Plc OANDO.NG (INTL)Integrated oil and gas companyOando Plc is conducting a rights issue to existing shareholders at N50.00 per share on a 1-for-2 basis, with a February 13, 2026 due date. The stock broke out to N50.25, trading above the rights issue price, as the market views this as balance sheet strengthening and debt management. The capital raise is positioned as part of broader recapitalization and restructuring efforts.Prabha Energy Limited (INTL)Energy companyPrabha Energy announced a rights issue of 96.67 million shares at ₹144 per share, raising ₹139.2 crores with a 5:14 entitlement ratio and March 11, 2026 record date. Promoters will forgo their entitlements to achieve minimum public shareholding compliance under SEBI regulations.TPI Composites TPICQ (UN) · Mkt Cap: $258K · EV: $479MManufacturer of composite wind blades for wind turbinesTPI Composites announced three restructuring deals with Vestas: selling Chennai manufacturing assets for $10M cash, transferring 100% equity of Mexico units V and VI to Vestas for $14M, and transferring selected Matamoros assets for $1 plus assumed liabilities. All deals are subject to court approval and aimed at streamlining operations and strengthening liquidity.Aferian AFRN.L (UK) · Mkt Cap: $819K · EV: $21MTechnology company providing TV and video solutionsAferian shares suspended from AIM trading as company prepares for administration and sale of operating subsidiaries 24i and Amino to single buyer. Sale proceeds expected to be significantly below £16.5M secured debt, with shareholders receiving no return from the deal.DCM Shriram International Limited DCMSRM.BO (INTL)Indian diversified company operating in sugar, farm solutions and plastics segmentsDCM Shriram International completed a Composite Scheme of Arrangement involving demerger and amalgamation that became effective December 17, 2025, with shares listing on BSE and NSE on February 17, 2026. The company reported its first post-restructuring quarterly results with ₹115.56 crore revenue and ₹3.89 crore profit for Q3 FY26. The restructuring involved DCM Hyundai Limited becoming an associate company.Copper Property CTL Pass Through Trust CPTA (INTL)Liquidating trust holding retail properties and distribution centers from J.C. Penney bankruptcyCopper Property CTL Pass Through Trust, a liquidating trust created from J.C. Penney’s Chapter 11 bankruptcy holding 160 retail properties and 6 warehouse distribution centers, issued its monthly distribution of $6.2 million ($0.082844 per certificate) for February 2026. The trust’s objective is to sell all properties to third parties as promptly as practicable.Prodways Group PWG.PA (INTL)3D printing and digital manufacturing solutions providerProdways Group signed agreement to sell its Software business (AvenAo subsidiary) for €35 million, which exceeds the company’s current market capitalization. The sale is part of the company’s 2025 strategy to divest from the Systems division, with plans to distribute a significant portion of proceeds to shareholders.
Other Situations
TIAN RUIXIANG Holdings Ltd TIRX (CH) · Mkt Cap: $3MChinese holding companyTIAN RUIXIANG Holdings received Nasdaq delisting notification due to closing bid price of $0.10 or less for ten consecutive trading days. Trading will be suspended March 5, 2026, and the company is implementing a 1-for-50 reverse stock split while appealing the delisting decision.XTL Biopharmaceuticals Ltd. XTLB (IS) · Mkt Cap: $7M · EV: $683MBiopharmaceutical company developing treatments for autoimmune diseasesXTL received a delisting notice from Nasdaq after being determined a ‘public shell’ following its main subsidiary The Social Proxy entering liquidation proceedings. The company also faces delisting for failing to meet minimum stockholders’ equity ($2.5M) and $1 bid price requirements, and plans to request a hearing to appeal.Allurion Technologies, Inc. ALUR (US) · Mkt Cap: $8M · EV: $83MMedical technology company developing weight loss solutionsNYSE commenced delisting proceedings against Allurion for failing to maintain minimum listing standards of $50 million in stockholders’ equity or market cap on a 30-day average basis. The company has 10 business days to request a review by the NYSE Board Committee.Vicarious Surgical Inc. RBOT (US) · Mkt Cap: $14M · EV: $5MRobotic surgical technology developerNYSE announced delisting proceedings against Vicarious Surgical due to falling below the $15 million average market cap requirement over 30 consecutive trading days. Trading has been suspended immediately, though the company can appeal the decision.Citi Pharma Limited CPHL.KA (INTL) · Mkt Cap: $24MPharmaceutical manufacturerCiti Pharma’s board approved an IPO of its wholly owned subsidiary Citi Veterinary Pharma Limited, targeting Rs1-2 billion in capital raising. The subsidiary will focus on veterinary APIs and pharmaceutical products for the local Pakistan market, with K-Trade Securities appointed as IPO consultant.Old Market Capital Corporation OMCC (UN) · Mkt Cap: $29M · EV: $21MInvestment holding companyOld Market Capital Corporation’s Board approved a plan to voluntarily delist its common stock from NASDAQ Capital Market and transition to OTC trading. The company will file Form 25 to remove its listing and deregister under Section 12(b), followed by Form 15 to suspend periodic reporting obligations.Novacyt S.A. ALNOV.PA (FR) · Mkt Cap: $32M · EV: $18MClinical diagnostics company specializing in infectious disease testingCompany conducting rights issue to raise up to €784,736 at €0.40 per share (1 new share for every 36 existing shares) following completion of Southern Cross Diagnostics acquisition. Subscription commitments for €605,826 (77% of raise) secured from SCD seller and board members, with subscription period March 6-17, 2026.Ventus Venture Capital Trust VEN.L (UK) · Mkt Cap: $53MUK venture capital trust that invested in wind farm portfolioVentus VCT is in final stages of liquidation after completing sale of its wind farm portfolio. The trust is preparing for formal dissolution and final capital distribution to shareholders while maintaining HMRC compliance to preserve VCT tax benefits until termination.Spir Group SPIR.OL (NO) · Mkt Cap: $118M · EV: $138MNorwegian business services companyEuronext Oslo Børs has decided to delist shares of Spir Group from the exchange. Limited details on the reasoning or timeline for the delisting decision have been provided.Digital Hearts Holdings 3676.T (JP) · Mkt Cap: $132M · EV: $118MVideo game testing and quality assurance servicesDigital Hearts Holdings has withdrawn its plan for a dividend-type spin-off and IPO of its subsidiary AGEST. The company was previously planning to distribute AGEST shares to existing shareholders and list the subsidiary separately on the stock exchange.Toho Zinc Co., Ltd. 5707.T (JP) · Mkt Cap: $152M · EV: $568MZinc smelting and refining operationsToho Zinc announced a third-party allotment of warrants to investment company Apricus Partners, raising approximately 6.1 billion yen. The warrants have an initial exercise price of 1,736 yen and are exercisable from March 17 through March 17, 2028. The dilution rate is 25.76% of outstanding common shares and 11.26% of total voting rights including preferred shares.Finance of America Companies Inc. FOA (US) · Mkt Cap: $178M · EV: $11.5BResidential mortgage lender and servicerMajor shareholder group led by Brian Libman now beneficially owns 50.81% of Finance of America following Blackstone’s complete exit on February 27, 2026. The reporting persons hold approximately 6.96M FoA Units, 1.14M shares of Class A common stock, and notes exchangeable for 1.20M shares.Bakkt Holdings Inc. BKKT (US) · Mkt Cap: $256M · EV: $191MDigital asset marketplace and crypto trading platformBakkt completed pricing of a registered direct offering of 3,024,799 Class A common shares and pre-funded warrant securities at $8.75 per share, raising $48.125 million total. The pre-funded warrants allow purchase of up to 2,475,201 additional Class A shares at $8.7499 each. Transaction expected to close around March 2, 2026.Tetragon Financial Group Limited TFG.AS (NL) · Mkt Cap: $1.2B · EV: N/AAlternative investment management companyTetragon announced intention to conduct a tender offer for up to $50 million of its non-voting shares using a modified Dutch auction structure, to be held as treasury shares. The company also declared a $0.12 per share dividend for Q4 2025, with management noting the repurchase at below NAV would be accretive to fully diluted NAV per share.Fractal Analytics FRACTAL.NS (IN) · Mkt Cap: $1.5B · EV: $1.1BAI and analytics services company providing decision support solutionsFractal Analytics completed its IPO listing on NSE India on February 16, 2025. (Note: IPO completion is over a year old; entry may be for background context only.) The company has been operating for 26 years in AI and analytics services, focusing on using mathematics and behavioral science to help organizations make decisions.Lancashire Holdings Limited LRE.L (UK) · Mkt Cap: $1.9B · EV: $1.3BSpecialty insurance and reinsurance companyLancashire Holdings reported strong 2025 results with 21% ROE and returned $296.5 million to shareholders including a $0.50 special dividend, with an additional $0.50 special dividend announced. The company maintains a 240% solvency ratio and expects stable top line despite anticipated high single-digit rate reductions in 2026.Kinetik Holdings Inc KNTK (US) · Mkt Cap: $3.0B · EV: $10.4BNatural gas pipeline and midstream infrastructure operatorAmended Schedule 13D filing shows reporting persons hold 18.57 million Common Units paired with Class C shares redeemable for Class A shares on 1:1 basis, plus 1.6 million Class A shares acquirable under Contribution Allocation Agreement. Buzzard Midstream converted 4 million Common Units to Class A shares.Ingram Micro Holding Corporation INGM (US) · Mkt Cap: $5.1B · EV: $8.0BTechnology distribution and supply chain services companyPrincipal stockholder Platinum Equity is conducting a $200 million secondary offering of INGM shares, with concurrent $50 million share repurchase by the company from the selling stockholder at the same net price as the public offering. The repurchase is part of INGM’s existing $100 million buyback program and will be funded with cash on hand.TPG Telecom TPG.AX (AU) · Mkt Cap: $5.6B · EV: $8.3BAustralian telecommunications services providerTPG Telecom completed a follow-on equity offering totaling A$73.4 million through a rights offering to existing shareholders. The offering involved 20.6 million ordinary shares priced at A$3.57 per share.Applied Digital Corporation APLD (US) · Mkt Cap: $7.3B · EV: $8.6BData center operator focused on high-performance computing and AI infrastructureApplied Digital’s subsidiary announced a proposed $2.15 billion senior secured notes offering due 2031. Proceeds will fund development and construction of 200 megawatts of critical IT load at Polaris Forge 2, an AI Factory campus in North Dakota currently leased to Oracle.Galaxy Digital GLXY.TO (CA) · Mkt Cap: $8.1B · EV: $7.2BDigital asset and blockchain technology investment firmGalaxy Digital announced voluntary delisting from Toronto Stock Exchange. Company recently implemented $200 million share repurchase program representing 5% of issued share capital and reported Q4 2025 losses.Fidelity National Financial, Inc. FNF (US) · Mkt Cap: $13.5B · EV: $15.6BTitle insurance and real estate services providerFNF announced a special stock distribution of approximately 16 million shares of F&G Annuities & Life, representing about 12% of F&G’s outstanding shares. The distribution will be made on December 31, 2025 to shareholders of record as of December 17, 2025, with shareholders receiving approximately 6 F&G shares for every 100 FNF shares owned.Blue Owl Capital Inc. OWL (US) · Mkt Cap: $15.4B · EV: $14.1BAlternative asset manager focused on private credit and real estateBlue Owl Capital Corp. II (OBDC II), advised by Blue Owl, received an unsolicited minority tender offer from Cox Capital Partners and Saba Capital Management at approximately 65% of net asset value. The board is reviewing the offer while OBDC II proceeds with a 30% return of capital distribution to shareholders at NAV, followed by ongoing quarterly capital returns.Ayala Land ALI.PS (INTL) · Mkt Cap: N/A · EV: N/APhilippine real estate development and property investmentAyala Land sold 88 million shares of AREIT in a block sale at 42 pesos per share, raising approximately 3.7 billion pesos before expenses. The transaction is scheduled to settle on March 3, 2026, and the company plans to submit a reinvestment plan for the proceeds.Yangzijiang Maritime Development Ltd 8YZ.SI (SI) · Mkt Cap: N/A · EV: $1.2BShipbuilding and maritime servicesYangzijiang Maritime is seeking shareholder approval at March 6, 2026 EGM for a share buyback mandate as part of capital management strategy. Company recently completed IPO in November 2025 and Chairman emphasized buybacks as opportunity to reward shareholders when share price doesn’t reflect intrinsic value.Nabors Energy Transition Corp. II NETD (INTL)Special purpose acquisition company (SPAC) focused on energy transition investmentsSPAC held extraordinary meeting to approve indefinite extension of business combination deadline but expects to redeem all public shares and delist from Nasdaq as it will not consummate a deal within required timeframe. Company received $29.23 million settlement from failed e2Companies merger via secured notes, with public shareholders able to redeem at approximately $11.31 per share based on $155.3 million trust account.Graphjet Technology GTIJF (MA) · Mkt Cap: $607,519 · EV: $2MTechnology company developing graphene production from palm wasteNasdaq Listing and Hearing Review Council affirmed delisting of Class A ordinary shares, effective November 13, 2025, due to deficiencies under Nasdaq Listing Rules. The company’s appeal to demonstrate compliance was denied.Ryanair RYA.L (INTL)Low-cost European airlineAirline stocks declining as passengers scramble to leave Middle East due to escalating Iran conflict. Ryanair seeing surge in Easter bookings to Europe as travelers avoid Middle East destinations due to war.HealthCare Global Enterprises Limited HCG (INTL)Cancer care hospital chain in IndiaCompany approved rights issue of 82.95 million shares at ₹512 per share to raise approximately ₹4,247 crore, representing 1:17 ratio for existing shareholders. The issue opens March 11-25, 2026, with rights price at discount to current market price of ₹561.Pioneer Municipal High Income Advantage Fund, Inc. MAV (INTL)Municipal bond closed-end fundMAV shareholders approved a Plan of Liquidation and Dissolution at a special meeting. The fund will wind up its business affairs, liquidate its portfolio, and make cash distributions to stockholders before ceasing trading on the NYSE.Intellego Technologies AB INTEGO.ST (INTL)Technology companyNasdaq Stockholm’s Disciplinary Committee decided to delist Intellego Technologies from Nasdaq First North Growth Market due to serious violations of market rules and EU Market Abuse Regulation. The company’s new board, installed after an extraordinary general meeting in February 2026, has attempted unsuccessfully to meet with Nasdaq to discuss alternatives.Asian Terminals Inc. ATI.PS (INTL)Port terminal operatorAsian Terminals successfully completed its tender offer collecting 177.612 million shares (9.16% of outstanding), achieving the required 95% threshold for voluntary delisting from Philippine Stock Exchange. State-owned Maharlika Investments Corp. acquired 11.2% stake as part of the delisting process, with delisting effective April 3, 2026.AIB Group PLC AIB.L (INTL)Irish commercial bankAIB Group launched a new EUR1 billion share buyback program to be completed by end of 2026, with all repurchased shares to be cancelled, representing approximately 8-10% of market cap. The bank also raised its dividend 58% to 58.59 cents per share despite an 11% profit decline to EUR2.40 billion.Galaxy Agrico Exports Limited GALAXYAGR.BO (INTL)Agricultural products exporterGalaxy Agrico Exports’ Rights Issue Committee approved applications for 1.19 crore Rights Equity Shares from 273 non-eligible shareholders, bringing total rights issue size to 1.32 crore shares. The rights issue timeline was extended with closing date moved from February 11 to February 18, 2026, subject to BSE approval.SpaceX Private (INTL) · Mkt Cap: N/A · EV: N/APrivate aerospace and satellite company developing launch vehicles and spacecraftElon Musk is reportedly preparing to take SpaceX public with a $1.75 trillion valuation. The IPO would potentially be one of the largest public offerings ever, with significant interest from early investors, staff, and bankers.Jollibee Foods Corporation JFC.PS (INTL) · Mkt Cap: N/A · EV: N/APhilippine fast food and restaurant chain operatorJollibee is evaluating an IPO for its Vietnamese coffee subsidiary Highlands Coffee on Vietnam’s Stock Exchange, targeting completion by Q1 2027. The subsidiary has grown from 56 stores in 2012 to nearly 1,000 locations currently.Robinhood Ventures Fund I RVI (US)Closed-end fund providing retail investors access to private companiesRVI priced its IPO at $25 per share, raising $658.4 million through 12.6 million shares. The fund holds private companies including Databricks (23.24%) and Revolut (14.30%). Trading began on NYSE on March 6, 2026.Restaurant Brands International Inc. QSR (US) · Mkt Cap: ~$20BQuick-service restaurant franchisor operating Tim Hortons, Burger King, Popeyes, and Firehouse SubsRBI recommends shareholders reject an unsolicited mini-tender offer from New York Stock and Bond LLC (”NYSB”) to purchase up to 100,000 common shares (~0.03% of outstanding) at $43.60/share — a 34.9% discount to the Jan. 30, 2026 closing price of $66.99. NYSB routinely makes below-market mini-tender offers across multiple companies; RBI has no affiliation with NYSB and urges shareholders not to tender.