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Special Situations Digest @specsitsdigest

A structured weekly digest of activist campaigns, strategic reviews, spin-offs, restructurings, divestitures, and M&A across 30 markets. By @clarksquarecap

Joined June 2026
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Created a live feed of US special situations (spin-offs, divestments, rights offerings, etc). Refreshed every 5 minutes. Check it out! It's free!
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$VAYK 💔 Busted Terminates home engineering acquisition, returns 50.1% stake; CEO resigns Great Estate Blockchain Inc. (VAYK) announced mutual termination of the acquisition agreement under which it held a 50.1% ownership interest in a home engineering business. The di…
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$BANR 🤝 Merger · Definitive Acquires Pacific Financial for 0.2633 BANR/sh (~$17.70/sh; $178.5M) Corporation will acquire Pacific Financial Corporation. Each Pacific Financial share will be exchanged for 0.2633 shares of Banne… Px $65.87 · Mkt cap $2.28B · Fwd P/E 10.6x
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$IPFX 🤝 Merger · Definitive Combines with Quantum Space via SPAC merger Is merging with Quantum Space, a space defense technology company, in a de-SPAC business combination. The deal provides Quantum Space with public listing a… Px $10.69 · Mkt cap $348.9M · EV $346.7M
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$BRUN 📍 Stake Sponsor and insider disclose 12.25% beneficial ownership in original 13D B. Luke Weil and Willow Lane Sponsor, LLC filed a Schedule 13D disclosing aggregate beneficial ownership of 3,906,023 shares of Boost Run Inc.… Px $37.46 · Mkt cap $1.90B · EV $1.94B
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$ISBA 🤝 Merger · Definitive Acquires Grand River Commerce; $5.72 cash or 0.1415 ISBA shares per share Entered into a definitive merger agreement to acquire Grand River Commerce, Inc. for a mix of cash and stock. Grand River… Px $41.43 · Mkt cap $308.3M · Fwd P/E 11.0x
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$PCT 💧 Capital Return · Recap Issues $287.5M 4.75% converts due 2032; conversion price ~$11.08 Issued $287.5M aggregate principal amount of 4.75% convertible senior notes due 2032 in an underwritten offering via Morgan Stanley. Ne… Px $8.80 · Mkt cap $1.61B · EV $2.26B
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$NIXX 🤝 Merger · Definitive Acquires Tachyon in reverse merger valued at ~$1B; target shareholders to hold 90% Entered a binding letter of intent to acquire Tachyon 9, a digital infrastructure company with a 620-acre hyperscale… Px $0.8700 · Mkt cap $23.4M · EV $21.3M
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$ISBA 🤝 Merger · Definitive Acquires Grand River Commerce for $5.72 cash or 0.1415x ISBA stock (est.) Corporation entered into a definitive agreement to acquire Grand River Commerce, Inc. through a merger, offering Grand Riv… Px $41.43 · Mkt cap $308.3M · Fwd P/E 11.0x
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$BHR ⚔️ Proxy Contest · Proxy Contest Nominates full director slate at Braemar; accuses board of $480M self-dealing Al Shams Investments, Braemar's largest shareholder, sent an open letter to the board accusing it of authorizing a… Px $2.12 · Mkt cap $149.0M · EV $1.58B
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$GORO 🤝 Merger · Definitive Merging with Goldgroup Mining; special meeting July 2 for vote Shareholders are asked to vote on a proposed merger with Goldgroup Mining Inc. at a Special Meeting on July 2, 2026. The Board unanimousl… Px $1.25 · Mkt cap $194.3M · EV $163.3M
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$INIKF 🪙 Debt Restr. Converts $32.2M debt to equity; 62.5% dilution; $25.8M cash pending Ionik Corporation completed the equity conversion and maturity extension components of its comprehensive debt reorganization, converting a… Px $0.0400 · Mkt cap $11.6M · EV $118.8M
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$GALKF 🤝 Merger · Definitive Acquires Sol de Oro Mining; shareholder approval obtained, close expected June Galantas Gold Corporation announced that its shareholders voted 99.99% in favor of the resolution approving the acquis… Px $0.3200 · Mkt cap $223.6M · EV $217.9M
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$GGB 🤝 Merger · Definitive Acquires COPEL's 23% DFESA stake for R$150M cash; total 100% for R$300M Gerdau entered into a binding Share Purchase Agreement with COPEL to acquire COPEL's 23.03% equity interest in DFESA for an enterp… Px $4.67 · Mkt cap $8.82B · EV $10.79B
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$ELPC 📤 Divestiture Sells 23% stake in Dona Francisca plant to Gerdau for R$150M Entered into a binding SPA to sell its 23.03% interest in Dona Francisca Energética S.A. (DFESA) to Gerdau S.A. for a total enterprise value of R$1… Px $11.69 · Mkt cap $8.57B · EV $12.20B
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$NHIC 🤝 Merger · Definitive Acquires NewCleo via de-SPAC; up to $429M gross proceeds Merges with advanced reactor developer NewCleo Ltd. in a SPAC transaction expected to raise up to $429 million in gross proceeds. The deal was… Px $11.00 · Mkt cap $301.5M · EV $300.9M
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$FRMI ⚔️ Proxy Contest Seeks special meeting via agent designations; proxy contest at Fermi Toby Neugebauer and affiliates filed a definitive proxy statement to solicit agent designations to call a special meeting of Fermi Inc. sha… Px $7.48 · Mkt cap $4.55B · EV $4.81B
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$GCO ⚔️ Proxy Contest Faces proxy contest from Radoff slate; AGM July 21 Faces a proxy contest from Bradley L. Radoff, who has nominated a slate of four directors for election at the July 21, 2026 annual meeting. The Board unanim… Px $39.19 · Mkt cap $472.1M · EV $1.02B
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$NVVE 🤝 Merger · Definitive Merger vote adjourned to June 23 for quorum Convened a special meeting on June 15, 2026 to vote on proposals related to the previously announced merger agreement. Only 3,118,235 shares were present, fai… Px $0.3900 · Mkt cap $3.3M · EV $9.3M
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$RENX 🪙 Debt Restr. Exchanges $7.17M debt for Series C convertible preferred warrants Entered into an exchange agreement with Index Equity US, LLC (related party) to cancel $7,169,073 of principal and accrued interest in exchange… Px $1.73 · Mkt cap $4.5M · EV $30.5M
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$SEER ⚔️ Proxy Contest Faces Radoff-JEC proxy contest; AGM July 28 Faces a proxy contest from the Radoff-JEC Group (Bradley Radoff and Michael Torok), who own ~7.7% and are seeking to elect three director nominees – Howard H. Berm… Px $1.73 · Mkt cap $94.6M · EV $-49.1M
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