13D weekly report - February 02, 2025 to February 06, 2026

22NW Fund Signals Engagement with Board, Raises Potential Board Changes at Stoneridge, Inc. (SRI)

Key Summary: On February 6, 2026, 22NW Fund (8.2%) said it intends to engage with the Board and management to enhance shareholder value, including possible Board changes.

Market Cap: $237 million | Stoneridge, Inc., together with its subsidiaries, designs and manufactures engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, and agricultural vehicle markets 

On February 6, 2026, 22NW Fund (8.2%) stated that it plans to engage with the Board and management on initiatives to enhance shareholder value, including potential Board composition changes. Source

Eaton M. Scripps Backs Board Re-Elections, Proposes New Director Nominee at E.W. Scripps Company (SSP)

Key Summary:  On February 6, 2026, Eaton M. Scripps said his representatives—Charles Barmonde, Monica Holcomb, and Raymundo H. Granado, Jr.—plan to seek re-election to the Board at the 2026 Annual Meeting and recommended Tracy Tunney Ward for nomination following a proposed Board expansion.

Market Cap: $301 million | The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local television stations, national news, and entertainment networks in the United States. 

On February 6, 2026, Eaton M. Scripps stated that his representatives—Charles Barmonde, Monica Holcomb, and Raymundo H. Granado, Jr.—currently serve on the Board and are expected to stand for re-election at the 2026 Annual Meeting. He also recommended Tracy Tunney Ward, a former family office CEO and current consultant, for nomination to the Board contingent on a proposed Board expansion. Source

Erez Asset Management pushes Veris Residential (VRE) to explore strategic alternatives amid valuation discount

Key Summary: Erez Asset Management stated on February 5, 2026 that the company is undervalued and is engaging with the Board on governance, capital allocation, and strategic alternatives, having previously urged a public review of strategic options in December 2025 while estimating a potential sale value of $22–$25 per share (40–70% premium). Madison International Realty Holdings, a major shareholder, has historically supported management while seeking board representation, resulting in a cooperation agreement and board appointment in 2023. Bow Street previously led an activist campaign in 2019–2020 advocating asset sales, board reconstitution, leadership changes, and strategic restructuring, ultimately securing multiple board seats and influencing governance changes.

Market Cap: $1.8 billion | Veris Residential, Inc (formerly Mack-Cali Realty Corporation) is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast

Erez Asset Management

On February 5, 2026, Erez Asset Management (4.9%) stated it believes the company is undervalued and is engaging with the Board and management on governance, capital allocation, and strategic alternatives, including asset sales. The firm sent a letter on December 1, 2025 urging the Board to initiate a public strategic alternatives review, citing a persistent 30%+ NAV discount and estimating a potential sale value of $22–$25 per share, or a 40–70% premium. Source

Madison International Realty Holdings, LLC

On November 10, 2020, Madison International Realty Holdings, LLC (7.07%) met with members of management of the company to discuss, in general, the company's business, geographic markets, portfolio, corporate governance and strategic direction.  At the meeting, Madison International Realty Holdings indicated its support for the management team and its willingness to work with management on possible strategic or other initiatives to enhance shareholder value.  During the discussion, Madison International Realty Holdings, as one of the largest shareholders of the company, also discussed potentially seeking representation on the board of directors of the company. Source

On January 12, 2023, Madison International Realty Holdings (6.7%) met with members of the nominating and corporate governance committee to discuss potential representation on the board of directors of the company. Source

On February 26, 2023, Madison International Realty (6.7%) entered into a Nomination and Cooperation Agreement with the company. Pursuant to the Nomination Agreement, the company agreed to appoint Ronald M. Dickerman, Founder and President of Madison International Realty, to the board, effective as of May 4, 2023. 

Bow Street

·         On April 16, 2019, Bow Street LLC (4.5%) sent a letter to the Board reiterating its proposal to acquire Mack-Cali’s office portfolio and highlighting the need for a reconstituted Mack-Cali Board. Under the terms of the proposal, Mack-Cali stockholders will receive expected net cash consideration of $8-$10 per Mack-Cali share as well as an equity distribution of a new, high-growth apartment REIT, comprised of Mack-Cali’s current multifamily portfolio with a calculated net asset value of $19.20 per share. As detailed in its letter, Bow Street’s proposal, made in partnership with DWREI LLC and first shared with the Board on February 25, 2019, was publicly rejected. Accordingly, Bow Street has nominated four candidates for election to the Board at the 2019 annual meeting of shareholders.

·         On May 1, 2019, Bow Street LLC filed proxy materials seeking support for its nominees. Additionally, Bow Street sent a letter to its shareholders outlining the decades-long value destruction overseen by the Company’s deeply entrenched Board as well as Bow Street’s belief that new independent directors and significant structural change are required to unlock value for all shareholders.

·         On May 17, 2019, Bow Street launched a website (located at www.bowstreetllc.com/mack-cali/)  to communicate with shareholders of Mack-Cali Realty Corporation related to Bow Street’s solicitation of proxies in connection with the 2019 annual meeting of stockholders.

·         On May 22, 2019, Bow Street released an investor presentation to the shareholders detailing the case for change at Mack-Cali. The presentation and additional information regarding the THE CASE FOR CHANGE AT MACK-CALI is available at: http://bowstreetllc.com/mack-cali/.

·         On June 12, 2019, the company announced that four current Mack-Cali directors won’t stand for re-election to its 11-member board at the company’s annual meeting that clears the way for candidates put forth by Bow Street.

·         At the AGM held on June 12, 2019, shareholders elected eleven members to the Board including four nominees of Bow Street.

·         On March 12, 2020, Bow Street issued an open letter to the shareholders calling for the removal of CEO Michael DeMarco and the election of four additional new directors to the Board of Directors.  Additionally, Bow Street is re-nominating the four, independent directors shareholders elected at the 2019 annual meeting. It stated its disappointment that under Mr. DeMarco’s leadership, Funds from Operations have declined ~40%, and leverage has increased from ~7.5x EBITDA to ~9.7x EBITDA.

·         On May 6, 2020, Bow Street issued a letter to the shareholders outlining the company’s urgent need for new leadership at the Board and management levels following years of prolonged underperformance and blatant disregard for accountability and oversight. Bow Street stated that as directors, Bow Street’s nominees will execute a plan to permanently usher in a new era of corporate responsibility, operational oversight and value creation at Mack-Cali. Further, Bow Street detailed a three-step plan to maximize value for shareholders; (i) Re-Alignment of the Mack-Cali portfolio, (ii) Reconstitute Board with shareholder-focused, real estate-centric independent directors, and (iii) Installing a new, qualified CEO

·         On June 10, 2020, the company announced that it has entered into an agreement with Bow Street in connection with the postponement of the company’s 2020 Annual Meeting of Stockholders, which was previously scheduled to occur on June 10, 2020. Under the terms of the agreement, the Mack-Cali Board of Directors will promptly be reconstituted to be comprised of the following nine directors, eight of whom were nominated by Bow Street and one of whom was nominated by the Company, in each case in connection with the 2020 Annual Meeting: Alan R. Batkin, Michael Berman, Frederic Cumenal, MaryAnne Gilmartin, Tammy K. Jones, A. Akiva Katz, Nori Gerardo Lietz, Mahbod Nia, and Howard Stern.

Endeavor Group Responds to Mawson Infrastructure Group’s (MIGI) Adoption of Stockholder Rights Plan

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.  On February 4, 2026, The Endeavor Investor Group criticized Mawson Infrastructure Group’s adoption of a stockholder rights plan

M.Cap: $3.6 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

·         On February 4, 2026, The Endeavor Investor Group criticized Mawson Infrastructure Group’s adoption of a stockholder rights plan, stating it entrenches management, restricts shareholder influence, and follows significant share dilution, while urging improved governance, capital discipline, and a credible strategy to enhance shareholder value. Source

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. On February 2, 2026, Biglari issued an Investor Presentation urging shareholders to vote against the re-election of Chairman David Goebel. 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.

·         On February 2, 2026, Biglari issued an Investor Presentation urging shareholders to vote against the re-election of Chairman David Goebel, arguing that under his long tenure Jack in the Box has delivered poor performance, suffered massive shareholder value destruction, and lacked the necessary board and executive expertise to effect a turnaround. The slides highlight multi-year declines in same-store sales and adjusted EBITDA, failed capital allocation decisions such as the loss-making Del Taco acquisition and sale, chronic executive turnover (three CEOs and eight CFOs in five years), and an entrenched board with limited relevant restaurant turnaround experience. Biglari criticizes the board’s defensive actions, including adopting a poison pill and a questionable cooperation agreement with GreenWood Investors that didn’t meaningfully improve governance or strategic capability, and contends that the company’s “Jack on Track” plan has yet to restore credibility or drive sustainable growth.

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

Engaged Capital Nominates Director Candidates to BlackLine, Inc.’s (BL) Board

Key Summary: On November 25, 2025, Engaged Capital demanded BlackLine’s books and records to review the company’s handling of takeover offers, including a rejected ~$66/share bid from SAP, and said the results will determine whether it runs a director slate for the 2026 AGM. On February 2, 2026, Engaged Capital announced it formally nominated three independent director candidates.

Market Cap: $3.6 billion | BlackLine, Inc. provides cloud-based solutions to automate and streamline accounting and finance operations in the United States and internationally.

·         On November 25, 2025, Engaged Capital, which owns 1.2 million BlackLine shares, has demanded books and records to investigate how the company handled multiple takeover approaches, including a rejected ~$66/share offer from SAP. Engaged says the findings will determine whether it will run a director slate for BlackLine’s 2026 annual meeting. The request follows Engaged’s recent push for a sale and comes amid broader pressure from other investors—including Ananym, Tensile, and Sheffield—urging BlackLine to explore strategic options.

·         On January 13, 2026, Engaged Capital announced its intention to nominate a slate of independent director candidates to BlackLine’s Board at the 2026 annual meeting, citing prolonged stock underperformance, decelerating growth, valuation compression, and what it views as the Board’s failure to act in shareholders’ best interests, including the reported rejection of a premium acquisition offer and apparent entrenchment efforts through a proposed board size reduction. Engaged argues that reconstituting the Board is necessary to ensure objective evaluation of strategic alternatives, including a potential sale.

·         On February 2, 2026, Engaged Capital announced it formally nominated three independent director candidates—Storm Duncan, Christopher Hallenbeck, and Christopher L. Young—to the board of BlackLine ahead of the 2026 Annual Meeting, citing their software, M&A, and governance expertise. Source

Irenic Capital Management Signals Support for Reservoir Media (RSVR) While Exploring Strategic Alternatives and Stakeholder Engagement

Key Summary: Irenic Capital Management increased its stake from 5.1% in December 2023 to 9.2% by February 2026, consistently stating that the company is undervalued. Initially, the firm sought engagement with the Board and management to enhance shareholder value, later urging a full strategic review and formation of a special committee in September 2024, and most recently expressing support for management while indicating potential engagement with stakeholders and financing sources to evaluate possible proposals.

Market Cap: $473 million | Reservoir Media, Inc. operates as a music publishing company. 

·         On December 20, 2023, Irenic Capital Management (5.1%) stated its belief that the company's securities are undervalued and wants to engage with the Board and management to explore ways to increase shareholder value. Source

·         On September 30, 2024, Irenic Capital Management (8.1%) encouraged the company to undertake a full strategic review of all alternatives to maximize shareholder value and to form a special committee of the Board to oversee such review process. Source

·         On February 3, 2026, Irenic Capital Management (9.2%) expressed support for management, views the company as undervalued, and may engage with stakeholders and financing sources while exploring potential proposals, subject to change. Source

YZi Labs Files Preliminary Consent Statement to Expand the Board of CEA Industries Inc. (BNC) and Elect Additional Directors

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: $194 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