13D weekly report - Apr 07, 2025 to Apr 11, 2025

The Founders Group, comprising Ransom and Valerie Wuller, Luis Dussan, and Pamela Bauer nominated Board candidates to AEye, Inc (LIDR)

 Key Summary: On April 11, 2025, the Founders Group, comprising Ransom and Valerie Wuller, Luis Dussan, and Pamela Bauer nominated Board candidates.

Market Cap: $12 million | AEye, Inc., together with its subsidiaries, provides lidar systems for vehicle autonomy, advanced driver-assistance systems, and robotic vision applications in the United States and Europe.

 On April 11, 2025, the Founders Group, comprising Ransom and Valerie Wuller, Luis Dussan, and Pamela Bauer, collectively holding 474,214 shares in AEye, Inc., seeks significant changes to the company's board due to severe underperformance, including a 99% stock price decline over three years, massive dilution exceeding 70%, and excessive compensation to directors and the CEO. They propose electing two independent nominees, Pamela Bauer and Ransom P. Wuller, aiming to bring genuine oversight and enhance shareholder value. Additionally, Luis Dussan has introduced a proposal (Proposal 6) to limit authorized common shares to 125% of the fully diluted shares outstanding. Shareholders are encouraged to vote via the GREEN proxy card to support these initiatives at the May 15, 2025, Annual Meeting. Source

ADAR1 Capital Management Urges Strategic Review at Keros Therapeutics, Inc (KROS)

Key Summary: On April 11, 2025, ADAR1 Capital called Keros undervalued but questioned the viability of KER-012 and KER-065, urging strategic actions like buybacks, cuts, asset sales, or liquidation, estimating value at $40–$50 per share. They are in talks with management and may revise their investment.

Market Cap: $494 million | Keros Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops and commercializes novel therapeutics for patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta family of proteins in the United States.

On April 11, 2025, ADAR1 Capital Management (13.3%) stated its belief that Keros shares are undervalued but raised concerns about the viability of KER-012 and KER-065. They urged the company to consider strategic options, including a buyback, workforce cuts, asset sales, or liquidation, estimating potential value of $40–$50 per share. They are engaging with management and may alter their investment based on developments. Source

Meruelo Offers Board Role After Discussing Debt Plans with Bausch Health Companies (BHC)

Key Summary: On March 31, 2025, Mr. Meruelo (9.99%) discussed debt refinancing and future plans with CEO Thomas Appio and offered to join the Board and help find strategic additions. On February 11, 2021, Carl Icahn (7.83%) expressed his intention to discuss enhancing shareholder value, including possible board representation. On February 23, 2021, Icahn entered an agreement with the company to appoint Brett Icahn and Steven Miller as independent directors, with terms expiring at the 2021 AGM. By March 11, 2021, Icahn increased his stake to 9.59%.

Market Cap: $1.9 billion | Bausch Health Companies Inc. develops, manufactures, and markets a range of pharmaceutical, medical device, and over-the-counter (OTC) products primarily in the therapeutic areas of eye health, gastroenterology, and dermatology.

Alex Meruelo

On March 31, 2025, Mr. Meruelo (9.99%) discussed the company’s recent debt refinancing and future plans with CEO Thomas Appio, during which he offered to join the Board and help identify strategic additions. Source

Carl Icahn

On February 11, 2021, Carl Icahn (7.83%) stated his intention to engage in discussions with representatives of the management and board regarding ways to enhance shareholder value, including the company’s ongoing strategic review. These discussions may also involve possible board representation. Source

On February 23, 2021, Carl Icahn (7.83%) entered into a Director Appointment and Nomination Agreement with the company. Under this agreement, Brett Icahn and Steven Miller (Icahn designees) will be appointed as new independent directors, effective mid-March 2021, each serving a term expiring at the company’s 2021 annual meeting. The company has also agreed to include Messrs. B. Icahn and Miller on its slate of nominees for election at the company’s 2021 Annual Meeting, scheduled for April 27, 2021, and the Icahn Group has agreed to vote all of its shares in favor of each of the nominees on the Board’s slate. Source

On March 11, 2021, Carl Icahn increased his stake to 9.59%.

Elliott Launches "Streamline 66" Podcast to Promote Board Nominees and Vision for Phillips 66 (PSX)

Key Summary: On March 4, 2025, Elliott Investment Management (5.5%) nominated seven independent candidates for Phillips 66's 2025 Board election, aiming to simplify the portfolio, enhance operations, and improve management oversight. On March 25, 2025, Elliott Investment Management filed a lawsuit against the company seeking an order for four board seats to be up for election at the 2025 Annual Meeting.

 Market Cap: $44 billion | Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally.

On March 4, 2025, Elliott Investment Management(5.5%) has nominated seven independent candidates for election to the company's Board at the 2025 Annual Meeting. Elliott's proposal aims to simplify Phillips' portfolio, enhance operational reviews, and improve management oversight. Source

On March 6, 2025, Elliott issued an Investor Presentation titled “Streamline66 Presentation for the Wolfe Refining Conference”

On March 21, 2025, Elliott Investment Management filed proxy materials seeking support for its nominees.

On March 25, 2025, Elliott Investment Management filed a lawsuit against the company seeking an order for four board seats to be up for election at the 2025 Annual Meeting. Elliott argues the company's decision to reduce board seats from 14 to 12 violates its governing documents. Despite requests for clarification, Phillips has not disclosed the number of seats or its nominees. Elliott plans to withdraw the lawsuit if Phillips confirms at least four seats will be up for election. Elliott also announced a slate of seven director candidates. Source

On April 3, 2025, Elliott Investment Management issued a letter to the shareholders advocating for an upgraded Board due to the company's underperformance compared to peers like Valero and Marathon, with Phillips 66 shares underperforming by -138% and -188% over the past decade . Elliott believes their "Streamline 66" plan could boost shares to $200 or more . Their key concerns include management's unwillingness to prioritize shareholder value, resistance to accountability, failure to address long-term underperformance, high operating expenses, and a lack of trust in leadership. Management has hindered Elliott's efforts by reneging on adding directors, appointing the CEO as Chairman, refusing to engage with independent directors, and opposing a proposal for annual board elections.

On April 8, 2025, Elliott Investment Management launched the "Streamline 66" podcast to spotlight its director nominees and campaign at Phillips 66, where it is a top five shareholder. Source

On April 9, 2025, Elliott announced support from veteran energy executive Gregory Goff for its “Streamline 66” campaign aimed at driving strategic, operational, and governance improvements. Goff, former CEO of Andeavor and a key figure in one of the sector’s most successful transformations, brings decades of experience from roles at ConocoPhillips, Andeavor, and Exxon Mobil. Source

Ancora Announces Suspension of Campaign Following President Trump’s Initiation of New CFIUS Review of U.S. Steel’s (X) Sale to Nippon Steel

Key Summary: On January 27, 2025, Ancora Holdings has nominated a new Board slate with Alan Kestenbaum as CEO to replace U.S. Steel's leadership. On April 9, 2025, Ancora announced the withdrawal of its director nominations and suspension of its campaign at U.S. Steel’s upcoming Annual Meeting

 Market Cap: $10 billion | United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe.

 On January 27, 2025, Ancora Holdings stated that it has nominated a majority slate of independent directors for the 2025 U.S. Steel Board, proposing industry veteran Alan Kestenbaum as CEO to replace David Burritt. Ancora criticizes the Board's decision to pursue a risky sale to Nippon Steel, which was blocked by a Presidential Executive Order, and argues that the Board's actions and Burritt's leadership have hindered U.S. Steel's financial health and performance. The slate's plan includes revamping leadership, halting unnecessary spending, and focusing on a public market turnaround. Ancora aims to restore U.S. Steel's operations, protect key facilities, and drive shareholder value without pursuing further sale talks. Source

On February 10, 2025, Ancora Holdings issued a letter to U.S. Steel’s Board, urging them to abandon efforts to resurrect the Nippon sale following President Trump’s reaffirmation that the deal is dead. Ancora criticized CEO David Burritt for wasting time and resources on the failed merger, and called for the immediate collection of the $565 million termination fee from Nippon. They proposed Alan Kestenbaum and an independent slate of directors to lead a revitalization of the company through a multibillion-dollar investment plan, emphasizing the importance of prioritizing shareholder interests and avoiding further losses from Burritt’s failed leadership.

On February 27, 2025, Ancora Holdings Group, LLC has urged the Board to postpone the 2025 AGM amidst ongoing uncertainty regarding litigation over the blocked sale to Nippon Steel Corporation. Emphasizing shareholder concerns and support for delaying the meeting until clarity on the deal's future emerges, Ancora contends that proceeding with the election while promoting hopes of reviving the transaction would be seen as a move to entrench current leadership. Source

On April 4, 2025, Ancora published certain materials on makeussteelgreatagain.com/

On April 7, 2025, Ancora Holdings filed proxy materials seeking support for its nominees. Ancora advocates for pursuing a $55 per share sale to Nippon Steel Corporation while also proposing an alternative five-point plan under CEO Alan Kestenbaum's leadership. This plan aims to reverse past board decisions, revitalize U.S. Steel's union plants, and deliver a $19.25 per share special dividend, targeting a pro forma total stockholder return exceeding $75. Source

On April 7, 2025, Ancora urged the board to delay the May 6 annual meeting until after the new 45-day CFIUS review of the $55 per share Nippon Steel deal, ordered by President Trump, is complete. Ancora supports the deal and believes the election contest would be unnecessary if it’s approved but argues that shareholders deserve full clarity before voting. Ancora criticized the board for prioritizing their own retention and reiterated its nomination of nine directors to prepare the company for a standalone future amid ongoing uncertainty. Source

On April 9, 2025, Ancora announced the withdrawal of its director nominations and suspension of its campaign at U.S. Steel’s upcoming Annual Meeting, citing growing momentum for the $55/share sale to Nippon Steel and productive dialogue between the parties and the Trump Administration amid a new CFIUS review. Source

Jared Dourdeville, a Partner at H Partners resigns from Harley-Davidson (HOG) board

Key Summary: H Partners Management disclosed an 8% stake in Harley-Davidson in December 2021, raising concerns about executive compensation, governance, and Board composition, which led to a cooperation agreement in February 2022 and the appointment of H Partners’ Jared Dourdeville to the Board and key committees. However, on April 5, 2025, Dourdeville resigned, citing serious concerns over leadership and performance, following a letter urging the resignation of the CEO, Chairman, and a Director due to sustained underperformance and a call for new leadership to regain stakeholder trust and drive value.

Market Cap: $2.9 billion | Harley-Davidson, Inc. manufactures and sells custom, cruiser, and touring motorcycles. 

H Partners Management

On December 16, 2021, H Partners Management disclosed a 8% active stake in the company and expressed its concerns regarding certain features of the company’s executive compensation structure, corporate governance practices and Board composition. To address these concerns, H Partners has recently engaged, and expect to continue to engage, in discussions with the Board regarding suggestions aimed at improvements to align the company with the best interests of shareholders, including the addition of a representative to the Board. Source

On February 3, 2022, the company entered into a cooperation agreement with H Partners Management (8.2%) and pursuant to it, Jared Dourdeville, a Partner at H Partners, has joined the Harley-Davidson Board of Directors. Mr Dourdeville has also been appointed to the Human Resources Committee and the Nominating and Corporate Governance Committee

On April 5, 2025, Jared Dourdeville, a Partner at H Partners submitted his resignation, citing serious concerns about the company’s leadership and performance. The move follows an April 1, 2025 letter urging the resignations of CEO Jochen Zeitz, Chairman Tom Linebarger, and Director Sara Levinson due to continued underperformance versus the S&P 500 and peers. Though once supportive of Zeitz’s vision, the resigning member now calls for new leadership to restore stakeholder trust and unlock value. Source

Impala Asset Management

On March 18, 2010, Impala Asset Management (2%) announced that it has filed preliminary proxy materials in connection with its nomination of two director candidates for election to the Board at the 2020 annual meeting of shareholders. Source

On March 27, 2020, the company entered into a settlement agreement with Impala. The agreement provides that one new director will be appointed to the Board after the 2020 Annual Meeting.

Deep Track Capital Submits Director Nominations for Dynavax Technologies Corporation's  (DVAX)  2025 Annual Meeting

Key Summary: On September 16, 2024, Deep Track Capital (9.6%) announced plans to discuss the company’s performance, governance, and cash usage with management. On February 18, 2025, Deep Track (13.5%) submitted a notice to propose a stockholder proposal and nominate Brett A. Erkman, Jeffrey S. Farrow, Michael Mullette, and Donald J. Santel for election as directors at the 2025 Annual Meeting.

Market Cap: $1.6 billion| Dynavax Technologies Corporation, a commercial stage biopharmaceutical company, focuses on developing and commercializing vaccines in the United States. 

On September 16, 2024, Deep Track Capital (9.6%) announced its intention to discuss with the management and board several issues, including the company's performance, business operations, strategic opportunities, governance (particularly Board composition), and the optimal use of excess cash. Source

On February 18, 2025, Deep Track Capital (13.5%) submitted a formal notice under the company's Bylaws to propose a stockholder proposal and nominate directors for the 2025 Annual Meeting. The notice includes the intention to nominate Brett A. Erkman, Jeffrey S. Farrow, Michael Mullette, and Donald J. Santel as director nominees. Source

On March 10, 2025, Deep Track Capital sent a letter to the Board criticizing its capital allocation strategy and governance, particularly regarding its recent issuance of expensive convertible notes. Deep Track reiterated its nomination of four highly qualified candidates for the 2025 Annual Meeting, clarifying that its goal is not to take control but to ensure better shareholder representation.

On April 7, 2025, Deep Track Capital filed proxy materials seeking support for its nominees.

Carronade Capital Nominates Four Directors and Proposes Changes to Boost Cannae Holdings (CNNE)  Shareholder Value

Key Summary: On March 20, 2025, Carronade Capital announced it would nominate four director candidates for Cannae’s 2025 Annual Meeting. Carronade criticized Cannae’s underperformance and governance, proposing cost reductions, better capital allocation, and stronger governance to boost shareholder returns by at least 50%.

Market Cap: $1 billion | Cannae Holdings, Inc. is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. 

On March 20, 2025, Carronade Capital Management announced it would nominate four director candidates for election at 2025 Annual Meeting. Carronade criticized Cannae's underperformance and poor governance practices, citing persistent capital allocation issues and misalignment between management and shareholders. The firm proposed reducing overhead costs, improving capital allocation, unlocking portfolio value, and instituting stronger governance to increase shareholder returns by at least 50%. Source

On April 7, 2025, Carronade issued a press release nominating four independent candidates for the Board. Carronade criticizes Cannae's recent actions as insufficient to address chronic underperformance, poor governance, and excessive executive payouts. The firm believes the current Board's behavior undermines shareholder value and that new independent directors are needed to unlock potential and address ongoing issues.

Advantech Capital Backs SAIF Partners' Proposals for Special Shareholders' Meeting at Sinovac Biotech Ltd (SVA)

Key Summary: On March 18, 2025, SAIF Partners IV L.P. (15%) submitted a requisition to remove certain directors and elect nine new nominees, including Shan Fu, Vivo Capital's designee since 2018. Vivo Capital, aligned with SAIF's requisition, plans to vote in favor and take action to reinstate Mr. Fu after his exclusion from the company's new board announced on February 28, 2025. On March 25, 2025, Advantech Capital (8.14%) stated that it intends to vote in favor of SAIF Partners' proposals at any scheduled meeting.

Market Cap: $642 million | Sinovac Biotech Ltd. is a China-based leading biopharmaceutical company that focuses on the research, development, production, and commercialization of vaccines that protect against human infectious diseases..

On March 18, 2025, SAIF Partners IV L.P. (15%) submitted a requisition to the board requesting a special shareholders' meeting to (i) remove directors David Guowei Wang, Pengfei Li, and Jianzeng Cao, along with any others appointed without shareholder approval after February 8, 2025, and (ii) elect nine new nominees to the board. Source

On February 28, 2025, the company announced a new Board of Directors that excluded Mr. Shan Fu, Vivo Capital's  (8.2%) designee since 2018, despite requests for his inclusion. Vivo Capital intends to take action to reinstate Mr. Fu and has aligned with SAIF Partners IV L.P.'s March 18, 2025 requisition to remove certain directors and elect new nominees, including Mr. Fu. Vivo Capital plans to vote in favor of SAIF's proposals and continue collaborating with other shareholders to influence the management, board, and corporate structure. Source

On March 25, 2025, Advantech Capital (8.14%) stated that it intends to vote in favor of SAIF Partners' proposals at any scheduled meeting. Source

On April 1, 2025, the company suggested that the new Board may challenge the validity of the Advantech Capital’s shares and exclude them from a planned cash dividend. In response, the Advantech Capital took steps to protect their rights, including requesting on April 9, 2025, to join an arbitration filed by Vivo Capital in March 2025 at the Hong Kong International Arbitration Centre, seeking confirmation of their entitlements. Source

Special Opportunities Fund Files Proxy Materials for 2025 Tejon Ranch Co. (TRC) Annual Meeting

Key Summary: On March 28, 2025, Special Opportunities Fund, Inc. filed proxy materials soliciting votes for four proposals: electing independent directors, ratifying Deloitte & Touche LLP as Tejon’s auditor for 2025, abstaining on executive compensation approval, and supporting a shareholder proposal for 10% shareholders to call a special meeting. On April 18, 2024, Nitor Capital Management expressed concerns about Tejon Ranch's performance and management. They aim to reform leadership, compensation, and capital allocation for shareholder value. Tejon Ranch's assets are valued at $1.2 billion, far above the stock price. At the May 14, 2024 AGM, shareholders re-elected all current directors to the Board. Directors opposed by Nitor Capital received approximately 30% withheld votes.

Market Cap: $431 million | Tejon Ranch Co., together with its subsidiaries, operates as a diversified real estate development and agribusiness company

Special Opportunities Fund, Inc.

On March 28, 2025, Special Opportunities Fund, Inc. filed proxy materials soliciting votes for four proposals: electing independent directors Andrew Dakos, Phillip Goldstein, and Aaron T. Morris, ratifying Deloitte & Touche LLP as Tejon’s auditor for 2025, abstaining on executive compensation approval , and supporting a shareholder proposal to allow holders of 10% of shares to call a special meeting. Source

On April 8, 2025, Special Opportunities Fund, Inc.criticized the company for decades of poor stock performance, arguing management’s promises have failed to deliver value to shareholders. They proposed electing three independent directors to improve capital allocation, executive pay alignment, transparency, and expense control—aiming to close the gap between TRC’s stock price and its intrinsic value. Source

Nitor Capital Management

On April 18, 2024, Nitor Capital Management LLC (1.75%) issued a letter to the shareholders, expressing concerns about the company's underperformance and management practices. Despite owning approximately 1.75% of Tejon Ranch's shares, they felt the company's assets were undervalued and management had failed to deliver returns to stockholders. They criticized the board's lack of action and misaligned compensation incentives for executives. Nitor intended to withhold votes for certain board members and opposed executive compensation approval at the upcoming Annual Meeting. They emphasized the need for changes in leadership, compensation structure, and capital allocation to unlock the company's potential and deliver value to stockholders.

Valuation insight

Tejon Ranch's valuable income-producing assets and industrial development rights generate over $100 million in recurring annual revenues and $30 million in annual cash flows. Nitor Capital Management estimates these assets to be worth $700 million, or $26 per share. When factoring in additional assets like land, water, and farmland, they believe the total value exceeds $1.2 billion, nearly three times the current stock price.

At the May 14, 2024 AGM, shareholders re-elected all current directors to the Board. Directors opposed by Nitor Capital received approximately 30% withheld votes.

Daniel J. Mangless nominated Board candidates to Zevra Therapeutics (ZVRA)

Key Summary: Daniel J. Mangless, who successfully elected three nominees to the Board at the 2023 AGM, filed proxy materials on April 10, 2025, to nominate two candidates for the 2025 AGM.

Market Cap: $355 million | Zevra Therapeutics, Inc., a rare disease therapeutics company, discovers and develops various proprietary prodrugs to treat serious medical conditions in the United States.

On April 10, 2025, Daniel J. Mangless filed proxy materials nominating two candidates for election to the Board at the 2025 AGM.

Background

·         On March 3, 2023, Daniel J. Mangless (2.3%) nominated three director candidates for election to the Board at the 2023 AGM. Source

·         On March 16, 2023, Daniel J. Mangless filed proxy materials seeking support for his nominees.

·         At the AGM held on April 25, 2023, shareholders elected Daniel J. Mangless nominees: John B. Bode, Douglas W. Calder, and Corey Watton to the Board.

Kent Lake Partners nominated Board candidates to Quanterix (QTRX)

Key Summary: On February 13, 2025, Kent Lake Partners opposed Quanterix's proposed acquisition of Akoya Biosciences, stating it is not in stockholders' best interests. On February 28, 2025, Kent Lake Partners (6.9%) delivered a letter to the company nominating a slate of three director candidates

 Market Cap: $200 million | Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms.

On February 13, 2025, Kent Lake Partners delivered a letter to stockholders, expressing its belief that Quanterix's proposed acquisition of Akoya Biosciences, Inc. is not in the best interests of stockholders. Kent Lake Partners stated that if the Quanterix Board proceeds with the merger, it is prepared to take decisive action, including mobilizing shareholders to vote against the deal and nominating directors for the Quanterix Board at the 2025 Annual Meeting.

On February 28, 2025, Kent Lake Partners (6.9%) delivered a letter to the company nominating a slate of three director candidates, Dr. Dickinson, Mr. Felt and Dr. Sakul, for election to the Board at the 2025 annual meeting of stockholders. The firm criticizes the incumbent Board for approving and pursuing a dilutive merger with Akoya Biosciences, which Kent Lake believes risks capital misallocation and distracts from Quanterix's core growth opportunities, especially in Alzheimer's testing. Kent Lake urges shareholders to vote against the merger and elect its nominees to ensure financial discipline, accountability, and a focus on organic growth to unlock long-term value. Source

On March 11, 2025, Kent Lake Partners issued the following press release and Investor Presentation. The presentation highlighted concerns over Quanterix bidding against itself for Akoya, unnecessary risks from Akoya’s financial instability, and potential conflicts within Quanterix's board. Kent Lake urged shareholders to vote against the merger, emphasizing the company’s strong standalone potential, particularly in Alzheimer’s diagnostics, and has nominated three independent board candidates for the 2025 Annual Meeting.

On April 7, 2025, Kent Lake Partners issued a press release opposing the company’s $30 million bridge financing to Akoya Biosciences, seeing it as shareholder-unfriendly. Kent Lake criticized the lack of transparency and fairness opinions on the loan terms, questioning its impact on Quanterix’s valuation of Akoya. It urges shareholders to vote against the merger, deeming it not in their best interests.

Soleus Pressures Theratechnologies (THTX) to Consider Future Pak’s $3.51 Buyout Offer

Key Summary: Soleus Capital (10.5%) has pushed Theratechnologies since November 2023 to enhance shareholder value, including board changes and exploring strategic options. On April 11, 2025, it urged the Board to consider Future Pak’s $3.51 all-cash offer, criticizing management for ignoring buyers and acting in self-interest.

Market Cap: $89 million | Theratechnologies Inc., a biopharmaceutical company, focuses on the development and commercialization of various therapies to address the unmet medical needs in the United States, Canada, and Europe. 

On November 28, 2023, Soleus Capital (10.5%) communicated with the Board and management about enhancing stockholder value, including the potential appointment of a designated candidate to the Board and engaging an investment bank for strategic transactions. Source

On April 11, 2025, Soleus Capital urged Theratechnologies to engage with Future Pak’s acquisition offer of at least $3.51 per share—a 163% premium—criticizing management for not constructively engaging with potential buyers. Soleus warned that repeated rejections suggest management is acting in self-interest and urged the Board to fulfill its fiduciary duty by seriously considering and presenting the offer to shareholders.

Mina Sooch withdraws her slate of nominees at Opus Genetics, Inc (IRD)

Key Summary: On February 7, 2025, Mina Sooch, founder of Opus Genetics nominated Board candidates to the company. On April 9, 2025, Ms. Sooch determined to withdraw her slate of nominees for election to the Board at the Annual Meeting

Market Cap: $42 million | Opus Genetics, Inc., a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of unmet needs of patients with refractive and retinal eye disorders. 

On February 7, 2025, Mina Sooch, founder of Opus Genetics, has nominated a seven-member "Restore Value Slate" for the Board, citing strategic, management, and capital allocation failures that led to an 80% stock decline over 22 months. The group, holding 4.1% of shares, aims to restore governance, curb unnecessary spending, and refocus on Ryzumvi™, a high-value FDA-approved asset, rather than the capital-intensive gene therapy pivot executed without shareholder approval. Source

On March 21, 2025, Mina Sooch filed proxy materials seeking support for her nominees

On April 1, 2025, the Restore Value Slate launched a website to communicate with the Company’s stockholders. The website address is https://restorevalueslate.com/.

On April 9, 2025, Ms. Sooch determined to withdraw her slate of nominees for election to the Board at the Annual Meeting. Source

Allen Hartman Calls for Haddock’s Removal Over Excessive Stock Grant  at Silver Star Properties REIT (SLVS)

Key Summary: In Oct 2023, Allen R. Hartman advocated for Silver Star's liquidation and criticized mismanagement, leading to legal disputes regarding annual meetings. In Dec 2023, Hartman was sued by Silver Star for alleged misconduct. In Jan 2024, the company is conducting a Consent Solicitation to re-elect directors, which Hartman opposes, citing board actions that thwart stockholder choices and violate the company's charter. On March 21, 2025, Allen R. Hartman delivered a letter to the company nominating a slate of three director candidates for election to the board at the 2025 Annual Meeting of Stockholders. On April 10, 2025, Al Hartman criticized Silver Star CEO Gerald Haddock for awarding himself 1 million shares, calling it excessive and a breach of duty.

Market Cap: $23 million| Silver Star Properties REIT, Inc. is a self-managed real estate investment trust that is currently repositioning in an orderly manner into the self storage asset class.

On October 17, 2023, Allen R. Hartman (15%) expressed his belief that Silver Star should pursue a liquidation strategy and return capital to investors due to perceived mismanagement. He argued that most stockholders would prefer their capital returned in a Texas commercial property REIT rather than risking it in a national self-storage strategy. Mr. Hartman attributed Silver Star's declining value to mismanagement by the Executive Committee, led by Gerald Haddock. He accused Silver Star of adopting a short-term liquidation approach with asset sales at discounted prices and overinvestment in self-storage ventures at high costs to investors. Silver Star hadn't held an annual stockholder meeting since 2013, leading Mr. Hartman to file a lawsuit for a 2023 meeting. In response, Silver Star changed its Bylaws to allow stockholders to act without a meeting, a move contested by Mr. Hartman as violating Maryland law. Additionally, he and vREIT requested access to Silver Star's stock ledger, which was denied, claiming a lack of a "legitimate purpose." Source

On October 19, 2023, Mr. Hartman and vREIT filed a First Amended Complaint in the Maryland Litigation to compel a 2023 annual meeting, inspect the stock ledger, and declare the Purported Bylaw Amendment unlawful. Source

On December 14, 2023, Allen R. Hartman issued a press release disclosing that he object to the ongoing consent solicitation and that he is going to vote “NO” to the proposal in the Consent Solicitation for the re-election of Jack I. Tompkins, Gerald W. Haddock and James S. Still to the Board.

On December 14, 2023, Silver Star Properties REIT, Inc. initiated legal proceedings against Allen R. Hartman and related parties, alleging multiple charges including fraud, conspiracy, slander of title, and breach of contract. The company contends that the Hartman Defendants engaged in self-dealing, misused company resources, breached fiduciary duties, and conducted fraudulent litigation, resulting in substantial damages. These legal actions seek to address the alleged misconduct and facilitate the recovery of damages. Source Top of Form

On January 8, 2024, Silver Star Properties REIT, Inc. stated that it is conducting a Consent Solicitation to re-elect incumbent directors while seeking to reduce the board's size, effectively removing Allen Hartman. Hartman, the largest stockholder, strongly opposes the re-election, alleging that the board is avoiding an annual meeting, violating the company's charter, and preventing meaningful stockholder choices. Source

Silver Star has not held an annual meeting of stockholders in a number of years. The Entrenched Directors have blocked all of Hartman’s efforts to hold an annual meeting where stockholders could have a choice between re-electing the Entrenched Directors versus an alternative slate that has a different vision of the Company. This summer, Hartman reminded the Company of its obligations under law and its charter to hold an annual meeting for the purpose of electing directors and asked when one would be scheduled. Rather than schedule a meeting, the Board enacted a bylaw amendment in an attempt to avoid an annual meeting where stockholders would have a choice, and instead the bylaw amendment would permit directors to be elected by stockholder consent obtained through a consent solicitation. The Hartman Group believes the bylaw amendment was made in bad faith by the Entrenched Directors, is a blatant manipulation of the corporate machinery by them to remain in office, and violates Silver Star’s charter and Maryland law. Hartman has been forced to resort to litigation, and has in fact sued the Company and the Entrenched Directors to declare the bylaw amendment invalid and to compel an annual meeting.

On January 12, 2024, Allen Hartman and the Hartman Group sent an email to the shareholders, expressing frustration with the current Board and advocating for the liquidation of the company instead of pursuing a self-storage strategy. They proposed a new board focused on selling properties, paying down debt, and returning capital to shareholders. They cited an estimated conservative value of $8.00 per share and urged investors to revoke their consent solicitation votes to push for liquidation. Source

On January 18, 2024, Allen Hartman and the Hartman Group sent a letter to the shareholders countering Haddock's (CEO of the company)claims and the ongoing Consent Solicitation. Hartman denied using the company for personal gain, unlike Haddock, who took fees and awarded himself convertible units. He criticized Haddock's lack of experience and mismanagement, leading to poor company performance and auditor issues. Hartman emphasized the need for liquidation as per the company's charter, opposing the Board's new strategy. He called for a shareholder meeting to decide on asset sales and capital return, urging shareholders to revoke consent to the Board's current plans.

On Feb 1, 2024, the company announced that its consent solicitation closed on January 29, 2024. A Maryland court granted a preliminary injunction preventing the Company from counting votes until further notice. The Company is evaluating its options, but existing directors, including the Executive Committee, will remain in place regardless of the vote outcome.

On March 21, 2025, Allen R. Hartman (7.9%) delivered a letter to the company nominating a slate of three director candidates, Allen R. Hartman, Brent Longnecker and Benjamin Thomas, for election to the board at the 2025 Annual Meeting of Stockholders. Source

On April 1, 2025, the Hartman Group issued a letter to the shareholders criticizing Silver Star Properties’ leadership under Haddock, blaming them for destroying $278 million in net asset value since 2022 through their failed "New Direction Plan." They disputed SSP’s financial claims, highlighted past tenant satisfaction, and accused management of poor asset sales, mismanagement, and excessive compensation. The letter referenced a court order requiring a shareholder vote within six months to choose between liquidation and an alternative strategy, urging shareholders to consider replacing the board and holding management accountable.

On April 10, 2025, Al Hartman issued a letter to Silver Star shareholders condemning CEO Gerald Haddock’s award of 1 million shares to himself, calling it excessive and lacking endorsement from reputable compensation experts. Hartman said he spoke with 35 major shareholders representing nearly 20% of shares—97% of whom want Haddock removed. He accused Haddock of breaching fiduciary duty and prioritizing self-enrichment despite the company’s poor performance, suggesting legal action may follow his removal.

AJP Holding and Orbic North America Challenges Sonim (SONM)Board’s Rejection of Nomination Notice

Key Summary: On March 21, 2025, AJP Holding and Orbic North America announced plans to nominate five candidates for the Board at the 2025 Annual Meeting. On April 10, 2025, AJP Holding and Orbic, representing over 1.9 million shares, rejected Sonim Technologies’ claim that their board nomination notice was deficient, calling it a tactic to entrench the current board.

Market Cap: $9 million | Sonim Technologies, Inc. provides ruggedized mobile phones and accessories for task workers.

On March 21, 2025, AJP Holding and Orbic North America announced plans to nominate five candidates for the Board at the 2025 Annual Meeting. They criticized Sonim's Board for resisting strategic discussions, which they believe have harmed stockholder value, and aim to bring operational and financial improvements through their nominees. Source

On April 10, 2025, AJP Holding and Orbic North America strongly objected to Sonim Technologies’ April 7, 2025 rejection of their board nomination notice, calling it a baseless and improper attempt to entrench the current board. They argue the notice fully met disclosure requirements, detailing the nominees’ exten  sive qualifications. Citing legal precedents, stock underperformance, governance concerns, and recent financial losses, they accuse the board of violating fiduciary duties. AJP demanded the rejection be reversed and warned they would pursue all legal options if the board persists in blocking shareholder rights. Source