8/21/2036

Kaos Capital Demands Board Overhaul at Capricor Ahead of FDA Decision on DMD Therapy

BigGo Finance (08/21/36)

Capricor Therapeutics Inc. (CAPR) is facing an activist campaign from shareholder Kaos Capital, which is demanding immediate board changes, a cash-preservation plan, and the creation of an M&A committee just one day before the U.S. Food and Drug Administration (FDA) is scheduled to act on the company's experimental Duchenne muscular dystrophy therapy. Kaos Capital, a Miami-based investment firm that describes itself as a "significant and growing shareholder," issued a letter to fellow shareholders on August 21 calling for a meeting with the board within 15 business days. The firm said it intends to nominate two independent directors and push for a board-led M&A and Strategic Alternatives Committee chaired by a shareholder-backed director. The activist campaign lands at a precarious moment for Capricor. The FDA's action date on deramiocel, the company's cell therapy for DMD-related cardiomyopathy, is August 22. In June, an FDA advisory panel voted 9-3 against the drug's use for that indication, casting significant doubt over its approval prospects. Capricor shares were down approximately 2% at the time of the letter's release. In the letter signed by CEO Adam Arviv, Kaos argued that Capricor has become overly dependent on a single regulatory outcome and must take immediate steps to preserve capital while exploring acquisitions, licensing deals, and partnerships that could broaden its pipeline. The company reported $237.9 million in cash, cash equivalents, and marketable securities as of June 30, down roughly $80.2 million from year-end 2025. First-half 2026 operating expenses totaled $79.7 million, including $23.5 million in general and administrative costs — approximately double the comparable 2025 figure, according to the letter. Kaos called for a formal Cash Preservation Plan that would include: a near-term freeze on nonessential spending; a zero-based review of G&A expenses; enhanced approval requirements for material commitments; and quarterly reporting on cost reductions, cash runway, and capital use. The firm also urged the board to retain independent legal advisers and commission a review of oversight, disclosure controls, contracting, compensation, and capital-allocation processes. Kaos cited "numerous legal matters and shareholder demands" disclosed in Capricor's public filings, including securities and derivative actions, a Section 220 books-and-records demand, a patent action, a distribution dispute, and employment-related claims. A further securities class action was filed against the company and certain officers in 2026. "This legal overhang carries cost, distraction, reputational risk, and governance consequences," the letter stated. Kaos emphasized it is not asking Capricor to abandon deramiocel, which it believes "may still have meaningful value for patients." Instead, the firm wants the company to use its cash and public-company platform to build a broader, multi-modality biotechnology enterprise. The proposed M&A committee should evaluate assets in inflammation, fibrosis, tissue repair, targeted delivery, and regenerative medicine, the letter said. Kaos specifically pointed to advanced small-molecule pharmacology targeting the NLRP3/inflammasome signaling pathway as one area of interest. "Conviction in a lead program is not a license for a Board to concentrate all of a public company's capital, risk, and future in a single regulatory outcome," Arviv wrote. The activist push comes as Capricor awaits the FDA's decision on deramiocel. The agency's action date is August 22, though the timeline has grown complicated. After the advisory committee's negative vote in June, Capricor said the FDA was willing to review an amendment containing 24-month Hope-3 data focused on upper-limb function. A new target date has not been formally announced. Roth Capital expects the FDA review could be extended by approximately three months to accommodate the additional data. Kaos said it is prepared to work constructively with the board but warned of escalation if its demands are not met. If the board does not confirm and convene the requested meeting within the specified timeframe, Kaos said it will begin seeking shareholder support to elect its two independent nominees, replace directors, and potentially pursue removal of senior management. "We do not take that step lightly, but continued inaction would leave shareholders no reasonable alternative," the letter read.

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8/24/2026

Oasis Raises Stake in Kusuri no Aoki Holdings to 15.10%, Signals Shareholder Proposals

BigGo Finance (08/24/26)

Hong Kong-based investment fund Oasis Management has increased its stake in Kusuri no Aoki Holdings (TYO: 3549), according to a change report filed with Japan's Kanto Local Finance Bureau on August 24. The ownership ratio rose 1.05 percentage points from the previous 14.05% to 15.10%. The reporting obligation date was August 17. Regarding the purpose of the shareholding, Oasis explained that it aims to "improve mid- to long-term corporate value through the correction of significant corporate governance deficiencies." The fund stated it plans to submit proposals within the next 12 months concerning matters such as the dismissal of the representative director, the appointment of specific individuals to board positions, and policies related to dividends. Kusuri no Aoki Holdings held its annual general meeting on August 19, where company-sponsored proposals were approved, including the election of 11 directors led by President Hironori Aoki. Oasis had called on other shareholders to vote against the president's reappointment. The conflict between the two parties has intensified since the beginning of this year. Kusuri no Aoki Holdings approved the introduction of takeover defense measures at an extraordinary general meeting on February 17. The measures stipulate that if a party attempts to acquire 20% or more of voting rights without complying with prescribed rules—such as providing sufficient information in advance—the company would consider countermeasures including the free allocation of share subscription rights. Oasis's latest stake increase, while not reaching the threshold that would trigger these defense measures, demonstrates that the fund is steadily expanding its influence as a shareholder. A 15.10% ownership stake far exceeds the voting rights ratio required to exercise shareholder proposal rights. The specific details of the shareholder proposals Oasis has signaled remain unclear at this point, but the fund is clearly positioning itself for confrontation with management on issues including the dismissal of the representative director, board appointments, and a review of dividend policy. Meanwhile, Kusuri no Aoki Holdings successfully passed all company-sponsored proposals at its August 19 annual general meeting, and the current management maintains that it has secured shareholder confidence. M&A activity has been accelerating in the drugstore industry, and Kusuri no Aoki Holdings, as a leading chain based in the Hokuriku region, has become a focal point of industry consolidation. Oasis's moves could extend beyond mere shareholder engagement to potentially influence the company's management strategy itself. Oasis has a track record of investing in multiple Japanese companies and engaging in dialogue with management to pursue corporate value enhancement. Its series of actions regarding Kusuri no Aoki Holdings is seen as part of its strategy as an investor seeking corporate governance reform.

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8/24/2026

Cutifani’s Elliott Links Collide With Race for Woodside Chairmanship

Australian Financial Review (08/24/26) Macdonald-Smith, Angela

Woodside Energy (NYSE: WDS) director Mark Cutifani did not fully alert the oil and gas giant’s board to his involvement in a campaign being mounted by Elliott Management against gold mining giant Northern Star Resources (ASX: NST), complicating efforts to find a successor for chairman Richard Goyder. Cutifani was proposed by the American investment firm as one of six potential directors for Northern Star, concerning others on the Woodside board, according to two people close to the board who requested anonymity to speak freely. At least some Woodside directors were only alerted to Cutifani’s nomination after Elliott named him in an open letter this month. That letter, which named the former Anglo American (LON: AAL) chief executive as one of Elliott’s preferred candidates for the Northern Star board, cited his experience at Woodside as evidence of his governance credentials. A Woodside spokeswoman declined to comment. Cutifani is widely regarded as a lead candidate to replace Goyder when he steps down as chairman before the next annual shareholder meeting. Another Woodside director considered a possible successor is former West Australian treasurer Ben Wyatt, who also sits on the Rio Tinto (ASX: RIO) board. But worries about disclosures to the Woodside board have raised questions about Cutifani’s candidacy. Tony O’Neill, a former Anglo American executive who joined the Woodside board in 2024, resigned last month amid disquiet about his active business relationship with Cutifani through London-based mining advisory Odin. Odin is also a strategic adviser to Chalice Mining (ASX: CHN), a nickel and palladium explorer founded by Goyder’s cousin. In a strongly worded critique to clients, MST Marquee energy analyst Saul Kavonic said Cutifani had “blindsided” Woodside with his involvement in Elliott’s campaign against Perth-headquartered Northern Star. “Given the recent history, one would expect Cutifani would be going out of his way to be more proactive in notifying the [Woodside] board about his outside interests, especially before he agrees to be publicly named in a controversial and high-profile activist investor push,” he wrote. “Any objective outside view can see that Goyder is proving incapable of managing Cutifani and the reputational risks involved here,” Kavonic wrote in a follow-up which questioned how the Woodside board functioned. Cutifani did not respond to requests for comment. Adding further intrigue, Northern Star is chaired by Michael Chaney, Goyder’s predecessor as chairman of Woodside, who has publicly criticized governance aspects of Elliott’s campaign against the mining giant. Elliott, one of the world’s largest and most prominent activist funds, has built a 5.6% stake in Northern Star and has used its position to encourage the company – the largest gold miner with a primary listing in Australia – to offload non-core assets or sell the entire company. The miner has shocked the market several times over the past year by repeatedly cutting its production guidance and warning of cost blowouts on its $1.7 billion Kalgoorlie Super Pit expansion – a project that will double the capacity of its Fimiston processing mill. The run of setbacks wiped $17 billion from its market capitalization over a few weeks in March, and prompted the board to show chief executive Stuart Tonkin the door. Stephen Mayne, a shareholder advocate and a former Australian Shareholders Association consultant, described Cutifani's position as “both interesting and unusual,” pointing to the close links between Chaney and Goyder among the tight circle of directors based in Perth. “Assuming Chaney and Goyder remain as tight as ever as leaders of the Perth directors' club, it is surprising to say the least that Cutifani would allow his name to be associated with the Elliott coup at Northern Star if he harbors ambitions to be anointed by Goyder to succeed him,” said Mayne, adding that it was time for Chaney and Goyder to step off boards. “The performance hasn't been good enough; it's time to give someone else a go and the Perth corporate leadership ranks need to be deepened and broadened because too few have done too much for too many years.” Woodside has not ruled out a new director being appointed to the board with a view to assuming the role of chairman-elect. Meanwhile, Wyatt's position as a candidate to succeed Goyder at Woodside has been confused by his suggestion that he was not in the running when answering a question at a breakfast event in Perth last week. Woodside's expanding presence overseas, particularly in North America with projects in Louisiana and Texas, could attract an international candidate, for instance. “Look, I'm not ...,” he responded, when asked directly whether he was gunning to be the next chair of Woodside, before continuing: “Boards are very good at understanding the skill sets they need, the skill sets they've got, moving people on, bringing people in, and Woodside's going through that process now about what are the skill sets the next chair needs.” People close to the Woodside board said Wyatt had not intended to rule himself out of the process, only to say that the process was continuing. Woodside revealed last month that the process to select Goyder's successor would be led by independent non-executive director Swee Chen Goh. Goh became the first female chairwoman of Shell (NYSE: SHEL) in Singapore in 2014 and sits on the boards of Singapore Airlines (SGX: C6L) and Singapore Power. The company said the board would consider a range of factors “including leadership capability and experience, governance expertise, strategic insight, stakeholder engagement expertise and the capacity to oversee the creation and maintenance of shareholder value by a global company.”

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8/24/2026

H.B. Fuller Rejects Ancora's $1.2 Billion Bid for Adhesive Unit

Reuters (08/24/26) Tripathy, Anshuman

H.B. Fuller (FUL.N) said on Monday its board unanimously rejected Ancora's unsolicited proposal to acquire its Building Adhesives Solutions (BAS) business, arguing that the offer significantly undervalued the unit. In a letter to Ancora, H.B. Fuller said the proposal ignored the unit's growth prospects and lacked key details regarding Ancora's ability to execute the deal. "As key construction end markets recover and benefit from tailwinds such as the data center buildout, we expect BAS to be a significant driver of earnings moving forward," said H.B. Fuller's board chair, Teresa Rasmussen. Earlier this month, Ancora had proposed to buy Fuller's unit for as much as $1.2 billion in cash. Rasmussen added that carving out the BAS business would result in material operating inefficiencies as it shares manufacturing infrastructure with the company's other businesses. A surge in dealmaking activity has fueled campaigns by investors, who push companies to sell their entire business or parts of it, putting boards and management teams under greater pressure. "By rejecting the offer without any engagement, CEO Celeste Mastin and the board have reinforced their proclivity for entrenchment," Ancora's President Jim Chadwick told Reuters. Chadwick added that Ancora could self-finance a transaction, increase its offer and move quickly to address the company's leverage crisis. Ancora also criticized H.B. Fuller's response to the bid, saying it strengthened its case for board changes and claimed there was interest in both the BAS segment and the entire company from other parties.

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8/21/2026

New Oklahoma Proxy Advisory Law Faces Federal Court Challenge

Journal Record (OK) (08/21/26) Crumbacher, Katrina

Set to go into effect in November, an Oklahoma law concerning proxy advisory transparency for shareholders may be delayed or halted altogether depending on the outcome of a challenge in federal district court. Institutional Shareholder Services has sued Oklahoma over House Bill 4429, which requires such firms to clearly disclose to their Oklahoma clients whether their recommendations, if against corporate advice, are based on “written financial analysis.” “Proxy advisors in their benchmark policies have recommended votes based on environmental, social, or governance investing; diversity, equity, or inclusion; and social credit and sustainability scores,” the law read. “Proxy advisors have not conducted financial analyses before making these recommendations, despite having proxy voting policies claiming that the purpose of the policy’s recommendations is maximizing, increasing, or protecting shareholder value.” As written, failure to comply with the law would constitute a deceptive trade practice, authorizing Oklahoma’s attorney general to investigate and allowing any aggrieved parties to sue for relief. House Speaker Kyle Hilbert, R-Bristow, and Sen. Julie Daniels, R-Bartlesville, fronted the bill, which passed both legislative chambers with ease. Only Democrats and three Republicans voted against it. HB 4429, known as the Proxy Advisor Transparency Act, was model legislation peddled by Consumers Defense, the policy arm of Consumers’ Research, a conservative consumer protection nonprofit. The bill is modeled on a Texas law passed last year. At least 13 states have followed Texas’ lead, but so far, only Oklahoma, Kansas and Indiana have successfully managed to pass the bill through their state legislatures. “Over the past year, three federal courts have granted preliminary injunctions against similar laws in Kansas, Indiana and Texas,” Institutional Shareholder Services said in a statement, “and we strongly believe a similar result is warranted in Oklahoma.” Institutional Shareholder Services, an international investment management firm with more than 40 years of history as an industry leader, called the requirements Oklahoma’s HB 4429 imposes “onerous.” “As it has in other states, ISS is challenging the constitutionality of a new Oklahoma statute aimed at undermining its business by burdening its ability to speak freely on matters of corporate governance,” the statement read. “ISS refuses to back down from overreaching, unconstitutional attempts by state governments to violate free speech and distort the free flow of information to institutional investors.” According to market data, Institutional Shareholder Services and Glass Lewis, another major proxy advisory firm, control roughly 90% of the proxy advisory industry. In an Institutional Shareholder Services’ complaint filed with the U.S. District Court for the Western District of Oklahoma, the firm argued that many issues arise for shareholder votes that do not “lend themselves to financial prediction,” such as voting for or against reelecting a board member who has missed meetings. “The law ignores that different clients ask ISS to give advice based on each client’s own (and often differing) views about the best way to advance shareholder value,” the complaint read. “Moreover, attempting to perform this ‘written financial analysis’ would force ISS to take positions on controversial issues that ISS would not otherwise.”

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8/20/2026

Ethan Allen, Bergeron Dig in for Proxy Fight

Furniture Today (08/20/26) Lester, Thomas

Top 100 retailer Ethan Allen (NYSE: ETD) declared a $3 per share dividend and described the move as a reaffirmation of its financial position, capital allocation strategy and focus on creating sustainable value for its shareholders. The Aug. 19 announcement came on the heels of a letter penned by shareholder Doug Bergeron, which challenged the Danbury, Conn.-based company’s leadership and growth strategy and offered a slate of six alternate members of its board of directors. In the announcement, Ethan Allen confirmed it intends to file a proxy statement and blue proxy card with the U.S. Securities and Exchange Commission (SEC) in connection with its solicitation of proxies for its 2026 annual meeting. It listed Chairman, President and CEO Farooq Kathwari, along with four incumbent directors, Maria Eugenia Casar; David M. Sable; Tara I. Stacom; and Cynthia Ekberg Tsai as participants in the solicitation of proxies. Kathwari said the declaration of the dividend, which is payable to shareholders of record as of Sept. 3, to be paid on Sept. 17, and totals approximately $76 million in aggregate, speaks to Ethan Allen’s financial strength. “Our board’s decision to declare this special dividend reflects Ethan Allen’s strong cash generation, debt-free balance sheet, sustained levels of profitability and confidence in our long-term strategy,” said Kathwari. “We are focused on returning meaningful capital to shareholders while continuing to invest in our design centers, technology, marketing and manufacturing, and in the talent that differentiates Ethan Allen.” The announcement noted that the board believes that the company’s long-term profitability track record, current financial strength and disciplined plan for growth provide the right path forward, and that the board remains committed to acting in the best interests of all shareholders and will continue to engage constructively with the company’s shareholders. The company went on to note that the dividend is part of a consistent annual program that has returned more than $402 million to shareholders over the past decade, including more than $46 million in FY2026 and $50 million in FY2025. It said Ethan Allen’s total shareholder return has outperformed the Dow Jones U.S. Furnishings Index by 38% over the past five years. Additionally, the company pointed to its manufacturing, with some 75% of its products made in North America; its 171 retail design centers, including 141 company-owned showrooms; a consolidated gross margin of 61.2% and an operating margin of 7.8% in a challenging FY2026; an investment of more than $59 million back into its business in the form of capital expenditures, including $11 million during fiscal 2026; and an increase of marketing spend by 13% over the past two years, including a continued focus on enhancing the digital footprint, strengthening brand awareness and positioning, and creating a more seamless connection between online engagement and in-design-center client experiences. Bergeron responded on Aug. 20 and said the dividend did nothing to address the arguments he made earlier this month. “Ethan Allen’s Aug. 19 announcement should be seen for what it is: a transparent attempt to deflect attention from mounting calls for change ahead of a contested election,” Bergeron wrote in a statement. “It is an all too familiar tactic used by struggling boards facing a credible alternative slate. To be clear, a rash and reactive special dividend does not reflect a ‘disciplined approach to capital allocation.’ In Ethan Allen’s case, it reflects a rudderless company seeking to distract shareholders from the substantive issues at hand.” Bergeron, who owns approximately 5% of the company’s stock, argued that Kathwari, who he noted owns approximately 8.4% of the company’s stock, stands to gain some $6 million himself from the dividend. He also argued that Ethan Allen’s reported advertising spend remains below every year from 2006 through 2021 and is roughly half the level of premium furniture peers as a percentage of sales. Bergeron and his slate of candidates – Anna Brockway; Kristine E. Miller; Stephen Oblak; Lindsay C. O’Reilly; and Stefanie Tsen Ward – intend to file a proxy statement and white proxy card with the SEC in connection with its solicitation of proxies for its 2026 annual meeting. Regulatory disclosures in the release indicated that none of Brockway, Miller, Oblak, O'Reilly or Ward owned any Ethan Allen stock as of its release. Bergeron noted that two weeks after he issued his open letter, he was privately told by company counsel, that the company had trimmed its board from six to five members in January 2026. “The decision to shrink the board to just four independent directors is particularly difficult to reconcile with the need for greater accountability and fresh operating expertise,” he said. “None of the remaining independent directors have meaningful experience in retail, furniture, luxury goods or e-commerce – capabilities we believe are critical to reinvigorating Ethan Allen. At a moment when improved governance and relevant operating expertise are desperately needed, the Board has chosen to become smaller rather than stronger.”

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8/19/2026

Oasis Call for Higher Bid for Japan’s Kakaku.com Amid Takeover Battle

Investing.com (08/19/26)

Oasis Management Company Ltd., which owns approximately 19.5% of Kakaku.com Inc. (TYO: 2371), called on the Japanese online platform to support a higher takeover price amid an ongoing bidding war. The investment firm said Wednesday it does not plan to tender its shares into a 3,570 yen per share offer by an EQT-led consortium, which was announced on August 13, 2026. Oasis said a takeover approach from Bain Capital and LY Corp, priced at 3,640 yen per share offer, was a higher bid, but viewed the bid as "not realistic" due to it being contingent on cooperation from major Kakaku shareholder KDDI Corp. (TYO: 9433). Kakaku’s board had earlier expressed support for the EQT offer. An amended tender offer document dated August 13, 2026 stated that Kamgras 1 plans to continue discussions with Oasis, including a request for the firm to tender its shares. Oasis said it will not tender its shares as long as the EQT offer remains below the Bain proposal. The investment firm requested that Kakaku.com, its Board of Directors, and the Special Committee either withdraw support for the Kamgras 1 tender offer or negotiate a price above JPY 3,640 per share. Bain and Sweden’s EQT became embroiled in a bitter bidding war for Kakaku this year, with the company’s cash-rich online platforms and relatively low valuation making it an attractive takeover target. Private equity buyers were also enticed by an increasing push for corporate governance reforms at the firm, especially after Oasis-- usually regarded as an activist investor-- disclosed a big stake in Kakaku.

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