Executive Moves Update – August 15, 2025

Ticker: ASNS
Mkt Cap: $5.6M
1-Yr TSR: -50.3%
Board Rating: D

• Mark DeVol has been appointed as Chief Revenue Officer, Americas at Actelis Networks, Inc. effective August 11, 2025.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Hot Seat Risk Score – CEO: Elevated (76)
• 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: TIC
Mkt Cap: $1.9B
1-Yr TSR: %

• On August 12, 2025, Acuren Corporation announced several personnel changes including the removal of Fiona Sutherland and Anthony Gaucher, and the appointment of Richard Tong and MaryJo O’Brien.  (view source)

• 13D filed in the last 6 months
• Internal Control Risk
• Merger Agreement
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year

Ticker: ALB
Mkt Cap: $9.6B
1-Yr TSR: 14.1%
Board Rating: C-

• Netha N. Johnson is exiting as Chief Operations Officer effective August 10, 2025, and Mark M. Mummert is entering as the new Chief Operations Officer effective August 11, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (96)
• Negative Say-On-Pay Vote: 68% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ALTS
Mkt Cap: $884.0M
1-Yr TSR: 321.6%
Board Rating: C

• Zachary Witkoff was appointed as Chairman of the Board, Eric Trump joined the Board of Directors, Zachary Folkman became an observer to the Board, and Matt Morgan was appointed Chief Investment Officer.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (ALTS)
• Bankruptcy Alert: Current CFO has bankruptcy history (ALTS)
• Deceased Person Disclosure
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Multiple Dismissed Ind. Accountants within the last 3 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: ANRO
Mkt Cap: $84.5M
1-Yr TSR: -67.2%
Board Rating: D

• Dr. Ramiro (Raymond) Sanchez was appointed to the Board of Directors as a Class II director, and Andrew Dreyfus and Christopher Nixon Cox transitioned to different director classes.  (view source)

• Class Action
• Director Elections: < 95% average votes FOR
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: ALXO
Mkt Cap: $35.1M
1-Yr TSR: -74.6%
Board Rating: D

• Daniel Curran, M.D. has been appointed as a Class III director of the Board of ALX Oncology Holdings Inc. effective August 12, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (97)
• Hot Seat Risk Score – CEO: Elevated (74)
• Internal Control Risk
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 71% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: AXL
Mkt Cap: $690.6M
1-Yr TSR: -5.5%
Board Rating: C-

• David B. Walker was elected as an independent director of the Board of American Axle & Manufacturing Holdings, Inc. on August 6, 2025.  (view source)

• Abnormally High 8-K Filings
• 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
• High Activist Vulnerability Risk Score (77)
• Negative Say-On-Pay Vote: 71% For
• Settlement Agreement

Ticker: AQB
Mkt Cap: $3.0M
1-Yr TSR: -42.6%
Board Rating: D

• Angela Olsen is resigning from her roles as General Counsel, Chief Compliance Officer, and Corporate Secretary, effective August 22, 2025.  (view source)

• CEO Tenure Was Under 2 Years: David F. Melbourne
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (90)
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 70% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: AORT
Mkt Cap: $2.0B
1-Yr TSR: 75.2%
Board Rating: B+

• Lance A. Berry is appointed as Chief Operating Officer while continuing as Chief Financial Officer, and Marshall S. Stanton announces his retirement as Chief Medical Officer.  (view source)

• 13D filed in the last 6 months
• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Limited external board experience
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: AIZ
Mkt Cap: $10.7B
1-Yr TSR: 16.2%
Board Rating: C+

• Michael P. Campbell has been appointed as Executive Vice President, Chief Operating Officer, effective September 15, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (AIZ)
• High Activist Vulnerability Risk Score (83)
• Workforce Reduction

Ticker: ATLN
Mkt Cap: $216.6M
1-Yr TSR: -35.4%
Board Rating: C-

• Christopher Broderick is retiring as CFO on August 15, 2025, and Mathew Evelt has been hired as Chief Operating Officer effective June 2, 2025.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Christopher Broderick
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (85)
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (80)
• Internal Control Risk
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $1.47

Ticker: AVTR
Mkt Cap: $8.8B
1-Yr TSR: -48.2%
Board Rating: D

• Emmanuel Ligner has been elected as a director of Avantor, Inc. and will also serve as President and CEO, effective August 18, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (AVTR)
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (92)
• Negative Say-On-Pay Vote: 86% For
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $11.18

Ticker: BCRX
Mkt Cap: $1.8B
1-Yr TSR: 7.5%
Board Rating: C+

• Dr. Helen Thackray is resigning as Chief Research and Development Officer effective September 1, 2025, and will provide transition services under a Consulting Agreement until December 31, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 3 directors have bankruptcy histories (BCRX)
• Cyber Incident(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Settlement Agreement
• Workforce Reduction

Ticker: BFRI
Mkt Cap: $10.3M
1-Yr TSR: -15.3%
Board Rating: D

• Biofrontera Inc. appointed George Jones as Chief Commercial Officer, effective August 25, 2025.  (view source)

• 13D filed in the last 6 months
• Going Concern Risk Filings in the last year
• Hot Seat Risk Score – CEO: Elevated (69)
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• 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: BMRN
Mkt Cap: $11.1B
1-Yr TSR: -35.3%
Board Rating: C-

• On August 5, 2025, Erin Burkhart announced her resignation as Chief Accounting Officer effective September 2, 2025, and Brian Mueller will serve as the principal accounting officer until a successor is appointed.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (BMRN)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• High Activist Vulnerability Risk Score (93)
• Merger Agreement
• Overboarding
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: EAT
Mkt Cap: $7.0B
1-Yr TSR: 151.5%
Board Rating: A

• Dominique Bertolone exited as Senior Vice President and President of Maggiano’s on August 7, 2025, while Kevin Hochman is transitioning to serve as interim President of Maggiano’s.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (EAT)
• Cyber Incident(s) within the last year

Ticker: BCO
Mkt Cap: $4.6B
1-Yr TSR: 14.7%
Board Rating: B

• Daniel J. Castillo is resigning from his role as Executive Vice President and President, North America, effective August 29, 2025.  (view source)

• SEC Correspondence in the last year
• Workforce Reduction

Ticker: CALM
Mkt Cap: $5.2B
1-Yr TSR: 67.0%
Board Rating: A

• On August 11, 2025, Melanie Boulden was appointed as an independent Class I director, and Keira Lombardo was appointed as the first Chief Strategy Officer of Cal-Maine Foods, Inc.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Limited external board experience
• Settlement Agreement

Ticker: CRS
Mkt Cap: $12.3B
1-Yr TSR: 73.0%
Board Rating: A-

• I. Martin Inglis is retiring from the Board, Tony R. Thene is appointed as Chairman of the Board, Steven M. Ward is appointed as Lead Independent Director, and Brian J. Malloy is appointed as President and Chief Operating Officer.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (CRS)
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: CBRE
Mkt Cap: $47.2B
1-Yr TSR: 43.5%
Board Rating: A-

• Lindsey Caplan will step down as Chief Accounting Officer, and Andrew Horn will assume the role of principal accounting officer.  (view source)

• Gov Risk: Chairman is not independent
• Stock Alert: All-time high at $159.66
• Workforce Reduction

Ticker: IMG
Mkt Cap: $8.7M
1-Yr TSR: -87.9%
Board Rating: D

• Ms. Feng Tian was appointed as Chief Financial Officer of CIMG, Inc. effective August 6, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (84)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (83)
• 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: CING
Mkt Cap: $17.5M
1-Yr TSR: 123.8%
Board Rating: D

• On August 14, 2025, Cingulate Inc. appointed Jennifer Callahan as interim CEO and John A. Roberts as Executive Chairman, while placing Shane Schaffer on administrative leave.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CFG
Mkt Cap: $21.2B
1-Yr TSR: 26.4%
Board Rating: C+

• Citizens Financial Group, Inc. announced the appointment of Aunoy Banerjee as CFO, effective October 24, 2025, and the departure of John Woods as CFO on August 15, 2025.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (77)
• Negative Say-On-Pay Vote: 58% For

Ticker: CIVB
Mkt Cap: $392.4M
1-Yr TSR: 31.5%
Board Rating: C+

• Robert L. Katitus has been promoted to Executive Vice President & Chief Lending Officer of Civista Bancshares, Inc. and Chief Lending Officer of Civista Bank, effective August 13, 2025.  (view source)

• Abnormally High 8-K Filings
• Limited external board experience
• Merger Agreement
• SEC Correspondence in the last year

Ticker: CLSK
Mkt Cap: $2.8B
1-Yr TSR: -9.5%
Board Rating: D

• S. Matthew Schultz was appointed as President and CEO, while Zachary K. Bradford resigned as President, CEO, and Director, effective August 10, 2025.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Gov Risk: More than one Director over 75
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Negative Say-On-Pay Vote: 76% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: LODE
Mkt Cap: $65.8M
1-Yr TSR: 61.4%
Board Rating: C-

• David Winsness and Rahul Bobbili have resigned from their roles at Comstock entities to join Bioleum Corporation.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Gov Risk: More than one Director over 75
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: DAIO
Mkt Cap: $31.2M
1-Yr TSR: 40.7%
Board Rating: B-

• On August 11, 2025, Charles DiBona was appointed as Vice President and Chief Financial Officer of Data I/O Corporation, while Todd Henne stepped down from his role as Interim Chief Financial Officer.  (view source)

• CFO Tenure Was Under 2 Years: Gerald Yat Ng
• CFO Tenure Was Under 2 Years: Todd Henne
• 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

Ticker: DELL
Mkt Cap: $94.3B
1-Yr TSR: 36.8%
Board Rating: B+

• On August 7, 2025, Brunilda Rios is stepping down as Chief Accounting Officer, and Richard Troy Sharp is entering the role of Chief Accounting Officer.  (view source)

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Internal Control Risk
• 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: ECVT
Mkt Cap: $1.0B
1-Yr TSR: 27.4%
Board Rating: C+

• George L. Vann, Jr. is exiting from his role at Ecovyst Inc. effective August 11, 2025.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: ELOX
Mkt Cap: $10.5M
1-Yr TSR: -43.0%

• On August 6, 2025, Ms. Lindsay Androski resigned from the Board of Directors of Eloxx Pharmaceuticals, Inc.  (view source)

• Late Filings (NT 10-K / NT 10-Q) within the last year

Ticker: EU
Mkt Cap: $523.9M
1-Yr TSR: -12.5%
Board Rating: C+

• On August 14, 2025, Robert Willette was designated as the principal financial officer and principal accounting officer of enCore Energy Corp.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Gov Risk: Entrenched Board
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: EFOI
Mkt Cap: $10.3M
1-Yr TSR: 35.0%
Board Rating: B-

• On August 8, 2025, Sophia Shee was appointed as a director of Energy Focus, Inc.  (view source)

• Going Concern Risk Filings in the last year
• Hot Seat Risk Score – CEO: Elevated (68)
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ENTO
Mkt Cap: $2.9M
1-Yr TSR: 115.1%
Board Rating: C

• On August 9, 2025, Geordan Pursglove and Jason Sawyer were appointed to the Board of Directors of the Company, effective August 11, 2025.  (view source)

• 13D filed in the last 6 months
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (94)
• High CFO Turnover
• 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

Ticker: EVTV
Mkt Cap: $4.5M
1-Yr TSR: -88.9%
Board Rating: C

• Jason Maddox has been appointed as a Class II Director of Envirotech Vehicles, Inc., effective August 6, 2025.  (view source)

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (91)
• High CFO Turnover
• 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
• Workforce Reduction

Ticker: EQIX
Mkt Cap: $75.9B
1-Yr TSR: -5.9%
Board Rating: B-

• Dr. Yanbing Li has been elected as an independent director to Equinix’s Board of Directors, effective August 12, 2025.  (view source)

• Class Action
• Cyber Incident(s) within the last year
• Executive Termination(s) within the last year
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (87)
• Internal Control Risk
• Negative Say-On-Pay Vote: 88% For
• Pledging

Ticker: EXE
Mkt Cap: $22.6B
1-Yr TSR: 34.9%
Board Rating: B+

• Mohit Singh is exiting as CFO of Expand Energy Corporation, while Brittany Raiford is entering as Interim CFO, both effective August 13, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (EXE)
• Bankruptcy Alert: Current CEO has bankruptcy history (EXE)
• Gov Risk: Chairman is not independent

Ticker: FDX
Mkt Cap: $54.5B
1-Yr TSR: -16.7%
Board Rating: C-

• Sriram Krishnasamy is stepping down as Executive Vice President — Chief Digital and Information Officer and Chief Transformation Officer of FedEx Corporation effective July 17, 2025, and will transition to an Executive Advisor role until October 31, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 4 directors have bankruptcy histories (FDX)
• Cyber Incident(s) within the last year
• Deceased Person Disclosure
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (96)
• Workforce Reduction

Ticker: FFWM
Mkt Cap: $464.7M
1-Yr TSR: -4.4%
Board Rating: D

• Stuart Bernstein has been appointed as Chief Banking Officer of First Foundation Bank, effective August 11, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (99)
• Immediate Resignation
• Internal Control Risk
• Pledging
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: FPAY
Mkt Cap: $12.8M
1-Yr TSR: -46.2%
Board Rating: C

• On August 6, 2025, H. Russell Heiser Jr. was terminated as CEO and CFO of FlexShopper, Inc., and John Davis assumed the role of principal executive officer. Additionally, Matthew A. Doheny was appointed as Chief Restructuring Officer on August 11, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.50

Ticker: FORM
Mkt Cap: $2.3B
1-Yr TSR: -35.3%
Board Rating: B-

• On August 8, 2025, Shai Shahar resigned as CFO of FormFactor, and Aric McKinnis was appointed as the new CFO.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (FORM)
• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: FORD
Mkt Cap: $16.1M
1-Yr TSR: 303.9%
Board Rating: B

• On August 8, 2025, Fred Sklenar was appointed as CEO and President of Kablooe Inc., while Tom KraMer resigned from his positions at Kablooe, effective August 18, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Ind. Accountant Dismissed
• Listing Rule Violation: Minimum Stockholder Equity
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: FCN
Mkt Cap: $5.4B
1-Yr TSR: -24.1%
Board Rating: B

• Ajay Sabherwal is resigning as Chief Financial Officer of FTI Consulting, effective September 12, 2025.  (view source)

• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (83)
• Workforce Reduction

Ticker: FGNX
Mkt Cap: $27.4M
1-Yr TSR: -14.9%
Board Rating: D

• Fundamental Global Inc. appointed Maja Vujinovic and Jose Vargas to its Board of Directors on August 14, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (FGNX)
• High CFO Turnover
• Significant Stock Drop(s) in past 2 years

Ticker: FNKO
Mkt Cap: $145.6M
1-Yr TSR: -71.9%
Board Rating: C-

• Josh Simon has been appointed as the Chief Executive Officer and a Class II director of Funko, Inc., effective September 1, 2025, succeeding Michael Lunsford who will remain as Interim CEO until August 31, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Cynthia W Williams
• CEO Tenure Was Under 2 Years: Michael C Lunsford
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (65)
• Internal Control Risk
• Multiple Dismissed Ind. Accountants within the last 3 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $2.46

Ticker: GLXY
Mkt Cap: $10.8B
1-Yr TSR: %

• Andrew Siegel is exiting as General Counsel, while Matt Friedrich is entering as Chief Legal Officer of Galaxy Digital.  (view source)

• Cyber Incident(s) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement

Ticker: EAF
Mkt Cap: $343.3M
1-Yr TSR: 98.8%
Board Rating: D

• Jeremy S. Halford is resigning from his role as Executive Vice President, Chief Operating Officer, effective September 12, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (EAF)
• Cooperation Agreement in the last 2 years
• 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
• High Activist Vulnerability Risk Score (89)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (81)
• Limited external board experience
• Proxy Fight in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: GPK
Mkt Cap: $6.7B
1-Yr TSR: -18.4%
Board Rating: B-

• Mr. Dean A. Scarborough resigned from the Board of Directors of Graphic Packaging Holding Company effective August 6, 2025.  (view source)

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

Ticker: GREE
Mkt Cap: $21.9M
1-Yr TSR: -23.5%
Board Rating: D

• Charles M. Zeynel was elected to the Board of Directors of Greenidge Generation Holdings Inc. on August 11, 2025, filling a vacancy created by the increase in the number of directors from 10 to 11.  (view source)

• 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: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (95)
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: GPI
Mkt Cap: $5.8B
1-Yr TSR: 33.4%
Board Rating: A

• Melkeya McDuffie has been appointed as Senior Vice President and Chief Human Resources Officer of Group 1 Automotive, Inc. on August 11, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (GPI)
• Cyber Incident(s) within the last year
• Workforce Reduction

Ticker: GYRE
Mkt Cap: $791.7M
1-Yr TSR: -17.6%
Board Rating: C

• Ping Zhang was appointed as Interim Chief Executive Officer, while Dr. Han Ying resigned as Chief Executive Officer and Director, effective August 5, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Han Ying
• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: HTCR
Mkt Cap: $11.7M
1-Yr TSR: -24.1%
Board Rating: C-

• Heather Neville is resigning from the Board of Directors effective September 1, 2025, and Prakash Sadasivam is resigning as Chief Strategy Officer and from the Board effective August 31, 2025.  (view source)

• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Listing Rule Violation: Minimum Stockholder Equity
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: HELE
Mkt Cap: $541.1M
1-Yr TSR: -51.4%
Board Rating: C-

• Scott Uzzell has been appointed as the new CEO of Helen of Troy Limited, effective September 1, 2025, while Brian Grass will transition back to his role as CFO on the same date.  (view source)

• CEO Tenure Was Under 2 Years: Noel Geoffroy
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (100)
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CASK
Mkt Cap: $4.0M
1-Yr TSR: %

• The text discusses the appointment of new directors and a Chief Investment Officer as part of corporate actions.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• 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
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: HMN
Mkt Cap: $1.8B
1-Yr TSR: 39.7%
Board Rating: C+

• Stephen J. McAnena has stepped down as Executive Vice President and Chief Operating Officer effective August 10, 2025, but will remain with the company through March 1, 2026, for a transition period.  (view source)

• SEC Correspondence in the last year

Ticker: HRB
Mkt Cap: $6.6B
1-Yr TSR: -11.0%
Board Rating: B+

• Jeffrey J. Jones II is retiring as CEO and from the Board, while Curtis A. Campbell is appointed as the new CEO effective January 1, 2026.  (view source)

• Immediate Resignation
• Stock Alert: 52-week low at $49.37

Ticker: IBTA
Mkt Cap: $670.8M
1-Yr TSR: -44.6%
Board Rating: C-

• Matt Puckett has been appointed as Chief Financial Officer effective August 25, 2025, while Valarie Sheppard will step down as Interim Chief Financial Officer on the same date but will remain on the Board of Directors.  (view source)

• CFO Tenure Was Under 2 Years: Valarie L Sheppard
• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (77)
• Short Report: The Bear Cave
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $23.62
• Workforce Reduction

Ticker: ITRI
Mkt Cap: $5.7B
1-Yr TSR: 29.8%
Board Rating: B+

• Sheri Savage has been appointed as a new director of the Board of Itron, Inc., effective August 11, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ITRI)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: LNTH
Mkt Cap: $3.7B
1-Yr TSR: -42.6%
Board Rating: B+

• Amanda Morgan, Chief Commercial Officer, is taking leave from the company effective August 8, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 2 directors have bankruptcy histories (LNTH)
• Bankruptcy Alert: Current CEO has bankruptcy history (LNTH)
• 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
• Gov Risk: No lead independent director
• Rule 10b5-1 Entered
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $51.87
• Workforce Reduction

Ticker: LVS
Mkt Cap: $37.2B
1-Yr TSR: 39.3%
Board Rating: C-

• Patrick Dumont has been appointed as a member of the SCL Board of Directors, effective immediately on August 7, 2025.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 62% For

Ticker: LEVI
Mkt Cap: $8.2B
1-Yr TSR: 18.2%
Board Rating: B-

• On August 7, 2025, Levi Strauss & Co. announced the appointment of Timothy Joseph “Joe” Davis as Senior Vice President, Global Controller, effective August 11, 2025, and the transition of Lisa Stirling to Vice President, U.S. and Canada Finance, effective the same date.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (LEVI)
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• 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: LXEO
Mkt Cap: $159.0M
1-Yr TSR: -59.0%
Board Rating: D

• On August 14, 2025, Lexeo Therapeutics, Inc. announced the appointment of Louis Tamayo as CFO effective August 15, 2025, succeeding Dr. Kyle Rasbach, who resigned from the role on the same date.  (view source)

• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (LXEO)
• CFO Tenure Was Under 2 Years: Kyle Rasbach
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: LIF
Mkt Cap: $6.6B
1-Yr TSR: 133.3%
Board Rating: A

• On August 6, 2025, Lauren Antonoff was appointed as CEO, Chris Hulls transitioned to Executive Chairman, and Mr. Goines was appointed as Lead Independent Director, all effective August 11, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Limited external board experience
• Negative Say-On-Pay Vote: 76% For
• Stock Alert: All-time high at $88.94
• Workforce Reduction

Ticker: LFWD
Mkt Cap: $6.7M
1-Yr TSR: -80.4%
Board Rating: C-

• Almog Adar has been appointed as Chief Financial Officer of Lifeward Ltd., effective August 1, 2025.  (view source)

• Cooperation Agreement
• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 18% For
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Internal Control Risk
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 63% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: LOB
Mkt Cap: $1.6B
1-Yr TSR: -10.9%
Board Rating: C-

• On August 12, 2025, Jeffrey Williams Lunsford was appointed as a Board member of Live Oak Bancshares, Inc. and Live Oak Banking Company.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (84)
• High CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Negative Say-On-Pay Vote: 67% For

Ticker: RAMP
Mkt Cap: $1.7B
1-Yr TSR: 16.2%
Board Rating: C+

• Omar Tawakol resigned from the Board of Directors of LiveRamp Holdings, Inc. effective immediately on August 13, 2025, while Clark M. Kokich and Brian O’Kelley were elected as Directors for three-year terms.  (view source)

• 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
• Immediate Resignation
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: YHC
Mkt Cap: $9.7M
1-Yr TSR: -95.1%
Board Rating: C-

• Yilin Lu has been appointed as President of LQR House Inc. effective August 6, 2025.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (92)
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.93

Ticker: LXFR
Mkt Cap: $337.0M
1-Yr TSR: 24.4%
Board Rating: C-

• Stewart Watson has been appointed to the Board of Directors of Luxfer Holdings PLC, effective September 1, 2025.  (view source)

• Internal Control Risk

Ticker: LYFT
Mkt Cap: $5.9B
1-Yr TSR: 45.0%
Board Rating: C-

• On August 14, 2025, Logan Green and John Zimmer resigned from the Board of Directors, and Sean Aggarwal was appointed as Chair of the Board.  (view source)

• Contested Proxy (LYFT)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• High CFO Turnover
• Immediate Resignation
• Limited external board experience
• Proxy Fight in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MGNX
Mkt Cap: $102.4M
1-Yr TSR: -51.5%
Board Rating: C-

• Eric Risser has been appointed as President, Chief Executive Officer, and Director of MacroGenics, Inc. effective August 13, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MGNX)
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MX
Mkt Cap: $107.1M
1-Yr TSR: -38.4%
Board Rating: C+

• On August 11, 2025, Camillo Martino was appointed as Interim Chief Executive Officer of Magnachip Semiconductor Corporation, while Young-Joon Kim resigned from his position as Chief Executive Officer and as a member of the Board.  (view source)

• Director Elections: < 95% average votes FOR
• Ind. Accountant Dismissed
• Negative Say-On-Pay Vote: 77% For
• Significant Stock Drop(s) in past 2 years

Ticker: MAGN
Mkt Cap: $477.0M
1-Yr TSR: -39.7%
Board Rating: C-

• On August 11, 2025, Magnera Corporation announced the departure of two officers: David Parks and Achim Schalk, with effective retirement and pursuit of other opportunities respectively.  (view source)

• High Activist Vulnerability Risk Score (100)
• High CFO Turnover
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $11.49

Ticker: MRVI
Mkt Cap: $663.9M
1-Yr TSR: -68.4%
Board Rating: D

• On August 7, 2025, Maravai LifeSciences Holdings, Inc. announced the elimination of positions held by Rebecca Buzzeo and Pete Leddy, resulting in their departures from the company.  (view source)

• CEO Tenure Was Under 2 Years: William “Trey” Martin, III
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (99)
• Ind. Accountant Dismissed
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MXCT
Mkt Cap: $150.3M
1-Yr TSR: -64.3%
Board Rating: C-

• Ali Soleymannezhad exited his role as Chief Commercial Officer at MaxCyte, Inc. on August 11, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MXCT)
• Bankruptcy Alert: Current CFO has bankruptcy history (MXCT)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $1.27
• Workforce Reduction

Ticker: MDU
Mkt Cap: $3.4B
1-Yr TSR: 30.9%
Board Rating: B

• On August 12, 2025, Charles M. Kelley and Tammy J. Miller were elected as directors of the Board of MDU Resources Group, Inc.  (view source)

• Cooperation Agreement in the last 2 years
• Immediate Resignation
• Limited external board experience
• Settlement Agreement
• Workforce Reduction

Ticker: MSA
Mkt Cap: $6.7B
1-Yr TSR: -3.8%
Board Rating: C

• On August 13, 2025, MSA Safety Incorporated announced the appointment of Ms. Julie A. Beck as Senior Vice President, Chief Financial Officer and Treasurer, effective August 18, 2025, while Ms. Elyse L. Brody transitions from Interim CFO to Executive Director of Financial Planning and Analysis and Strategy.  (view source)

• CFO Tenure Was Under 2 Years: Elyse L. Brody
• 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
• High CFO Turnover

Ticker: NGS
Mkt Cap: $305.5M
1-Yr TSR: 29.0%
Board Rating: A-

• Brian L. Tucker is transitioning from his role as President and Chief Operating Officer of Natural Gas Services Group, Inc., with a target end date of October 31, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Negative Say-On-Pay Vote: 85% For
• SEC Correspondence in the last year

Ticker: NEOG
Mkt Cap: $1.2B
1-Yr TSR: -65.4%
Board Rating: D

• William T. Boehm is retiring from the Board of Directors effective October 23, 2025, and Avi Pelossof has been appointed as a new director effective October 24, 2025.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 48% For
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (98)
• Internal Control Risk
• 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: NB
Mkt Cap: $257.9M
1-Yr TSR: 157.2%
Board Rating: C-

• On August 9, 2025, Tony Fulton was appointed to the Board of Directors of NioCorp Developments Ltd.  (view source)

• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Internal Control Risk
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: NPB
Mkt Cap: $561.9M
1-Yr TSR: %

• On August 11, 2025, Northpointe Bancshares, Inc. appointed Raj Chaudhary, David Lawrence, and John Tuttle as new directors, effective August 12, 2025.  (view source)

• Limited external board experience
• SEC Correspondence in the last year
• Stock Alert: All-time high at $16.35

Ticker: ONCO
Mkt Cap: $1.6M
1-Yr TSR: -99.4%
Board Rating: D

• Ajit Singh resigned as a member of the Board of Directors effective August 10, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• 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 (93)
• 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
• Workforce Reduction

Ticker: ONDS
Mkt Cap: $861.3M
1-Yr TSR: 568.4%
Board Rating: C-

• Dr. Irit Idan has been appointed to the Ondas Autonomous Systems Inc. Advisory Board on August 15, 2025.  (view source)

• 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
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OTEX
Mkt Cap: $7.9B
1-Yr TSR: 3.4%
Board Rating: C+

• On August 11, 2025, Open Text Corporation announced several leadership changes including the appointment of James McGourlay as Interim CEO and the transition of Mark J. Barrenechea from CEO to other roles.  (view source)

• CFO Tenure Was Under 2 Years: Chadwick Westlake
• CFO Tenure Was Under 2 Years: Madhu Ranganathan
• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 25% For
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Workforce Reduction

Ticker: OPXS
Mkt Cap: $81.0M
1-Yr TSR: 46.1%
Board Rating: A

• Chad George has been appointed as the new President of Optex Systems Holdings, effective August 11, 2025.  (view source)

• Cyber Incident(s) within the last year
• Internal Control Risk
• Overboarding

Ticker: KIDS
Mkt Cap: $479.7M
1-Yr TSR: -24.5%
Board Rating: B

• On August 7, 2025, Terry Schlotterback resigned from the Board of Directors due to retirement, and Kelly Fischer was appointed to fill his vacancy effective August 8, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (KIDS)
• 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
• Limited external board experience
• Stock Alert: 52-week low at $17.90
• Workforce Reduction

Ticker: BTU
Mkt Cap: $2.2B
1-Yr TSR: -16.2%
Board Rating: C

• Malcolm J. Roberts has been appointed as Executive Vice President and Chief Commercial Officer of Peabody Energy Corporation, effective September 1, 2025.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Entrenched Board
• Settlement Agreement
• Workforce Reduction

Ticker: PETS
Mkt Cap: $64.0M
1-Yr TSR: -1.0%
Board Rating: C-

• On August 11, 2025, Sandra Campos resigned as CEO and President, Robyn D’Elia resigned as CFO and Treasurer, Leslie C.G. Campbell was appointed as Interim CEO and President, and Doug Krulik was appointed as Interim Principal Financial Officer.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (PETS)
• Bankruptcy Alert: Current CEO has bankruptcy history (PETS)
• CEO Tenure Was Under 2 Years: Sandra Yvette Campos
• CFO Tenure Was Under 2 Years: Robyn M D’Elia
• High CFO Turnover
• Immediate Resignation
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Significant Stock Drop(s) in past 2 years

Ticker: PEVM
Mkt Cap: $10.5M
1-Yr TSR: -68.5%

• On August 11, 2025, John Walsh was appointed as President of Phoenix Motor Inc. and also as CEO of its subsidiary, PhoenixEV.  (view source)

• Amended Filing (10-Q/A)
• CFO Tenure Was Under 2 Years: Michael Yung
• Cooperation Agreement
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Ind. Accountant Dismissed
• 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
• Significant Stock Drop(s) in past 2 years

Ticker: PPG
Mkt Cap: $25.3B
1-Yr TSR: -5.0%
Board Rating: C-

• On August 7, 2025, Anne M. Foulkes announced her intention to retire on August 31, 2026, and Joseph R. Gette will become Senior Vice President, General Counsel and Secretary effective January 1, 2026.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (81)
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Workforce Reduction

Ticker: PG
Mkt Cap: $360.1B
1-Yr TSR: -6.6%
Board Rating: B-

• Alexandra Keith, CEO – Beauty, announced her retirement effective February 20, 2026, after over 36 years with the company.  (view source)

• Gov Risk: Chairman is not independent
• Overboarding
• SEC No Action letter: Requests
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: IPDN
Mkt Cap: $4.6M
1-Yr TSR: -53.4%
Board Rating: D

• On August 7, 2025, Lisa Fan resigned as interim CFO, and Yiran Gu was appointed as the new CFO and a director.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: Lisa Fan
• CFO Tenure Was Under 2 Years: Megan Bozzuto
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (85)
• High CFO Turnover
• Immediate Resignation
• Ind. Accountant Resigned
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: PTIX
Mkt Cap: $1.8M
1-Yr TSR: -65.5%
Board Rating: C

• On August 8, 2025, Barrett Evans was terminated as CEO and President, and Colin Stott was terminated as COO, both effective immediately, while remaining on the Board of Directors.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (PTIX)
• Executive Termination(s) within the last year
• 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
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PYXSQ
Mkt Cap: $1.5M
1-Yr TSR: -99.0%

• Seven individuals were elected as directors for a one-year term at Pyxus International, Inc.’s annual meeting.  (view source)

• Gov Risk: Chairman is not independent

Ticker: QUIK
Mkt Cap: $107.3M
1-Yr TSR: -20.6%
Board Rating: C

• Ron Shelton has been appointed to the Board of Directors of QuickLogic Corporation, effective August 7, 2025, and will also serve as Chair of the Audit Committee.  (view source)

• Cyber Incident(s) within the last year
• 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: No lead independent director
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: RBA
Mkt Cap: $21.8B
1-Yr TSR: 48.1%
Board Rating: A-

• On August 5, 2025, Jeff Jeter announced his retirement effective March 31, 2026, and Chris Carlson was appointed as Chief Accounting Officer effective August 24, 2025.  (view source)

• High CFO Turnover
• SEC Correspondence in the last year
• Stock Alert: All-time high at $118.02

Ticker: RDNW
Mkt Cap: $122.1M
1-Yr TSR: -6.1%
Board Rating: C-

• On August 9, 2025, Mr. Dominick San Angelo and Mr. Miran Maric were appointed as directors of the Company, with Mr. San Angelo joining the Audit Committee and Nominating and Corporate Governance Committee, and Mr. Maric joining the Compensation Committee, effective August 10, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (RDNW)
• CFO Tenure Was Under 2 Years: Tiffany Kice
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Limited external board experience
• SEC Correspondence in the last year
• SEC Investigation Related
• Significant Stock Drop(s) in past 2 years

Ticker: RPRX
Mkt Cap: $21.3B
1-Yr TSR: 41.0%
Board Rating: C

• Henry Fernandez is stepping down as a member of the Board and its Lead Independent Director, effective August 13, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (RPRX)
• Gov Risk: Chairman is not independent
• SEC Correspondence in the last year

Ticker: SRPT
Mkt Cap: $2.0B
1-Yr TSR: -84.7%
Board Rating: C

• Bilal Arif is transitioning from Executive Vice President, Chief Technical Operations Officer to Special Advisor to the President, with his employment ending on September 16, 2025.  (view source)

• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (82)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SENEA
Mkt Cap: $716.0M
1-Yr TSR: 70.3%
Board Rating: A-

• At the 2025 Annual Meeting of Shareholders, Kathryn J. Boor, John P. Gaylord, and Paul L. Palmby were elected as directors of Seneca Foods Corporation, each serving until the 2028 Annual Meeting.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director

Ticker: SSTK
Mkt Cap: $746.4M
1-Yr TSR: -37.9%
Board Rating: C-

• Matt Furlong is resigning as Chief Marketplace Officer effective September 2, 2025.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Executive Termination(s) within 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)
• Negative Say-On-Pay Vote: 87% For

Ticker: SLN
Mkt Cap: $265.9M
1-Yr TSR: -65.4%
Board Rating: C

• Michael Davidson resigned from the Board of Silence Therapeutics plc effective August 11, 2025, and Iain Ross was appointed to the Audit and Risk Committee.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (SLN)
• Cooperation Agreement
• Immediate Resignation
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CXM
Mkt Cap: $2.1B
1-Yr TSR: -8.8%
Board Rating: C

• Marlise Ricci is stepping down as Chief Accounting Officer, and Manish Sarin is appointed as the new principal accounting officer.  (view source)

• 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 (87)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SRXH
Mkt Cap: $3.2M
1-Yr TSR: -90.1%
Board Rating: D

• Adesh Vora resigned from the Board of Directors of SRx Health Solutions, Inc. on August 13, 2025.  (view source)

• Abnormally High 8-K Filings
• Going Concern Risk Filings in the last year
• Immediate Resignation
• 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
• Stock Alert: All-time low at $0.27
• Workforce Reduction

Ticker: STRM
Mkt Cap: $23.2M
1-Yr TSR: -24.4%
Board Rating: C+

• Several individuals resigned from their positions as part of the merger, and new appointments were made for the surviving corporation.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• CFO Tenure Was Under 2 Years: Bryant J Reeves III
• Going Concern Risk Filings in the last year
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Merger Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SNCY
Mkt Cap: $669.1M
1-Yr TSR: 35.1%
Board Rating: C

• D. Torque Zubeck has been appointed as Senior Vice President and Chief Financial Officer, effective September 2, 2025, while Bill Trousdale will step down from the interim CFO role effective September 1, 2025.  (view source)

• CFO Tenure Was Under 2 Years: William Trousdale
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (79)
• Workforce Reduction

Ticker: SSY
Mkt Cap: $7.9M
1-Yr TSR: 29.7%
Board Rating: B-

• Several individuals resigned from their positions at SunLink as part of a merger, including Robert M. Thornton, Jr. as CEO, Mark J. Stockslager as CFO, and Sheila Brockman as Vice President.  (view source)

• Amended Filing (10-K/A)
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Limited external board experience
• Listing Rule Violation: No Annual Meeting
• Merger Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: TXRH
Mkt Cap: $11.5B
1-Yr TSR: 4.6%
Board Rating: A-

• On August 14, 2025, Texas Roadhouse, Inc. announced several personnel changes including the appointment of Gerald L. Morgan as Executive Vice Chairman, Christopher C. Colson’s title change to Chief Business and Administrative Officer, and Lloyd Paul Marshall as Chief Growth Officer.  (view source)

• CFO Tenure Was Under 2 Years: David Christopher Monroe

Ticker: TKR
Mkt Cap: $5.4B
1-Yr TSR: -4.8%
Board Rating: B-

• Michael A. Discenza has been appointed as CFO of The Timken Company, replacing Philip D. Fracassa, who will leave the company on September 5, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Tarak Mehta
• Executive Termination(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (92)
• Negative Say-On-Pay Vote: 82% For
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Workforce Reduction

Ticker: TTC
Mkt Cap: $7.7B
1-Yr TSR: -9.9%
Board Rating: C-

• Edric C. Funk has been appointed as President and Chief Operating Officer of The Toro Company, effective September 1, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Workforce Reduction

Ticker: ULS
Mkt Cap: $13.4B
1-Yr TSR: 31.4%
Board Rating: A-

• Weifang Zhou is transitioning to a non-executive officer role, Alex Dadakis is entering as Executive Vice President and President, Testing, Inspection and Certification, and Gitte Schjøtz is transitioning to Executive Vice President, Chief Business Operations and Innovation Officer.  (view source)

• Cyber Incident(s) within the last year
• SEC Correspondence in the last year

Ticker: UNB
Mkt Cap: $122.9M
1-Yr TSR: 16.8%
Board Rating: C

• Joel S. Bourassa is retiring as a director of Union Bankshares, Inc. effective August 20, 2025.  (view source)

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

Ticker: UEIC
Mkt Cap: $60.5M
1-Yr TSR: -50.1%
Board Rating: C

• Bryan M. Hackworth is retiring as CFO effective September 5, 2025, and Edward K. Zinser is resigning from the Board effective August 22, 2025.  (view source)

• 13D filed in the last 6 months
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 89% For
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: UPWK
Mkt Cap: $1.8B
1-Yr TSR: 45.0%
Board Rating: C-

• On August 12, 2025, Anthony Kappus was appointed as Chief Operating Officer of Upwork Inc., effective September 2, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Workforce Reduction

Ticker: VVX
Mkt Cap: $1.9B
1-Yr TSR: 27.3%
Board Rating: B

• Two directors designated by the Selling Shareholder are obligated to resign from the Board of Directors of V2X, Inc. effective no later than the Company’s 2026 Annual Meeting of Shareholders.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: VIVS
Mkt Cap: $4.7M
1-Yr TSR: -73.3%
Board Rating: D

• Tony Lialin has been appointed as Chief Commercial Officer of VivoSim Labs, effective August 11, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (85)
• High CFO Turnover
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: VYNE
Mkt Cap: $5.8M
1-Yr TSR: -79.8%
Board Rating: D

• Christine Borowski, Ph.D. and Anthony Bruno resigned from the Board of Directors effective immediately on August 11 and August 13, 2025, respectively.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (82)
• Negative Say-On-Pay Vote: 78% For
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.34

Ticker: WGRX
Mkt Cap: $48.0M
1-Yr TSR: %

• On August 8, 2025, Prashant Patel resigned from his position as President and a member of the board of directors of Wellgistics Health, Inc.  (view source)

• CEO Tenure Was Under 2 Years: Timothy Canning
• Going Concern Risk Filings in the last year
• Immediate Resignation
• Ind. Accountant Dismissed
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Merger Agreement
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.67

Ticker: WABC
Mkt Cap: $1.3B
1-Yr TSR: 6.8%
Board Rating: C-

• E. Joseph Bowler is retiring from the Board of Directors of Westamerica Bancorporation, effective September 25, 2025.  (view source)

• 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
• High CFO Turnover
• Limited external board experience

Ticker: WWD
Mkt Cap: $14.7B
1-Yr TSR: 59.8%
Board Rating: A-

• On August 8, 2025, Terence J. Voskuil will transition to Executive Vice President, Chief Technology Officer, Aerospace, and Shawn McLevige will enter as Executive Vice President and President, Aerospace, both effective October 1, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years

Ticker: WKHS
Mkt Cap: $16.8M
1-Yr TSR: -87.1%
Board Rating: D

• On August 15, 2025, Richard Dauch, Robert Ginnan, and James D. Harrington entered into amendments to their Employment Agreements, and on August 18, 2025, Alan Henricks was appointed as a Director of Workhorse.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (WKHS)
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (99)
• Hot Seat Risk Score – CEO: Elevated (70)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: XFOR
Mkt Cap: $35.8M
1-Yr TSR: -82.9%
Board Rating: D

• Multiple personnel changes occurred on August 11, 2025, including the appointment of David H. Kirske as CFO, the resignation of Paula Ragan as CEO, the resignation of Adam S. Mostafa as CFO, and the appointment of Adam Raymond Craig as Executive Chairman and President.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 84% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $1.42
• Workforce Reduction

Ticker: YOSH
Mkt Cap: $12.1M
1-Yr TSR: 62.0%
Board Rating: C-

• James Chae resigned from the Board of Directors of Yoshiharu Global Co. effective August 6, 2025.  (view source)

• Abnormally High 8-K Filings
• Immediate Resignation
• 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
• Multiple Dismissed Ind. Accountants within the last 3 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: ZYME
Mkt Cap: $1.1B
1-Yr TSR: 41.0%
Board Rating: B

• On August 10, 2025, Zymeworks Inc. appointed Gregory A. Ciongoli and Robert E. Landry as directors, while Troy M. Cox resigned from the Board on August 9, 2025.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Kenneth Galbraith
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Settlement Agreement