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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9/16/2026

No Longer a Silent Shareholder, Oasis Goes Activist on Vail Resorts as Prince Waits in the Wings

TownLift (09/16/26)

An investment fund that owns a sizable piece of Vail Resorts (NYSE: MTN), the company that owns and runs Park City Mountain, made its campaign to change the company official Wednesday, Sept. 16. The move could shape how the resort is run and, eventually, who owns it. Oasis Management, a Hong Kong-based hedge fund, told federal regulators it is no longer just a passive investor in Vail Resorts. Oasis is a known investor, meaning it buys large stakes in companies and pushes for change, often by taking its case directly to shareholders. It now wants to put four people on the company’s board of directors, including Park City resident and Olympic ski champion Picabo Street. A company’s board oversees its top executives and signs off on major decisions, including whether to sell any of its resorts. Vail owns 42 mountain resorts worldwide. Frustration with Vail Resorts has built in Park City for years, with complaints about crowding, aging infrastructure and worker pay, and a ski patrol strike during the 2024-25 season. Oasis’ stated goals touch many of those same issues. In its filing on Wednesday, the fund said new board members could push Vail to improve the guest experience, pricing and food and beverage, offer easier ways for newcomers to start skiing, add year-round activities and build “stronger partnerships with host mountain communities.” Oasis also said the value of Vail’s resorts is not fully reflected in the company’s current market valuation compared with its peers. The fund said it may explore or propose a review or sale of the company or some of its resorts, including deals it could seek to take part in. “The Reporting Persons believe the Issuer controls an irreplaceable portfolio of 42 world-class mountain resorts – a collection of scarce, high-quality assets that, in the Reporting Persons’ view, is not fully reflected in the Issuer’s current valuation relative to its peers.” Investors who own more than 5% of a public company must report it to the U.S. Securities and Exchange Commission. Passive investors file a short form. Investors who want to influence how the company is run must file a longer one, called a Schedule 13D. Oasis had been filing as a passive investor. On Wednesday, it filed a 13D. The fund controls 6.2% of Vail’s stock, about 2.2 million shares it bought for roughly $314 million. That is far from control of the company, but large enough that other shareholders pay attention. Vail shareholders elect the full board each year at an annual meeting, which the company typically holds in early December. Vail has not announced a date for this year’s meeting. Vail’s board will recommend its own candidates. Oasis can ask shareholders to vote for its picks instead, a contest known as a proxy fight. Oasis has not formally started asking for votes. That step comes when it files a proxy statement with regulators. Street, an Olympic gold medalist who co-founded the Picabo Street Academy in Park City, is joined by former Walt Disney Co. (NYSE: DIS). CEO Robert Chapek, Florida investor M. Ashton Hudson and Salt Lake City venture capitalist Bryce Roberts. Oasis is paying its nominees. Street, Hudson and Roberts each receive $50,000 for being nominated and another $50,000 once Oasis formally launches its vote campaign. Each must use the after-tax amount to buy Vail stock. Street reported owning no Vail shares. Chapek receives $100,000 a month to advise Oasis on Vail, and would get a $500,000 forgivable loan to buy Vail stock if elected. The nominees agreed not to speak publicly about Vail or the campaign without Oasis’ permission. In a statement to The Park Record on Friday, Street said, “It’s time to make the most of these mountains that we all love so much.” In a statement to The Park Record on Friday, Street said, “It’s time to make the most of these mountains that we all love so much.” The pressure from Oasis adds to a campaign much closer to home. Park City billionaire Matthew Prince, co-founder of the internet company Cloudflare (NYSE: NET) and owner of The Park Record, has spent months publicly urging Vail to sell him Park City Mountain. In June, he told The Colorado Sun he would put roughly $500 million into the resort for new lifts and more snowmaking, share profits with employees and give the community a stake, saying “the town should own part of the resort.” Vail CEO Rob Katz has said the company has no plans to sell. Prince told the Vail Daily this summer that activist funds circling Vail had called him, because a local buyer willing to pay for a resort makes their campaigns cheaper to run.

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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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