Alerts & Insights from 8-K filings - November 2025
I.STRATEGIC ALTERNATIVES/DIVESTMENT
ELD-WEN Holding (JELD) - Company launches strategic review of European segment representing 32% of revenue and 36% of EBITDA
The Company initiated a strategic review of its European segment - which accounts for 32% of revenue and 36% of total adjusted EBITDA. These actions are necessary amid significant macroeconomic headwinds and are expected to support the long-term health of the business and strengthen its competitive position. Source
Douglas Elliman (DOUG) to book ~$75M gain from property-management sale, sharpening focus on core luxury brokerage
The recent sale of Douglas Elliman Property Management, expected to generate an after-tax gain of roughly $75 million in 4Q25, sharpens the Company’s focus as a premier luxury, pure-play residential real estate brokerage and allows it to concentrate resources on its core business. Source
Amplify Energy (AMPY) to sell Oklahoma and East Texas assets for $220M to cut debt and refocus on Beta
Amplify entered into definitive agreements to divest all of its Oklahoma and East Texas assets for total consideration of $220 million, with one transaction closing in October 2025 and the remaining two expected to close in 4Q25. The Company plans to use the proceeds to reduce debt, accelerate development drilling at Beta, and materially lower future G&A, marking a key step in its strategic repositioning. Source
LifeMD sells 80% stake in WorkSimpli at ~$65M valuation, nets $22M to advance pure-play virtual health strategy
LifeMD sold its 80% stake in WorkSimpli in a transaction valuing the business at approximately $65 million, receiving about $22 million in cash at closing. The sale advances LifeMD’s shift toward becoming a pure-play virtual healthcare and pharmacy company. Source
Xtant Medical (XTNT) to divest Coflex/CoFix and OUS Spine assets for ~$19.2M to cut debt and boost liquidity
In July 2025, Xtant Medical agreed to sell its Coflex®, CoFix®, and all OUS Paradigm Spine businesses to Companion Spine for approximately $19.2 million to reduce debt and improve liquidity.
As per the 8-K filed in November 2025, the company expects the sale to be closed by the end of 2025. Source
Ecovyst (ECVT) to sell Advanced Materials & Catalysts segment for $556M, using ~$450–$500M of proceeds to cut debt
Announced agreement to divest the Advanced Materials & Catalysts segment for a purchase price of $556 million. The transaction is expected to close in the first quarter of 2026.
As a result of a comprehensive strategic review process, during the third quarter we announced the agreement to sell our Advanced Materials & Catalysts segment to Technip Energies for a purchase price of $556 million. The transaction is expected to close in the first quarter of 2026 and we anticipate using between $450 million and $500 million of the expected $530 million net proceeds to reduce our long-term debt, resulting in a projected net debt leverage ratio of below 1.5x," said Mike Feehan, Ecovyst's Chief Financial Officer. "The sale reflects our continued commitment to unlocking value for stockholders." Source
Inspired Entertainment (INSE) sells UK holiday parks business to GENDA for ~£18.6M in cash
In November 2025, Inspired Entertainment completed the sale of its UK holiday parks business and related leisure assets to GENDA Inc. for approximately £18.6 million in cash.
Krispy Kreme (DNUT) outlines four-part turnaround plan to deleverage, refranchise, boost ROIC, and expand margins
The Company’s comprehensive turnaround plan is designed to deleverage the balance sheet and deliver sustainable, profitable growth through a focus on the following four components:
- Refranchising: Improve financial flexibility through refranchising international markets and restructuring the joint venture in the Western U.S.
- Improving Return on Invested Capital: Reduce capital intensity by using existing assets and focusing on franchise development
- Expanding Margins: Expand margins through greater operational efficiency, including outsourcing U.S. logistics
- Driving Sustainable, Profitable Growth: Pursue U.S. growth based upon sustainable and profitable revenue streams Source
Ingevity (NGVT) to divest North Charleston CTO refinery and chemicals assets for ~$110M after-tax proceeds
In September 2025, Ingevity entered into a definitive agreement to sell its North Charleston CTO refinery assets and most of its Performance Chemicals Industrial Specialties product line to Mainstream Pine Products for approximately $110 million in after-tax proceeds. The deal is expected to close by early 2026.
Revenue for 2025 associated with the combined assets being sold is expected to be approximately $130 million with EBITDA margins in the low-to-mid single digits.
Navitas Semiconductor (NVTS) pivots from consumer/mobile to AI data centers and HPC as Q4 revenue guides to ~$7M
The company recently announced an enhanced focus on AI data centers, performance computing, energy and grid infrastructure and industrial electrification, and a de-emphasis on mobile and consumer products. Moreover, the company reallocates resources to those high-growth, higher-margin markets.
Fourth quarter 2025 net revenues are expected to be $7.0 million, plus or minus $0.25 million due the Company’s strategic decision to deprioritize low power, lower profit China mobile & consumer business, as well as streamline our distribution network and reduce channel inventory to pivot to higher power revenue and customers. Source
Coty (COTY) launches strategic review of $1.6B cosmetics and Brazil units
Coty initiated a comprehensive strategic review of its mass color cosmetics business generating approximately $1.2 billion in sales and its Brazil business contributing close to $400 million in sales in FY25, to unlock its full potential. “Coty’s strategic progress is accelerating as we elevate Coty as a Prestige beauty company with an emphasis on fragrances and scenting across price points, complemented by capabilities in prestige cosmetics and skincare,” said Sue Nabi, CEO of Coty. “In line with our recent strategic announcements, over the coming years we will concentrate investment behind our portfolio brands with the greatest long-term potential, while also building and elevating our newly added licenses and brands. By integrating Prestige Beauty and Mass Fragrances; unlocking material opportunities in ultra-premium fragrances, mists and broader scenting; and implementing a performance improvement plan for our Consumer Beauty brands while pursuing our strategic review of Consumer Beauty Cosmetics and Brazil, we will ensure that Coty realizes the full value of its scale as a fragrance and scenting powerhouse. This will further strengthen our Top 3 position in global fragrances. Source
Seaport Entertainment (SEG) to sell 250 Water Street development site for $150.5M
Entered into an agreement to sell the Company’s 250 Water Street development site for $150.5 million to Tavros, a privately owned real estate investment management and development firm based in New York City.
Harley-Davidson (HDI) pursues capital-light HDFS transformation with KKR/PIMCO, unlocking ~$1.2–$1.25B by 1Q26
HDFS capital-light transformation to unlock $1.2–$1.25 billion in cash by 1Q26
HDFS Transaction Update – Strategic Partnership with KKR and PIMCO Unlocks Significant Discretionary Cash Transaction includes three key elements:
1) Back Book Sale: Sale of approximately $6 billion of existing HDFS loan receivables
2) Forward Flow Agreement: Sale of future HDFS loan originations
3) Sale of Equity Interests: Sale of a 9.8% common equity interest in HDFS to KKR and PIMCO
·Expected to unlock approximately $1.2 - $1.25 billion in discretionary cash no later than the end of the first quarter of 2026 as HDFS completes its debt reduction activities
·July: Harley-Davidson announced HDFS strategic partnership with KKR and PIMCO to transform HDFS into a capital-light, de-risked business model. HDFS expects to continue to originate and service both new and existing retail loans
·August: Completed sale of residual interests in securitized finance receivables of approximately $1.9 billion, along with related debt of $1.7 billion
·October: Completed agreements for the Back Book Sale, Forward Flow Agreement, and Sale of Equity Interests. Source
Atkore forms strategic review committee under cooperation deal with Irenic Capital, adds new director to board
On November 20, 2025, Atkore announced a cooperation agreement with Irenic Capital Management. Under the agreement, the Company will expand its Board by one seat and appoint Franklin S. Edmonds, Jr. as a new director with a term through the 2026 annual meeting. The Company will also form a Strategic Review Committee—comprised of up to five directors, including the new appointee—to oversee and advise the Board on its evaluation of strategic alternatives. Source
Enviri to Sell Clean Earth to Veolia for $3.04 Billion and Spin Off Harsco Environmental and Rail:
On November 21, 2025, Enviri announced a definitive agreement to sell Clean Earth to Veolia for $3.04 billion in cash. Enviri shareholders are expected to receive $14.50–$16.50 per share in cash and will retain full ownership of Harsco Environmental and Rail, which will be spun off as “New Enviri,” a standalone publicly traded company. At closing, Enviri will execute a taxable spin-off in which shareholders receive 0.33 shares of New Enviri for each existing Enviri share. The Company expects to repay approximately $1.35 billion of debt, resulting in a conservatively capitalized New Enviri with net debt/EBITDA of ~2.0x and an undrawn revolver, providing enhanced financial flexibility. The transaction is expected to close mid-2026, subject to shareholder and regulatory approvals. Source
Clear Channel Outdoor (CCO) to sell Spain business for ~€115M ($135M) and use proceeds to reduce debt
In September 2025, the company entered into a definitive agreement to sell its business in Spain to Atresmedia Corporación de Medios de Comunicación, S.A. for a purchase price of €115 million, or approximately $134.9 million based on the prevailing exchange rate as of September 30, 2025, subject to customary adjustments. The transaction is expected to close by early 2026 upon satisfaction of regulatory approval. The company intends to use the anticipated net proceeds from the sale, after payment of transaction-related fees and expenses, to further reduce its outstanding debt.
Mr. Wells continued, “With the announcement of our agreement to sell our Spanish business, we have set the stage to finish the journey to focus and de-risk our portfolio as a simplified U.S. pure-play business. We are at a pivotal moment, with favorable industry trends, our irreplaceable premium inventory and strong digital capabilities working together to create a meaningful growth opportunity. We expect that opportunity to fuel Adjusted EBITDA growth over the next several years, which should accelerate our cash flow flywheel and enable further debt paydown. We expect this will lead to the value creation we’ve spoken about previously and will discuss on our call.”
Comtech (CMTL) highlights major turnaround as going-concern warning removed and margins, cash flow, and liquidity sharply improve
November 10, 2025
Ken Traub, Chairman, President and CEO, stated:
“I am proud to report how much stronger Comtech is today – financially, operationally and strategically. This is the result of the ongoing successful execution of the transformation initiatives that we announced when I started as CEO in January 2025. As a testament to our improving financial health, the disclosure regarding the Company’s ability to continue as a going concern that was previously in the Company’s quarterly SEC filings for the past seven quarters has been removed as we no longer have those concerns. We have executed a successful turnaround of our Satellite & Space Communications business, which is now revitalized, and our Allerium business, formerly known as Terrestrial & Wireless Networks, has continued to deepen our presence in the public safety market while securing long-term customer partnerships. We expect the Company’s significantly improved financial health to be reassuring to our current and prospective customers, vendors, employees, investors and partners.
The early success of our transformation initiatives and the positive trajectory of the business are evident across numerous key metrics. Examples include: (i) operating cash flow of $11.4 million in the fourth quarter, which follows the $2.3 million of operating cash flow we reported in the third quarter – these are the first quarters of positive operating cash flow for Comtech since fiscal 2023, (ii) liquidity of $47 million, the highest level that Comtech has had in recent history, and an improvement from $27 million of liquidity disclosed in March, (iii) accounts payable reduced to just $26 million, the lowest level Comtech has had in years and down from $43 million as of January 31, (iv) net sales for the fourth quarter increased by 13% as compared to the first quarter of fiscal 2025, despite the wind down of certain legacy contracts, exit from a number of low margin contracts, elimination of other unsatisfactory revenue, and a $3.5 million adjustment as a result of revised estimates for a nonrecurring development project, (v) gross margins increased from 12.5% in the first quarter to 31.2% in the fourth quarter, and (vi) Adjusted EBITDA improved throughout fiscal 2025, from negative $31 million in the first quarter, to $13 million in the fourth quarter.
While we are just getting started – and recognize there are remaining legacy challenges still to be addressed as well as inevitable quarterly fluctuations – we are energized by what we have accomplished so far. These accomplishments were enabled by new disciplines that align accountability throughout the organization, enhanced operational efficiency, reduced cost structures, a focus on cash flow optimization, improved working capital management and improved corporate governance. These initiatives have not only helped to drive Comtech’s significantly improved operating and financial performance, but have also enabled us to improve relationships with current and prospective customers, vendors and creditors. This leads to a flywheel effect in which improved relationships create a healthier dynamic for the business going forward and ultimately further improvements in performance.
Finally, we have been reinvigorating the corporate culture by emphasizing transparency, empowerment and accountability. On a personal note, it is particularly gratifying for me to see how our employees are increasingly taking pride in contributing to our success, which has also enhanced morale, retention and performance.” Source
Sanara MedTech (SMTI) ends THP operations after strategic review, reallocating resources to core surgical business:
Completes Evaluation of Strategic Alternatives for Tissue Health Plus Segment
In November 2025, the company completed its previously announced evaluation of strategic alternatives for Tissue Health Plus (“THP”). Following the completion of this evaluation, the Company initiated a strategic realignment of its business, discontinuing operations of THP to improve its operating efficiency and reallocate resources to its core surgical business.
“After reviewing strategic alternatives for THP, Sanara’s management and Board of Directors decided to cease development efforts on the THP platform in late September and discontinue THP’s operations to allocate resources to Sanara’s surgical business, which we believe has the greatest potential to deliver sustainable, long-term growth and value to our shareholders,” stated Seth Yon, Sanara’s President and Chief Executive Officer. “Sanara’s surgical business has demonstrated an impressive track record of consistent net revenue growth over the past several years. We believe these results highlight the strength of our surgical products, team capabilities, and go-to-market strategy.” Source
Blink Charging Streamlines Operations with Strategic Production Shift:
In November 2025, the company announced a strategic shift in its production model, transitioning to contract manufacturing for its EV charging hardware.
By leveraging external manufacturing expertise, Blink expects to cut overhead costs, boost efficiencies, and intensify its focus on innovation and service expansion.
“This move sharpens our focus and scales our impact,” said Mike Battaglia, President and CEO of Blink Charging. “By collaborating with world-class manufacturers, we aim to increase efficiencies and flexibility while retaining full control of our technology. It’s a strategic shift that lets us grow our network footprint and deliver better experiences, faster
NI Holdings (NODK) exits non-standard auto in IL, AZ, and SD to improve underwriting performance and stability
Stop writing non-standard auto business in Illinois, Arizona and South Dakota.
“First, I am thrilled to rejoin the company as CEO,” said Cindy Launer, President and Chief Executive Officer. “I look forward to collaborating with our exceptional agents, employees and board to continue delivering outstanding service and products to our customers and communities. Turning to our third quarter results, our Non-Standard Auto segment was again impacted by adverse prior year development. In response, we made the strategic decision to stop writing non-standard auto business in Illinois, Arizona and South Dakota. While this will reduce future earned premiums, we believe this shift positions us for stronger underwriting performance and greater stability moving forward.”
Perrigo (PRGO) launches strategic review of ~$360M infant formula business to sharpen focus on core OTC portfolio
In November 2025, the company announced that it is initiating a strategic review of its infant formula business.
The infant formula business in 2025 is expected to generate net sales of approximately $360 million, or approximately 90% of Perrigo's global Nutrition category, equating to less than 10% of Perrigo's annual net sales.
President and CEO Patrick Lockwood-Taylor commented, "This proactive review is about discipline and ensuring the Company's portfolio is best positioned for sustainable growth and free cash flow generation. While our infant formula operations have stabilized, the external environment has quickly changed, making a fit with our consumer health OTC businesses less strategic. Whatever path we choose, our corporate priorities are clear: reduce leverage, sustain our dividend policy, continue to deliver on customer partnerships and sharpen focus on our high-potential OTC portfolio to reach more consumers and drive household penetration." Source
Vivid Seats (SEAT) eliminates dual-class Up-C structure and terminates TRA, unlocking up to $180M tax savings and simplifying governance:
As announced on October 20, 2025, we entered into a corporate simplification agreement (the “CSA) to effect a series of transactions that simplify our organizational structure. Pursuant to the CSA and the ancillary agreements described therein, a series of transactions was consummated over the two business days ending on October 31, 2025 that, among other things, eliminated our dual-class, umbrella partnership C corporation (Up-C) structure and terminated our Tax Receivable Agreement (the “TRA”) in exchange for 403,022 shares of our Class A common stock.
The transactions eliminate $6 million of cash payments that would otherwise have been due in the first quarter of 2026 under the terms of the TRA, as well as future distributions to redeemable noncontrolling interests. Going forward, we will retain 100% of realized tax savings that, but for the TRA termination, would have been payable to the former TRA holders, resulting in up to $180 million of lifetime savings for the company. As a result, we expect to substantially reduce our annual cash tax payments to approximately $3 million, with future taxes primarily the result of taxable income generated in foreign jurisdictions. In addition, we expect to realize approximately $1 million in annual savings from reduced compliance and financial reporting costs associated with a single-class stock structure.
As part of the transactions, the former TRA holders exchanged all outstanding shares of our Class B common stock (and corresponding units of our operating subsidiary) for shares of our Class A common stock on a one-for-one basis. As a result, we now have a single class of common stock with approximately 10.7 million Class A shares outstanding (including the shares issued to the former TRA holders as consideration for the agreement). Source
Matthews International (MATW) to sell Warehouse Automation business for $230M to reduce debt and strengthen balance sheet
On November 13, 2025, Matthews International announced a definitive agreement to sell its Warehouse Automation business, part of the Industrial Technologies segment, to Duravant for total consideration of $230 million, including $223.3 million in cash and the assumption of certain liabilities. The valuation is materially above the Company’s current trading multiple, and net proceeds will be used primarily to reduce debt, strengthening the balance sheet and supporting future strategic initiatives. The business generated $72 million in FY25 sales. Source
Theravance Biopharma (TBPH) forms independent Strategic Review Committee to evaluate all alternatives and enhance shareholder value
Theravance Biopharma announced on November 12, 2024, that the Board of Directors had formed a Strategic Review Committee (the “Committee”), composed entirely of independent directors to assess all strategic alternatives available to the Company.
The Company remains focused on disciplined capital allocation and returning excess cash to shareholders. The Committee will continue to evaluate a range of alternatives to further enhance shareholder value, though there can be no assurance that additional transactions will occur. Source
TriMas (TRS) to sell Aerospace segment for $1.45B, shifting to a focused high-margin packaging platform
TriMas enters into agreement to sell TriMas Aerospace for $1.45 billion
On November 4, 2025, TriMas announced a definitive agreement to sell its Aerospace segment to an affiliate of Tinicum L.P. for approximately $1.45 billion in cash, with Blackstone participating as a minority investor. The deal values the segment at roughly 18x LTM 3Q25 adjusted EBITDA.
“Upon completion of this divestiture, we will be centered around a more focused, high-margin packaging platform that will enable us to capitalize on long-term growth and deliver superior value. Our top priority is reinvesting to drive profitable growth, including through targeted high-quality acquisitions. In support of that, we’ve established a Strategic Investment Committee, which will guide disciplined evaluation and prioritization of potential acquisitions that best align with our growth strategy. This committee will also actively evaluate additional options, including returning capital to shareholders and strengthening our balance sheet.” Source
Traeger (COOK) advances Project Gravity transformation, targeting ~$50M annual cost savings through operational streamlining and channel exits
The Company is providing an update on its Project Gravity transformation initiative, which is aimed at streamlining operations, enhancing organizational efficiency, and simplifying the business. These initiatives are expected to strengthen the Company’s financial foundation, improve profitability, and support continued investment in its core growth pillars. Project Gravity initiatives are expected to be largely implemented by the end of 2026.
•Phase 1 is focused on driving efficiencies to the Company’s operations, including a reduction in force in the second quarter and the integration of MEATER into the Company's headquarters. These actions are expected to deliver approximately $30 million in annualized cost savings, with about $13 million anticipated to be realized in Fiscal 2025.
•Phase 2 introduces additional strategic actions aimed at channel optimization, supply chain and manufacturing efficiencies, and other general productivity measures. These key initiatives include discontinuing the Costco roadshow program, redirecting Traeger.com consumers to our retail partners' websites as part of an exit from the Traeger direct-to-consumer business, transitioning to a distributor model in European markets that currently operate under a direct model, and pellet mill consolidation. Once fully implemented, these actions are expected to contribute approximately $20 million in annualized cost savings. Source
Stoneridge (SRI) continues strategic review of Control Devices segment (≈34% of revenue);
Stoneridge continues its strategic review of the Control Devices segment, which represents approximately 34% of the company’s revenue.
Perrigo (PRGO) maintains Oral Care and infant formula reviews
PERRIGO Co. plc (PRGO): The Company continues strategic review of its Oral Care business (6% of total revenue). On November 5, 2025, the Company also announced a strategic review of its infant formula business, though its revenue contribution was not disclosed. Link
The sale of the majority of the Industrial Specialties product line and North Charleston crude tall oil refinery (“Divestiture”) was announced on September 4, 2025, and is expected to close by early 2026.
Babcock & Wilcox (BW) signs notice to proceed on $1.5B AI data center power project with Applied Digital;
Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced it plans to leverage its reliable, readily available and proven natural gas technologies to help meet the growing power demands of artificial intelligence data centers, as it works to capitalize on a more than $3 billion pipeline of opportunities in this expanding market. In alignment with this strategy the Company has announced it has signed a limited notice to proceed with Applied Digital (NASDAQ: APLD) to begin work for the delivery and installation of natural gas technology that will provide one gigawatt of efficient energy for an AI Data Center project. Full release for the estimated $1.5 billion contract is expected in the first quarter of 2026.
“This initial project with Applied Digital represents an exciting and transformational opportunity to broaden B&W’s customer base as the Company expands into the rapidly evolving AI Data Center space,” said Kenneth Young, B&W Chairman and Chief Executive Officer. “The impact from this deal on B&W is profound, adding over $3 billion to our pipeline which brings our total global pipeline to over $10 billion. It also marks a natural next step for our Company, which has been a global leader in designing and deploying reliable and efficient steam generation systems for nearly 160 years. Our customers know they can count on us to deliver robust energy solutions that provide them with dependable, available and long-term power for their operations. These aspects make our technology offerings highly compelling for customers and differentiates us from other energy source options in today’s market.”
"For the third quarter, we delivered strong operating results while displaying continued core business momentum and significant margin improvement," Young said. “Adjusted EBITDA and Operating Income significantly outperformed Company and consensus expectations this quarter. Our growing backlog, which was 56% higher compared to the same period last year, benefited from increasing demand across Thermal projects, upgrades and construction, as baseload generation needs in North America continue to accelerate. Our core parts, services and construction businesses continued to excel in the third quarter, and we anticipate further seasonal strength through the fourth quarter of 2025 with tailwinds from rising global energy needs fueling demand for our offerings. During the third quarter, our Global Parts & Services achieved the highest quarterly and year-to-date bookings, revenue, gross profit and EBITDA in recent company history. In addition, we paid down over $70 million of bonds due February 2026, and plan to continue to buy back remaining bonds in December as announced today."
"We believe B&W is in a unique position to capitalize on the growing demand for baseload generation in North America and across the world. The increasing need for power and electricity fueled by demand from artificial intelligence, data centers and expanding economies are key drivers for growth across our broad range of technologies. Based on this momentum, we anticipate 2026 Adjusted EBITDA from our core business in the range of $70 million to $85 million, showing significant sequential growth over 2025. This range does not include any AI Data Center projects, which, when contracted, would serve as upside to this forecast. B&W’s recent data center project with Applied Digital demonstrates the core strengths of our Company, including our ability to provide reliable and efficient power generation solutions to our customers, and our extensive engineering, construction and project management experience. We remain optimistic about the significant upside across our business through the remainder of 2025 and into 2026 due to expected increases in parts and services revenue, as well as known data center projects in our pipeline. We believe this extended demand for our technology and services continues to position us for sustained success and provides B&W with a strong outlook moving forward."
Sonoco (SON) completes sale of ThermoSafe unit to Arsenal Capital Partners for up to $725 million
On November 3, 2025, Sonoco announced it completed the sale of its ThermoSafe unit to Arsenal Capital Partners for up to $725 million, including $650 million paid at closing and up to $75 million of contingent consideration tied to 2025 performance. Net proceeds will be used to repay existing debt. The transaction substantially completes Sonoco’s portfolio transformation, narrowing the Company’s focus to two core global segments—metal and paper consumer and industrial packaging. Pro forma for the divestiture (excluding contingent consideration), Sonoco expects its net leverage ratio to decline to approximately 3.4x.
The Honest Company (HNST): Announces launch of Transformation 2.0
On November 5, 2025, the Company announced the launch of its Transformation 2.0: Powering Honest Growth (the “Powering Honest Growth”), which was approved by the Company's Board of Directors on October 30, 2025, which builds upon the Company's original Transformation Pillars of Brand Maximization, Margin Enhancement and Operating Discipline. Powering Honest Growth is aimed at improving simplicity, focus and profitability, which includes exiting certain lower margin, non-strategic categories and channels, including exiting Honest.com fulfillment and apparel, as well as exiting retail and online stores in Canada, optimizing the Company's cost structure by rightsizing selling, general and administrative expenses and implementing supply chain efficiencies. Source
Celanese (CE) to divest Micromax® portfolio for $500M to deleverage; also plans Lanaken facility closure and continues debt repayment
Celanese made significant progress in advancing strategic priorities, including the following key milestones:
•Signed a definitive agreement to divest the Micromax® portfolio of products to Element Solutions Inc. The transaction price is approximately $500 million, subject to adjustments. The net proceeds of the transaction will be dedicated to deleveraging the balance sheet. The Company expects the transaction to close in the first quarter of 2026.
•Announced the intent to cease operations at the acetate tow facility in Lanaken, Belgium during the second half of 2026. The intended closure follows a comprehensive evaluation of longer-term end-market trends as well as the need to optimize the Company's cost structure, particularly in light of the comparably high energy and operating costs associated with the Lanaken site. Celanese remains confident in its ability to continue to meet customers' needs during and after the closure process.
•In the fourth quarter, repaid an additional $200 million towards the five-year term loan due in 2027. This was in addition to the $150 million payment made in the third quarter against the same five-year term loan due in 2027. Source
Edgewell Personal Care (EPC) to sell feminine care business to Essity for $340M
On November 12, 2025, the company announced that it has entered into a definitive agreement to sell its feminine care business to Essity, a leading global health and hygiene company based in Sweden, for $340 million. Source
Green Dot (GDOT) to split fintech and bank units in dual transactions, delivering $14–$19 per-share implied value to shareholders
Ventures and CommerceOne deliver $14–$19 per-share implied value
Green Dot announced agreements to separate and sell its businesses: Smith Ventures will acquire and privatize Green Dot’s non-bank fintech operations, while CommerceOne will acquire Green Dot Bank and combine it with its existing operations to form a new publicly traded bank holding company that will serve as the fintech’s exclusive issuing bank. At closing, each Green Dot share will be exchanged for $8.11 in cash and 0.2215 shares of the new bank holding company, with former Green Dot shareholders expected to own ~72% of the combined bank. Smith Ventures will purchase the fintech assets for $690 million, of which $470 million will be distributed to Green Dot shareholders, $155 million will support bank capitalization, and $65 million will retire existing debt. The implied value to Green Dot shareholders is estimated at $14.23–$19.18 per share ($825 million–$1.1 billion), depending on the tangible book value multiple applied at closing. Source
Companies that concluded strategic alternatives and chose to continue operating independently
- UNITED HOMES GROUP - Link
List of companies that are currently exploring strategic alternatives
SHARE REPURCHASE / BUYBACK
PENN Entertainment, Inc. (Nasdaq: PENN)
· M.Cap: $1.96 billion
· YTD Buybacks: $354M (18% of market cap)
· Remaining 2022 Authorization: $395M (20%)
· New 2026–28 Program: $750M (38%)
November 6, 2025 - During the three months ended September 30, 2025, the Company repurchased 7,965,282 shares of its common stock in open market transactions for $154.1 million at an average price of $19.34 per share. During the nine months ended September 30, 2025, the Company repurchased 15,214,631 shares of its common stock in open market transactions for $269.4 million at an average price of $17.70 per share. Through November 5, 2025, PENN has repurchased $354.4 million of shares in connection with its previously stated goal to repurchase at least $350 million of shares this year. As of November 5, 2025, the remaining availability under our December 2022 Authorization was $395.4 million. On October 30, 2025, the Company’s Board of Directors authorized a new $750 million share repurchase program, which begins on January 1, 2026, and expires on December 31, 2028. This program is incremental to the December 2022 authorization, which expires on December 31, 2025. Source
CoreCivic, Inc. (NYSE: CXW)
· Incremental buyback represents ~11% of market cap
· Total remaining authorization now equals ~20% of market cap
November 10, 2025 - CoreCivic, Inc. (NYSE: CXW) ("CoreCivic") announced today that its Board of Directors authorized an increase to its existing share repurchase program pursuant to which CoreCivic may purchase up to an additional $200 million in shares of CoreCivic's outstanding common stock. As a result of the increase, the aggregate authorization under CoreCivic's repurchase program increased from up to $500.0 million shares of common stock to up to $700.0 million shares of common stock. Since the share repurchase program was authorized in May 2022, through November 7, 2025, we have repurchased a total of 21.5 million shares of our common stock at an aggregate cost of $322.1 million, or $14.98 per share, excluding fees, commissions and other costs related to the repurchases. As of November 7, 2025, including the additional authorization, we have $377.9 million of repurchase authorization available under the share repurchase program. Source
Upexi, Inc. (NASDAQ: UPXI)
· Market Cap: $175M
· Buyback Authorization: $50M
· Buyback as % of market cap: 50 / 175 = 28.6%
November 13, 2025 – Upexi, Inc. (NASDAQ: UPXI) (“Upexi” or the “Company”), a leading Solana-focused digital asset treasury company and consumer brands owner, today announced that its Board of Directors has authorized a share repurchase program up to $50 million of its outstanding common stock. Source
Encore Capital Group, Inc. (NASDAQ: ECPG)
· Market cap: $1.18B
· YTD repurchases: $60M = 5.1% of market cap
· New authorization addition: $300M = 25.4% of market cap
In the third quarter, the company repurchased $10 million of its shares of common stock. The company also repurchased nearly $25 million of its shares in the fourth quarter to date, bringing its total repurchases to approximately $60 million year-to-date. The company’s board recently authorized a $300 million addition to its existing share repurchase program. Source
Kforce Inc. (NYSE: KFRC)
· Market Cap: $512M
· Total Authorization: $100M
· Buyback Authorization as % of Market Cap: 100 / 512 ≈ 19.5%
In October 2025, the Board approved an increase in our stock repurchase authorization, bringing the total authorization to $100.0 million. Source
Stride, Inc. (NYSE: LRN)
· Market Cap: $2.96B
· Buyback Authorization: $500M
· Buyback as % of Market Cap: 500 / 2,960 ≈ 16.9%
November 3, 2025 --Stride, Inc. (NYSE: LRN) (“Stride,” the “Company,” “we,” or “our”), one of the nation’s most successful technology-based education companies, today announced the approval of a stock repurchase program that authorizes the repurchase of up to $500 million of shares of Stride’s common stock until October 31, 2026. Source
Oxford Square Capital Corp. (NasdaqGS: OXSQ)
· Market Cap: $150M
· Buyback Authorization: $25M
· Buyback as % of Market Cap: 25 / 150 = 16.7%
On October 30, 2025, our Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of our outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended Source
Regional Management Corp. (NYSE: RM)
· Market Cap: $360M
· Additional Authorization: $30M
· Additional Buyback Authorization as % of Market Cap: 30 / 360 = 8.3%
The company’s Board of Directors has approved a $30 million increase in the amount authorized under the stock repurchase program announced in December 2024, from $30 million to $60 million. The authorization is effective immediately and will continue through June 30, 2027. As of the end of October 2025, the company had repurchased $23.5 million of stock under the $60 million stock repurchase program. https://www.sec.gov/Archives/edgar/data/1519401/000119312525267026/rm-ex99_1.htm
Enova International (NYSE: ENVA)
· Market Cap: $3.25B
· New Authorization: $400M
· Buyback as % of Market Cap: 400 / 3,250 ≈ 12.3%
November 12, 2025 /PRNewswire/ – Enova International (NYSE: ENVA), a leading financial services company powered by machine learning and world-class analytics, today announced that its Board of Directors has authorized a new share repurchase program totaling $400 million that expires June 30, 2027. Enova’s existing $300 million repurchase program that would have expired on December 31, 2025 will terminate and be replaced by this new program. Source
Lindsay Corporation (NYSE: LNN)
· Market Cap: $1.24B
· New Authorization: $150M
· Buyback as % of Market Cap: 150 / 1,240 ≈ 12.1%
November 5, 2025 — Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced that its Board of Directors has authorized a new share repurchase program of up to $150 million of the Company’s outstanding common stock. Source
Silgan Holdings Inc. (NYSE:SLGN)
· Market Cap: $4.14B
· New Authorization: $500M
· Buyback as % of Market Cap: 500 / 4,140 ≈ 12.1%
November 5, 2025 – Silgan Holdings Inc. (NYSE:SLGN), a leading supplier of sustainable rigid packaging for the world’s essential consumer goods products, announced today that its Board of Directors has authorized the Company to repurchase up to an aggregate of $500 million of its common stock through December 31, 2029.“This new authorization replaces our prior authorization which had approximately $25 million remaining for common stock repurchases. This new authorization will allow us to repurchase up to $500 million of our common stock from time to time through December 31, 2029,” said Adam Greenlee, President and CEO. Source
Pebblebrook Hotel Trust (PEB)
· Market Cap: $1.28B
· New Authorization: $150M
· Buyback as % of Market Cap: 150 / 1,280 ≈ 11.7%
On October 21, 2025, the Company’s Board of Trustees approved a new $150 million common share repurchase program, underscoring Pebblebrook’s ongoing commitment to enhancing shareholder value and maintaining a flexible, opportunistic capital allocation strategy in light of the significant discounts to NAV at which the Company’s common shares continue to trade. Source
Barrett Business Services, Inc. (NASDAQ: BBSI)
· Market Cap: $897M
· Remaining Authorization: $92.5M
· Remaining as % of Market Cap: 92.5 / 897 ≈ 10.3%
On August 4, 2025, BBSI’s board of directors authorized the repurchase of up to $100 million of the Company’s common stock over a two-year period beginning August 4th (the “Repurchase Program”). The Repurchase Program replaces the repurchase program approved in July 2023. Under the Repurchase Program, BBSI repurchased $7.5 million of stock in the third quarter, comprising 159,570 shares at an average price of $47.19. At September 30, 2025, approximately $92.5 million remained available under the Repurchase Program. Source
Anika Therapeutics, Inc. (Nasdaq: ANIK)
· Market Cap: $135M
· Buyback Amount: $15M
· Buyback as % of Market Cap: 15 / 135 = 11.1%
Company Commencing $15 Million 10b5-1 Share Repurchase: In accordance with Anika’s commitment to return capital to shareholders while maintaining the flexibility to execute on strategic growth objectives, the Company is commencing a $15 million 10b5-1 share repurchase which it expects to complete by June 2026.
CONMED Corporation (NYSE: CNMD)
· Market cap: $1.36B
· New modified program authorizes $150M total.
· New modified program as % of Market Cap: 150 / 1,360 = 11.0%
Effective October 31, 2025, CONMED’s Board of Directors authorized a $150.0 million share repurchase program (the “Modified Program”), which modified its prior $200.0 million share repurchase program (the “Prior Program”), under which $37.4 million had remained available for repurchases prior to the establishment of the Modified Program. With the decision to extend the share repurchase program, the Board of Directors suspended the Company’s quarterly cash dividend. The Company expects to repurchase at least $25.0 million in shares annually beginning in 2026. Source
Cinemark Holdings, Inc. (NYSE: CNK)
· Market Cap: $2.93B
· New Authorization: $300M
· Buyback as % of Market Cap: 300 / 2,930 ≈ 10.2%
Reflecting the strength of our financial position and continued confidence in our strategic direction and outlook, our Board of Directors authorized a new $300 million share repurchase program, as well as a 12.5% increase in our quarterly dividend to $0.09 per share, effective with our next dividend payable on December 12 to shareholders of record on November 28. Source
Group 1 Automotive, Inc. (NYSE: GPI)
· Market cap: $4.9B
· New Repurchase Authorization: $500M
· Buyback as % of Market Cap: 500 / 4,900 ≈ 10.2%
· YTD repurchase: 8%
November 11, 2025 — Group 1 Automotive, Inc. (NYSE: GPI) (“Group 1” or the “Company”), a Fortune 250 automotive retailer with 259 dealerships located in the U.S. and U.K., today announced its board of directors approved a new share repurchase authorization of $500 million, and also declared a quarterly dividend. Year-to-date 2025, the Company repurchased 1,038,797 shares representing approximately 8% of the Company’s outstanding common shares at January 1, 2025, at an average price per common share of $417.38, for a total of $434 million. Source
YETI Holdings, Inc. (NYSE: YETI)
· Market cap: $3.3B
· YTD repurchases: $172.9M → 5.2% of market cap
· Expected 2025 repurchases: ~$300M → 9.1% of market cap
· Pursuant to our existing $450 million share repurchase authorization, in the third quarter of 2025, we repurchased 4.3 million shares of YETI’s common stock on the open market for $149.9 million, bringing year-to-date share repurchases to 5.0 million shares for $172.9 million. Based on our current expectations, we now anticipate completing approximately $300 million in share repurchases during 2025, compared to our previous expectation of $200 million. Source
WhiteHorse Finance, Inc. (Nasdaq: WHF)
· Market Cap: $172M
· New Authorization: $15M
· Buyback as % of Market Cap: 15 / 172 ≈ 8.7%
On November 10, 2025, the Company’s board of directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $15.0 million of its common stock on the open market or in privately negotiated purchases at prices below our then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934 (the "Repurchase Program"). Source
Integer Holdings Corporation (NYSE: ITGR)
· Market Cap: $2.45B
· New Authorization: $200M
· Buyback as % of Market Cap: 200 / 2,450 ≈ 8.2%
Nov. 04, 2025 (GLOBE NEWSWIRE) – Integer Holdings Corporation (NYSE: ITGR), a leading medical device contract development and manufacturing organization, today announced that its Board of Directors has authorized a share repurchase program of up to $200 million of the Company’s outstanding common stock. Source
Innoviva, Inc. (NASDAQ: INVA)
· Market Cap: $1.57B
· New Authorization: $125M
· Buyback as % of Market Cap: 125 / 1,570 ≈ 8.0%
Innoviva’s Board of Directors has authorized a new share repurchase program under which the Company may repurchase up to $125.0 million of its outstanding shares of common stock. Source
Dynavax Technologies Corporation (Nasdaq: DVAX)
· Market Cap: $1.28B
· New Authorization: $100M
· Buyback as % of Market Cap: 100 / 1,280 ≈ 7.8%
Dynavax’s Board of Directors authorized the repurchase of up to $100 million of Dynavax's common stock. Similar to the $200 million repurchase of Dynavax’s common stock announced in 2024, this new share repurchase program does not have an expiration date and Dynavax currently expects that purchases will be executed within a period of up to one year. Source
GigaCloud Technology Inc (Nasdaq: GCT)
· Market Cap: $1.44B
· New Authorization: $111M
· Buyback as % of Market Cap: 111 / 1,440 ≈ 7.7%
On August 13, 2025, the Company’s Board of Directors approved a $111.0 million share repurchase program. The program became effective on August 17, 2025 and will remain in effect for a period of three years. The previously authorized share repurchase program was terminated effective August 16, 2025. As of November 6, 2025, the Company has repurchased approximately 4.9 million of its Class A ordinary shares for $87 million under its share repurchase programs since its IPO in 2022.
Boston Omaha Corporation (NYSE: BOC)
· Market Cap: $400M
· New Authorization: $30M
· Buyback as % of Market Cap: 30 / 400 = 7.5%
November 17, 2025 - Boston Omaha Corporation (NYSE: BOC) (the “Company”) announced today that its Board of Directors (the “Board”) approved a share repurchase program under which the Company can repurchase up to $30,000,000 of its Class A common stock through December 31, 2026 through open market purchases, privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The share repurchase program will go into effect on or about November 18, 2025. https://www.sec.gov/Archives/edgar/data/1494582/000143774925035304/ex_889019.htm
DoubleVerify (NYSE: DV)
· Market Cap: $1.73B
· YTD Repurchases: $132.3M
· YTD Buybacks as % of Market Cap: 132.3 / 1,730 ≈ 7.6%
· Remaining Authorization: $90M
· Remaining Buyback Capacity as % of Market Cap: 90 / 1,730 ≈ 5.2%
Repurchased 3.3 million shares for $50.1 million in the third quarter, bringing total repurchases to 8.4 million shares for $132.3 million over the nine months ended September 30, 2025, inclusive of broker commissions. As of November 7, 2025, $90.0 million remained available and authorized for repurchase under the New Repurchase Program. Source
Member discussion