13D weekly report - June 16, 2025 to June 20, 2025

Logos Global Urges Strategic Reset and Cash Return at Arvinas, Inc.  (ARVN)

Key Summary: On June 10, 2025, Logos Global Management (6.4%) urged a strategic reset, calling for a shareholder distribution, leaner operations, a halt to early-stage investments, and partnership-led development of the lead asset.

Market Cap: $539 million | Arvinas, Inc., a clinical-stage biotechnology company, engages in the discovery, development, and commercialization of therapies to degrade disease-causing proteins. 

On June 10, 2025, Logos Global Management (6.4%) urged the board to pursue a strategic reset—recommending a special distribution to shareholders, halting early-stage pipeline investments, adopting a leaner cost structure, and avoiding independent development of the lead asset without a strategic partner. Source

BML Capital Opposes Ikena (IKNA) -Inmagene Merger, Urges Winddown and Cash Return

Key Summary: On June 16, 2025, BML Capital (8.4%) opposed Ikena’s merger with Inmagene, calling Inmagene overvalued and urging a winddown of Ikena and return of cash to shareholders.

Market Cap: $68 million | Ikena Oncology, Inc., an oncology company, focuses on developing therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance.

On June 16, 2025, BML Capital (8.4%) sent a letter to the Boar opposing Ikena’s merger with Inmagene, noting the deal values Inmagene at $150 million while the pro forma valuation of the combined company is only slightly above its $175 million cash balance—implying little to no value for Inmagene. BML called for a winddown of Ikena and return of capital to shareholders.

Charles Frischer urges Regional Health Properties (RHEP) to Engage on 99% Premium Offer

Key Summary: On June 18, 2025, Charles Frischer urged the Board to engage with a buyer offering a 99% premium, criticizing CEO Brent Morrison for not initiating talks.

M. Cap: $5mm | Regional Health Properties  through its subsidiaries own and manage skilled nursing facilities and assisted living facilities in the states of Alabama, Arkansas, Georgia, Missouri, North Carolina, Ohio, Oklahoma, and South Carolina.

On June 18, 2025, Charles Frischer (7.4%) sent a letter to the Board criticizing CEO Brent Morrison for not engaging with a May 6, 2025 asset purchase offer that reflected a 99% premium to the share price. He urged the Board to begin negotiations. Source

Past

(i)  Charles Frischer

On November 28, 2018, Charles Frischer (12.18%) and three other holders of the Preferred Stock, who together with Mr. Frischer in the aggregate hold 26.18% of the Preferred Stock, sent a letter demanding a special meeting of the holders of the Preferred Stock be called for the purpose of electing two additional directors. Source

On December 2, 2019, attorneys for Charles Frischer and four other holders of the Preferred Stock, who, together with Mr. Frischer, hold 32.6% of the Preferred Stock, sent a letter demanding the company, correct a misrepresentation in the company’s Proxy Statement. The Proxy Statement stated that no demand had been made for the special election of two additional directors by the holders of at least 25% of the Preferred Stock following a failure by the company to pay dividends for any four consecutive or non-consecutive dividends period. Such a demand, however, was made in that certain letter to the company dated November 28, 2018 from attorneys representing Charles Frischer and three other holders who together held 26.28% of the Preferred Stock. Such letter is described in Item 4 to Amendment No. 3 to the 13D. In addition to correcting the Proxy Statement, Mr. Frischer and the other holders reiterated their demand for a special election for two additional directors. The letter further requested that Mr. Charles Frischer and Mr. Kenneth Grossman be nominated to stand for election by the holders of the Preferred Stock to serve as directors of the company. Source

On June 1, 2021, the company announced that it has filed a registration statement on Form S-4 with SEC relating to its proposed offer to exchange any and all of the outstanding shares of its 10.875% Series A Cumulative Redeemable Preferred Shares for newly issued common stock of the Company, no par value and may file amendments thereto. In exchange for each share of Series A Preferred Stock properly tendered in the Exchange Offer and accepted by the Company, participating holders of Series A Preferred Stock will receive 0.5 shares of Common Stock.

On June 2, 2021, Charles Frischer sent a letter in response to the draft S-4 Registration Statement the company filed on June 1, 2021. In such letter, Mr. Frischer notified the company of that the proposed exchange offer was woefully inadequate. 

On July 1, 2021, Charles Frischer (14.2%) sent a letter to the company requesting, that the company call a special meeting of the holders of shares of 10.875% Series A Cumulative Redeemable Preferred Stock of the company for the purpose of electing two directors to the Board. The letter further requested that after the company has received requesters from holders of greater than 25% of the shares of the Preferred Stock, the company set a date for the referenced special meeting not greater than seventy five (75) days after the receipt of the sufficient number of such requests. Source

(ii)               Park City Capital

Between 2013 and 2017, Park City Capital, a 5.2% holder later increasing to 7.1%, pushed for value unlock and governance changes. It argued the company was worth at least $13/share, proposed a REIT conversion, and secured a board seat for its CEO, Mr. Fox. In 2017, after tendering its convertible notes, Park City (6.1%) publicly called for CEO William McBride’s resignation due to resume falsification. The Board later terminated McBride for cause following an internal investigation confirming he misrepresented having an MBA from UCLA.. 

(iii)             Ephraim Fields

In March 2016, Ephraim Fields (3.3%) urged the board to unlock value by selling ADK in whole or parts, halting acquisitions, and using excess cash for buybacks. Shortly after, the company announced it was exploring strategic alternatives and would hire legal and financial advisers. It also began divesting non-core assets, including a $55 million sale of nine Arkansas properties in September 2016. Fields later reduced his stake to 3.2%.

(iv)             Doucet Asset Management

Between 2014 and 2016, Doucet Asset Management, holding up to 8.4%, repeatedly urged the company to explore strategic alternatives, estimating asset sale values between $6.44 and $9.00 per share. In response, the company announced a transition to a healthcare property holding and leasing model in July 2014. Doucet later supported the buyback plan and reiterated its view that selling the company would unlock maximum value, suggesting board replacement if its plan was not pursued.

HIC 2, LLC to Nominate Additional Board Members to Boxlight Corp (BOXL)

Key Summary:  On June 18, 2025, HIC 2, LLC announced its intention to nominate additional candidates for the board.

Market Cap: $4 million | Boxlight Corporation designs, produces, and distributes interactive technology solutions for the education, health, corporate, military, and government sectors in the Americas, Europe, the Middle East, Africa, and internationally.

On June 18, 2025, HIC 2, LLC (9.6%) stated that it plans to nominate additional board members for consideration. Source

Hill Path Gains Third Board Seat with One-Time Waiver at United Parks & Resorts Inc (PRKS)

Key Summary:  At the June 13, 2025 meeting, stockholders elected Aayushi Dalal, Mr. Chambers, and Mr. Ross to the Board, with a one-time waiver granted to allow a third Hill Path-affiliated director.

Market Cap: $2.3 billion | United Parks & Resorts Inc., together with its subsidiaries, operates as a theme park and entertainment company in the United States.

At the June 13, 2025 annual meeting, stockholders elected Aayushi Dalal of Hill Path, along with Mr. Chambers and Mr. Ross, to the Board. The Board granted a one-time waiver to allow Dalal’s appointment despite a Stockholders Agreement limit of two Hill Path-affiliated directors. Source

Brent Rosenthal, Hestia's nominee, appointed as independent director at Pitney Bowes (PBI)

Key Summary: In December 2022, Hestia Capital aimed to revamp Pitney Bowes' Board by nominating new directors. It withdrew some nominees in March 2023. On May 9, 2023, Hestia Capital's director nominees—Ms. Alberti-Perez, Mr. Everett, Ms. May, and Mr. Wolf—were elected to the Company's nine-member Board of Directors. On April 4, 2024, Lance E. Rosenzweig was appointed as an independent director to replace William S. Simon. On June 17, 2025, the company announced that the Board appointed Brent Rosenthal as a director, effective as of June 16, 2025

Market Cap: $1.8 billion | Pitney Bowes Inc., a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States, Canada, and internationally. 

On December 12, 2022, Hestia Capital (7.2%) issued a press release announcing its intent to overhaul the Board, following years of value destruction under the Board’s Chairman, Michael Roth, and the company’s CEO, Marc B. Lautenbach, by nominating a majority slate of director candidates to the Board, including a highly-qualified proposed interim CEO. 

On January 23, 2023, Hestia Capital issued a presentation titled “Pitney Bowes’ Failings During the Roth-Lautenbach Era” that details a sampling of current leadership’s failings that have led to significant stockholder value destruction. It has nominated seven candidates for election to the Board at the 2023 AGM.

On February 27, 2023, Hestia Capital filed proxy materials seeking support for its nominees.

On March 6, 2023, Hestia Capital withdrew its nomination of Messrs. Grassi and McBride as nominees for election at the annual meeting. With the withdrawal, Hestia Capital intends to solicit proxies to elect the remaining five nominees to the Board at the annual meeting. Source

On March 16, 2023, Hestia launched a website to communicate with stockholders of the Company regarding the Annual Meeting. The website address is www.TransformPitneyBowes.com. Source

On April 4, 2023, Hestia's Interim CEO candidate, Lance Rosenzweig sent a letter to the shareholders that includes turnaround strategy designed to lift share price above $15 in coming years

On April 6, 2023, Hestia Capital (8.5%) issued an open letter to employees of the company expressing its enthusiasm for bringing stability to the company and all its stakeholders. It stated that it nominees are committed to: Increasing investment in, and improving profitability at, SendTech and Presort; cutting excessive corporate costs; improving profitability of, and reviewing strategic alternatives for, Global Ecommerce; and establishing a capital allocation policy that reduces debt and retains the dividend.

On April 11, 2023, Hestia issued an Investor Presentation titled “Transform Pitney Bowes” reiterating its detailed six-pillar plan for the company that targets a $15+ stock price in the coming years.

On April 19, 2023, Hestia issued a Rebuttal Investor Presentation titled “Facts that Reinforce the Urgent Case for Change at Pitney Bowes” 

On April 27, 2023, Hestia announced that ISS recommended shareholders support meaningful boardroom change by voting for Milena Alberti-Perez, Todd Everett, Katie May and Kurt Wolf at the Company’s 2023 AGM. Source

On May 1, 2023, Hestia announced that Glass Lewis recommended shareholders support meaningful boardroom change by voting for Milena Alberti-Perez, Todd Everett, Katie May and Kurt Wolf at the Company’s 2023 AGM. Source

On May 2, 2023, Hestia announced that Egan-Jones recommended shareholders support meaningful boardroom change by voting for all five nominees of Hestia Capital at the Company’s 2023 AGM. Source

According to the preliminary voting results announced on May 9, 2023, Hestia Capital’s director nominees, Ms. Alberti-Perez, Mr. Everett, Ms. May and Mr. Wolf, were elected to the Company’s nine-member Board of Directors. Source

On April 4, 2024, the company appointed Lance E. Rosenzweig as an independent director to fill the vacancy left by William S. Simon's resignation. This appointment was made in accordance with the company's By-Laws and the Cooperation Agreement with Hestia Capital. Rosenzweig will replace Simon as a Replacement Director and take on his roles on Board committees until the 2024 Annual Meeting, where he will be nominated for election to the Board. Source

On June 17, 2025, the company announced that the Board appointed Brent Rosenthal as a director, effective as of June 16, 2025. The appointment of Mr. Rosenthal to the Board was made pursuant to the cooperation agreement, dated as of January 31, 2024. Source

Shareholders elected all the company’s director nominees to the Board of Dynavax Technologies (DVAX)

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. At the AGM held on Jun 11, 2025, shareholders elected all the company’s director nominees to the Board.

Market Cap: $1.2 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.

On April 16, 2025, Deep Track Capital criticized the board for rejecting its recent settlement proposal to appoint two nominees and rebalance board classes. Deep Track accused the board of entrenchment and ignoring shareholder interests, reiterating its call for investor-driven change and expressing commitment to pursuing board representation through the upcoming 2025 annual meeting.

On May 23, 2025, ISS recommended stockholders Vote “FOR” all four of Dynavax’s director nominees. Source

On June 5, 2025, Deep Track Capital announced that Glass Lewis has recommended shareholders vote for its director nominees, Brett Erkman and Donald Santel, supporting board change at Dynavax's 2025 Annual Meeting.

At the AGM held on Jun 11, 2025, shareholders elected all the company’s director nominees to the Board.

Hale Capital Partners reached agreement with Vislink Technologies, Inc. (VISL)

Key Summary: On February 12, 2025, Hale Capital Partners initiated discussions with the company. On June 12, 2025, Hale Capital Partners and the company entered into a Cooperation Agreement under which the company agreed to nominate William Bender to the board and appoint Martin Hale as a board observer.

Market Cap: $6 million | Vislink Technologies, Inc. provides solutions for collecting live news, sports, entertainment, and news events for the broadcast markets in North America, South America, Europe, Asia, and internationally. 

On February 12, 2025, Hale Capital Partners (12%) stated that it has engaged and expects to continue to engage in conversations with the board and its management regarding Board composition and corporate governance. Source

On June 12, 2025, Hale Capital Partners and the company entered into a Cooperation Agreement under which the company agreed to nominate William Bender to the board and appoint Martin Hale as a board observer. The agreement also included board size limits, director replacement rights, and customary standstill and voting commitments. Hale Capital Partners later withdrew Bender’s nomination

Ortelius Nominates Six Highly Qualified and Independent Candidates for Election to the Board of Brookdale Senior Living Inc. (BKD)

Key Summary: Ortelius Advisors, on March 5, 2025, nominated six new board candidates for Brookdale, citing concerns over underperformance, including declining occupancy rates, margins, and free cash flow. Glenview Capital Management entered a support agreement with Brookdale in 2019, backing the board's nominees and leadership changes. Land and Buildings Investment Management, in 2018 and 2019, criticized Brookdale's failure to monetize its real estate and called for shareholder-friendly governance, also nominating board candidates and releasing a valuation report showing significant upside potential.

M.Cap: $1.6 billion | Brookdale Senior Living Inc. owns and operates senior living communities in the United States. It operates through five segments: Retirement Centers, Assisted Living, CCRCs Rental, Brookdale Ancillary Services, and Management Services.

Ortelius Advisors

On March 5, 2025, Ortelius Advisors, L.P. issued a letter to the stockholders nominating six new board candidates. They cite concerns over declining occupancy rates, NOI margins, EBITDA margins, and free cash flow, underscoring a substantial drop in tangible book value per share and stock price underperformance relative to benchmarks over seven years.

On April 24, 2025, Ortelius Advisors issued a letter to Brookdale Senior Living shareholders criticizing years of poor performance under the prior CEO and Board, highlighting stock declines, falling occupancy, and negative cash flow. With Cindy Baier’s recent departure as CEO, Ortelius nominated six directors to drive strategic changes, including monetizing underperforming assets, reducing debt, exiting leases, and unlocking real estate value. Ortelius believes these actions could significantly increase shareholder value and urged stockholders to support its nominees for Board refreshment and long-term value creation.

On June 16, 2025, Ortelius Advisors urged shareholders to support its six board nominees, citing years of mismanagement, poor oversight, and stockholder value destruction. Ortelius criticized the board’s renewal of unprofitable lease agreements, failure to address $4.1B in rising net debt, and weak execution on asset monetization. It proposes a materially different strategy—divesting underperforming assets, eliminating the leased portfolio, reducing leverage, and repositioning Brookdale as a real estate-focused operator (GoodCo PropCo), which Ortelius believes could unlock significant value far above the company’s current market cap. Source

Glenview Capital Management

On September 27, 2019, the company announced that it has entered into a support agreement with Glenview Capital Management (11.71%). Pursuant to the agreement, Glenview will vote all of its shares in favor of both the Company’s Class II director nominees, Victoria Freed and Guy Sansone, and with the Board’s recommendations on the other proposals at the 2019 Annual Meeting. In connection with the agreement, Brookdale also announced that if both Ms. Freed and Mr. Sansone are elected to the Board, Mr. Sansone will be appointed Non-Executive Chairman, effective January 1, 2020. Source

Land and Buildings Investment Management

On September 12, 2018, Land and Buildings Investment Management issued an open letter to shareholders expressing concerns that the Board has failed to announce plans to materially monetize company’s real estate. It expressed its disappointment that the board has not accelerated the de-staggering of board elections so that all directors up for election are elected to one-year terms.  It stated that in the absence of any changes to more shareholder-friendly governance policies, it intends to vote against the three directors up for election at Brookdale's AGM.

At the AGM held on October 4, 2018, the incumbent nominees were elected by the shareholders.

On July 16, 2019, Land and Buildings Investment Management issued an open letter to shareholders nominating two candidates for election to the Board at the 2019 annual meeting of shareholders. It stated that it has engaged Green Street Advisors to independently value company and its real estate, leading to a net asset value estimate substantially above share price . Green Street Advisors believes there may be viable opco/propco reit structures, that could lead to a material higher share price –

On July 30, 2019, Land and Buildings Investment Management issued an open letter to shareholders highlighting persistent operational failures, poor capital allocation and balance sheet mismanagement and reiterated that it nominates two candidates for election to the Board at the 2019 annual meeting of shareholders

Valuation Insight

Had the Company simply performed in-line with the Healthcare REIT peers, our estimated net asset value for Brookdale would be more than 50% higher. 

On August 13, 2019, Land & Buildings issued an open letter to shareholders releasing Green Street Advisors’ Report Valuing Brookdale at $13.60 per share. It stated that Green Street’s findings are view, suggesting ~70% upside to the current share price

Key findings from the Green Street report include:

• PropCo/OpCo Combined Value of $13.60 per share, a ~70% increase over current share price
• Owned real estate value of $5.6 billion at a 6.9% cap rate
• Operator equity market cap of $616 million at a ~10x EBITDA multiple

Key assumptions from the Green Street analysis, which was prepared using Brookdale’s public disclosure, include:

• Brookdale PropCo valued at $10.30 per share

Ø  Green Street believes it could trade at a 15% premium to NAV compared to 23% for comparable publicly traded healthcare REITs

Ø  0% forward NOI growth

Ø  Owned senior housing assets are 100% in RIDEA structure

Ø  Equity offering at creation of REIT of $1.5 billion at a 5% discount to fair value, equity

Ø  Net leverage similar to comparable publicly traded healthcare REITs

Ø  Leased assets remain in PropCo

• OpCo valued at $3.30 per share

Ø  Asset-lite pure operator with no corporate debt

Ø  Earns fee from managing PropCo assets under a RIDEA structure, leaving OpCo with no lease obligations

Ø  Health Care Services in OpCo

Ø  Positioned as dominant manager in senior housing sector

On October 8, 2019, Land & Buildings determined to withdraw its nominee for election to the Board of Directors at the Annual Meeting and issued a press release in connection therewith. Accordingly, Land & Buildings has terminated its proxy solicitation and will not vote any proxies received from stockholders of the Company on the BLUE proxy card at the Annual Meeting.

Teleios Capital Pursues Strategic Engagement with Management of Quanex Building Products Corporation (NX)

Key Summary: On August 2, 2024, Teleios Capital Partners (9.8%) began talks with management to improve shareholder value through discussions on capital allocation, strategy, and governance. On June 18, 2025, Teleios Capital Partners announced ongoing engagement with management, aiming to enhance shareholder value through discussions on capital allocation, strategy, and governance.

Market Cap: $858 million | Quanex Building Products Corporation, together with its subsidiaries, provides components for the fenestration industry in the United States, rest of Europe, Canada, Asia, the United Kingdom, and internationally. 

On August 2, 2024, Teleios Capital Partners (9.8%) announced their initiation of discussions with management aimed at enhancing shareholder value through future dialogue on capital allocation, strategy, and governance. Additionally, pursuant to a Board Observer Agreement dated August 1, 2024, Teleios Capital Partners holds a board observer seat. Source

On June 18, 2025, Teleios Capital Partners (10.1%) stated that it is engaging with the management and plan to continue discussions focused on enhancing shareholder value, including topics such as capital allocation, strategy, and governance. Source

Weidong Yin Nominated to Board of Sinovac Biotech Ltd (SVA) in SAIF’s Proxy Campaign Ahead of Shareholder Meeting

Key Summary: On March 18, 2025, SAIF Partners (15%) requisitioned a meeting to remove certain Sinovac directors and elect new ones, backed by Vivo Capital (8.2%) and Advantech Capital (8.1%) on March 25. On April 23, Vivo filed lawsuits against the 1Globe-controlled board over governance failures that triggered the auditor’s resignation and delayed NASDAQ relisting. On June 11, Vivo urged shareholders to support board changes at the July 8 meeting to restore transparency and protect shareholder rights.

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

On April 23, 2025, Vivo Capital issued a press release announcing it has filed multiple lawsuits against the current Board, controlled by activist investor 1Globe Capital, alleging value-destructive actions including resisting shareholder meetings, threatening to cancel 16% of common stock held since 2018 (including Vivo’s stake), appointing 1Globe affiliates, and excluding Vivo’s board representative. These actions triggered the resignation of Sinovac’s independent auditor Grant Thornton, citing unreliable board resolutions, delaying Sinovac’s NASDAQ relisting (halted since 2019) and risking compliance with U.S. securities laws. Vivo seeks to replace the board via a shareholder meeting and has initiated legal proceedings to challenge the board’s actions and uphold shareholder interests.

On April 28, 2025, SAIF Partners IV L.P., through Cede & Co., requisitioned a special shareholders' meeting to remove three directors—David Guowei Wang, Pengfei Li, and Sven H. Borho—and any others appointed after February 8, 2025 without shareholder approval, and to elect 10 new nominees to the board. Source

On June 11, 2025, Vivo Capital issued a letter refuting the company’s April 29 claims as false and misleading, particularly around dividend intentions and Vivo’s role in past board control. Vivo defended its critical financial support during key moments—such as funding CoronaVac’s development amid legal and capital constraints—and rejected allegations of seeking a “double-dip” on dividends. It highlighted governance concerns, including the resignation of Sinovac’s auditor, board instability, and a looming NASDAQ delisting risk. Vivo urged shareholders to vote for qualified directors at the July 8 meeting to restore transparent governance and fair treatment for all investors.

On June 17, 2025, Weidong Yin filed 13D stating that SAIF Partners IV L.P. had mailed definitive proxy materials for a July 8 shareholder meeting to nominate directors, including Weidong Yin to the board. Source

Findell Capital Releases Presentation on Oportun Financial (OPRT)

Key Summary: Findell Capital Partners (5.4%) criticized the company's poor stock performance compared to its competitor, OneMain Holdings, Inc. They suggested replacing board members, reducing expenses, changing leadership, and improving governance. On March 7, 2024, they nominated three director candidates for the 2024 AGM. On April 22, 2024, the company entered into a cooperation agreement with Findell Capital Management. On March 20, 2025, Findell Capital announced its plans to nominate two directors and believes Oportun is undervalued, proposing operational changes to boost its valuation to $22-$33 per share. On March 27, 2025, Findell Capital Management nominated Sandra Bell and Warren Wilcox to its Board

Market Cap: $321 million | Oportun Financial Corporation provides financial services. It offers personal loans and credit cards.    

On November 27, 2023, Findell Capital Partners (5.4%) highlighted that the company's stock had performed poorly compared to its competitor, OneMain Holdings, Inc. Findell Capital Partners believed this was due to wasteful investments and unproductive expenditures by the CEO and a board of directors lacking industry-specific knowledge. Findell Capital Partners suggested the following actions to unlock the company's value: replace board members with subprime lending experience, reduce operating expenditure, replace the then-current leadership team, and adopt shareholder-friendly governance. They intended to work constructively with the Board but reserved the right to take further action if needed to protect shareholder interests. Source

On December 4, 2023, Findell Capital Partners issued a letter to the shareholders expressing serious concerns about Oportun's financial and stock price underperformance under CEO Raul Vazquez.

Valuation Insight

"Oportun's core business is a great one. Under the right cost structure, the Company should generate +$3-$4 in earnings per share and the stock should trade for +$20 a share versus $2.60 a share today."

On March 7, 2024, Findell Capital Partners (6.7%) submitted a letter to the company nominating three director candidates – Susan Ehrlich, Scott Parker, and David Tomlinson – for election to the Board at the 2024 AGM. Findell Capital Partners has been in ongoing constructive and private discussions with the Board and management, aiming to reach a cooperative resolution. Source

On April 19, 2024, the company entered into a cooperation agreement with Findell Capital Management and pursuant to it, the company appointed Scott Parker as a new independent director and Richard Tambor as an observer to its Board. Tambor will also stand for election at the 2024 shareholder meeting.

On March 20, 2025, Findell Capital (9.1%) issued an open letter to the Board calling for leadership changes. It criticized CEO Raul Vasquez and Lead Director R. Neil Williams for their lack of lending experience and poor performance. Findell plans to nominate two experienced directors to replace them, believing Oportun is significantly undervalued. It proposes operational improvements and better leadership to increase the company’s valuation to $22-$33 per share, aiming to remove obstacles posed by the current board.

On March 27, 2025, Findell Capital Management nominated Sandra Bell and Warren Wilcox to its Board. Findell criticized the legacy Board for poor governance and attributed recent stock price recovery to their involvement. They urged stockholders to elect their nominees at the upcoming annual meeting to drive operational improvements and better governance. Source

On May 5, 2025, Findell Capital Management sent a letter to the shareholders that it is pushing for board changes, citing poor oversight, excessive costs, and strategic missteps under CEO Raul Vazquez. Despite some progress with two new directors in 2024, Findell claims legacy board members remain aligned with management and lack lending expertise. It is nominating Warren Wilcox to restore independence, cut costs, and refocus on core lending to unlock shareholder value.

On June 16, 2025, Findell Capital Management released an investor presentation criticizing the legacy board’s oversight and urging the election of Warren Wilcox to add subprime lending expertise. Findell blamed former CEO Raul Vazquez for value destruction, including a $1.5B capital loss and the $211M Hello Digit acquisition, citing a 76% stock decline and poor performance vs. peer OneMain. It credited past improvements to its nominated directors and sees further upside if Oportun cuts $80M in OpEx, removes the 36% rate cap, and targets >40% ROE, estimating a path to over $22/share by 2026.

Engine Capital Pushes for Independent Board Appointment at Civeo Corp (CVEO)

Key Summary: On March 18, 2025, Engine Capital urged Civeo's Board to boost shareholder value by eliminating the dividend, repurchasing 25% of shares, cutting costs, and focusing on buybacks rather than M&A. They believe this could increase the stock by 130% by 2027 and suggested exploring a sale of the company. Engine requested a meeting with the Board. On June 18, 2025, Engine Capital stated the Board would benefit from an independent director and is in ongoing discussions with the company about the appointment.

Market Cap: $304 million | Civeo Corporation provides hospitality services to the natural resource industry in Canada, Australia, and the United States. 

On March 18, 2025, Engine Capital (9.8%) sent a letter to the Board stating that despite the company's strong assets and cash flow potential, it has failed to generate adequate shareholder returns. Engine proposes a major shift in Civeo's capital allocation, including eliminating its dividend, repurchasing 25% of shares through a tender offer, and reducing operational costs. They also recommend abandoning further M&A and prioritizing share buybacks. Engine believes these actions will unlock significant value, potentially increasing the stock's value between $40 and $54 per share, an upside of nearly 130% by 2027. They also suggest exploring strategic alternatives, including a sale of the company, to realize its full value. Engine requests a meeting with Civeo’s Board to discuss these initiatives.

On June 18, 2025, Engine Capital stated its belief that the Board would benefit from a highly qualified, independent director and are in ongoing discussions with the company regarding such an appointment. 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: $28 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.

On May 27, 2025, Al Hartman, former CEO and largest shareholder of Silver Star Properties REIT, urged shareholders to vote in an upcoming proxy to replace current leadership, citing drastic value destruction under CEO Haddock. He highlighted the company’s NAV decline from $412M in 2020 to $134M by mid-2024 and accused Haddock of fiduciary breaches, financial non-disclosure, and misuse of funds to delay the shareholder meeting set for July 7. Source

On June 12, 2025, the Hartman Group urged shareholders to vote for its plan to return capital, criticizing current leadership for selling $395M in legacy assets and reinvesting in speculative, cash-negative properties, while insiders enriched themselves. It opposes a $50M preferred equity raise that would dilute common shareholders. Source

On June 19, 2025, the Hartman Group issued a letter blaming Silver Star Properties’ collapse on poor leadership following Al Hartman's forced exit. They cited plunging occupancy, distressed asset sales, and negative cash flow, contrasting it with Hartman’s past performance, including high occupancy and profitable exits. The letter urged shareholders to vote the BLUE proxy card to restore former leadership and stop further value destruction.