Friday Furnace

Star Holdings simultaneously amended two agreements with Safehold Inc. on September 29, 2026: extending its $115 million term loan maturity to March 31, 2029 for a $2.4 million fee paid to Safehold, and raising the termination fee owed to Safehold's wholly-owned management subsidiary from $55 million to $62.5 million. The "without cause" termination window was extended to the exact same date as the new loan maturity, locking both relationships in tandem through March 2029. Safehold is simultaneously Star Holdings' largest creditor and the parent of its external manager, and both roles were amended in a single filing.

BNC CEA Industries, Inc. Governance Governance Change

CEA Industries Becomes BNB Standard Corporation, Rewrites Bylaws Post-Activist Settlement

Market cap : at edition (Oct 2, 2026) $246M

CEA Industries Inc. formally renamed itself BNB Standard Corporation on September 29, 2026, completing a legal identity shift that began when the company pivoted from cannabis HVAC equipment to a BNB crypto treasury in August 2025. The board simultaneously adopted new bylaws that reduce the quorum for shareholder meetings from a majority to one-third of outstanding voting power and neutralize abstentions, replacing an explicitly anti-activist bylaw package adopted in December 2025. The changes were made without a stockholder vote and came on the Nominating and Governance Committee's recommendation — a committee now populated with directors from the activist group YZi Labs, whose proxy fight was settled in June 2026. The company still has no permanent CEO, carries $16.8 million in debt against $7.1 million in cash, and has pending litigation seeking to void its asset management contract.

KPLT Katapult Holdings, Inc. M&A Post Merger Transition

Huntington Exits as Agent on CCF OpCo Revolving Credit, Second Short-Term Extension Since Merger

Market cap : at edition (Oct 2, 2026) $382M

Katapult Holdings' subsidiary CCF OpCo LLC extended its revolving credit draw period by two months to November 30, 2026, while simultaneously replacing The Huntington National Bank as administrative agent with Sunflower Bank, N.A. It is the second short-term extension since the August 11 merger with CCF Holdings and Aaron's, following a one-month extension on August 28. The facility had approximately $74 million outstanding as of June 30, 2026, and upon the draw period's expiration a 12-month amortization begins automatically.

OPK OPKO Health, Inc. Capital Capital Strategy Shift

OPKO Elects Shares Over Cash to Settle $121 Million in Convertible Notes

Market cap : at edition (Oct 2, 2026) $1.2B

OPKO Health's 3.75% Convertible Senior Notes due 2029 — approximately $121 million in principal — are now convertible by holders through December 31, 2026, after the company's stock exceeded 130% of the $1.15 conversion price for at least 20 of 30 consecutive trading days in Q3 2026. OPKO elected to satisfy any conversions entirely in shares of common stock rather than cash. At the stated rate of 869.5652 shares per $1,000 of principal, full conversion of the outstanding notes would issue approximately 105 million new shares into a float of roughly 755 million. The stock settlement election comes seven weeks after the company issued $125 million in new senior secured notes at SOFR plus 7.5%, secured against royalty streams from its Irish subsidiary.

NNDM Nano Dimension, Ltd. Governance Auditor transition

Nano Dimension Swaps KPMG After Adverse Internal-Controls Opinion

Market cap : at edition (Oct 2, 2026) $342M

Nano Dimension dismissed KPMG on September 28, 2026 — roughly 13 months after hiring the firm — and replaced it with Kesselman & Kesselman (PwC Israel). KPMG's most recent audit of internal controls, covering the year ended December 31, 2025, carried an adverse opinion tied to a material weakness in acquisition accounting: the company lacked sufficient staff with the accounting knowledge and training required to properly design and operate controls over the valuation of acquired intangible assets and discontinued operations. The switch came about 10 weeks after Murchinson-backed directors took control of the board on July 17, 2026.

VELO Velo3d, Inc. Governance Management Transition

Velo3D's Third CFO in a Year Exits After Six Months

Market cap : at edition (Oct 2, 2026) $337M

James Suva departed as Velo3D's Chief Financial Officer on September 28, 2026, roughly six months after being appointed — the company's third CFO change in under a year. His replacement, Terence P. Wynn, is not a Velo3D employee: the company engaged consulting firm KongBasileConsulting LLC to supply Wynn's services at $32,500 per month, under an arrangement that KBC can terminate on 60 days' notice. The turnover arrives as management pursues a positive EBITDA target for the second half of 2026 and ramps a capital-intensive Livermore Production Campus, with no permanent CFO named.

WU Western Union Co. M&A Deal Stress

Western Union Refiles Antitrust Notification as Intermex Deal Stalls on California Review

Market cap : at edition (Oct 2, 2026) $1.9B

Western Union and Intermex refiled HSR antitrust notifications with federal regulators on October 2, 2026, restarting a 30-day waiting period after their original one-year clearance was set to lapse. The California DFPI, which suspended its approval extension on August 13, 2026 to conduct further review, is not expected to reinstate that approval before the original clearance expired on October 6 — the direct trigger for the re-filing. Western Union's Q2 2026 guidance had modeled the deal closing September 1, and the company had already cut its full-year adjusted EPS outlook to $1.25-$1.35 in part because synergies were being delayed, with the CEO explicitly citing the deferred close as a contributor to margin pressure.

MTX Minerals Technologies, Inc. Distressed Credit Pressure

Minerals Technologies Refinances at 7.5% as Talc Liability Looms

Market cap : at edition (Oct 2, 2026) $2.0B

Minerals Technologies priced $400 million in 7.500% senior notes due 2032 on October 1, 2026, replacing its 5.000% notes due 2028 at a 250-basis-point premium. The maturity shortened from 2034 to 2032 between the launch announcement and the pricing press release issued on the same day — a concrete sign of market pushback on terms. The refinancing comes as subsidiary BMI OldCo Inc. remains in active Chapter 11 proceedings, and the parent has booked $505 million in cumulative talc-reserve charges over the past six quarters, producing a GAAP net loss of $147.4 million through the first half of 2026.

BETR Better Home & Finance Holding Co. Governance Management crisis

Better Home Director Farello Resigns, Fourth Senior Exit Since August

Market cap : at edition (Oct 2, 2026) $213M

Michael Farello resigned from Better Home & Finance's board on September 28, 2026, citing no disagreement — the fourth senior departure since founder-CEO Vishal Garg was ousted on August 3. The company simultaneously shed its President and COO in early September, has a sitting director who threatened conditional resignation, and adopted a poison pill in August after Garg attempted an unsuccessful consent solicitation to retake control. Farello had been named a participant in the board's own consent revocation effort against Garg before that fight was abandoned.

TAVI Tavia Acquisition, Corp. Governance Leadership Transition

Fog Cutter's Wiederhorn Installs FAT Brands Alumni to Run SPAC Targeting Vita Inclinata

Market cap : at edition (Oct 2, 2026) $171M

Fog Cutter Holdings LLC bought the sponsor stake in Tavia Acquisition Corp., installing its chairman Andrew Wiederhorn — founder of FAT Brands — as CEO and Executive Chairman. Three independent directors and two officers departed simultaneously, replaced almost entirely by FAT Brands veterans. The SPAC holds a non-binding LOI with defense-tech firm Vita Inclinata Technologies at a $450 million conditional pre-money valuation, but no definitive agreement has been announced. The new sponsor is now responsible for $60,000 in monthly trust contributions and all operating expenses, with a business-combination deadline of March 5, 2027.

BYFC Broadway Financial CORP \DE\ Governance Management Transition

Broadway Financial's Chief Banking Officer Exits; Succession Undecided

Market cap : at edition (Oct 2, 2026) $107M

John Allen, Broadway Financial's Executive Vice President and Chief Banking Officer, will resign effective December 31, 2026, after the company and Allen reached the agreement on September 28, 2026. Unusually, Broadway said it will first evaluate the structure and scope of the role before deciding whether to conduct a search for a successor at all. The departure arrives as the bank is still working through the aftermath of a multi-year restatement, a $25.9 million goodwill impairment, and a material weakness in internal controls — even as core operating metrics show genuine improvement.

Star Holdings Raises Manager Exit Fee to $62.5M, Extends Safehold Loan