Friday Furnace

Three weeks after completing its combination with CCF Holdings and Aaron's, Katapult replaced Grant Thornton with Elliott Davis, PLLC — a switch explained by the fact that Elliott Davis had audited both merger partners since 2020 and 2024, respectively. The more significant disclosure is that Grant Thornton's audit reports for both fiscal years 2024 and 2025 included going-concern explanatory paragraphs, a direct window into how distressed Katapult's standalone financials were before the deal closed. The combined company now carries a $200 million term loan at 15% cash and 5% paid-in-kind interest, maturing August 2029, as it integrates three businesses with no prior auditor in common.

NEOV Neovolta, Inc. Capital Pressure

NeoVolta Closes $20M Secured Term Loan at 10% Rate

Market cap : at edition (Sep 4, 2026) $225M

NeoVolta borrowed $20 million from Horizon Technology Finance and ROHO Capital at 10% annual interest, secured by a first-priority lien on substantially all company assets, just over three months after completing a $25 million equity offering. The loan, maturing March 3, 2028, carries an unusual variable amortization structure tied to monthly trading volume and requires the company to maintain at least $5 million in cash at all times. Lenders also received five-year warrants covering 1,454,545 shares at $3.30, with anti-dilution protection that adjusts the strike price downward if NeoVolta issues new stock below that level. The transaction comes as the company reported only $2 million in quarterly revenue and a $3 million net loss for the quarter ended March 31, 2026, while management had signaled it was actively evaluating debt and equity options to fund its Georgia manufacturing buildout.

NTLA Intellia Therapeutics, Inc. Pre Commercial

Intellia Pledges All Assets for $400M OrbiMed Credit Line

Market cap : at edition (Sep 4, 2026) $1.8B

Intellia Therapeutics entered into a five-year, $400 million senior secured credit facility with OrbiMed on September 4, 2026, drawing $75 million at closing at an interest rate of SOFR plus 6.15%. The facility is secured by a first-priority lien on substantially all company assets, including intellectual property. Up to $325 million in additional tranches are available at Intellia's option but are contingent on lonvo-z receiving FDA approval, hitting specified revenue targets, and an equity financing milestone — making the full facility dependent on commercial execution of the company's lead drug. Covenants include a $50 million liquidity floor and ongoing market capitalization or revenue tests.

INDP Indaptus Therapeutics, Inc. Management crisis

Indaptus Audit Committee Director Resigns 23 Days After Re-Election

Market cap : at edition (Sep 4, 2026) $155M

Tim Ruan resigned from the Indaptus Therapeutics board on September 2, 2026, effective immediately — just 23 days after shareholders re-elected him as a Class II director for a three-year term at the August 10 annual meeting. Ruan had served on the Audit Committee. The company provided no explanation beyond the standard boilerplate that the departure involved no disagreement. The resignation is the latest in a prolonged wave of executive and board departures at INDP, a company that has simultaneously abandoned its clinical program and reoriented toward acquiring operating businesses.

SLGN Silgan Holdings, Inc. Management Transition

Silgan COO Philippe Chevrier to Depart, No Successor Named

Market cap : at edition (Sep 4, 2026) $4.4B

Philippe Chevrier, Silgan Holdings' Executive Vice President and Chief Operating Officer, will leave the company on September 30, 2026 under a mutual agreement reached on September 2. No successor has been named, and the filing provides no explanation for the departure, no severance terms, and no succession framing. The exit follows a broader November 2025 leadership shuffle in which Silgan replaced its CFO and announced the pending retirement of a long-tenured executive vice president — though those moves were explicitly described as planned succession; this one carries no such characterization.

MOVE Corvex, Inc. Turnaround

Corvex Files Updated Pro Forma as $519M Goodwill Overhang Persists

Market cap : at edition (Sep 4, 2026) $396M

Corvex, Inc. (Nasdaq: MOVE) filed updated unaudited pro forma combined financial statements incorporating actual first-half 2026 results, showing pro forma combined revenue of $4.3 million and a net loss attributable to common stockholders of $26.3 million for the six months ended June 30, 2026. The filing confirms $519 million in goodwill from the March 19 merger with Corvex Legacy Holdings — a figure that management describes as preliminary and potentially subject to material revision before the measurement period closes no later than March 19, 2027. The filing follows by two days a $33 million private placement led by Goldman Sachs, Morgan Stanley and Oppenheimer, announced alongside a planned fivefold expansion of critical IT power capacity.

TBBK Bancorp, Inc. Strategic Pivot

Bancorp Exits Small Business Lending, Eliminates 64 Positions

Market cap : at edition (Sep 4, 2026) $2.8B

The Bancorp Bank, N.A. is discontinuing all new Small Business Lending originations by year-end 2026 and eliminating 64 positions — about 9% of its workforce — as it redirects capital toward sponsored fintech lending. The company estimates $5.6 million in restructuring charges, with $4.5 million hitting the third quarter, and projects $14 million in annualized run-rate savings from the 64 cuts plus 16 additional vacated roles. Jeff Nager, the Bank's Head of Commercial Lending, is expected to leave on October 1, 2026, forfeiting 38,583 unvested restricted stock units; severance terms had not been finalized as of the filing date.

ARDT Ardent Health, Inc. Regulatory Oversight

SEC Review Strips $97.7 Million From Ardent Health's 2025 Non-GAAP Results

Market cap : at edition (Sep 4, 2026) $1.5B

Ardent Health has revised its 2025 non-GAAP financial measures following discussions with the SEC's Division of Corporation Finance, removing $97.7 million in adjustments and cutting its flagship 2025 Adjusted EBITDA from $545.0 million to $447.3 million — an 18% reduction. The two items disallowed were a $43.3 million accounts receivable accounting estimate adjustment and a $54.5 million New Mexico professional liability accrual, both from the third quarter of 2025. The revised baseline reshapes how investors should interpret the company's 2026 Adjusted EBITDA guidance of $485–$535 million, which was originally framed against the now-discarded $545 million figure.

APUR Aperture AC Capital Dependent

SPAC Puts CFO on Consulting Retainer While Trust Clock Ticks

Market cap : at edition (Sep 4, 2026) $148M

Aperture AC, a SPAC that raised $102M in its May 2026 IPO, formalized compensation for its two top executives on September 3, 2026 — but with a meaningful asymmetry: CEO Calvin Kung received a traditional employment agreement at $7,000 per month, while CFO Daniel Zhao was placed on a consulting arrangement at $3,000 per month. Zhao is still identified as the Company's CFO, so no departure is disclosed, but the distinction between employment and consulting raises questions about the CFO's time commitment to the deal process. The company must close a business combination by May 22, 2027 or liquidate, a deadline its own auditor flagged as grounds for going-concern doubt on the IPO balance sheet.

PGAC Pantages Capital Acquisition, Corp. Listing At Risk

Pantages Capital Draws Second Nasdaq Deficiency Notice in Twelve Days

Market cap : at edition (Sep 4, 2026) $119M

Pantages Capital Acquisition Corp received a second Nasdaq deficiency notice in twelve days, this time for falling below the 400-minimum total holders requirement under Listing Rule 5450(a)(2), with a compliance plan due October 19, 2026. The first notice, on August 21, cited a market value of listed securities below $50 million, giving the company until February 17, 2027 to remedy that separate violation. Both failures follow a June 3 shareholder vote in which 5,889,094 shares were redeemed at roughly $10.60 apiece, stripping approximately $62.4 million from the trust and leaving about $29 million — a collapse in scale that plausibly drove both deficiencies. Maintaining the Nasdaq listing is not incidental: the pending MacMines merger is structured to result in Horizon Mining Limited trading on the exchange, and the company has until June 6, 2027 to close.

MATW Matthews International, Corp. Credit Pressure

Matthews International Seeks Covenant Relief as Operating Losses Mount

Market cap : at edition (Sep 4, 2026) $659M

Matthews International amended its credit agreement on September 1, 2026, establishing a formal "Covenant Relief Period" through December 31, 2027 that raises the permitted leverage ratio to as high as 5.25x, compared with the standard 4.50x covenant. The amendment also shrinks the revolving credit facility to $650 million from $700 million and eliminates a $350 million foreign borrowing facility entirely. The changes arrive one day after a new CEO took the helm, and against a backdrop in which management cut its full-year adjusted EBITDA guidance roughly 12% and posted GAAP net losses in each of the two most recent quarters.

IONS IONIS Pharmaceuticals, Inc. Pipeline Setback

Novartis Pelacarsen Fails Phase 3 CV Outcomes Trial, Ionis's Second Miss in 57 Days

Market cap : at edition (Sep 4, 2026) $9.7B

Novartis reported on September 4, 2026 that pelacarsen — an antisense drug discovered by Ionis and licensed to Novartis in February 2019 — failed to reduce major cardiovascular events in the 8,323-patient Lp(a)HORIZON Phase 3 trial despite substantially lowering lipoprotein(a) levels. The failure marks the second large partnered cardiovascular outcomes trial miss for Ionis in under two months, following the July 9 CARDIO-TTRansform miss for eplontersen. Ionis's 2028 cash-flow-breakeven thesis rests primarily on its own commercial products — TRYNGOLZA, DAWNZERA, and ZANVASTRO, approved one day earlier — not on pelacarsen milestones, and management reaffirmed 2026 guidance after the eplontersen failure.

HOFT Hooker Furnishings, Corp. Exec Pay Governance

CEO Stock Awards Breached Plan Limit Two Years Running

Market cap : at edition (Sep 4, 2026) $136M

Hooker Furnishings' Compensation Committee has cancelled a combined 78,117 shares of CEO Jeremy Hoff's equity awards after determining they exceeded the Stock Incentive Plan's 75,000-share annual per-participant limit in both fiscal 2026 and fiscal 2027. The FY2026 overallocation of 46,149 shares was granted February 20, 2025; the FY2027 overallocation of 31,968 shares was granted April 13, 2026 — meaning the breach was not detected before a second year of grants was made. The company adopted new internal controls and amended Hoff's grant agreements, noting the cancellations have no bearing on his or the company's performance.

GRND Grindr, Inc. Lawsuit Settled

Grindr Settles UK Privacy Lawsuit Over Pre-2020 Kunlun-Era Data Practices for £26 Million

Market cap : at edition (Sep 4, 2026) $2.7B

Grindr agreed on September 2, 2026 to pay £26.0 million (approximately $35.2 million) to resolve a High Court of England and Wales group action alleging violations of UK privacy laws during the period up to early 2020, when the app was owned by Chinese conglomerate Kunlun. The settlement is split into two equal installments due by December 31, 2026 and March 31, 2027, with no admission of liability. The data at issue belongs to LGBTQ+ users whose app usage implicitly or explicitly reveals sexual orientation — information that carries heightened legal protections and, for users in certain countries, genuine personal risk. At its current earnings run rate the payout is manageable, but the resolution leaves open whether similar pre-2020 claims will surface in other jurisdictions.

Katapult Swaps Auditors Post-Merger, Discloses Going-Concern History