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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9/24/2026

Proxy Adviser Glass Lewis Merges With Clarity AI: ESG Investing

Bloomberg (09/24/26) Schwartzkopff, Frances

Glass Lewis & Co. is merging with European-focused ESG data and analytics firm Clarity AI, as the proxy adviser expands its footprint in a market where investor demand for managing climate and sustainability risks are on the rise. The merger, which closed on Wednesday, was completed as an all-share swap via a newly created holding company, according to a statement. The geographic focus of Clarity AI, which lists Banco Santander SA (NYSE: SAN), ING Groep NV (NYSE: ING), and BNP Paribas SA (BNP.PA) among clients, will be “complementary” to the markets already covered by Glass Lewis, Chief Executive Officer Bob Mann said in an interview. The companies declined to provide financial details of the deal. The proxy adviser’s majority owner, Canada’s Peloton Capital Management, will remain as the combined company's dominant shareholder, Glass Lewis said. Integrating Clarity AI's ESG data-analysis platform with Glass Lewis's advisory and stewardship services will provide an opportunity to “reframe the proxy voting industry,” Mann said. That's as the political environment in the United States complicates efforts around proxy voting. The merger follows a December order by President Donald Trump to limit the scope of proxy advisers to provide voting recommendations on proposals that address ESG issues. The administration targeted the industry as part of its sweeping pushback against investing that takes environmental, social or governance issues into account. “The reality is that however you want to call those topics, all those topics are more relevant now than ever” and “what is behind those topics needs to be measured, needs to be analyzed, and the investors need the facts,” Rebeca Minguela, founder and CEO of Clarity AI, said in an interview. Investors “want consistency across the voting world and the stewardship world and the investment world,” she added, and “the fact that we can now tell them you have tools that are consistent across both worlds is actually quite attractive.” For example, changes to requirements regulating European insurers, which go into effect at the end of January, mean a “significant amount” of capital will be released, according to the European Insurance and Occupational Pensions Authority. Policymakers intend for the money to be channeled into investments that support the EU’s strategic priorities, including the green transition, and EIOPA says it will be monitoring for compliance. Mann said it’s clear the United States and Europe are “diverging,” and that means that “we as a firm need to be able to meet clients in both regions where they are.” In the United States, “we’re going to move away from having a house policy,” Mann said. Instead, the company will require that clients develop their own voting policies and recommendations, while Glass Lewis will “provide the appropriate context and research.” That’s where Clarity AI’s data and analytics tools come in, he said. If a client is “really a sustainability-oriented investor, there will be sustainability-centric voting research that they can leverage,” Mann said. And “if they invest in management teams, they’ll get a different research style that’ll go with it.” In Europe, Clarity AI will serve as a platform for extending Glass Lewis’s services, Mann said. “Supplying data without insights only lets you access part of the market overall,” he said. “Providing insights as a layer on top of that expands the number of institutions that can use you as a service provider.”

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9/24/2026

Kobayashi Pharmaceutical Receives Take-Private Proposal from Japan-UK Fund Consortium; Deal Could Reach ¥500 Billion

BigGo Finance (09/24/26)

Kobayashi Pharmaceutical (4967.T) is exploring a take-private transaction, it was revealed on the 24th through interviews with multiple sources. Japan Industrial Promotion Organization, a Japanese investment fund, and UK-based CVC Capital Partners have proposed an acquisition via tender offer (TOB). If realized, the company would pursue management restructuring under fund ownership following the beni koji supplement health hazard issue. Kobayashi Pharmaceutical's market capitalization stood at ¥459.3 billion based on the closing price on the 24th. The total acquisition value could reach approximately ¥500 billion (approximately $3.1 billion). The founding family is also believed to be considering capital participation. The objective of going private is to distance the company from short-term stock market pressures and advance recurrence prevention measures and governance reforms from a medium- to long-term perspective. Since disclosing the health hazard issue in March 2024, the company has been consumed by its response. Chairman Kazumasa Kobayashi and President Akihiro Kobayashi (both at the time), who hail from the founding family, resigned to take responsibility, but Kazumasa continues to be involved in management as special advisor and Akihiro as a director. Meanwhile, investors who are the largest shareholders with over 14% of shares are demanding a break from founding-family influence. If the take-private transaction is completed, the company would be freed from shareholder obligations as a listed company, while negotiations over the buyout price with existing shareholders become a key focus. Kobayashi Pharmaceutical has been advancing product recalls, victim compensation, and a review of its quality control systems in response to the beni koji issue. If the take-private transaction is completed, the company would benefit from reduced disclosure and shareholder-relations burdens associated with maintaining a listing, allowing it to concentrate management resources on restructuring. Take-private transactions of Japanese companies by investment funds have been on the rise in recent years, with cases targeting companies requiring governance reform or business turnaround being particularly notable. The Kobayashi Pharmaceutical case could become a typical example of a long-established company shaken by a consumer issue seeking to rebuild with fund support. The key focus going forward is whether the TOB price carries a sufficient premium for existing shareholders. Many factors will determine the success or failure of the take-private transaction, including investor movements, the founding family's equity ratio, and the board of directors' decision. The company has not issued a formal comment at this time.

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9/23/2026

Pearson Appoints Three Non-Executive Directors to Board

Investing.com (09/23/26)

Pearson (NYSE: PSO) announced Monday the appointments of Michael Barkin and Vivek Sharma as independent non-executive directors, along with Alex Svensson as a non-executive director, according to a press release statement. All three will join the board effective October 1, 2026. Michael Barkin serves as president and board director of Clear Secure, Inc. (NYSE: YOU) and will transition into an advisory role at the company in October. He previously held positions as executive vice president and chief financial officer at Vail Resorts (NYSE: MTN), and worked at KRG Capital Partners, Bain Capital Partners, and Bain & Company. Vivek Sharma is CEO and co-founder of Quantelix, a quantum technology-enabled biosensing company. He previously co-founded InStride and held leadership roles at The Walt Disney Company (NYSE: DIS) and Yahoo. Sharma serves on the boards of JetBlue Airways (NASDAQ: JBLU), Coforge (NSE: COFORGE), and Kaiser Permanente. Alex Svensson is a partner at Cevian Capital, which has become Pearson's largest shareholder. He has worked with Pearson for six years since joining Cevian in 2014. His appointment is subject to a relationship agreement between Pearson and Cevian. Svensson will also join Pearson's Nomination and Governance Committee effective October 1, 2026. Omid Kordestani, Pearson chair, stated the new directors bring financial experience and expertise in artificial intelligence and emerging technologies to the board. The company provided no further information in accordance with UK Listing Rule 6.4.8.

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