Updated August 23, 2026 · through Special Situations Digest #29 (Aug 23, 2026) · 33 this week
A running index of strategic reviews and exploration of alternatives covered in the Special Situations Digest: recent strategic review announcements, board-authorized exploration of alternatives, and special committee formations across global markets, with each item linked to the underlying filing. Below: the 100 most recent situations spanning 19 countries. Earlier coverage includes 546+ additional situations from prior issues.
Strategic reviews are explicit, board-authorized signals that the company is open to a transformation: sale, merger, spin-off, recapitalization, or liquidation. The announcement itself often catalyzes immediate price action, but the more sophisticated trade is identifying which reviews will result in a transaction versus which will conclude with 'no action.' Activist pressure, fiscal stress, and CEO turnover are common precursors that change the base rate.
The full weekly digest covers 500 to 700 situations across 25+ markets every Sunday (608 in Digest #29), with Excel/PDF/JSON exports, Copy-for-LLM and a searchable database of 9,500+ situations. Subscribe for full access.
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United States 57 situations
NEXGEL, Inc. NXGL (US) · $0.33 · MCAP $3M · EV $10M
NEXGEL, Inc. (NXGL) has launched a strategic review of its operations and asset portfolio following the termination of CEO Adam R.
Featured in Issue #29 · Aug 23, 2026
US Gold Corp USAU (US) · $16.38 · MCAP $270.7M
US Gold Corp (USAU) formed a Special Committee in August 2026 to evaluate joint ventures, asset-level transactions, and corporate deals following inbound interest from development capital providers and M&A…
Featured in Issue #29 · Aug 23, 2026
GridAI Technologies Corp. GRDX (US) · $3.57 · MCAP $25M
GridAI Technologies Corp. (GRDX) is evaluating strategic alternatives, including a potential merger, sale, wind-down, or bankruptcy, amid severe liquidity constraints.
Featured in Issue #29 · Aug 23, 2026
Algorhythm Holdings, Inc. RIME (US) · $0.34 · MCAP $6M · EV $8M
Algorhythm Holdings, Inc. (RIME) is evaluating strategic alternatives including a potential acquisition of an energy company focused on island power generation infrastructure for data centers.
Featured in Issue #29 · Aug 23, 2026
Aegon Ltd. AEG (US) · $8.99 · MCAP $13.4B
Aegon Ltd. (AEG) is undergoing a corporate restructuring involving a redomiciliation to the US and the divestiture of Aegon UK to Standard Life for GBP 2.0 billion (~$2.7B).
Featured in Issue #29 · Aug 23, 2026
SpringBig Holdings, Inc. SBIG (US) · $0.0082 · MCAP $400K
SpringBig Holdings, Inc. (SBIG) is exploring strategic alternatives after completing a reorganization that separated its operating subsidiary from the public parent.
Featured in Issue #29 · Aug 23, 2026
Innventure, Inc. INV (US) · $1.51 · MCAP $128M
Innventure, Inc. (INV) is restructuring its portfolio and cost base to reduce parent-level cash burn and monetize AeroFlexx.
Featured in Issue #29 · Aug 23, 2026
Elite Health Systems Inc. EHSI (US)
Elite Health Systems Inc. (EHSI) has initiated a strategic review of alternatives to address substantial doubt about its ability to continue as a going concern, disclosed as of June 30, 2026, with management's plan…
Featured in Issue #29 · Aug 23, 2026
Virtu Financial Inc VIRT (US) · $67.93 · MCAP $6.0B
Virtu Financial (VIRT) is exploring a sale of its brokerage and algos unit for more than $3.5 billion.
Featured in Issue #29 · Aug 23, 2026
AIxCrypto Holdings, Inc. AIXC (US) · $1.12 · MCAP $23M · EV $27M
AIxCrypto Holdings, Inc. (AIXC) is pivoting its business model to exit digital asset positions and redirect resources toward robotics operations and commercialization.
Featured in Issue #29 · Aug 23, 2026
Ocean Power Technologies, Inc. OPTT (US) · $0.18 · MCAP $49M · EV $52M
Ocean Power Technologies, Inc. (OPTT) initiated a review of strategic alternatives to maximize stockholder value.
Featured in Issue #29 · Aug 23, 2026
Nano Dimension Ltd. NNDM (US) · $1.54 · MCAP $325M · EV -$80M
Nano Dimension Ltd. (NNDM) appointed Nadav Kidron, CEO of Oramed Pharmaceuticals and a significant shareholder, to its board to lead a strategic review.
Featured in Issue #29 · Aug 23, 2026
Solventum Corporation SOLV (US) · $89.57 · MCAP $15.2B · EV $20.1B
Solventum Corporation (SOLV) plans to separate its Health Information Systems business through a spin-off or merger following sustained pressure from Trian Fund Management.
Featured in Issue #29 · Aug 23, 2026
Uniti Group Inc. UNIT (US) · $9.85 · MCAP $2.4B · EV $12.9B
Uniti Group Inc. (UNIT) is evaluating strategic alternatives for the full company while simultaneously pursuing a non-core asset monetization program.
Featured in Issue #29 · Aug 23, 2026
Bally's Corporation BALY (US) · $10.31 · MCAP $520M
Bally's 10-Q states "substantial doubt" about its ability to continue as a going concern without capital-raising alternatives, potentially including debt financing.
Featured in Issue #29 · Aug 23, 2026
Axe Compute Inc. AGPU (US) · $8.27 · MCAP $86M · EV $81M
Axe Compute Inc. is evaluating strategic alternatives for its legacy oncology drug discovery business, including a potential sale or other disposition.
Featured in Issue #28 · Aug 16, 2026
Rego Payment Architectures, Inc. RPMT (US) · $0.65 · MCAP $89M
On May 7, 2025, the Company engaged a new investment banker to advise on capital funding and strategic alternatives, including the prospective sale of the Company.
Featured in Issue #28 · Aug 16, 2026
Seritage Growth Properties SRG (US) · $2.27 · MCAP $128M · EV $130M
Q2 2026 net loss attributable to common shareholders was $7.4M, or $0.13 per share.
Featured in Issue #28 · Aug 16, 2026
Indaptus Therapeutics, Inc. INDP (US) · $1.07 · MCAP $121M · EV $110M
Indaptus Therapeutics, Inc. (INDP) is reviewing strategic alternatives, including potential strategic investments or business combinations.
Featured in Issue #28 · Aug 16, 2026
Marpai, Inc. MRAI (US) · MCAP $59M
Marpai disclosed it is reviewing strategic alternatives with no assurance of completing any transaction.
Featured in Issue #28 · Aug 16, 2026
Cibus, Inc. CBUS (US) · $1.77 · MCAP $135M · EV $401M
Cibus, Inc. (CBUS) is evaluating strategic alternatives to maximize stockholder value amid a going-concern warning.
Featured in Issue #28 · Aug 16, 2026
BioAtla, Inc. BCAB (US) · $3.09 · MCAP $5M · EV $9M
BioAtla announced a formal process to explore strategic options including sale of preclinical and clinical assets, licensing transactions, strategic partnerships, or other corporate transactions.
Featured in Issue #28 · Aug 16, 2026
Rocky Mountain Chocolate Factory, Inc. RMCF (US) · $1.22 · MCAP $12M · EV $19M
Rocky Mountain Chocolate Factory, Inc. (RMCF) is exploring strategic alternatives, including a potential sale, merger, or going-private transaction.
Featured in Issue #28 · Aug 16, 2026
Power REIT PW (US) · MCAP $3M
Power REIT (PW) is exploring strategic alternatives to increase shareholder value, which may include exiting real estate investments entirely.
Featured in Issue #28 · Aug 16, 2026
Atara Biotherapeutics, Inc. ATRA (US) · $8.09 · MCAP $73M · EV $72M
Atara Biotherapeutics, Inc. (ATRA) is pursuing a strategic review to evaluate acquisition, merger, reverse merger, business combinations, asset sales, or licensing transactions.
Featured in Issue #28 · Aug 16, 2026
FG Nexus Inc. FGNX (US) · $7.11 · MCAP $45M
FG Nexus Inc. (FGNX) is conducting a strategic review of alternatives to enhance stockholder value, including a potential business combination with FG Communities, Inc. to establish a real estate business.
Featured in Issue #28 · Aug 16, 2026
CAE Inc. CAE (US) · MCAP $8.4B
CAE's review of strategic alternatives for Flightscape is progressing well and generating strong interest.
Featured in Issue #28 · Aug 16, 2026
TriLinc Global Impact Fund, LLC TRLC (US) · MCAP $38M
TriLinc Global Impact Fund, LLC (TRLC) is evaluating strategic alternatives to address liquidity needs.
Featured in Issue #28 · Aug 16, 2026
Cypherpunk Technologies Inc. CYPH (US) · $0.64 · MCAP $69M · EV $61M
Cypherpunk Technologies is exploring a strategic process for its Leap Therapeutics subsidiary, including partnership, license, collaboration, sale, or other business combination.
Featured in Issue #28 · Aug 16, 2026
Verde Clean Fuels VGAS (US) · $1.39 · MCAP $26M
Verde Clean Fuels (VGAS) is evaluating strategic alternatives to maximize shareholder value.
Featured in Issue #28 · Aug 16, 2026
Golar LNG Limited GLNG (US) · $52.49 · MCAP $5.4B · EV $7.4B
Golar LNG reports Q2 earnings Thursday before market open; analysts expect EPS of $0.577 on revenue of $131.05 million.
Featured in Issue #28 · Aug 16, 2026
Trimble TRMB (US) · $57.60 · MCAP $13.4B · EV $14.7B
Trimble Inc. (TRMB) has launched a strategic review of its transportation and logistics business after receiving unsolicited interest from multiple parties.
Featured in Issue #28 · Aug 16, 2026
ACV Auctions ACVA (US) · $8.27 · MCAP $1.4B · EV $1.4B
ACV Auctions is evaluating a potential sale or partnership after receiving unsolicited takeover interest.
Featured in Issue #28 · Aug 16, 2026
TherapeuticsMD, Inc. TXMD (US) · $2.07 · MCAP $24M · EV $19M
TherapeuticsMD, Inc. (TXMD) is evaluating strategic alternatives, including a merger, acquisition, or asset sale.
Featured in Issue #28 · Aug 16, 2026
PDS Biotechnology Corporation PDSB (US) · $0.23 · MCAP $13M · EV $7M
PDS Biotechnology Corporation (PDSB) is discontinuing its Phase 3 VERSATILE-003 trial for PDS0101 to prioritize its PDS0301 tumor-targeted IL-12 immunocytokine program.
Featured in Issue #28 · Aug 16, 2026
Leslie's, Inc. LESL (US) · $0.65 · MCAP $6M
Leslie's, Inc. (LESL) is exploring strategic alternatives, including a deleveraging transaction potentially combined with financing, after disclosing substantial doubt about its ability to continue as a going concern.
Featured in Issue #28 · Aug 16, 2026
Purple Innovation, Inc. PRPL (US) · $6.82 · MCAP $30M
Purple Innovation, Inc. (PRPL) is exploring a merger, sale, or other strategic or financial transaction to maximize shareholder value.
Featured in Issue #28 · Aug 16, 2026
Motorcar Parts of America, Inc. MPAA (US) · $12.46 · MCAP $236M · EV $447M
Motorcar Parts of America (MPAA) is exploring strategic alternatives for its noncore EV emulator business.
Featured in Issue #28 · Aug 16, 2026
Heron Therapeutics, Inc. HRTX (US) · $0.34 · MCAP $64M · EV $171M
Heron Therapeutics, Inc. (HRTX) is considering strategic alternatives, opening the door to a potential sale, partnership, or recapitalization.
Featured in Issue #28 · Aug 16, 2026
1606 Corp. CBDW (US) · $0.0002
1606 Corp. (CBDW) hired MDM Group LLC to market its planned East Texas power campus to potential buyers and AI infrastructure operators.
Featured in Issue #28 · Aug 16, 2026
La Rosa Holdings Corp LRHC (US) · $0.60 · MCAP $1M
La Rosa Holdings Corp. (LRHC) launched a strategic alternatives review for transformational transactions, partnerships, or divestitures after terminating a non-binding letter of intent with Consensus Core Technologies.
Featured in Issue #28 · Aug 16, 2026
TTEC Holdings, Inc. TTEC (US) · $1.58 · MCAP $78M
TTEC Holdings, Inc. (TTEC) is conducting a strategic review of its TTEC Digital segment to explore potential options.
Featured in Issue #28 · Aug 16, 2026
Blackrock TCP Capital Corp. TCPC (US) · $4.11 · MCAP $345M
Fwd P/E: 6.2x
BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments.
Blackrock TCP Capital Corp. (TCPC) has engaged Keefe, Bruyette & Woods to explore strategic alternatives to create long-term shareholder value. The company recently sold 95% of its equity interest in a Pantheon-sponsored continuation vehicle for $152 million in cash, which was used to reduce pro forma net leverage to 0.4x from 1.38x as of June 30, 2026. Fitch affirmed TCPC's 'BB' Long-Term Issuer Default Rating with a Negative Rating Outlook, citing elevated non-accruals and weak asset quality. The formal engagement of an advisor signals the board is exploring a sale or merger, while the de-levered balance sheet may make the company a cleaner acquisition target for a credit manager. The company repurchased 156,370 shares during the second quarter at a weighted-average price of $3.78 per share.
Featured in Issue #27 · Aug 9, 2026
Centerspace CSR (US) · $56.68 · MCAP $952M · EV $2.1B
Fwd P/E: NM · Fwd EV/EBITDA: 16.8x · Fwd EV/Sales: 8.1x · LTM EV/Sales: 7.6x · LTM EV/GP: 12.9x
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others.
The REIT sold Civic Lofts in Denver for $30M at a low-5% cap rate and five Rapid City communities, exiting that market. It also sold two Minneapolis properties totaling 312 units, while six Bismarck communities were in the process of being sold for approximately $150M with closing expected.
Featured in Issue #27 · Aug 9, 2026
MGT Capital Investments, Inc. MGTI (US) · $0.0028 · MCAP $14M · EV $15M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 9.0x
MGT Capital Investments, Inc. does not have significant operations.
MGT Capital Investments, Inc. (MGTI) is conducting a strategic review for new ventures, partnerships, M&A opportunities or alternative business lines. The company reported zero revenue and a net loss of $2.77M for Q2 2026. Self-mining and hosting operations ceased in March 2025 following expiration of a primary lease, and the company sold its LaFayette facility on May 13, 2025 to reduce debt and improve liquidity. MGTI retains approximately 35 Antminer S19 Pro units in storage. The outcome of the strategic review and any capital raise terms will determine equity value for this micro-cap with no operational revenue and a $2.77M quarterly net loss.
Featured in Issue #27 · Aug 9, 2026
Ashland Inc. ASH (US) · $76.45 · MCAP $3.5B · EV $4.5B
Fwd P/E: 18.6x · Fwd EV/EBITDA: 10.7x · Fwd EV/Sales: 2.3x · LTM EV/Sales: 2.5x · LTM EV/GP: 7.0x
Ashland Inc. provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally. The Life Sciences segment offers pharmaceutical solutions, including controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers, and tablet binders.
Ashland is exploring a sale after pressure from activist investor Ancora Alternatives, which disclosed a stake in June. Ashland is working with Citigroup and Lazard as advisors, per Bloomberg. PE firms Advent, Apollo, Carlyle, and Standard Industries have had contact with Ashland, per the report. Ancora argued a transaction could boost Ashland's share price by at least 30% and estimated a takeover value of at least $76 per share.
Featured in Issue #27 · Aug 9, 2026
Onterris ONT (US) · $16.51 · MCAP $580M · EV $986M
Fwd P/E: 11.7x · Fwd EV/EBITDA: 7.9x · Fwd EV/Sales: 1.2x · LTM EV/Sales: 1.3x · LTM EV/GP: 3.2x
Onterris, Inc. operates as an environmental services company in the United States, Australia, Canada, and internationally. This segment’s offerings include source and ambient air testing and monitoring, and leak detection, as well as air, soil, stormwater, wastewater.
Onterris (ONT) launched a comprehensive strategic review of its business and capital allocation, including evaluating acquisition interest, while simultaneously adopting a stockholder rights plan. The one-year poison pill, effective 5 August 2026 and expiring 4 August 2027, was triggered by a significant and undisclosed accumulation of shares and derivative securities. The rights plan has a record date of 17 August 2026. The poison pill caps the undisclosed accumulator's position while the strategic review formally puts the company in play.
Featured in Issue #27 · Aug 9, 2026
AquaBounty Technologies, Inc. AQB (US) · $1.17 · MCAP $6M · EV $4M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 4.1x · LTM EV/Sales: 3.3x · LTM EV/GP: NM
AquaBounty Technologies, Inc. operates as a land-based aquaculture company.
AquaBounty Technologies (AQB) is expanding the strategic review of its Pioneer, Ohio property to include power infrastructure and energy development opportunities. The site contains an electrical substation with approximately 50 MW of available capacity and a permit to withdraw 5.25 million gallons of groundwater per day. Potential transactions include an outright sale, joint development, or long-term leasing, while monetization discussions with aquaculture parties remain ongoing. This expansion reframes a legacy aquaculture asset as a potential data-center or energy play to attract a wider buyer pool and unlock higher value.
Featured in Issue #27 · Aug 9, 2026
Telephone and Data Systems, Inc. TDS (US) · $32.98 · MCAP $3.8B · EV $2.8B
Fwd EV/EBITDA: 5.3x · Fwd EV/Sales: 2.3x · LTM EV/Sales: 2.3x · LTM EV/GP: 3.8x
Telephone and Data Systems, Inc., a telecommunications company, provides communications services to residential, commercial, and wholesale customers in the United States. The company offers internet connections and all-home Wi-Fi services, fiber internet, security, and support services.
Telephone and Data Systems, Inc. (TDS) is conducting a strategic review of its subsidiary Array, creating a primary corporate catalyst for the issuer. Array closed sales of wireless spectrum licenses to Verizon and T-Mobile for $1,167.6 million in Q2 2026 and paid an $11.00 per share special dividend totaling $951.3 million on June 25, 2026, of which TDS received $778.7 million. TDS incurred $8.6 million in third-party expenses related to the review during the same quarter. The company stated it is uncertain how the outcome of the process may impact future common dividend decisions. The review is active and assets are being converted to cash, potentially simplifying a sale or separation.
Featured in Issue #27 · Aug 9, 2026
Xenetic Biosciences, Inc. XBIO (US) · $3.17 · MCAP $7M
Xenetic Biosciences, Inc., a biopharmaceutical company, focuses on advancing immune-oncology technologies to treat cancers. The company’s product pipeline includes XBIO-015 for the treatment of pancreatic carcinoma and solid tumors; XBIO-020 for the treatment of solid tumors.
Xenetic Biosciences, Inc. (XBIO) has initiated a formal strategic review process to evaluate alternatives including a sale of all or part of the company, an asset sale, or a business combination such as a reverse merger. An independent committee of the board has engaged outside financial and legal advisors and is in discussions with third parties. No deadline or definitive timetable for the process has been disclosed. The formal review puts the company in play, making it a watchlist item pending a definitive announcement.
Featured in Issue #27 · Aug 9, 2026
Bioventus Inc. BVS (US) · $14.12 · MCAP $965M · EV $1.2B
Fwd P/E: 17.5x · Fwd EV/EBITDA: 10.0x · Fwd EV/Sales: 2.0x · LTM EV/Sales: 2.1x · LTM EV/GP: 3.1x
Bioventus Inc., a medical device company, focuses on relieving pain and addressing musculoskeletal therapies in the United States and internationally. The company’s product portfolio includes pain treatments, which comprise various intra-articular and hyaluronic acid injections.
Bioventus initiated a review of strategic alternatives. The review follows receipt of an unsolicited acquisition proposal and multiple other expressions of interest. Latham & Watkins is advising Bioventus, with a team led by partners Charles Ruck and Mark Stagliano.
Featured in Issue #27 · Aug 9, 2026
Nutrien Ltd. NTR (US) · $64.42 · MCAP $30.8B · EV $42.8B
Fwd P/E: 12.5x · Fwd EV/EBITDA: 6.9x · LTM EV/GP: 5.0x
Nutrien Ltd. provides crop inputs and services. The company operates through four segments: Retail, Potash, Nitrogen, and Phosphate.
Nutrien Ltd. (NTR) is conducting a review of strategic alternatives for its Phosphate business, Trinidad Nitrogen facility, and Brazilian Retail business to optimize its portfolio. An August 5 filing noted higher restructuring costs in Q2 2026 associated with these initiatives. It is uncertain whether the review will result in any transaction, and no advisor, timeline, or deal structure has been disclosed. A sale or spin of these three non-core assets would reshape the company's portfolio and could unlock value.
Featured in Issue #27 · Aug 9, 2026
BNB Plus Corp. BNBX (US) · $0.15 · MCAP $1M
BNB Plus Corp. provides digital asset treasury services. The company offers real-time data tracking of treasury performance and market indicators.
BNB Plus Corp. engaged GlobalStake Infrastructure as a strategic advisor, paying a $300,000 pre-paid advisory fee from the May 2026 Private Placement proceeds. The company intends to use the remaining general proceeds from the May 2026 Private Placement for a strategic review of its biotechnology and digital assets and for general corporate purposes. GlobalStake is affiliated with Comstock MultiChain Fund, LP, a current shareholder and participant in the May 2026 Private Placement. The company's current strategy is to primarily focus its resources on its BNB-focused digital asset treasury strategy, while also exploring the sale or licensing of its Therapeutic DNA Production Services technologies.
Featured in Issue #27 · Aug 9, 2026
Digital Brands Group, Inc. DBGI (US) · $14.63 · MCAP $8M · EV $14M
LTM EV/Sales: 2.0x · LTM EV/GP: 59.5x
Digital Brands Group, Inc. engages in the provision of various apparel products through direct-to-consumer and wholesale distribution. The company sells directly to the consumer through its websites and showrooms, as well as through its wholesale channel in specialty stores.
Digital Brands Group, Inc. (DBGI) initiated a strategic review of alternatives, including a potential sale or merger, to maximize shareholder value. The company retained Roth Capital Partners as its financial advisor for the process. No definitive timeline or deadline for the review has been disclosed. The company also completed a 1-for-40 reverse stock split in mid-July to regain Nasdaq compliance. The board-initiated review puts the company in play and the retention of a named financial advisor signals a formal process.
Featured in Issue #27 · Aug 9, 2026
Reservoir Media, Inc. RSVR (US) · $10.12 · MCAP $667M · EV $1.1B
Fwd P/E: 14.1x · Fwd EV/EBITDA: 14.4x · Fwd EV/Sales: 5.9x · LTM EV/Sales: 6.2x · LTM EV/GP: 9.7x
Reservoir Media, Inc. operates as a music publishing company. The Music Publishing segment acquires interests in music catalogs, as well as signs songwriters.
Reservoir Media received two unsolicited, non-binding proposals to acquire the company. The proposals came from Irenic Capital Management and a consortium of Richmond Hill Investments and Wesbild Holdings. The company is evaluating the proposals; no definitive agreement has been reached and there is no assurance a transaction will result.
Featured in Issue #27 · Aug 9, 2026
TNL Mediagene TNMG (US) · $0.53 · MCAP $1M
TNL Mediagene operates as a media company in Taiwan and Japan. The company operates The News Lens, a news site; Business Insider Japan and Business Insider Taiwan.
TNL Mediagene (TNMG) has launched a formal strategic review process to explore a potential sale, merger, or other transaction. The board established a special committee of independent directors on August 3, 2026, to evaluate strategic alternatives. The company retained Imperial Capital, LLC as financial advisor and Greenberg Traurig, LLP as legal advisor, with Imperial Capital mandated to source and evaluate options to maximize shareholder value. No agreement has been entered into to date. The retention of a named financial advisor signals a formal process that puts the company in play.
Featured in Issue #27 · Aug 9, 2026
Tesla, Inc. TSLA (US) · $328.58 · MCAP $1.3T · EV $1.3T
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 11.4x · LTM EV/Sales: 12.3x · LTM EV/GP: 65.1x
Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive; and Energy Generation and Storage.
Tesla, Inc. (TSLA) is contemplating a strategic review of its China business that could include a potential separation or sale. The Shanghai Gigafactory currently accounts for over half of the company's global vehicle production. This review follows July deliveries of 93,579 China-made vehicles, an increase of roughly 38% year-over-year from 67,886 units. A separation or sale of the Shanghai Gigafactory would fundamentally alter production economics and competitiveness in the world's largest EV market, adding a structural overhang to the name.
Featured in Issue #27 · Aug 9, 2026
Australia 8 situations
Encounter Resources ENR.AX (AU) · A$0.21 · MCAP $86M · EV $62M
Encounter Resources (ENR.AX) has initiated a strategic review of its copper assets in Western Australia and the Northern Territory to evaluate new partnerships and alternative corporate structures.
Featured in Issue #29 · Aug 23, 2026
Ovanti Limited OVT.AX (AU) · A$0.002 · MCAP $2M · EV -$582.0K
Ovanti Limited (OVT.AX) will exit all buy now, pay later (BNPL) products and operations globally to refocus on iSentric.
Featured in Issue #29 · Aug 23, 2026
Image Resources NL IMA.AX (AU) · A$0.019 · MCAP $15M · EV $24M
Image Resources NL (IMA.AX) has commenced a strategic review of its asset portfolio to address valuations not reflected in its market capitalization.
Featured in Issue #29 · Aug 23, 2026
Magnum Mining and Exploration Limited MGU.AX (AU) · A$0.008 · MCAP $18M · EV $14M
Magnum Mining and Exploration Limited (MGU.AX) is conducting a strategic review of its project portfolio to identify joint venture and divestment opportunities.
Featured in Issue #29 · Aug 23, 2026
Sierra Nevada Gold Inc SNX.AX (AU) · AUD 0.10 · MCAP $34M · EV $28M
Sierra Nevada Gold Inc. (SNX.AX) is conducting a strategic review of its Nevada exploration assets to redirect capital and management focus toward Saudi Arabia.
Featured in Issue #28 · Aug 16, 2026
FleetPartners Group Limited FPR.AX (AU) · A$4.21 · MCAP $628M
FleetPartners received indicative, non-binding, conditional proposals from SG Fleet Topco Limited, Element Fleet Management Corp., and ORIX Corporation to acquire 100% of outstanding shares via a Scheme of Arrangement.
Featured in Issue #28 · Aug 16, 2026
Treasury Wine Estates TWE.AX (AU) · AUD 5.91 · MCAP $3.4B · EV $4.6B
Treasury Wine Estates Limited (TWE.AX) is restructuring its U.S. operations and taking an after-tax charge of A$558.4 million (~$396M).
Featured in Issue #28 · Aug 16, 2026
Elixir Energy EXR.AX (AU) · AUD 0.05 · MCAP $68M · EV $53M
Elixir Energy Limited (EXR.AX) launched a strategic review of its Queensland gas portfolio and secured $5 million in placement funding to support the process.
Featured in Issue #28 · Aug 16, 2026
South Korea 6 situations
Kakao 035720.KS (KR) · ₩35,800.00 · MCAP $11.4B · EV $9.2B
Board approved the 2026 Kakao Value Enhancement Plan on 2026-08-21.
Featured in Issue #29 · Aug 23, 2026
HD Hyundai Heavy Industries Co., Ltd. 329180.KS (KR) · ₩475,500.00 · MCAP $35.9B · EV $32.3B
HD Hyundai Heavy Industries (329180.KS) is reviewing potential acquisitions and equity investments in U.S. shipyards to support the Korea-U.S.
Featured in Issue #29 · Aug 23, 2026
Korea Aerospace Industries 047810.KS (KR) · MCAP $7M
Export-Import Bank of Korea, KAI's largest shareholder at 26.41%, issued a public notice for a consulting service regarding KAI on August 12.
Featured in Issue #28 · Aug 16, 2026
SK hynix 000660.KS (KR) · MCAP $847B
SK hynix Inc. (000660.KS) is reviewing options for its packaging business following a Korea Exchange inquiry into reports of a stake sale in its KRW 4 trillion (~$2.8B) Chongqing plant.
Featured in Issue #28 · Aug 16, 2026
SK Hynix 000660.KS (KR) · ₩1,422,000.00 · MCAP $736.4B · EV $687.1B
Fwd P/E: 3.5x · Fwd EV/EBITDA: 2.5x · Fwd EV/Sales: 2.0x · LTM EV/Sales: 5.1x · LTM EV/GP: 7.3x
SK hynix Inc. through its subsidiaries, engages in research, develops, manufactures, distributes, and sells semiconductor devices in Korea, China, rest of Asia, the United States, Europe, and internationally.
SK Hynix (000660.KS) is evaluating strategic alternatives for its Chongqing, China semiconductor packaging facility in response to US export controls. US authorities revoked the company's validated end-user authorization, blocking equipment modernization at Chinese operations effective December 31, 2025. The facility is estimated to be worth approximately $3 billion, and the company is considering a strategic investor, potentially a Chinese financial institution, while retaining a reduced ownership stake. Separately, SK Hynix pledged $13 billion for an advanced packaging plant in Cheongju, South Korea, with groundbreaking scheduled for 2026. The review could result in a reduced ownership position rather than a complete exit.
Featured in Issue #27 · Aug 9, 2026
Sangsangin Securities 001290.KS (KR) · ₩1,203.00 · MCAP $91M
South Korean securities brokerage headquartered in Seoul, providing stock brokerage, investment-banking and project-financing services.
Sangsangin Securities' largest shareholder, Sangsangin Co., Ltd., is in discussions with Sh Suhyup Bank regarding the sale of its shares. The disclosure is a clarification of an August 6, 2026 Yonhap News report that Sh Suhyup Bank is pursuing an acquisition of Sangsangin Securities. No specific details have been confirmed, and the company will re-disclose once terms are finalized or within one month, by September 4, 2026.
Featured in Issue #27 · Aug 9, 2026
Canada 6 situations
Questor Technology Inc. QST.V (CA) · C$0.24 · MCAP $5M · EV $3M
Questor Technology Inc. (QST.V) is conducting a strategic review to maximize shareholder value amid a potentially contested board election.
Featured in Issue #29 · Aug 23, 2026
Kovo+ Holdings Inc. KOVO.V (CA) · C$0.005 · MCAP $648.1K
Kovo+ Holdings Inc. received a default notice and demand for repayment from secured creditor Avonlea Ventures #2 Inc. (AVI).
Featured in Issue #28 · Aug 16, 2026
Alithya Group inc. ALYA.TO (CA) · MCAP $54M
Alithya Group Inc. (ALYA.TO) has formally entered a strategic review process to explore options for the full company.
Featured in Issue #28 · Aug 16, 2026
Reflex Advanced Materials Corp. RFLX (CA) · C$0.13
Reflex Advanced Materials Corp. (RFLX.NE) launched a strategic review to explore business repositioning and capital redeployment.
Featured in Issue #28 · Aug 16, 2026
Plaza Retail REIT PLZ-UN.TO (CA) · C$5.20 · MCAP $416M · EV $882M
Plaza Retail REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust dated as of November 1, 2013, amended as of March 26, 2020.
Plaza Retail REIT (PLZ-UN.TO) has formed a special committee to review strategic alternatives following an unsolicited non-binding proposal from Axia Real Assets LP. The proposal was first disclosed on July 7, 2026, and the committee's update on August 6, 2026, marks the first formal board response. No deal terms, advisors, or timelines have been disclosed. The committee's formation signals the board is formally engaging with the proposal rather than rejecting it, opening the door to a potential take-private transaction.
Featured in Issue #27 · Aug 9, 2026
Green Rise Foods Inc. GRF.V (CA)
Green Rise Foods Inc. grows and sells greenhouse grown fresh produce in North America.
Strategic review initiated May 1, 2026, to explore sale, merger, going-private, recap, or wind-up. Special Committee received multiple non-binding proposals from interested parties on or prior to July 29, 2026; second-phase invitations pending. Independent appraisal values the company's three farms at approximately $90 million, well in excess of debt obligations. Amended credit agreement with Royal Bank of Canada provides accommodation period through December 4, 2026 to complete the strategic review.
Featured in Issue #27 · Aug 9, 2026
Germany 3 situations
Siemens Energy ENR.DE (DE) · €153.36 · MCAP $153.3B · EV $144.3B
Siemens Energy (ENR.DE) is weighing a potential carve-out of its compressor and industrial steam turbine operations.
Featured in Issue #29 · Aug 23, 2026
Siemens Energy ENR.DE (DE) · MCAP $184.0B
Siemens Energy AG (ENR.DE) is considering a sale or spin-off of its Transformation of Industry division, which generates a 14% operating margin.
Featured in Issue #28 · Aug 16, 2026
Siemens Energy ENR.DE (DE) · €153.54 · MCAP $151.8B · EV $143.0B
Fwd P/E: 26.1x · Fwd EV/EBITDA: 13.9x · Fwd EV/Sales: 2.5x · LTM EV/Sales: 3.0x · LTM EV/GP: 14.2x
Siemens Energy AG operates as an energy technology company worldwide. The company provides gas and steam turbines, generators, and heat pumps, as well as performance enhancement, maintenance, digitalization, and consulting services for central and distributed power generation.
Siemens Energy (ENR.DE) is evaluating a potential spin-off of its Transformation of Industry division to focus on higher-margin gas, grid and wind operations. The supervisory board is expected to discuss the separation at its August 25 meeting; the unit makes industrial steam turbines and compressors and employs approximately 17,000 people. The company reported Q3 revenue of €11.45B and order intake of €17.9B, alongside a €56M operating profit from Siemens Gamesa. Management is targeting the upper end of its previously communicated 10–12% fiscal 2026 EBITA margin range. The August 25 board discussion is a consultation rather than a decision point.
Featured in Issue #27 · Aug 9, 2026
Norway 3 situations
HydrogenPro ASA HYPRO.OL (NO) · NOK 0.60 · MCAP $9M · EV $5M
Q2 2026 results show revenues of NOK 15 million (~$1.6M) and EBITDA of NOK -16 million, with a cash balance of NOK 59 million (~$6.3M) and an order backlog of NOK 262 million (~$28M).
Featured in Issue #29 · Aug 23, 2026
Norse Atlantic Airways NORSE.OL (NO) · NOK 0.2945 · MCAP $5.1M
Norse Atlantic Airways (NORSE.OL) has launched a formal strategic review process exploring a possible sale, merger, or partnership.
Featured in Issue #29 · Aug 23, 2026
Norse Atlantic ASA NORSE.OL (NO) · NOK 0.400 · MCAP $7M · EV $842M
Fwd P/E: -1.6x · Fwd EV/EBITDA: 13.4x · Fwd EV/Sales: 1.2x · LTM EV/Sales: 1.1x · LTM EV/GP: 6.3x
Norwegian low-cost, long-haul airline operating a fleet of Boeing 787 aircraft on routes between Europe, North America, Africa and Asia.
Norse Atlantic is exploring a potential merger or sale and has moved to a formal process. The airline previously hired JPMorgan Chase to lead a potential sale process, per a May Bloomberg report. Norse Atlantic ended its ACMI agreement with IndiGo, returning six aircraft, some of which will be reintegrated into its own operations. The company launched a restructuring plan earlier this year including layoffs, furloughs, temporary pay cuts, and a headquarters move from Arendal to Oslo.
Featured in Issue #27 · Aug 9, 2026
Singapore 2 situations
City Developments Ltd C09.SI (SG) · S$8.25 · MCAP $5.8B · EV $16.3B
CDL completed its much-anticipated strategic review; outcome to be unveiled at end-September.
Featured in Issue #29 · Aug 23, 2026
City Developments Ltd C09.SI (SG) · SGD 8.12 · MCAP $5.7B · EV $16.0B
City Developments Limited (C09.SI) is conducting a strategic review to address gearing levels through the divestment of legacy UK assets and its PBSA portfolio.
Featured in Issue #28 · Aug 16, 2026
New Zealand 2 situations
SkyCity Entertainment Group SKC.NZ (NZ) · NZ$0.61 · MCAP $399M · EV $761M
SkyCity Entertainment Group Limited (SKC.NZ) is conducting a strategic review of its Adelaide Casino following a settlement with a regulator.
Featured in Issue #29 · Aug 23, 2026
My Food Bag Group Ltd MFB.NZ (NZ) · NZ$0.31 · MCAP $47M · EV $54M
My Food Bag Group Ltd (MFB.NZ) is conducting a strategic review of its operations.
Featured in Issue #29 · Aug 23, 2026
United Kingdom 2 situations
Sabien Technology Group plc SNT.L (UK) · GBp 3.75 · MCAP $2M · EV $2M
Sabien Technology Group plc (SNT.L) cancelled its proposed Strategic Investment and Financing Framework announced on 21 May 2026.
Featured in Issue #29 · Aug 23, 2026
YouGov plc YOU.L (UK) · £2.78 · MCAP $439M · EV $678M
Fwd P/E: 10.2x · Fwd EV/EBITDA: 6.1x · Fwd EV/Sales: 1.3x · LTM EV/Sales: 1.3x · LTM EV/GP: 1.6x
YouGov plc provides online market research services in the United Kingdom, the Americas, the Middle East, Mainland Europe, India, and the Asia Pacific.
YouGov extended its term loan and RCF maturity to April 2028, with a €20M (~$23M) instalment due October 2027 replacing the full September 2027 repayment. The banking facility extension provides flexibility as the Company conducts the strategic review of the Shopper business. The Board intends to commence a discretionary share buyback programme after FY26 results in October, in lieu of the FY26 annual dividend. Wayne Levings appointed as CEO Elect from 1 November 2026, assuming the CEO role by 1 February 2027. Stephan Shakespeare steps down as CEO and remains as Non-Executive Director.
Featured in Issue #27 · Aug 9, 2026
Italy 2 situations
The Italian Sea Group S.p.A. TISG.MI (IT) · EUR 1.40 · MCAP $86M · EV $168M
The Italian Sea Group (TISG.MI) has launched a competitive sale process to identify new investors as part of its restructuring.
Featured in Issue #28 · Aug 16, 2026
Banca Monte dei Paschi di Siena BMPS.MI (IT) · €11.90 · MCAP $41.8B
Fwd P/E: 14.5x
Banca Monte dei Paschi di Siena S.p.A., together with its subsidiaries, provides various banking products and services in Italy and internationally. The company offers savings and deposit accounts, cards, advanced payment systems, insurance products, pensions, mortgages, and loans.
Banca Monte dei Paschi di Siena (BMPS.MI) is proceeding with an analysis of strategic options, supported by advisors, to maximize long-term value. H1 2026 net profit exceeded €1.1 billion, up 25.3% year over year. Fully loaded CET1 was 16.3%, with a capital buffer of approximately 680 bps above regulatory requirements, and Mediobanca integration is expected to complete in Q4 2026. The release does not specify a sale or merger.
Featured in Issue #27 · Aug 9, 2026
China 1 situation
Konka Group Co., Ltd. 000016.SZ (CN) · ¥2.33 · MCAP $626M · EV $2.5B
Konka Group Co., Ltd. (000016.SZ) suspended trading of its A and B shares effective August 24, 2026, to plan an undisclosed major event.
Featured in Issue #29 · Aug 23, 2026
Spain 1 situation
Deoleo OLE.MC (ES) · €0.47 · MCAP $274M · EV $659M
Deoleo (OLE.MC) is evaluating strategic alternatives, including a full or partial asset sale, following reports of a €470M (~$549M) offer from Dcoop.
Featured in Issue #29 · Aug 23, 2026
Switzerland 1 situation
Nestle S.A. NESN.SW (CH) · CHF 79.68 · MCAP $255.9B · EV $327.1B
Nestle (NESN) is reviewing its ownership of The Better Health Company to assess options for the business's future positioning.
Featured in Issue #29 · Aug 23, 2026
Israel 1 situation
Foresight Autonomous Holdings Ltd. FRSX.TA (IL) · ILS 0.043 · MCAP $5M · EV -$1M (negative EV reflects cash in excess of market value)
Foresight Autonomous Holdings Ltd. (FRSX.TA) is evaluating an expansion into AI-based technologies, cybersecurity, and data centers, potentially through acquisitions.
Featured in Issue #29 · Aug 23, 2026
Other markets 1 situation
BOXABL Inc. $4.71 · MCAP $1.1B · EV $1.9B
Boxabl Inc. (BXBL) has publicly solicited mergers, acquisitions, and partnerships across the housing supply chain.
Featured in Issue #28 · Aug 16, 2026
Brazil 1 situation
Gerdau S.A. GGBR4.SA (BR) · MCAP $1.7B
Gerdau S.A. (GGBR4.SA) is finalizing a transformational "renationalization" plan for its Brazilian operations to rebalance its operating profit contribution.
Featured in Issue #28 · Aug 16, 2026
United Kingdom 1 situation
Goodwin PLC GDWN.L (GB) · £206.50 · MCAP $2.1B · EV $2.1B
Fwd P/E: 185.5x · Fwd EV/Sales: 16.0x · LTM EV/Sales: 6.3x · LTM EV/GP: 13.9x
Goodwin PLC is a UK-listed engineering company with a mechanical engineering division.
Goodwin confirmed a strategic review to consider options to maximise shareholder value, including the potential sale of a substantial part of the mechanical engineering division. Rothschild & Co is advising the board on the strategic review. Discussions are ongoing and there can be no certainty a transaction will be entered into.
Featured in Issue #27 · Aug 9, 2026
Netherlands 1 situation
Vivoryon Therapeutics N.V. VVY.AS (NL) · €1.23 · MCAP $42M · EV $39M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 6.8x · LTM EV/Sales: NM
Vivoryon Therapeutics N.V. operates as a clinical stage biopharmaceutical company that focuses on research, development, and commercialize small molecule-based medicines. Its pipeline products target toxic pyroglutamate-Abeta (pGlu-Abeta), which inhibits the production of pGlu-Abeta.
Vivoryon is in advanced term sheet negotiations for a potential licensing agreement for varoglutamstat in kidney disease. A specialist kidney-focused investor is conducting an independent assessment of the varoglutamstat program for a potential investment. Cash and cash equivalents are expected to fund operations into Q4 2026. The company is preparing a Phase 2b clinical trial in DKD, subject to securing additional funding and/or a strategic partnership.
Featured in Issue #27 · Aug 9, 2026
India 1 situation
Indian Oil Corporation Ltd. IOC.NS (IN) · ₹143.38 · MCAP $20.7B · EV $34.0B
Fwd EV/EBITDA: 8.4x · Fwd EV/Sales: 0.3x · LTM EV/Sales: 0.4x · LTM EV/GP: 2.3x
Indian Oil Corporation Ltd. is India's largest state-owned oil marketing and refining company, engaged in refining, pipeline transportation, and marketing of petroleum products.
Indian Oil Corporation Ltd. (IOC.NS) is reviewing its Nagapattinam refinery project for a potential pivot to a standalone petrochemicals complex to improve capital efficiency. Project costs have escalated to over ₹33,000 crore (~$3.5B) from ₹29,361 crore (~$3.1B). Land acquisition is complete, but construction has not started pending a commercial viability review. This shift reflects an industry trend among Indian OMCs toward integrated petrochemical production to capture higher value addition and more stable demand than refining margins. The review signals a potential capital reallocation that could alter the company's downstream growth profile and long-term return on invested capital.
Featured in Issue #27 · Aug 9, 2026
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