GPGI GPGI, Inc. Governance Restructuring
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GPGI Reincorporates in Nevada as One-Third of Shareholders Vote No

At edition (Jun 5, 2026) $3.4B · Live $4.9B

GPGI completed its reincorporation from Delaware to Nevada on June 5, 2026, replacing its existing charter and bylaws with Nevada equivalents that the company itself acknowledged altered stockholder rights. The proposal passed at a special meeting with 59% in favor, but nearly one-third of shares — over 96 million votes — were cast against, a level of dissent that far exceeds the norm for management-sponsored governance measures. Nevada's corporate statute offers directors broader liability shields and stronger anti-takeover protections than Delaware, a shift that carries added weight given GPGI's $2.175 billion debt load, a guidance cut issued just weeks earlier, and three pending shareholder lawsuits challenging prior disclosure practices.

BMNR Bitmine Immersion Technologies, Inc. Crypto Treasury Expansion

BitMine Issues $280M Perpetual Preferred at 9.50% Amid $4.5B ATM

At edition (Jun 5, 2026) $9.1B · Live $8.2B

BitMine priced 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share on June 4, 2026, raising approximately $273.8 million net — but because dividends accrue on a $100 stated amount rather than the $80 offering price, the effective yield to investors is closer to 11.875% on capital deployed. The instrument carries no maturity date, sits senior to common equity, and pays weekly cash dividends with an escalating penalty structure that can reach 15% per annum if any payment is missed. BitMine already operates a $4.5 billion ATM facility for common stock and a $4 billion share buyback program, and proceeds are earmarked partly for additional ETH purchases — meaning the company is simultaneously adding a permanent fixed-cost obligation and expanding exposure to a single volatile asset. The ratcheting liquidation preference, which floats up to the greater of stated amount or recent market price and can never decline, adds further structural cost if the preferred trades above par.

DDD 3D Systems, Corp. Turnaround

3D Systems Raises $50 Million in Dilutive Public Share Sale

At edition (Jun 5, 2026) $428M · Live $457M

3D Systems sold 16.4 million shares at $3.05 each on June 5, 2026, raising roughly $50 million in gross proceeds — an 11% dilution to its March 31 share count, rising to 13% if underwriters exercise their overallotment option. The raise materially bolsters a liquidity position that stood at $85.1 million in cash at quarter-end but is being eroded by ongoing operating outflows, with Q2 2026 Adjusted EBITDA guidance pointing to a loss of $2–4 million. The proceeds also provide a buffer against $92 million in convertible notes maturing in 2030, which carry a holder put right in June 2028. The $3.05 offering price marks a recovery from the $1.87 per share used in last year's debt restructuring, though the company has yet to demonstrate sustained positive free cash flow.

LCII LCI Industries Management crisis

LCI Industries Founder-CEO and Board Chair Exit Simultaneously

At edition (Jun 5, 2026) $2.3B · Live $2.5B

LCI Industries founder-CEO Jason Lippert retired and Board Chair Tracy Graham resigned simultaneously on June 3, 2026 — three weeks after both were re-elected at the annual meeting and one month after merger talks with Patrick Industries collapsed. The company named current independent director John Sirpilla as Interim CEO at a $1.1 million base salary with a one-time $1.8 million RSU grant that cliff-vests around the 2027 annual meeting, while launching a permanent CEO search. Lippert, who grew the company from roughly $125 million to over $4 billion in revenue over 32 years, will receive $100,000 per month through June 2027 under a consulting agreement, with most of his unvested equity remaining eligible to vest. The board offered forward-planning language to explain Graham's exit but none for Lippert's, stating only that 'this is the right time for this change' without disclosing what drove the timing.

DRVN Driven Brands Holdings, Inc. Restatement Cascade

Driven Brands' Multi-Year Restatement Triggers Second Nasdaq Warning

At edition (Jun 5, 2026) $2.1B · Live $2.4B

Driven Brands received a second Nasdaq non-compliance notice on June 1, 2026 — just three days after Nasdaq confirmed the company had resolved its first deficiency by filing its overdue 2025 annual report — because the same multi-year restatement that delayed the 10-K also blocked completion of the Q1 2026 10-Q. The company has until July 31 to submit a compliance plan, with Nasdaq able to extend the cure deadline through late November, and management is targeting a July 3 filing date that coincidentally aligns with a lender-imposed deadline for Q1 financials. The restatement's reach extended well beyond SEC filings: JPMorgan Chase and securitization lenders both required formal waivers in April to prevent the restatement announcement from triggering technical defaults, and management has embedded $35–$45 million in non-recurring remediation costs into its 2026 guidance alongside disclosed material weaknesses in internal controls. The underlying business remains cash-generative — roughly $130 million on hand, net debt down to $1.6 billion, and Take 5 same-store sales up ~4.4% in Q1 — making this primarily a reporting and governance problem rather than an imminent liquidity crisis, though the unresolved weaknesses leave open the risk that additional errors could yet surface.

FMC FMC, Corp. Distressed

FMC Closes $1.2 Billion in 8% Secured Notes to Refinance Maturing Debt

At edition (Jun 5, 2026) $1.5B · Live $1.4B

FMC raised $1.2 billion in 8% Senior Secured Notes due 2031 — a deal that grew 60% from its original $750 million announcement — primarily to retire $1.2 billion in 3.2% notes maturing in October 2026, an imminent wall the company could not clear from operations given negative operating cash flow. The offering marks a fundamental shift in FMC's capital structure: the new notes carry first-priority liens on substantially all domestic and key international assets, compounding a collateral pledge already made to bank lenders under a credit agreement amendment just weeks earlier. With $4.53 billion in total debt and full-year 2026 EBITDA guided at $670–$730 million, FMC has extended its maturity runway to 2031 but at a sharply higher interest cost and with its unencumbered asset base now substantially depleted on two fronts simultaneously. A board-level strategic alternatives review — including a potential sale — remains active, and the indenture's 101% change-of-control put gives bondholders a repurchase right if a transaction triggers that clause.

INDP Indaptus Therapeutics, Inc. Ownership Transition

Lazar Exits Indaptus Board After Selling Control Stake for $11.2 Million

At edition (Jun 5, 2026) $414M · Live $404M

David Lazar bought into Indaptus in December 2025 for $6 million, became chairman and co-CEO, then sold the bulk of his preferred stake six months later to five buyers for $11.2 million — and has now resigned from the board entirely. Those five buyers collectively control roughly 96% of Indaptus's outstanding shares following conversion, and a new leadership team led by CEO and Chairman Junyi Dai has replaced virtually every executive and director from the pre-Lazar era. The company had just $1.5 million in cash as of March 31, 2026, and — breaking from its prior practice of guiding to a specific runway quarter — disclosed only that it will need to raise additional capital. What the new controlling shareholders intend to do with Indaptus, whether restart clinical programs, acquire an operating business, or pursue other alternatives, has not been disclosed.

QMCO Quantum, Corp. Turnaround

Quantum Clears All Debt With $100 Million Equity Raise and Note Conversion

At edition (Jun 5, 2026) $186M · Live $400M

Quantum closed three concurrent transactions on June 4, 2026, eliminating its entire debt load: a $100 million equity raise at $9.42 per share paid off the $56 million Alter Domus term loan, while Dialectic Technology SPV — affiliated with board director John Fichthorn — voluntarily converted roughly $57.2 million in convertible notes into approximately 14.1 million shares, receiving additional shares and a warrant as early-conversion consideration. The recapitalization flips Quantum from a $184 million stockholders' deficit to an expected positive net cash position, ending a debt restructuring cycle that included at least 16 term loan amendments since 2021. The Dialectic conversion was approved by a special committee and Audit Committee, with Fichthorn abstaining, though the persistent entanglement of a board director's firm in the company's debt structure remains a governance watch point. Separately, Quantum set its 2026 annual meeting for September 15, leaving shareholders just 13 days — until June 17 — to submit proposals or nominate directors after the announcement.