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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9/15/2026

GRID Fights Back Against PrimeStone Capital’s Call for Sale

Portfolio Adviser (09/15/26) Hardy, Lauren

The Gresham House Energy Storage Fund (LON: GRID) has rebuked shareholder PrimeStone Capital’s call to sell the trust by September this year. In an announcement published on the London Stock Exchange September 15, GRID’s board said that “initiating a formal sale process for the company now would not be in the best interests of shareholders,” having taken part in “extensive consultation” with its shareholders over the summer. On June 30, PrimeStone Capital published an open letter asking the board to initiate a formal sale process due to GRID’s lagging share price, proposing a target date of September this year. The firm, which holds a 7% stake in GRID, stated the sale of the trust’s battery storage assets could unlock an intrinsic value upwards of 140p per share, compared with the 80p share price recorded at time of writing. The proposed sale was backed by the likes of the MIGO Opportunities Trust fund managers Tom Treanor and Charlotte Cuthbertson, who said the sale of the company is “likely to elicit the best outcome for shareholders.” However, in its letter today, GRID’s board said there are three key reasons why keeping hold of the investment company is in the best interests of its shareholders, having liaised with its financial advisers. It stated: “The current strategy, as set out at the November 2024 Capital Markets Day and updated in the May 2026 Capital Markets Webinar, is delivering strong NAV growth, as demonstrated in the recently announced uplift of 16% to the NAV. “The market has started to recognize the progress being made, with GRID delivering significant share price returns over the past 12 months, notable within the renewables and infrastructure sectors.” Finally, the board added there is “a lot more growth to come which is yet to be recognized in the NAV,” with longer-duration new-build and broadening revenue streams occurring within the portfolio, which are “well progressed but not yet in the reported NAV.” “The board will, as always, continue to focus on maximizing value for shareholders as a whole and continues to welcome investor engagement as the company progresses along its growth journey,” it stated. “The company is due to report its interim results on September 23, 2026 in which it will update the market on its financial results and the outlook for the remainder of the year.” Commenting on the update, Richard Williams, senior analyst at QuotedData, said GRID’s 16% uplift since the end of June provides “tangible evidence” that the trust’s investment program is creating value, with further projects offering “scope for more.” “Launching a sale process before that value is reflected in the portfolio risks handing some of the upside to a buyer rather than shareholders,” he reasoned. “However, the board has bought itself time rather than won the argument. “Ultimately, the discount still needs to close and shareholders need to see the value being created reflected in the share price. If GRID continues to trade at a substantial discount despite delivering on its strategy, PrimeStone’s argument for testing what a third-party buyer would pay will become increasingly difficult to resist.” Run by lead portfolio manager Ben Guest since its launch in 2018, the £564 million GRID portfolio has returned 24% since inception, compared with its average peer in the IT Renewable Energy Infrastructure’s gain of 3.6%, according to FE fund info data. However, it has been volatile, having done so with a maximum drawdown – which measures the most money lost had investors bought and sold at the worst possible times – of 64.5%. In comparison's its average peer's drawdown resides at 19.5% over the same time frame. The trust is currently trading on a 24.3% discount to its NAV, according to AIC data.

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9/15/2026

Braemar Shareholder Al Shams Nominates 5 Directors to Trust’s Board

Hotel Dive (09/15/26) Graber, Jenna

Braemar Hotels & Resorts’ (NYSE: BHR) largest shareholder, Al Shams Investments Limited, has nominated five candidates for election to the trust's board of directors, per a Monday news release. The nominations include real estate finance executive Jennifer Bitterman; real estate investor and operator Jonathan Klein; institutional investor, research analyst and public company director Anna Massion; finance expert and former Treasurer to The Queen of England Sir Michael Peat; and attorney and corporate governance expert Wayne Walker. The candidates will stand for election at Braemar's annual shareholder meeting on Nov. 13. Last week, Al Shams expressed intent to propose “a complete slate of highly qualified, independent directors” to Braemar’s board amid its clash with the trust over its decision to split from Ashford Inc. (NYSE: AINC) and become self-managed. Braemar announced the transition in June, ending a monthslong strategic review process. At that time, Al Shams alleged Braemar’s split from Ashford constituted “self-dealing.” Braemar later denied these claims. “We believe the governance of Braemar has failed to adequately serve the interests of its shareholders and that the time has come to offer an alternative,” Al Shams said in a Monday statement regarding the nominations. “We have no doubt that these individuals bring considerable experience and expertise across real estate, finance, investing, law, accounting and corporate governance,” Al Shams continued. “We believe that, if elected, they can apply this considerable experience and expertise to the governance, oversight and other matters that come before the Board.” As part of its transition to become self-managed, Braemar previously announced it would identify five new independent board members, with all of its existing directors stepping down except for CEO Richard Stockton. Braemar did not reply to a request for comment by the time of publication.

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9/14/2026

Taekwang Sues Truston as Shareholder Battle Escalates in South Korea

Chosun Biz (South Korea) (09/14/26) Ji-young, Park

The conflict between Taekwang Industrial (KRX: 003240) and its second-largest shareholder, Truston Asset Management, has escalated into a legal dispute after Taekwang filed a police complaint against three people, including Truston’s CEO. Taekwang accused Truston of defamation and obstruction of business, arguing that an open shareholder letter contained false information that damaged the reputations of the company and its directors and disrupted management. The letter described Taekwang Group’s management council as a controlling “ghost-like body” and criticized the company’s board as an organization that simply approved its decisions. Taekwang said the management council had been renamed the management support council in August last year and no longer exists, making Truston’s claims false. Truston responded that Taekwang had not answered any of the 10 questions raised in its Sept. 3 letter, despite a response deadline of Oct. 3. The questions sought information about the council’s establishment, composition, disclosures, and role in decision-making. Truston also argued that Taekwang’s complaint effectively acknowledged the council had operated as the group’s control center and said three directors who served during that period remain on the board. It further defended its intention to exercise shareholder rights under the Commercial Act, including inspecting accounting records, filing derivative suits, and requesting an extraordinary shareholders’ meeting.

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9/14/2026

Palliser Capital Urges Recordati's Board to Withdraw Support for CVC-GBL Offer

Reuters (09/14/26) Anzolin, Elisa

Palliser Capital said on Monday it had urged Recordati's (RECI.MI) board to withdraw support for a €51.29 per share takeover offer from CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert (GBLB.BR), arguing it materially undervalues the Italian drugmaker. Palliser, which sent a letter to the board on September 1, said the consortium should raise its offer to at least €60 per share to provide fair treatment for minority investors. Private equity firm CVC and GBL in May launched an all-cash offer for Recordati through the Respighi BidCo vehicle, valuing the company at about €10.7 billion ($12.35 billion) and aiming to delist it from the Milan stock exchange. The offer has split Recordati's 10-member board, with six voting in favour of the offer, while four independent directors deemed it inadequate. Palliser noted that the offer was not endorsed by any independent directors. CVC currently holds a majority stake in a vehicle called Rossini which controls a 46.8% interest in Recordati. Palliser also said the deal structure put undue pressure on minority shareholders to tender, potentially leaving those who do not participate with illiquid, delisted stock. Recordati's shares were trading 0.5% higher at €52.25 at 0820 GMT. The tender offer opened on August 31 and is due to close on October 15. Six minority shareholders, including several long-only investors, told the FT on Sunday they opposed the terms of the offer. Respighi and Recordati did not immediately respond to a request for comment. Respighi said in July that it disagreed with the independent directors' assessment, reiterated that the offer was fair and attractive, and said its terms and conditions were unchanged.

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9/14/2026

ISS Backs Anavex Board Nominees in Proxy Fight

Investing.com (09/14/26)

Anavex Life Sciences Corp. (NASDAQ: AVXL) announced today that proxy advisory firm Institutional Shareholder Services (ISS) has recommended stockholders vote for all six of the company’s director nominees at its annual meeting scheduled for September 24, 2026. The recommendation, issued on September 11, 2026, supports the election of Dr. Jiong Ma, Dr. Peter Donhauser, Dr. Axel Paeger, Mr. Gautam Patel, Dr. Adrian Senderowicz, and Dr. Claus van der Velden, according to a press release statement from the clinical-stage biopharmaceutical company. ISS noted in its report that "the dissident has not made a compelling case for change." The proxy advisory firm stated that following a European Medicines Agency opinion, the board removed the CEO and has since refreshed its composition. Half of the board will consist of new members when the nominees are included, ISS said. The advisory firm indicated the new board members bring experience in drug development, early-stage company development and FDA approval processes. The board has appointed an interim CEO and is working to hire permanent executives for the CEO, CFO, and CMO positions. Anavex faces a challenge from an entity identified as PVG, which is seeking board representation. ISS stated that despite seeking a majority position, PVG has not presented a detailed go-forward plan. Stockholders of record as of July 31, 2026 are entitled to vote at the annual meeting. The company has filed a definitive proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission.

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9/12/2026

CVC Faces Shareholder Revolt over 10.7 Billion Euro Recordati Take-Private

Financial Times (09/12/26) Borrelli, Silvia Sciorilli

CVC is facing opposition from minority shareholders over its €10.7 billion bid to take Recordati (BIT: REC) private at €51.29 a share. Six investors, including long-only funds, have criticized the offer as undervaluing the Italian pharmaceutical company and pressuring minority shareholders to sell. Palliser Capital accused CVC of seeking to “railroad” investors into accepting a low price. All four of Recordati’s independent directors also rejected the offer, calling the price financially inadequate and the transaction unfair. CVC has owned Recordati since 2018 and has reportedly sought an exit for five years without finding buyers willing to pay more than the current offer. CVC says the 13% premium reflects Recordati’s complex structure and risks surrounding its key drugs. Investors argue the offer allows CVC to capture future gains from Recordati’s rapidly growing rare-diseases business, particularly in the United States. CVC plans to proceed even if it fails to secure the 90% ownership needed to squeeze out remaining shareholders. It could pursue a board reshuffle and delisting through a merger, potentially leaving holdouts with illiquid shares or forced sales. If the take-private fails, CVC may instead sell its controlling stake through a block transaction, potentially putting pressure on Recordati’s share price.

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