Friday Furnace

Tornadoes and severe storms struck Hudson Technologies' primary refrigerant reclamation facility in Champaign, Illinois on the evening of June 11, 2026, causing extensive roof, structural, and water damage. The company activated its emergency response protocol, secured the site, and commenced an insurance claim. Operations are being diverted to its Smyrna, Georgia facility and other locations while Hudson evaluates losses to infrastructure, equipment, and inventory. Two other Hudson facilities in the Champaign area were not affected by the storm.

AVA Avista, Corp. Strategic Reversal

Avista Pauses 500 MW Data Center Deal Two Weeks After Announcing It

At edition (Jun 12, 2026) $3.5B · Live $3.4B

Avista Corp. paused negotiations with a developer seeking up to 500 MW of power in its Washington service territory — and halted processing of all new large data center requests — just 14 days after announcing the memorandum of understanding on May 29, 2026. The company cited community concern following the MOU announcement and said it needs more time to align with governmental agencies and local stakeholders. Avista had been presenting up to $350 million in hypothetical additional capital expenditures tied to a new large load customer in its investor materials as recently as May 5, 2026; that potential growth is now paused pending a broader planning process.

ABCB Ameris Bancorp Litigation Loss

Ameris Bank Loses $79 Million Jury Verdict in Whistleblower Suit

At edition (Jun 12, 2026) $6.0B · Live $6.1B

Ameris Bank lost a federal jury verdict on all counts in a wrongful termination and whistleblower lawsuit filed by Patrick Byrne, former CEO of its equipment finance division. The jury awarded $16.525 million in compensatory damages and approximately $62.9 million in punitive damages, plus associated statutory penalties, bringing the total award above $79 million. Ameris disputes the verdict and plans to appeal, but has acknowledged the final resolution could have a material adverse effect on results. The company has not yet determined whether an accrual is required under GAAP, a decision that will affect how and when the liability appears in reported earnings.

MBAVW M3-Brigade Acquisition V, Corp. Turnaround

M3-Brigade Kills ReserveOne Deal Days Before Shareholder Vote

At edition (Jun 12, 2026) $350M

M3-Brigade Acquisition V Corp. and ReserveOne, Inc. mutually terminated their 11-month-old business combination agreement on June 12, 2026, cancelling a shareholder meeting that had been scheduled for June 18. The company simultaneously entered into agreements under which its sponsor will sell 4,279,279 founder shares to outside investors at $3.33 per share for $14.25 million in gross proceeds, with up to $4 million of that sum to be loaned back to the company to cover accrued expenses, while those same investors committed not to redeem up to 16 million Class A shares in exchange for up to 8 million private placement warrants from the sponsor. M3-Brigade now intends to hold a new shareholder meeting before its August 2, 2026 deadline to approve a one-year extension, a trust withdrawal of $0.10 per remaining share, and a name change to Velos Acquisition I Corp.

AVTX Avalo Therapeutics, Inc. Coc Protection Update

Avalo Enhances Change-in-Control Terms for All Four C-Suite Executives

At edition (Jun 12, 2026) $776M · Live $990M

Six weeks after abdakibart delivered positive Phase 2 results and Avalo closed a $405 million equity raise, the company amended employment agreements for its CEO, CFO, CMO, and Chief Business Officer to add or strengthen change-in-control severance terms. CEO Garry Neil would receive 1.5 times base salary plus one times target bonus upon a qualifying termination around a change in control, with full acceleration of all time-based equity; the other three executives receive 1.0 times salary plus 1.0 times bonus on the same terms. Separately, an existing Series C preferred stockholder exchanged 4,294.675 preferred shares for a newly designated Series C-1 class, with the sole stated purpose of raising that investor's beneficial ownership conversion cap from 4.99% to 9.99% of common stock — a routine accommodation rather than a new strategic relationship.

VENU VENU Holding, Corp. Capital Pressure

Venu Opens $250 Million ATM Facility, Topping Its Own Market Cap

At edition (Jun 12, 2026) $205M · Live $126M

Venu Holding Corp has authorized a $250 million at-the-market equity program with ThinkEquity LLC — a facility larger than the company's roughly $205 million market capitalization. The authorization arrives one week after Venu sold the land beneath its flagship Ford Amphitheater in Colorado Springs to a company co-owned by its own CEO and Chairman for $49.7 million, only $29.82 million of which was paid in cash at closing. Annual ground rent on that property rose by more than $1 million under the new lease, payable to the CEO-affiliated entity, and Venu issued the buyer warrants on 5 million shares at $3.79 each.

SMCI Super Micro Computer, Inc. Under investigation

Super Micro Launches $7 Billion Equity Raise to Fund AI Orders

At edition (Jun 12, 2026) $18.3B · Live $17.6B

Super Micro Computer launched three concurrent equity offerings totaling up to $7.0 billion, combining a ~$1.25 billion common stock offering at $27.50 per share, a ~$3.75 billion offering of depositary shares representing 7.0% Series A mandatory convertible preferred stock, and a $1.25 billion at-the-market program. The raise is intended to fund component purchases against what management describes as approximately $39 billion in recently received AI server orders from more than 20 customers. The company's operating cash outflow reached $7.56 billion over the nine months ended March 31, 2026, drawing cash down to $1.29 billion as of that date. The offerings arrive one day after the company disclosed a long-standing personal loan by CEO Charles Liang from a related party's spouse, and three months after federal prosecutors indicted two former employees and a contractor on export-control charges.

GRAF GRAF Global, Corp. Distressed

Graf Global Agrees to Take Big3 Basketball Public at $290M

At edition (Jun 12, 2026) $312M · Live $153M

Graf Global Corp., a SPAC that received a NYSE American delisting notice in April for a late annual report, has agreed to merge with Big3, Ice Cube's 3-on-3 professional basketball league, in a deal valuing Big3 at $290 million plus its cash on hand. Closing requires a shareholder extension vote by June 27, 2026, at which public shareholders may redeem their shares, and a minimum $50 million in net cash after redemptions and expenses. Big3 has not yet provided PCAOB-audited financial statements, which must be delivered within 60 days of signing or Graf may terminate the deal. The founders — Ice Cube and Jeff Kwatinetz — will receive Class B shares carrying ten votes each, giving them permanent voting control of the combined company for up to ten years.

SHLS Shoals Technologies Group, Inc. Credit Pressure

Shoals Modifies Leverage Covenant, Adds $50M Revolver With 18-Month Limit

At edition (Jun 12, 2026) $1.7B · Live $1.7B

Shoals Technologies signed a seventh amendment to its 2020 credit agreement on June 10, 2026, adding a $50 million incremental revolving tranche that expires in 18 months and replacing its first lien secured leverage ratio covenant with a total leverage ratio cap of 4.00x. The amendment arrives as Shoals carries $181.75 million drawn on its revolving facility against $1.877 million in cash, following a quarter in which operating activities consumed $41.4 million — driven by a $69.6 million inventory build and a $70 million gross litigation settlement liability partially offset by a $64.75 million insurance receivable. Revenue is growing rapidly at 74.9% year-over-year and management raised its full-year 2026 outlook, but the lending syndicate's preference for an 18-month rather than multi-year commitment signals it wants a near-term reset.

MVIS Microvision, Inc. Listing At Risk

MicroVision Applies for Nasdaq Tier Transfer to Extend Compliance Period

At edition (Jun 12, 2026) $125M · Live $130M

MicroVision applied on June 12, 2026 to transfer its common stock listing from the Nasdaq Global Market to the lower-tier Nasdaq Capital Market, a move intended to qualify the company for an additional 180-calendar-day window to cure a minimum bid price deficiency that has persisted since at least January 2026. The stock must close at $1.00 or above for at least 10 consecutive business days to regain compliance. Simultaneously, MicroVision renewed its shelf registration to maintain a roughly $42 million at-the-money equity facility, and its proxy statement for the upcoming Annual Meeting asks shareholders to authorize the board to execute a reverse stock split — a common backstop for bid price deficiencies.

HFFG HF Foods Group, Inc. Contested

HF Foods Adopts Poison Pill Days After CEO Lost Director Vote

At edition (Jun 12, 2026) $102M · Live $97M

HF Foods Group's board adopted a one-year, 15%-trigger poison pill on June 12, 2026 — seven days after CEO Xi "Felix" Lin and director Jeffery Taylor both failed to win majority votes at the annual meeting. The board retained both men anyway, citing a claimed administrative error by a significant stockholder that left roughly 1.4 million shares uncast. The Rights Agreement targets what the board calls "certain stockholders that the Company believes to be in violation of applicable law,

ABEO Abeona Therapeutics, Inc. Early Commercial

Abeona Charter Amendment Fails; Board Chairman Departs Day Before Vote

At edition (Jun 12, 2026) $315M · Live $365M

Abeona Therapeutics shareholders rejected a proposal to remove the advance notice provision for director nominations from the company's certificate of incorporation, with votes in favor falling well short of the required 66⅔% supermajority of all outstanding shares. The day before the June 12, 2026 annual meeting, board chairman Michael Amoroso resigned, citing personal reasons and no disagreement with management. Three months earlier, the board had tightened its own bylaws — raising the stockholder meeting quorum from one-third to 50% and enhancing disclosure burdens on stockholder nominees — meaning the overall governance trajectory runs toward greater procedural protection for incumbents, not less. The combination of events is worth noting, but the filings themselves contain no evidence of activist pressure or board-level conflict.