Voss Capital Urges Xponential Fitness (XPOF) to Explore Sale, Citing Undervaluation of Club Pilates
Key Summary: On March 4, 2026, Voss Capital (19.3%) urged Xponential Fitness to hire financial advisors and explore strategic alternatives, including a sale, arguing the company is significantly undervalued. It said Club Pilates alone may be worth more than the company’s enterprise value and that a sale could unlock value by addressing debt, overhead, and structural constraints.
Market Cap: $270 million | Xponential Fitness, Inc., through its subsidiaries, operates as a boutique fitness brands franchisor in North America.
On March 4, 2026, Voss Capital (19.3%) issued an open letter to the board urging to immediately hire financial advisors and explore strategic alternatives, including a full sale of the company, arguing that the market significantly undervalues the business. The firm contends that Club Pilates—XPOF’s flagship brand with over 1,400 studios and roughly $102 million EBITDA in 2024—alone may be worth more than the company’s entire current enterprise value, especially given the company’s heavy debt load (over $500 million), high interest costs, and limited cash flow for shareholders. Voss believes the public company structure, corporate overhead, leverage, and legal overhangs are preventing value realization, while the market continues to discount the company due to declining revenue expectations and operational concerns. It argues that a sale or strategic transaction could unlock value by allowing a buyer to restructure costs, refinance debt, and fully capitalize on Club Pilates’ franchise economics, and therefore called for an independent board committee and a formal sale process to maximize shareholder value.
Voss Capital Urges PAR Technology (PAR) to Explore Strategic Alternatives
Key Summary: On March 4, 2026, Voss Capital (13.2%) urged PAR Technology’s board to explore strategic alternatives, arguing the public market significantly undervalues the company despite its strong position in restaurant technology through its POS and data platforms Punchh and Plexure.
Market Cap: $757mm | PAR Technology offers management technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains.
On March 4, 2026, Voss Capital (13.2%) issued an open letter to the Board urging to explore strategic alternatives, arguing that the public market significantly undervalues the company despite its strong position in restaurant technology through its POS systems and first-party data platforms Punchh and Plexure.
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
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
Radoff pushes strategic review and potential board changes at Seer, Inc. (SEER)
Key Summary: On February 20, 2026, Radoff Bradley Louis (6.5%) said it is engaging with the Board and management to enhance shareholder value, including a strategic review and potential board changes.
Market Cap: $113 million | Seer, Inc., a life sciences company, develops and commercializes products to decode the biology of the proteome.
On February 20, 2026, Radoff Bradley Louis (6.5%) stated that it has engaged, and intends to continue to engage, in communications with the Board and management team regarding opportunities to enhance stockholder value, including commencing a strategic review process and potential changes to the composition of the Board. Source
On March 2, 2026, Radoff Bradley Louis criticized the Board’s adoption of a February 26, 2026 NOL poison pill, arguing it is an entrenchment tactic to limit shareholders from exceeding 4.9% ownership and deter a proxy contest following their Schedule 13D filing. 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
· On March 3, 2026, Star Equity Fund urged the board to immediately hire an independent investment bank to run a competitive sale process after noting the company had received multiple unsolicited offers. 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
EHS Announces Three Highly Qualified Director Nominees for Election to TrueBlue (TBI) Board
Key Summary: On January 8, 2026, EHS Management, LLC criticized TrueBlue, Inc.’s board refresh, saying the addition of two directors fails to address gaps in staffing, digital, and capital allocation expertise and may entrench long-tenured members. EHS urged shareholders to determine the scope of board change and nominated three directors to strengthen operations, digital strategy, and capital allocation.
Market Cap: $136 million| TrueBlue, Inc., together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico.
· On January 8, 2026, EHS Management, LLC, a significant shareholder of TrueBlue, Inc., issued a press release welcoming the addition of two new directors but criticizing the Board for failing to address persistent gaps in staffing, digital, and capital allocation expertise, weak insider ownership, and poor M&A oversight. EHS argued the refresh risks entrenching long-tenured directors rather than driving real change, noted the Board did not consult EHS before announcing changes, and called for shareholders—not incumbents—to decide the scope of Board renewal. EHS nominated three directors—Wayne Larkin, Dave Fleischman, and Eric H. Su—aimed at strengthening staffing excellence, digital transformation, and disciplined capital allocation to unlock long-term shareholder value. Source
· On March 3, 2026, EHS Investments criticized TrueBlue’s fourth-quarter results and 2026 outlook, arguing continued revenue misses, declining gross profit and EBITDA, negative free cash flow, and a 24% post-earnings stock drop highlight the urgent need for meaningful board change. EHS said the company’s recent board refresh was insufficient, accused management of obscuring weak performance, and criticized the board for refusing to engage with its director nominees, urging immediate discussions and governance changes to prevent further shareholder value destruction. Source
Chip Wilson launches board challenge at at lululemon athletica inc. (LULU) with three director nominees
Key Summary: Chip Wilson’s October 2025 letter argues lululemon has lost its innovative spirit and top talent under finance-led leadership, and urges a return to visionary, product-driven management and board diversity to revive the brand. On Dec 29, 2025, Chip Wilson nominated three independent directors—Marc Maurer (ex-On Holding Co-CEO), Laura Gentile (former ESPN CMO), and Eric Hirshberg (former Activision CEO)—for election to lululemon’s 2026 AGM and submitted a proposal to declassify the board.
Market Cap: $20 billion | lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails technical athletic apparel, footwear, and accessories for women and men under the lululemon brand in the United States, Canada, Mexico, China Mainland, Hong Kong, Taiwan, Macau, and internationally.
· On October 7, 2025, lululemon founder Chip Wilson (8.4%) issued a letter arguing that lululemon’s decline stems from replacing innovation-driven, founder-style leadership with finance-focused executives who prioritize immediate results over long-term brand strength, resulting in an exodus of top talent, misguided strategic decisions, and diminishing brand reputation; he calls for the company to refocus on creative leadership, product excellence, and a diverse, entrepreneurial board to restore its original edge and vision.
· On Dec 29, 2025, Chip Wilson nominated three independent directors—Marc Maurer (ex-On Holding Co-CEO), Laura Gentile (former ESPN CMO), and Eric Hirshberg (former Activision CEO)—for election to lululemon’s 2026 AGM and submitted a proposal to declassify the board. Wilson said the board lacks creative leadership, and argued new directors are needed to restore brand momentum, oversee CEO succession, and drive long-term shareholder value. Source
· On February 27, 2026, Chip Wilson publicly pushed for major board changes at lululemon, citing weak governance, lack of brand expertise, poor engagement, and a ~50% stock decline. He nominated three directors, proposed board declassification, criticized the board’s response and conflicts, and urged urgent reforms to restore shareholder value. Source
· On March 5, 2026, Chip Wilson launched CreativityFirstlulu.com as part of his campaign to push strategic and governance changes at the company ahead of the 2026 annual meeting. The site promotes his three board nominees—Marc Maurer, Laura Gentile, and Eric Hirshberg—and argues the board needs stronger creative and brand-focused leadership. Source
Beretta Holding to Nominate Four Directors to Sturm, Ruger & Company, Inc.(RGR)
Key Summary: On February 24, 2026, Beretta Holding notified the company of its intent to nominate four director candidates for election at the 2026 annual meeting
Market Cap: $605 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