13D weekly report - October 27, 2025 to October 31, 2025

Price Adrian seeks dialogue with Alaunos (TCRT)board on value creation

Key Summary:  On October 31, 2025, Adrian Price (8.6%) plans to engage Alaunos’ board to explore value-enhancing strategies, possibly including board nominations for strategic acquisitions, though no specific proposal or target has been identified.

Market Cap: $6 million | Alaunos Therapeutics, Inc., a clinical-stage oncology-focused cell therapy company, develops small molecules to treat obesity and other metabolic disorders.

On October 31, 2025, Price Adrian (8.6%) plans to engage the board to explore ways to enhance shareholder value, potentially by suggesting board nominees to pursue strategic acquisitions. He has not yet developed a specific proposal or identified any target and has appointed himself to represent them in discussions with the board. Source

Stilwell Seeks Collaboration with Catalyst Bancorp, Inc (CLST) to Boost Shareholder Value

Key Summary: On October 30, 2025, Joseph Stilwell (5.2%) expressed interest in collaborating with management and the Board to enhance shareholder value.

Market Cap: $56 million | Catalyst Bancorp, Inc. operates as a holding company for Catalyst Bank that provides various banking products and services to individuals and businesses in Louisiana.

On October 30, 2025, Joseph Stilwell (5.2%) stated that he hopes to work with management and Board to maximize shareholder value. Source

STAAR Surgical (STAA) postpones merger vote to December 3, 2025

Key Summary: Broadwood Partners noted progress in STAAR Surgical Company. On Jan 10, 2024 (22.1%), despite a stock price dip, it believed in the company's growth and opposed undervalued acquisitions. It stressed corporate governance and planned to engage for more enhancements and value creation. On March 3, 2025, Broadwood Partners increased its stake to 24.2% and supported the new CEO, aiming for improved profitability and long-term shareholder value. On April 2, 2025, Broadwood Partners raised its stake to 25.4%, backed the new CEO and Interim CFO for their strong track records, and welcomed governance improvements, including separating the CEO and Chair roles and adding Asia-focused directors. On August 5, 2025, the company agreed to be acquired by Alcon, but Broadwood Partners remains undecided and is reviewing the process while exploring alternatives. On August 5, 2025, the company agreed to be acquired by Alcon, but Broadwood Partners said it will vote against the deal, citing process and valuation flaws, including Alcon’s earlier higher $55 + $7 CVR offer, no proper market check, and STAAR’s improving fundamentals being ignored. On September 15, 2025, Broadwood Partners filed proxy materials urging stockholders to vote against the proposed merger with Alcon Research. On September 22, 2025, Yunqi Capital (5.1%) announced it will vote against the company’s proposed $28 per share sale to Alcon. On October 15, 2025, Broadwood Partners announced that all three major proxy advisory firms have recommended shareholders vote against the proposed sale to Alcon                                                                                   

Market Cap: $1.3 billion | STAAR Surgical Company designs, develops, manufactures and sells implantable lenses for the eye and delivery systems used to deliver the lenses into the eye.

On January 10, 2024, Broadwood Partners (22.1%) stated that despite the company's stock price having fallen since its last filing in November 2023, it believed the company had continued to grow and improve its financials. It opposed any acquisition offer at a price below its perceived long-term value. Broadwood Partners also emphasized the importance of corporate governance and shareholder alignment, noting past contributions and recent improvements. It planned to remain engaged in dialogue with the Board and other shareholders for further governance enhancements and value creation. Source

On March 3, 2025, Broadwood Partners raised its stake to 24.2% and expressed support for the new CEO, expecting improved profitability and growth, while also engaging with the Board on governance and strategic issues to foster long-term shareholder value. Source

On April 2, 2025, Broadwood Partners raised its stake to 25.4% and support the new CEO and Interim CFO, citing their track records, and welcome recent governance improvements, including the separation of CEO and Chair roles and the addition of Asia-focused directors.

On August 5, 2025, the company agreed to be acquired by Alcon, but Broadwood Partners remains undecided, seeking records on the merger process and exploring alternative partners or strategies to enhance shareholder value. Source

On August 5, 2025, the company announced that it had entered into a definitive merger agreement through which Alcon will acquire the company. On September 2, 2025, Broadwood Partners announced it will vote against Alcon’s proposed acquisition, citing serious process and valuation flaws. Broadwood argued the deal undervalues STAAR, noting Alcon’s earlier, higher $55 + $7 CVR offer, the lack of a proper market check, and that STAAR’s improving fundamentals and cost discipline were ignored when the deal was struck. Source

On September 15, 2025, Broadwood Partners filed proxy materials urging stockholders to vote against the proposed merger with Alcon Research, arguing it is not in shareholders’ best interests. Source

On September 22, 2025, Yunqi Capital (5.1%) announced it will vote against the company’s proposed $28 per share sale to Alcon, arguing the deal materially undervalues STAAR and results from a flawed process. In an open letter, Yunqi criticized the Board for engaging only with Alcon, limiting competing bids, and adopting an overly pessimistic view of China—STAAR’s key market—despite signs of recovery. While open to a transaction at a fair price, Yunqi urged shareholders to reject the current terms, stressing STAAR’s strong standalone prospects in the global refractive surgery market.

On September 24, 2025, the Broadwood Partners filed a definitive proxy statement and GREEN proxy card with the SEC urging shareholders to vote AGAINST the proposed merger and related compensation proposal at the upcoming special meeting. They also issued a press release and letter to stockholders announcing their campaign website, www.LetSTAARShine.com, arguing the merger is suboptimal due to poor timing, a flawed process, and conflicts of interest within the board and management. Source

On October 2, 2025, Broadwood Partners issued an investor presentation titled “The Wrong Time, Wrong Process and Wrong Price”.

On October 6, 2025, Broadwood Partners issued a letter to the shareholders urging them to vote “AGAINST” the $28-per-share sale to Alcon, calling it unjustified after the board rejected Alcon’s $58 offer last year.

On October 7, 2025, Yunqi Capital strongly opposes the proposed merger with Alcon, arguing that STAAR significantly underestimates its business strength, especially in China, and misrepresents its performance and market position. Source

On October 9, 2025, Glass Lewis & Co. recommended that shareholders vote against the proposed $28-per-share sale of STAAR to Alcon AG. Source

On October 14, 2025, Broadwood Partners criticized STAAR’s delayed disclosure that another strategic buyer had expressed acquisition interest in April 2025—information allegedly withheld from the full board when it approved the sale to Alcon. Broadwood called this a serious breach of transparency and governance, noting STAAR’s CEO and Board Chair ignored the outreach from a major private equity–backed suitor and only acknowledged it in a recent SEC filing. Broadwood urged shareholders to vote against the proposed Alcon acquisition, citing a flawed sale process and lack of disclosure. Source

On October 15, 2025, Broadwood Partners announced that all three major proxy advisory firms—ISS, Glass Lewis, and Egan-Jones—have recommended STAAR Surgical shareholders vote against the proposed sale to Alcon

On October 17, 2025, Broadwood Partners sent a letter to STAAR’s board urging it to proceed with the October 23, 2025 shareholder vote on the proposed sale to Alcon without delay or manipulation. Broadwood criticized the sale process as flawed and the deal price as inadequate, noting that major investors and proxy advisors also oppose it.

On October 21, 2025 Yunqi Capital issued via press release an open letter to the board of directors further discussing its continued intention to vote against the Proposed Merger.

On October 21, 2025, Broadwood Partners informed the Board of their intent to call a separate special meeting to remove several directors (yet to be identified) and warned the Board not to take any action regarding the proposed merger before the October 23, 2025 stockholder vote. Source

On October 25, 2025, Yunqi Capital via press release an open letter to the board opposing the Board’s decision to delay the shareholder vote on the $28-per-share sale to Alcon, calling it unnecessary and harmful. It warned against a new “go-shop” or rushed sale, citing conflicts of interest and the deterrent effect of Alcon’s low offer. Yunqi urged the Board to end the Alcon deal and later pursue a proper strategic review from a stronger position, noting rising ICL demand in China and urging disclosure of in-market sales data to reflect STAAR’s improving fundamentals.

On October 27, 2025, STAAR Surgical postponed its special meeting to vote on the merger with Alcon from November 6 to December 3, 2025. Source

Past

In 2015, Broadwood Partners disclosed a 2.3% stake and sought a board seat, while it increased its holdings from 17.3% to 21.6%, citing governance and alignment concerns and faith in management. In 2016, Broadwood's stake grew to 27%, recognizing governance improvements but maintaining alignment concerns, emphasizing the need for more progress. In August 2018, holding 24.7%, Broadwood Partners noted substantial company progress under improved management, better results, and increased recognition, acknowledging governance advancements and committing to ongoing dialogue for long-term value. In August 2020, with a 23.6% stake, it reaffirmed its belief in the company's progress, and on January 28, 2021, at 21.5%, expressed satisfaction with ongoing corporate governance enhancements, crediting shareholder-oriented governance since 2014-2016 via shareholder-board dialogue.

Starboard supports Skyworks’ two-step merger to acquire Qorvo, Inc (QRVO)

Key Summary: On April 14, 2025, Starboard nominated Peter A. Feld to the Board. On May 19, 2025, the company announced plans to nominate Starboard’s Peter A. Feld to its Board following constructive engagement. In turn, Starboard withdrew its prior nomination of Feld. On October 27, 2025, Starboard agreed to support Skyworks Solutions’ planned two-step merger to acquire the company, committing to vote its shares in favor of the deal.

Market Cap: $5.5 billion | Qorvo, Inc. engages in development and commercialization of technologies and products for wireless, wired, and power markets worldwide.

On April 14, 2025, Starboard (8.9%) delivered a letter to the company nominating Peter A. Feld, Managing Member, Portfolio Manager and Head of Research of Starboard, for election to the Board at the 2025 AGM. Source

On May 19, 2025, the company announced its intention to nominate Peter A. Feld, Managing Member, Portfolio Manager and Head of Research of Starboard Value LP, for election to the  Board at the 2025 Annual Meeting of Stockholders, following constructive engagement between the company and Starboard. In connection with this announcement, on May 19, 2025, Starboard delivered a notice to the company withdrawing its nomination of Mr. Feld for election to the Board at the Annual Meeting. Source

On October 27, 2025, Starboard entered into a Voting and Support Agreement with Skyworks Solutions in connection with Skyworks’ planned two-step merger to acquire the company and make it a wholly owned subsidiary. Under the agreement Starboard committed to vote its shares in favor of the merger.

Core Scientific shareholders reject merger with CoreWeave (CORZ)

Key Summary: On August 7, 2025, Two Seas Capital (6.3%) stated that it will vote against Core Scientific’s sale to CoreWeave, calling it undervalued and risky, and plans to rally shareholder opposition. On October 21, 2025, Two Seas Capital announced that proxy advisory firm ISS recommended shareholders vote “against” Core Scientific’s proposed sale to CoreWeave. Core Scientific shareholders rejected the proposed merger with CoreWeave on October 30, 2025, leading to the immediate termination of the merger agreement.

Market Cap: $6.9 billion | Core Scientific, Inc. provides digital asset mining services in the United States.

On August 7, 2025, Two Seas Capital (6.3%) said it will vote against Core Scientific’s proposed sale to CoreWeave, calling the deal undervalued and risky due to its uncollared, all-stock structure. While supportive of a merger in principle, it believes the current terms unfairly favor CoreWeave and plans to urge other shareholders to reject the deal. Source

On September 29, 2025, Two Seas Capital filed a definitive proxy statement and issued a letter urging shareholders to vote AGAINST the proposed sale to CoreWeave arguing the $16.50-per-share deal is mispriced, poorly structured, and benefits executives at the expense of shareholders. Source

On October 13, 2025, Two Seas Capital released an investor presentation in connection with its opposition to the Company's proposed sale to CoreWeave, Inc. It urges shareholders to vote against the proposed all-stock merger with CoreWeave, calling it a deeply flawed, undervalued, and conflicted transaction. The firm argues Core Scientific’s board conducted no competitive process, accepted a meager 1% negotiation improvement, and reversed executive compensation policies—creating misaligned incentives and nearly $200 million in payouts.

On October 17, 2025, Two Seas Capital urged shareholders to vote against the sale to CoreWeave, calling it deeply undervalued. It noted that while peers’ stocks have tripled amid the AI boom, Core Scientific’s stock has lagged due to CoreWeave’s decline. Two Seas estimates Core Scientific should trade near $45 per share versus the deal’s implied $17.50. With the stock consistently above the offer value, it said the market rejects the deal and urged shareholders to do the same. Source

On October 21, 2025, Two Seas Capital announced that proxy advisory firm ISS recommended shareholders vote “against” Core Scientific’s proposed sale to CoreWeave. Source

On October 30, 2025, the company held a special stockholder meeting to vote on its proposed merger with CoreWeave, Inc. under the July 7, 2025 Merger Agreement. Of the 307.4 million shares outstanding, holders of 245.8 million shares (about 80% voting power) participated, forming a quorum. However, stockholders did not approve the merger, leading Core Scientific to terminate the Merger Agreement. Source