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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9/25/2026

BP Explored Deal for Devon’s Eagle Ford Asset, Sources Say

Reuters (09/25/26) French, David; Somasekhar, Arathy

BP (BP.L) studied a possible deal to buy Devon Energy's (DVN.N) operations in South Texas, four sources familiar with the matter said, with one of the sources adding it has now backed away from such a move. After years of prioritizing investments in renewable energy, and leadership churn that included five chief executives since 2020, London-headquartered BP has reverted to a strategy that places its traditional oil and gas business at its heart. Since Meg O'Neill joined as CEO in April, BP has entered the data room on a small number of shale assets placed for sale, allowing the company access to confidential information provided to prospective buyers so they can evaluate the merits of a deal, according to six sources. Among them was the data room for Devon's Eagle Ford asset, which opened in late August, four of the sources said. Analysts at TPH Research said in a note on Wednesday that Devon's asset could be worth around $4.5 billion. However, after studying the merits of a deal, BP decided to walk away, one of the sources familiar with the matter said. BP's shares fell 3.4% on Friday, while Devon's stock closed 1.8% higher on Thursday. Devon has risen around 34% this year, per LSEG data. The sources cautioned that entering a data room does not guarantee that BP will formally bid on an asset. They spoke on condition of anonymity to discuss private deliberations. “BP has been very clear about its five priorities, which includes a clear focus on strengthening the balance sheet - this priority remains unchanged alongside our commitment to maintaining capital discipline,” BP said in an emailed comment. The other priorities include simplifying its portfolio, operational excellence and faster decision making with higher accountability. Devon did not respond to a comment request. BP's U.S. shale operations are held within its BPX Energy unit, with assets in the Eagle Ford, Permian and Haynesville basins spanning Texas and Louisiana. Production in the second quarter was around 545,000 barrels of oil equivalent per day (boepd), of which its existing Eagle Ford was approximately 205,000 boepd, according to an August presentation. The company is targeting over 650,000 boepd from BPX by 2030, according to BP's website. Despite its strategic pivot back to oil and gas, previously overseen by Albert Manifold before he was fired as chair and replaced on a permanent basis earlier this month by Ian Tyler, BP has spent the last 18 months focused on reducing debt and hitting a $20 billion divestment target. While it has engaged in some acquisition activity in that time, including showing interest in buying a majority stake in the Shenandoah field in the U.S. Gulf, BP had been largely absent from shale data rooms, making its re-emergence in recent weeks as a potential buyer notable, three of the sources said. Buying assets near its existing footprint would be logical, four of the sources said, given the potential for cost savings and BP's familiarity with local geology. Part of Devon's Eagle Ford asset was held in a joint venture between the company and BP until the partnership's dissolution in 2025. Devon is marketing for sale both its Eagle Ford and Powder River basin acreage in Wyoming, the sources said, as part of a portfolio review undertaken following its $58 billion merger with Coterra Energy. The Eagle Ford asset consists of around 90,000 net acres, and produced around 77,000 boepd in the second quarter, according to Devon's website. The effort comes as U.S. energy assets have increased allure to buyers, as they can operate even as Middle Eastern conflict shakes global oil markets. The tension pushed crude back above $100 per barrel last week, with higher prices of benefit to sellers. Conversely, market volatility makes it harder for buyers and sellers to agree on valuations, as buyers want to avoid the perception of paying an inflated price. Dealmaking involving U.S. production assets has slumped in recent months as a result. This uncertainty is reflected in potential valuations for Devon's Eagle Ford. The TPH Research analysts marked it at $4.5 billion, but the sources pointed to a range between $3.5 billion and roughly $4 billion. Devon is also facing pressure from shareholders TOMS Capital and Kimmeridge Energy Management to improve performance and shed assets.

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9/25/2026

Kobayashi in ¥500 billion Buyout Talks After Red-Yeast Case

Japan Times (09/25/26) Suzuki, Hideki; Fuse, Taro; Taniguchi, Takako

Kobayashi Pharmaceutical (TYO: 4967) is considering a potential buyout worth more than ¥500 billion ($3.2 billion) from private equity firms CVC Capital Partners (AMS: CVC) and Nippon Sangyo Suishin Kiko. The proposed transaction could take the Japanese health products maker private, with the founding family potentially participating. Kobayashi confirmed it received a preliminary, nonbinding proposal but said no decision has been made. The company’s shares have remained below pre-2024 levels following a scandal involving red-yeast supplements linked to illnesses and suspected deaths. The products were recalled after some were found contaminated with puberulic acid. Kobayashi says its investigation has not established any deaths as directly caused by the supplements, while authorities identified a small number of suspected cases involving contaminated products and kidney damage. The company incurred ¥12.7 billion in related charges and has paid or committed compensation to more than 500 people. Oasis Management, which owns 14.4%, has pushed for governance reforms. Going private could give Kobayashi greater flexibility to strengthen quality controls, address rising costs and invest in growth without as much shareholder pressure. Its three-year plan includes ¥30 billion for research and development and at least ¥30 billion in shareholder returns.

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9/24/2026

Knife River Responds to Starboard Value Investment Letter

Investing.com (09/24/26)

Knife River Corporation (NYSE: KNF) said Monday it received a letter from Starboard Value LP and its affiliates regarding the investor’s position in the company. The construction materials company said it first learned of Starboard’s investment on September 22, 2026, and plans to engage with the firm to understand its views, according to a press release statement. Knife River’s board and management said they welcome shareholder input and remain open to constructive dialogue. The company stated it regularly reviews opportunities to create shareholder value and will continue to act in the best interests of the company and its shareholders. The company highlighted its strategy since becoming an independent public company in 2023, which includes optimizing pricing, improving operational performance and capturing efficiencies through its EDGE initiatives. Knife River operates a vertically integrated platform that combines aggregates, ready-mix concrete, asphalt, liquid asphalt, and contracting services. The board expressed confidence in the company's leadership and operating discipline to navigate current market conditions. Knife River said it remains focused on margin expansion, operational excellence, disciplined capital allocation and profitable growth. Knife River is a member of the S&P MidCap 400 index and provides construction materials and contracting services, primarily for publicly funded Department of Transportation projects and private industrial, commercial and residential projects. The press release did not disclose the size of Starboard's stake or the specific contents of the investor's letter to the company.

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9/24/2026

Ethan Allen Defends Itself Amid Escalating Board Battle

TradingView (09/24/26)

Ethan Allen Interiors (NYSE: ETD) filed its definitive proxy statement with the U.S. Securites and Exchange Commission and mailed shareholders a letter ahead of the annual meeting, scheduled for November 4. The company urged holders of record to vote to elect all five of its nominees, including CEO Farooq Kathwari, and to withhold votes from the competing DGB nominees. The company argued that its incumbent directors offer the appropriate experience and continuity to execute the company’s strategy while rejecting claims made by shareholder Doug Bergeron and his DGB Investment group. "Ethan Allen’s Board is advancing a focused plan to restore profitable growth while preserving the capabilities that differentiate the company. DGB is asking shareholders to replace every director before providing a detailed operating plan for executing its proposed transformation," read part of the letter sent to shareholders. The board battle began publicly on August 5 when Bergeron nominated an alternative five-person slate and launched a campaign to change the company's direction. Ethan Allen acknowledged receipt of those nominations and said its board would review them through its governance committee. DGB escalated the contest on September 22 by filing its definitive proxy statement. Bergeron, whose group then reported ownership of approximately 5.2%, formally asked shareholders to elect all five DGB candidates. The campaign centered on the contention that Ethan Allen has suffered from roughly two decades of contraction and from leadership and execution problems, arguing that a reconstituted board could restore growth and create more durable shareholder value. On September 21, Ethan Allen announced an ongoing CEO-succession process, but DGB criticized the move as late and insufficiently specific. Shares of Ethan Allen are down 8.1% on a year-to-date basis. Short interest stands at 11.8% of the total float.

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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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