Special Situations Digest

A structured weekly digest of activist campaigns, strategic reviews, spin-offs, restructurings, divestitures, and M&A across 20+ markets.

[Special Situations Digest @specsitsdigest]

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[Special Situations Digest @specsitsdigest]

$KWM 💧 Capital Return · Recap
Retires 9.8M shares (~13% of outstanding) from Solaire rescission
Announced planned retirement of 9,827,057 ordinary shares (approx 13% of outstanding) upon receipt from rescission of the Solaire ac…
Px $0.2300 · Mkt cap $16.7M · EV $47.1M

[Special Situations Digest @specsitsdigest]

$AXIN 🤝 Merger
Merging with Terra Quantum AG; SPAC vote pending
Entered into a Business Combination Agreement with Terra Quantum AG, a Swiss quantum computing company. The transaction is subject to shareholder approval and othe…
Px $10.39 · Mkt cap $284.1M · EV $283.6M

[Special Situations Digest @specsitsdigest]

$ATER 🤝 Merger
Sells substantially all assets to Trademark Global for $18M cash; vote July 10
Sells substantially all assets to Trademark Global for $18M cash, subject to working capital adjustment. Concurrently, David E. Lazar wi…
Px $1.12 · Mkt cap $10.2M · EV $10.8M

[Special Situations Digest @specsitsdigest]

$HTOO 🤝 Merger
Acquires Royal Uranium Inc.; shareholder vote approved
Shareholders approved the acquisition of Royal Uranium Inc. via a share exchange agreement dated February 18, 2026. The vote was held at an EGM on June 8, 2026,…
Px $2.91 · Mkt cap $9.6M · EV $16.2M

[Special Situations Digest @specsitsdigest]

$SGML ⚖️ Litigation · Won
Wins court appeal; overturns US$10M collateral risk
Won a Court of Appeal ruling in Minas Gerais state court overturning a lower court decision that had posed a potential US$10 million legal collateral. T…
Px $13.25 · Mkt cap $1.48B · EV $1.61B

[Special Situations Digest @specsitsdigest]

$LSTA 🎯 Tender
Tender offer delayed; Kuva Labs lacks committed financing; outside date extended
And Kuva Labs amended the March 6 merger agreement to extend the tender offer commencement to June 10, 2026, and the outside date to J…
Px $3.48 · Mkt cap $31.4M · EV $18.1M

[Special Situations Digest @specsitsdigest]

$NUVL 🎯 Tender
Acquired by GSK for $124/share cash; tender offer and merger
Entered into a definitive merger agreement with GlaxoSmithKline LLC, under which a subsidiary will commence a tender offer for all shares at $124.00 per…
Px $88.49 · Mkt cap $6.99B · EV $5.70B

[Special Situations Digest @specsitsdigest]

$GSK 🤝 Merger
Acquires Nuvalent for $124/share cash; $10.6B
Entered a definitive agreement to acquire Nuvalent, Inc. for $124 per share in cash, representing a total equity value of $10.6 billion. The tender offer will commen…
Px $50.67 · Mkt cap $103.19B · EV $123.51B

[Special Situations Digest @specsitsdigest]

$NOVT 🤝 Merger
Acquires Runway Buyer for $1.2B cash + $250M milestone
. (NOVT) agreed to acquire Runway Buyer, LLC from Runway Midco, LLC for $1.2 billion in cash at closing plus a $250 million milestone payment due by January 8…
Px $164.34 · Mkt cap $5.85B · EV $5.75B

[Special Situations Digest @specsitsdigest]

$IPCX 🤝 Merger
Amends Air Water merger: consideration cut to $200M, earnout revised
Amended its business combination agreement with Air Water Ventures Holdings Limited, reducing the aggregate base consideration from $300 millio…
Px $10.33 · Mkt cap $355.9M · EV $355.1M

[Special Situations Digest @specsitsdigest]

$FRMI ⚔️ Proxy Contest
Solicits proxies for special meeting; June 30
Toby Neugebauer and affiliated entities (Vicksburg Investments Management LLC, Melissa A. Neugebauer 2020 Trust) along with David A. Daglio, Charles M. Elson, and…
Px $5.69 · Mkt cap $3.69B · EV $3.94B

[Special Situations Digest @specsitsdigest]

$AX 🤝 Merger
OCC approves deposit acquisition; close later in 2026
Axos Financial's subsidiary Axos Bank received OCC approval for a previously announced deposit acquisition. The transaction is expected to close later in calen…
Px $87.85 · Mkt cap $5.00B · Fwd P/E 9.3x

[Special Situations Digest @specsitsdigest]

$BIYA 📤 Divestiture
Sells Juxing subsidiary to Shengshi for $2M cash
Entered into a share purchase agreement to sell its wholly-owned subsidiary Juxing Investment Group (Hong Kong) Limited to Shengshi International Group Inc. fo…
Px $0.8100 · Mkt cap $15.9M · EV $15.3M

[Special Situations Digest @specsitsdigest]

🤝 Merger · XOMA Royalty
Acquired by Ligand Pharmaceuticals for $39.00 cash + CVR; vote July 13
Corporation agreed to be acquired by Ligand Pharmaceuticals for $39.00 per share in cash plus a contingent value right (CVR) tied to net proceeds from the Janssen litigation…

[Special Situations Digest @specsitsdigest]

$RAAQ 🤝 Merger
Acquires IQM Finland in de-SPAC; proxy mailed, vote pending
Announced that the SEC declared effective the registration statement for its business combination with IQM Finland Oy. The definitive proxy/prospectus h…
Px $10.93 · Mkt cap $251.4M · EV $250.6M

[Special Situations Digest @specsitsdigest]

$IQMX 🤝 Merger
Acquired by Real Asset Acquisition Corp. in SPAC merger; proxy mailed
A quantum computing company, will be acquired by SPAC Real Asset Acquisition Corp. (RAAQ). The SEC declared the registration statement effective on June 5, 2026, and the definitive pr…

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$CEPO 🤝 Merger
Acquires BSTR Holdings in business combination; vote pending
Filed additional proxy materials in connection with its pending business combination with BSTR Holdings, Inc. The filing includes an 8-K reporting a $1…
Px $10.62 · Mkt cap $270.8M · EV $271.6M

[Special Situations Digest @specsitsdigest]

@ClarkSquareCap 🥰

[Special Situations Digest @specsitsdigest]

$SVAC 🤝 Merger
Amends General Fusion merger; SAFE holders granted vote on arrangement
Entered into Amendment No. 2 to its Business Combination Agreement with General Fusion Inc. The amendment provides that General Fusion's SAFE…
Px $10.38 · Mkt cap $320.5M · EV $319.8M

[Special Situations Digest @specsitsdigest]

$KG ⚖️ Litigation · Direction = Won
Wins arbitration award; cedant found in breach; $1M fees awarded
Kestrel Group's subsidiary won a final arbitration award on June 2, 2026. The panel denied rescission, found the cedant in inten…
Px $11.90 · Mkt cap $93.3M · EV $255.0M