13D weekly report - January 19, 2025 to January 23, 2026

Endeavor Pushes for Change at Mawson Infrastructure Group Inc. (MIGI)

Key Summary: On January 22, 2026, the Endeavor Investor Group intensified its campaign at Mawson Infrastructure, citing undervalued HPC and digital infrastructure assets due to governance failures, poor capital allocation, leadership instability, and balance sheet stress, and calling for leadership change, a focused AI/HPC strategy, and an equity recapitalization. Endeavor also said it will pursue a proxy contest at the 2026 annual meeting using a WHITE card, rejected Mawson’s lawsuit, and reiterated its intent to engage constructively as a long-term shareholder.

Market Cap: $5 million | Mawson Infrastructure Group Inc. develops and operates digital infrastructure for digital currency on the bitcoin blockchain network in the United States.

On January 22, 2026, the Endeavor Investor Group escalated its campaign at Mawson Infrastructure, issuing an open letter arguing the company’s HPC and digital infrastructure assets are deeply undervalued due to governance failures, poor capital allocation, leadership instability, and a strained balance sheet, and calling for leadership change, a sharper AI/HPC strategy, an equity recapitalization, and improved governance. The same day, Endeavor said it plans to file a preliminary proxy and solicit votes via a WHITE universal proxy card to elect director nominees at the 2026 annual meeting, while rejecting Mawson’s lawsuit as a mischaracterization of its actions and reaffirming its willingness to engage constructively as a long-term shareholder. Source

Star Equity Presses GEE Group (JOB) for Merger Talks, Citing Prolonged Value Destruction

Key Summary:

Star Equity Holdings: On January 22, 2026, Star Equity (5.4%) said GEE Group has ignored its proposal to begin merger talks, arguing GEE’s high-cost standalone strategy and poor M&A record drove a ~42% revenue decline from peak and ~92% share price drop over five years, and that a merger could unlock cost savings and value.

Red Oak Fund: In 2023, Red Oak (8.7%) nominated two directors and later entered a cooperation agreement expanding the board to nine and appointing two independent directors, including its nominee.

Goldenwise Capital Group: Since May 2023, Goldenwise (5.2%) has engaged management on value-unlocking steps, including board changes, de-staggering, share repurchases, governance reforms, and a potential sale.

Market Cap: $29 million | GEE Group Inc. provides permanent and temporary professional and industrial staffing and placement services in the United States.

Star Equity Holdings

On January 22, 2026, Star Equity Holdings (5.4%) publicly disclosed that GEE Group’s management and board have not responded to its proposal to begin merger talks under a nondisclosure agreement. Star Equity argues that GEE Group’s strategy of remaining an independent small public staffing company with high overhead and a poor acquisition track record has led to steep declines in revenue and shareholder value (FY 2025 revenue fell ~42% from its peak and shares have dropped ~92% over five years). It warns of further cash erosion and strategic missteps, criticizing leadership for rejecting share buybacks in favor of pricey acquisitions, and says a merger with Star Equity could cut duplicate costs, sharpen operations, and benefit both companies’ shareholders. Source

Red Oak Fund

·         On May 25, 2023, Red Oak Fund (8.7%) delivered a letter to the company nominating a slate of two candidates for election to the board at the 2023 AGM. Source

·         On August 9, 2023, Red Oak Partners entered into a cooperation agreement with the company and pursuant to it, the Board will increase its size from seven to nine directors and appoint two new independent directors, David Sandberg (Red Oak Capital's nominee) and J. Randall Waterfield) to serve as Class I and Class II directors, respectively, filling the newly created vacancies on the Board.

Goldenwise Capital Group

On August 15, 2023, Goldenwise Capital Group (5.2%) stated that since May 2023, it has been engaged, and intends to continue to engage, in discussions with management regarding opportunities to unlock value, including: Changes to Board Composition, De-staggering Board, Share Repurchase, Corporate Governance Improvement, Potential Selling of the Company. Source

Whetstone seeks board and governance overhaul at Health Catalyst, Inc. (HCAT)

Key Summary: On January 15, 2026, Whetstone Capital Advisors (7.4%) announced plans to submit a Rule 14a-8 shareholder proposal seeking sweeping governance reforms, including board declassification, stronger shareholder rights, separation of CEO and chair roles, and director term limits.

Market Cap: $162 million| Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. 

On January 15, 2026, Whetstone Capital Advisors (7.4%) notified the company of their intent to submit a shareholder proposal seeking broad governance reforms, including board declassification, enhanced shareholder rights, separation of the CEO and chair roles, and director term limits, and requested its inclusion in the proxy under Rule 14a-8. They plan to present the proposal at the next shareholder meeting and may continue discussions with management, the board, other shareholders, and third parties, while reserving the right to adjust their strategy and investment position over time, including buying, selling, or hedging shares. Source

Legion Partners reaches cooperation agreement with NN Inc (NNBR)

Key Summary: On February 25, 2019, Legion Partners (8.02%) entered a cooperation agreement with the company, resulting in the appointment of two new directors and a commitment to transition to annual director elections, with full declassification by the 2021 Annual Meeting. On January 16, 2026, Legion Partners (9.95%) entered into a cooperation agreement with the company under which the board expanded from seven to eight directors and appointed Raymond T. White as a director and member of the Strategic Committee. On May 17, 2021, Corre Partners Management (9.99%) entered into a Cooperation Agreement with the company, leading to the appointment of Dr. Rajeev Gautam to the Board. 

Market Cap: $74 million| NN, Inc., a diversified industrial company, designs and manufactures high-precision components and assemblies in the United States, Europe, Asia, Canada, Mexico, South America, and internationally. 

Legion Partners

·         On February 25, 2019, Legion Partners (8.02%) and the company entered into a cooperation agreement and pursuant to it, the company increased the size of its Board by two and immediately appointed two new directors to the Board. Additionally, the Company announced that it will approve and recommend amendments to its Restated Certificate of Incorporation to implement the Company's transition to annual elections for directors. Later classes will also stand for one-year terms at subsequent annual meetings, and the board will be fully declassified by the 2021 Annual Meeting. Source

·         On October 20, 2020, Legion Partners increased its stake to 9.6%.

·         On January 16, 2026, Legion Partners (9.95%) entered into a cooperation agreement with the company under which the board expanded from seven to eight directors and appointed Raymond T. White as a director and member of the Strategic Committee, with Mr. White serving until the 2026 annual meeting and being nominated and recommended for election, and to be re-nominated at each annual meeting during the standstill period; in return, Legion Partners agreed to customary standstill and voting provisions, including a 19.9% ownership cap through the earlier of late 2027 or ahead of the 2028 nomination window, support of board-recommended votes, limited flexibility to follow ISS or Glass Lewis on non-director matters, and full discretion on extraordinary matters.

Corre Partners Management

·         On May 17, 2021, Corre Partners Management (9.99%) announced that it has entered into a Cooperation Agreement with the company pursuant to which the company increased the size of the Board from 9 to 10 directors and appointed Dr. Rajeev Gautam to fill the newly created directorship on the recommendation of Corre Partners Management.

·         On April 22, 2022, Corre Partners Management increased its stake to 10.92%.

·         On May 25, 2022, Corre Partners Management increased its stake to 12.21%.

·         On May 4, 2023, Corre Partners Management increased its stake to 14.7%.

Byreforge LLC secured Board seat in Magnachip Semiconductor Corp (MX)

Key Summary: Byreforge LLC (8.5%) disclosed in November 2025 that it is engaging with management and the board on value creation and board composition, followed by the January 14, 2026 appointment of its apparent nominee, Cristiano Amoruso, as a director and member of the Audit, Compensation, and Nominating and Corporate Governance Committees; previously, Engaged Capital built an 11.1% stake in 2015–2016, secured two board seats and a strategic alternatives review before largely exiting by late 2017, while Pleasant Lake Partners escalated pressure in 2015–2016 with a near-10% stake, a $10 per share acquisition offer, and public criticism urging the board to pursue a sale or binding transaction.

M.Cap: $107mm | Magnachip Semiconductor Corp is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for consumer, computing, communication, industrial, automotive and Internet of Things applications.

Byreforge LLC 

On November 20, 2025, Byreforge LLC (8.5%) stated that it has engaged, and expects to continue to engage in, discussions with management and the Board regarding opportunities for value creation, Board representation and the composition of the Board. Source

On January 14, 2026, the board appointed Cristiano Amoruso as a director to serve until the 2026 annual meeting or earlier departure and named him to the Audit, Compensation, and Nominating and Corporate Governance Committees. Source

Engaged Capital

Engaged Capital took a 7.3% stake in July 2015, arguing the stock was undervalued due to a financial restatement and suggesting the company’s foundry and semiconductor assets could be improved or sold. By May 2016, after raising its stake to 11.1%, it nominated four directors and soon reached a settlement in which the company added two of its nominees to the board and tasked them with overseeing a strategic alternatives review. Engaged later exited most of the position, cutting its stake to 4.9% in November 2017

Pleasant Lake Partners

Pleasant Lake Partners steadily increased pressure on the company after raising its stake to 9.95% in July 2015 and arguing in a board presentation that the business was deeply undervalued and worth $23–37 per share. In August 2015, it offered to acquire the company for $10 per share, a 29% premium at the time. By May 2016, holding 10.2%, it sent a sharply worded letter criticizing the company for creating obstacles, pushing the board to work with it and potential partners on a binding bid, and warning that it would use all shareholder rights if the board did not engage constructively.

Alta Equipment Group Inc. (ALTG) Reaches Cooperation Deal with Mill Road Capital

Key Summary: On January 21, 2026, the company entered into a board observer and cooperation agreement with Mill Road Capital (13.3%), granting Deven Petito non-voting board observer rights, including access to meetings and materials, and allowing the fund to designate a successor observer as long as it maintains at least 4.9% ownership.

M.Cap: $205 million | Alta Equipment Group Inc. owns and operates integrated equipment dealership platforms in the United States and Canada.

On January 21, 2026, the company entered into a board observer agreement with Deven Petito and a cooperation agreement with Mill Road Capital (13.3%) , granting Petito non-voting observer rights to attend board and committee meetings and receive materials, subject to confidentiality and conflict protections, while allowing the fund to designate a successor observer so long as it maintains at least 4.9% ownership.

Biglari Holdings urges votes against Jack in the Box (JACK) board nominees

Key Summary:  Biglari Holdings: Biglari Holdings escalated engagement after a July 2025 poison pill, nominating directors, filing proxy materials for the 2026 AGM, criticizing long-term value destruction, and opposing Say-on-Pay, incentive plan changes, and the rights agreement. By January 2026, Biglari withdrew both Sardar Biglari and Douglas Thompson as nominees (the latter due to his CAVA COO role), while continuing board-level discussions and leaving open a potential withhold campaign. On January 21, 2026, Biglari Holdings urged shareholders to oppose certain director nominees at Jack in the Box’s virtual 2026 annual meeting to signal dissatisfaction with board oversight, while recommending votes for KPMG’s auditor ratification and against Say-on-Pay, the 2023 Omnibus Incentive Plan share increase, and the stockholder rights agreement. GreenWood Investors: Signed cooperation agreement on Nov 3, 2025 adding two GreenWood-backed directors with standstill and voting terms; Alan Smolinisky joined the board on Nov 7, 2025. Jana Partners: Disclosed 7.3% in Feb 2018 and engaged on capital structure and strategy; entered confidentiality/standstill and cooperation agreements to add two directors, later amended through early 2019; stake reduced to 3.4% and two Jana-recommended directors were appointed in May 2019.

M.Cap: $444 million | Jack in the Box Inc. operates and franchises Jack in the Box quick-service restaurants (QSRs) and Qdoba Mexican Eats (Qdoba) fast-casual restaurants.

Biglari Holdings

·         On July 10, 2025, Biglari Holdings filed a Schedule 13D following the Board’s adoption of a poison pill, stating they may engage with management on potential changes to operations, governance, or capital structure, and may also communicate with other shareholders or third parties under confidentiality agreements. Source

·         On October 31, 2025, Biglari Holdings delivered a letter to the company nominating Sardar Biglari and Douglas Thompson for election to the Board at the 2026 annual meeting of shareholders. Source

·         On December 23, 2025, Biglari Holdings filed proxy materials soliciting proxies for the 2026 annual meeting to elect its nominee, Douglas Thompson, to the board alongside nine company nominees it does not oppose, arguing the current board has overseen years of shareholder value destruction and needs stronger oversight. Biglari urges shareholders to vote using its GOLD universal proxy card “FOR” its nominee and the nine company nominees, and “AGAINST” Say-on-Pay, the incentive plan amendment, and the rights agreement. Source

·         On December 23, 2025, Biglari Holdings withdrew their nomination of Sardar Biglari as a nominee at the Annual Meeting. Source

·         On January 14, 2026, Biglari Holdings withdrew their nomination of Douglas Thompson as a nominee at the Annual Meeting following his appointment as COO of CAVA, will continue discussions with the company on board composition including proposing an alternate qualified candidate, and may pursue a withhold campaign against one or more directors depending on the outcome. Source

·         On January 21, 2026, Biglari Holdings urges shareholders to send a clear message of dissatisfaction with the company’s direction and board oversight by voting “AGAINST” certain director nominees at the virtual 2026 annual meeting on February 27, 2026. Using its GOLD proxy card, Biglari recommends voting “FOR” the ratification of KPMG as auditor, but “AGAINST” the Say-on-Pay proposal, the amendment to increase shares under the 2023 Omnibus Incentive Plan, and the ratification of the stockholder rights agreement, while opposing the election of specific board nominees to signal discontent with the status quo. Source

·         On January 23, 2026, Biglari Capital filed a second revised preliminary proxy statement formalizing its campaign urging shareholders to vote against the re-election of Chairman David Goebel at the February 27, 2026 virtual annual meeting, citing board oversight failures, value destruction, and the need for stronger governance and accountability.

GreenWood Investors

·         On November 3, 2025, the company signed a cooperation agreement with GreenWood that added two GreenWood-backed directors, imposed standstill and voting commitments, set ownership thresholds tied to board rights, and included plans for a confidentiality agreement. Source

·         Effective November 7, 2025, the company appointed Alan Smolinisky to its board as a representative of GreenWood Investors, LLC

Jana Partners

·         On February 15, 2018, Jana Partners disclosed 7.3% and stated that it had discussions with the company regarding the capital structure, margins, capital allocation, franchise mix, and operations. It stated that it may have further discussions with the company regarding these and other topics including governance and Board composition. Source

·         On October 25, 2018, Jana Partners (6.7%) entered into a confidentiality and standstill letter agreement with the company. Under the Confidentiality Agreement, Jana Partners agreed to maintain the confidentiality of certain business information to be furnished by the company to Jana Partners and to abide by customary standstill obligations, subject to certain exceptions. Source

·         On October 29, 2018, the company and Jana Partners entered into a Cooperation Agreement. Pursuant to it, the company and Jana Partners will cooperate in good faith to agree upon two individuals recommended by Jana Partners (each a “New Independent Director”) to be added to the Board of Directors. Source

·         On January 4, 2019, the company and Jana Partners (6%) entered into an amendment to the Cooperation Agreement pursuant to which the deadline to appoint the new independent directors was extended to March 15, 2019. Source

·         On January 14, 2019, Jana Partners reduced its stake to 3.4%.

·         On April 25, 2019, the Company and Jana Partners entered into Amendment No. 3 to the Cooperation Agreement between the Company and Jana Partners dated October 29, 2018. Pursuant to which the Company added two individuals to the board on May 27, 2019. Source

Stilwell nominated a director nominee to the Board of Peoples Financial Corporation (PFBX)

Key Summary: On January 22, 2026, Joseph Stilwell announced his notice of intent to nominate Stewart F. Peck for election as a director at the company’s upcoming 2026 annual meeting of shareholders

Market Cap: $94 million | Peoples Financial Corporation operates as the bank holding company for The Peoples Bank that provides banking, financial, and trust services to government entities, individuals, and small and commercial businesses in Mississippi.

On January 22, 2026, Joseph Stilwell announced his notice of intent to nominate Stewart F. Peck for election as a director at the company’s upcoming 2026 annual meeting of shareholders

Past

·         Joseph Stilwell, a significant shareholder, consistently advocated for maximizing shareholder value through various means from November 2020 to April 2022, though his board nominees were not successful. His holdings increased to 11.2% by July 2022. In January 2023, with an 11.7% stake, Stilwell nominated Rodney H. Blackwell for directorship and criticized the management and board for nepotism and poor bond purchases overseen by Chevis Swetman's son, Tanner. Despite his efforts, his nominee was not elected to the board at the April 26, 2023 AGM.

·         On January 25, 2023, Joseph Stilwell (11.3%) announced that he served his notice of intent to nominate Rodney H. Blackwell for election as director at the company's upcoming annual meeting, with Stewart F. Peck as the alternate nominee. Also, Stilwell stated his belief that management and the directors have ill served the shareholders, and the company should explore all possibilities to maximize shareholder value. Source

·         On March 16, 2023, Joseph Stilwell filed proxy materials seeking support for his nominee.

·         On March 23, 2023, Joseph Stilwell sent a letter to the shareholders expressing his concerns that the company suffers from a toxic brew - nepotism, weak oversight, and a lack of competence in management. He stated that in the last year alone, the Company lost over $6 per share because of inept bond purchases overseen by Chevis Swetman’s son, Tanner. Somehow or other, Tanner was promoted to COO.

·         On April 12, 2023, Joseph Stilwell (11.7%) filed proxy materials seeking support for his nominee and issued a letter (refer, "Exhibit 20") to the shareholders expressing his concerns over the performance of the management and board.

·         On April 19, 2023, Joseph Stilwell (11.7%) filed proxy materials seeking support for his nominee and issued a letter (refer, "Exhibit 20") to the shareholders expressing his concerns over the performance of the management and board.

·         At the AGM held on April 26, 2023, Stilwell's nominee was not elected to the board by the shareholders.

·         On January 22, 2024, Joseph Stilwell (12.7%) announced his intent to nominate Stewart F. Peck for election to the Board at the 2024 AGM. Source

·         On March 1, 2024, Joseph Stilwell filed proxy materials seeking support for his nominee.

·         On March 12, 2024, Joseph Stilwell mailed a letter to the stockholders seeking vote for his nominee.

·         On April 1, 2024, Joseph Stilwell mailed a letter to the stockholders raising concerns regarding the company's Chairman, President, and CEO, Chevis Swetman, regarding his stewardship and the decline in shareholder value over the last quarter-century. Despite this decline, Swetman's compensation has remained substantial, including significant benefits from employee and director benefit plans.

·         At the AGM held on April 29, 2024, Stilwell's nominee was not elected to the Board.

·         On September 26, 2024, Joseph Stilwell (13.7%) stated his belief that management and the directors have ill served the shareholders, and the company should explore all possibilities to maximize shareholder value. Source

·         On January 27, 2025, Joseph Stilwell announced his intention to nominate Stewart F. Peck for election to the Board at the 2025 AGM. Source

·         On February 28, 2025, Joseph Stilwell filed proxy materials seeking support for his nominee.

·         At the AGM held on April 23, 2025, Stilwell's nominee was not elected to the board by the shareholders