The Special Situation Report #195: January 5 Roundup
Summary of the Week in Special Situations
Happy New Year!
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
C-Suite Sudden Departures
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Update on Developing M&A
Neuphoria (NEUP): Lynx1 made an offer to the Board to acquire certain intellectual-property-related assets of the company in an all-cash transaction, or by having Lynx1 pay with shares of the company’s common stock of equal value. (13D Filing)
Rumors
No new rumors during a holiday shortened week.
Update on Shareholder Activism
Chicago Rivet & Machine (CVR): Galloway Capital Partners believes the company is trading at a significant discount, and management should take steps to increase shareholder value. (13D Filing)
Pacira BioSciences (PCRX): DOMA Perpetual intends to nominate three independent director candidates at the 2026 annual meeting. (Press Release)
Update on Other Special Situations
Baidu (BIDU): Baidu announced a proposed spin-off and separate Hong Kong listing of its AI-chip subsidiary, Kunlunxin (Beijing) Technology, via an H-share listing on HKEX. Baidu expects Kunlunxin to remain a subsidiary post-listing; the transaction is subject to regulatory approvals and final decisions, with timing not yet determined. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Financial Services
DigitalBridge Group (DBRG) / SoftBank Group - $4 bn, H2 2026 (Press Release, Merger Agreement)
Flushing Financial (FFIC) / OceanFirst Financial (OCFC) - $958.63 mn, Q2 2026 (Press Release)
Healthcare
FONAR Corp (FONR) / CEO and Management Team - $98.62 mn, Q3 2026 (Press Release, Merger Agreement)
Technology
ON24 (ONTF) / Cvent - $102.24 mn, H1 2026 (Press Release, Merger Agreement)
Sudden Departures
“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days.
Expensify (EXFY): Chief Operating Officer Anu Muralidharan resigns effective December 29, 2025. (Filing)
FS Credit Opportunities (FSCO): Chief Financial Officer Edward T. Gallivan, Jr. resigns effective December 31, 2025. (Filing)
Genelux (GNLX): Chief Medical Officer Paul Scigalla resigns effective December 30, 2025. (Filing)
Hecla Mining (HL): Chief Administrative Officer Michael L. Clary resigns effective December 31, 2025. (Filing)
Photronics (PLAB): Chief Technology Officer Dr. Christopher J. Progler resigns effective December 29, 2025. (Filing)
Twin Hospitality Group (TWNP): Terminates President and Chief Executive Officer Kim Boerema effective December 29, 2025. (Filing)
VisionWave (VWAV): Chief Executive Officer Noam Kenig resigns effective December 29, 2025. (Filing)
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