Hi, my name is Anu - I am the Managing Director of the Foundation for Stockholder Democracy. The foundation is the central clearinghouse for hedge fund managers who run proxy contests. Everyone in America who invests in micro cap stocks should talk to the foundation at least once every two years. If someone is an investor in a #microcap stock and thinks that management may be making a mistake, that investor can speak with the managers of hedge funds and explain what management is doing wrong. If the hedge funds like the idea, the #hedgefund will buy stock and then run a proxy contest. The hedge fund managers will be careful to run the proxy contest carefully and avoid forming a group with anyone. You may get back to me, and schedule a phone call with one of the hedge funds that is a member of the Foundation

Activists win at Stratus Properties -  for years $STRS was undervalued and activists demanded a liquidation.  Today the Board finally agreed to liquidate. #microcap #stockholderdemocracy #activistinvestor #investors #investornews #CorporateGovernance #activism #proxybattle

With tensions in the middle east increasing,  activist investors are focusing intensely on the oil and gas sector.   Recent successes for activists include Barry Hugghins defeating the board of Bri-Chem at the September 2025 meeting. #microcap #stockholderdemocracy #activistinvestor #investors #investornews #CorporateGovernance #activism #proxybattle

In Feb 2026, Galloway Capital disclosed a 5.02% stake in GSI Technology, Inc. $GSIT, calling the stock significantly undervalued. It cited weak investor communication and urged steps to unlock shareholder value while seeking board engagement. #microcap #stockholderdemocracy #activistinvestor #investors #investornews #CorporateGovernance #activism #proxybattle

In Feb 2026, Stilwell (9.9% in Lake Shore Bancorp, Inc. $LSBK) nominated Timothy J. Andruschat for election to the Board at the 2026 annual meeting. The move appears part of a broader activist campaign expressing concerns over the company's strategy, performance, and shareholder value. #microcap #stockholderdemocracy #activistinvestor #investors #investornews #CorporateGovernance #activism #proxybattle

In Feb 2026, Commonwealth Asset Management blasted Innventure’s $INV weak post-de-SPAC performance, high overhead, and repeated dilution. It urged sharp cost cuts, focus on Accelsius, board/management changes — and warned further action may follow. #microcap #stockholderdemocracy #activistinvestor #investors #investornews #CorporateGovernance #activism #proxybattle #fund

In Feb 2026, Fund 1 Investments (9.96%) in Funko Inc. $FNKO said it plans to engage with the board & management to push shareholder value initiatives — including a potential strategic alternatives process that could involve a sale. #microcap #stockholderdemocracy #activistinvestor #investors #investornews #CorporateGovernance #activism #proxybattle #fund

Activist Takes 6% Stake in Noodles & Company $NDLS and Demands Fire Sale of 200 Stores Bruce Galloway, CIO of Galloway Capital Management, disclosed a 6.01% stake in Noodles & Company $NDLS and fired off a scathing public letter to CEO Joe Christina. His core demand: immediately sell ~200 company-owned restaurants to raise ~$60 million and pay down the crushing 9–10% debt that has pushed the stock below $1 and put bankruptcy risk front and center. Key points from the letter: Current capital structure is strangling cash flow and creating a real possibility of Chapter 11 A $60M asset sale would dramatically de-lever the balance sheet, slash interest expense, and remove the bankruptcy overhang Galloway successfully executed the exact same playbook at Regis Corp ($RGS), where deleveraging asset sales drove the stock up over 1,000% from its lows The market’s initial reaction: shares jumped as much as 20% intraday on the news. Background context: Noodles hired Piper Sandler in September to “explore strategic alternatives” — code for a balance-sheet reset or outright sale. With net debt still north of $300 million against a sub-$30 million market cap, the math has become brutal. Bottom line: this is textbook restaurant-roll-up-gone-wrong. Over-expansion, over-leverage, and now an activist with a proven template standing at the door. The board is officially on the clock. Disclaimer While we do not hold any position in $NDLS, we are following the situation closely as part of our research. Shareholders with questions or comments may reach out to Anu directly <anu@stockholderdemocracy.com> #NDLS #NoodlesAndCompany #13D #ActivistInvesting #ActivistInvestor #SpecialSituations #ValueInvesting #DeepValue #DistressedDebt #Turnaround #DelistingRisk #BankruptcyRisk #Deleveraging #CorporateGovernance #BadGovernance #RestaurantStocks #FastCasual #QSR #2025Watchlist #FireSale #BalanceSheetReset

Soleus Capital’s Activism Delivers a Premium Takeout for Theratechnologies $THTX Theratechnologies Inc. is a specialty biopharmaceutical company focused on commercializing innovative therapies primarily for people living with HIV, along with a pipeline targeting NASH and cancer.Since November 2023, Soleus Capital Master Fund, L.P. (10.5% ownership) has actively engaged with Theratechnologies’ Board and management to enhance shareholder value. Its campaign included advocating for board representation and urging the company to explore strategic alternatives through an investment bank. In April 2025, Soleus called on the Board to consider Future Pak’s all-cash offer of $3.51 per share, representing a 163% premium, while criticizing management for ignoring potential buyers and acting in self-interest. The firm pressed the Board to fulfill its fiduciary duty by presenting the offer to shareholders.Soleus’ persistence ultimately resulted in a premium acquisition, underscoring how focused shareholder engagement can unlock value in the biotech sector. #Theratechnologies #SoleusCapital #ActivistInvesting While we do not hold any position in $THTX, we are following the situation closely as part of our research. Shareholders with questions or comments may reach out to Anu directly <anu@stockholderdemocracy.com>

Problems at Electrocore Over the past five years, electroCore ($ECOR) — a developer of non-invasive vagus nerve stimulation (“nVNS”) technology — has seen its stock collapse from roughly $41 to $5, erasing most of its market value. ElectroCore has yet to achieve operating profitability and continues to post net losses, with cash burn rising year over year. Operating losses deepened in the most recent quarter. Management’s decision to ramp up hiring, marketing, and product spending in Q2 might set the stage for 2026–2027 growth, but it also pushes profitability further out and adds near-term expense pressure. Truvaga, the company’s non-prescription alternative to gammaCore, is priced far lower and has started attracting price-sensitive users from the prescription channel. That’s intentional cannibalization — and it’s showing up in the numbers: prescription revenue fell 33% year-over-year in Q1 and another 17% in Q2. Management admits the mix shift will squeeze blended margins and slow legacy channel growth as Truvaga awareness builds. Even within Truvaga, momentum is uneven. Despite strong year-over-year growth, Q2 saw a sequential decline in revenue. Legal risks are also mounting — a copycat product in Eastern Europe is reportedly infringing patents and trademarks, creating commercial uncertainty and adding costly legal distractions. Internationally, performance remains soft. Revenue outside the U.S. declined 9% year-over-year in Q2, and the company booked a $548,000 bad-debt expense tied to TAC-STIM receivables — a sign of collection issues and elevated credit risk as the firm tries to expand abroad. Final thoughts Taken together, these pressures — cash burn, channel cannibalization, IP challenges, and credit risks — paint a picture of a company still searching for sustainable footing. At the same time, the company still holds more than 200 patents — a deep intellectual property portfolio that could, in theory, be monetized more effectively. Yet, the near-term fundamentals tell a different story. We do not own shares in electroCore. Our research highlights governance and operational risks that may continue to weigh on valuation unless addressed. Shareholders with questions or comments may reach out to Anu directly <anu@stockholderdemocracy.com> to discuss governance, capital allocation, or ideas to restore long-term value. $ECOR #ECOR #VagusNerve #Truvaga #GammaCore #Biotech #BioPharma #MedTech #Stocks #Investing #StockMarket

George Walter “Wally” Loewenbaum of Rocky Point Ventures wrote to $CLGN CollPlant Biotechnologies Ltd's CEO Yahiel Tal expressing serious concerns about the company's poor commercial performance and funding issues. Loewenbaum proposed appointing Nachum “Homi” Shamir as Chairman, citing Shamir’s significant leadership experience in public companies across the U.S., EU, and Israeli markets. He criticized the current leadership and advisors for underperformance and stressed the necessity of bringing in credible directors to restore market confidence, prevent cash depletion, and avoid shareholder dilution. Loewenbaum also offered to help raise capital in the U.S. through his network at no fees and urged a teleconference to discuss these governance changes, while warning that a proxy fight would be counterproductive.

George Walter “Wally” Loewenbaum of Rocky Point Ventures wrote to $CLGN CollPlant Biotechnologies Ltd's CEO Yahiel Tal expressing serious concerns about the company's poor commercial performance and funding issues. Loewenbaum proposed appointing Nachum “Homi” Shamir as Chairman, citing Shamir’s significant leadership experience in public companies across the U.S., EU, and Israeli markets. He criticized the current leadership and advisors for underperformance and stressed the necessity of bringing in credible directors to restore market confidence, prevent cash depletion, and avoid shareholder dilution. Loewenbaum also offered to help raise capital in the U.S. through his network at no fees and urged a teleconference to discuss these governance changes, while warning that a proxy fight would be counterproductive.

Inspirato Merger Halted After Shareholder Pushback After Inspirato $ISPO announced the merger deal with Buyerlink in June 2025, Clint Coghill of Coghill Capital Management, representing Stoney Lonesome HF LP, voiced strong opposition to the reverse merger. Coghill argued that the deal was value destructive for minority stockholders, alleging self-dealing by Inspirato’s Chairman and CEO Payam Zamani, who he believed was enriching himself at minority shareholders' expense. He also contended that the board was not acting in the best interest of minority shareholders and failed to adequately explore alternative options such as capital raises or outright sales. Subsequently, in mid-September 2025, Inspirato and Buyerlink mutually agreed to terminate the merger agreement, with no termination fees paid by either party. The company's board cited shareholder feedback and concluded that remaining independent was the best path forward to maximize shareholder value. This termination is widely seen as a success for the shareholder push led by Coghill Capital and others who opposed the merger on governance and valuation grounds. #Inspirato #ISPO #Buyerlink #MergerTerminated #ShareholderRights #CoghillCapital #CorporateGovernance #StockMarket #Investing #MinorityShareholders Shareholders with questions or comments may reach out to Anu directly <anu@stockholderdemocracy.com>

AEON Biopharma $AEON has lost over 99% of its value — from more than $1,000 a share to under $1 today. Some shareholders have expressed interest in exploring ways to restore value and improve governance. While we do not hold any position in AEON, we are following the situation closely as part of our research. Shareholders with questions or comments may reach out to Anu directly <anu@stockholderdemocracy.com> Clinical Development Setbacks AEON’s lead asset, ABP-450, has underperformed in clinical trials. Interim Phase 2 data for its migraine prevention treatment failed to meet primary or secondary endpoints in a 325-patient study, forcing the company to discontinue the program. This outcome not only weakens AEON’s core therapeutic thesis but also undermines confidence in its research and development execution. Given that ABP-450 represents AEON’s main revenue and valuation driver, these results severely limit the company’s growth outlook and raise concerns about whether management has adequately managed trial design, patient selection, and regulatory risk. Financial Instability and Compliance Pressure AEON’s financial condition is equally troubling. The company reported a stockholders’ deficit exceeding $32 million and has averaged annual losses of roughly $14.5 million over the past three years. In April 2025, the NYSE American accepted AEON’s compliance plan following concerns about its continued listing eligibility. The company now faces an 18-month deadline to meet the exchange’s standards — a highly uncertain path given its limited cash runway, projected to last only through late 2025. Failure to comply could lead to delisting, further eroding shareholder confidence and liquidity. Broader Governance and Strategic Questions The company’s sharp value erosion, compounded by clinical and financial missteps, has prompted some investors to question whether AEON’s leadership and board oversight have adequately protected shareholder interests. AEON’s situation illustrates the importance of governance alignment and transparent capital allocation in emerging biotech firms — particularly those navigating costly, high-risk clinical pipelines. Disclosure: This commentary is for informational and research purposes only. We hold no position in AEON Biopharma, Inc. #AEON, $AEON, #Biotech, #Biopharma, #Pharma, #Stocks, #Investing, #Finance, #ClinicalTrials, #ShareholderActivism, #CorporateGovernance

Loewenbaum presses CollPlant Biotechnologies Ltd ($CLGN) to appoint Homi Shamir as Chairman amid performance concerns On October 20, 2025, George Walter “Wally” Loewenbaum, an investor through Rocky Point Ventures, sent a letter to CollPlant Biotechnologies Ltd. $CLGN CEO Yahiel Tal urging immediate changes to the company’s leadership structure. Loewenbaum proposed replacing the current Chairman with Nachum “Homi” Shamir, emphasizing Shamir’s proven track record in leading public companies and his extensive experience across U.S., EU, and Israeli markets. Loewenbaum’s letter cited CollPlant’s weak commercial performance, eroding market confidence, and continued funding challenges as key reasons for intervention. He criticized the company’s existing leadership and advisory team for failing to deliver tangible results, warning that without decisive governance changes, CollPlant risked cash depletion and further shareholder dilution. He argued that adding credible directors, led by Shamir, could restore investor trust and attract capital at more favorable terms. Loewenbaum also offered to assist in raising U.S. funding through his network — at no cost — to help stabilize the company’s financial position. Calling for collaboration rather than confrontation, he requested a teleconference to discuss the proposal, cautioning that a proxy contest would only harm shareholder value. CollPlant Biotechnologies Ltd., with a market capitalization of roughly $31 million, develops regenerative and aesthetic medicine technologies focused on 3D bioprinting of tissues and organs. The company operates in the United States, Canada, Israel, Europe, and other international markets. #CLGN #CollPlant #Biotech #Biotechnology #RegenerativeMedicine #3DBioprinting #InvestorActivism #CorporateGovernance #ProxyFight #ShareholderValue

Barry Hugghins' 2025 Activist Campaign at Bri-Chem Corp: A Landmark Victory in Shareholder Activism Barry Hugghins, through Cenatex Holdings LLC, achieved remarkable success in his 2025 activist campaign at Bri-Chem Corp $BRY, a leading North American oilfield chemical distribution company. Controlling approximately 14% of Bri-Chem’s shares, Cenatex strategically nominated four directors—including Hugghins himself—challenging the incumbent board in a high-profile proxy contest culminating at the September 16, 2025 Annual General Meeting. Despite skepticism from the existing board—who questioned the dissident slate’s experience and independence—Hugghins’ nominees prevailed decisively, securing 65.28% of shareholder votes. The result marked a major governance transformation at Bri-Chem and reflected Hugghins’ effective engagement with investors on governance, strategy, and operational improvement. In sum, Barry Hugghins’ campaign stands as a defining success in shareholder activism, delivering enhanced governance and setting the stage for long-term growth and value creation. His leadership, focus, and persistence have established a benchmark for constructive, high-impact activism within Canada’s micro-cap sector. #Shareholderactivism #BriChem #CorporateGovernance #ProxyBattle #InvestorRelations #MicroCap #ValueInvesting #StockMarket #CanadaBusiness #ActivistInvesting #BRY

On Oct 7, 2025, Biglari Capital blasted Cracker Barrel Old Country Store $CBRL ’s board for 14 years of strategic failure, citing missteps like Holler & Dash, Punch Bowl Social, the Maple Street acquisition, and a $700M remodel plan that alienated core customers. #CBRL #Activism #ProxyFight