Executive Moves Update – June 27, 2025

Ticker: SCWO
Mkt Cap: $58.6M
1-Yr TSR: -63.2%
Board Rating: D

• Stephen Jones was appointed to the Board of Directors and subsequently to the Nominating and Corporate Governance Committee and Compensation Committee.

• CFO Tenure Was Under 2 Years: Adrienne Anderson
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (60)
• Internal Control Risk
• Listing Rule Violation: Minimum Bid
• Significant Stock Drop(s) in past 2 years

Ticker: ACTG
Mkt Cap: $348.1M
1-Yr TSR: -25.8%
Board Rating: C

• On June 24, 2025, Michael Zambito was appointed as CFO of Acacia Research Corporation, while Kirsten Hoover transitioned to the role of Controller.

• High Activist Vulnerability Risk Score (78)
• Internal Control Risk
• Settlement Agreement
• Workforce Reduction

Ticker: AMTB
Mkt Cap: $753.3M
1-Yr TSR: -14.2%
Board Rating: C-

• On June 24, 2025, Patricia Morrison and Jack Kopnisky were appointed as new members of the Board of Directors of Amerant Bancorp Inc.

• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (96)
• Negative Say-On-Pay Vote: 82% For
• Stock Alert: 52-week low at $16.58
• Workforce Reduction

Ticker: AMRZ
Mkt Cap: $27.8B
1-Yr TSR: %

• On June 2, 2025, several directors resigned and new directors were elected as part of the Company’s Board of Directors, effective upon the consummation of the Spin-off.

• 13D filed in the last 6 months
• Stock Alert: All-time high at $53.00
• Stock Alert: All-time low at $50.25

Ticker: ASAN
Mkt Cap: $3.1B
1-Yr TSR: 2.6%
Board Rating: D

• Daniel Rogers is appointed as CEO and a member of the Board, while Dustin Moskovitz retires as CEO and transitions to a non-employee director role.

• 13D filed in the last 6 months
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Rule 10b5-1 Entered
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ATER
Mkt Cap: $14.5M
1-Yr TSR: -20.6%
Board Rating: C-

• Sarah Liebel will retire from the Board of Aterian, Inc. effective at the conclusion of the 2025 Annual Meeting of Stockholders.

• Bankruptcy Alert: 2 directors have bankruptcy histories (ATER)
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (79)
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (67)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BENF
Mkt Cap: $2.5M
1-Yr TSR: -88.7%
Board Rating: F

• Brad Heppner resigned as a director and CEO of Beneficient, effective immediately on June 19, 2025.

• Bankruptcy Alert: 2 directors have bankruptcy histories (BENF)
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: BGSF
Mkt Cap: $62.1M
1-Yr TSR: -33.7%
Board Rating: B-

• Beth Garvey resigned as Chair, President, and CEO; Kelly Brown and Keith Schroeder appointed as interim Co-CEOs; Cynthia Marshall resigned as a director.

• Bankruptcy Alert: 1 director has a bankruptcy history (BGSF)
• CFO Tenure Was Under 2 Years: John R Barnett
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Significant Stock Drop(s) in past 2 years

Ticker: BGLC
Mkt Cap: $4.9M
1-Yr TSR: -44.7%
Board Rating: C-

• On June 17, 2025, Ms. Chong Set Fui (Angeline) was appointed as Chief Financial Officer of BioNexus Gene Lab Corp., while Mr. Su-Leng Tan Lee exited his role as acting Chief Financial Officer.

• Amended Filing (10-K/A)
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: BPTH
Mkt Cap: $900,000
1-Yr TSR: -97.6%

• On June 20, 2025, Peter H. Nielsen resigned from multiple roles including President and CEO, while Heath Cleaver and Aline Sherwood resigned from the Board. Douglas P. Morris was appointed as Chairman of the Board on June 22, 2025.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: BOXL
Mkt Cap: $3.9M
1-Yr TSR: -49.0%
Board Rating: D

• James Mark Elliott resigned as a non-executive director of Boxlight Corporation on June 16, 2025, to help the company address its non-compliance with Nasdaq Rule 5605(b)(1).
• Greg Wiggins, CFO of Boxlight Corporation, is resigning effective July 18, 2025.

• 13D filed in the last 6 months
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (79)
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (65)
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: TBH
Mkt Cap: $9.1M
1-Yr TSR: %

• Michele Morrow resigned from her position as a member of the board of directors of Brag House Holdings, Inc. on June 24, 2025.

• Failed to File Annual/Quarterly Report
• Going Concern Risk Filings in the last year
• Ind. Accountant Resigned
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: BRCC
Mkt Cap: $264.4M
1-Yr TSR: -81.0%
Board Rating: D

• Christopher Clark is exiting the role of Chief Technology and Operations Officer at BRC Inc., with his last day of employment on July 4, 2025.

• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: Stephen M Kadenacy
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (76)
• Hot Seat Risk Score – CEO: Elevated (78)
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $1.24
• Workforce Reduction

Ticker: CADL
Mkt Cap: $252.0M
1-Yr TSR: -11.9%
Board Rating: C+

• On June 20, 2025, Charles Schoch was appointed as Chief Financial Officer of Candel Therapeutics, Inc.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CGRNQ
Mkt Cap: $6.8M
1-Yr TSR: -80.5%

• Christopher J. Close has been appointed as a director of Capstone Green Energy Holdings, Inc., effective June 16, 2025.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Investigation Related
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: CDLX
Mkt Cap: $93.7M
1-Yr TSR: -77.9%
Board Rating: D

• On June 23, 2025, Amit Gupta, the CEO of Cardlytics, Inc., entered into an amended offer letter and severance agreement that revised his compensation and severance terms.

• 13D filed in the last 6 months
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (95)
• Hot Seat Risk Score – CEO: Elevated (66)
• Limited external board experience
• Negative Say-On-Pay Vote: 84% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CERS
Mkt Cap: $260.0M
1-Yr TSR: -18.6%
Board Rating: C-

• On June 16, 2025, Daniel N. Swisher, Jr. retired from the Board of Cerus Corporation, and on June 20, 2025, William M. Greenman was appointed as Chair of the Board while Frank Witney, Ph.D. was appointed as the lead independent director.

• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: COFS
Mkt Cap: $437.1M
1-Yr TSR: 14.1%
Board Rating: B

• On June 25, 2025, Steven T. Krause was appointed as a director of ChoiceOne Financial Services, effective July 5, 2025, to fill the vacancy left by Jack Hendon’s retirement.

• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• Merger Agreement
• Pledging
• SEC Correspondence in the last year

Ticker: CHDN
Mkt Cap: $7.3B
1-Yr TSR: -28.3%
Board Rating: B-

• Maureen Adams, Executive Vice President of Gaming Operations, is retiring effective December 31, 2025.

• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years

Ticker: DAIC
Mkt Cap: $407.9M
1-Yr TSR: %

• Several individuals were appointed to the board of directors and executive roles following the business combination, including new appointments for CEO and CFO.

• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $40.61
• Stock Alert: All-time low at $16.43

Ticker: CINF
Mkt Cap: $22.8B
1-Yr TSR: 29.8%
Board Rating: C+

• Cincinnati Financial Corporation appointed an independent director to its board on June 20, 2025.

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Immediate Resignation
• Limited external board experience
• Pledging
• SEC No Action letter: Requests
• SEC No Action letter(s) in the last 2 years

Ticker: CZWI
Mkt Cap: $136.3M
1-Yr TSR: 20.9%
Board Rating: C+

• Three individuals, Stephen M. Bianchi, James D. Moll, and Kathleen S. Skarvan, were elected as directors of Citizens Community Bancorp, Inc. during the Annual Meeting on June 17, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Gov Risk: No new Directors in last 5 years
• Limited external board experience
• SEC Correspondence in the last year

Ticker: CLRO
Mkt Cap: $9.1M
1-Yr TSR: -47.2%
Board Rating: B-

• The Company’s Board expanded from four to five members, appointing Eric Boehnke and Youngsun Park as directors until the next annual meeting of stockholders.

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Entrenched Board
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: COIN
Mkt Cap: $95.5B
1-Yr TSR: 74.8%
Board Rating: D

• Coinbase Global, Inc. held its 2025 annual meeting where ten directors were elected to serve until the 2026 annual meeting.

• Class Action
• Gov Risk: Multi-Class Shares
• Hot Seat Risk Score – CEO: Elevated (63)
• SEC Correspondence in the last year
• Stock Alert: All-time high at $375.07
• Workforce Reduction

Ticker: CTBI
Mkt Cap: $963.9M
1-Yr TSR: 32.8%
Board Rating: B-

• On June 25, 2025, David L. Baird was appointed as a director of Community Trust Bancorp, Inc., expanding the Board to ten members.
• Franklin H. Farris, Jr. has retired from the Board of Directors of Community Trust Bancorp, Inc. upon reaching the age of 75, and Eugenia Crittenden ‘Crit’ Luallen has been appointed as Chairman of the Audit and Asset Quality Committee.

• Gov Risk: Chairman is not independent
• Ind. Accountant Dismissed
• Limited external board experience
• SEC Correspondence in the last year

Ticker: CMP
Mkt Cap: $819.9M
1-Yr TSR: 75.0%
Board Rating: D

• Mary L. Frontczak exited her role as Chief Legal and Administrative Officer and Corporate Secretary, while James D. Hughes is entering the role of General Counsel and Corporate Secretary on an interim basis.

• Amended Filings (10-Q/A, 10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (CMP)
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• High CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Non-Reliance / Restatement in last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CON
Mkt Cap: $2.7B
1-Yr TSR: %

• On June 26, 2025, Concentra Group Holdings Parent, Inc. appointed Brigid Bonner and Vipin Gopal as directors, effective July 1, 2025.

• 13D filed in the last 6 months
• Negative Say-On-Pay Vote: 78% For
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: CNDT
Mkt Cap: $435.3M
1-Yr TSR: -17.7%
Board Rating: C-

• On June 25, 2025, Conduent Incorporated appointed Harsha V. Agadi as Chairman of the Board and Scott Letier as chair of the audit committee, effective August 6, 2025.

• Cyber Incident(s) within the last year
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (79)
• High CFO Turnover
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: LOGC
Mkt Cap: $177.8M
1-Yr TSR: 23.9%
Board Rating: A+

• On June 24, 2025, Brett Just announced his resignation as CFO of ContextLogic Inc., effective June 30, 2025, and Michael Scarola was appointed as the new CFO, effective the same date.

• Amended Filing (10-K/A)
• Amended Filings (10-Q/A, 10-K/A) within the last year
• CFO Tenure Was Under 2 Years: Brett Just
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• High CFO Turnover
• Immediate Resignation
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CWK
Mkt Cap: $2.5B
1-Yr TSR: 7.2%
Board Rating: C

• Brett White is resigning from the Board effective July 31, 2025, while Susan Daimler and Timothy Wennes are entering the Board as directors effective August 1, 2025, and Stephen D. Plavin will join as a director effective October 1, 2025.

• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (95)
• Settlement Agreement
• Workforce Reduction

Ticker: DRTTF
Mkt Cap: $34.9M
1-Yr TSR: -41.4%

• Seven directors were elected to the Company’s Board during the Meeting.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Cooperation Agreement in the last 2 years
• Executive Termination(s) within the last year
• High CFO Turnover
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BOOM
Mkt Cap: $148.8M
1-Yr TSR: -50.0%
Board Rating: D

• James O’Leary has been appointed as President and Chief Executive Officer of DMC Global Inc. on a permanent basis, effective July 1, 2025, after serving as Interim CEO since November 29, 2024.
• On June 25, 2025, John R. “Jay” Doubman was appointed to the Board of Directors of DMC Global Inc.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Class Action
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (92)
• Negative Say-On-Pay Vote: 85% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: D
Mkt Cap: $47.1B
1-Yr TSR: 17.4%
Board Rating: C-

• Mr. Jeffrey J. Lyash was elected to the Board of Directors of Dominion Energy, Inc. as an independent director and appointed to the Safety, Technology, Nuclear and Operations Committee, both effective June 25, 2025.

• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (85)
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: DTE
Mkt Cap: $27.3B
1-Yr TSR: 23.1%
Board Rating: B-

• DTE Energy Company announced several executive changes effective September 8, 2025, including the appointment of Joi M. Harris as CEO and Gerardo Norcia as Executive Chairman.

• Bankruptcy Alert: 1 director has a bankruptcy history (DTE)
• Gov Risk: Entrenched Board
• Settlement Agreement

Ticker: EMN
Mkt Cap: $8.8B
1-Yr TSR: -19.6%
Board Rating: C-

• Damon Audia has been appointed as a director of Eastman Chemical Company effective June 27, 2025.

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board

Ticker: EHTH
Mkt Cap: $128.4M
1-Yr TSR: -8.9%
Board Rating: D

• Fran Soistman is continuing as CEO until a successor is appointed or until September 30, 2025, after which he will transition to an executive advisor role until December 31, 2025.

• CFO Tenure Was Under 2 Years: John J Stelben
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (91)
• High CFO Turnover
• Negative Say-On-Pay Vote: 87% For
• Significant Stock Drop(s) in past 2 years

Ticker: ENFY
Mkt Cap: $16.2M
1-Yr TSR: -51.5%

• On June 23, 2025, Mr. Jian Huang was appointed as Co-Chief Executive Officer of Enlightify Inc.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (92)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: ENZN
Mkt Cap: $20.3M
1-Yr TSR: -28.6%

• Timothy P. Feast will become the CEO of the combined company following the merger, while Jordan Bleznick will join the Board of Directors.

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Merger Agreement

Ticker: EG
Mkt Cap: $14.4B
1-Yr TSR: -7.8%
Board Rating: B-

• Allan Levine was elected to the Board of Directors of Everest Group, Ltd. on June 23, 2025, and Darryl Page received a grant of restricted shares on the same date.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (91)
• Limited external board experience

Ticker: EYEN
Mkt Cap: $22.7M
1-Yr TSR: -84.3%
Board Rating: D

• On June 17, 2025, Hyunsu Jung was appointed as Chief Investment Officer and Director, while Sean Ianchulev, Charles Mather IV, and Ram Palanki resigned from the Board.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (97)
• Ind. Accountant Resigned
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Stockholder Equity
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: FMAO
Mkt Cap: $346.4M
1-Yr TSR: 16.2%
Board Rating: C+

• Ahmed Alomari has been appointed to the Board of Directors of Farmers & Merchants Bancorp, Inc. and The Farmers & Merchants State Bank, effective July 29, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (81)
• Ind. Accountant Dismissed
• Limited external board experience

Ticker: FDX
Mkt Cap: $53.0B
1-Yr TSR: -23.7%
Board Rating: C-

• Frederick W. Smith passed away on June 21, 2025, and R. Brad Martin was elected as Chairman of the Board effective June 23, 2025.

• Bankruptcy Alert: 4 directors have bankruptcy histories (FDX)
• Cyber Incident(s) within the last year
• Deceased Person Disclosure
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (96)
• Pledging
• Workforce Reduction

Ticker: FITB
Mkt Cap: $27.7B
1-Yr TSR: 19.6%
Board Rating: C+

• On June 25, 2025, Kevin Lavender was named Vice Chairman, Commercial Bank, effective July 14, 2025, transitioning from his previous role as Executive Vice President and Head of Commercial Bank.

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (FITB)
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (80)
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (74)
• Settlement Agreement

Ticker: FCNCA
Mkt Cap: $26.0B
1-Yr TSR: 19.3%
Board Rating: A-

• Diane Morais has been appointed to the Board of Directors of First Citizens BancShares, Inc. effective July 1, 2025.

• 13D filed in the last 6 months
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares

Ticker: FONR
Mkt Cap: $95.0M
1-Yr TSR: -10.4%
Board Rating: B

• Claudette J.V. Chan is retiring from her roles as a member of the Board of Directors and Secretary of FONAR Corporation, effective June 19, 2025.

• Director Elections: < 95% average votes FOR
• Ind. Accountant Dismissed
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience

Ticker: FTDR
Mkt Cap: $4.3B
1-Yr TSR: 70.7%
Board Rating: B+

• Dr. Balakrishnan Ganesh is transitioning from a Director role to Senior Vice President and Chief Technology Officer at Frontdoor, Inc., effective July 14, 2025, after resigning from the Board on June 23, 2025.

• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: FSK
Mkt Cap: $5.8B
1-Yr TSR: 20.3%
Board Rating: B

• Brian Gerson is resigning as Co-President of FS KKR Capital Corp., effective June 28, 2025, and will serve as a senior advisor to Franklin Square Holdings, L.P.

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (FSK)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: More than one Director over 75

Ticker: FTFT
Mkt Cap: $5.4M
1-Yr TSR: -77.7%

• The text discusses multiple people moves including resignations and appointments within the company.

• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (98)
• Immediate Resignation
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $1.03

Ticker: GLBZ
Mkt Cap: $14.2M
1-Yr TSR: 25.4%
Board Rating: C-

• Jeffrey D. Harris is retiring as CFO effective June 30, 2025, and Mark C. Hanna is appointed as interim Treasurer and interim Principal Accounting Officer effective July 1, 2025, while continuing as CEO.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (88)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Negative Say-On-Pay Vote: 89% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: GMRE
Mkt Cap: $450.8M
1-Yr TSR: -17.7%
Board Rating: B-

• Mark O. Decker, Jr. has been appointed as Chief Executive Officer and President of Global Medical REIT Inc., effective June 23, 2025, while Jeffrey M. Busch is transitioning to a non-executive Chairman role.

• Gov Risk: Chairman is not independent
• Gov Risk: More than one Director over 75
• SEC Correspondence in the last year

Ticker: GBX
Mkt Cap: $1.5B
1-Yr TSR: -3.5%
Board Rating: C+

• On June 19, 2025, Stevan Bobb and Jeffrey Songer were appointed as directors to the Board of The Greenbrier Companies, Inc.

• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: GNLN
Mkt Cap: $7.1M
1-Yr TSR: -99.8%
Board Rating: D

• On June 20, 2025, Rob Shields was terminated from the position of Chief Growth Officer at Greenlane Holdings, Inc.

• Abnormally High 8-K Filings
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (94)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (86)
• Internal Control Risk
• Listing Rule Violation: Minimum Bid
• Multiple Dismissed Ind. Accountants within the last 3 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: GO
Mkt Cap: $1.2B
1-Yr TSR: -43.1%
Board Rating: D

• On June 25, 2025, Grocery Outlet Holding Corp. appointed Michael Kobayashi and Lawrence ‘Chip’ Molloy as Class I directors, effective June 26, 2025, and announced the retirement of Kenneth W. Alterman and Thomas F. Herman as Class I directors effective August 7, 2025.

• CEO Tenure Was Under 2 Years: Eric J Lindberg Jr
• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (87)
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: HTO
Mkt Cap: $1.8B
1-Yr TSR: .4%
Board Rating: C

• On June 24, 2025, Megan Mattern was appointed as Chief Accounting Officer, Principal Accounting Officer, and Controller of H2O America, effective July 28, 2025, while Ann P. Kelly was appointed as Chief Financial Officer and Treasurer, effective July 1, 2025.

• Gov Risk: Chairman is not independent
• Settlement Agreement

Ticker: HLNE
Mkt Cap: $7.7B
1-Yr TSR: 24.2%
Board Rating: B+

• Mario L. Giannini will not stand for re-election to the Board of Directors at the 2025 Annual Meeting but will continue as Executive Co-Chairman.

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares

Ticker: HCWB
Mkt Cap: $6.1M
1-Yr TSR: -85.8%
Board Rating: C-

• Gary M. Winer resigned from the Board of Directors of HCW Biologics Inc. effective June 17, 2025.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Immediate Resignation
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $4.22

Ticker: HR
Mkt Cap: $5.5B
1-Yr TSR: 2.0%
Board Rating: C

• On June 18, 2025, five directors retired from the Board of Directors of Healthcare Realty Trust Incorporated, leading to a reduction in the board size from 12 to 7 members.

• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Constance B Moore
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (93)
• SEC Correspondence in the last year

Ticker: HI
Mkt Cap: $1.4B
1-Yr TSR: -48.6%
Board Rating: C-

• Robert VanHimbergen is exiting as CFO effective June 27, 2025, and Megan Walke is entering as Interim CFO effective June 28, 2025.

• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (97)
• Workforce Reduction

Ticker: HRL
Mkt Cap: $16.6B
1-Yr TSR: 3.9%
Board Rating: C-

• Mr. Jeffrey M. Ettinger has been appointed as Interim CEO and Mr. John F. Ghingo as President of Hormel Foods Corporation, both effective July 14, 2025, while Mr. James P. Snee will transition to non-executive employment as a special advisor until October 26, 2025.

• Settlement Agreement

Ticker: HPQ
Mkt Cap: $23.2B
1-Yr TSR: -26.8%
Board Rating: C

• On June 18, 2025, Stephanie Liebman will be exiting her role as Global Controller effective September 12, 2025, while Manpreet S. Grewal is entering the role of Chief Accounting Officer and Global Controller effective July 14, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (HPQ)
• High Activist Vulnerability Risk Score (90)
• High CFO Turnover
• Internal Control Risk
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: IXHL
Mkt Cap: $6.2M
1-Yr TSR: -93.2%
Board Rating: D

• On June 24, 2025, Dr. Douglas B. Kirsch was appointed to the Clinical Advisory Board of Incannex Healthcare Inc.

• Abnormally High 8-K Filings
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (79)
• Hot Seat Risk Score – CEO: High (90)
• Internal Control Risk
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: INDV
Mkt Cap: $1.7B
1-Yr TSR: -17.0%
Board Rating: C-

• Stuart A. (Tony) Kingsley was appointed as a non-executive director of Indivior PLC, effective July 1, 2025.

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (INDV)
• Class Action
• Director Elections: < 95% average votes FOR
• Rule 10b5-1 Entered
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: IVR
Mkt Cap: $517.6M
1-Yr TSR: 2.6%
Board Rating: C

• On June 24, 2025, Mr. Robert B. Waldner Jr. was appointed as a director of Invesco Mortgage Capital Inc. to fill the vacancy left by Ms. Beth A. Zayicek’s resignation, effective May 23, 2025.

• Director Elections: < 95% average votes FOR
• Limited external board experience
• Negative Say-On-Pay Vote: 88% For
• Pledging
• SEC Correspondence in the last year

Ticker: ISPC
Mkt Cap: $2.4M
1-Yr TSR: -86.2%
Board Rating: D

• On June 18, 2025, Richard J. Paolone and John L. Brooks III resigned from the Board of Directors of iSpecimen Inc., and on June 20, 2025, Anthony Lau was appointed to the Board to fill one of the vacancies.

• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (81)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Listing Rule Violation: Minimum Stockholder Equity
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.86
• Workforce Reduction

Ticker: JILL
Mkt Cap: $222.1M
1-Yr TSR: -56.6%
Board Rating: C+

• Shelley Liebsch, the Senior Vice President and Chief Merchandising Officer, is exiting the company effective July 1, 2025.

• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years

Ticker: WLY
Mkt Cap: $2.4B
1-Yr TSR: 16.7%
Board Rating: C-

• Craig Albright has been appointed as Executive Vice President and Chief Financial Officer, effective June 26, 2025, while Chris Caridi will continue as Senior Vice President, Chief Accounting Officer and Finance Transformation Leader.

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Christopher Caridi
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Limited external board experience
• Workforce Reduction

Ticker: KVUE
Mkt Cap: $40.5B
1-Yr TSR: 17.9%
Board Rating: B-

• Ellie Bing Xie will exit her role as Group President, Asia Pacific on July 14, 2025, while Anindya (Andy) Dasgupta will enter the role effective the same date.

• Bankruptcy Alert: 1 director has a bankruptcy history (KVUE)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: NAKA
Mkt Cap: $88.4M
1-Yr TSR: 392.6%
Board Rating: B

• Andrew Creighton has been appointed as Chief Commercial Officer of Nakamoto Holdings, Inc.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Internal Control Risk
• Limited external board experience
• Merger Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: LPTX
Mkt Cap: $11.6M
1-Yr TSR: -84.1%
Board Rating: D

• Leap Therapeutics, Inc. announced the termination of two executives as part of a Reduction In Force, affecting the Chief Operating Officer and Chief Medical Officer.

• Bankruptcy Alert: 1 director has a bankruptcy history (LPTX)
• Director Elections: < 95% average votes FOR
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (87)
• Listing Rule Violation: Minimum Bid
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MBUU
Mkt Cap: $610.3M
1-Yr TSR: -10.1%
Board Rating: B-

• On June 24, 2025, Melanie K. Cook was appointed to the Board of Directors of Malibu Boats, Inc., while John E. Stokely announced he will not stand for re-election at the upcoming annual meeting.

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (75)
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: MTEX
Mkt Cap: $18.0M
1-Yr TSR: 40.0%
Board Rating: B-

• Peter Griscom has been promoted to Chief Operating Officer effective July 1, 2025.

• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: MRVI
Mkt Cap: $606.1M
1-Yr TSR: -65.7%
Board Rating: D

• Rajesh Asarpota has been appointed as Chief Financial Officer of Maravai LifeSciences Holdings, Inc., effective June 30, 2025, succeeding Kevin Herde, who will provide consulting services during the transition.

• CEO Tenure Was Under 2 Years: William “Trey” Martin, III
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (98)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Negative Say-On-Pay Vote: 81% For
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MDCX
Mkt Cap: $33.6M
1-Yr TSR: %

• On June 23, 2025, Andrew Smith was appointed as Chief Operating Officer of Medicus Pharma Ltd., transitioning from his previous role as a consultant.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Entrenched Board
• Ind. Accountant Dismissed
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: MDT
Mkt Cap: $110.4B
1-Yr TSR: 11.3%
Board Rating: C-

• On June 18, 2025, Dr. Joon Lee was appointed as a new director of Medtronic plc, increasing the Board size from 10 to 11.

• CFO Tenure Was Under 2 Years: Gary Corona
• Gov Risk: Chairman is not independent
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: NEO
Mkt Cap: $921.5M
1-Yr TSR: -46.1%
Board Rating: C-

• On June 19, 2025, Marjorie C. Green was appointed as a director of NeoGenomics, Inc. following an increase in the Board size.

• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (95)
• High CFO Turnover
• Negative Say-On-Pay Vote: 81% For
• Significant Stock Drop(s) in past 2 years

Ticker: NFLX
Mkt Cap: $558.9B
1-Yr TSR: 92.8%
Board Rating: A

• On June 22, 2025, Elinor Mertz was appointed to the Board of Directors and Audit Committee of Netflix, while Leslie Kilgore transitioned from the Audit Committee to chair the Compensation Committee.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 85% For
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Stock Alert: All-time high at $1,306.67

Ticker: NLST
Mkt Cap: $61.2M
1-Yr TSR: -22.5%

• On June 20, 2025, Blake Welcher and Jun Cho were appointed as directors of Netlist, Inc.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Internal Control Risk
• SEC Correspondence in the last year

Ticker: NPCE
Mkt Cap: $358.8M
1-Yr TSR: 59.7%
Board Rating: B

• Rebecca Kuhn is transitioning from CFO to Senior Strategic Advisor—Finance, while Patrick F. Williams is entering as the new CFO of NeuroPace, Inc.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years

Ticker: NEHC
Mkt Cap: $7.0M
1-Yr TSR: -95.6%
Board Rating: D

• New Era Helium Inc. appointed three new members to its board of directors effective June 25, 2025: Trent Yang, Peter Lee, and a third unnamed individual.

• CFO Tenure Was Under 2 Years: Michael J Rugen
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (100)
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.48

Ticker: NWSA
Mkt Cap: $16.7B
1-Yr TSR: 6.8%
Board Rating: C

• Julian Delany has been appointed as the Chief Technology Officer of News Corporation effective June 25, 2025.

• Abnormally High 8-K Filings
• Contested Proxy (NWSA)
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Gov Risk: No new Directors in last 5 years
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: NXTT
Mkt Cap: $959.8M
1-Yr TSR: -49.5%

• Tian Yang was ratified as a Director of the Board, and four nominees were elected to serve on the Board until the next annual meeting.

• Cooperation Agreement
• High CFO Turnover
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• Listing Rule Violation: No Annual Meeting
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: NKE
Mkt Cap: $92.3B
1-Yr TSR: -32.1%
Board Rating: C-

• NIKE, Inc. announced the nomination of Jørgen Vig Knudstorp for election as a director at the 2025 annual meeting of shareholders.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (100)
• Negative Say-On-Pay Vote: 83% For
• SEC No Action letter: Requests
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: NPB
Mkt Cap: $485.2M
1-Yr TSR: %

• Gary Dykstra has been appointed as the principal accounting officer of Northpointe Bancshares, Inc., effective March 28, 2025.

• Limited external board experience
• SEC Correspondence in the last year

Ticker: NVFY
Mkt Cap: $19.7M
1-Yr TSR: -7.7%
Board Rating: D

• On June 23, 2025, Ms. Min (Mindy) Su resigned as a director of the Board, and Mr. Xiaohua Lu was appointed as a new director of the Board while continuing as CEO.

• Going Concern Risk Filings in the last year
• Immediate Resignation
• Ind. Accountant Dismissed
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Multiple Dismissed Ind. Accountants within the last 3 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: NVVE
Mkt Cap: $3.5M
1-Yr TSR: -85.8%
Board Rating: D

• On June 20, 2025, Nuvve Holding Corp. appointed Laura Huang as a Class A director effective June 25, 2025, and Brian Johnson as a Class B director effective immediately.

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (NVVE)
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (99)
• Hot Seat Risk Score – CEO: High (87)
• Negative Say-On-Pay Vote: 56% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: NMED1
Mkt Cap: $400,000
1-Yr TSR: -80.0%

• Seven individuals were elected to the Board of Directors of BioLargo, Inc. during the annual stockholder meeting on June 19, 2025.

• Going Concern Risk Filings in the last year

Ticker: NXUR
Mkt Cap: $5.4M
1-Yr TSR: -79.3%

• Annie Pratt resigned as President and from the Board, Sarah Wyant resigned as CFO, and Jessica Billingsley resigned from the Board, all effective June 16 and June 23, 2025.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• CFO Tenure Was Under 2 Years: Sarah Wyant
• Going Concern Risk Filings in the last year
• SEC Correspondence in the last year
• Section 220 Disclosure
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OKTA
Mkt Cap: $17.2B
1-Yr TSR: 11.1%
Board Rating: C

• Benjamin Horowitz is resigning from the Board of Directors effective June 24, 2025.

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• High CFO Turnover
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ONDS
Mkt Cap: $240.5M
1-Yr TSR: 184.1%
Board Rating: D

• Neil Laird has been appointed as Chief Financial Officer, Treasurer, and Secretary of Ondas Holdings Inc., effective June 22, 2025, after previously serving as Interim CFO.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (64)
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OTEX
Mkt Cap: $7.5B
1-Yr TSR: .9%
Board Rating: C-

• On June 26, 2025, Kristen Ludgate was appointed to the Board of Directors of Open Text Corporation.

• CFO Tenure Was Under 2 Years: Madhu Ranganathan
• Failed Say-On-Pay Vote: 25% For
• High Activist Vulnerability Risk Score (77)
• Limited external board experience
• Workforce Reduction

Ticker: OPRX
Mkt Cap: $234.0M
1-Yr TSR: 23.2%
Board Rating: B+

• Stephen Silvestro has been appointed as a director of OptimizeRx Corporation effective June 20, 2025.

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Negative Say-On-Pay Vote: 58% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: IRD
Mkt Cap: $60.9M
1-Yr TSR: -33.6%
Board Rating: C-

• Nirav Jhaveri exited as CFO of Opus Genetics, and Amy Rabourn will serve as the principal financial officer until a successor is appointed.

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (IRD)
• CFO Tenure Was Under 2 Years: Nirav S Jhaveri
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (77)
• Negative Say-On-Pay Vote: 85% For
• Proxy Fight in the last 2 years
• Section 220 Disclosure
• Significant Stock Drop(s) in past 2 years

Ticker: PYPL
Mkt Cap: $71.2B
1-Yr TSR: 25.6%
Board Rating: C+

• Deirdre Stanley has been appointed as a new member of PayPal’s Board of Directors, effective June 24, 2025.

• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (82)
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (78)
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: PPIH
Mkt Cap: $190.5M
1-Yr TSR: 162.9%
Board Rating: B+

• David J. Mansfield resigned from the Board of Directors and will not stand for re-election, effective immediately.

• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A) within the last year
• Director Elections: < 95% average votes FOR
• Immediate Resignation
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year

Ticker: PHX
Mkt Cap: $165.0M
1-Yr TSR: 44.9%
Board Rating: UN

• Several personnel changes occurred in connection with the Merger on June 23, 2025, including terminations and appointments of key executives and board members.

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (PHX)
• Bankruptcy Alert: Current CFO has bankruptcy history (PHX)
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience

Ticker: BPOP
Mkt Cap: $7.5B
1-Yr TSR: 31.5%
Board Rating: B

• Javier D. Ferrer has been appointed as a director and as President and CEO of Popular, Inc. and its subsidiaries, effective July 1, 2025.

• Bankruptcy Alert: 2 directors have bankruptcy histories (BPOP)
• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Settlement Agreement

Ticker: PRAA
Mkt Cap: $604.4M
1-Yr TSR: -21.2%
Board Rating: C-

• On June 17, 2025, Martin Sjolund was appointed as CEO and R. Owen James was promoted to President of PRA Group Europe.

• Bankruptcy Alert: 1 director has a bankruptcy history (PRAA)
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (98)
• Negative Say-On-Pay Vote: 88% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PRPH
Mkt Cap: $14.2M
1-Yr TSR: -91.9%
Board Rating: C

• Carolina Abenante, Esq. has been appointed as an independent director and to various committees at ProPhase Labs, Inc.

• Amended Filing (10-K/A)
• High CFO Turnover
• Immediate Resignation
• Ind. Accountant Resigned
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: PSTG
Mkt Cap: $18.2B
1-Yr TSR: -11.3%
Board Rating: B-

• On June 24, 2025, Tarek Robbiati was appointed as Chief Financial Officer of Pure Storage, Inc., succeeding Kevan Krysler who is exiting the role but will remain with the company.

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 73% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: QTTB
Mkt Cap: $18.9M
1-Yr TSR: -90.0%
Board Rating: C-

• On June 20, 2025, Jason Campagna resigned as Chief Medical Officer, effective July 9, 2025, and Adrien Sipos was appointed as Interim Chief Medical Officer, also effective July 9, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (QTTB)
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (91)
• Hot Seat Risk Score – CEO: Elevated (79)
• Listing Rule Violation: Market Value of Listed Securities
• Listing Rule Violation: Minimum Net Income
• Listing Rule Violation: Minimum Stockholder Equity
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: QLGN
Mkt Cap: $2.6M
1-Yr TSR: -57.6%
Board Rating: C

• On June 20, 2025, Robert B. Lim was appointed as Chair of the Audit Committee, replacing Graydon Bensler who remains on the Board and Audit Committee.

• Failed to File Annual/Quarterly Report
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (93)
• Hot Seat Risk Score – CEO: Elevated (61)
• Immediate Resignation
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: RAPT
Mkt Cap: $160.9M
1-Yr TSR: -60.1%
Board Rating: D

• On June 21, 2025, RAPT Therapeutics appointed Scott Braunstein, M.D. and Ashley Dombkowski, Ph.D. as Class III directors, expanding the Board from five to seven members.

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (79)
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 76% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: RGS
Mkt Cap: $53.4M
1-Yr TSR: 10.5%
Board Rating: C-

• Matthew Doctor is resigning as President and CEO, effective June 30, 2025, and Jim Lain is appointed as Interim President and CEO, effective July 1, 2025.

• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: RGLS
Mkt Cap: $565.0M
1-Yr TSR: 298.0%
Board Rating: UN

• Several individuals ceased to be members of the Board of Directors, while John McKenna and Eduard Marti were appointed as President and CFO, respectively, effective June 25, 2025.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Limited external board experience
• Merger Agreement
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: RNXT
Mkt Cap: $49.4M
1-Yr TSR: 19.5%
Board Rating: C-

• Shaun R. Bagai, Ramtin Agah, M.D., Kirsten Angela Macfarlane, Laurence J. Marton, M.D., Una S. Ryan, O.B.E., Ph.D., D.Sc., and Robert J. Spiegel, M.D., FACP were elected as directors for a one-year term at RenovoRx, Inc.’s annual meeting.

• Bankruptcy Alert: 1 director has a bankruptcy history (RNXT)
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: More than one Director over 75
• High CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Significant Stock Drop(s) in past 2 years

Ticker: HOOD
Mkt Cap: $74.6B
1-Yr TSR: 278.8%
Board Rating: B+

• At the 2025 Annual Meeting of Stockholders, Vladimir Tenev, Baiju Bhatt, John Hegeman, Paula Loop, Meyer Malka, Christopher Payne, Jonathan Rubinstein, Susan Segal, Dara Treseder, and Robert Zoellick were re-elected to the Board of Directors.

• Cyber Incident(s) within the last year
• Gov Risk: Multi-Class Shares
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $84.52
• Workforce Reduction

Ticker: SDOT
Mkt Cap: $9.5M
1-Yr TSR: -66.8%
Board Rating: C-

• Claudio Torres was appointed as Chairman of the Board of Directors of Sadot Group Inc. on June 18, 2025, while continuing to serve as Vice Chairman.

• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Catia Jorge
• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (75)
• Immediate Resignation
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: SGD
Mkt Cap: $1.3M
1-Yr TSR: -89.0%
Board Rating: D

• On June 17, 2025, Paul M. Galvin and Alyssa Richardson resigned from the Board, while Bjarne Borg, James D. Burnham, and Anthony M. Cialone were appointed as new directors.

• Abnormally High 8-K Filings
• Bankruptcy Alert: 2 directors have bankruptcy histories (SGD)
• Going Concern Risk Filings in the last year
• Immediate Resignation
• Internal Control Risk
• Listing Rule Violation: Minimum Bid
• Listing Rule Violation: Minimum Stockholder Equity
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: SHOT
Mkt Cap: $23.5M
1-Yr TSR: -69.1%
Board Rating: D

• On June 27, 2025, Todd Gibson was appointed as a member of the Board of Directors of Yerbaé.

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (SHOT)
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (62)
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: SCHL
Mkt Cap: $567.4M
1-Yr TSR: -37.3%
Board Rating: C-

• David Young and John L. Davies are retiring as directors of Scholastic Corporation and will not stand for re-election at the Annual Meeting on September 17, 2025.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (89)
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: SRE
Mkt Cap: $48.9B
1-Yr TSR: 1.6%
Board Rating: C+

• On June 21, 2025, Caroline A. Winn was promoted to executive vice president of Sempra and appointed as a director and non-executive chairman of SoCalGas, while resigning as CEO of SDG&E. Peter R. Wall will resign as senior vice president, controller, and chief accounting officer of Sempra and as a director of SoCalGas. Dyan Z. Wold was promoted to vice president, controller, and chief accounting officer of Sempra.

• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (94)
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: CXM
Mkt Cap: $2.2B
1-Yr TSR: -9.1%
Board Rating: C

• Scott Harvey, the Chief Customer Officer, is exiting the company on July 7, 2025.

• Bankruptcy Alert: 2 directors have bankruptcy histories (CXM)
• CEO Tenure Was Under 2 Years: Trac Pham
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (89)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: STAA
Mkt Cap: $833.5M
1-Yr TSR: -63.0%
Board Rating: C-

• Deborah Andrews has been appointed as Chief Financial Officer of STAAR Surgical Company, effective June 25, 2025.

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (84)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SBUX
Mkt Cap: $104.4B
1-Yr TSR: 18.9%
Board Rating: C-

• On June 25, 2025, Starbucks Corporation appointed Marissa Mayer and Dambisa F. Moyo as directors on the Board, increasing the number of directors from nine to eleven.

• CFO Tenure Was Under 2 Years: Val Bauduin
• Executive Termination(s) within the last year
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (91)
• High CFO Turnover
• Negative Say-On-Pay Vote: 86% For
• Proxy Fight in the last 2 years
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SWAG
Mkt Cap: $28.7M
1-Yr TSR: 38.7%
Board Rating: B-

• On June 17 and 18, 2025, Travis McCourt, Ashley L. Marshall, and Alejandro Tani resigned from the board of directors of Stran & Company, Inc., effective immediately. On June 20, 2025, Mark Charles Adams and Sarah L. Cummins were elected to the board to fill the vacancies left by the resignations.

• Amended Filing (10-K/A)
• Failed to File Annual/Quarterly Report
• Ind. Accountant Resigned
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Non-Reliance / Restatement in last year

Ticker: SANW
Mkt Cap: $4.6M
1-Yr TSR: -61.6%
Board Rating: C

• On June 18, 2025, Mark Herrmann was terminated as President and CEO, and Vanessa Baughman was appointed as Interim CEO.

• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $2.15

Ticker: SNDX
Mkt Cap: $800.2M
1-Yr TSR: -53.2%
Board Rating: C+

• William Meury resigned from the Board of Directors of Syndax Pharmaceuticals, effective June 24, 2025, to accept a new role at Incyte Corporation.

• Bankruptcy Alert: 1 director has a bankruptcy history (SNDX)
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $8.90

Ticker: TER
Mkt Cap: $14.6B
1-Yr TSR: -37.7%
Board Rating: C-

• On June 26, 2025, Teradyne, Inc. appointed Necip Sayiner and Drew Henry as directors effective July 1, 2025.

• High Activist Vulnerability Risk Score (91)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: THAR
Mkt Cap: $4.7M
1-Yr TSR: -43.2%
Board Rating: C-

• On June 22, 2025, Kelly Anderson resigned from the Board of Directors of Tharimmune, Inc. for personal reasons, effective immediately.

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Don Kim
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (89)
• Immediate Resignation
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: TREX
Mkt Cap: $5.7B
1-Yr TSR: -28.1%
Board Rating: C+

• Brenda Lovcik is resigning as CFO, and Bryan Fairbanks will assume the role on an interim basis starting August 5, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (TREX)
• CFO Tenure Was Under 2 Years: Brenda Lovcik
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Significant Stock Drop(s) in past 2 years

Ticker: UDR
Mkt Cap: $13.5B
1-Yr TSR: 5.2%
Board Rating: C+

• David D. Bragg is appointed as Senior Vice President – Chief Financial Officer effective July 24, 2025, while Joseph D. Fisher relinquishes his CFO role but retains his positions as President and Chief Investment Officer.

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Pledging
• SEC Correspondence in the last year

Ticker: X
Mkt Cap: $12.4B
1-Yr TSR: 49.3%
Board Rating: UN

• United States Steel Corporation underwent significant leadership changes following a merger, with several directors and officers being appointed and removed.

• Abnormally High 8-K Filings
• Contested Proxy (X)
• Immediate Resignation
• Proxy Fight in the last 2 years
• Section 220 Disclosure
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: UONE
Mkt Cap: $68.5M
1-Yr TSR: -26.8%
Board Rating: C

• Terry L. Jones and Brian W. McNeill were elected as Class A directors, while Catherine L. Hughes, Alfred C. Liggins, III, B. Doyle Mitchell, Jr., and D. Geoffrey Armstrong were elected as Class B directors at Urban One, Inc.’s 2025 Annual Meeting of Stockholders.

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Ind. Accountant Dismissed
• Internal Control Risk
• Listing Rule Violation: Minimum Bid
• Multiple Dismissed Ind. Accountants within the last 3 years
• Significant Stock Drop(s) in past 2 years

Ticker: VZ
Mkt Cap: $177.5B
1-Yr TSR: 9.5%
Board Rating: C

• Caroline A. Litchfield was elected as a director of Verizon Communications Inc. and appointed to two committees.

• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (82)
• Merger Agreement
• Pledging
• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: VTGN
Mkt Cap: $59.8M
1-Yr TSR: -36.9%
Board Rating: D

• Elissa Cote has been appointed as Chief Corporate Development Officer of Vistagen Therapeutics, effective June 23, 2025.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Ind. Accountant Dismissed
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $1.96

Ticker: VOR
Mkt Cap: $111.2M
1-Yr TSR: -22.6%
Board Rating: D

• Dr. Robert Ang resigned as CEO and other roles, while Dr. Jean-Paul Kress was appointed as CEO and Chairman of the Board.

• 13D filed in the last 6 months
• Amended Filings (10-Q/A) within the last year
• CFO Tenure Was Under 2 Years: Robert Ang
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (82)
• High CFO Turnover
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: WEAV
Mkt Cap: $617.2M
1-Yr TSR: -6.7%
Board Rating: B-

• Adrian McDermott has been appointed as a Class I member of the Board of Weave Communications, Inc., effective August 1, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $8.11

Ticker: WOLF
Mkt Cap: $75.8M
1-Yr TSR: -97.9%
Board Rating: D

• Wolfspeed appointed Carlin Adrianopoli as Chief Restructuring Officer and Dan Hugo as Deputy Chief Restructuring Officer, effective June 16, 2025, pending Bankruptcy Court approval.

• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Thomas H Werner
• Class Action
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (97)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.49
• Workforce Reduction

Ticker: WGHTQ
Mkt Cap: $20.1M
1-Yr TSR: -86.9%

• On the Effective Date, several changes occurred in the Company’s Board of Directors, with five members exiting and two continuing, along with the appointment of four new directors.

• 13D filed in the last 6 months
• Bankruptcy Filing: Chapter 11 in DE (WGHTQ)
• CEO Tenure Was Under 2 Years: Tara Comonte
• CFO Tenure Was Under 2 Years: Felicia Dellafortuna
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Failed Say-On-Pay Vote: 37% For
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: XBIT
Mkt Cap: $87.5M
1-Yr TSR: -41.3%
Board Rating: C+

• XBiotech Inc. appointed Dr. Thomas Kündig and Craig Rademaker to its Board of Directors, effective June 24, 2025.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $2.50

Ticker: ZS
Mkt Cap: $48.9B
1-Yr TSR: 75.4%
Board Rating: B

• On June 23, 2025, Zscaler, Inc. announced the departure of Syam Nair, the Chief Technology Officer, effective July 4, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Internal Control Risk
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction