Starboard reached an agreement with Tripadvisor, Inc. (TRIP)

Key Summary: On October 21, 2025, Starboard issued a presentation arguing that the company is significantly undervalued. On February 17, 2026, Starboard criticized the company’s sustained underperformance and board inaction, called for urgent evaluation of strategic alternatives—including a potential sale—and announced plans to nominate a majority slate of directors at the 2026 annual meeting. On March 22, 2026, Starboard Value entered into an agreement with the company to expand the board from 8 to 10 directors and appoint two new independent directors, Andrew F. Cates and Dhiren R. Fonseca.

Market Cap: $1.2 billion | TripAdvisor, Inc., an online travel company, engages in the provision of travel guidance products and services worldwide.

On October 21, 2025, Starboard issued a presentation arguing that the company is significantly undervalued (trading at ~6.5× projected CY2026 EBITDA vs. ~12×+ for peers) and outlines a value-unlock thesis: selling TheFork at a premium, improving Viator’s margins (towards “OTA-like” levels), and monetising Tripadvisor data/brand more effectively (eg licensing for AI/LLM-use), which could drive pro-forma valuation to as low as ~2.5× EBITDA. They also point to recent governance change (one-share one-vote since April 2025) as a catalyst.

On February 17, 2026, Starboard sent a letter criticizing the company’s prolonged underperformance and the board’s failure to act decisively amid rapid industry change, arguing that significant value-creation opportunities—including a potential sale in one or more transactions—are being overlooked. Starboard stated that a reconstituted board is needed to bring urgency and properly evaluate strategic alternatives, and it announced plans to nominate a majority slate of directors at the 2026 annual meeting.

On March 22, 2026, Starboard Value entered into an agreement with the company to expand the board from 8 to 10 directors and appoint two new independent directors, Andrew F. Cates and Dhiren R. Fonseca, while retaining the right to propose two additional nominees before April 10, 2026; the company will nominate all 10 directors (with two incumbents not standing for re-election), include the new nominees in its slate, and implement governance changes such as allowing shareholders to act by written consent and call special meetings. Starboard agreed to support the company’s nominees and proposals at the 2026 annual meeting

Key Summary: On November 27, 2025, YZi Labs Management filed a preliminary consent statement to expand the board and elect new directors, citing weak execution, poor communication, SEC filing delays, and stock underperformance despite a $500 million PIPE and gains in BNB, the company’s main treasury asset.

Market Cap: $304 million | CEA Industries Inc., through its subsidiary, Surna Cultivation Technologies LLC, focuses on the sale of environmental control and other technologies and services to the controlled environment agriculture (CEA) industry in the United States and Canada.

On November 27, 2025, YZi Labs Management filed a preliminary consent statement seeking written consents to expand the board and elect new directors, arguing that stronger oversight is needed after what it sees as weak execution, poor communication, SEC filing delays, and stock underperformance despite a $500 million PIPE and appreciation in BNB, the company’s primary treasury asset. Source

On December 3, 2025, YZi Labs Management filed a preliminary consent solicitation accused 10X Capital of mismanagement, transparency failures, and abandoning BNC’s promised BNB Treasury Strategy, contributing to severe shareholder value destruction. It demanded corrective action and solicited consents to expand the board with independent directors. Source

On December 19, 2025, YZi Labs and seven nominees formed a group (4.9%) to jointly file Schedule 13D disclosures, pursue board representation, and solicit consents to expand the board and elect the nominees, with YZi Labs controlling nominee trading and covering related expenses, and plans to file a revised preliminary Schedule 14A to seek these consents. Source

On December 29, 2025, the company adopted a poison pill and stricter bylaws requiring extensive disclosures and forms for nominating directors or soliciting consents. That same day, YZi Labs requested the required documents to continue its effort to expand the Board and appoint its nominees, and Ms. Zhang requested the relevant director guidelines. Source

On January 5, 2026, YZi Labs Management Ltd. issued a press release sharply criticizing CEA Industries Inc. for adopting a poison pill and defensive bylaw amendments, arguing the moves are stockholder-unfriendly, legally excessive, and aimed at board entrenchment rather than shareholder interests. YZi accused the Board of delaying the 2025 annual meeting, undermining a free and fair director election process, and misrepresenting past consideration of alternative crypto tokens, citing public comments by the CEO and conflicts involving board members, while reaffirming its intent to give shareholders the opportunity to elect new directors at the 2025 annual meeting.

On February 4, 2026, YZi Labs denied a claim that it’s Strategic Services Agreement was secret, stating it was fully disclosed and terminated in December 2025 after efforts to reduce fees. YZi Labs also rejected allegations that it blocked amendments to 10X Capital’s asset management agreement and reaffirmed its commitment to transparency and shareholder value. Source

On February 6, 2026, YZi Labs asked the Board to clarify how amended bylaws affect shareholders’ written consent rights, warning that new requirements limiting consent execution to record holders could hinder participation by beneficial owners. YZi Labs, which is seeking to expand the Board and elect new directors, requested the Company waive certain requirements or accept consents submitted through standard brokerage channels. Source

On February 18, 2026, YZi Labs issued a press release accusing 10X Capital and director Hans Thomas of failing to disclose beneficial ownership in CEA Industries, alleging breaches of Sections 13(d) and 16(a), and calling for immediate disclosure. The firm claims 10X has exceeded the 5% threshold since late 2025 without filing a Schedule 13D and that Thomas has not filed a Form 3 despite being a director. YZi Labs emphasized its own compliance and is simultaneously pursuing a consent solicitation to expand the Board and elect new directors.

On March 10, 2026, YZi Labs Management, a significant shareholder of CEA Industries (BNC), criticized 10X Capital CEO and director Hans Thomas for filing overdue Section 16 ownership disclosures months late, calling the filings evidence of weak internal controls and compliance failures. Source

On March 13, 2026, YZi Labs requested the company to set a record date allowing stockholders to provide written consent for proposals in its preliminary consent statement filed with the SEC. The request complies with bylaws amended in December 2025 that imposed stricter requirements and procedural hurdles for director nominations and consent solicitations. Source

On March 23, 2026, YZi Labs accused CEA Industries (BNC) of major governance failures, citing material internal control weaknesses, lack of oversight, and disclosure issues, while criticizing a ~$2 million CEO exit package as excessive and misaligned with shareholders; it also flagged related-party payments, restrictive covenants, and potential control-contest motives, urging transparency and corrective action. Source

ATG Fund nominated nine candidates to the Board of Empery Digital (EMPD)

Key Summary: On February 26, 2026, ATG Fund (13.7%) submitted a nomination notice proposing a slate of nine director candidates for election to the board at the 2026 annual meeting. On February 23, 2026, 9.8% shareholder Tice Brown rejected management’s offer to buy his stake at 100% of mNAV for a standstill, calling it inconsistent and self-serving. He accused management of entrenchment and urged CEO removal, board replacement, and liquidation of Bitcoin with proceeds returned to shareholders. On February 26, 2026, Tice Brown, owner of ~10.3% of Empery Digital, nominated himself to the Board

Market Cap: $129 million | Empery Digital Inc. designs, develops, and sells electric off road powersport vehicles in the United States.

ATG Fund

On February 26, 2026, ATG Fund (13.7%) submitted a nomination notice proposing a slate of nine director candidates for election to the board at the 2026 annual meeting. Source

On March 23, 2026, ATG Fund filed proxy materials seeking to replace the entire board by nominating nine directors for election at the 2026 annual meeting, arguing that a reconstituted board with independent, experienced members is urgently needed to better represent shareholder interests and enhance value. Source

Tice Brown

On February 23, 2026, Tice Brown, a 9.8% shareholder of Empery Digital, revealed that management offered to repurchase his entire stake at 100% of mNAV in exchange for a standstill, which he rejected. He criticized the proposal as inconsistent with the company’s buyback rationale and accused management of entrenchment and misusing shareholder capital, especially as other investors sell at steep discounts. Brown called for the immediate removal of CEO Ryan Lane, replacement of the Board, and liquidation of Bitcoin holdings with proceeds returned to shareholders. Source

On February 26, 2026, Tice Brown, owner of ~10.3% of Empery Digital, nominated himself to the Board, citing governance failures and a large discount to liquidation value. He called for board replacement, CEO resignation, and significant capital returns, criticized bitcoin holdings and anti-takeover measures, and stated he aims to strengthen shareholder rights and maximize value. Source

Land & Buildings Issues Letter Detailing Why Change Is Needed at First Industrial Realty Trust (FR)

Key Summary: On February 26, 2026, Land & Buildings criticized First Industrial Realty Trust’s governance, engagement, and underperformance, citing entrenched directors, poor board refreshment, and misaligned incentives. It urged asset sales ($500M–$1B), capital returns, and potential strategic alternatives, and nominated Jonathan Litt to the board at the 2026 AGM. L&B highlighted a 100+ bps valuation gap vs. peers and reiterated ~$73 NAV, implying ~20% upside.

Market Cap: $8.6 billion | First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. 

On February 26, 2026, Land & Buildings Investment Management issued a letter criticizing First Industrial Realty Trust’s insular board culture, weak shareholder engagement, and persistent underperformance. The firm pointed to governance and communication failures, long-tenured directors, lack of board refreshment, and misaligned compensation, while urging actions such as $500M–$1B in asset sales, capital returns, an investor day, and potential strategic alternatives if the valuation gap persists. It also nominated its founder, Jonathan Litt, to the board at the 2026 AGM. L&B noted FR trades at a mid-6% implied cap rate versus low-5% for peers like Prologis and EastGroup, implying a 100+ bps valuation gap, and reiterated its ~$73 NAV estimate, suggesting ~20% upside. Source

On March 9, 2026, Land & Buildings Investment Management issued an open letter to the shareholders, arguing the company trades at a significant “governance discount” due to an entrenched board and weak oversight. The activist estimates FR shares could be about $15 higher (over 20% upside) if valued in line with peers. Land & Buildings criticized long board tenure, rising CEO compensation, and resistance to governance changes, and announced plans to vote against directors Matthew Dominski and H. Patrick Hackett at the 2026 annual meeting while nominating its founder Jonathan Litt to the board.

On March 20, 2026, Land & Buildings criticized First Industrial Realty Trust (FR) for governance failures and persistent undervaluation (~$2B), blaming long-tenured directors Matthew Dominski and H. Patrick Hackett for poor oversight, weak capital allocation, and misaligned executive pay; it urged shareholders to vote against their re-election at the 2026 AGM, arguing the discount is governance-driven (not portfolio-related) and proposing actions such as asset sales, capital returns, and potential strategic alternatives to unlock value. Source

Beretta Holding Nominated Four Directors to Sturm, Ruger & Company, Inc.(RGR)

Key Summary: Beretta Holding S.A. escalated its campaign at Sturm, Ruger & Company by nominating four directors, citing margin decline, poor capital allocation, weak governance, and persistent underperformance, while denying any intent to gain control and pushing for a governance reset. It later proposed a tender offer for up to 20.05% at $44.80 (~20% premium) and urged removal of the poison pill to raise ownership to 30%, accusing the board of entrenchment and blocking shareholder value.

Market Cap: $694 million | Sturm, Ruger & Company, Inc., together with its subsidiaries, designs, manufactures, and sells firearms under the Ruger name and trademark in the United States.

·         On February 24, 2026, Beretta Holding (9.95%) nominated four director candidates—William Detwiler, Mark DeYoung, Fredrick DiSanto, and Michael Christodolou—for election at the 2026 annual meeting. Beretta cited sustained shareholder value destruction driven by margin compression, poor capital allocation, weak governance, and misaligned incentives, highlighting minimal insider ownership, net insider selling, and severe underperformance versus peers and benchmarks. It argued the current board lacks relevant expertise and accountability, and that meaningful board change is necessary to restore oversight, improve performance, and maximize long-term shareholder value. Source

·         On March 5, 2026, Beretta Holding criticized the company’s weak Q4 and FY2025 results, citing declining margins, falling earnings, and ineffective strategy under current leadership. Beretta reiterated its push for board change at the 2026 annual meeting, promoting its four director nominees and arguing a governance reset is needed to restore profitability and accountability. Source

·         On March 10, 2026, Beretta Holding denied seeking control, stating it proposed only a strategic minority investment and limited board representation to improve performance. Beretta criticized Ruger’s board for resisting engagement, maintaining entrenched leadership despite underperformance, breaching confidentiality, and said it remains open to a negotiated solution. Source

·         On March 19, 2026, Beretta Holding sent a letter to stockholders stating that the company has suffered from years of underperformance, weak execution, and poor board oversight, and urged shareholders to elect its four nominees to improve accountability and restore shareholder value. It urged investors to elect its four independent nominees to improve oversight and restore value.

·         On March 25, 2026, Beretta Holding sent a letter to the Board stating that it aims to support performance as a strategic partner, not gain control. After failed talks with the board, it nominated a minority slate and plans a tender offer to buy up to 20.05% at $44.80 (~20% premium), subject to approvals. It urges removal of the poison pill to allow up to 30% ownership, arguing this would not imply control, while accusing the board of entrenchment and blocking shareholder value.

MAK Capital Fund (8.1%) reached cooperation agreement with Comstock Inc (LODE)

Key Summary: On March 25, 2026, MAK Capital Fund (8.1%) signed a cooperation agreement with the company

Market Cap: $229 million | Comstock Inc. engages in the systemic decarbonization business in Nevada and internationally.

On March 25, 2026, MAK Capital Fund (8.1%) signed a cooperation agreement with the company to expand the board to 8 members and appoint three new directors, with plans to renominate them through 2027, while two existing directors will retire and board size will later be reduced and restructured.

Value Base and Zisapel siblings push board overhaul at Radcom Ltd (RDCM)

Key Summary: On March 25, 2026, Value Base Ltd. and the Zisapel siblings (~19.27% holders) said Radcom Ltd. is underperforming due to governance and capital allocation failures, and demanded a special meeting to overhaul the board—remove five directors, appoint three independent members, amend governance rules, and pause major actions until changes are implemented.

Market Cap: $194 million | RADCOM Ltd. provides cloud-native and 5G-ready network intelligence solutions for communication service providers (CSPs). 

On March 25, 2026, Value Base Ltd. and the Zisapel siblings (~19.27% holders) said Radcom Ltd. is underperforming due to governance and capital allocation failures, and called a special meeting to revamp the board—reduce size, change election rules, remove five directors, appoint three independents, and pause major actions until the new board is in place. Source

JANA pushes Six Flags (FUN) sale, board overhaul amid post-merger underperformance

Key Summary: On March 17, 2026, JANA Partners (~9% stake) urged Six Flags Entertainment Corporation to explore a sale and replace its board chair, citing weak performance and governance issues post its Cedar Fair merger, with support from Travis Kelce.  On September 26, 2025, Land & Buildings Investment Management issued a public letter urging the company to unlock substantial trapped value in its real estate by monetizing these assets through a REIT spin-out or sale, potentially attracting multiple bidders and valuing the real estate up to $6 billion.  On December 21, 2022, Land & Buildings Investment Management (3%) issued a presentation detailing why it believes the Company is significantly undervalued and how Six Flags could unlock substantial value by executing a strategy to monetize its real estate while driving an operational turnaround. On January 30, 2020, H Partners entered into a Cooperation Agreement with the company regarding the membership and composition of the Board.

M.Cap: $1.7 billion | Six Flags Entertainment Corporation owns and operates regional theme and water parks under the Six Flags name.

JANA Partners

On March 17, 2026, JANA Partners, holding ~9% of Six Flags Entertainment Corporation, is pushing for a sale of the company and a replacement of its board chair, citing weak performance and governance concerns following its 2024 merger with Cedar Fair. JANA, joined by Travis Kelce as investor and brand ambassador, argues Six Flags is an attractive acquisition target and should engage with buyers, leveraging its activist track record of driving profitable sales (e.g., Whole Foods Market, PetSmart). The push follows declining attendance and a ~50% stock drop pre-investment, alongside recent asset sales and park closures as the company restructures. Source

Land & Buildings Investment Management

·         On December 21, 2022, Land & Buildings Investment Management (3%) issued a presentation detailing why it believes the Company is significantly undervalued and how Six Flags could unlock substantial value by executing a strategy to monetize its real estate while driving an operational turnaround. Key takeaways from the presentation include: (i) Six Flags could add $11 per share today by unlocking its real estate value, (ii) The Company is poised for an operational rebound, (iii) There are clear precedents for monetizing Six Flags’ real estate, (iv) There are attractive partners for sale-leaseback transactions, (v) Land & Buildings is optimistic that discussions with management can remain constructive.

·         On September 26, 2025, Land & Buildings Investment Management issued a public letter urging the company to unlock substantial trapped value in its real estate by monetizing these assets through a REIT spin-out or sale, potentially attracting multiple bidders and valuing the real estate up to $6 billion. This approach, combined with driving an operational turnaround post-merger with Cedar Fair, could deliver immediate significant upside—estimated at over 75%—to the current depressed share price. Land & Buildings highlights that spinning off a REIT would allow shareholders to capture value while preserving operational growth upside and suggests evaluating sales of non-core parks as well. With the company’s stock down over 50% due to merger integration issues and poor weather, the proposal presents a clear path to realize fair value after years of underperformance.

H Partners

·         On January 16, 2020, H Partners (6.51%) stated that it is concerned by the recent deterioration in the company’s operational and stock price performance. To address these concerns, H Partners have engaged in discussions with the Board regarding suggestions aimed at improving the governance of the company, including the addition of a representative of H Partners to the Board. Source

·         On January 30, 2020, H Partners entered into a Cooperation Agreement with the company regarding the membership and composition of the Board. Pursuant to the Cooperation Agreement, the company appointed Arik Ruchim to the Board as a director, and Mr. Ruchim was appointed to the Nominating and Corporate Governance Committee and the Compensation Committee of the Board. The company also committed to appoint three additional independent directors to the Board. H Partners will be permitted to present to the Board a list of up to eight candidates who are not affiliates or representatives of H Partners for consideration for appointment to the Board as a New Independent Appointee.

Bradley Radoff Sends an Open Letter to Oportun Financial (OPRT)

Key Summary: On March 16, 2026, Bradley Radoff sent an open letter to Oportun Financial Corporation criticizing performance and governance. Findell Capital Partners (5.4%) criticized the company's poor stock performance compared to its competitor, OneMain Holdings, Inc. They suggested replacing board members, reducing expenses, changing leadership, and improving governance. On March 7, 2024, they nominated three director candidates for the 2024 AGM. On April 22, 2024, the company entered into a cooperation agreement with Findell Capital Management. On March 20, 2025, Findell Capital announced its plans to nominate two directors and believes Oportun is undervalued, proposing operational changes to boost its valuation to $22-$33 per share. On March 27, 2025, Findell Capital Management nominated Sandra Bell and Warren Wilcox to its Board. On July 14, 2025, Findell entered a Cooperation Agreement with the company to appoint Warren Wilcox to the Board

Market Cap: $199 million | Oportun Financial Corporation provides financial services. It offers personal loans and credit cards.    

Bradley Radoff

On March 16, 2026, Bradley Radoff sent an open letter to Oportun Financial Corporation criticizing performance and governance. He urges strategic review, board changes, and actions to unlock shareholder value. Source

Findell Capital Partners

·         On November 27, 2023, Findell Capital Partners (5.4%) highlighted that the company's stock had performed poorly compared to its competitor, OneMain Holdings, Inc. Findell Capital Partners believed this was due to wasteful investments and unproductive expenditures by the CEO and a board of directors lacking industry-specific knowledge. Findell Capital Partners suggested the following actions to unlock the company's value: replace board members with subprime lending experience, reduce operating expenditure, replace the then-current leadership team, and adopt shareholder-friendly governance. They intended to work constructively with the Board but reserved the right to take further action if needed to protect shareholder interests. Source

·         On December 4, 2023, Findell Capital Partners issued a letter to the shareholders expressing serious concerns about Oportun's financial and stock price underperformance under CEO Raul Vazquez.

Valuation Insight

"Oportun's core business is a great one. Under the right cost structure, the Company should generate +$3-$4 in earnings per share and the stock should trade for +$20 a share versus $2.60 a share today."

·         On March 7, 2024, Findell Capital Partners (6.7%) submitted a letter to the company nominating three director candidates – Susan Ehrlich, Scott Parker, and David Tomlinson – for election to the Board at the 2024 AGM. Findell Capital Partners has been in ongoing constructive and private discussions with the Board and management, aiming to reach a cooperative resolution. Source

·         On April 19, 2024, the company entered into a cooperation agreement with Findell Capital Management and pursuant to it, the company appointed Scott Parker as a new independent director and Richard Tambor as an observer to its Board. Tambor will also stand for election at the 2024 shareholder meeting.

·         On March 20, 2025, Findell Capital (9.1%) issued an open letter to the Board calling for leadership changes. It criticized CEO Raul Vasquez and Lead Director R. Neil Williams for their lack of lending experience and poor performance. Findell plans to nominate two experienced directors to replace them, believing Oportun is significantly undervalued. It proposes operational improvements and better leadership to increase the company’s valuation to $22-$33 per share, aiming to remove obstacles posed by the current board.

·         On March 27, 2025, Findell Capital Management nominated Sandra Bell and Warren Wilcox to its Board. Findell criticized the legacy Board for poor governance and attributed recent stock price recovery to their involvement. They urged stockholders to elect their nominees at the upcoming annual meeting to drive operational improvements and better governance. Source

·         On May 5, 2025, Findell Capital Management sent a letter to the shareholders that it is pushing for board changes, citing poor oversight, excessive costs, and strategic missteps under CEO Raul Vazquez. Despite some progress with two new directors in 2024, Findell claims legacy board members remain aligned with management and lack lending expertise. It is nominating Warren Wilcox to restore independence, cut costs, and refocus on core lending to unlock shareholder value.

·         On June 16, 2025, Findell Capital Management released an investor presentation criticizing the legacy board’s oversight and urging the election of Warren Wilcox to add subprime lending expertise. Findell blamed former CEO Raul Vazquez for value destruction, including a $1.5B capital loss and the $211M Hello Digit acquisition, citing a 76% stock decline and poor performance vs. peer OneMain. It credited past improvements to its nominated directors and sees further upside if Oportun cuts $80M in OpEx, removes the 36% rate cap, and targets >40% ROE, estimating a path to over $22/share by 2026.

·         On July 7, 2025, Findell Capital announced that ISS recommended shareholders vote for Findell’s nominee Warren Wilcox and withhold support for long-tenured CEO Raul Vazquez, citing years of poor governance and a ~55% stock decline since the 2019 IPO. Source

·         On July 14, 2025, Findell entered a Cooperation Agreement with the company to appoint Warren Wilcox to the Board through 2028, with a retiring director by 2026. Findell withdrew its 2025 nomination and agreed to standstill and voting commitments through the 2028 nomination deadline.

The D. E. Shaw Group Releases Open Letter to the Board of Directors of CoStar Group (CSGP)

Key Summary: On March 10, 2026, D. E. Shaw Group criticized CoStar Group, Inc. for reduced transparency and alleged attempts to obscure underperformance at Homes.com. 

Market Cap: $16.8 billion | CoStar Group, Inc. provides information, analytics, and online marketplace services to real estate and related business communities in the United States, Australia, Canada, Europe, the Asia Pacific, and Latin America.

On March 10, 2026, D. E. Shaw Group criticized CoStar Group, Inc. for reduced transparency and alleged attempts to obscure underperformance at Homes.com.  The firm called for improved oversight, accountability, and actions to address value destruction and capital allocation concerns. Source

Ortelius Delivers Open Letter to Surgery Partners (SGRY) Stockholders

Key Summary: On March 10, 2026, Ortelius Advisors criticized Surgery Partners, Inc. for severe underperformance and value destruction, citing a ~67% five-year stock decline.

Market Cap: $1.5 billion | Surgery Partners, Inc., together with its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. 

On March 10, 2026, Ortelius Advisors criticized Surgery Partners, Inc. for severe underperformance and value destruction, citing a ~67% five-year stock decline. The firm urged asset sales, board and management changes, and a strategic review to refocus on higher-margin ambulatory surgery centers and unlock value. Source

Voss Capital Issues Open Letter to the Board of Euronet Worldwide (EEFT)

Key Summary: On March 4, 2026, Voss Capital (~4.2% holder) said Euronet Worldwide, Inc. has significantly underperformed despite strong assets, and urged the board to explore strategic alternatives.

Market Cap: $2.7 billion | Euronet Worldwide, Inc. provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers internationally.

On March 4, 2026, Voss Capital (~4.2% holder) said Euronet Worldwide, Inc. has significantly underperformed despite strong assets, and urged the board to explore strategic alternatives. The firm criticized management urgency and valuation, calling for decisive actions to unlock shareholder value. Source

Irenic Sends Letter to Teleflex (TFX) Board of Directors Regarding Its Refusal to Engage with Potential Acquirors

Key Summary: Irenic Capital (~2% holder) criticized Teleflex’s Board for refusing to engage with credible buyers despite interest, urging a sale and strategic review amid severe underperformance (–73% TSR in 5 years) and lack of a permanent CEO.

Market Cap: $5 billion | Teleflex Incorporated designs, develops, manufactures, and supplies single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgical applications in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. 

On March 27, 2026, Irenic Capital, a ~2% shareholder in Teleflex, criticized the Board for refusing to engage with credible acquisition interest and urged an immediate evaluation of strategic alternatives, including a potential sale. The firm highlighted severe underperformance (–73% TSR over five years), lack of a permanent CEO, and poor governance, arguing the long-tenured Board has overseen sustained value destruction while showing minimal stock ownership and alignment with shareholders. Irenic called the Board’s stance “unreasonable,” stated concerns are widely shared among investors, and pushed for meaningful changes, including appointing a new Chair and hiring independent advisors to objectively assess offers and maximize shareholder value. Source

Norwegian Cruise Line Holdings (NCLH) & Elliott Investment Reach Cooperative Agreement

Key Summary: On March 27, 2026, Norwegian Cruise Line Holdings reached a cooperation agreement with Elliott

Market Cap: $8.4 billion | Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally.

On March 27, 2026, Norwegian Cruise Line Holdings reached a cooperation agreement with Elliott, adding five new independent directors, removing four, and appointing CEO John Chidsey as Chairman—marking a significant board refresh aimed at improving performance and restoring investor confidence. The deal also includes a new CEO compensation structure heavily tied to equity and performance, along with Elliott agreeing to standstill provisions, signaling aligned efforts to drive long-term shareholder value. Source

Cannell Capital LLC Issues Statement about Rackspace Technology, Inc. (RXT)

Key Summary: Cannell Capital exited Rackspace equity after a 321% run, shifted to debt, and warned of a looming $3.3B maturity with weak refinancing plans and limited management engagement, urging recapitalization including equity issuance.

Market Cap: $259 million | Rackspace Technology, Inc. operates as a hybrid cloud and artificial intelligence solutions company in the United States, the United Kingdom, and internationally. 

On March 26, 2026, Cannell Capital exited its equity stake in Rackspace after a 321% run and shifted to debt, warning of a looming $3.3B debt maturity with inadequate refinancing plans and limited engagement from management. The firm urged recapitalization (including potential equity issuance), highlighted severe financial risk, and expressed interest in joining a future creditor committee as conditions deteriorate. Source