activistletters
Noodles & Company (NASDAQ: NDLS) Urged by Galloway Capital to Pursue Asset Sales and Deleveraging Strategy
Summary
The letter argues that Noodles & Company is undervalued and urges the Board to sell roughly 200 company-owned restaurants
activistletters
Galloway Capital Pressures Noodles & Company (NDLS) to Sell Stores and Cut Debt in Activist Value Push
December 1, 2025
Joe Christina
President and Chief Executive Officer
Noodles & Company
520 Zang Street, Suite D
Broomfield, CO
activistletters
UniFirst (UNF): Engine Capital Challenges Board Entrenchment and Calls for Sale Process Amid Years of Value Destruction
Summary
Engine Capital’s presentation argues that UniFirst’s value destruction stems from entrenched governance, the Croatti family’s control,
activistletters
Engine Capital Pressures UniFirst (UNF) on Governance Failures and Demands Strategic Review After Rejected Takeover Offers
Company Name: UniFirst Corporation
Symbol: UNF
Filing Date: Dec-01-2025
Filer Name: Engine Capital LP
Download PresentationEngine Capital-Dec-01-2025.pdf3 MBdownload-circle
Source:
activistletters
Engine Capital Pressures UniFirst (UNF) Board on Dual-Class Control, Value Destruction, and Rejection of Takeover Interest
Summary
Engine Capital tells UniFirst’s independent directors that investors and analysts overwhelmingly agree the company is on the wrong
activistletters
UniFirst Corporation (UNF): Engine Capital Slams Governance Failures and Urges Immediate Strategic Review, Including a Potential Sale
UniFirst Corporation
68 Jonspin Road
Wilmington, Massachusetts 01887
Attention: Joseph M. Nowicki, Sergio A. Pupkin, Raymond C. Zemlin, Cecilia McKenney,
activistletters
Lynx1 Capital Challenges Neuphoria Therapeutics (NEUP) Board Over Entrenchment, Strategic Review Flaws, and Value Destruction
Summary
Lynx1’s presentation argues that Neuphoria’s leadership mishandled the failed AFFIRM-1 Phase 3 trial, lacked transparency, and pursued
activistletters
Neuphoria Therapeutics (NEUP): Lynx1 Capital Pushes Board Shake-Up After Dilution, Missteps, and Failed Phase 3 Trial
Company Name: Neuphoria Therapeutics Inc.
Symbol: NEUP
Filing Date: Nov-26-2025
Filer Name: Lynx1 Capital Management LP
Download PresentationLynx1-11-26-2025.pdf7 MBdownload-circle
activistletters
Carronade Capital Escalates Campaign at Cannae Holdings (CNNE), Citing NAV Declines, Related-Party Deals, and Failed Oversight
Summary
Carronade’s presentation argues that Cannae’s long-standing governance failures—director entrenchment, conflicted related-party deals, and poor oversight—have
activistletters
Cannae Holdings (CNNE): Carronade Capital Demands Board Overhaul Amid Value Destruction and Conflicted Governance
Company Name: Cannae Holdings, Inc.
Symbol: CNNE
Filing Date: Nov-24-2025
Filer Name: Carronade Capital Management LP.
Download PresentationCarronade-Nov-24-2025.pdf2 MBdownload-circle
activistletters
Orion Properties (ONL): The Kawa Fund (Kawa Capital) files slate of nominees, targets board overhaul and strategic change.
Summary
The Kawa Fund Limited delivered an advance notice to Orion Properties Inc. nominating five director candidates (Dan Amer, Porter
activistletters
Orion Properties (ONL): The Kawa Fund nominates five directors in advance notice, launching proxy push.
Company Name: Orion Properties Inc.
Symbol: ONL
Filing Date: Nov-18-2025
Filer Name: Kawa Capital Management, Inc
Download Nomination LetterNotice of
activistletters
Neuphoria Therapeutics (NEUP): Lynx1 nominates Doberstein & Smith, demands record-date reset and independent directors.
Summary
Lynx1 withdraws its $5.20-per-share takeover bid for Neuphoria, saying the board’s aggressive post-trial ATM share issuances (over
activistletters
Neuphoria Therapeutics (NEUP): Lynx1 withdraws $5.20 bid, blasts dilutive ATM issuances.
November 18, 2025
The Board of Directors of Neuphoria Therapeutics Inc.
100 Summit Drive
Burlington, Massachusetts 01803
Dear Members of
activistletters
Tiptree Inc. (TIPT): Veradace Partners LP uses investor presentation to question board oversight and push for strategic change
Summary
The presentation argues that Veradace’s management has overseen severe value destruction and now faces a clear choice between
activistletters
Tiptree Inc. (TIPT): Veradace Partners LP challenges strategy in new presentation, pressing for governance and capital allocation improvements
Company Name: Tiptree Inc.
Symbol: TIPT
Filing Date: Nov-17-2025
Filer Name: Veradace Partners LP
Download PresentationVeradace-Nov-17-2025.pdf5 MBdownload-circle
Source:
https:
activistletters
Silver Star Properties (SLVS): Hartman urges immediate board resignations, warns of pledged assets and liquidity risk
Summary
Al Hartman of the Hartman Shareholder Alliance accuses Silver Star Properties’ board of value destruction and obstruction: a Maryland
activistletters
Silver Star Properties (SLVS): Hartman Shareholder Alliance accuses board of “value destruction” after court denies meeting delay
The Pattern Continues: More Value Destruction
November 17, 2025
Dear Shareholder,
After six postponements of your court-ordered shareholder meeting and
