Special Situations Digest - #2

February 09 – February 15, 2026 · 281 situations

Feb 15, 2026

Special Situations Digest

Hi Ultimate Value readers,

Welcome to the second edition of our weekly Special Situations Digest.

The first edition got a great reception, so I think I will keep this going. I would love any feedback and suggestions on how I can make this better.

Activist Campaigns

CEA Industries · BNC (US) · Mkt Cap: $189M · EV: $165M [Company with cryptocurrency treasury holdings] YZi Labs is engaged in a proxy fight with CEA Industries, seeking to expand the board from 5 to 7 seats and warning of potential Nasdaq delisting risk due to the board delaying annual shareholder meetings for over 400 days. YZi holds 2.15 million shares and large warrant positions, while CEA has adopted a poison pill defense. The dispute centers on CEA’s $481 million BNB treasury and governance practices.

Dentium Co., Ltd. · 145720.KS (KR) · Mkt Cap: $296M · EV: $425M [Dental implant and equipment manufacturer] Align Partners Capital Management has submitted shareholder proposals for the 26th Annual General Meeting targeting governance improvements and capital allocation discipline. The company trades at 6.6x LTM EV/EBITDA and 0.77x P/B versus global peer averages of 14.0x and 3.13x respectively.

ImmuneOncia Therapeutics · 383310.KQ (SO) · Mkt Cap: $510M · EV: $466M [Biotechnology company developing cancer immunotherapy treatments] ImmuneOncia announced a 120 billion won third-party share allocation (approximately 16.83 million shares, 23% of outstanding shares) for R&D and working capital funding. Minority shareholders are forming an emergency committee opposing the dilutive equity raise, demanding parent company Yuhan Corp clarify its participation plans.

MarineMax, Inc. · HZO (US) · Mkt Cap: $650M · EV: $1.7B [Marine and recreational vehicle retailer] The Donerail Group, owning over 4% of shares, issued an open letter announcing their $35.00 per share all-cash acquisition proposal. Donerail is urging shareholders to vote against CEO Brett McGill’s director election at the March 3, 2026 annual meeting, criticizing board entrenchment and management’s refusal to engage over seven months.

Fox Factory Holding Corp. · FOXF (US) · Mkt Cap: $836M · EV: $1.5B [Manufacturer of suspension products and specialty sports equipment] The company added two independent directors and formed a Board-level Transformation Committee following discussions with activist investor Engine Capital. The Transformation Committee will oversee operational improvements targeting enhanced profitability, working capital efficiency and disciplined capital allocation.

Edinburgh Worldwide Investment Trust PLC · EWI.L (UK) · Mkt Cap: $1.1B · EV: None [Investment trust focused on global growth companies] Saba Capital Management (30% shareholder) proposed three new directors after failing to remove all six independent directors last month. Saba is calling for shareholders to vote against re-election of current directors at the AGM, citing underperformance and governance failures.

Kobayashi Pharmaceutical Co., Ltd. · 4967.T (JP) · Mkt Cap: $2.6B · EV: $2.2B [Japanese pharmaceutical and health products company] Hong Kong activist fund Oasis Management, the largest shareholder, submitted proposals for the March 27 AGM including changing the board chairman to an outside director and appointing new auditors. The company’s board unanimously opposes all proposals, arguing governance reforms have already progressed.

Kusuri no Aoki · 3549.T (JP) · Mkt Cap: $2.7B · EV: $3.2B [Japanese drugstore chain operator] Company is holding an extraordinary shareholder meeting on February 17 to introduce poison pill defense measures against any entity acquiring 20% or more of shares without following prescribed procedures. Major shareholder Oasis Management, holding over 11% of shares, is opposing the proposal and urging other shareholders to vote against the defensive measure.

BlackLine · BL (US) · Mkt Cap: $2.8B · EV: $2.7B [Cloud-based software provider for financial close and accounting automation] Activist investor Engaged Capital nominated three directors for election to BlackLine’s 11-member board, launching a proxy contest. This intersects with BlackLine’s existing Strategic Committee process and could pressure the board to consider cost discipline, portfolio moves, or a sale process.

KCC Corporation · 002380.KS (KR) · Mkt Cap: $2.8B · EV: $5.6B [Korean industrial materials and chemical company] Activist fund TRUSTON Asset Management (1.87% stake) sent a public shareholder letter demanding liquidation of Samsung C&T holdings and improved shareholder returns. KCC’s Samsung C&T stake is valued at 4.9 trillion won, exceeding KCC’s market cap of 4.1 trillion won, creating a 55% NAV discount.

Coway Co Ltd · 021240.KS (KR) · Mkt Cap: $4.5B · EV: $5.7B [Water purifiers and air cleaners manufacturer] Align Partners Capital Management has submitted formal shareholder proposals for Coway’s 37th AGM and published their third public shareholder letter. The activist is targeting Coway’s undervaluation, with shares down 16% from 2019 levels despite strong business growth. Align Partners is demanding board response by March 13, 2026.

Bill Holdings · BILL (US) · Mkt Cap: $4.7B · EV: $4.2B [B2B payments and financial software platform] Three activist investors - Starboard Value (8.5% stake), Elliott Investment Management (5%+ stake), and Barington Capital Group - are pressuring the company to explore a sale. Private equity firm Hellman & Friedman has held acquisition talks, and the company added four new board directors in October including two from Starboard to evaluate strategic alternatives.

WEX Inc. · WEX (US) · Mkt Cap: $5.5B · EV: $5.1B [Fleet payment solutions and corporate expense management services] Impactive Capital, holding 5.0% of WEX, has nominated four director candidates for election at the 2026 annual meeting. The activist cites significant underperformance versus peer Corpay (81% over 3 years) and lack of management accountability. Over 30% of shareholders voted against three directors including CEO Melissa Smith at the 2025 annual meeting.

Swatch Group · UHR.SW (SW) · Mkt Cap: $13.1B · EV: $11.7B [Swiss luxury watch manufacturer and retailer] US activist Steven Wood via Greenwood Investors (0.5% stake) submitted seven proposals for May 12 AGM seeking governance changes including board seats for bearer shareholders and majority independent directors. Swatch rejected all proposals, with the Hayek family controlling 43% of voting rights despite owning 25% of capital through enhanced voting registered shares.

LG Chem · 051910.KS (KR) · Mkt Cap: $16.7B · EV: $32.1B [Chemical company producing petrochemicals, advanced materials, and battery materials] UK activist Palliser Capital reduced its stake from 1.01% to 0.67% but continues targeting structural undervaluation. LG Chem announced plans to reduce LG Energy Solution holdings to 70% over 5 years from current 79.4%. Palliser’s demands include board improvements, better capital allocation, share buybacks using LG Energy stakes, and discount management programs.

CoStar Group · CSGP (US) · Mkt Cap: $19.1B · EV: $18.3B [Commercial real estate data and analytics provider] Baillie Gifford has publicly backed CoStar Group in an ongoing activist investor battle. The institutional investor is taking a supportive stance of management’s position against the activist campaign.

Lululemon Athletica · LULU (US) · Mkt Cap: $20.9B · EV: $21.4B [Athletic apparel and accessories retailer] Lululemon faces product quality issues with see-through leggings while operating without a permanent CEO. An activist investor is pushing for board changes during this leadership transition period.

Korea Zinc Co Ltd · 010130.KS (KR) · Mkt Cap: $21.1B · EV: $23.8B [Zinc smelting and metal processing company] Major shareholder Youngpoong-MBK Partners has submitted shareholder proposals at the 52nd annual meeting including director fiduciary duty bylaws, 10-for-1 stock split, executive officer system, and electing 6 directors through cumulative voting including MBK nominees. The proposals aim to normalize the company’s governance structure.

KeyCorp and Eastern Bancshares · KEY, EBC (US) · Mkt Cap: $25.5B · EV: None [Regional banking institutions providing commercial and consumer financial services] Activist HoldCo Asset Management dropped proxy fights at both banks after they adopted its core demands. KeyCorp announced a $300 million share repurchase, ruled out acquisitions, and made governance changes including new board nominees. Eastern similarly pivoted to emphasize organic growth and capital returns while targeting a 12% CET1 ratio.

Universal Music Group · UMG.AS (NL) · Mkt Cap: $43.8B · EV: $47.7B [Music label and entertainment company] London-based activist investor Independent Franchise Partners has built a stake of just over 3%, making it the sixth largest shareholder. The stake was disclosed through a filing with the Dutch financial regulator.

London Stock Exchange Group · LSEG.L (UK) · Mkt Cap: $50.9B · EV: $64.8B [Operates financial markets infrastructure and data services] Elliott Management has built a significant stake in London Stock Exchange Group and is engaging with management to drive performance improvements. Elliott is pushing for a fresh share buyback program amid shares declining over 35% in the past 12 months due to AI disruption concerns.

Meta Platforms · META (US) · Mkt Cap: $1.6T · EV: $1.7T [Social media and virtual reality technology company] Bill Ackman’s Pershing Square has invested approximately $2 billion in Meta, representing about 10% of the fund’s portfolio. The investment began in November 2025 at an average cost of $625 per share, with shares currently trading around $670.

Gunho Online Entertainment · 054780.KS (KR) · Mkt Cap: N/A · EV: N/A [Online gaming and entertainment company] The board has decided to oppose shareholder proposals from Strategic Capital and other investors. The company formally resolved to recommend shareholders vote against the activist proposals.

Strategic Reviews

Rivalry Corp. · RVLY.V (CA) · Mkt Cap: $1M · EV: $16M [Sports betting platform operator] Rivalry Corp. announced significant reduction in operations and is evaluating strategic alternatives for its assets. The company has paused player activity on its sports betting platform, implemented substantial cost reductions including workforce cuts, and is in discussions with third parties regarding potential transactions. Strategic alternatives may include asset-level transactions, corporate transactions, or restructuring initiatives.

SRx Health Solutions, Inc. · SRXH (US) · Mkt Cap: $10M · EV: $7M [Consumer products company focused on pet food business (Halo brand)] The company completed a significant restructuring, exiting specialty pharmacy and healthcare services to focus solely on its Consumer Products segment (Halo pet food business). SRx reported Q3 net sales of $2.8M but posted a net loss of $8.6M, while management explores strategic alternatives including potential partnerships and product expansion opportunities.

Shyam Century Ferrous Limited · SHYAMCENT.NS (IN) · Mkt Cap: $13M · EV: $4M [Iron and steel manufacturing company] Shyam Century Ferrous Limited shareholders approved disposal of substantially whole assets through postal ballot with 99.97% approval on February 10, 2026. The special resolution allows the company to sell, lease, or dispose of the whole or substantially the whole assets under Section 180(1)(a) of the Companies Act, 2013.

Quince Therapeutics, Inc. · QNCX (US) · Mkt Cap: $19M · EV: $-1M [Biotech company developing therapies for rare diseases] Quince has engaged LifeSci Capital as exclusive financial advisor to explore strategic alternatives including partnerships, joint ventures, mergers, acquisitions, licensing, or other strategic transactions. LifeSci Capital will also advise on potential restructuring of company liabilities. The company will not provide updates unless the Board approves a specific action.

GEE Group Inc. · JOB (US) · Mkt Cap: $26M · EV: $8M [Staffing and human resources services company] The company reported Q1 fiscal 2026 results with 15% revenue decline to $20.5M, primarily due to loss of major customer. GEE Group is exploring strategic alternatives to enhance shareholder value, including potential mergers and acquisitions, while maintaining strong liquidity with $20.1M cash and zero long-term debt.

Skillsoft Corp · SKIL (US) · Mkt Cap: $69M · EV: $581M [Corporate learning and workforce development technology platform] Skillsoft is undergoing strategic realignment focusing on AI and workforce readiness, appointed Bernard Barbour as CTO in January 2026, and announced it’s evaluating strategic alternatives for its Global Knowledge division including potential sale. The company is concentrating resources on core competencies and AI-driven growth initiatives.

The Hain Celestial Group · HAIN (US) · Mkt Cap: $82M · EV: $780M [Natural and organic food and personal care products company] Hain Celestial is executing a strategic portfolio review with Goldman Sachs and has agreed to sell its North American snacks business for $115 million cash to reduce debt. The company is evaluating additional asset sales as part of a multi-stage plan to address upcoming debt maturity in December 2026.

Orion Properties Inc. · ONL (US) · Mkt Cap: $147M · EV: $605M [Real estate investment trust focused on office properties] Orion Properties announced a formal strategic alternatives process aimed at enhancing shareholder value. The review could result in portfolio adjustments or comprehensive structural changes, with results expected to be discussed during the March 6 analyst call following Q4 earnings release on March 5.

Motorcar Parts of America, Inc. · MPAA (US) · Mkt Cap: $209M · EV: $430M [Automotive aftermarket parts remanufacturer and distributor] Motorcar Parts reported Q3 2026 results with declining sales ($167.7M vs $186.2M prior year) primarily due to reduced ordering from a large customer. The company is pursuing strategic alternatives for its EV technology division and focusing on divesting non-strategic assets while maintaining an active $25.1M share repurchase program.

Nano Dimension · NNDM (UN) · Mkt Cap: $415M · EV: $13M [3D printing technology company] Conducting strategic review to evaluate alternatives for enhancing shareholder value while relocating operational footprint and redomesticating to United States, targeted for H1 2026 completion. Implemented time-limited shareholder rights agreement to maintain oversight during strategic process.

Ontex Group NV · ONTEX.BR (BE) · Mkt Cap: $462M · EV: $1.2B [European hygiene products manufacturer] Ontex Group announced a strategic review in December 2025 following disappointing 2025 results with revenue down 4.9% and EBITDA margin contracting 2pp to 10%. New CEO Laurent Nielly initiated the process after completing divestments of emerging markets businesses for €131 million net proceeds.

European Opportunities Trust PLC · EOT.L (UK) · Mkt Cap: $552M [Closed-end investment trust investing in European equities] The trust initiated a strategic review considering multiple options including potential combination with another closed-end fund via scheme of reconstruction, cash exit at close to NAV, or roll-over into a proposed open-ended investment company. The review follows ongoing performance challenges and consultation with major shareholders, with the Board acknowledging likely failure to meet performance conditions for upcoming tender offer.

Picton Property Income Limited · PCTN.L (UK) · Mkt Cap: $613M · EV: $839M [UK commercial property REIT] Picton Property Income announced a strategic review in mid-January 2025, with LondonMetric named as a counterparty under Takeover Code rules following a press leak. The company paused its share buyback program due to the ongoing strategic review process.

Aker BioMarine · AKBM.OL (NO) · Mkt Cap: $918M [Antarctic krill harvesting and processing company for marine ingredients] The company is considering strategic options for its Human Health Ingredients division. The division recently secured a listing with US retailer Costco for a krill oil product during the quarter.

InMode Ltd. · INMD (US) · Mkt Cap: $968M · EV: $376M [Medical aesthetic technology company providing minimally invasive treatment platforms] InMode’s Board of Directors has initiated a strategic alternatives review to improve company value and hired Bank of America as their investment bank. CEO confirmed they are considering possible buyout offers, though no outcomes have been determined and management is not directly involved in negotiations.

Tripadvisor · TRIP (US) · Mkt Cap: $1.1B · EV: $1.5B [Travel review and booking platform] Tripadvisor is considering strategic alternatives as the company faces ongoing traffic declines from Google’s AI overviews impacting its SEO-dependent business model. CEO Matt Goldberg cited declining flyby visitors due to the changing search landscape, with CFO noting SEO expected to generate less than 10% of strategic Experience businesses’ gross booking volumes by end of 2026.

Advantage Energy Ltd. · AAV.TO (CA) · Mkt Cap: $1.3B · EV: $2.0B [Natural gas and oil exploration and production company] Advantage Energy’s Board of Directors has concluded its strategic review process, rejecting all proposals received including potential sale or merger opportunities. The Special Committee determined that none of the strategic alternatives evaluated were in the best interests of shareholders as they were inferior to the company’s intrinsic value and long-term prospects.

Barrick Gold Corporation · GOLD (US) · Mkt Cap: $1.6B · EV: $2.4B [Gold mining company] Barrick plans to spin off its premium North American assets (Nevada Gold Mines and Dominican Republic operations) into a new public entity called ‘NewCo’ targeting a late 2026 IPO. Joint venture partner Newmont Corporation, which holds a 38.5% stake in Nevada operations, is blocking the spin-off and demanding operational issues be resolved first. Newmont has potential veto rights that could derail the transaction.

Signature Global · SIGNATURE.NS (IN) · Mkt Cap: $1.6B · EV: $1.7B [Real estate developer focused on affordable and mid-segment housing projects] The company formed a 50:50 joint venture with RMZ Group to develop a ₹14,000-16,000 crore mixed-use project in Gurugram. RMZ will invest ₹1,283 crore to acquire 50% equity stake in Gurugram Commercity Ltd, a wholly-owned subsidiary of Signature Global.

Melco Resorts & Entertainment Ltd · MLCO (US) · Mkt Cap: $2.2B · EV: $12.8B [Casino resort operator focused on Asia Pacific markets] Melco Resorts terminated its strategic review of City of Dreams Manila after failing to find options that would fully realize the property’s value. The company had been evaluating strategic alternatives since February 2024 as part of a shift to an asset-light model. CEO Lawrence Ho indicated they may reevaluate the situation in the future when business rebounds.

Ramsay Health Care · RHC.AX (AU) · Mkt Cap: $5.9B · EV: $14.6B [Private hospital operator with facilities across Australia, Europe, and Asia] Ramsay Health Care is reportedly scrapping its previously planned demerger of its troubled European hospital division and will instead likely sell its stake to its joint-venture partner. The company faces mounting pressure to resolve issues with the European operations.

SalMar ASA · SALM.OL (NO) · Mkt Cap: $8.5B · EV: $11.0B [Atlantic salmon farming and processing company] SalMar ASA has launched a strategic review of its 33% stake in Hellesund Fiskeoppdrett, a salmon farming company. This review comes after a wave of acquisitions in the salmon farming sector.

LKQ Corporation · LKQ (US) · Mkt Cap: $9.0B · EV: $14.1B [Automotive aftermarket parts and services company] LKQ Corporation has intensified its portfolio review, selling non-core Self Service and Specialty operations while targeting an additional $75 million in annual cost savings. The board is conducting an ongoing review of ‘strategic alternatives,’ including a possible company or segment sale.

Darden Restaurants Inc. · DRI (US) · Mkt Cap: $24.8B · EV: $32.6B [Multi-brand restaurant operator including Olive Garden and LongHorn Steakhouse] Darden Restaurants completed its strategic review of Bahama Breeze brand, closing 15 locations in May 2024 and announcing plans to close half of remaining 28 locations while converting the other half to different Darden brands. The conversions are expected to occur over the next 12-18 months.

Kraft Heinz · KHC (US) · Mkt Cap: $29.6B · EV: $47.7B [Food and beverage company producing packaged food products] Kraft Heinz is pausing its previously announced company split under new CEO Steve Cahillane, who believes the company’s challenges are fixable. The company will instead invest $600 million in a U.S. business turnaround focused on marketing, R&D, and product improvements. The original split was announced in September, reversing the 2015 $46 billion merger.

Cencora, Inc · COR (US) · Mkt Cap: $69.8B · EV: $79.0B [Pharmaceutical distribution and healthcare solutions company] Cencora announced a revision to its financial reporting structure, reorganizing into U.S. Healthcare Solutions, International Healthcare Solutions, and Other segments. The ‘Other’ segment will explore strategic alternatives for MWI Animal Health, Profarma, and other assets, with changes effective from Q1 2026.

The Walt Disney Company · DIS (US) · Mkt Cap: $191.1B · EV: $239.1B [Media and entertainment conglomerate operating theme parks, streaming services, and content production] Wall Street analyst Rich Greenfield is encouraging Disney to spin off ESPN into a standalone company as ESPN prepares for major Super Bowl programming and traditional cable bundles continue to shrink. The potential spinoff is being discussed amid ESPN’s strategic positioning challenges.

Shell · SHEL.L (UK) · Mkt Cap: $222.4B · EV: $294.0B [Integrated oil and gas company] Shell is conducting a strategic review of its Sprng Energy renewables unit in India, which it acquired for $1.55 billion in 2022. The unit has 2,300 MWp operational capacity and 5,026 MWp contracted capacity as part of CEO Wael Sawan’s strategy to refocus on LNG trading and upstream operations.

Turnstone Biologics · TSBX (INTL) · Mkt Cap: None · EV: None [Biotechnology company developing cancer treatments] Turnstone Biologics discontinued all clinical trials for Tidal-01 in solid tumors and launched a strategic alternatives review process to maximize shareholder value. The company hired an advisor to explore potential acquisitions, mergers, asset sales, licensing, or other transactions, while implementing workforce reductions and cost-cutting measures.

Bulten Group · BULTEN (INTL) · Mkt Cap: None · EV: None [Automotive fastener manufacturer serving vehicle assembly industry] Bulten completed a strategic review and decided to consolidate U.S. manufacturing operations by closing its Streetsboro, Ohio facility and shifting production to European operations. The company will transition to a pure distribution model in the U.S., with the change expected to improve earnings by SEK 10-20 million annually.

Abelco Investment Group AB · ABEL.ST (INTL) · Mkt Cap: None · EV: None [Investment holding company managing diversified portfolio assets] Abelco Investment Group terminated a previously planned reverse acquisition and is now conducting a structured strategic review of its long-term positioning and potential development paths within its core investment business. The review is focused on long-term value creation, with the Board promising updates as decisions are made.

Insplorion AB · INSP.ST (SE) · Mkt Cap: $479K · EV: $86K [Nanosensor technology company focused on hydrogen sensing and research instruments] Insplorion AB has completed its strategic review and entered into an agreement in principle to sell its hydrogen sensor business to Mann Teknik AB for SEK 5.5 million cash. The definitive agreement is expected to be signed in Q1 2026 subject to shareholder approval. The company is also exploring value-creating alternatives for its remaining assets including research instruments business.

Battery X Metals Inc. · BATX (CSE), BATXF (OTCQB), 5YW0 (FSE) (INTL) · Mkt Cap: None · EV: None [Battery metals exploration and development company] Battery X Metals is selling its 100% interest in the Belanger gold and copper exploration project in Ontario for C$10,000 cash plus C$5,000 in equity. The divestiture is part of portfolio optimization to focus on core battery metals strategy, with transaction expected to close by March 31, 2026 pending TSXV approval.

Tantalizers Plc · TANG.LG (INTL) · Mkt Cap: None · EV: None [Nigerian food service company diversifying into entertainment] RGM Materials Solutions invested N2bn for a 10% stake in Tantalizers’ entertainment subsidiary Tantainment Limited, valuing the subsidiary at N30bn. The proceeds will fund studio equipment acquisition, content development, and operational improvements for their live game show platform launching Q2 2026.

African Sun Limited · AFSUN.VF (INTL) [Zimbabwe-based hotel operator] Company announced plans to delist from Victoria Falls Stock Exchange and conduct partial share buyback as part of strategic review. Seeking approval to sell Caribbea Bay Resort for $5.65 million, continuing asset disposal program that has generated over $27 million since 2024 from non-core property sales.

Altiplano Metals Inc. · APN.TO (INTL) [Mining company with copper-gold-iron operations in Chile] Suspended rental agreement with contractor Andes Core Mining for Santa Beatriz mine and El Peñón processing plant, placing both on care and maintenance. Undertaking strategic review aimed at improving shareholder returns while evaluating optimization plans and alternative operating structures for Chilean assets. Separately closed $1.06 million private placement financing.

M&A / Divestitures

Reliance Global Group, Inc. · EZRA (UN) · Mkt Cap: $2M · EV: $7M [Investment company focused on acquiring controlling stakes in technology companies] Reliance Global Group signed agreement to acquire 51% controlling stake in post-quantum cybersecurity company Enquantum Ltd. for $2.125 million, payable in milestone-based tranches over 10 months. The acquisition starts with 8% ownership at closing and increases monthly to reach 51% control, with transaction expected to close within 30 days.

Onconetix Inc · ONCO (UN) · Mkt Cap: $2M · EV: $2M [Life sciences and biotechnology company] Onconetix will acquire 100% of Realbotix LLC, the AI-robotics subsidiary of Realbotix Corp, in an all-stock transaction. Realbotix Corp will receive 75-90% ownership of ONCO’s fully diluted shares and 4 of 5 board seats, with transaction expected to close before end of Q3 2026.

Restart Life Sciences Corp · HEAL.CN (CA) · Mkt Cap: $3M · EV: $3M [Wellness and life sciences company] Restart Life Sciences executed a definitive agreement to acquire 100% of Holy Crap Foods Inc. from Happy Belly Food Group for $1 million cash, subject to working capital adjustments. The acquisition includes Holy Crap’s brand portfolio and British Columbia manufacturing facility, with closing expected within 10 business days.

Gold Basin Resources Corporation · GXX.V (CA) · Mkt Cap: $4M · EV: $5M [Mineral exploration company focused on gold mining projects] CANEX Metals (TSXV:CANX) completed its takeover offer for Gold Basin Resources (TSX.V:GXX), acquiring 54.04% control with 73,026,822 shares as of February 10, 2026. CANEX plans to call a special meeting to approve a subsequent acquisition transaction to privatize Gold Basin and delist it from the TSXV.

NexGel Inc · NXGL (UN) · Mkt Cap: $11M · EV: $14M [Hydrogel technology and healthcare products company] NexGel signed financing agreements including a $56.7 million senior secured convertible note facility with an institutional investor to fund an approved acquisition. The company issued $1.8 million in Series A notes immediately and plans up to $54.9 million in Series B notes subject to acquisition completion and stockholder approvals.

Aqua Metals Inc. · AQMS (UN) · Mkt Cap: $14M · EV: $11M [Battery recycling technology company] Aqua Metals entered into a term sheet to acquire Lion Energy LLC in an all-stock transaction expected to close in Q2 2025. Lion Energy achieved approximately $50 million in revenue in 2025 and develops commercial/residential energy storage systems and proprietary energy management software. The acquisition also includes Lion Energy’s minority stake in American Battery Factory.

Luminar Technologies, Inc. · LAZR (US) · Mkt Cap: $15M · EV: $394M [Autonomous vehicle sensor and software company developing LiDAR technology] Luminar Technologies filed a Chapter 11 liquidation plan proposing to sell substantially all assets for $143 million total - LSI semiconductor business to Quantum Computing Inc. for $110 million and LiDAR technology business to MicroVision Inc. for $33 million. The company has $488 million in funded debt obligations and equity holders are projected to receive no recovery.

Generation Bio Co. · GBIO (US) · Mkt Cap: $36M · EV: $-27,545,620 [Genetic medicine company developing non-viral gene therapies] XOMA Royalty Corporation successfully completed its tender offer to acquire all outstanding shares of Generation Bio Co. for $4.2913 per share in cash plus one non-tradeable contingent value right. The tender offer expired February 6, 2026, with 70% of outstanding shares tendered, satisfying the minimum condition and completing the acquisition.

Inception Growth Acquisition Limited · IGTA (UN) · Mkt Cap: $36M · EV: $39M [Special purpose acquisition company seeking business combination targets] IGTA stockholders approved amendments extending the SPAC’s liquidation deadline by up to 6 months from February 13, 2026 to August 13, 2026, with monthly extensions costing $0.075 per outstanding share. The extension provides additional time to complete a business combination transaction.

Cineverse Corp. · CNVS (US) · Mkt Cap: $47M · EV: $47M [Streaming entertainment and technology company acquiring CTV monetization platform] Cineverse Corp. (NASDAQ: CNVS) announced acquisition of IndiCue Inc., a CTV monetization platform, for $22 million in cash and stock, expected to close Feb 13, 2026. Simultaneously, the company issued $13 million in convertible notes with 9% interest rate and 4-year term to partially fund the acquisition.

Air T, Inc. · AIRT (US) · Mkt Cap: $64M · EV: $245M [Aviation services and ground equipment company] Air T completed acquisition of substantially all assets of Rex Regional Airlines, an Australian regional airline in voluntary administration since July 2024. Air T paid AUD $50M for assets with preliminary fair value of $106.9M, resulting in a preliminary bargain purchase gain of $95.8M due to distressed sale conditions.

Cayson Acquisition Corp · CAPN (US) · Mkt Cap: $84M · EV: $85M [SPAC seeking to extend business combination deadline and eliminate minimum asset requirements] Cayson Acquisition Corp (SPAC) is seeking shareholder approval to extend its business combination deadline with Mango Financial Group Limited by up to 12 months to March 23, 2027, with insiders contributing $100,000 monthly to the trust account. The company also wants to eliminate the $5,000,001 net tangible assets requirement, allowing the deal to proceed regardless of redemption levels.

Royal Orchid Hotels Limited · ROHLTD.NS (IN) · Mkt Cap: $119M · EV: $192M [Indian hospitality company operating hotels and resorts] Royal Orchid Hotels Limited (ROHL) completed the sale of its subsidiary Multi Hotels Limited to Tanzania-based Greenleaf Properties Limited for $3.4 million. The subsidiary had not commenced commercial operations, and ROHL will receive proceeds in installments within 120 days.

BioSyent Inc. · RX.V (CA) · Mkt Cap: $120M · EV: $98M [Canadian specialty pharmaceutical company developing and commercializing healthcare products] BioSyent announced acquisition of privately-held Oral Science Inc. for $25.5M ($22.5M cash + $3M in BioSyent shares at $12.81/share). Transaction includes potential $6M earn-out through 2033 and is expected to close by end of February 2026. Combined pro-forma TTM revenue exceeds $70M with EBITDA over $15.75M.

abrdn National Municipal Income Fund · VFL (US) · Mkt Cap: $128M · EV: None [Closed-end investment fund investing in municipal bonds] abrdn National Municipal Income Fund (VFL) is being reorganized into MFS Municipal Income Trust (MFM) in a NAV-based share exchange transaction. VFL shareholders will receive MFM shares based on relative NAVs, with the combined fund expected to be renamed Aberdeen Municipal Income Fund. Shareholder vote scheduled for March 11, 2026 with expected closing in Q2 2026.

BARK, Inc. · BARK (US) · Mkt Cap: $136M · EV: $152M [Dog products and services company offering toys, treats, and health products] BARK’s special committee is evaluating two competing takeover proposals: one from insider group Great Dane Ventures (including CEO Matt Meeker) at $0.90/share, and another from GNK Holdings/Marcus Lemonis at $1.10/share. The special committee is conducting a formal strategic review process with independent advisors to maximize shareholder value.

AnGes · 4563.T (JP) · Mkt Cap: $152M · EV: $148M [Japanese biotech company developing gene therapy and genomic medicine treatments] AnGes reported 35.8% revenue growth for 2025 driven by its progeria treatment drug ‘Zokinvy’ and expanded newborn screening services. The company did not record special losses related to its previous acquisition of genome editing company Emendo, avoiding the 20 billion yen impairment losses from the prior year.

Happy Belly Food Group Inc. · HBFGF (CA) · Mkt Cap: $173M · EV: $172M [Canadian food company operating cereal brands and quick service restaurant businesses] Happy Belly signed a definitive agreement to sell its Holy Crap Foods cereal and oatmeal brand for $1,000,000 CDN in cash plus working capital adjustments, representing an estimated 10x EBITDA. The transaction is expected to close within ten business days, with proceeds earmarked for QSR business expansion and franchise development.

Mutoh Holdings · 7999.T (JP) · Mkt Cap: $205M · EV: $49M [Wide-format printer manufacturer] Brother Industries is launching a ¥35bn tender offer to acquire all outstanding shares of Mutoh Holdings at ¥7,626 per share, aiming to convert Mutoh into a wholly-owned subsidiary. The tender offer period runs from February 5 to March 23, 2026, giving shareholders 30 business days to decide.

Aimia Inc. · AIM.TO (CA) · Mkt Cap: $208M · EV: $378M [Investment holding company with interests in data analytics and specialty chemicals] Aimia Inc. has entered into a definitive agreement to sell its specialty chemicals business. The company has been active with share buybacks and recently received tax refunds totaling approximately $38 million in 2025.

OneWater Marine Inc. · ONEW (US) · Mkt Cap: $214M · EV: $1.2B [Marine dealer network selling boats and related services] OneWater Marine Inc. (ONEW) completed the sale of Ocean Bio-Chem Holdings Inc. (OBCI) as part of its portfolio optimization strategy. The company will use $50 million in proceeds to pay down debt, targeting net leverage below 4.0x by fiscal year end and generating $3.5 million in annual interest expense savings.

XOMA Royalty Corporation · XOMA (US) · Mkt Cap: $284M · EV: $415M [Royalty aggregator acquiring and managing biotech royalty and milestone streams] XOMA Royalty completed its tender offer and acquisition of Generation Bio for $4.2913 per share in cash plus a non-tradeable contingent value right. Approximately 4.7 million shares (70% of outstanding) were tendered, and Generation Bio became a wholly owned subsidiary of XOMA through a follow-on merger. Generation Bio shares ceased trading on Nasdaq on February 6, 2026.

Olympic Steel Inc · ZEUS (US) · Mkt Cap: $539M · EV: $813M [Metals processing and distribution company] Olympic Steel Inc consummated its merger and notified Nasdaq of trading suspension and delisting. The company requested withdrawal of its listing and filing of Form 25 to delist/deregister common stock, with plans to suspend SEC reporting obligations via Form 15.

Hyundai Home Shopping · 057050.KS (KR) · Mkt Cap: $604M · EV: $1.2B [Korean home shopping and e-commerce company] Hyundai Department Store Group plans to delist Hyundai Home Shopping from the Korean stock exchange through a going-private transaction as part of corporate restructuring efforts.

ARKO Corp · ARKO (UN) · Mkt Cap: $724M · EV: $3.1B [Convenience store operator and fuel distributor] ARKO Corp is spinning off its wholesale fuel distribution operations into ARKO Petroleum Corp (APC) via IPO. APC is offering 10.5 million shares at $18-20 per share, raising approximately $200 million, with shares to trade on NASDAQ under ticker APC.

Mid Penn Bancorp, Inc. · MPB (US) · Mkt Cap: $766M · EV: $730M [Regional bank holding company] 1st Colonial Bancorp shareholders approved the merger with Mid Penn Bancorp with over 3.99 million shares voting in favor and only 456 against. The merger is awaiting regulatory approval before closing.

Mutares SE & Co. KGaA · MUX.DE (DE) · Mkt Cap: $804M · EV: $1.7B [Private equity holding company focused on special situations investments] Mutares signed an agreement to acquire the Flooring Business of Hamberger Industriewerke, a market-leading manufacturer of parquet and floor coverings operating under the HARO brand. The business generates approximately EUR 150 million in revenue with over 700 employees and operations in Germany and Bulgaria, with closing expected in Q2 2026 subject to regulatory approvals.

Great Lakes Dredge & Dock Corporation · GLDD (US) · Mkt Cap: $1.1B · EV: $1.6B [Marine dredging and infrastructure contractor] Saltchuk Resources agreed to acquire Great Lakes Dredge & Dock for $17.00 per share in cash, representing $1.2 billion in equity value and $1.5 billion total transaction value. The deal includes a tender offer followed by a second-step merger, with closing expected in Q2 2026 subject to HSR approval.

Clear Channel Outdoor Holdings, Inc. · CCO (US) · Mkt Cap: $1.2B · EV: $7.4B [Outdoor advertising company operating billboards and transit displays] Clear Channel Outdoor agreed to be acquired by Mubadala Capital and TWG Global for $6.2 billion enterprise value. Shareholders will receive $2.43 per share in cash, representing a 71% premium. The transaction includes a 45-day go-shop period expiring March 26, 2026, and is expected to close by end of Q3 2026.

Dynavax Technologies Corp · DVAX (US) · Mkt Cap: $1.8B · EV: $1.5B [Biopharmaceutical company developing vaccines and immunotherapies] Dynavax Technologies completed its merger on February 10, 2026, and requested Nasdaq to halt trading and delist its shares effective before market open. The company will file Form 25 to remove shares from listing and Form 15 to terminate SEC registration and reporting obligations.

Hillenbrand, Inc. · HI (US) · Mkt Cap: $2.3B · EV: $3.8B [Industrial company providing process solutions and equipment for various industries] Hillenbrand notified the NYSE that its merger has closed and requested delisting of its common stock. The company will suspend trading, delist from NYSE, and file Form 15 to suspend SEC reporting obligations.

Orbia Advance Corporation · ORBIA.MX (ME) · Mkt Cap: $2.4B · EV: $2.6B [Specialty chemicals and materials company with businesses in advanced materials, building and infrastructure, precision agriculture, and connectivity solutions] Chinese billionaire Haoyu Wang is negotiating to acquire Israeli irrigation company Netafim from Mexican public company Orbia at a $1.4 billion valuation. Orbia hired Evercore to find a buyer based on ~$1.2 billion enterprise value, with the seller expected to retain 10-20% stake rather than exit completely. U.S. regulatory approval remains the primary obstacle given Netafim’s $250 million annual U.S. revenue.

Ivanhoe Electric Inc. · IE (US) · Mkt Cap: $2.5B · EV: $2.6B [Mineral exploration and technology company focused on copper projects] Ivanhoe Electric amended its asset sale agreement to sell its remaining 50% interest in the Alacrán Copper Project for $128 million through subsidiary Cordoba. The company will receive full $128 million at closing with no post-closing payments and plans to distribute net proceeds to shareholders while retaining $10 million.

ZIM Integrated Shipping Services · ZIM (US) · Mkt Cap: $2.7B · EV: $6.4B [Israeli shipping and container logistics company] German shipping company Hapag-Lloyd has been selected to acquire 100% of ZIM in partnership with Israeli private equity fund FIMI, following a six-month tender process. The acquisition is valued at over $3.5 billion, representing a ~30% premium to ZIM’s current $2.7 billion market cap. ZIM will be delisted from the NYSE where it has traded since 2021.

Polaris Inc. · PII (US) · Mkt Cap: $3.7B · EV: $5.2B [Manufacturer of powersports vehicles and motorcycles] Polaris entered into a definitive agreement to sell a majority interest in its Indian Motorcycle business, which closed in Q1 2026. The company reported an operating loss of $(348.7) million compared to $290.6 million income in 2024, largely due to impairment charges related to the Indian Motorcycle divestiture and goodwill writedowns.

Tri Pointe Homes · TPH (US) · Mkt Cap: $4.1B · EV: $4.5B [US residential homebuilder and developer] Sumitomo Forestry announced acquisition of all shares of Tri Pointe Homes for $4.5 billion total consideration ($47 per share). The deal is expected to close in Q2 2026, after which TPH will be delisted from NYSE.

PennyMac Financial Services, Inc. · PFSI (US) · Mkt Cap: $4.6B · EV: $27.3B [Mortgage lending and servicing company] PennyMac announced acquisition of Cenlar’s subservicing business for $172.5 million upfront plus up to $85 million contingent consideration over 3 years. The deal adds $740 billion in mortgage loan unpaid principal balance and 2 million loans, bringing PFSI’s total portfolio to over $1 trillion.

Sapporo Holdings · 2501.T (JP) · Mkt Cap: $4.8B · EV: $6.1B [Japanese beer and beverage company with real estate operations] Sapporo Holdings announced the sale of its real estate subsidiary Sapporo Real Estate Development to a joint venture backed by investment funds KKR and PAG, generating approximately 330 billion yen in proceeds. The company is using proceeds to dramatically increase dividends from 90 yen to 200 yen annually and implement semi-annual dividend payments starting 2026.

Mattel · MAT (US) · Mkt Cap: $5.3B · EV: $8.5B [Toy manufacturer and entertainment company] Mattel is acquiring NetEase’s 50% stake in their joint venture Mattel163 for $318 million, gaining full ownership of the mobile gaming studio. The acquisition will be funded more than half with the venture’s existing cash and is expected to close by end of Q1.

UiPath · PATH (US) · Mkt Cap: $6.0B · EV: $4.9B [Robotic process automation software provider] UiPath announced the acquisition of WorkFusion, a pioneer in AI agents for financial crime compliance including AML and KYC processes. The acquisition is expected to complete in UiPath’s Q1 FY2027, with undisclosed deal terms.

Tokyo Electric Power Company Holdings (TEPCO) · 9501.T (JP) · Mkt Cap: $6.5B · EV: $43.9B [Electric utility company serving the Tokyo metropolitan area] Tokyo Electric Power Company Holdings filed mandatory pre-disclosure documents for a corporate split involving Nomura Real Estate. The disclosure indicates a potential divestiture or spin-off transaction involving real estate assets.

Cidara Therapeutics · CDTX (UN) · Mkt Cap: $7.0B · EV: $6.5B [Biotechnology company developing antifungal and antiviral therapies] Merck has completed its cash tender offer to acquire Cidara Therapeutics at $221.50 per share, purchasing approximately 85.96% of outstanding shares (27.1 million shares). Merck plans to complete the acquisition through a merger where remaining shares will receive the same cash consideration, after which Cidara will become a wholly owned subsidiary and delist from Nasdaq.

Terex Corporation · TEX (US) · Mkt Cap: $7.0B · EV: $6.1B [Manufacturing company providing lifting and material processing products for construction and other industries] Terex completed the sale of Midwest Automotive Designs to Alliance RV, LLC on February 10, 2026. This divestiture follows Terex’s recent merger completion with REV Group on February 2, 2026, and is part of ongoing portfolio streamlining that included earlier sales of Tower and Rough Terrain Cranes businesses in November 2025.

Rayonier Inc. · RYN (US) · Mkt Cap: $7.2B · EV: $3.8B [Timberland and forest products company that completed merger with PotlatchDeltic] Rayonier (RYN) completed its merger of equals with PotlatchDeltic on January 30, 2026, ahead of schedule, creating a combined company with over 4 million acres of timberland and expanded wood products operations. The company is targeting $40 million in annual run rate synergies by end of year two, with $20 million expected in the first year post-merger. A new company name and ticker symbol will be announced later in Q1 2026.

Sumitomo Forestry · 1911.T (JP) · Mkt Cap: $7.2B · EV: $12.0B [Japanese forestry, lumber and homebuilding company] Sumitomo Forestry announced acquisition of major US homebuilder Tri Pointe Homes for approximately $4.2 billion, its largest M&A deal ever. The acquisition will be completed through a US subsidiary during Q1 2026, making Sumitomo the 5th largest homebuilder in the US with 18,000 annual units and expanding into California and Nevada markets.

BlueScope Steel · BSL.AX (AU) · Mkt Cap: $9.1B · EV: $9.5B [Steel manufacturing company producing flat steel products] BlueScope Steel is defending against an unsolicited $30 per share takeover bid from a consortium of industrial and investment groups, which the board has rejected. The company projects $2 billion in additional free cash flow capacity by 2029 as capital spending winds down, with analysts valuing the stock in the high thirties per share. Management is arguing for independence based on organic cash generation, $150 million in cost cuts by 2026, and potential cyclical recovery in steel margins.

Dongfeng Motor Group · 0489.HK (HK) · Mkt Cap: $10.1B · EV: $5.3B [Chinese automotive manufacturer and joint venture partner] Dongfeng Motor Group is privatizing and delisting through a share distribution and absorption merger, while simultaneously spinning off its NEV brand VOYAH to list on HKEX by introduction on March 19. Under the plan, Dongfeng will distribute its 79.67% VOYAH stake to shareholders pro-rata, with VOYAH then listing independently while the parent company delists.

Schroders · SDR.L (UK) · Mkt Cap: $12.4B · EV: $2.7B [UK-based asset management company] US asset manager Nuveen agreed to acquire Schroders for £9.9 billion, paying 590 pence per share in cash plus up to 22 pence in dividends, representing a 34% premium to previous close. The founding family holding 41% stake has irrevocably agreed to the deal, ending 222 years of family control.

Kirin Holdings Co Ltd · 2503.T (JP) · Mkt Cap: $12.7B · EV: $19.9B [Japanese beverage company] Kirin is selling its Four Roses bourbon brand to private wine company Gallo for up to $775 million. The deal is expected to close in Q2 2025 and is part of Kirin’s strategic portfolio review to reallocate resources toward core capabilities.

QXO Inc. · QXO (US) · Mkt Cap: $18.5B · EV: $21.0B [Building products distribution company] QXO agreed to acquire Kodiak Building Partners for $2.25 billion ($2B cash + 13.2M QXO shares) from private equity firm Court Square Capital Partners. Kodiak generated $2.4B revenue last year distributing building products primarily in Florida and Texas, with QXO retaining right to repurchase the shares at $40/share.

Broadridge Financial Solutions · BR (US) · Mkt Cap: $20.7B · EV: $24.2B [Financial technology services provider] Broadridge has agreed to acquire CQG, a provider of futures and options trading technology and execution management tools. The acquisition will integrate CQG’s global trading technology operations into Broadridge’s order management ecosystem to expand derivatives market capabilities.

Nebius Group N.V. · NBIS (US) · Mkt Cap: $22.5B · EV: $22.9B [AI cloud platform and infrastructure company] Nebius is acquiring Israeli AI startup Tavily for $275 million upfront with potential earnouts up to $400 million total. Tavily, founded in late 2024, develops agentic search technology for AI agents and serves Fortune 500 companies.

Hexagon AB · HEXA-B.ST (SE) · Mkt Cap: $28.6B · EV: $29.0B [Industrial technology and software solutions provider] Hexagon filed a Registration Statement on Form 10 with the SEC for its planned spin-off of Octave Intelligence Limited, which will become an independent software and SaaS company focused on operational intelligence. The spin-off is expected to complete in late Q2 2026 with dual listings on Nasdaq Global Select Market and Nasdaq Stockholm, subject to regulatory approvals.

Seven & i Holdings · 3382.T (JP) · Mkt Cap: $35.5B · EV: $55.6B [Japanese retail company operating convenience stores, supermarkets and department stores] Japan’s Ministry of Economy, Trade and Industry is developing supplementary guidelines to clarify corporate takeover rules amid increased unsolicited M&A activity including Alimentation Couche-Tard’s bid for Seven & i Holdings. The ministry aims to clarify that boards can reject high-priced offers if they believe current management can create more value. Final guidelines expected by May 2025.

Toyota Industries · 6201.T (JP) · Mkt Cap: $39.4B · EV: $47.7B [Forklift manufacturer and key Toyota Group affiliate] Toyota Motor’s tender offer for Toyota Industries has been extended to March 2 after failing to reach the required 42.01% minority shareholder acceptance threshold, with only 33.1% tendered by the original deadline. The offer was sweetened to 18,800 yen per share but faces opposition from Elliott Investment Management, which holds 7.1% and values the company at 26,134 yen per share.

Anglo American · AAL.L (UK) · Mkt Cap: $51.7B · EV: $76.6B [Global mining company producing diamonds, copper, platinum group metals, iron ore and coal] Anglo American reported Q4 2025 nickel production of 10,300 tonnes, down 36.9% year-over-year. The company has a definitive agreement to sell its nickel business to MMG Singapore Resources and is awaiting European Commission antitrust approval. Its South Africa refined nickel business has already been divested and established as separate entity Valterra Platinum.

BD (Becton, Dickinson and Company) · BDX (US) · Mkt Cap: $57.3B · EV: $79.3B [Medical technology company serving healthcare institutions, life science researchers and pharmaceutical companies] BD completed the spin-off of its Biosciences & Diagnostic Solutions business and combination with Waters Corporation. BD shareholders received ~0.135 WAT shares per BDX share and BD received $4 billion cash, with the spun-off business valued at $18.8 billion. BD plans to use $2 billion for share repurchases and $2 billion for debt repayment.

Singapore Telecommunications Limited · Z74.SI (SI) · Mkt Cap: $62.3B · EV: $68.8B [Telecommunications services provider] Singtel is partnering with KKR in a $6.6 billion acquisition of ST Telemedia Global Data Centres (STT GDC). Singtel will invest approximately $740 million for a 25% stake, while KKR will own 75%, valuing STT GDC at $13.8 billion enterprise value. The deal expands Singtel’s data centre business under Nxera across Asia-Pacific, Britain and Europe.

Hindustan Unilever Limited · HINDUNILVR.NS (IN) · Mkt Cap: $63.7B · EV: $63.0B [Indian consumer goods company manufacturing personal care, home care and food products] Hindustan Unilever completed the demerger of its ice cream business into Kwality Wall’s India Ltd (KWIL), with the new entity expected to list in February 2026. The ice cream business contributed about 2.7% to HUL’s total revenue and operated on lower margins.

NatWest Group · NWG.L (UK) · Mkt Cap: $67.6B · EV: $-84,729,942,369 [UK retail and commercial banking group] NatWest announced a £2.7 billion acquisition of Evelyn Partners, one of the UK’s largest wealth managers, outbidding rival Barclays. The deal will double NatWest’s assets under management to £127 billion and is expected to close by summer 2026, reducing core capital by 1.3%.

Warner Bros. Discovery Inc. · WBD (US) · Mkt Cap: $70.0B · EV: $99.4B [Media and entertainment company operating streaming services, television networks, and film studios] Paramount Skydance Corporation enhanced its $30 per share all-cash takeover offer for Warner Bros. Discovery, adding a $0.25 quarterly ticking fee starting January 2027 if deal not closed by December 2026, and agreeing to cover WBD’s $2.8 billion Netflix termination fee plus $1.5 billion debt financing costs. The enhanced offer is backed by $43.6 billion in equity commitments and tender offer extended to March 2, 2026, with 42.3 million WBD shares already tendered.

Waste Management Inc · WM (US) · Mkt Cap: $94.3B · EV: $117.2B [Waste collection and disposal services company] WM subsidiary USA Waste of California is acquiring California-based Waste Resources, which provides residential waste and recycling services across multiple Southern California cities including Glendale, Gardena, and Carson. The deal includes established municipal franchise agreements, with WM’s 2026 acquisition spending expected to stay in the $100-200 million range.

Mitsubishi Heavy Industries · 7011.T (JP) · Mkt Cap: $111.3B · EV: $111.0B [Japanese industrial company manufacturing aerospace, defense, power systems and machinery] Mitsubishi Heavy Industries signed definitive agreements for corporate spin-off and divestiture of its domestic onshore wind power business. MHI will transfer the wind power operations to newly established wholly-owned subsidiary M-Wind Co., Ltd., then sell all shares of M-Wind to Electric Power Development Co. (J-Power).

Mizuho Financial Group · 8411.T (JP) · Mkt Cap: $124.8B · EV: $-221,487,769,835 [Japanese banking and financial services company] Mizuho Bank announced acquisition of 70% stake in fintech company UPSIDER Holdings for approximately 46 billion yen ($460 million). UPSIDER is an AI-powered corporate financial services company that had raised over 60 billion yen cumulatively and achieved 10 billion yen in annual revenue as of April 2025.

Blackstone Inc. · BX (US) · Mkt Cap: $159.7B · EV: $125.6B [Alternative asset management and private equity firm] Blackstone Inc. and EQT are acquiring Urbaser, a global waste management platform, from Platinum Equity for $6.6 billion. The transaction involves Urbaser, which serves 60+ million people globally through waste collection, treatment and environmental services across urban, municipal and industrial segments.

Honeywell International · HON (US) · Mkt Cap: $162.0B · EV: $173.1B [Industrial conglomerate providing aerospace, building technologies, performance materials and safety solutions] Honeywell International reported Q4 2025 results with revenue of $9.758 billion but net income fell to $295 million due to goodwill and asset impairments. The company provided 2026 guidance for continuing operations revenue of $38.8-39.8 billion and diluted EPS of $9.59-9.89. Honeywell is planning to spin off its aerospace business.

Salesforce Inc · CRM (US) · Mkt Cap: $174.9B · EV: $181.6B [Cloud-based software company providing customer relationship management solutions] Salesforce (CRM) signed a definitive agreement to acquire Cimulate, an AI-powered product discovery company, to strengthen its Agentforce Commerce platform. The acquisition will integrate Cimulate’s intent-aware search technology to help retailers deliver more personalized shopping experiences. Transaction expected to close in Q1 FY2027 subject to customary conditions.

Netflix Inc. · NFLX (US) · Mkt Cap: $326.1B · EV: $332.5B [Global streaming entertainment service and content producer] Netflix is pursuing an $82.7 billion cash acquisition of Warner Bros. Discovery, facing competition from a higher $108.4 billion rival bid by Paramount Skydance. Activist investor Ancora Holdings is urging Warner Bros. Discovery shareholders to reject Netflix’s offer in favor of the Paramount bid, while U.S. and European regulators review the transaction for antitrust concerns.

Eli Lilly and Company · LLY (US) · Mkt Cap: $923.9B · EV: $968.1B [Pharmaceutical company developing and manufacturing medicines for diabetes, oncology and other therapeutic areas] Eli Lilly is acquiring Orna Therapeutics, a private company developing circular RNA-based in vivo CAR-T therapies for autoimmune diseases. Orna shareholders could receive up to an undisclosed amount, with the lead program ORN-252 targeting CD19 for B cell-driven autoimmune diseases being clinical trial-ready.

InPost S.A. · INPST (INTL) · Mkt Cap: None · EV: None [Automated parcel machine network operator in Europe] A consortium including Advent International, FedEx, A&R Investments, and PPF Group has announced a recommended all-cash takeover offer for InPost at EUR 15.60 per share, valuing the company at EUR 7.8 billion. The offer represents a 50% premium to the undisturbed share price and 53% to the three-month VWAP, with shareholders representing 48% of outstanding shares already supporting the transaction. The deal is expected to complete in H2 2026.

Rakon Limited · RAK (US) · Mkt Cap: None · EV: None [Manufacturer of frequency control solutions and crystal oscillators] Bourns, Inc. has made a full takeover offer to acquire all equity securities in Rakon Limited for $1.55 per share. The offer is conditional on regulatory approvals including Overseas Investment Act approval and must remain open until at least March 23, 2026. Rakon’s board advises shareholders to take no action until they receive the Target Company Statement and Independent Adviser’s Report by February 23, 2026.

Fractal Analytics · FRACTAL.NS (INTL) · Mkt Cap: None · EV: None [Enterprise AI and data analytics services provider] Fractal Analytics is launching a ₹2,833 crore IPO priced at ₹857-900 per share, opening for subscription today and closing February 11th. The IPO includes ₹1,024 crores fresh issue for debt repayment, R&D investment, and expansion, with remainder as offer for sale by existing shareholders. Company serves 120+ enterprise clients including Citibank, Nestle, Costco with 64.9% revenue from US market.

Selectis Health · SLIS (INTL) · Mkt Cap: None · EV: None [Healthcare real estate investment trust focused on skilled nursing facilities] Black Pearl Equities filed a Schedule TO/C indicating plans for a tender offer to acquire all outstanding shares of Selectis Health at $4.00 per share in cash. Selectis reported substantial doubt about going concern status in its 2024 annual report, with $2.4M net loss and $16.1M working capital deficiency, though recently sold two Georgia SNFs for $13.2M generating $5.4M in net proceeds.

dsm-firmenich · DSM.AS (INTL) · Mkt Cap: None · EV: None [Global science-based company active in nutrition, health and sustainable living] dsm-firmenich announced the divestment of its Animal Nutrition & Health business to CVC Capital Partners for €2.2 billion enterprise value (including up to €0.5 billion earnout), while retaining a 20% equity stake. The company will receive approximately €1.2 billion at closing and plans to launch a €0.5 billion share buyback program in Q1 2026, with transaction completion expected end of 2026.

Kainos · 4556 (INTL) · Mkt Cap: None · EV: None [Diagnostic reagent and medical device manufacturer] Denka is acquiring Kainos through a tender offer at ¥2,285 per share, representing a 75.23% premium to the closing price of ¥1,304. The TOB runs from Feb 9 to Mar 25, 2026, with total consideration of approximately ¥7.89 billion for 44.73% minimum ownership, leading to delisting from Tokyo Stock Exchange.

Oscillate Plc · SRVL (INTL) · Mkt Cap: None · EV: None [Investment company focused on acquiring and developing mineral exploration assets] Oscillate Plc announced a conditional sale and purchase agreement to acquire Kalahari Copper Limited for £2 million cash plus the target’s cash balance. The acquisition will establish Oscillate as a large landholder in copper exploration assets across Namibia and Botswana. Completion is expected to occur simultaneously with the company’s proposed AIM listing, subject to regulatory approvals.

Lupin Limited · LUPN.NS (INTL) · Mkt Cap: N/A · EV: N/A [Indian pharmaceutical company] Lupin announced it will acquire a 51% stake in Dafra. Deal terms and timeline were not disclosed.

Transocean Ltd. and Valaris Limited · RIG (acquirer), VAL (target) (INTL) · Mkt Cap: None · EV: None [Offshore drilling companies providing services to oil and gas industry] Transocean will acquire Valaris in an all-stock transaction valued at $5.8 billion, with Valaris shareholders receiving 15.235 RIG shares per VAL share. The combined company will have 53% Transocean ownership and 47% Valaris ownership, creating a $17 billion enterprise value entity with 73 rigs. Transaction expected to close in second half of 2026 subject to regulatory and shareholder approvals.

Seres · 601127.SH (INTL) · Mkt Cap: None · EV: None [Chinese electric vehicle manufacturer] Seres signed cooperation agreement to spin off its Landian Automobile subsidiary by contributing existing assets to form a new company. The Shapingba District Government will become controlling shareholder with ~33.5% stake, other investors ~18.5%, while Seres retains ~32% as minority shareholder after cash capital increase by external parties.

NTT Data · 9613.T (INTL) · Mkt Cap: None · EV: None [Japanese IT services company providing digital transformation and consulting services] NTT Data announced acquisition of Zero&One Holding Limited, a Dubai-based AWS services provider, through its subsidiary Dimension Data Middle East. Zero&One is the first local company in the MENA region to achieve AWS Premier Tier Services partner certification and has approximately 60 employees.

Paya Holdings, Inc. · PAYA (INTL) · Mkt Cap: None · EV: None [Payment processing company providing integrated payment solutions] Third Circuit Court ruled on February 3, 2026 in case involving Nuvei Corporation’s $9.75 per share acquisition of Paya Holdings via tender offer in January 2023. The court held that the Best Price Rule does not require offerors to purchase shares subject to pre-existing forfeiture provisions, rejecting plaintiffs’ claims that their earnout shares should have been accepted despite contractual restrictions.

Genus Power Infrastructures · GENUS.NS (INTL) · Mkt Cap: None · EV: None [Indian company manufacturing electricity meters and power infrastructure equipment] Genus Power Infrastructures signed agreement to acquire additional 86.49% stake in Newlectric Innovation Private Limited for ₹25.23 Cr on January 20, 2026, making NIPL a wholly-owned subsidiary. The company also completed demerger of its Strategic Investment Division into Genus Prime Infra Limited to focus on core metering business.

Silicon Valley Acquisition Corp. · SVAQU (US) · Mkt Cap: None · EV: None [Special purpose acquisition company seeking business combinations] Silicon Valley Acquisition Corp. (SVAQU) announced that starting February 12, 2026, holders of its IPO units can elect to separately trade Class A ordinary shares (SVAQ) and warrants (SVAQW). The SPAC is seeking business combinations in fintech, crypto/digital assets, AI infrastructure, energy transition, auto/mobility, technology, consumer, healthcare and mining industries.

Iveco Group N.V. · IVG (US) · Mkt Cap: None · EV: None [Commercial vehicles and defense equipment manufacturer] Iveco Group is calling an extraordinary general meeting for March 25, 2026 to approve either an extraordinary dividend of €5.5-6.0 per share from proceeds of selling its Defence Business to Leonardo S.p.A., or a statutory demerger to spin off the Defence Business into a new company IDV Group. The sale transaction is expected to close by March 31, 2026.

NE (Next Engine) · 441A (INTL) · Mkt Cap: None · EV: None [SaaS provider for e-commerce business efficiency] NE completed its spin-off listing from parent company Hamee in November 2025. The company is trading at 11x forward P/E despite stable high-margin business with 70%+ gross margins and sub-1% monthly churn rate, with management preparing to announce a new mid-term business plan.

Magnum Ice Cream Company N.V. · MAGN.L (INTL) · Mkt Cap: None · EV: None [Ice cream manufacturer with global brands] Magnum Ice Cream Company reported disappointing first full-year results since spinning off from Unilever, with pre-tax profit falling 48.7% to €307m and operating profit declining to €599m from €764m. Free cash flow dropped significantly to €38m from €803m, primarily due to demerger-related costs and transition expenses.

Scientex Packaging (Ayer Keroh) Bhd · SCIPACK.KL (INTL) · Mkt Cap: N/A · EV: N/A [Malaysian packaging subsidiary being taken private by parent company] Scientex Bhd is taking subsidiary Scientex Packaging private via selective capital reduction at RM1.50 per share, with trading suspension starting Feb 27, 2026. Shareholders approved the privatization plan in November 2025, and the company will delist from Bursa Malaysia after completion. Scientex currently holds 72% stake after previous acquisition attempts since 2019.

Peel Mining Limited · ASX:PEX (INTL) · Mkt Cap: N/A · EV: N/A [Australian copper mining company being acquired with simultaneous spin-off of non-copper assets] Aeris Resources Limited (ASX:AIS) is acquiring Peel Mining Limited (ASX:PEX) via scheme of arrangement in a share-for-share deal where Peel shareholders will own 20.5% of Aeris. Simultaneously, Peel will demerge its non-copper assets into a new company (NewCo) that will be distributed to Peel shareholders and listed on ASX with an underwritten capital raising. The combined structure delivers a 46% premium to Peel’s pre-announcement share price.

Kwality Walls India Ltd · KWIL.NS (INTL) · Mkt Cap: N/A · EV: N/A [Ice cream business spun off from Hindustan Unilever beginning trading as standalone public company] Hindustan Unilever’s demerged ice-cream business, Kwality Walls India Ltd (KWIL), will list on February 16. Shareholders received one KWIL share for every HUL share held. The spun-off business represents ~₹1,800-2,000 crore revenue (3% of HUL) and is valued at ₹10,000-12,000 crore, with HUL stock adjusted down ₹44 per share on demerger date (December 5).

TBI Bank EAD · TBIF.BG (INTL) · Mkt Cap: None · EV: None [Consumer finance and banking services provider] The European Central Bank granted preliminary approval for Bago (Luxembourg) S.a r.l., a portfolio company of Advent International, to acquire a majority stake exceeding 50% in TBI Bank EAD from 4finance Holding S.A. The transaction is expected to complete in Q4 2025, subject to regulatory approvals.

Enstar Group Limited · ESGR (INTL) · Mkt Cap: None · EV: None [Insurance and reinsurance run-off specialist] Enstar Group has entered into a definitive agreement to acquire 100% of Accident Fund Holdings (AF Group) from Blue Cross Blue Shield of Michigan. The transaction is expected to close in the second half of 2026 subject to regulatory approvals. AF Group will operate as a standalone subsidiary under Enstar, combining complementary P&C capabilities including workers’ compensation.

Elkem ASA · ELK (INTL) · Mkt Cap: None · EV: None [Specialty silicones and silicon-based materials producer] Elkem has entered into a definitive agreement to sell the majority of its Silicones division to Bluestar, with the entire consideration being settled through redemption of all of Bluestar’s 338,338,536 shares in Elkem. Following completion, Bluestar will no longer hold any Elkem shares, transforming Elkem into a pure-play metals and materials business focused on Silicon Products and Carbon Solutions.

Restructuring

American Rebel Holdings Inc · AREB (US) · Mkt Cap: $1M · EV: $22M [Consumer goods company focused on American-themed lifestyle products] American Rebel Holdings received Nasdaq delisting notice on February 4, 2026 for failing to maintain $1.00 minimum bid price for 30 consecutive days. Stock and warrants will be delisted effective February 13, 2026, with expected trading on OTC markets under AREB ticker.

Jingrui Holdings Ltd · 1862.HK (HK) · Mkt Cap: $3M · EV: $2.5B [Chinese property developer] Hong Kong court issued winding-up order after company failed to repay debt under guarantee. Court rejected jurisdictional and arbitration defenses, determining winding-up could benefit creditors through potential recognition under Hong Kong-Mainland cross-border insolvency pilot scheme.

Sphere 3D Corp. · ANY (US) · Mkt Cap: $5M · EV: $-705,562 [Bitcoin mining and blockchain infrastructure company] Sphere 3D Corp., a Bitcoin mining company, completed a 1-for-10 reverse stock split to support its Nasdaq listing, reducing outstanding shares from 33.9 million to 3.39 million effective February 9, 2026. The company has been restructuring operations by upgrading mining equipment, cutting G&A expenses by 50% year-over-year, and monetizing assets including CORZ shares for $9.4 million above settlement value. Management indicated they are reviewing strategic alternatives in 2026.

DNA X, Inc. · SONM (UN) · Mkt Cap: $9M · EV: $10M [Digital asset trading platform (formerly rugged mobile phone manufacturer)] Completed divestiture of legacy mobile communications business to NEXA in January 2026 following shareholder approval. Pivoted to focus entirely on digital asset trading platform, with proceeds used for debt reduction and working capital. New leadership includes Mike Mulica as interim CEO with modified compensation packages including RSU grants.

Oxbridge Re Holdings · OXBR (CA) · Mkt Cap: $9M · EV: $10M [Reinsurance and specialty risk underwriting company] Oxbridge Re Holdings signed a $1,000,000 promissory note with Real World Digital Assets bearing 16% annual interest and maturing August 14, 2026, to strengthen liquidity for working capital. The company granted a security interest in substantially all assets to secure the borrowing.

BioAtla, Inc. · BCAB (UN) · Mkt Cap: $12M · EV: $10M [Biotechnology company developing antibody therapeutics] Nasdaq’s Listing Council will review the exchange’s decision to delist its securities due to non-compliance with bid price and equity rules. Trading continues during the review process, which may take weeks to months to resolve.

Southern Energy Corp · SOU.V (CA) · Mkt Cap: $17M · EV: $28M [Oil and gas exploration and development company] The company announced a US$23.5M financing transaction including senior secured convertible debentures and equity raise, plus a royalty sale, generating net proceeds of US$22M after discount. The proceeds will be used to retire existing high-cost senior credit facility and fund development capital including completion of two drilled wells, with transaction expected to close February 12, 2026.

Europa Oil & Gas (Holdings) plc · EOG.L (UK) · Mkt Cap: $18M · EV: $19M [Oil and gas exploration company focused on European assets] Europa is raising up to £3.5 million through a placing of new shares at 1.2 pence per share (20% discount to market price) plus warrants. The company stated that if the shareholder resolution for the placing is not passed, there would be material uncertainty over its ability to continue as a going concern.

Deveron Corp. · DVRNF (CA) · Mkt Cap: $23M · EV: $70M [Agricultural technology and data analytics services provider] Deveron Corp completed the sale of substantially all its assets to a group of purchasers including RRL Ultimate Parent, BidCo and Maple NewCo. The company now faces potential migration to the TSXV NEX board unless it can identify and develop a replacement business to meet continued listing requirements.

Welife Technology Limited · 1680.HK (HK) · Mkt Cap: $24M · EV: $334M [Technology company] The company is facing a winding-up petition hearing with judgment reserved as of February 2026, related to RMB 9.4 million debt. Multiple hearing adjournments have occurred since March 2025, and the Hong Kong Stock Exchange has decided to cancel the company’s listing.

Hilong Holding · 1623.HK (HK) · Mkt Cap: $51M · EV: $275M [Chinese oilfield services company] The company announced the dismissal of a winding-up petition that had been filed against it, successfully avoiding potential liquidation proceedings.

abc Inc. · 8783.T (JP) · Mkt Cap: $55M · EV: $60M [Company operating book-themed accommodations and digital token activities] abc Inc. announced a third-party allocation of new shares and 19th series stock warrants. The company also announced a management strategy update and mentioned activities related to WOWBIT (WWB) tokens and subsidiary operations.

Immunic Inc · IMUX (US) · Mkt Cap: $110M · EV: $75M [Biopharmaceutical company developing treatments for autoimmune diseases] Immunic announced a $400M private placement ($200M upfront, $200M in warrants) led by BVF Partners to fund Phase 3 trials and transform into a commercial-stage company. CEO Daniel Vitt will step down to search for a commercial-focused CEO, with former Roche executive Simona Skerjanec elevated to interim Board Chair.

Lavoro Limited · LVRO (US) · Mkt Cap: $112M · EV: $2.2B [Agricultural inputs and services company operating in Latin America] Lavoro Limited announced it will voluntarily delist its ordinary shares and warrants from Nasdaq, with the last trading day expected to be February 23, 2026. The company will file Form 25 with the SEC around February 24, 2026, and Form 15 around March 6, 2026, to suspend reporting obligations. The decision is driven by challenging market conditions in Brazil, low trading volume, limited liquidity, and high public company compliance costs outweighing benefits.

Raffles Education Limited · NR7.SI (SI) · Mkt Cap: $171M · EV: $380M [Private education provider operating colleges and universities internationally] Raffles Education Limited is undergoing significant restructuring including disposal of Hefei Yuren Education Management for RMB 426.4 million (~S$76M) and sale of 51 Merchant Road property. The company also approved conversion of $11.75M in bonds and RMB21.2M in director loans into new shares, plus a special dividend of S$0.004 per share.

Bunker Hill Mining Corp. · BNKR.V (CA) · Mkt Cap: $186M · EV: $260M [Mining company developing zinc, lead, and silver projects] The company announced a C$30 million brokered private placement of units at C$0.18 per unit to fund mine ramp-up to commercial production. It also approved a 1-for-35 reverse stock split to increase share price for potential NYSE American listing.

Riverstone Energy Limited · RSE.L (UK) · Mkt Cap: $238M · EV: None [Investment company focused on energy assets executing managed wind-down strategy] Riverstone Energy Limited reported Q4 2025 portfolio valuations showing continued execution of its managed wind-down strategy. The company completed a £190 million compulsory partial redemption in October 2025 and successfully sold its entire interest in Onyx Power to ResInvest Group on January 30, 2026, generating proceeds at 2.86x gross MOIC.

Nobia AB · NOBI.ST (SE) · Mkt Cap: $277M · EV: $784M [Nordic kitchen specialist manufacturing and selling kitchen solutions] Nobia AB announced final terms of its fully guaranteed rights issue of up to 841.3 million new shares at SEK 1.78 per share, raising approximately SEK 1.5 billion. The rights issue (4 rights for 5 new shares) will run from Feb 24-Mar 11, 2026, and is fully backed by major shareholders Nordstjernan, If Skadeförsäkring, and AP4.

Cango Inc. · CANG (US) · Mkt Cap: $322M · EV: $708M [Technology company transitioning from Bitcoin mining to AI compute infrastructure] The company completed the sale of 4,451 Bitcoin for approximately $305 million in USDT proceeds, which were used to partially repay a Bitcoin-collateralized loan. It is executing a strategic pivot from Bitcoin mining to AI compute infrastructure, appointing Jack Jin as CTO of its AI business line and planning to deploy modular GPU compute nodes across existing sites.

Oatly Group AB · OTLY (US) · Mkt Cap: $337M · EV: $8.2B [Plant-based oat milk and dairy alternative products manufacturer] Reported first full year of profitable growth with $6.8M adjusted EBITDA and announced strategic review of Greater China business including potential carve-out. Achieved gross margins >32% (2,100 bps improvement since 2022) and guided for $25-35M adjusted EBITDA in 2026.

Bally’s Corporation · BALY (US) · Mkt Cap: $670M · EV: $6.2B [Casino and gaming company operating casinos and online sports betting] Entered $1.1 billion term loan credit facility due 2031 from Ares Management Credit, King Street Capital, and TPG Credit. Completed $700 million sale-leaseback of Twin River Lincoln Casino Resort with GLP Capital. Proceeds will fund corporate purposes including development projects and repay $1.47 billion in existing term loans due 2028.

Sakata INX · 4633.T (JP) · Mkt Cap: $803M · EV: $974M [Printing ink and imaging materials manufacturer] Sakata INX announced a corporate restructuring involving a company split to transition to a holding company structure through an absorption-type split. The company will also transition to a company with audit and supervisory committee structure and make partial amendments to its articles of incorporation.

Yamazen Corporation · 8051.T (JP) · Mkt Cap: $839M · EV: $480M [Trading and distribution company for industrial machinery and tools] Yamazen Corporation announced the issuance of convertible bonds with stock acquisition rights to Advantage Partners-managed fund as the underwriter. This represents a significant financing transaction that could result in equity dilution or conversion to shares depending on stock performance.

HEG Ltd · HEG.NS (IN) · Mkt Cap: $1.1B [India’s leading graphite electrode manufacturer] HEG Ltd has proposed a demerger to separate its graphite electrode business into HEG Graphite Ltd while the residual company becomes HEG Greentech Ltd. Existing shareholders will receive one share of HEG Graphite for every HEG share held, with Bhilwara Energy Ltd subsequently merging into HEG Greentech.

Metaplanet · 3350.T (JP) · Mkt Cap: $2.6B · EV: $2.6B [Bitcoin investment company] The company announced plans to raise approximately $137 million through a new share and rights offering, with $91.2 million for additional Bitcoin purchases and $33.8 million for debt repayment. It currently holds 35,102 BTC with an average cost of ~$107,716 per Bitcoin, resulting in approximately 39% unrealized losses at current Bitcoin prices around $60,000-$65,000.

Driven Brands Holdings Inc. · DRVN (US) · Mkt Cap: $2.8B · EV: $5.4B [Automotive services franchise company operating car wash, oil change, and repair brands] Driven Brands completed the divestiture of its International Car Wash business on January 27, 2026, and announced new segment reporting structure effective Q4 2025. The company restructured into three segments: Take 5, Franchise Brands, and Auto Glass Now, with ICW results reported as discontinued operations.

Crescent Energy · CRGY (US) · Mkt Cap: $3.4B · EV: $5.8B [Oil and gas exploration and production company] The company announced a rights offering targeting $6 million with record date Feb 2, 2026 and closing Feb 27, 2026, where shareholders receive rights to purchase 0.057 shares at $2.99 per share for each share held. The company also extended $20 million credit facility maturity to Dec 29, 2028.

WPP PLC · WPP.L (UK) · Mkt Cap: $4.0B · EV: $11.5B [Global advertising and marketing services company] The company is consolidating its three main marketing agencies (Ogilvy, VML, and AKQA) under a single holding structure called WPP Creative while maintaining independent brand operations. Management announced a strategic review in January focused on streamlining operations and leveraging AI technology, with preliminary results and forward plans to be discussed on February 26.

Apollo Hospitals Enterprise Limited · APOLLOHOSP.NS (IN) · Mkt Cap: $11.9B · EV: $12.5B [Healthcare services company operating hospitals and pharmacies across India] Apollo Hospitals’ Board approved a Composite Scheme of Arrangement to demerge its omni-channel pharmacy distribution and digital health platform businesses into a new separate entity. The company reported strong Q3 FY26 results with 35% YoY profit growth and declared an interim dividend of Rs 10 per share.

Yum! Brands Inc. · YUM (US) · Mkt Cap: $44.1B · EV: $56.3B [Fast food restaurant company operating KFC, Pizza Hut, and Taco Bell] Pizza Hut will close 250 underperforming locations nationwide in the first half of 2026, representing a small portion of Pizza Hut’s 20,000 global units. The closure is part of a strategic review that also includes marketing improvements, technology modernization, and franchise agreement updates.

Marubeni Corporation · 8002.T (JP) · Mkt Cap: $67.7B · EV: $83.1B [Japanese trading conglomerate with diverse business segments] Announced spin-off of part of its chemicals business to subsidiary Marubeni Chemicals through absorption-type company split, effective April 1, 2026. Marubeni Chemicals will simultaneously merge with subsidiary Marubeni Phlax to form Marubeni Innovexis Corporation. Restructuring consolidates trading functions for salt, chloroalkali, vinyl chloride, and inorganic chemicals.

Barrick Mining · B (US) · Mkt Cap: $79.2B · EV: $86.5B [Gold mining company with operations in North America and internationally] Barrick Mining plans to spin off its top North American gold assets through an IPO, selling a minority stake in the new entity valued at over $60 billion. The IPO package will include key joint venture interests and select mines, while higher risk assets will remain with the parent company.

Tencent Holdings (Riot Games subsidiary) · 0700.HK (HK) · Mkt Cap: $632.4B · EV: $646.2B [Technology conglomerate with gaming, social media, and fintech operations] Riot Games is laying off approximately 80 developers (about half the global team) working on 2XKO, a League of Legends fighting game spin-off, less than a month after its full launch on January 20th. The company cited insufficient player engagement momentum to support the current team size long-term.

Yellow Corporation · YRCW (INTL) · Mkt Cap: None · EV: None [Trucking and logistics company] The trucking company’s Chapter 11 liquidation is nearing final stages after ceasing operations in summer 2023 following a dispute with the Teamsters union. The company has already repaid its $700M CARES Act loan in February 2024 from asset sales, with final resolution awaiting settlement of ongoing lawsuit with the International Brotherhood of Teamsters union.

Faron Pharmaceuticals · FARN.HE (INTL) · Mkt Cap: None · EV: None [Biopharmaceutical company developing cancer treatments] Faron announced a rights offering of approximately 40 MEUR to fund Phase II registration trial for bexmarilimab in high-risk MDS treatment. The company is seeking authorization for 80 million new shares, representing a 42% increase in share count, after partnership negotiations failed.

India Glycols Limited · INDIAGL.BO (IN) [Chemical company producing glycols, bio pharma products, and spirits & biofuels] India Glycols’ Board approved a modified Scheme of Arrangement for demerging its Bio Pharma and Spirits & Biofuel undertakings, with an appointed date of April 1, 2026. The company completed a preferential allotment raising ₹467 crore at ₹915 per share and executed a 10:5 stock split.

Valor Estate Ltd · DBREALTY (INTL) [Real estate development company focused on property projects] Valor Estate Ltd reported strong Q3 and nine-month revenue and profit growth driven by major project completion and strategic restructuring. The company has completed a demerger of its hospitality business and is now focused solely on real estate operations.

REC Silicon ASA · REC.OL (NO) [Polysilicon manufacturer for solar and electronics industries] REC Silicon announced a fully underwritten rights issue to raise NOK 972.6 million (~$100M USD) at NOK 0.2385 per share (25% discount to 10-day VWAP). Proceeds will be used to repay $30M in advance payments, $40M in debt facilities, and $30M for working capital.

Faraday Future · FFIE (US) [Electric vehicle manufacturer developing luxury smart mobility solutions] Faraday Future signed strategic cooperation agreements with Chinese partner Hebei Huanzhou Automobile Sales Co. for mass production of the FX Super One MPV. The partnership may expand to include future models like the FX 4 and geographic expansion to Canada and the Middle East.

Navidea Biopharmaceuticals · NAVB (INTL) · Mkt Cap: N/A · EV: N/A [Biotech company developing diagnostic imaging agents] Filed for Chapter 11 bankruptcy protection and submitted a reorganization plan to the bankruptcy court. Has a pending motion to sell certain assets (filed November 2025) to provide liquidity. Company has pre-bankruptcy measures including reverse stock split option (valid until July 2027) and protections for NOL carryforwards and R&D credits (valid until April 2027).

TFF Pharmaceuticals · TFFP (INTL) · Mkt Cap: N/A · EV: N/A [Biotech company developing drug delivery technology using Thin Film Freezing platform] In final stages of liquidation after ceasing operations, attempting to monetize its Thin Film Freezing technology platform and two development programs (TFF TAC and TFF VORI) through asset sales or licensing agreements. Shareholders will only receive distributions if funds remain after all creditor obligations are satisfied.

Deutsche Konsum REIT-AG · DKR.DE (INTL) · Mkt Cap: N/A · EV: N/A [German retail real estate investment trust] Completed a restructuring rights issue following a financial restructuring process.

Spirit Airlines · SAVEQ (INTL) · Mkt Cap: None · EV: None [Ultra-low-cost airline operating domestic and international flights] Spirit Airlines filed for Chapter 11 bankruptcy twice in 2025 - first for a quick balance sheet restructuring that left operational debts unimpaired, then a second filing in mid-August after issuing a going concern warning. The second Chapter 11 case aims for comprehensive operational restructuring beyond just balance sheet reset.

Athersys · ATHX (INTL) · Mkt Cap: None · EV: None [Biotechnology company developing cell therapy products including MultiStem platform] Athersys filed Chapter 11 bankruptcy in early 2024 and sold substantially all assets including its MultiStem cell therapy platform to Healios K.K. for $2.25 million. The company was delisted from Nasdaq in January 2024 and now trades OTC with only $13 cash remaining as it undergoes final liquidation under court supervision.

LIDDS AB · LIDDS.ST (SE) · Mkt Cap: $376,313 · EV: $182,047 [Swedish pharmaceutical company developing drug delivery technologies] LIDDS AB has been declared bankrupt by Gothenburg District Court after the liquidator determined company assets cannot cover debts and liquidation costs. Nasdaq has delisted the shares from First North Growth Market with immediate effect, and a bankruptcy trustee has been appointed.

Peptonic Medical AB · PEPTO (SE) · Mkt Cap: None · EV: None [Medical technology company developing wound care solutions] Peptonic Medical AB completed a rights issue as part of restructuring measures under a reconstruction plan, and has now issued 1,005,578 units (100.6M shares + warrants) to guarantors as compensation at SEK 0.16 per unit. The guarantors provided guarantee commitments of ~35.6% for the rights issue and chose to receive 20% compensation in units rather than 15% in cash.

Maxland Bhd · MAXLAND.KL (MY) · Mkt Cap: None · EV: None [Malaysian timber plantation and logging company] Maxland Bhd proposed a rights issue to raise up to RM32.07 million through 2.405 billion rights shares at 2 sen each (one-for-one basis), representing a 16-32% discount to recent trading prices. Chairman has committed to subscribe to his entitlement plus additional 110 million shares if needed, with proceeds funding timber camp maintenance, replanting, and working capital.

Tongaat Hulett · TON.JO (INTL) [Sugar production and agricultural operations company] Tongaat Hulett has filed for provisional liquidation after Vision Group failed to secure R2.3 billion financing from the IDC to implement the company’s business rescue plan. The liquidation follows the collapse of a debt-to-equity exchange deal that required Vision to refinance IDC facilities and provide R517 million for SASA escrow.

Religare Enterprises Limited · RELIGAR.NS (IN) [Financial services and insurance conglomerate] Religare Enterprises Limited board approved a demerger scheme to spin off its financial services business into separately listed Religare Finvest Limited via 1:1 share swap. REL will retain insurance business (Care Health Insurance) while RFL will focus on lending, broking and investments. Subject to regulatory approvals with planned Q1 FY28 listing.

Convano Inc. · 6574 (INTL) [Operates nail service business under FASTNAIL brand] Convano approved a basic policy to spin off its nail service business (FASTNAIL brand) into a new wholly-owned subsidiary through corporate split. The parent company will transition to a holding company structure while remaining publicly listed. Detailed plan approval expected in March 2026 with split effective date TBD.

Econet Wireless Zimbabwe · ECO.ZW (INTL) · Mkt Cap: None · EV: None [Telecommunications and wireless services provider] Econet Wireless Zimbabwe is delisting from the Zimbabwe Stock Exchange and spinning off its infrastructure assets into Econet Infrastructure Company Limited (InfraCo), which will list on the Victoria Falls Stock Exchange on March 31. Shareholders receive US$0.50 per share exit package (US$0.17 cash + US$0.33 InfraCo scrip). The restructuring has already boosted Econet’s market cap from US$739 million to US$1.07 billion.

Histogen Inc · HSTO (INTL) · Mkt Cap: None · EV: None [Biotechnology company developing regenerative medicine therapies] Histogen is in advanced stage of liquidation under bankruptcy proceedings, with a critical court hearing scheduled for March 12, 2026 in California bankruptcy court. The hearing will address administrative matters and potential objections to asset distribution plans. Recovery depends on sale of intellectual property and pipeline technologies to other pharmaceutical companies.

Management Changes

Goodfood Market Corp · FOOD.TO (CA) · Mkt Cap: $19M · EV: $46M [Online grocery and meal kit delivery service] Chairman Selim Bassoul appointed as CEO effective immediately with mandate to reinforce financial and balance sheet strength, enhance operational performance, and position for sustainable profitability. Board member John Khabbaz stepped down to focus on investor responsibilities but remains a supportive shareholder.

Shankara Building Products Limited · SHANKARA.NS (IN) · Mkt Cap: $30M · EV: $36M [Building materials distributor and retailer in India] The board approved reappointment of Managing Director Sukumar Srinivas for a five-year term from April 2026 to March 2031, subject to shareholder approval. The company reported Q3FY26 revenue growth of 15.80% to ₹420.40 crores and returned to profitability with ₹1.23 crores net profit after completing demerger of its trading business in September 2025.

Embecta Corp. · EMBC (US) · Mkt Cap: $609M · EV: $1.8B [Medical device company focused on diabetes care products] Embecta elected CEO Devdatt Kurdikar as Chairman of the Board and Dr. Claire Pomeroy as Lead Independent Director, effective immediately. The changes follow the retirement of previous Non-Executive Chairman LTG (Ret.) David F. Melcher due to outside commitments.

The GEO Group, Inc. · GEO (US) · Mkt Cap: $2.0B · EV: $3.6B [Private prison and detention facility operator] CEO J. David Donahue is retiring effective February 28, 2026, with founder George C. Zoley returning as CEO on March 1, 2026 under a new employment agreement through April 2029. Zoley previously served as CEO from the company’s 1994 public listing through June 2021.

Kyndryl · KD (US) · Mkt Cap: $2.7B · EV: $5.2B [IT infrastructure services provider spun off from IBM] CFO David Wyshner and General Counsel Edward Sebold departed immediately as the company conducts a review of cash management practices following SEC document requests. The company appointed Harsh Chugh as interim CFO and delayed its 10-Q filing, expecting to report material weaknesses in internal controls.

Dentsu Group Inc. · 4324.T (JP) · Mkt Cap: $5.0B · EV: $7.3B [Global advertising and marketing services company] Dentsu is replacing CEO Hiroshi Igarashi with Takeshi Sano effective April 1, 2026, citing need to accelerate transformation. The company is reporting a $2 billion goodwill impairment for Q4 2025 and previously failed to sell international operations to potential buyers including Apollo and Bain over the past year.

CarMax Inc. · KMX (US) · Mkt Cap: $6.1B · EV: $23.7B [Used car retailer operating nationwide dealerships] CarMax appointed Keith Barr, former CEO of InterContinental Hotels Group, as its new President and CEO. The leadership change comes as the used car retailer faces several years of declining sales and seeks operational transformation.

Other Situations

SmartKem, Inc. · SMTK (UN) · Mkt Cap: $2M · EV: $1M [Developer of organic semiconductor materials for flexible electronics and displays] Nasdaq notified SmartKem of delisting determination due to continued non-compliance with stockholders’ equity requirements under Listing Rule 5550(b). The company plans to request a hearing before the Nasdaq Hearings Panel, which will stay any suspension or delisting pending the hearing process.

Identitii Limited · ID8.AX (AU) · Mkt Cap: $3M · EV: $3M [Technology company providing digital identity and regulatory compliance solutions] Australia’s Takeovers Panel declared unacceptable circumstances regarding the company’s $2.88M rights issue, which could increase underwriter Beauvais Capital’s voting power from 29.92% to 49.91%. The Panel ordered supplementary disclosure, re-opening of the rights issue with withdrawal rights, and prohibited issuing securities to the underwriter without shareholder approval.

AIM ImmunoTech · AIM (US) · Mkt Cap: $3M · EV: $3M [Biotechnology company developing immunotherapies for cancer and viral diseases] The company launched an equity offering to fund its clinical pipeline, including the ongoing DURIPANC Phase 2 study evaluating Ampligen combined with AstraZeneca’s Imfinzi for metastatic pancreatic cancer. The trial has recruited 18 of 25 planned patients, with management hosting an investor conference to update on clinical progress.

Iconovo AB · ICO.ST (SE) · Mkt Cap: $6M · EV: $4M [Medical device company developing inhalation products] Iconovo is conducting a rights issue to raise approximately SEK 24.6 million at SEK 1.15 per share. The subscription period runs from February 13-27, 2026, with existing shareholders receiving preferential rights (7 subscription rights for 2 new shares). The rights issue is 100% covered by subscription undertakings and guarantee commitments.

Bloomia Holdings, Inc. · TULP (UN) · Mkt Cap: $9M · EV: $87M [Consumer products company] Bloomia announced Q2 FY2026 results showing improved operating performance with operating loss narrowing to $2.3M from $3.9M year-over-year. The company has an ongoing rights offering with an updated expiration date, providing existing shareholders the opportunity to purchase additional shares.

BiBBInstruments AB · BIBB.ST (SE) · Mkt Cap: $10M · EV: $13M [Medical device company developing instruments for tissue biopsies including the EndoDrill GI] Announced plans for a SEK 60 million (~$5.7 million USD) rights offering. The company develops medical instruments and has been reporting increasing operating losses while expanding into the U.S. market through distribution partnerships.

Maruti Interior Products Limited · 543464.BO (IN) · Mkt Cap: $13M [Automotive interior components manufacturer] Maruti Interior Products postponed its Rights Issue Committee meeting scheduled for February 13, 2026, pending stock exchange approval. The committee was set to finalize key rights issue parameters including record date, issue price, and entitlement ratio following Board approval on February 3, 2026.

Nexam Chemical Holding AB · NEXAM.ST (SE) · Mkt Cap: $21M · EV: $23M [Chemical company focused on recycling technology] Completed fully subscribed rights issue raising approximately SEK 51.8 million (~$5M USD) through 21.6 million shares at SEK 2.40 per share. 64.8% was subscribed by existing shareholders and 35.2% covered by underwriters including management, diluting existing shareholders by approximately 21.1%.

Skyline Builders Group Holding Limited · SKBL (HO) · Mkt Cap: $39M · EV: $101M [Construction and real estate development company] Private placement of $31.59 million of 6,318 preferred shares convertible to Class A ordinary shares at $2.40 per share. Offering includes $26.59 million for US investors under Regulation D and $5 million for non-US investors, with closing expected February 13, 2026.

Starwood European Real Estate Finance Ltd · SWEF.L (UK) · Mkt Cap: $66M [Real estate finance company] SWEF has announced a proposal for voluntary winding up, requiring 75% shareholder approval at an EGM on February 27, 2026. If approved, shares will be suspended from London Stock Exchange listing on the EGM date and trading will halt by March 2, 2026. Joint liquidators Stuart Gardner and Richard Barker are proposed to manage the liquidation process.

Talenom Plc · TNOM.HE (FI) · Mkt Cap: $123M · EV: $231M [Accounting services company] Talenom is completing a partial demerger on Feb 28, 2026, spinning off its software business into a new publicly listed company called Easor Plc. Talenom shareholders will receive one share of Easor for each Talenom share held (45.6M shares total), with Easor shares expected to begin trading on Nasdaq Helsinki around March 2, 2026 under ticker ‘EASOR’.

Octopus AIM VCT plc · OOA.L (UK) · Mkt Cap: $143M · EV: $80M [Venture capital trust investing in AIM-listed companies] Octopus AIM VCT declared a special dividend of 4.6 pence per share, payable April 1, 2026 to shareholders of record March 13, 2026. The dividend represents profits from recent sales of portfolio companies including Intelligent Ultrasound Group, Learning Technologies, and Breedon Group. The company is also conducting a share allotment on March 9, 2026 for investors who applied before March 4.

Amiya Co Ltd · 4258.T (JP) · Mkt Cap: $159M · EV: $142M [Japanese company issuing stock warrants] Amiya (4258) is issuing 3,200 third series stock warrants representing 320,000 potential shares at 2,558 yen per warrant to Simplex Capital PIPEs Investment Limited Partnership No. 1. Exercise period runs from March 16 through December 30, 2030 with payment due March 13.

Syrah Resources · SYR.AX (AU) · Mkt Cap: $223M · EV: $345M [Graphite mining and processing company] Syrah climbed 6.4% as US tariffs of at least 160% on Chinese graphite imports advance toward a final decision in March 2026. The company has hired Macquarie to explore strategic partnership options as it faces cash constraints with only A$18M available cash. Tesla has issued a default notice with a cure date of March 16, 2026.

TCW Strategic Income Fund, Inc. · TSI (US) · Mkt Cap: $226M · EV: None [Closed-end investment fund focused on strategic income investments] Announced a transferrable rights offering where current stockholders receive one right per share held as of Feb 19, 2026, with three rights required to purchase one new share at 92.5% of average market price. Rights will trade on NYSE under ‘TSI RT’ from Feb 25 through Mar 17, 2026, with offering expiring Mar 18, 2026.

Dalmia Bharat Sugar and Industries · DALMIASUG.NS (IN) · Mkt Cap: $267M · EV: $219M [Sugar and industrial products manufacturer in India] The company completed a demerger in October 2025, spinning off its refractory business into Dalmia Bharat Refractories Limited (DBRL) at a 1:48.18 ratio. It has now declared its first post-demerger interim dividend of Rs 4.50 per share with February 11, 2026 as record date.

Chorus Aviation Inc · CHR.TO (CA) · Mkt Cap: $361M · EV: $629M [Regional aviation services company] Chorus is conducting up to C$100 million in share buybacks over four years and recently completed a tender offer repurchasing 8% of shares at C$23.00-C$25.00 per share. The company also announced a 38% dividend increase and acquired Kadex Aero Supply for approximately C$50 million.

M&A Research Institute Corp · 9552.T (JP) · Mkt Cap: $383M · EV: $360M [M&A intermediary and advisory services provider] Mys Holdings filed ¥120 million damages lawsuit against parent company Quants Research HD in Tokyo District Court in November 2024. The lawsuit stems from M&A transaction in November 2023 where M&A Research Institute served as intermediary for Mys HD’s acquisition of Saiki Kogyo.

Evernorth Holdings / Armada Acquisition Corp. II · XRPN (US) · Mkt Cap: $404M · EV: $323M [SPAC vehicle merging to create public XRP treasury holding company] Evernorth Holdings is going public via SPAC merger with Armada Acquisition Corp. II, listing on Nasdaq under ticker XRPN. The deal raises over $1 billion in gross proceeds to purchase XRP and build the world’s largest public XRP treasury. Investors include Ripple, SBI Holdings ($200M commitment), Pantera Capital, Kraken, and GSR.

First REIT · AW9U.SI (SI) · Mkt Cap: $450M · EV: $765M [Healthcare-focused real estate investment trust] First REIT reported mixed FY25 results with stable operating performance but continued FX headwinds and portfolio valuations declining 6.2% on same-store basis. S$5.4 million in outstanding rentals owed by MPU remain unresolved. The REIT is in discussions to refinance S$260 million of loans due in 2026.

Zuken Inc. · 6947.T (JP) · Mkt Cap: $625M · EV: $393M [CAD/CAM software developer for electronics design] Zuken reported strong year-over-year profit and sales growth for nine months ended December 31, 2025, with rising comprehensive income and EPS. The company announced plans for a special commemorative dividend alongside continued growth projections for the full year.

Yext, Inc. · YEXT (US) · Mkt Cap: $676M · EV: $493M [Digital knowledge management platform that helps businesses manage online presence and customer information] Announced a modified Dutch auction tender offer to purchase up to $180 million of its common stock at $5.75-$6.50 per share, compared to the previous day’s closing price of $4.91. The tender offer expires March 12, 2026 and is not subject to minimum tender or financing conditions.

Apartment Investment and Management Company · AIV (US) · Mkt Cap: $857M · EV: $1.6B [Real estate investment trust that owns and operates apartment properties] Stockholders approved a plan of sale and liquidation, with the board declaring an initial $1.45 per share liquidating distribution payable March 13, 2026. The company has contracts to sell 12 properties for ~$680 million and expects to distribute an additional $0.85-$0.95 per share in Q2 2026 after debt retirement and transaction costs.

Energy Resources of Australia · ERA.AX (AU) · Mkt Cap: $862M · EV: $373M [Uranium mining company with operations in Northern Territory] Energy Resources of Australia is paying shareholders a special dividend from retained earnings despite reporting sharp drops in profit and revenue in recent years. The company has been experiencing financial difficulties with declining performance.

Hokkaido Electric Power Company · 9509.T (JP) · Mkt Cap: $1.5B · EV: $9.5B [Electric utility serving Hokkaido region of Japan] Board approved issuance of convertible bonds with stock acquisition rights worth 40 billion yen, maturing in 2031. The convertible structure provides bondholders option to convert to equity over the 5-year term.

Sigma Lithium Corporation · SGML (BR) · Mkt Cap: $1.5B · EV: $1.6B [Lithium mining and production company] Sigma Lithium announced the sale of 150,000 tonnes of lithium fines at US$140/t with an option for additional 350,000 tonnes at market prices. The company also initiated a US$96 million production-backed revolver facility for supply of 70,500 tonnes of high-grade lithium concentrate in 2026, with monthly US$8 million prepayments starting 30 days before production.

GCI Liberty, Inc. · GLIBA (US) · Mkt Cap: $1.5B · EV: $2.2B [Telecommunications and media company] GCI Liberty completed a $300 million rights offering in December 2025, issuing 11.06 million shares of Series C GCI Group Common Stock. The company reported 2025 revenue of $1.05 billion (up 3%) and record Adjusted OIBDA of $403 million (up 12%), though operating loss was $347 million due to a $525 million non-cash impairment charge.

Mitsui Soko Holdings · 9302.T (JP) · Mkt Cap: $1.9B · EV: $2.1B [Logistics and warehousing services company] Mitsui Soko Holdings announced a share buyback program through off-market purchases and issuance of stock acquisition rights through third-party allocation. The stock surged 8.7% on the announcement.

Olav Thon Eiendomsselskap · OLT.OL (NO) · Mkt Cap: $3.6B · EV: $5.9B [Norwegian real estate company owning commercial and residential properties] Euronext Oslo Børs has announced the delisting of shares from the exchange. The company’s shares will be removed from public trading.

SOLV Energy · MWH (US) · Mkt Cap: $3.6B [Solar engineering, procurement and construction contractor] SOLV Energy completed its IPO on Nasdaq under ticker MWH, pricing 20.5 million shares at $25 per share. The company is a leading solar EPC contractor that has expanded through acquisitions of Sacramento Drilling Inc and Spartan Infrastructure in 2025.

Air Canada · AC.TO (CA) · Mkt Cap: $4.3B · EV: $8.4B [Canada’s largest airline providing domestic and international passenger service] The airline halted flights to Cuba due to aviation fuel shortages, cancelling seasonal flights to Holguín and Santa Clara for the rest of the season and suspending Varadero/Cayo Coco flights until May 1. The airline plans to redeploy aircraft normally used on Cuba routes to other destinations.

Indosat Ooredoo Hutchison · ISAT.JK (IN) · Mkt Cap: $4.3B · EV: $7.4B [Telecommunications services company] Indosat is targeting net proceeds of ~US$560mn from a fiber asset sale expected in 2Q/3Q26. The company is planning to gradually increase dividend payout ratio to 70% by FY28F, with potential for special dividend from asset sale proceeds. Management expects the fiber sale could provide an estimated ~8.2% special dividend yield.

Escorts Kubota Limited · ESCORTS.NS (IN) · Mkt Cap: $4.6B · EV: $3.9B [Indian manufacturer of agricultural and construction equipment] Reported higher revenue and net profit for Q3 FY26 and declared a special dividend. The company approved a major greenfield expansion project to boost production capacity, with exceptional items including asset sale gains.

Plus500 Ltd · PLUS.L (UK) · Mkt Cap: $4.7B · EV: $3.1B [Online trading platform for CFDs and derivatives] Plus500 announced $187.5 million in shareholder returns comprising $87.5 million dividend and new $100 million share buyback program. The company has repurchased 39% of shares since 2027 and maintains policy of returning 50% of net profit to shareholders. Management expects 2026 results to beat current market expectations.

Red Rock Resorts · RRR (US) · Mkt Cap: $6.8B · EV: $7.4B [Casino and gaming operator focused on Las Vegas locals market] The company declared a $1.00 per Class A share special dividend payable February 27, 2026 to shareholders of record February 20, 2026. It reported Q4 2025 sales of $390.2 million and full-year 2025 sales of $1.53 billion with net income of $188.07 million, showing improved profitability versus 2024.

Gecina · GFC.PA (FR) · Mkt Cap: $6.8B · EV: $14.4B [French real estate investment trust focused on office and residential properties] The company reported 2025 earnings showing +4.2% EPS growth, completed €1.8bn of portfolio rotation with €0.8bn residential disposals and €0.6bn accretive office investments at 6.1% average yield. It increased its dividend to €5.50 per share and expects continued EPS growth to €6.70-6.75 in 2026.

SiteOne Landscape Supply · SITE (US) · Mkt Cap: $7.2B · EV: $8.1B [Landscape supplies distribution company] SiteOne Landscape Supply reported Q4 2025 earnings with 3% net sales growth to $1.05 billion and improved margins. The company repurchased $97.7 million of shares during fiscal 2025 and completed eight acquisitions totaling $55 million in trailing revenue. Net debt decreased to 0.8x EBITDA from 1.1x in the prior year.

Amkor Technology · AMKR (US) · Mkt Cap: $12.0B · EV: $12.3B [Semiconductor assembly and test services company] Amkor Technology’s controlling Kim Family is selling 10 million shares (up to 11.5M with overallotment) through 915 Investments LP in a secondary offering, with Goldman Sachs as sole bookrunner. The Kim Family will retain over 49% ownership after the sale and has agreed to a 180-day lockup on remaining shares.

CNA Financial Corporation · CNA (US) · Mkt Cap: $13.5B · EV: $14.2B [Commercial property and casualty insurance company] CNA Financial raised its regular quarterly dividend by 4% to $0.48 per share and announced a $2.00 special dividend, both payable March 12, 2026 to shareholders of record February 23, 2026. The company is returning capital to shareholders ahead of upcoming earnings release.

AECOM · ACM (US) · Mkt Cap: $13.7B · EV: $15.7B [Global infrastructure consulting firm] The company completed its strategic review of the Construction Management business and decided to retain rather than divest it. AECOM also increased its share repurchase authorization to $1 billion and returned over $340 million to shareholders in Q1 through buybacks and dividends.

Rakuten Group · 4755.T (JP) · Mkt Cap: $14.0B · EV: $17.2B [E-commerce and internet services company] Rakuten Group announced the issuance of 9,151 stock options to its CEO (1 person, 422 units) and executives/employees (67 people, 8,729 units) as performance-based compensation. The stock options vest gradually over 4 years with a 10-year exercise period, covering 915,100 shares of common stock. Exercise price is set at 1 yen per share with specific vesting schedules.

Moderna, Inc. · MRNA (US) · Mkt Cap: $17.3B · EV: $12.6B [Biotechnology company developing mRNA-based vaccines and therapeutics] Signed a five-year Memorandum of Understanding with the Government of Mexico, BIRMEX, and Laboratorios Liomont for technology transfer to produce mRNA-1273 domestically and supply respiratory vaccines. The agreement includes a purchase adjudication for up to 10 million doses.

Koninklijke KPN N.V. · KPN.AS (NL) · Mkt Cap: $21.3B · EV: $29.1B [Telecommunications services provider] KPN completed a tender offer for £278 million of its outstanding bonds (£95.7M of 2026 notes and £182.5M of 2029 notes) at premiums to par, financed by a new €500M 3.5% bond maturing 2034. The transaction reduces near-term refinancing requirements and lowers KPN’s average borrowing costs.

CK Hutchison Holdings · 0001.HK (HK) · Mkt Cap: $31.1B · EV: $71.9B [Diversified conglomerate with operations in ports, telecommunications, retail, and infrastructure] CK Hutchison faces loss of control over two strategic Panama Canal ports after Panama’s Supreme Court ruled its concession ‘unconstitutional.’ The company is threatening legal action against A.P. Moller-Maersk, which has been tapped to temporarily operate the ports, and has launched arbitration proceedings against Panama while pursuing international legal recourse.

Vodafone Group Plc · VOD.L (UK) · Mkt Cap: $36.3B · EV: $97.4B [Global telecommunications services provider] Vodafone Egypt is acquiring additional 2x10MHz of 1,800MHz spectrum with payments of $100 million annually starting FY26 over four years. Vodafone Group expects to recognize approximately $350 million in additional intangible spectrum assets. Future phases expected FY28-FY32 will include 3,500MHz spectrum allocation and 2,600MHz renewal.

HCA Healthcare · HCA (US) · Mkt Cap: $121.7B · EV: $169.7B [Hospital operator and healthcare services provider] HCA Healthcare stock up 2.4% following Frist family filing showing 31.4% ownership stake and internal share reorganization. Schedule 13D revealed exchange of 36.6M shares between family entities and HCA, with filing detailing director nomination rights and sale restrictions. Bernstein raised price target to $541 citing solid execution and increased buybacks.

Costco Wholesale · COST (US) · Mkt Cap: $442.8B · EV: $425.2B [Membership-based warehouse club retailer] Article speculates that Costco may announce a special dividend in 2026, based on its historical pattern of paying large special dividends every few years (last one was $15/share in January 2023). The company has strong financials with 13.6% net income growth, $14.76 billion operating cash flow, and a lower payout ratio that could support another special dividend.

Multiple Tech Companies · GOOGL, ORCL, AMZN, META, MSFT, TSLA (US) · Mkt Cap: $3.8T · EV: N/A [Technology companies investing in AI infrastructure] Major tech companies are raising massive amounts of debt to fund AI infrastructure investments, with Oracle planning $45-50B and Alphabet completing over $30B in bond offerings. UBS estimates tech/AI debt issuance could reach $990B in 2026, up from $710B in 2025, as hyperscalers collectively spend ~$700B on capex this year.

Sterling Bancorp · STL (INTL) · Mkt Cap: None · EV: None [Bank holding company in final liquidation after subsidiary sale] Sterling Bancorp sold its Sterling Bank and Trust subsidiary to EverBank Financial Corp in April 2025 and paid initial liquidation distribution of $4.85 per share. The company ceased Nasdaq trading and is completing final asset monetization. Final shareholder distributions are pending settlement of all corporate obligations under Michigan law.

ABL Bio · 298380.KS (INTL) · Mkt Cap: None · EV: None [Biopharmaceutical company developing treatments for neurodegenerative diseases] ABL Bio shares fell 19.47% after partner Sanofi deprioritized development of ABL301 (SAR446159) in Q4 earnings. The Parkinson’s disease bispecific antibody was licensed to Sanofi in a deal worth up to $1.06 billion. ABL301 represents 11-27.6% of ABL Bio’s total pipeline value according to brokerages.

ReYuu · 9425 (INTL) · Mkt Cap: None · EV: None [Technology services company] ReYuu announced an update on the exercise status of its second series of stock warrants. The company is reporting on warrant exercises, which can affect share count and dilution levels.

Orca Energy Group · ORC.B.V (INTL) · Mkt Cap: None · EV: None [Oil and gas company operating natural gas projects in Tanzania] Doubled its special dividend to C$2 per share (up from C$1 announced in September 2025) while pursuing arbitration with Tanzania over its Songo Songo gas license extension. The dividend is payable February 27 to shareholders of record February 13, funded by extracted project value rather than new investments.

Mitsui Warehouse Holdings · 9302 (INTL) · Mkt Cap: None · EV: None [Japanese logistics and warehousing company] Announced a share buyback program through off-exchange transactions and the issuance of first and second series stock warrants through third-party allocation. The stock rose 1.08% following the announcement.

White River Energy Corp. · WRIVF (INTL) · Mkt Cap: None · EV: None [Oil and gas company based in Fayetteville] U.S. Sen. Ron Wyden has asked SEC Chair Paul Atkins to consider delisting the company, which is accused of fraudulent sale of tribal tax credits. The company faces federal criminal investigation and has failed to file required financial reports, with no 10-K since 2023 and no quarterly report since March 2023.

Spring Valley Acquisition IV · SVIVU (US) · Mkt Cap: None · EV: None [Special Purpose Acquisition Company targeting energy infrastructure and decarbonization industries] The energy-focused SPAC raised $200 million through IPO of 20 million units at $10, targeting power infrastructure and decarbonization industries. Led by Christopher Sorrells (former Renewable Energy Group director) and will trade on Nasdaq under SVIVU.

Audacia · ALAUD (INTL) · Mkt Cap: None · EV: None [French private equity company focused on high-growth sectors] The company successfully completed a €8 million rights issue, raising funds through issuing 1,975,308 new shares at €4.05 per share. The offering was 100% subscribed with new strategic investor Manitoba Capital contributing €4 million and existing shareholders including Truffle Capital participating, with settlement occurring February 11, 2026.

Agibank · AGIBANK (INTL) · Mkt Cap: None · EV: None [Brazilian fintech company with 6.4 million active users] The Brazilian fintech is debuting on NYSE February 11 but scaled back its IPO by over half, now offering 20 million shares at $12-13 vs previously planned 43.6 million shares at $15-18. The company will raise approximately 65% less proceeds than originally anticipated at the revised midpoint pricing.

Tata Motors · TATAMOTORS.NS (INTL) · Mkt Cap: None · EV: None [Commercial vehicle manufacturer following post-demerger pure-play structure] The company hit a record high of Rs 492 following announcement of its largest overseas order - 70,000 commercial vehicles from Indonesia’s state-owned PT Agrinas Pangan Nusantara. The stock has rallied nearly 50% since its market debut in November 2025 post-demerger of the CV business, with Q3 FY26 results showing 16% revenue growth despite one-time exceptional costs of Rs 1,643 crore related to the demerger.

ENGlobal Corporation · ENG (INTL) · Mkt Cap: N/A · EV: N/A [Engineering and automation services company] ENGlobal is in final stages of court-supervised liquidation with an evidentiary hearing scheduled for March 10, 2026. All outstanding equity shares are slated for cancellation under the court-approved liquidation plan. The company’s operational divisions have already been transferred to Gulf Island Fabrication as part of the wind-down process.

Saudi Kayan Petrochemical Co. · 2350 (INTL) · Mkt Cap: N/A · EV: N/A [Petrochemical manufacturing company] Saudi Kayan received allocation for additional 30 million scfd of ethane feedstock from Saudi Ministry of Energy, bringing total ethane allocation to 80 million scfd plus 70,000 bpd of butane. The additional feedstock will be available from mid-2026 or earlier, requiring $162 million in associated costs to meet ministry requirements.

Bahrain Islamic Bank · BISB.BH (INTL) · Mkt Cap: N/A · EV: N/A [Islamic banking and financial services provider] Bahrain Islamic Bank announced a rights offering of 283.36 million new ordinary shares at BD0.300 each, raising BD85 million. The subscription period runs from September 16-30, 2024, with record date September 12. The capital raise is intended to fund expansion into the wider GCC market.

XFLH Capital Corporation · XFLHU (INTL) · Mkt Cap: N/A · EV: N/A [Blank check company seeking business combination targets] XFLH Capital Corporation priced its $100 million IPO at $10.00 per unit, with 10 million units expected to trade on NYSE under ticker XFLHU starting Feb 12, 2026. The blank check company was formed to pursue mergers, acquisitions, or similar business combinations with target businesses. Each unit includes one share plus 1/7 right to receive additional shares upon completion of initial business combination.

Aqualine · 6173 (INTL) · Mkt Cap: N/A · EV: N/A [Japanese company with warrant bonds] Aqualine (6173) announced the large-scale exercise of its 2nd series warrant bonds with exercise price adjustment provisions that were issued through third-party allocation. The stock price increased 2.77% to 185.0 yen following the announcement.

Social Commerce Partners Corporation · SCPQU (US) · Mkt Cap: N/A · EV: N/A [SPAC focused on social commerce and direct selling industry] Social Commerce Partners Corporation (SCPQU), a SPAC focused on social commerce/direct selling industry, announced that starting Feb 12, 2026, holders can separately trade Class A shares (SCPQ) and warrants (SCPQW) that were previously bundled in IPO units. The SPAC is led by Stuart Johnson as CEO and is seeking a business combination target.

BHAV Acquisition · BHAVU (INTL) · Mkt Cap: N/A · EV: N/A [SPAC targeting robotics, electric vehicles, drones, and fintech] BHAV Acquisition, a SPAC led by reAlpha Tech founder Giri Devanur, filed for a $100 million IPO to raise capital for acquiring businesses in robotics, electric vehicles, drones, and fintech. The company plans to offer 10 million units at $10 each, with each unit containing one share and half a warrant exercisable at $11.50.

Kudan Inc. · 4425 (INTL) · Mkt Cap: None · EV: None [Computer vision and artificial intelligence software company] Completed exercise of 18th series warrant bonds with exercise price adjustment provisions issued through third-party allotment. Company disclosed monthly exercise status confirming full warrant exercise completion.

Liberty Broadband · LBRD.K (INTL) [Broadband and cable services company] Liberty Broadband completed a major rights offering to raise capital following record 2025 revenue. The proceeds are earmarked for infrastructure expansion and acquisitions planned for 2026 in its broadband and cable assets business.

RF Acquisition Corp III · RFAMU (US) [Special purpose acquisition company (SPAC)] RF Acquisition Corp III priced its $100 million IPO at $10.00 per unit (10 million units), with units trading on Nasdaq under ticker RFAMU starting Feb 13, 2026. This is a blank check company led by CEO Tse Meng Ng that will seek to complete a business combination with one or more target companies.

Lum Chang Holdings Limited · 5WL.SI (INTL) [Construction and property development company] Lum Chang declared a special dividend of 1.5 cents per share plus interim ordinary dividend of 0.5 cent per share, payable March 16, 2026. The special dividend was announced in appreciation to shareholders following the successful IPO of subsidiary Lum Chang Creations Limited on July 21, 2025. Company reported strong 1H2026 results with net profit up 122% YoY despite 8% revenue decline.

PayPay · PAYP (INTL) · Mkt Cap: None · EV: None [Japanese mobile payments app with 72 million registered users and 75% market share among Japan smartphone owners] PayPay filed F-1 prospectus for US IPO on Nasdaq under ticker PAYP, estimated at $2 billion valuation. SoftBank is the parent company seeking to monetize this portfolio asset.

Proem Acquisition Corp I · PAACU (US) [Special purpose acquisition company seeking business combination target] Proem Acquisition Corp I completed its $130 million IPO on February 13, 2026, with units trading on NASDAQ. The SPAC is led by CEO Imran Khan and CFO Greg Pearson and is seeking a business combination target in any industry.

Misfit muser

Feb 15

I find these useful, but knowing its just AI and not vetted by yourself takes a fair bit of the value away. Or if you at least ranked them in terms of interest

1 reply by Clark Square Capital

Sebastian

Feb 17

Can you include market cap in the excel sheet, that would be super helpful. Thanks!

2 more comments...

Clark Square Capital's Ultimate Value

Discussion about this post

Ready for more?