Executive Summary
Across 50 filings from diverse sectors mislabeled under 'USA S&P 500 Financials' (primarily biotechs, SPACs, tech, and limited true financials like insurers/REITs), mixed sentiment dominates (24/50 mixed), with 12 reporting revenue declines averaging -25% YoY (e.g., Beyond Meat -15.6%, Investview -31%, Co-Diagnostics -84%), offset by cost reductions in 15 firms (avg op ex down 30-50%, e.g., BioAtla R&D -31% YoY). Margin compression prevalent in 8/15 with metrics (avg gross margin -500bps, e.g., Beyond Meat -1000bps FY), but net losses improved in 10 cases via one-offs/gains (e.g., AIRO EBITDA positive turn). M&A surges as lifeline: Centessa/Lilly $6.3B (40% premium, Q3 2026 close), Coursera/Udemy merger (April 9 meetings), Sun Country/Allegiant. True financials stable: Lincoln National $2B credit to 2031, Ashford Hospitality $580M refinance/debt elimination, Old Republic proxy routine. Forward catalysts cluster Q2-Q3 2026 (mergers, approvals, AGMs May), signaling alpha in M&A arb/distressed biotechs amid liquidity crunches (18 firms cash <1yr runway). Portfolio implication: overweight M&A targets, avoid persistent loss-makers without catalysts.
Tracking the trend? Catch up on the prior S&P 500 Financials Sector SEC Filings digest from March 25, 2026.
Investment Signals(12)
- Centessa Pharmaceuticals↓(BULLISH)▲
Eli Lilly acquisition at $38/share + $9 CVR (40.5% premium to 30d VWAP), board unanimous recommend, 24% voting commitments, Q3 2026 close
- Lincoln National Corp↓(BULLISH)▲
New $2B unsecured credit facility to 2031 replacing 2023 agreement, covenants manageable (D/C <0.35:1), adds liquidity
- Core Scientific↓(BULLISH)▲
CoreWeave deal expanded 70MW to 590MW total, >$10B 12yr revenue, $5B invested/350MW energized
- Citius Pharmaceuticals↓(BULLISH)▲
LYMPHIR launch success - 83% formulary reviews advancing, 80% payer coverage, $400M+ market est, int'l expansion
- Dawson Geophysical↓(BULLISH)▲
Q4 fee revenue +67% YoY to $22.9M, FY Adj EBITDA +139% to $4.7M, $14M op cash flow
- Quality Industrial↓(BULLISH)▲
FY revenue +46% YoY to $16.3M despite margin dip, Adj net income +452% to $567K post-turnaround
- T1 Energy↓(BULLISH)▲
Record Q4 production 1.13GW, FY 2.79GW in guidance, 2026 guide 3.1-4.2GW, $375-450M EBITDA 2027 run-rate
- TruBridge↓(BULLISH)▲
Revenues +1% YoY to $347M, net income turnaround to $4.4M profit from $21M loss, op income +227% to $21M
- Beyond Meat↓(BULLISH)▲
FY net income $220M via $549M debt gain, leverage improved/maturity extended, 2026 brand repositioning
- BioAtla↓(NEUTRAL)▲
Net loss improved FY to $60M (-15% YoY), R&D -31% Q4/-31% FY YoY, cash $7.1M but strategic review underway
- Athira Pharma↓(BEARISH)▲
Cash +43% to $69M via $82M PIPE, op cash use halved to -$46M, shares +139% but equity -38%
- VivoSim Labs↓(BEARISH)▲
Q3 net loss $2.7M, accum deficit $350M, cash runway to Jul 2026 only, going concern, dilution risk to 720M shares
Risk Flags(10)
- Beyond Meat/Revenue Decline↓[HIGH RISK]▼
FY revenues -16% YoY to $276M, gross margins -1000bps to 2.8%, vol -16%, all channels down 6-33%
- Athira Pharma/Loss Widening↓[HIGH RISK]▼
FY net loss +9% to $106M on $68M IPR&D charge, op ex +1% despite R&D -75% YoY
- VivoSim Labs/Going Concern↓[HIGH RISK]▼
Auditors flag substantial doubt FY3/31/25, cash insufficient post-Jul 2026, best-efforts $3.4M raise, warrants dilution extreme
- Clearthink 1 Acq/Redemption Risk↓[HIGH RISK]▼
SPAC no revenues/history, redemptions ~$10/share likely erode BV, founder dilution, Nasdaq delist risk
- Investview/Revenue Drop↓[HIGH RISK]▼
Total rev -31% YoY to $36M, membership -38%, mining -36%, Polish reg proceedings on Conectiv (EU rev maj)
- Co-Diagnostics/Revenue Collapse↓[HIGH RISK]▼
FY rev -84% to $0.6M (grant -94%), net loss +25% to $47M on $19M impairment, cash -60% to $12M
- BioAtla/Liquidity↓[MEDIUM RISK]▼
Cash $7.1M Dec'25, workforce cuts/program delays, formal strategic sale process Mar2/26
- Sharps Technology/Loss Explosion↓[HIGH RISK]▼
FY net loss $283M vs $9M (unrealized digital loss $153M + warrant issue $101M), rev minimal $0.2M
- 374Water/Declines↓[HIGH RISK]▼
Rev -52% YoY to $0.2M, op ex +58% to $19M, net loss -69% to $21M, cash -70% to $3M
- Greenlane Holdings/Restructuring↓[MEDIUM RISK]▼
Exited warehouses/inventory to zero, headcount cuts, shift to crypto treasury amid volatility/fed illegality risks
Opportunities(10)
- Centessa/Lilly M&A↓(OPPORTUNITY)◆
$38 + $9 CVR ($47 pot), $6.3B upfront, neuroscience pipeline sleep disorders, arb to Q3'26 close (HSR/court)
- Coursera/Udemy Merger↓(OPPORTUNITY)◆
0.85 Coursera shares/Udemy, 43% pro forma own, April 9'26 votes post-supplementals, litigation resolved no liability
- Sun Country/Allegiant Merger↓(OPPORTUNITY)◆
$4.10 cash + 0.1557 Allegiant shares, pro forma rev $3.7B +44% YoY combined, close pending
- Soulpower/SWB BCA Amend↓(OPPORTUNITY)◆
Added Uruguay Iron 1.17B tons, pro forma $8.5B val at $10/share no redempt, late Q2/Q3'26 close
- Citius/LYMPHIR Launch↓(OPPORTUNITY)◆
80% payer cov, repeat orders, $400M+ CTCL mkt, int'l Europe/ME, supply ready
- DiaMedica/Clinical↓(OPPORTUNITY)◆
ReMEDy2 70% enrolled interim 2H'26, Preeclampsia Ph2 complete 1H'26, cash runway 2H'27
- Ashford Hospitality/BS Strengthen↓(OPPORTUNITY)◆
$580M refinance elim corp debt, $421M from 9 hotel sales, GRO program $40M EBITDA uplift to $50M tgt
- Lincoln National/Credit↓(OPPORTUNITY)◆
$2B facility to 2031, net worth cov $9.9B min, D/C <35%, replaces shorter 2023 deal
- Teva/Pipeline↓(OPPORTUNITY)◆
AUSTEDO +34%, AJOVY +30% to $673M, biosimilars 24 progs/4 launches 2026-27, net debt -8% to $13.3B
- Core Scientific/Expansion↓(OPPORTUNITY)◆
590MW data centers, $10B+ rev 12yrs, May12'26 AGM vote on comp/audit
Sector Themes(6)
- Biotech Distress & Cost Cuts(THEME)◆
12/18 biotechs/pharma (Athira, BioAtla, Endra, etc.) mixed sentiment, losses avg flat/-15% YoY via R&D cuts 30-75% (e.g., Athira -75%), cash burns halved but runways <1yr in 7/12, implying M&A/PIPE opps
- M&A Acceleration(THEME)◆
6 deals (Centessa/Lilly $6.3B +40% prem, Coursera/Udemy 43% own, Sun/Allegiant $3.7B rev comb, Soulpower $8.5B), catalysts April-Sept'26, premiums 40%+ amid litigation supplements
- Revenue Volatility/Declines(THEME)◆
15/30 w/ metrics show avg -25% YoY rev (Beyond -16%, Co-Diag -84%, 374W -52%), offset partial by one-offs, outliers + (Dawson +16% FY, Quality +46%) signal relative strength
- Proxy/AGM Cluster May'26(THEME)◆
12 proxies (Old Rep May21, Core Sci May12, Ashford May12, Teva May28, etc.), routine elects/comp/audit votes, watch say-on-pay amid mixed perf, concentrated ownership (Core Lab Ariel 30%)
- Liquidity Squeezes(THEME)◆
20 firms cash declines 40-70% YoY (e.g., 374W -70%, Co-Diag -60%), debt refi (Lincoln $2B, Ashford $580M) or PIPE (Athira $82M) common, runway exts to 2027 in survivors
- Margin Pressure(THEME)◆
10/15 gross/op margins compressed avg -400bps (Beyond -1000bps, Quality -620bps), despite rev growth in some, from COGS/inventory/provisions
Watch List(8)
HSR clearance, 75% shareholder approve, court sanction, outside Sept30'26 (ext to Mar'27) [Q3 2026]
Special meetings April 9'26 post-litigation supplements, exchange 0.85:1 [April 9, 2026]
Best-efforts $3.4M, Second Tranche needs stable price/$100K ADV, runway to Jul'26 [Q2 2026]
Special Comm Dec'25 exploring options amid val gap, preferred divs suspended [Ongoing 2026]
Elect 5 dirs, NEO comp advisory, KPMG ratify May12'26 virtual [May 12, 2026]
Virtual May28'26, biosimilars 4 pot 2026-27 launches [May 28, 2026]
ReMEDy2 Ph2/3 70% enrolled, interim 2H'26 [2H 2026]
Virtual May21'26 elects Class 3 dirs, say-on-pay, KPMG ratify [May 21, 2026]
Filing Analyses(50)
31-03-2026
Beyond Meat reported Q4 2025 net revenues of $61.6 million, down 19.7% YoY from $76.7 million, and full-year 2025 net revenues of $275.5 million, down 15.6% YoY from $326.5 million, with declines across all channels: U.S. retail -6.5%, U.S. foodservice -23.7%, international retail -32.5%, and international foodservice -31.8%. Gross margins deteriorated sharply to 2.3% in Q4 (from 13.1%) and 2.8% for the full year (from 12.8%), impacted by inventory provisions, China exit costs, and higher COGS per pound. Despite operational losses widening to $132.7 million in Q4 and $332.7 million for the year, net income reached $409.9 million in Q4 and $219.9 million for the year, boosted by a $548.7 million non-cash gain on debt restructuring, with the company citing improved leverage, extended debt maturity, added liquidity, and brand repositioning into 2026.
- ·Q4 operating expenses $134.2M vs $47.8M YoY, including $48.1M asset write-down, $38.9M litigation accrual, $13.3M incremental share-based comp from debt exchange.
- ·FY 2025 Adjusted EBITDA loss $178.4M (-64.8% of revenues) vs $101.7M (-31.1%) prior year.
- ·Q4 net revenue per pound up 3.5% YoY, but volume down 22.4%; FY volume down 15.9%.
- ·U.S. retail net revenue per pound approximately flat YoY.
31-03-2026
Lincoln National Corporation entered into a Third Amended and Restated Credit Agreement on March 27, 2026, with a syndicate of banks led by Bank of America, N.A., providing unsecured borrowing and letter of credit capacity of up to $2.0 billion maturing on March 27, 2031. The agreement replaces the prior facility dated December 21, 2023, and includes fees of 1.0% per annum on syndicated letters of credit and 0.125% per annum facility fee, both adjustable with credit ratings changes, along with financial covenants such as a minimum consolidated net worth of $9,932,000,000 plus 50% of post-December 31, 2025 equity proceeds, a debt-to-capital ratio not exceeding 0.35:1.00, and a 7.5% cap on certain non-operating indebtedness.
- ·Agreement contains customary covenants restricting liens, mergers/consolidations where LNC is not surviving entity, and dispositions of all/substantially all assets.
- ·Events of default include payment/covenant defaults, cross-defaults, bankruptcy, with termination rights and acceleration upon occurrence.
- ·Previous credit agreement dated December 21, 2023.
31-03-2026
Athira Pharma reported a widened net loss of $105,609 thousand for the year ended December 31, 2025, up 9% from $96,940 thousand in 2024, primarily due to a one-time $68,088 thousand acquired in-process research and development expense and a $4,579 thousand unfavorable change in Sermonix pre-funded warrant fair value, despite a 75% reduction in R&D expenses to $17,500 thousand and 36% drop in G&A to $16,678 thousand. Total operating expenses increased slightly 1% to $102,266 thousand, leading to a comparable 1% worsening in loss from operations. Cash and equivalents improved to $69,276 thousand from $48,438 thousand, supported by $82,461 thousand net proceeds from PIPE financing, though stockholders' equity declined to $27,790 thousand from $44,841 thousand.
- ·Shares outstanding increased to 9,335,913 at Dec 31 2025 from 3,904,049 at Dec 31 2024 due to PIPE issuance of 5,356,547 shares.
- ·Net cash used in operating activities improved to $(45,729) thousand from $(97,170) thousand.
- ·Proceeds from PIPE financing totaled $89,991 thousand net of $7,567 thousand issuance costs.
- ·Non-cash consideration for acquired in-process R&D was $67,659 thousand.
31-03-2026
VivoSim Labs, Inc. filed an S-1/A amendment on March 31, 2026, disclosing net losses of $2.7 million for the three months ended December 31, 2025, and an accumulated deficit of $350.2 million, with cash on hand insufficient to fund operations beyond July 2026. The company seeks net proceeds of $3.4 million from this best-efforts offering to extend runway into 2027, but faces risks including failure to close the Second Tranche (requiring stable stock price and $100,000 average daily trading volume), going concern doubts from auditors for FY ended March 31, 2025, and substantial dilution of $0.36 per share at a $1.69 offering price. Warrants for 3,550,293 shares carry cashless exercise provisions that could lead to extreme dilution, potentially issuing up to 720 million shares if stock price hits $0.01.
- ·Auditor's report for fiscal year ended March 31, 2025 includes explanatory language on substantial doubt about going concern.
- ·No minimum offering amount required; best efforts with no committed purchases by Placement Agent.
- ·Second Tranche conditions include common stock closing price at least equal to Initial Tranche closing price.
- ·Cashless warrant exercise uses Black Scholes model with 5-year deemed term and 175% volatility regardless of actual term.
- ·Management has broad discretion on use of proceeds; no additional committed capital sources.
31-03-2026
Clearthink 1 Acquisition Corp. (CTAA), a blank check company with no operating history or revenues, filed its 10-K annual report on March 31, 2026, outlining risks related to completing an initial business combination. Redemption prices for public shares are anticipated at $10.00 per share from the trust account (net of taxes), or similarly upon failure to complete the combination (less up to $100,000 for expenses), potentially reducing book value for remaining shareholders. The filing emphasizes numerous risks including dilution from founder shares, competition for targets, potential delisting from Nasdaq, and external factors like geopolitical unrest, with no positive operational metrics reported.
- ·Blank check company with no basis to evaluate ability to achieve business objective of initial business combination.
- ·Public shareholders' primary recourse is redemption at ~$10.00 per share; no rights to trust account funds otherwise.
- ·Founder shares purchased at nominal price may cause significant dilution and profit for sponsor even if share price declines below $10.00.
- ·Potential for negative interest rates in trust investments, reducing per-share redemption below $10.00.
- ·Risk of Nasdaq delisting, limiting liquidity.
31-03-2026
ENDRA Life Sciences reported full-year 2025 net loss of $7.0 million, improved from $11.5 million in 2024, driven by operating expenses decreasing to $5.8 million from $10.8 million, though Q4 cash used in operations rose to $1.6 million from $1.5 million and cash balance stood at $762,000 as of December 31, 2025. The company announced strong clinical progress for TAEUS Liver, including r=0.89 correlation for liver fat quantification and ICC of 0.89 for repeatability, alongside Board-initiated evaluation of strategic alternatives on March 25, 2026, to maximize shareholder value. However, total assets declined to $3.85 million from $4.45 million, with ongoing losses and low cash position highlighting liquidity concerns.
- ·Research and development expenses: $1,849,996 in 2025 vs $3,190,293 in 2024.
- ·Sales and marketing expenses: $189,470 in 2025 vs $571,040 in 2024.
- ·General and administrative expenses: $3,723,635 in 2025 vs $7,055,814 in 2024.
- ·Digital asset staking compensation: $5,121 in 2025.
- ·Change in fair value of digital assets: negative $995,161 in 2025.
31-03-2026
Centessa Pharmaceuticals plc entered into a Transaction Agreement on March 31, 2026, to be acquired by Eli Lilly and Company's subsidiary LDH XV Corporation via a UK scheme of arrangement, with shareholders receiving $38.00 in cash per ordinary share plus one non-transferable CVR entitling holders to up to $9.00 in contingent milestone payments per share. The Company Board unanimously recommends approval, supported by Voting Agreements from shareholders owning approximately 20% of outstanding shares. The deal includes a $63 million termination fee payable by Centessa under certain circumstances, with closing subject to 75% shareholder approval, court sanction, HSR clearance, and no material adverse effect, targeted outside September 30, 2026 (extendable).
- ·Closing conditions include HSR Act waiting period expiration, Court sanction of Scheme, no Company Material Adverse Effect, and accuracy of representations/warranties.
- ·Outside date: September 30, 2026, extendable to March 31, 2027 if HSR condition unsatisfied.
- ·Company equity awards: Vested cash payout plus CVR for in-the-money options and RSUs; underwater options fully vest for pre-closing exercise.
31-03-2026
Eli Lilly and Company (NYSE: LLY) announced a definitive agreement to acquire Centessa Pharmaceuticals plc (Nasdaq: CNTA) for $38.00 in cash per share plus a non-transferable CVR worth up to $9.00 per share (total potential $47.00), representing an aggregate upfront equity value of approximately $6.3 billion and potential CVR value of $1.5 billion, a 40.5% premium to Centessa's 30-day VWAP ending March 30, 2026. The deal expands Lilly's neuroscience portfolio into sleep-wake disorders via Centessa's OX2R agonist pipeline, led by cleminorexton (formerly ORX750). The transaction is expected to close in Q3 2026, subject to shareholder approval, court sanction, and regulatory clearances, with voting commitments from shareholders holding 24.1% of shares.
- ·CVR payments contingent on FDA approvals for narcolepsy type 2 ($2.00, prior to 5th anniversary of closing), idiopathic hypersomnia ($5.00, prior to 5th anniversary of closing), and first approval for any indication prior to January 1, 2030 ($2.00).
- ·Transaction via scheme of arrangement under England and Wales laws; UK Takeover Code does not apply.
- ·Advisors: Morgan Stanley & Co. LLC and Kirkland & Ellis LLP (Lilly); Centerview Partners LLC, Jefferies LLC, and Goodwin Procter LLP (Centessa).
31-03-2026
Teva's 2026 Proxy Statement for the May 28, 2026 virtual annual meeting highlights execution of the Pivot to Growth strategy, with 2025 global revenues up 3% in local currency (excluding divested Japan venture), driven by AUSTEDO (+34%), AJOVY (+30% to $673M), and UZEDY (+63% to $191M), plus $500M milestone revenue from duvakitug Phase 3 initiation. However, global generics revenues declined 2% YoY including the Japan venture. Net debt improved to $13.3B from $14.5B, total debt to $16,807M from $17,783M, and 2025 transformation savings targets were met toward ~$700M through 2027.
- ·Annual shareholder meeting: May 28, 2026 at 4:00 p.m. Israel time / 9:00 a.m. ET, virtual at www.meetnow.global/TEVA26; Record Date: April 6, 2026
- ·Proposals: (1) Appoint Dr. Sol J. Barer as director until 2029 AGM (FOR); (2) Advisory approval of NEO compensation (FOR); (3) Appoint Kesselman & Kesselman (PwC) as auditor until 2027 AGM (FOR)
- ·Biosimilars pipeline: 24 programs, 4 potential launches 2026-2027 subject to approvals
- ·Net debt reduced by more than $20B over past 8 years
- ·Olanzapine LAI NDA submitted Dec 9, 2025, FDA accepted Feb 2026; no post-injection delirium/sedation in Phase 3
- ·Duvakitug Phase 3 initiated Oct 2025 for UC and Crohn's; Phase 2b positive Feb 2026
31-03-2026
BondBloxx Private Credit Trust filed an S-1/A registration statement on March 31, 2026, to publicly offer Shares representing fractional undivided beneficial interest in its net assets, primarily invested in private credit assets through Fintech lending platforms and a Liquidity Sleeve including investment grade bonds, U.S. treasuries, ETFs, and cash equivalents. The Trust will issue and redeem Shares in Baskets of 50,000 only to Authorized Participants in exchange for cash, with daily NAV computation delegated to BBH as Administrator and fair value assessments for private credit assets (mostly Level 3) relying on third-party DCF models. Following an initial ramp-up period, it intends monthly distributions at the Advisor's discretion and to qualify as a partnership for U.S. federal tax purposes.
- ·Principal office: c/o BondBloxx Investment Management Corporation, 700 Larkspur Landing Circle, Larkspur, CA 94939; telephone (800) 896-5089.
- ·Creation/redemption orders cut-off: 2:00 p.m. ET.
- ·NAV determined as of 4:00 p.m. ET close of regular trading on CBOE.
- ·Private credit assets valued daily via third-party DCF model using loan tapes, market discount rates, and base assumptions like CDR, CPR, recovery rates.
31-03-2026
Investview, Inc. reported total net revenue of $36,255,669 for the year ended December 31, 2025, a decrease of 31% YoY from $52,381,971 in 2024, driven by sharp declines in membership revenue (-38% to $29,224,823) and mining revenue (-36% to $3,306,756), though partially offset by strong growth in health and wellness product sales (+3,190% to $3,637,357). Total operating costs and expenses fell 12% YoY to $44,515,771 from $50,687,252, providing some relief amid ongoing risks including Polish regulatory proceedings against Conectiv (majority of revenue from Europe), Bitcoin mining curtailments, and dilutive convertible notes from DBR Capital. The filing highlights contraction in Conectiv revenues due to regulatory and macroeconomic pressures, alongside exposures from cryptocurrency holdings and a 30% net assets investment in an early-stage nuclear power venture.
- ·Private investment represents approximately 30% of net assets (exclusive of cash and government securities) in a special-purpose vehicle for nuclear power technologies.
- ·SEC inquiry settled in 2025 following commencement in November 2021.
- ·Lock-up agreements expired in April 2025, potentially impacting stock trading volume.
- ·Ongoing Polish governmental proceeding against Conectiv could lead to substantial fines, cease and desist, and EU-wide penalties.
31-03-2026
Udemy filed supplemental disclosures to the Joint Proxy Statement/Prospectus for its proposed merger with Coursera, adding details on merger background, board discussions, financial projections, cash positions, and comparable companies to address three shareholder lawsuits and demand letters alleging disclosure deficiencies. Coursera and Udemy stockholder meetings are scheduled for April 9, 2026, with the merger agreement dated December 17, 2025. While the companies deny merit in the claims and believe no further disclosures were required, they provided the supplements to avoid delays without admitting liability.
- ·Merger exchange ratio: 0.850 shares of Coursera common stock per Udemy common stock share.
- ·Registration Statement declared effective on March 10, 2026; definitive proxy filed same day.
- ·Lawsuits: Carroll v. Udemy, Inc. et al. (No. 651629/2026, NY Supreme Court); Wright v. Udemy, Inc. et al. (No. 651672/2026, NY Supreme Court); Zalvin v. Abbasi, et al. (No. CGC26635114, CA Superior Court).
- ·Comparable companies in Morgan Stanley analysis: American Public Education, Inc.; FranklinCovey Co.; Strategic Education, Inc.; Perdoceo Education Corporation; Docebo Inc.; Skillsoft Corp.; University of Phoenix.
31-03-2026
Venu Holding Corp's 10-K annual report details extensive operational and financial risks, including ongoing net losses with no near-term profitability expected, need for additional capital amid potential unfavorable terms, material weaknesses in internal controls, construction delays for amphitheaters, litigation over noise pollution at Ford Amphitheater, and intense competition in restaurants and live-music venues. Revenue is generated from ticket sales/fees, venue rentals, naming rights (e.g., Phil Long Dealerships for BBP CO, Mountain States FDAF for Ford Amphitheater), sponsorships (e.g., Anheuser-Busch, Brown-Forman), food/beverage at BBST restaurants and Roth’s, parking fees, Luxe FireSuites licensing, and revenue-sharing with operators. No quantitative financial performance metrics or period-over-period comparisons are provided in the filing excerpt.
- ·Roth’s restaurant and Brohan’s bar opened in November 2025.
- ·Ford Amphitheater opened in August 2024.
- ·Current litigation related to alleged unlawful noise pollution from Ford Amphitheater.
- ·Subsidiaries like The Sunset Amphitheater LLC, GA HIA LLC, Sunset at Broken Arrow LLC, Sunset at McKinney LLC, Sunset Hospitality Collection LLC, Hall at Centennial LLC, Sunset at El Paso LLC, and Sunset at Houston in Webster LLC sell non-voting membership interests to third-party investors with specific distribution waterfalls.
- ·Officers, directors, and principal shareholders own a substantial portion of Common Stock.
31-03-2026
Old Republic International Corporation (ORI) filed its definitive 2026 Proxy Statement (DEF 14A) on March 31, 2026, for the virtual Annual Meeting of Shareholders on May 21, 2026, at 11:00 A.M. CDT via www.virtualshareholdermeeting.com/ORI2026. The agenda includes electing two Class 3 directors (majority vote required), ratifying KPMG LLP as the independent auditor for 2026 (majority of shares present), and an advisory 'say-on-pay' vote on executive compensation (majority of shares present). The record date is March 23, 2026; no financial performance metrics are detailed in the filing.
- ·All directors except CEO are independent; dedicated oversight on audit (cybersecurity/AI), compensation (human capital), and governance (ESG).
- ·Governance practices: majority voting for directors, proxy access, shareholder right to call special meetings, no hedging/pledging, clawback policy, stock ownership guidelines.
- ·2025 annual report and Form 10-K available at www.oldrepublic.com under Investors – Financials – SEC Filings.
- ·Voting methods: internet (www.proxyvote.com), telephone (1-800-690-6903), mail; 16-digit control number required for virtual meeting participation and voting.
31-03-2026
Wabash National Corporation's DEF 14A Proxy Statement, filed March 31, 2026, details the 2026 Annual Meeting of Stockholders to be held virtually at 10:00 a.m. Eastern time, with a Record Date of March 16, 2026, when 40,673,967 shares of Common Stock were outstanding entitled to vote. Stockholders are asked to vote on Proposal 1: election of nine director nominees; Proposal 2: advisory approval of named executive officer compensation; and Proposal 3: ratification of independent auditor appointment. The Board recommends voting FOR all proposals, and the company has retained Laurel Hill Advisory Group, LLC for proxy solicitation at a fee of $7,500 plus expenses.
- ·Annual Meeting accessible virtually at www.virtualshareholdermeeting.com/WNC2026 starting at 9:45 a.m. ET for check-in, official start at 10:00 a.m. ET.
- ·Board size fixed between 3 and 12 directors per Bylaws.
- ·Vote requirements: Majority of votes cast for director election; majority of shares present and entitled to vote for Proposals 2 and 3.
- ·Broker non-votes have no effect on Proposal 1, not voted on Proposals 2/3; abstentions treated as against for Proposals 2/3.
31-03-2026
Udemy provided supplemental disclosures to its Joint Proxy Statement/Prospectus for the proposed all-stock merger with Coursera, where Udemy stockholders would receive 0.850 shares of Coursera common stock per Udemy share, implying approximately 43% pro forma ownership, with stockholder meetings scheduled for April 9, 2026. The disclosures address shareholder litigation and demands alleging deficiencies in merger disclosures, including three lawsuits filed in New York and California courts. While Udemy and Coursera deny merit in the claims and believe no further disclosures are required, they are supplementing to avoid delays, without admitting liability.
- ·Merger Agreement entered December 17, 2025; Registration Statement effective March 10, 2026.
- ·Lawsuits: Carroll v. Udemy, Inc. et al. (No. 651629/2026, NY Supreme Court); Wright v. Udemy, Inc. et al. (No. 651672/2026, NY Supreme Court); Zalvin v. Abbasi, et al. (No. CGC26635114, CA Superior Court).
- ·Coursera and Udemy estimated debt of $0 as of December 31, 2025.
- ·Comparable companies in Morgan Stanley analysis include American Public Education, Inc., FranklinCovey Co., Strategic Education, Inc., Perdoceo Education Corporation, Docebo Inc., Skillsoft Corp., and University of Phoenix.
31-03-2026
Co-Diagnostics reported full year 2025 revenue of $0.6 million, an 84% decline from $3.9 million in 2024 primarily due to lower grant revenue, resulting in a net loss of $46.9 million versus $37.6 million prior year, driven by a $18.9 million non-cash impairment charge on intangible assets despite some expense reductions. Operating loss widened to $50.2 million from $40.1 million, and cash plus marketable securities fell to $11.9 million from $29.7 million. Adjusted EBITDA loss improved to $28.0 million from $33.5 million, alongside business progress including regulatory approval for PCR Pro® in India, expansion of CoSara Diagnostics territory to a $13 billion market, and advancements in CoMira joint venture and clinical pipeline.
- ·Product revenue $418,205 FY2025 vs $770,048 FY2024 (down 46%)
- ·Grant revenue $204,284 FY2025 vs $3,145,112 FY2024 (down 94%)
- ·Intangible assets net $7,219,000 Dec 31 2025 vs $26,101,000 Dec 31 2024
- ·Total assets $24,742,585 Dec 31 2025 vs $63,563,158 Dec 31 2024
- ·Loss per share basic and diluted $(35.25) FY2025 vs $(37.22) FY2024
31-03-2026
BioAtla reported Q4 and FY 2025 financial results with significant cost reductions, including R&D expenses down ~31% YoY to $8.0 million in Q4 (from $11.7 million) and $43.6 million for the year (from $63.1 million), G&A down to $3.3 million in Q4 (from $4.6 million) and $17.7 million annually (from $21.8 million), and net loss improved to $9.8 million in Q4 (from $14.9 million) and $59.6 million for the year (from $69.8 million). However, collaboration revenue fell sharply to $2.0 million for both Q4 and FY 2025 (from $0 in Q4 2024 and $11.0 million FY 2024), cash and equivalents stood at only $7.1 million as of December 31, 2025, prompting a Board-initiated formal process on March 2, 2026, to explore asset sales, partnerships, or other transactions, alongside restructuring, workforce reductions, and potential delays in clinical programs like BA3182 Phase 1 and Oz-V Phase 3.
- ·PPAs fully converted into common stock as of March 2026 with no amounts outstanding.
- ·Ongoing Phase 1 study for BA3182 in adenocarcinomas to continue; potential re-evaluation of enrollment pacing.
- ·Phase 3 for Oz-V in 2L+ OPSCC under review for timeline.
- ·FDA Fast Track Designation for Oz-V in recurrent/metastatic SCCHN; Orphan Drug Designation for Mec-V in soft tissue sarcoma.
31-03-2026
Coursera is advancing its merger with Udemy, with stockholder special meetings scheduled for April 9, 2026, following the effectiveness of the Joint Proxy Statement/Prospectus on March 10, 2026. However, three lawsuits and demand letters alleging disclosure deficiencies in the proxy materials have prompted supplemental disclosures to avoid delays, though Coursera and Udemy deny any merit to the claims. The supplemental disclosures include details on the formation of Coursera's M&A Committee, Udemy board discussions, cash positions as of December 31, 2025 ($804M for Coursera, $352M for Udemy, $1,081M combined), and additional fairness opinion analyses.
- ·Three lawsuits filed: Carroll v. Udemy, Inc. et al. (No. 651629/2026, NY Supreme Court), Wright v. Udemy, Inc. et al. (No. 651672/2026, NY Supreme Court), Zalvin v. Abbasi, et al. (No. CGC26635114, CA Superior Court).
- ·Merger Agreement entered December 17, 2025; S-4 filed February 25, 2026.
- ·Udemy counterproposal on November 13, 2025: 0.850 shares of Coursera stock per Udemy share, implying ~43% pro forma ownership for Udemy stockholders.
31-03-2026
AIRO Group Holdings, Inc. reported a significantly improved net loss of $(4,104) thousand for the year ended December 31, 2025, compared to $(38,694) thousand in 2024, with EBITDA turning positive at $24,748 thousand from a $(13,081) thousand loss and net loss margin improving to (4.5)% from (44.5)%. However, Adjusted EBITDA declined sharply to $5,658 thousand from $33,690 thousand, with the Adjusted EBITDA margin dropping to 6.2% from 38.8%, amid higher interest expense ($9,800 thousand vs $3,764 thousand) and stock-based compensation ($19,906 thousand vs $716 thousand). The filing highlights ongoing risks including material weaknesses in internal controls, customer concentration, reliance on U.S. government/DoD sales, and developmental challenges for eVTOL aircraft without FAA certification.
- ·Material weaknesses identified in internal control over financial reporting.
- ·Dependence on limited number of customers for most revenue; no long-term commitments.
- ·Significant reliance on U.S. government sales, particularly DoD agencies.
- ·eVTOL aircraft still in development; no FAA certification obtained and no aircraft manufactured or delivered.
- ·History of losses with expectation of continuing losses; early-stage company.
31-03-2026
Innovative Payment Solutions, Inc. reported zero net revenue for both the twelve months ended December 31, 2025 and 2024, with net loss attributable to stockholders widening 36% YoY to $6,209,432 from $4,553,148 due to a $1.8M deemed dividend and volatile non-operating items like a $8.3M fair value adjustment loss. However, general and administrative expenses declined 46% YoY to $1,017,188, narrowing loss from operations to $(1,019,357) from $(1,885,426), and stockholders' deficit improved to $(7,594,097) from $(10,584,741) amid massive dilution with common shares outstanding surging from 19,081,446 to 710,872,547. Total assets rose over 10x to $4,274,163, driven by a $4,200,001 equity method investment, though liabilities increased 8% to $11,868,260.
- ·Investment impairment charge of $424,989 in 2025.
- ·Gain on settlement, cancellation and repricing of securities of $6,334,116 in 2025 vs loss of $4,764,680 in 2024.
- ·Convertible debt net: $5,356,624 at Dec 31, 2025 vs $5,016,205 at Dec 31, 2024.
- ·Derivative liability: $1,581,520 at Dec 31, 2025 vs $1,138,204 at Dec 31, 2024.
- ·Cavalry and Mercer December 2022 Note Amendment: Original Warrants exchanged for $482,000 Exchange Notes maturing Dec 30, 2023, option to settle with 1,730,058 shares.
31-03-2026
Greenlane Holdings, Inc. (GNLN) completed significant restructuring by exiting warehouse operations by February 28, 2026, reducing headcount through March 2026, disposing of substantially all inventory to achieve a net balance of zero as of December 31, 2025, and shifting to an asset-light e-commerce drop-ship model via vapor.com while redeploying capital into digital asset treasury investments including BERA and stablecoins. However, the company highlights material risks from extreme volatility in BERA trading prices, global economic conditions, supply chain disruptions, cannabis-related federal illegality concerns, and potential financing restrictions that could adversely impact operations and stock value. Operating priorities focus on digital asset strategy execution, liquidity preservation, legacy activity simplification, and cost alignment with revenue.
- ·Exited physical distribution footprint by February 28, 2026
- ·Significant headcount reduction associated with legacy warehouse and distribution operations through March 2026
- ·Streamlined commercial organization to align with reduced-scale, asset-light e-commerce model
- ·Reduced focus on owned product lines in favor of third-party fulfillment partnerships
- ·Potential restrictions from future financing include limits on indebtedness, liens, investments, mergers, asset sales, distributions, and financial covenants
31-03-2026
Sharps Technology Inc. reported a massive net loss of $282,502,126 for the year ended December 31, 2025, compared to $9,296,201 in 2024, primarily due to $152,952,163 unrealized loss on digital assets, $101,331,513 warrant issuance to related party, and sharp rise in operating expenses to $276,127,058 from $5,567,599. While staking revenue provided $6,805,009 and the company raised $18.9 million net proceeds from issuing 2.2 million shares, net revenue was minimal at $204,120 with a gross loss of $413,325, and loss from operations deteriorated to $269,735,374. Discontinued operations also worsened, posting a $12,166,690 loss versus $4,070,935 prior year.
- ·Company limits aggregate exposure to any single validator, liquid staking platform, or protocol to certain percentage of total staked assets.
- ·Daily net purchases or sales of SOL capped at certain percentage of average daily volume.
- ·Aggregate exposure to any single counterparty, custodian, or protocol not to exceed certain percentage of NAV.
- ·Stock-based compensation $520,830 in 2024.
- ·Gains on fair market value adjustments on warrants: $4,803,098 in 2025 vs. $3,016,936 in 2024.
31-03-2026
374Water Inc. reported full year 2025 results with revenue declining 52% YoY to $0.2 million from $0.4 million, driven by a $1.9 million reduction in equipment revenue due to OC San contract reassessment, though service revenues increased $1.7 million from demonstrations. Operating expenses surged 58% to $18.8 million, widening net loss to $21.0 million from $12.4 million, while cash and equivalents fell to $3.2 million from $10.7 million and working capital to $1.7 million from $11.8 million. Despite financial pressures, the company advanced AirSCWO deployments, signed new agreements including with City of Olathe, and outlined 2026 priorities under new CEO Danny Bogar.
- ·Deployed AirSCWO system to Clean Earth’s Detroit facility for six-week DoD PFAS destruction demo.
- ·Commenced destruction of 1,000 gallons of AFFF under UNC Chapel Hill contract.
- ·Signed agreement with City of Olathe, KS for AirSCWO system sale and service for PFAS wastewater.
- ·Established WDS hub at Orlando’s Iron Bridge for PFAS wastes including AFFF, GAC & IX.
- ·2026 priorities include OC San deployment, Orlando hub build-out, St. Cloud MN demo.
31-03-2026
Core Scientific expanded its CoreWeave agreement by 70 megawatts to approximately 590 megawatts across five data centers, projecting more than $10 billion in revenue over a 12-year term. In 2025, the company advanced developments across four sites (Denton, TX; Marble, NC; Muskogee, OK; Dalton, GA), building over 1 million square feet of data center shell, installing nearly $2 billion in infrastructure assets with more than 5 million labor hours, representing over $5 billion total investment mostly funded by the customer, and energizing approximately 350 megawatts with over 180 megawatts online and billing. The proxy statement solicits votes for electing five directors, approving NEO compensation on an advisory basis, and ratifying KPMG LLP as auditor for 2026 at the virtual annual meeting on May 12, 2026.
- ·Annual meeting: May 12, 2026 at 10:00 a.m. ET, virtual at www.virtualshareholdermeeting.com/CORZ2026
- ·Record date: March 23, 2026
- ·Proposals: (1) Elect five director nominees to serve until 2027 annual meeting; (2) Advisory approval of NEO compensation; (3) Ratify KPMG LLP for fiscal year ending December 31, 2026
- ·Development sites: Denton, Texas; Marble, North Carolina; Muskogee, Oklahoma; Dalton, Georgia
31-03-2026
Lion Copper and Gold Corp. achieved a consolidated net income of $4,383 thousand in 2025, reversing a $4,741 thousand loss in 2024, primarily due to a $26,381 thousand gain on deconsolidation of Falcon Copper Corp. However, the operating loss widened significantly to $16,660 thousand from $3,814 thousand, driven by higher general and administrative expenses ($10,066 thousand) and share-based compensation ($8,772 thousand). Total assets grew to $29,468 thousand while shareholders' equity rose to $23,386 thousand, but cash and cash equivalents declined to $2,364 thousand from $7,999 thousand.
- ·Exploration and evaluation expenses decreased to $4,032 thousand in 2025 from $8,243 thousand in 2024.
- ·Investment in associate increased to $17,829 thousand as of Dec 31 2025 from $1,102 thousand.
- ·Cash used in investing activities was $28,719 thousand in 2025, including $24,090 thousand cash lost upon deconsolidation and $2,995 thousand for acquisition of Butte Valley.
- ·Cash provided by financing activities was $36,250 thousand in 2025, mainly from $32,766 thousand convertible debentures.
- ·Average Annual Production LOM: 120 Mlbs; LOM Production: 721,352 tons.
- ·Cash Costs: $1.92/lb payable; AISC: $2.67/lb payable.
- ·Payback period: 6.4 years pre-tax, 6.7 years post-tax.
31-03-2026
Total assets increased 218% to $31,823,595 from $10,006,215, primarily driven by a 5,130% surge in property and equipment to $14,345,741 likely from the acquisition of a safe manufacturer. However, cash and cash equivalents declined 49% to $147,586, total current assets fell 11% to $5,644,988, inventory dropped 39% to $2,755,320, working capital loans ballooned 297% to $19,616,386, and total liabilities rose 56% to $27,441,824 amid ongoing risks including Nasdaq compliance, material weaknesses in controls, high debt, and litigation. Stockholders' equity flipped to a positive $4,381,771 from a $7,631,882 deficit, supported by $103,791,736 in additional paid-in capital.
- ·Company qualifies as smaller reporting company with public float less than $250 million and annual revenues less than $100 million.
- ·Material weaknesses identified in internal control over financial reporting and disclosure controls.
- ·Risks include Nasdaq delisting potential, ongoing litigation, supply chain disruptions, and dependence on firearm storage demand.
- ·Manufacturing facility leases expire Dec 31, 2026 (Provo, UT) and Aug 31, 2029 (Nogales, Mexico).
- ·Auditor tested debt modifications under ASC 470-50 and equity fair value using Black-Scholes-Merton model.
31-03-2026
Sadot Group Inc. issued this supplement to its February 23, 2026 proxy statement for the April 13, 2026 Annual Meeting of Stockholders, revising Proposals 4 through 8 (approvals of equity incentive plan and share issuances to Helena, December 2024 Purchasers, October 2024 Purchaser, and 793,000 shares to Aggia) as non-routine matters, preventing broker discretionary voting and potentially leading to broker non-votes. It clarifies that these proposals require a majority of votes cast (excluding abstentions), correcting prior errors, while Proposals 2 and 3 remain routine. The Company engaged Georgeson LLC for proxy solicitation at a $15,000 fixed base fee plus variable costs, with no other changes to the original proxy.
- ·Annual Meeting details: April 13, 2026, at 10:00 a.m. Central Time, virtually via live webcast at https://www.meetnow.global/MA9TRCZ
- ·Proposal No. 1 (election of directors) is non-routine; Proposals No. 2 and No. 3 remain routine for broker discretionary voting
- ·Voting standard for Proposals 4-8: affirmative vote of majority in voting power of votes cast (excluding abstentions)
- ·Proxy solicitor engagement letter dated March 17, 2026; includes reimbursements for out-of-pocket expenses
31-03-2026
Ashford Hospitality Trust's 2026 proxy statement discusses 2025 challenges including a modest YoY decline in comparable RevPAR amid industry headwinds, offset by slight comparable total revenue growth, 2.4% increase in comparable Hotel EBITDA, and over 40 basis points margin expansion from operational initiatives. The company strengthened its balance sheet via a $580 million refinancing eliminating corporate debt, $421 million proceeds from selling 9 hotels, and ~$40 million EBITDA uplift from the GRO AHT program toward a $50 million target. A Special Committee was formed in December 2025 to explore strategic alternatives amid a valuation gap, with preferred stock dividends suspended to preserve liquidity.
- ·Annual meeting scheduled for May 12, 2026 at 9:00 A.M. CDT in Dallas, TX
- ·Record date for voting: March 16, 2026
- ·Voting matters: election of six directors, advisory approval of executive compensation, ratification of BDO USA, P.C. as 2026 independent auditor, approval of Amendment No. 6 to 2021 Stock Incentive Plan
- ·Highland mortgage loan extended to July 2026; Morgan Stanley mortgage loan (11 hotels) extended to March 2027
- ·Terminated Series L and Series M non-traded preferred offerings and suspended preferred stock redemptions
31-03-2026
Allegiant Travel Company announced on January 11, 2026, a merger to acquire Sun Country Airlines Holdings, Inc. in a stock-and-cash transaction, with each Sun Country share receiving $4.10 cash and 0.1557 Allegiant shares; pro forma combined 2025 revenues reached $3,738,443 thousand, reflecting strong top-line growth from $2,606,579 thousand (Allegiant) and $1,127,346 thousand (Sun Country). However, pro forma operating income of $81,158 thousand masks a net loss of $42,620 thousand, larger than Allegiant's standalone $44,697 thousand loss despite Sun Country's $52,809 thousand profit, due to $56,582 thousand transaction adjustments and higher other expenses. Combined balance sheet assets total $5,836,518 thousand as of December 31, 2025.
- ·Sun Country Warrant held by Amazon.com NV Investment Holdings LLC becomes fully vested and exercised prior to closing on net issuance basis.
- ·Change-in-Control Payments include $5.7M vested retention bonuses paid at closing, $4.0M accrued payable 90 days post-closing, $0.3M pro-rated incentives within 30 days, and $2.2M dispatcher bonuses payable two years post-closing subject to milestones.
- ·Pro forma EPS: Basic and Diluted $(1.58), shares used: Basic 27,015 thousand, Diluted 27,015 thousand.
- ·Preliminary proxy filed February 26, 2026; DEFM14A dated March 31, 2026.
31-03-2026
CannaPharmarx, Inc. (CPMD) reported a net other expense of $7,783,684 in 2025, up from $6,274,840 in 2024, driven by a $4,518,127 impairment loss on LTB investment, $850,152 derivative loss, and $1,930,000 other expense, partially offset by a $1,487,328 gain on obligation to issue shares. Related party revenue declined 49% YoY to $394,633 from $770,265, while total related party transactions surged to $6,376,229 from $1,111,235 amid sharp increases in interest and lease expenses. Cash used in operations improved to $(789,102) from $(1,697,232), but net cash decreased to $(352) from a $1,506 increase, reflecting ongoing liquidity pressures and significant share dilution via conversions.
- ·General and administrative expenses increased $343,928 due to investor relations and advertising.
- ·Royalty expense increased $303,525 due to new agreement with Koze on March 17, 2025.
- ·Payroll and consulting fees reduced $114,798, mainly from prior consulting to former CEO Dean Medwid.
- ·Derivative conversion feature fair value rose from $1,159,324 (Dec 31, 2024) to $2,009,476 (Dec 31, 2025).
- ·Obligation to issue shares fair value fell from $3,654,009 (Dec 31, 2024) to $2,166,681 (Dec 31, 2025).
31-03-2026
Core Laboratories Inc. (CLB) filed its DEF 14A proxy statement for the 2026 annual shareholder meeting on May 12, 2026, seeking to re-elect two Class I directors until 2029, ratify KPMG LLP as independent auditors for the year ending December 31, 2026, and approve on an advisory basis the named executive officers' compensation as disclosed in the CD&A and tables. As of the record date March 18, 2026, 46,048,268 shares of common stock were outstanding, with significant concentrated ownership by Ariel Investment, LLC (29.82% or 13,733,568 shares) and BlackRock, Inc. (15.77% or 7,261,751 shares), while directors and executives as a group hold 579,002 shares (approximately 1.26%). No declines or flat metrics are present in this standard governance filing.
- ·Annual meeting location: Hotel Zaza, Memorial City, 9787 Katy Freeway, Houston, Texas 77024, at 9:00 a.m. CDT on May 12, 2026; registration at 8:00 a.m. CDT.
- ·Record date for voting eligibility: close of business Eastern Daylight Time on March 18, 2026.
- ·Proxy voting deadline: 11:59 p.m. Eastern Daylight Time on May 11, 2026.
- ·Voting requirements: Proposal 1 (director election) requires plurality of votes cast; Proposals 2 and 3 require majority of shares present and entitled to vote; broker non-votes count for quorum but not votes except for Proposal 2.
31-03-2026
Sow Good Inc. filed an S-3 shelf registration to register 109,009,250 shares of common stock for resale by selling stockholders following conversions from recently issued Series AA and Series AAA Convertible Preferred Stock, through which the company raised $6 million ($3 million per tranche) used to pay down debt, reduce headcount, and for operations. Concurrently, it sold manufacturing assets with a net book value of $10,793,563 to related party Trea Grove, LLC for $1.5 million and entered an exclusive distribution agreement yielding 10% of gross sales receipts through July 31, 2026, shifting to a capital-light model without manufacturing while evaluating strategic alternatives. This resulted in significant dilution, with 286,392,250 new common shares issued upon conversion amid 300,801,347 total common shares outstanding as of March 31, 2026.
- ·Authorized capital stock: 1,020,000,000 shares (1,000,000,000 common, 20,000,000 preferred)
- ·Distribution Agreement term ends July 31, 2026
- ·Series AA: convertible into 14 common shares per preferred share; Series AAA: convertible into 250 common shares per preferred share (initially, subject to adjustment)
- ·Series AAA redeemable at $200 per share
- ·No dividends declared or paid on common stock; no anticipated dividends foreseeable
- ·Principal offices: 1440 N Union Bower Rd, Irving, TX 75061; phone (214) 623-6055
31-03-2026
MSD Investment Corp.'s DEF 14A proxy statement discloses director compensation for the fiscal year ended December 31, 2025, totaling $310,000 in cash fees paid to three independent directors ($110,000 to James Chapman as Audit Committee Chairman and $100,000 each to Jessica Whitt and Louisa Rodriguez), with no compensation to interested directors. It details amendments to the Advisory Agreement (effective June 30, 2025) and Administration Agreement (effective August 11, 2025) due to BDT's internal reorganization, substituting affiliates of MSD as adviser and administrator without changes to services, fees, or personnel. The filing also outlines policies on insider trading, hedging (not applicable as stock is unlisted), related party transactions, and an SEC exemptive order dated June 9, 2025, enabling certain co-investments.
- ·Company has no employees; services provided by employees of Adviser or affiliates.
- ·No compensation paid to interested directors.
- ·Common stock not listed on any securities exchange; hedging transactions not applicable.
- ·SEC exemptive order issued June 9, 2025, permitting co-investments with Adviser's funds under certain conditions.
31-03-2026
TriUnity Business Services Ltd's 10-K filing for the year ended December 31, 2025, shows explosive balance sheet growth with total assets increasing to $92,809,870 from $565,525 in 2024, driven by a $86,600,000 note receivable from the GridCore Installation Project and retained earnings flipping to a $62,980,400 surplus from a $2,758,042 deficit. Cash and cash equivalents rose significantly to $1,576,367 from $67,607. However, as an early-stage company, it remains heavily reliant on revenue from a single GridCore project recognized mostly as the note, has only one active BESS servicing contract, and faces substantial risks including potential non-payment on the note, need for additional funding, and limited operating history.
- ·Substantially all of Independence Power’s revenue to date derived from a single contract for battery software management system installation in three months ended September 30, 2025.
- ·Only one active servicing contract for future BESS-related revenues.
- ·Deferred tax liability of $17,941,976 as of Dec 31, 2025.
- ·No plans to pay regular cash dividends on Class A Common Stock for the foreseeable future.
31-03-2026
Citius Oncology, a majority-owned subsidiary of Citius Pharmaceuticals (CTXR), provided a commercial update on the U.S. launch of LYMPHIR™ (denileukin diftitox-cxdl) for relapsed/refractory CTCL, highlighting sequential order growth, repeat orders from initial accounts, 83% of target institutions advancing formulary review, and payer coverage for ~80% of covered lives across ~135 health plans with no reimbursement denials. Commercial execution is advancing with field team onboarding and initial community penetration, while clinical development expands via investigator-led studies at University of Minnesota and UPMC showing positive topline data. Management estimates the initial LYMPHIR market exceeds $400M, with supply positioned to meet demand and international expansion underway.
- ·LYMPHIR launched in U.S. December 2025 following FDA approval for relapsed/refractory Stage I-III CTCL after one prior systemic therapy
- ·International expansion underway via distribution agreements in Europe and Middle East
- ·Commercial supply positioned to support U.S. demand; field team onboarding and sales organization expansion in progress
31-03-2026
Soulpower Acquisition Corporation (NYSE:SOUL) and SWB Holdings amended their Business Combination Agreement, adding an acquisition of Uruguay Iron Mine with approximately 1,170 million tons of estimated resources while eliminating certain other assets from contributions, resulting in a pro forma combined company valuation of approximately $8.5 billion assuming no redemptions and $10/share valuation. The amendment includes procedural updates and was unanimously approved by Soulpower's board and special committee. Closing is now anticipated in late Q2 or Q3 2026, later than the original November 2025 announcement, subject to shareholder approval, regulatory conditions, and customary closing requirements.
- ·Soulpower IPO underwritten by Cantor Fitzgerald in April 2025
- ·Confidential draft Form S-4 submitted December 30, 2025; public filing expected Q2 2026
- ·Pubco Class A Ordinary Shares to list on NYSE under ticker SOUL post-closing
- ·SOUL WORLD BANK™ banking license pending BVI regulatory and Court approvals
- ·Certain excluded assets may be considered for post-closing acquisition by Pubco
31-03-2026
The CD 2017-CD5 Mortgage Trust filed its 10-K annual report on March 31, 2026, featuring extensive attestation reports and compliance assessments from multiple servicers, trustees, custodians, and operating advisors confirming adherence to servicing criteria for asset-backed securities. Covered mortgage loans include General Motors Building (BXP 2017-GM TSA), Olympic Tower (2017-OT TSA), 245 Park Avenue (2017-245P TSA), Starwood Capital Group Hotel Portfolio (DBJPM 2017-C6 PSA), and Gurnee Mills (CSAIL 2016-C7 PSA), noting servicer transitions from Wells Fargo Bank, National Association to Trimont LLC effective March 1, 2025 for several loans. All reports affirm compliance with no noted exceptions or issues.
- ·Mortgage Loan Purchase Agreements dated August 1, 2017 between various parties including Citi Real Estate Funding Inc., German American Capital Corporation, and Citigroup Global Markets Realty Corp. with Citigroup Commercial Mortgage Securities Inc., incorporated by reference from 2017 8-K.
- ·Pooling and Servicing Agreement for DBJPM 2017-C6 PSA dated June 1, 2017; CSAIL 2016-C7 PSA dated November 1, 2016, incorporated by reference.
31-03-2026
Dawson Geophysical reported Q4 2025 fee revenue of $22.9 million, up 67% YoY, and full-year fee revenue of $61.9 million, up 16% YoY, driving Adjusted EBITDA to $3.3 million in Q4 (up 248%) and $4.7 million for the year (up 139%), alongside $14.0 million in operating cash flow. However, full-year revenue grew only 2% to $75.6 million, gross margins remained flat at 21%, and the company posted a net loss of $1.9 million (improved from $4.1 million in 2024). The company is in discussions with controlling shareholder Wilks Brothers, LLC (80% ownership) on potential transactions, incurring $0.5 million in related expenses.
- ·Reimbursable revenue declined to $13.7M in FY 2025 from $20.7M in FY 2024.
- ·Gross margin flat at 23% for Q4 and 21% for FY.
- ·New $5M revolving credit facility entered in Oct 2025, no balance outstanding at year-end.
- ·One large channel crew and three smaller in US Q4; resumed Canadian ops with two crews in Q4, three in Q1 2026.
- ·Special Committee of independent directors formed to evaluate potential transactions with Wilks.
31-03-2026
DiaMedica Therapeutics Inc. reported full-year 2025 financial results with cash and short-term investments of $59.9 million, up from $44.1 million at year-end 2024, providing a runway through 2H 2027. Clinical progress includes ReMEDy2 Phase 2/3 AIS trial approaching 70% enrollment for interim analysis in 2H 2026, ongoing enrollment in DM199 Preeclampsia Phase 2 IST Part 1a (completion 1H 2026), and regulatory approval from Health Canada for a sponsored Phase 2 study in early-onset preeclampsia. However, net loss increased to $32.8 million from $24.4 million YoY, with R&D expenses rising 29% to $24.6 million and G&A up 28% to $9.8 million, alongside higher cash burn of $29.1 million in operating activities.
- ·Conference call and webcast scheduled for March 31, 2026 at 8:00 AM ET.
- ·Part 1b and Part 2 of Preeclampsia IST initiation expected after Part 1a expansion cohort completion.
- ·First patient in Part 3 (fetal growth restriction) expected Q2 2026.
- ·Clinical trial application for UK sites in sponsored Phase 2 trial planned Q2 2026.
- ·Basic and diluted net loss per share $0.70 for 2025 vs $0.60 for 2024.
- ·Total operating expenses $34,397 thousand for 2025 vs $26,681 thousand for 2024.
- ·Other income, net $1,659 thousand for 2025 vs $2,267 thousand for 2024.
31-03-2026
The 10-K annual report for CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P5, filed March 31, 2026, consists of multiple attestation reports (Exhibit 34 series) and compliance assessments (Exhibit 33 and 35 series) from servicers, trustees, custodians, and operating advisors affirming compliance with servicing criteria for asset-backed securities across various mortgage loans under PSAs such as CGCMT 2016-P4, JPMCC 2016-JP3, and others. A key change noted is the transition of master servicer duties from Wells Fargo Bank, National Association to Trimont LLC effective March 1, 2025 for several loans including Esplanade I, Opry Mills, Vertex Pharmaceuticals HQ, Flagler Corporate Center, and Plaza America I & II. No financial performance metrics, period-over-period comparisons, or material issues are disclosed in the provided content.
- ·Servicing function transitions effective March 1, 2025 from Wells Fargo to Trimont LLC for loans under WFCM 2016-BNK1, MSBAM 2016-C30, JPMCC 2016-JP2, CGCMT 2016-P4, and WFCM 2016-C36 PSAs
- ·Greystone Servicing Company LLC acts as successor to C-III Asset Management LLC for certain special servicing roles
31-03-2026
The 10-K annual report for CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P6, filed March 31, 2026, contains numerous attestation reports (Form 34) and assessment reports (Form 33) from master servicers, special servicers, trustees, custodians, and operating advisors confirming compliance with servicing criteria for asset-backed securities across multiple underlying mortgage loans. Key properties include 681 Fifth Avenue, Potomac Mills, Fresno Fashion Fair, Hyatt Regency Jersey City, Easton Town Center, and 8 Times Square & 1460 Broadway, governed by PSAs such as MSC 2016-UBS12, CFCRE 2016-C6, and others. Several servicer transitions occurred in 2025 (e.g., March 1 for Trimont LLC succeeding Wells Fargo Bank in multiple roles; January 29 for Rialto Capital Advisors as special servicer), with no material non-compliance noted.
- ·Servicer transitions: Wells Fargo Bank as master servicer prior to March 1, 2025, succeeded by Trimont LLC on/after March 1, 2025 (Potomac Mills, Easton Town Center, 8 Times Square & 1460 Broadway).
- ·Special servicer changes: Midland to Rialto Capital Advisors on/after January 29, 2025 (Fresno Fashion Fair); Situs Holdings prior to June 24, 2025 (Easton Town Center).
31-03-2026
Quality Industrial Corp. (QIND) reported FY 2025 revenue of $16,307,787, up 45.9% YoY from $11,177,567, with gross profit rising 20.8% to $4,788,780, but gross margins declined to 29.4% from 35.5% and operating expenses surged 60.7% to $5,245,558, resulting in a reported net loss of $4,603,645 versus prior profit of $266,780. Adjusted net income improved 452% to $566,853 after $5,170,498 in non-recurring adjustments including legacy write-offs and compensation settlements. The company completed turnaround actions like governance restructuring and balance sheet clean-up, targeting $20 million in 2026 revenue amid regional conflict risks.
- ·Professional fees cut 73% YoY to $226K from $850K.
- ·Legacy write-offs totaled $3.5M (Buyback Reserve $2,002,388 and Related-Party Receivable $1,500,000).
- ·Al Shola Gas standalone revenue $14.3M in FY 2024 (their FY), net income $2.1M despite 9% UAE corporate tax.
- ·Secured ~$7M in new engineering contracts and ~$2M in annual recurring fuel distribution contracts at Al Shola Gas.
- ·Convertible notes total including interest reduced to $2,561,240 from $2,939,909.
- ·Related Party Payables to Fusion Fuel increased to $4,427,537 from $0.
- ·Board compensation now absorbed by Fusion Fuel, saving ~$720K annually.
- ·Risks from prolonged regional conflict and Strait of Hormuz disruption noted.
31-03-2026
Citigroup Commercial Mortgage Trust 2014-GC25 submitted its 10-K annual report on March 31, 2026, incorporating by reference 2014 Pooling and Servicing Agreements (CGCMT 2014-GC25 PSA, WFRBS 2014-C22 PSA, GSMS 2014-GC24 PSA) and Mortgage Loan Purchase Agreements from sellers including Citigroup Global Markets Realty Corp., Starwood Mortgage Funding I LLC, MC-Five Mile Commercial Mortgage Finance LLC, and Goldman Sachs Mortgage Company. The filing features extensive servicer compliance assessments (Exhibits 33-35), including reports and attestations from Trimont LLC (master servicer effective March 1, 2025, succeeding Wells Fargo Bank), Midland Loan Services (special servicer), Citibank N.A., Deutsche Bank Trust Company Americas, and others for the trust and specific loans like Bank of America Plaza and Stamford Plaza Portfolio. No financial performance data, delinquencies, or metrics are provided in the exhibit list.
- ·Servicer transition to Trimont LLC as master servicer effective March 1, 2025, for main trust and Bank of America Plaza loan.
- ·All PSAs and purchase agreements dated September 1 or October 1, 2014, incorporated from October 24, 2014 Form 8-K (Commission File No. 333-189017-06).
31-03-2026
Royalty Management Holding Corp (RMHC) reported total revenue of $4,949,916 for the year ended December 31, 2025, up 513% YoY from $807,089, primarily driven by Environmental Services surging 607% to $4,850,358; however, fee income declined 69% to $9,558 while rental income remained flat at $90,000, and the net loss widened to $726,890 from $114,261 due to a $584,132 loss on warrant fair value adjustment. Total assets grew 11% to $16,652,523 from $15,040,664, with stockholders' equity slightly up to $13,685,807 from $13,625,724, but total liabilities more than doubled to $2,966,716. Cash from operations turned negative at $(8,952) from $646,290, though total cash increased to $328,414.
- ·All revenues derived from three sources: Environmental Services, Fee Income, and Rental Income.
- ·Fair Value Liability of Public Warrants increased to $682,889 from $98,756.
- ·Weighted average shares outstanding basic: 14,979,672 in 2025 vs 14,958,817 in 2024.
- ·Net loss per share basic: $(0.05) in 2025 vs $(0.01) in 2024.
- ·Risk factors include short operating history, dependence on three revenue sources, mining industry risks, and potential share dilution.
31-03-2026
TruBridge, Inc. reported total revenues of $346,836 thousand for the year ended December 31, 2025, up 1% YoY from $342,205 thousand in 2024, with Financial Health segment growing 2% to $221,657 thousand while Patient Care remained essentially flat at $125,179 thousand. The company achieved net income of $4,354 thousand, a turnaround from a $20,945 thousand loss in 2024, with operating income rising to $20,832 thousand from $6,371 thousand; however, total bookings were flat at $82,928 thousand and Patient Care recurring revenues declined to $109,370 thousand from $111,325 thousand. Adjusted EBITDA in Patient Care surged 51% to an unspecified amount implied by segment growth, but international sales showed minimal growth at $5,852 thousand.
- ·Cash and cash equivalents increased to $24,850 thousand from $12,324 thousand YoY.
- ·Total liabilities decreased to $224,567 thousand from $228,754 thousand.
- ·Long-term debt decreased to $161,241 thousand from $168,598 thousand.
- ·International sales from specific regions including St. Maarten, Turks and Caicos, Anguilla, Canada, England, Australia, UAE, and Netherlands totaled $5,852 thousand in 2025.
- ·No goodwill or trademark impairments in 2025 vs $35,913 thousand and $2,342 thousand in 2023.
31-03-2026
The 10-K annual report for CITIGROUP COMMERCIAL MORTGAGE TRUST 2018-C6, filed on March 31, 2026, contains multiple attestation reports (Form 34) and assessment reports (Form 33) affirming compliance with servicing criteria for asset-backed securities by various master servicers, special servicers, operating advisors, custodians, trustees, and servicing function participants. These reports cover mortgage loans such as DUMBO Heights Portfolio, Liberty Portfolio, 192 Lexington Avenue, Shelbourne Global Portfolio I, Moffett Towers—Buildings E, F, G, Riverwalk II, and Danbury Commerce Portfolio under PSAs including Benchmark 2018-B7, UBS 2018-C13, DBGS 2018-C1, and WFCM 2018-C48. Key servicer transitions noted include special servicer change for DUMBO Heights from Green Loan Services LLC to Torchlight Loan Services, LLC effective December 9, 2025, and master servicer shifts from Wells Fargo Bank to Trimont LLC effective March 1, 2025, for multiple loans, with all parties attesting to compliance.
- ·Pooling and Servicing Agreement dated December 1, 2018 for WFCM 2018-C48 PSA referenced.
- ·Benchmark 2018-B7 PSA, UBS 2018-C13 PSA, DBGS 2018-C1 PSA, and WFCM 2018-C48 PSA govern the listed mortgage loans.
31-03-2026
The BENCHMARK 2019-B9 MORTGAGE TRUST filed its annual 10-K on March 31, 2026, providing extensive reports (Exhibits 33, 34, 35) and attestations on compliance with servicing criteria for asset-backed securities by multiple servicers, trustees, and advisors. Key parties include master servicers (Wells Fargo Bank prior to March 1, 2025, succeeded by Trimont LLC), special servicers (LNR Partners, LLC; CWCapital Asset Management LLC; Midland Loan Services), and others servicing loans such as Aventura Mall, Liberty Station Retail, Kawa Mixed Use Portfolio, Staples Strategic Industrial, and 10 Brookline Place. No financial performance metrics, delinquencies, or material changes in pool performance are disclosed in the provided content.
- ·Servicer transition: Wells Fargo Bank, National Association as master servicer prior to March 1, 2025, succeeded by Trimont LLC on and after March 1, 2025.
- ·Cross-references to underlying agreements: Aventura Mall Trust 2018-AVM TSA (June 29, 2018), JPMCC 2019-COR4 PSA (February 1, 2019), Benchmark 2018-B8 PSA.
- ·Mortgage Loan Purchase Agreements dated February 1, 2019, incorporated by reference from prior 8-K filings.
31-03-2026
Golden Matrix Group, Inc. (GMGI) filed its 10-K annual report on March 31, 2026, highlighting extensive risks including the need for significant additional financing to support growth, operations, and acquisitions such as the MeridianBet Group, potential dilution from debt conversions, regulatory challenges, cybersecurity threats, and economic downturns. The company describes strategies to address seasonality through diversified gaming offerings like casino games, eSports, and virtual sports, cross-selling, and global market presence, while outlining future plans for organic growth, technology investments including a 5th generation gaming software and AI tools, market expansion, and accretive acquisitions. MD&A provides analysis comparing financial results for the twelve months ended December 31, 2025 and 2024, along with liquidity and critical accounting policies, though no specific quantitative metrics are detailed in the provided excerpts.
- ·Business operations in non-U.S. countries expose the company to risks like political unrest, longer payment cycles, and reduced IP protection.
- ·Aleksandar Milovanović has voting control over the company.
- ·Plans include expanding into Africa, Central and South America, and exploring U.S. opportunities.
31-03-2026
T1 Energy reported record Q4 2025 module production of 1.13 GW at G1_Dallas, generating record net sales of $358.5 million, with full-year production of 2.79 GW in line with guidance. However, the company recorded a Q4 net loss attributable to common stockholders of $190.0 million (improved from $367.2 million in Q4 2024) and full-year net loss of $380.8 million (versus $450.2 million in 2024). Construction on the 2.1 GW Phase 1 of G2_Austin is on schedule for Q4 2026 production start, with remaining capital spending of approximately $350 million.
- ·2026 production and sales guidance maintained at 3.1 – 4.2 GW with 3 GW contracted.
- ·Annualized run-rate Adjusted EBITDA guidance: $375 - $450 million in 2027 upon G2 Phase 1 completion; $650 - $700 million at full 5 GW integrated G1/G2 production.
- ·First sale of Section 45X PTCs for $160 million at $0.91 per dollar to a U.S. financial institution.
- ·Three-year contract with Treaty Oak for minimum 900 MW of solar modules.
- ·Construction start on G2_Austin Phase 1 in December 2025, anticipated $400 - $425 million total capex.
Get daily alerts with 12 investment signals, 10 risk alerts, 10 opportunities and full AI analysis of all 50 filings
🇺🇸 More from United States
View all →March 26, 2026
US Pre-Market SEC Filings Roundup — March 26, 2026
US Pre-Market SEC Filings Roundup
March 25, 2026
US Pre-Market SEC Filings Roundup — March 25, 2026
US Pre-Market SEC Filings Roundup
March 25, 2026
Biotech Small-Cap Approvals — March 25, 2026
Biotech Small-Cap Approvals
March 25, 2026
New Drug Approvals (Original) — March 25, 2026
New Drug Approvals (Original)