Friday Furnace

Universal Logistics Holdings reported Q2 2026 GAAP EPS of $0.99, but stripped of a $45.3 million gain on the sale of a New Jersey property to an entity affiliated with its own chairman, adjusted EPS falls to $0.16. The buyer, Lakeshore Ventures LLC, is affiliated with Matthew T. Moroun, the company's chairman, and Matthew J. Moroun, a director; the transaction was approved by disinterested board members. An additional $12.3 million in unexplained legal charges and a $3.9 million impairment further complicate the headline figure, while the intermodal segment posted a $10.4 million operating loss on revenues that fell 36% year-over-year.

THM International TOWER HILL MINES, Ltd. Turnaround

Tower Hill Mines Installs New CEO and COO Ahead of Livengood Development Push

Market cap : at edition (Jul 31, 2026) $500M

International Tower Hill Mines is replacing its CEO with David Wiens, formerly CFO of Asante Gold, while simultaneously adding Shane Parrow — who most recently ran Kinross Gold's Fort Knox and Manh Choh operations in Alaska — as President and COO. Outgoing CEO Karl Hanneman is not departing; he transitions to Strategic Advisor and retains his board seat. The dual appointments come roughly six months after the company raised approximately $118 million and elevated Hanneman to a full-time role, suggesting a deliberate leadership upgrade rather than a forced exit. Wiens' contract contains an unusual immigration contingency: if he cannot obtain U.S. permission to work in Fairbanks, Alaska by March 31, 2028, a separate, reduced severance formula applies.

NOEM CO2 Energy Transition, Corp. Management crisis

NOEM CEO Rodgers Quits Six Days After Board Re-Election

Market cap : at edition (Jul 31, 2026) $115M

Brady Rodgers resigned as CEO, President, and director of CO2 Energy Transition Corp. on July 27, 2026 — just six days after shareholders re-elected him to the board and ten days after the SPAC signed a non-binding LOI with a Texas oil-and-gas company. Chairman Charles Fox, whose affiliated companies are investors in the SPAC's sponsor, has assumed the CEO role while retaining his chairmanship. Simultaneously, Andrew J. Martin — President of the sponsor entity itself — joined the board, deepening the sponsor's grip on governance at the moment the company must convert its LOI into a signed deal by September 16, 2026.

SEER SEER, Inc. Contested

Seer Shareholders Reject Poison Pill With Two Bids Unresolved

Market cap : at edition (Jul 31, 2026) $113M

Seer shareholders voted down ratification of the company's Tax Benefit Preservation Plan at the July 28 annual meeting, with 19.86 million shares voting in favor against 9.15 million abstentions and 14.56 million opposed — falling short of a majority of the 43.6 million shares represented. The plan, which was designed to deter any party from acquiring 4.9% or more of Seer's stock without board approval, will now expire on February 25, 2027 rather than its original 2029 date. The vote came one day after the Radoff-JEC Group submitted a revised $2.55-per-share bid and CEO Omid Farokhzad submitted a revised $2.45-per-share management buyout proposal — the fifth and sixth acquisition proposals the board has received since April. Two directors, Terrance McGuire and Dipchand Nishar, received more withheld votes than votes in favor but were retained under the company's plurality voting standard.

HUMA Humacyte, Inc. Distressed

Humacyte Hits Nasdaq Bid-Price Floor Again Weeks After $50M Offering

Market cap : at edition (Jul 31, 2026) $181M

Humacyte received its second Nasdaq minimum bid-price deficiency notice in under three months, after its stock fell below $1.00 for 30 consecutive business days ended July 30, 2026. The relapse came within weeks of a June 10 underwritten offering of 47.6 million shares at $1.05 — a deal that landed the same day the company announced positive Phase 3 dialysis data. Humacyte now has until January 27, 2027 to restore compliance, a task it last accomplished on June 5 before the stock collapsed again. The company reported approximately $2.0 million in total revenue for all of 2025, against an accumulated deficit of $702 million as of September 30, 2025.

OXSQ Oxford Square Capital, Corp. Distressed

Oxford Square NAV Falls 37% as Distributions Outpace Earnings

Market cap : at edition (Jul 31, 2026) $151M

Oxford Square Capital Corp. reported Q2 2026 net asset value of $1.29 per share — down from $2.06 a year earlier — while declaring a fourth consecutive quarter of $0.035 monthly distributions ($0.105/quarter) against net investment income of just $0.05 per share. The business development company has accumulated $419.8 million in total distributable losses. Separately, Oxford Square swapped auditors from PricewaterhouseCoopers to Ernst & Young in May 2026, citing no disagreements and no reportable events.

TE T1 Energy, Inc. Construction Financing Gap

T1 Energy Raises $120M Third Convertible Tranche as G2 Costs Climb

Market cap : at edition (Jul 31, 2026) $1.2B

T1 Energy completed a $120 million private placement of 4.75% Convertible Senior Notes due 2031, its third convertible debt offering in roughly seven and a half months, with a conversion price of approximately $4.46 per share — well below the ~$6.80 set in April and the ~$6.93 set in December. Management describes the proceeds as "a bridge to a comprehensive financing solution" for its G2_Austin solar cell fab, whose estimated Phase 1 cost has now risen 20% to $510 million and whose first production date has slipped from Q4 2026 to Q1 2027. A credit agreement amendment removing Trina Solar's ownership and board requirements was signed the day before the note purchase agreements and took effect at the note closing.

BBAI Bigbear.ai Holdings, Inc. Turnaround

BigBear.ai Opens 100-Million-Share ATM as Management Signals Acquisition Push

Market cap : at edition (Jul 31, 2026) $1.4B

BigBear.ai established a new at-the-market equity program on July 31, 2026, authorizing the sale of up to 100 million shares through Jefferies LLC at up to 3.0% commission — the day after reporting its first quarter of revenue growth in over a year. The 100 million shares represent roughly 21% of the 479.5 million shares currently outstanding. Management explicitly flagged 'accretive, catalytic M&A' as the second-half priority, and the company spent $229 million acquiring Ask Sage in late 2025. Despite $409.8 million in total cash and investments, BigBear.ai has burned through more than $40 million in operating cash in the first half of 2026 and reported an Adjusted EBITDA loss of $21.5 million over the same period.

WMG Warner Music Group, Corp. Management crisis

Warner Music CFO and COO Zerza Departs; Formal Search Begins

Market cap : at edition (Jul 31, 2026) $14.4B

Armin Zerza, who held the combined CFO and COO title at Warner Music Group, stepped down on July 31, 2026, citing personal reasons, with immediate effect. The company split the dual role: Lou Dickler, SVP and Global Controller, was named Acting CFO while the company conducts a permanent search, and Warner Records Co-Chairman Tom Corson was elevated to corporate COO. The departure comes against a backdrop of strong financial momentum — Q2 revenue rose 17% and management had just guided toward the high end of its 150-200 basis point margin expansion target.

ANSC Agriculture & Natural Solutions Acquisition, Corp. Spac Wind Down

Agriculture SPAC to Liquidate After Sponsor Halts Trust Deposits

Market cap : at edition (Jul 31, 2026) $477M

Agriculture & Natural Solutions Acquisition Corp is winding down after sponsor Warrant Holdings Sponsor stopped making monthly extension deposits into the trust account, triggering the 30-day dissolution clause in the amended articles. Public shareholders will receive approximately $11.47 per share on or around August 19, 2026; warrant holders receive nothing. Shares stop trading on Nasdaq on August 12, 2026, followed by a Form 25 delisting and a Form 15 to suspend SEC reporting. The sponsor had committed in November 2025 to deposit up to $7,901,336.88 in monthly installments to fund extensions through as late as November 2026.

CHPT Chargepoint Holdings, Inc. Distressed

ChargePoint Cuts 10% of Workforce, Loses Revenue Chief

Market cap : at edition (Jul 31, 2026) $142M

ChargePoint simultaneously disclosed a roughly 10% global workforce reduction, estimated to cost approximately $6 million in restructuring charges, and the departure of Chief Revenue Officer John "David" Vice, effective July 28, 2026. The disclosures came alongside a reaffirmation of Q2 fiscal 2027 revenue guidance of $100 million to $110 million. The actions arrive eight months after the company exchanged $328.6 million in convertible notes for a $186.5 million secured term loan bearing 12% fixed interest, and as cash on hand had fallen to $95.8 million — down from $141.6 million just one quarter earlier — with operating cash burn running at roughly $37 million per quarter.

Related-Party Property Gain Masks Weak Q2 at Universal Logistics