Friday Furnace

DraftKings dismissed BDO USA, P.C. as its auditor on September 23, 2026 — just four months after shareholders voted to ratify BDO at the May 12 annual meeting — and appointed Deloitte & Touche LLP for fiscal year 2027. No disagreements with BDO were disclosed, and the audit committee attributed the move to the completion of an evaluation process. The switch from a non-Big 4 to a Big 4 firm is consistent with a company approaching $7 billion in annual revenue, though the compressed gap between ratification and dismissal raises a straightforward timing question: was this evaluation already underway when the May proxy was prepared?

CXW Corecivic, Inc. Management Succession

CoreCivic CEO Steps Down With Stage Four Pancreatic Cancer Diagnosis

Market cap : at edition (Sep 25, 2026) $3.4B

Patrick Swindle resigned as CoreCivic's President and CEO on September 24, 2026, disclosing a diagnosis of stage four metastatic pancreatic cancer. The board immediately appointed Lucibeth Mayberry, a 23-year company veteran who served as Chief Strategy Officer, as his successor. Under a two-year transition agreement, Swindle will receive a $2.29 million cash incentive payment for 2026 and an $8.06 million lump sum in exchange for forfeiting his unvested equity, while waiving rights under the company's executive severance plan. Mayberry takes the helm mid-execution of a $500 million accelerated share repurchase and ongoing management contract discussions with federal immigration authorities.

WHK Whitehawk Minerals, Corp. Related Party Preferred Raise

WhiteHawk CEO Buys Into Preferred Stock He Helped Design

Market cap : at edition (Sep 25, 2026) $627M

WhiteHawk Minerals CEO Daniel Herz is among the investors in a $50 million Series E Preferred Stock offering whose terms his own company set — stock that ranks senior to all other capital, pays an escalating 10-to-14% annual dividend, and guarantees holders a minimum 1.08x return on invested capital. The preferred closed on September 25, 2026, two days after — and on structurally more favorable economics than — a $75 million Class A common stock raise at $26.10 per share that carried none of those protections. The minimum return guarantee also crept up from 1.05x at announcement to 1.08x by closing, with no public explanation for the change.

FOXF FOX Factory Holding, Corp. Platform Contraction

Fox Factory Sells Marucci Sports for $225 Million, Applies Proceeds to Debt

Market cap : at edition (Sep 25, 2026) $778M

Fox Factory completed the sale of Marucci Sports LLC to a management-led buyer group on September 25, 2026 for a total enterprise value of $225 million — $200 million in cash at closing plus a $25 million promissory note due December 31, 2026. The $200 million was applied in full to reduce outstanding borrowings, cutting net leverage from 3.7 times to approximately 2.7 times on a pro forma basis and reducing annualized interest expense by roughly $16 million. The transaction concludes a strategic review announced alongside activist investor Engine Capital's February 2026 cooperation agreement, in which Fox also formed a Transformation Committee and refreshed its board.

IIPR Innovative Industrial Properties, Inc. Capital Strategy Shift

IIPR Doubles Authorized Shares as Capital Structure Grows Complex

Market cap : at edition (Sep 25, 2026) $1.5B

Innovative Industrial Properties' board amended the company's Maryland charter on September 25, 2026 to double authorized common shares to 100 million and raise authorized preferred shares to 75 million, acting under existing charter powers that explicitly permit the board to take such action without a shareholder vote. The move follows a busy summer of capital markets activity: a $402.5 million exchangeable note offering in June, active ATM programs for both common and preferred stock, and a $100 million buyback — all while Q2 revenues fell to $63.3 million from Q1's $69.0 million and the AFFO payout ratio crept above 100%. The authorization increase is routine under Maryland REIT law but serves as a natural checkpoint to assess how IIPR is managing an increasingly layered capital structure.

TCPC Blackrock TCP Capital, Corp. Management Transition

TCPC COO Departs; Worrell Now Holds President and COO Simultaneously

Market cap : at edition (Sep 25, 2026) $336M

Patrick Wolfe's departure as Chief Operating Officer of BlackRock TCP Capital Corp. became effective December 18, 2026, leaving Dan Worrell — already serving as President — holding both titles concurrently. The transition arrives as the Board's strategic alternatives process with KBW remains unresolved, following the CEO's resignation in August and a dividend cut from $0.25 to $0.17 per share earlier this year. NAV per share has fallen from $8.71 in September 2025 to $6.58 at June 30, 2026, with a further estimated $0.68 reduction from an August portfolio sale.

MARA MARA Holdings, Inc. Post Merger Transition

MARA Restructures Texas Power Deal Terms Eleven Weeks After Close

Market cap : at edition (Sep 25, 2026) $5.0B

MARA's subsidiary amended its July 2 acquisition of MAT 1177 LLC — a 2 GW Texas power site — less than twelve weeks after close, restructuring milestone payments around a Texas regulatory audit and an interconnection study, posting a $100 million security deposit with the site's electric utility company, and replacing original reconveyance provisions with a third-party sale process triggered by specific regulatory and buyer-election events. The total $600 million price is unchanged, but future payments are now gated on regulatory checkpoints that did not exist in the original agreement. The amendment comes as MARA simultaneously manages a pending $1.5 billion Long Ridge acquisition and consecutive quarterly losses driven by bitcoin mark-to-market swings.

BTGO BITGO Holdings, Inc. Management crisis

BitGo Loses CCO, CFO, and COO in Four Months

Market cap : at edition (Sep 25, 2026) $937M

BitGo Holdings has seen three C-suite officers depart since June 2026 — its Chief Compliance Officer, Chief Financial Officer, and now Chief Operating Officer Jody Mettler, whose resignation is effective October 16, 2026. All three departures carry standard no-disagreement language, and no permanent replacement has been named for any of the three roles. The exits come as the company posts Adjusted EBITDA losses in each of its first two quarters as a public company and works to remediate previously disclosed material weaknesses in internal controls.

CLSK Cleanspark, Inc. Capital Build

CleanSpark Closes $2.276 Billion in Project Debt for Meta-Leased AI Campus

Market cap : at edition (Sep 25, 2026) $3.7B

CSDC Finance I, LLC, a CleanSpark subsidiary, closed a $2.276 billion offering of 7.875% Senior Secured Notes due 2031, priced at 98.5 cents on the dollar, to finance construction of its Sandersville, Georgia AI data center. The facility is leased for 20 years to Anviran, LLC — disclosed in a concurrent investor presentation to be a wholly-owned subsidiary of Meta Platforms — and is projected to generate approximately $6.6 billion in contracted revenue over the initial term. The notes are ring-fenced to the Sandersville subsidiary, but CleanSpark provides a completion guarantee and has reported three consecutive quarters of net losses totaling approximately $997 million, while holding $202.6 million in cash as of June 30, 2026. The $1.15 billion in 0.00% convertible notes CleanSpark closed in November 2025 remains outstanding alongside the new project debt.

WMG Warner Music Group, Corp. Family Controlled Related Party

WMG Board Member Blavatnik Hired as Senior Operating Executive

Market cap : at edition (Sep 25, 2026) $14.3B

Warner Music Group has hired Valentin Blavatnik — a sitting member of its board of directors — as Managing Director for its Warner Recorded Music North America and UK operations and Corporate Development, effective September 25, 2026. Blavatnik shares the surname of Len Blavatnik, the billionaire who controls WMG through Access Industries; the employment agreement explicitly carves out his right to continue performing services for Access Industries. The company disclosed no plans for him to step down from the board, and his only compensation for now is a $600,000 base salary — incentive arrangements are deferred to a plan that won't take effect until fiscal 2028 at the earliest.

TWI TITAN International, Inc. Strategic Pivot

Titan International Sells $207M Undercarriage Unit to Board-Linked Buyer

Market cap : at edition (Sep 25, 2026) $456M

Titan International is selling its Italtractor ITM undercarriage subsidiary to USCO S.p.A. for $207 million in cash plus up to $6 million in earnout — a deal complicated by the fact that affiliates of One Equity Partners, whose chairman Richard Cashin sits on Titan's board, hold a minority ownership interest in the buyer. Cashin abstained from board deliberations and the Audit Committee approved the transaction, satisfying standard governance requirements for related-party deals. The sale strips out a global business with operations across seven countries and commits Titan to a five-year non-compete in undercarriage components. Proceeds are earmarked first for debt reduction, then for acquisitions and strategic partnerships as the company reorients around its core wheel and tire operations.

FMAC Future Money Acquisition, Corp. Listing At Risk

Future Money Acquisition Misses First Post-IPO Quarterly Report, Faces Nasdaq Deficiency

Market cap : at edition (Sep 25, 2026) $159M

Future Money Acquisition Corp., a SPAC that raised $112 million in a March 30, 2026 IPO, received a Nasdaq deficiency notice on September 22, 2026 for failing to file its Form 10-Q for the quarter ended July 31, 2026 — its first required periodic report since listing. The company has until November 23, 2026 to submit a compliance plan, with a possible extension to March 22, 2027 to actually file the report. At the time of its IPO close, the company held only $640,072 in cash outside its trust account, and its auditor had already flagged substantial doubt about its ability to continue as a going concern, citing both the business combination deadline and insufficient financial resources to sustain operations for twelve months.

JBI Janus International Group, Inc. Turnaround

Janus Discloses Three-Wave 2026 Restructuring, Grants Executives $2.25M in Retention RSUs

Market cap : at edition (Sep 25, 2026) $562M

Janus International disclosed three separate rounds of workforce reductions and facility exits undertaken across 2026, projecting $5.6 million in charges and $10.8 million in annualized savings. On the same day, its Compensation Committee approved special one-time RSU grants of $750,000 each to CFO Anselm Wong and EVPs Morgan Hodges and Vic Nettie, totaling $2.25 million at grant date. The disclosure arrives after an 8.3% revenue decline in 2025, near-zero net income in Q1 2026, and an August 2026 guidance cut that reduced the Adjusted EBITDA midpoint by $15 million.

SBXD Silverbox Corp IV Spac Wind Down

NYSE Suspends SilverBox Corp IV, Commences Delisting Proceedings

Market cap : at edition (Sep 25, 2026) $283M

NYSE Regulation suspended trading in SilverBox Corp IV's shares, units, and warrants on September 25, 2026, and commenced delisting proceedings after the SPAC's publicly-held market capitalization fell below the exchange's $40 million 30-day average minimum. Securities are set to move to OTC markets under existing ticker symbols starting September 28. The action arrives seven weeks after SBXD and merger target Parataxis Holdings LLC extended their deal deadline a second time — to December 31, 2026 — after having already pushed the outside date back once in May. SBXD has not disclosed its current trust balance or total redemptions, but the NYSE determination implies public float has been significantly eroded.

DraftKings Drops BDO for Deloitte Four Months After Shareholder Ratification