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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10/23/2026

Tata Motors-Iveco Heads Towards a Crucial Deadline

The Week (India) (10/23/26) Thomas, Prince

Tata Motors (TMCV.NS) faces an October 26 deadline to secure sufficient shareholder support for its €3.8 billion takeover of Italian truckmaker Iveco (IVG.MI), its largest acquisition to date. Three institutional investors, hedge funds Davidson Kempner and Syquant Capital, and Petrus Advisers, remain dissatisfied with the offer, arguing that the original €14.10-per-share price undervalued Iveco and that Tata Motors has not adequately explained the deal’s long-term synergies. Tata raised its offer to €14.40, but Petrus values Iveco at approximately €18 per share. The three investors collectively hold 20.4% of Iveco, making their participation critical. Tata needs at least 80% of shares tendered, a threshold reduced from 95% on October 16. Although the company has secured the necessary regulatory approvals, it previously missed its September deadline and now hopes to complete the transaction by year-end. The investors could reportedly gain €350 million from selling their holdings, including €288 million in extraordinary dividends. The acquisition would expand Tata Motors’ limited European commercial-vehicle presence, strengthen its global operations, and support its transition to cleaner transport technologies. However, raising the offer further could increase debt and concern Indian investors, who initially reacted negatively to the deal’s announcement in 2025.

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10/23/2026

Ex-Murakami Fund Affiliate Takes 5.06% Stake in Japan's TV Asahi Holdings, Proposes Dividend Hike and Take-Private

BigGo Finance (10/23/26)

City Index Eleventh, an investment firm affiliated with the former Murakami Fund, holds 5.06% of TV Asahi Holdings (TYO: 9409) shares, according to a Large Shareholding Report filed with the Kanto Local Finance Bureau on Oct. 22. The stake is held jointly with Aya Nomura, the eldest daughter of Yoshiaki Murakami and a co-holder, with the reporting obligation arising as of Oct. 15. The firm has already made concrete proposals to TV Asahi Holdings, including changes to its capital policy and a take-private of its shares. According to the report, most of the shares are held by Nomura, and the stated purpose of holding is "advice and proposals on capital policy and other matters contributing to the enhancement of shareholder value." The proposals include expanding shareholder return measures such as a dividend increase and share buybacks, as well as the sale of businesses and assets, including subsidiaries, and a take-private of the shares through an MBO (management buyout). City Index Eleventh said it may acquire more than an additional 5% of the shares within three months if it judges the stock to be undervalued. In the notice of its ordinary general meeting of shareholders published by TV Asahi Holdings in June this year, Nomura's ownership ratio was 1.86%, making her the eighth-largest shareholder. The composition of major shareholders is as follows: The Asahi Shimbun Company 20.21%; T?ei 17.70%; Aya Nomura (as of June) 1.86%; Aya Nomura and others (newly disclosed) 5.06%. Regarding TV Asahi Holdings shares, the investment firm affiliated with the former Murakami Fund is believed to have been gradually increasing its purchases since last year, and crossing the 5% threshold this time triggered the obligation to file a Large Shareholding Report. The company has not disclosed proposals from shareholders seeking improved capital efficiency, and its future response is drawing attention. Among market participants, there is a view that TV Asahi Holdings' share price has been left undervalued relative to its net asset value, and it has been pointed out that pressure from the investor could prompt management to review its capital policy. Because the broadcasting industry is a regulated sector, a take-private or asset sale would come with high hurdles, including approval from Japan's Ministry of Internal Affairs and Communications. If the latest proposals are realized, they could affect not only TV Asahi Holdings' shareholder return policy and business portfolio but also serve as an opportunity for investor involvement to spread to other Japanese broadcaster stocks. Investors are watching closely for official comments from TV Asahi Holdings and the board's response to the proposals.

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10/22/2026

Southwest Airlines Cuts 2026 Profit Forecast as Rising Fuel Costs Squeeze Earnings

American Bazaar (10/22/26) Quasim, Rajwa

Southwest Airlines (NYSE: LUV) has lowered its annual profit forecast for 2026 as rising jet fuel prices threaten to offset gains from higher ticket prices and a major overhaul of its business, despite reporting record revenue in the third quarter. The Dallas-based carrier now expects adjusted earnings of $2.60 to $2.85 per share for the year, down from its previous forecast of $3.25 to $4.25 per share. The midpoint of the revised range is below analysts’ average estimate of $2.85 per share. Southwest shares rose 1% in extended trading. Although the airline’s revenue has improved, the gains have been accompanied by a sharp increase in operating costs. Southwest reported third-quarter revenue of $8.4 billion, its highest quarterly total on record. The airline’s average passenger fare reached $231.69 in the quarter, an increase of nearly 27% from the same period a year earlier. The company's adjusted earnings reached 66 cents per share, beating analysts' forecast of 58 cents and rising from 11 cents a year earlier. Meanwhile, Southwest's fuel bill rose by $821 million year over year. The airline expects jet fuel prices to climb further in the final three months of the year, averaging $4.55 per gallon. “With the transformation complete, our efforts have shifted to optimizing the business,” CEO Bob Jordan said in a statement. Southwest has been changing its traditional business model to encourage passengers to pay more for travel. In September, Southwest Airlines Co. announced the debut of its lounge service at four U.S. airports, partnering with Chase and drawing on the experience of Chase's Sapphire Reserve Lounge network. The airline has faced several challenges and significant changes over the past few years. In 2024, Elliott Investment Management acquired a $1.9 billion stake in Southwest, seeking to improve its market performance through leadership changes. That same year, Southwest ended its 50-year tradition of open-seat boarding, a practice that had become part of its brand identity. In 2025, the airline ended its free checked-baggage policy, which it had offered for about 60 years and promoted through the slogan “Bags Fly Free.” Southwest now charges passengers to check their first and second bags. “Demand remained strong as we lapped last year's bag fee and other commercial initiatives, reinforcing our belief that the earnings power we've built is durable, even with significantly higher fuel costs,” Jordan added. Southwest reported net income of $270 million for the third quarter, up from $54 million in the same period a year earlier. The airline plans to increase flight capacity by 3% to 4% in the fourth quarter. Rising fuel costs have been driven in part by geopolitical tensions linked to the U.S.-Iran war in the Middle East, adding uncertainty to the aviation industry. Other major U.S. airlines, including Delta Air Lines (NYSE: DAL), have indicated that carriers may need to limit flight growth next year to sustain higher fares.

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10/22/2026

Nidec Poses New-Old Test for Japanese Buyouts

Reuters Breakingviews (10/22/26) Lockett, Hudson

Nidec (TYO: 6594), Japan’s $16 billion precision-motor maker, is facing a major accounting crisis that could lead to its delisting from the Tokyo Stock Exchange, potentially creating an opportunity for private-equity investors. New CEO Michio Kaida said the company is still seeking auditor PwC’s approval for delayed financial results after recognizing about ¥1.1 trillion ($7 billion) in write-downs, including roughly ¥480 billion linked to accounting irregularities. Nidec must resolve its financial reporting issues by October 28 to avoid a forced delisting, while its shares have fallen sharply. The crisis is reminiscent of Toshiba, which following a 2015 accounting scandal became a high-profile option for hedge funds and investors including Elliott Management and Third Point. Nidec has also attracted investor interest, with Oasis Management building an almost 8% stake. Buyout firms such as Bain and KKR (NYSE: KKR) have the financial resources and restructuring expertise to pursue a takeover, but several obstacles could complicate a deal. Japanese authorities may consider some of Nidec’s more than 350 subsidiaries strategically important, while foreign investors could face resistance because of the company’s importance to Japan’s export economy. The experience of Toshiba, which ultimately went to a domestic consortium after foreign bidders faced concerns about strategic ownership, illustrates the potential difficulties. A successful Nidec transaction could therefore become an important test of Japan’s evolving corporate-governance and M&A environment.

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10/21/2026

Incoming Northern Star CEO Flags Possibility of Asset Sales

Kitco (10/21/26) Sunny, Sherin; Tanishk, Kumar

Australia’s Northern Star Resources (ASX: NST) on Wednesday flagged the potential for asset sales as the miner focuses on delivering its turnaround plan under a new CEO, amid pressure from both Elliott and suitor Gold Fields. Northern Star reported a 7.2% rise in first-quarter revenue from gold sales, helped by higher average gold sale prices that offset lower volumes from planned shutdowns, but missed market expectations. It, however, kept its full-year guidance intact. The result was the first time CEO Suresh Vadnagra faced investors since he took the helm of Australia’s biggest gold miner on October 5. Vadnagra said his first focus was to deliver against company projections as processing at its Kalgoorlie operations ramps up, and flagged that he would assess the company’s assets for value including for potential sales. The focus on delivery comes after Elliott in June called for a review and new leadership, citing repeated “operational missteps,” including seven outlook misses in four years, and a share price that vastly underperformed its peers. Asked by an analyst on a results call about whether management saw potential value from asset divestment, Vadnagra said: “It's clear that there's an active process by the site team and the planning team to look at each (of our) assets and assess … the way we're operating those assets, and is there a way for us to unlock further value or improve the resilience?” “Obviously, I'd like to apply my own lens to it as well with time, and it's an area that's high on the agenda.” He declined to comment on the A$38.7 billion ($27.16 billion) takeover offer by South Africa's Gold Fields (NYSE: GFI) that the miner rejected. Northern Star's management has previously said that the offer was opportunistic. Gold Fields' CEO last week played down market speculation that it would raise its offer for Northern Star. Four Western Australian assets identified by Barrenjoey for potential sale include Jundee, Thunderbox, Carosue Dam, and some of its Kalgoorlie operations. Bullion traded higher during the September quarter, as central bank buying and geopolitical uncertainty helped the gold miner report a higher average realized gold price of A$4,999 per ounce, compared with A$4,452 a year earlier. This made up for the lower volumes due to planned major shutdowns that hit its three production centers. The miner said quarterly gold sold totaled 364 koz, compared with 381.1 koz from a year before. Revenue from gold sales came in at A$1.82 billion for the quarter ended September 30, compared with A$1.70 billion a year earlier. That missed the Visible Alpha consensus estimate of A$1.93 billion.

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10/21/2026

Anson Funds’ Sagar Gupta Launches Dedicated Fund

Bloomberg (10/21/26) Sun, Mengqi

Anson Funds portfolio manager Sagar Gupta is preparing to launch a fund called Anson Vira in early 2027 aimed at small and mid-cap companies. The new fund will be seeded by Anson, which will commit $200 million to the strategy, and the fund has started to attract outside capital as well. Anson Vira will focus on investing in small and mid-cap technology, media and telecom companies valued at $1 billion to $10 billion in North America. It will have five to eight positions at a time and emphasize AI adoption at portfolio companies to boost returns. “Small caps are super cheap relative to large caps and the problem is you cannot just get into a small-cap stock and expect the market to wake up and realize the value,” Gupta said on Bloomberg TV. “You have to create it yourself, so this is why I think activism is very much needed in the small-cap space, because the returns have not been there.” Gupta, 38, with almost a decade of investing experience, has led the investing strategy at Anson since 2023, investing out of the flagship fund. Earlier in his career, the Los Angeles-based investor worked at Legion Partners for nearly six years, according to his LinkedIn profile. The new fund will also push portfolio companies to use artificial intelligence, which, according to Gupta, some chief executives have been too slow to implement widely enough. “There is a huge opportunity to drive value creation by pushing our companies to adopt AI, to grow faster and be more efficient, and be able to structurally rerate these stocks” in public markets, he said. Campaigns led by Gupta have included Twilio Inc. (NYSE: TWLO), Clear Channel Outdoor Holdings Inc. (NYSE: CCO), Globalstar Inc. (NASDAQ: GSAT), Lionsgate Studios Corp. (NYSE: LION), Match Group Inc. (NASDAQ: MTCH), and SPS Commerce Inc. (NASDAQ: SPSC). Clear Channel Outdoor and Globalstar both ended up selling themselves. Gupta also sits on the board of Five9 Inc. (NASDAQ: FIVN) after reaching a settlement with the company in 2024. Anson's activism strategy has produced 30% plus annualized returns since launching in 2023 and has gained more than 30% so far this year, people familiar with the matter said. It's been a while since a new fund focused on activism has been launched. Former Jana Partners executive Charlie Penner and Alex Silver, a former partner at P2 Capital Partners, founded Ananym Capital Management in 2024. The fund on Tuesday said it has taken a position in the European ticketing platform CTS Eventim AG (EVD.DE), betting that more people will go offline and head to live events, Bloomberg News reported. Elliott Investment Management veteran Adam Katz in 2021 founded Irenic Capital Management with Andy Dodge from Indaba Capital Management. That fund has launched a few high-profile campaigns since its start, including a recent one at UK self-storage firm Big Yellow Group Plc (LON: BYG) and at social media company Snap Inc. (NYSE: SNAP). Former Elliott executive James Smith in 2021 launched Palliser Capital in London. Smith said last week Samsung Electronics Co. (KRX: 005930) should list shares in the United States and use the proceeds to buy back preferred stock, saying the company should do more to narrow the discount on those securities, which carry no voting rights.

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10/21/2026

Mattel Adds Board Member As EdgePoint Investment Group Pressure Mounts

Wall Street Journal (10/21/26) Hamilton, Katherine

Mattel (NASDAQ: MAT) has entered into a cooperation agreement with EdgePoint Investment Group, appointing partner Lee Matheson to its board of directors as the toy maker faces mounting pressure from investors to improve its performance and consider a sale. EdgePoint owns approximately 18% of Mattel’s shares, making it one of the company’s largest and longest-standing shareholders. The agreement includes customary voting, standstill, and confidentiality provisions. The board appointment comes amid growing investor dissatisfaction with Mattel’s declining stock price and calls for strategic alternatives. Earlier this month, Ariel Investments, which holds a 5.4% stake, urged Mattel to consider a divestiture, merger, or outright sale, arguing that its shares were undervalued. In May, Southeastern Asset Management also advocated selling the company, suggesting private equity ownership, a competitor, or a large media company could be potential buyers. Separately, Authentic Brands has expressed takeover interest in Mattel, with discussions reportedly involving a transaction valued at more than $20 per share, according to The Wall Street Journal. The developments follow Mattel’s surprise leadership transition in late September, when the company appointed Condé Nast Chief Executive Roger Lynch as its next CEO. Lynch has said he intends to pursue new strategies to strengthen Mattel’s brands. The addition of Matheson places a major shareholder representative on the board as Mattel navigates activist demands, potential takeover interest, and pressure to improve shareholder value.

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