Friday Furnace

Nautilus Biotechnology established a new $125 million at-the-market equity offering with TD Securities on September 11, 2026, simultaneously terminating a prior ATM dated February 28, 2024 under which no shares were ever sold. The facility — sized near the company's approximate $125.9 million market cap — gives management broad discretion to sell equity, though there is no obligation to do so. Cash and investments have declined from $156.1 million at year-end 2025 to $129.2 million at June 30, 2026, as the pre-revenue company runs at roughly $13–15 million of net loss per quarter. Management guided in February 2026 that existing cash was sufficient through 2027.

NPWR Net Power, Inc. Strategic Reversal

NET Power Indefinitely Suspends Baker Hughes Oxy-Combustion Partnership

Market cap : at edition (Sep 11, 2026) $161M

NET Power and Baker Hughes affiliates formally and indefinitely suspended their utility-scale oxy-combustion joint development and commercialization agreements on September 8, 2026, citing market and economic conditions that made it uneconomical to continue. Baker Hughes retains its exclusive license to manufacture utility-scale oxy-combustion equipment, which constrains NET Power from engaging alternative suppliers even if it wanted to revive the program. No royalty amount has been agreed under revised industrial-scale licensing terms, and Baker Hughes and its affiliates are under no obligation to deploy any plant. The suspension formalizes a strategic pivot already underway: NET Power wrote down its oxy-combustion technology assets to zero in Q2 2026 and has redirected near-term capital toward conventional natural gas power generation.

KPLT Katapult Holdings, Inc. Turnaround

Katapult Swaps Grant Thornton for Elliott Davis After Merger Closes

Market cap : at edition (Sep 11, 2026) $778M

Katapult Holdings dismissed Grant Thornton LLP and hired Elliott Davis, PLLC as its independent auditor on September 2, 2026, three weeks after completing its all-stock combination with CCF Holdings and Aaron's. The switch has a concrete rationale: Elliott Davis had been auditing both acquired subsidiaries — CCFI since 2020 and Aaron's since 2024 — and together those businesses represent roughly 94% of the combined company's equity base. Notably, Grant Thornton's audit reports for both fiscal 2024 and fiscal 2025 included going-concern paragraphs on the legacy Katapult entity, though no disagreements are disclosed. The pre-merger company's material weaknesses in internal controls, first reported in the 2023 annual filing, were stated to have been remediated as of December 31, 2024.

TG Tredegar, Corp. Management crisis

Tredegar Loses General Counsel One Month After CFO Departure

Market cap : at edition (Sep 11, 2026) $258M

Tredegar Corporation's Executive Vice President, General Counsel and Corporate Secretary Kevin C. Donnelly resigned effective October 1, 2026 — thirty days after CFO Frasier W. Brickhouse II departed effective September 1. Both officers had been appointed only eight months earlier as part of a wholesale C-suite rebuild that took effect January 1, 2026. Neither departure named a successor, leaving Tredegar without a named CFO or General Counsel simultaneously.

GUTS Fractyl Health, Inc. Listing At Risk

Fractyl Health Receives Nasdaq Delisting Notice After Six-Month Cure Fails

Market cap : at edition (Sep 11, 2026) $102M

Fractyl Health's common stock never closed at or above $1.00 for the 10 consecutive business days required to cure a Nasdaq minimum bid price deficiency, and on September 10, 2026 the exchange notified the company its securities are subject to delisting. The company intends to request a formal hearing — which automatically stays any suspension — and has already filed a proxy seeking shareholder approval for a reverse stock split at a ratio of 1-for-5 to 1-for-15. With $47.1 million in cash as of June 30, 2026 and a cash runway guided only into early 2027, the listing question lands just as the company approaches topline pivotal trial data expected in early Q4 2026.

AXR AMREP, Corp. Operational crisis

AMREP Q1 Revenue Falls 66%, Net Income Drops to $276K

Market cap : at edition (Sep 11, 2026) $122M

AMREP Corporation posted revenue of $6.1 million for its fiscal first quarter ended July 31, 2026, down 66% from $17.9 million a year earlier. Net income collapsed to $276,000, or $0.05 per diluted share, from $4.7 million, or $0.87 per diluted share, in the prior-year period. The swing is dramatic, but the company — a New Mexico land developer and homebuilder — repeatedly cautions that lot-closing timing makes quarter-to-quarter comparisons unreliable: its fiscal Q3 2026 posted revenue nearly double the prior year's figure. The full 10-Q filed the same day provides the detail needed to judge whether the shortfall reflects delayed closings or something more durable.

SBMT Silver BOW Mining, Corp. Merger Pending

Silver Bow Deploys $33.6M of IPO Proceeds in Staged Montana Mine Acquisition

Market cap : at edition (Sep 11, 2026) $233M

Silver Bow Mining, a pre-revenue explorer that raised ~$54.6M in a May 2026 IPO, completed the initial closing of its bankruptcy-court-approved acquisition of the Jefferson County Metallurgical Complex on September 4, releasing $28.58M from escrow to satisfy creditors. Full ownership transfer has not occurred: a final closing requires shareholder approval of the contingent-value-right issuance and NYSE American sign-off, with an APA deadline of November 30, 2026. Embedded in the deal structure, SBMT separately lent $5M to Montana Goldfields, Inc. — the seller — in two tranches at 8% interest, repayable either in cash or by surrendering CVRs that would only be issued at a final closing that has not yet occurred.

LEU Centrus Energy, Corp. Rapid Expansion

Centrus Raises $500M, Discloses Advanced Acquisition Talks

Market cap : at edition (Sep 11, 2026) $3.3B

Centrus Energy priced a $500 million public offering on September 9, 2026 — 500,000 shares of common stock, pre-funded warrants for 2 million additional shares, and common warrants covering nearly 7 million shares — while simultaneously revealing in the same filing that it is in advanced discussions to acquire an unnamed domestic manufacturing supplier. The anticipated purchase price is $115 million to $125 million for a company that generated approximately $160 million in revenue in 2025. No definitive agreement has been reached, and the deal remains subject to negotiation, due diligence, and board approval.

MEVO M Evo Global Acquisition Corp II Management crisis

SPAC Founding CEO Silver Exits Seven Months After $300 Million IPO

Market cap : at edition (Sep 11, 2026) $401M

Stephen M. Silver resigned as Chief Executive Officer, Chairman, and board member of M Evo Global Acquisition Corp II on September 9, 2026, effective immediately, with no substantive explanation beyond the standard SEC no-disagreement boilerplate. Chief Operating Officer Ashley Zumwalt-Forbes, 36, was simultaneously elevated to CEO and Chair while retaining her COO role — a three-title consolidation with no new compensation arrangement. Silver's departure comes seven months after the company's $300 million IPO, with $300 million still in trust and roughly 17 months remaining in the 24-month window to complete a business combination.

GEN GEN Digital, Inc. Exec Pay Governance

Gen Digital Shareholders Reject Executive Pay in 41% Approval Collapse

Market cap : at edition (Sep 11, 2026) $17.9B

Gen Digital shareholders voted against the company's executive compensation package at the September 9, 2026 annual meeting, with only 209.9 million votes in favor versus 307.1 million against — roughly 41% support. That is a sharp reversal from the prior year's meeting, where the same proposal passed with approximately 93% approval. The failed vote comes ten months after the Board adopted a richer Executive Severance and Retention Plan for senior officers and four months after approving a $50 million AI-driven restructuring program. Gen Digital said it will engage with shareholders and consider their feedback in future compensation decisions.

KULR KULR Technology Group, Inc. Strategic Reversal

KULR Sells All Remaining Bitcoin, Completing Full Treasury Exit

Market cap : at edition (Sep 11, 2026) $109M

KULR Technology Group has sold its entire Bitcoin treasury, liquidating approximately 764 BTC between August 20 and September 11, 2026, for aggregate gross proceeds of roughly $58.6 million at a weighted average price of about $76,633 per BTC. The company, which once called itself a "Bitcoin+ Treasury company" and committed to allocating up to 90% of surplus cash to Bitcoin, now holds no BTC. The exit follows a July sale of 333 BTC that repaid a $20 million Coinbase credit facility, and comes as core battery revenue collapsed 43% to $2.08 million in Q2 2026. No use of the $58.6 million in proceeds has been disclosed.

DJCO DAILY Journal, Corp. Contested

Daily Journal Eliminates Cumulative Voting as Activist Conflict Lingers

Market cap : at edition (Sep 11, 2026) $892M

Daily Journal Corporation's shareholders voted 804,436 to 21,786 on September 10, 2026 to eliminate cumulative voting rights — the mechanism most useful to minority shareholders trying to win board seats — as part of a governance overhaul that also tightened director nomination deadlines and established an exclusive forum in South Carolina. The changes come nine months after the company publicly declared war on activist Buxton Helmsley USA, Inc., referring its CEO, Alexander Erwin Parker, to federal and state authorities for potential criminal prosecution. The package simultaneously added a director resignation policy and a proxy access bylaw, providing formal but high-threshold pathways for majority-friendly shareholders.

DFDV Defi Development, Corp. Capital Strategy Shift

DFDV Launches 30-Million-Share Preferred ATM Three Days After IPO

Market cap : at edition (Sep 11, 2026) $169M

DeFi Development Corp. opened an at-the-market facility to sell up to 30 million shares of its Variable Rate Series C Perpetual Preferred Stock — branded CHAD — just three days after closing a 1.375-million-share IPO of the same instrument, simultaneously expanding authorized CHAD shares from 2.22 million to 32.2 million. The instrument pays an initial 13% annual dividend on a $10 stated amount but was issued at $8.00, implying an effective yield of approximately 16.25%, with the dividend rate adjustable monthly at the Board's sole discretion. Management has explicitly positioned CHAD as the company's primary long-term capital mechanism to fund continued Solana accumulation, replacing a prior reliance on convertible debt — even as the company carries consecutive net losses and leverage metrics that show total debt at roughly twice its market capitalization.

Nautilus Opens $125M ATM, Replacing Two-Year-Old Unused Facility