Executive Moves Update – August 22, 2025

Ticker: DDD
Mkt Cap: $259.1M
1-Yr TSR: -22.0%
Board Rating: D

• Jeffrey D. Creech is resigning as Executive Vice President and Chief Financial Officer of 3D Systems Corporation, effective September 12, 2025.  (view source)
• On August 20, 2025, 3D Systems Corporation appointed Phyllis Nordstrom as interim Chief Financial Officer, succeeding Jeffrey D. Creech who resigned from the role, effective August 29, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Jeffrey D Creech
• Class Action
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High CFO Turnover
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Multiple Dismissed Ind. Accountants within the last 3 years
• SEC Investigation Related
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: APD
Mkt Cap: $65.3B
1-Yr TSR: 9.2%
Board Rating: C+

• Howard Ungerleider has been elected as a director of Air Products and Chemicals, Inc., effective September 1, 2025.  (view source)

• Contested Proxy (APD)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (78)
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Section 220 Disclosure
• Significant Stock Drop(s) in past 2 years

Ticker: ALG
Mkt Cap: $2.6B
1-Yr TSR: 19.0%
Board Rating: B-

• Mr. Robert P. Hureau is appointed as President and Chief Executive Officer of Alamo Group Inc., effective September 2, 2025, and will also join the Board of Directors as a new member.  (view source)

• Gov Risk: No lead independent director
• High CFO Turnover
• Stock Alert: All-time high at $232.42

Ticker: ALTS
Mkt Cap: $676.2M
1-Yr TSR: 100.5%
Board Rating: C

• Mr. Virland Johnson resigned as CFO effective August 12, 2025, and Mr. Jonathan Hugh was appointed as the new CFO effective August 13, 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 (ALTS)
• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• 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: AIG
Mkt Cap: $45.8B
1-Yr TSR: 13.4%
Board Rating: B-

• On August 18, 2025, Claude Wade will step down as Executive Vice President, Chief Digital Officer and Global Head of Business Operations & Claims on December 31, 2025, transitioning to an advisory role.  (view source)

• CFO Tenure Was Under 2 Years: Sabra R Purtill
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (83)
• High CFO Turnover
• Negative Say-On-Pay Vote: 65% For

Ticker: ARKO
Mkt Cap: $566.0M
1-Yr TSR: -19.4%
Board Rating: C+

• Robert (Robb) Giammatteo, CFO of ARKO Corp., is exiting the company effective October 10, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Negative Say-On-Pay Vote: 73% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: ALOT
Mkt Cap: $83.9M
1-Yr TSR: -25.8%
Board Rating: B

• On August 21, 2025, Shawn Kravetz was appointed to the Board of Directors of AstroNova, Inc.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (ALOT)
• CEO Tenure Was Under 2 Years: Darius G Nevin
• Contested Proxy (ALOT)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Proxy Fight in the last 2 years
• Workforce Reduction

Ticker: ASTC
Mkt Cap: $8.1M
1-Yr TSR: -50.5%
Board Rating: C-

• Nihanth Badugu has been appointed as Chief Operating Officer of Astrotech Corporation, effective August 13, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Ryan Polk
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Limited external board experience
• Negative Say-On-Pay Vote: 50% For
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $4.78

Ticker: T
Mkt Cap: $210.5B
1-Yr TSR: 57.8%
Board Rating: C

• Kelly J. Grier was elected as a Director of AT&T Inc. effective September 1, 2025, while Scott T. Ford will retire as a Director on the same date.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (T)
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: AUID
Mkt Cap: $54.3M
1-Yr TSR: -51.3%
Board Rating: C

• Michael C. Thompson resigned as a director of authID Inc. on August 18, 2025, and Shrikrishna Venkataraman was appointed to the Audit Committee.  (view source)

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (93)
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BLCO
Mkt Cap: $5.1B
1-Yr TSR: -10.1%
Board Rating: C+

• Effective August 14, 2025, Brett Icahn and Gary Hu resigned from the board of directors of Bausch + Lomb in connection with the termination of the Director Appointment and Nomination Agreement.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (97)
• Pledging
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: BIAF
Mkt Cap: $7.1M
1-Yr TSR: -85.7%
Board Rating: C-

• On August 12, 2025, bioAffinity Technologies, Inc. appointed Roberto Rios and John J. Oppenheimer as directors, while Gary Rubin resigned from the Board.  (view source)

• Abnormally High 8-K Filings
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High CFO Turnover
• 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: BLFS
Mkt Cap: $1.2B
1-Yr TSR: -2.5%
Board Rating: C

• At the 2025 annual meeting of stockholders, Roderick de Greef, Catherine Coste, Amy DuRoss, Rachel Ellingson, Joydeep Goswami, Tony Hunt, and Timothy Moore were re-elected as directors.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Internal Control Risk
• Settlement Agreement
• Workforce Reduction

Ticker: BKH
Mkt Cap: $4.4B
1-Yr TSR: 7.1%
Board Rating: C

• Brian B. Bird will become the CEO of the combined company after the merger, succeeding Linden R. Evans, who will retire.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (BKH)
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (85)
• Merger Agreement

Ticker: XYZ
Mkt Cap: $45.2B
1-Yr TSR: 12.9%
Board Rating: C+

• On August 21, 2025, Dhanji R. Prasanna is transitioning to a new role as Technology Lead, while Arnaud Weber is entering the role of Engineering Lead.  (view source)

• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (85)
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: TBH
Mkt Cap: $12.3M
1-Yr TSR: %

• On August 19, 2025, Daniel Fidrya resigned from the board of directors of Brag House Holdings, Inc., and Scott D. Woller was appointed as an independent director effective the same day.  (view source)

• Failed to File Annual/Quarterly Report
• Going Concern Risk Filings in the last year
• Immediate Resignation
• 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: BWB
Mkt Cap: $433.4M
1-Yr TSR: 20.0%
Board Rating: B-

• Mary Jayne Crocker and Jeffrey Shellberg are retiring from their executive roles, while Laura Espeseth, Katie Morrell, and Jessica Stejskal are being promoted to new positions within the company.  (view source)

• 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
• Limited external board experience
• Multiple Dismissed Ind. Accountants within the last 3 years
• Pledging
• SEC Correspondence in the last year

Ticker: BURL
Mkt Cap: $17.4B
1-Yr TSR: 1.4%
Board Rating: C+

• Michael Skirvin was elected as a member of the Board of Directors and appointed to the Audit Committee, effective November 18, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Negative Say-On-Pay Vote: 89% For

Ticker: CRGX
Mkt Cap: $216.2M
1-Yr TSR: -74.5%
Board Rating: D

• Multiple individuals resigned from their positions at the Company as part of the Merger Agreement.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (80)
• Merger Agreement
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CRI
Mkt Cap: $922.5M
1-Yr TSR: -59.4%
Board Rating: C-

• Kendra D. Krugman is exiting her role as Chief Product Officer effective October 21, 2025, as part of an organizational restructuring at Carter’s, Inc.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (CRI)
• CEO Tenure Was Under 2 Years: Richard F Westenberger
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (97)
• Significant Stock Drop(s) in past 2 years

Ticker: CMTL
Mkt Cap: $56.4M
1-Yr TSR: -41.5%
Board Rating: C-

• On August 18, 2025, Mr. Lloyd A. Sprung was appointed as an independent director of Comtech Telecommunications Corp.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (CMTL)
• Bankruptcy Alert: Current CEO has bankruptcy history (CMTL)
• Cooperation Agreement in the last 2 years
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (81)
• 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: YYAI
Mkt Cap: $63.2M
1-Yr TSR: -43.1%
Board Rating: C-

• Warren Andrew Thomson resigned from the board of directors of Connexa Sports Technologies Inc. on June 12, 2025, and Bini Zhu was appointed to the board on August 15, 2025.  (view source)

• Going Concern Risk Filings in the last year
• Immediate Resignation
• Ind. Accountant Dismissed
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Multiple Dismissed Ind. Accountants within the last 3 years
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: CXW
Mkt Cap: $2.2B
1-Yr TSR: 52.4%
Board Rating: C

• Damon T. Hininger will step down as CEO and resign from the Board effective January 1, 2026, while Patrick Swindle will become the new CEO and join the Board on the same date.  (view source)

• Gov Risk: Entrenched Board
• Significant Stock Drop(s) in past 2 years

Ticker: CNM
Mkt Cap: $12.6B
1-Yr TSR: 24.2%
Board Rating: A

• John R. Schaller, an Executive Vice President, is retiring from Core & Main, Inc. effective October 31, 2025.  (view source)

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

Ticker: CYAN
Mkt Cap: $3.0M
1-Yr TSR: -65.9%

• On August 21, 2025, Jennifer Miyashiro was appointed as CFO, while Jennifer Rogerson resigned from her position.  (view source)

• Going Concern Risk Filings in the last year
• Ind. Accountant Dismissed
• Significant Stock Drop(s) in past 2 years

Ticker: CYTK
Mkt Cap: $4.6B
1-Yr TSR: -32.8%
Board Rating: C+

• On August 19, 2025, James M. Daly was appointed to the Board of Directors of Cytokinetics, Incorporated as a Class III member.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (79)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: DLX
Mkt Cap: $854.2M
1-Yr TSR: 2.0%
Board Rating: C

• On August 20, 2025, Michelle T. Collins was elected to the Board of Directors of Deluxe Corporation.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (DLX)
• High CFO Turnover
• Workforce Reduction

Ticker: DG
Mkt Cap: $24.8B
1-Yr TSR: -6.6%
Board Rating: C+

• Kelly M. Dilts is exiting as CFO, Donny H. Lau is entering as CFO, and Todd J. Vasos is transitioning to principal financial officer temporarily.  (view source)

• High Activist Vulnerability Risk Score (81)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OCTO
Mkt Cap: $4.2M
1-Yr TSR: -21.1%
Board Rating: D

• On August 13, 2025, Kevin O’Donnell was appointed as interim Chief Executive Officer while Paul Vassilakos takes a temporary leave of absence.  (view source)

• Bankruptcy Alert: 3 directors have bankruptcy histories (OCTO)
• Bankruptcy Alert: Current CEO has bankruptcy history (OCTO)
• Bankruptcy Alert: Current CFO has bankruptcy history (OCTO)
• CEO Tenure Was Under 2 Years: Paul Vassilakos
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Hot Seat Risk Score – CEO: High (92)
• 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: ENZB
Mkt Cap: $16.5M
1-Yr TSR: -70.1%

• Four directors, Steven J. Pully, Bradley L. Radoff, Jonathan Couchman, and Kara Cannon, exited their roles as directors of the Company due to the consummation of the Merger.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: Kara Cannon
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Listing Rule Violation: Average Closing Price
• Listing Rule Violation: Market Value of Listed Securities
• Merger Agreement
• Negative Say-On-Pay Vote: 76% For
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: EG
Mkt Cap: $14.6B
1-Yr TSR: -6.1%
Board Rating: C+

• Laura J. Hay has been elected as an independent director of Everest Group, Ltd., effective August 20, 2025.  (view source)

• 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 (95)
• Limited external board experience

Ticker: FN
Mkt Cap: $9.9B
1-Yr TSR: 1.3%
Board Rating: A-

• On August 12, 2025, the Compensation Committee approved salary increases for several named executive officers, effective June 28, 2026.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (FN)
• 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
• Gov Risk: More than one Director over 75
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $348.33
• Workforce Reduction

Ticker: AGM
Mkt Cap: $2.1B
1-Yr TSR: 6.3%
Board Rating: B

• Stephen P. Mullery is retiring as Executive Vice President – General Counsel and Secretary, transitioning to a senior advisor role, while Geraldine Hayhurst will assume the role of Executive Vice President – Chief Legal Officer and Secretary.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Limited external board experience

Ticker: FHN
Mkt Cap: $11.2B
1-Yr TSR: 43.4%
Board Rating: B-

• Michael L. Moehn has been elected to the Board of Directors of First Horizon Corporation as a new director, effective August 20, 2025.  (view source)

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

Ticker: FORA
Mkt Cap: $54.4M
1-Yr TSR: -27.1%
Board Rating: C+

• On August 15, 2025, Stanley S. Trotman, Jr. resigned from the Board of Forian Inc., effective immediately.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Hot Seat Risk Score – CEO: Elevated (62)
• Immediate Resignation
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Non-Reliance / Restatement in last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $1.75

Ticker: GCT
Mkt Cap: $1.1B
1-Yr TSR: 34.5%
Board Rating: C+

• Mrs. Lorri Kelley resigned from her position, and Mr. Kenneth E Lebensburger Jr. was appointed as a director.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• Hot Seat Risk Score – CEO: Elevated (78)
• Internal Control Risk
• Limited external board experience
• Pledging
• Significant Stock Drop(s) in past 2 years

Ticker: GOCO
Mkt Cap: $154.2M
1-Yr TSR: -28.5%
Board Rating: C-

• On August 19, 2025, GoHealth, Inc. appointed Mark Weinsten and Bao Truong as directors and saw the resignations of Jeremy W. Gelber and Abhiraj Modi from the Board.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 2 directors have bankruptcy histories (GOCO)
• Going Concern Risk Filings in the last year
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (99)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (89)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $5.39
• Workforce Reduction

Ticker: GPRE
Mkt Cap: $534.4M
1-Yr TSR: -41.1%
Board Rating: C-

• On August 19, 2025, Green Plains Inc. appointed Chris Osowski as CEO and member of the Board, and promoted Trent Collins to Senior Vice President of Operations, while Michelle Mapes transitioned from interim principal executive officer back to her role as Chief Legal & Administration Officer.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: Michelle Mapes
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (98)
• High CFO Turnover
• Limited external board experience
• Negative Say-On-Pay Vote: 87% For
• Significant Stock Drop(s) in past 2 years

Ticker: GYRE
Mkt Cap: $727.2M
1-Yr TSR: -36.9%
Board Rating: C

• On August 18, 2025, Dan Weng, M.D. was appointed as a Class II director of Gyre Therapeutics, Inc.  (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: HTBK
Mkt Cap: $598.5M
1-Yr TSR: 6.1%
Board Rating: C-

• Christopher J. Abate was appointed as a director of the Board and the Bank’s Board of Directors on August 18, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Thomas A Sa
• High Activist Vulnerability Risk Score (80)
• Settlement Agreement

Ticker: HSY
Mkt Cap: $36.4B
1-Yr TSR: -6.1%
Board Rating: C

• Michele G. Buck is retiring as Chairman of the Board of The Hershey Company, and Huong Maria T. Kraus has been appointed as the new Chairman, effective August 18, 2025.  (view source)

• Amended Filing (10-Q/A)
• Bankruptcy Alert: 1 director has a bankruptcy history (HSY)
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Limited external board experience
• SEC No Action letter(s) in the last 2 years
• Short Report: Grizzly Research
• Workforce Reduction

Ticker: HWM
Mkt Cap: $69.8B
1-Yr TSR: 80.5%
Board Rating: A

• Lola F. Lin is resigning from her role as Executive Vice President, Chief Legal and Compliance Officer and Secretary, effective September 5, 2025, and Neil E. Marchuk will oversee the Legal and Compliance teams until a successor is appointed.  (view source)

• Immediate Resignation
• Workforce Reduction

Ticker: HSON
Mkt Cap: $24.8M
1-Yr TSR: -50.4%
Board Rating: C+

• Three new directors, Todd Fruhbeis, Jennifer Palmer, and Louis Parks, were appointed to the Board of Hudson, and Richard Coleman Jr. and Hannah Bible were appointed as Chief Operating Officer and Chief Legal Officer, respectively.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (HSON)
• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• Merger Agreement
• Negative Say-On-Pay Vote: 81% For
• SEC Correspondence in the last year

Ticker: IP
Mkt Cap: $25.4B
1-Yr TSR: 2.3%
Board Rating: C

• Clayton R. Ellis, Senior Vice President – Global Cellulose Fibers, is expected to depart the Company effective as of the closing of the Transaction to assume a position at the GCF business.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (IP)
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (82)
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: ITRI
Mkt Cap: $5.6B
1-Yr TSR: 24.0%
Board Rating: B+

• Scott Drury has been appointed as a new director of the Board of Itron, Inc., effective August 20, 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: JHG
Mkt Cap: $6.6B
1-Yr TSR: 18.7%
Board Rating: C+

• Roger Thompson is retiring as CFO effective March 31, 2026, and Sukh Grewal is appointed as the new CFO effective April 1, 2026.  (view source)

• 13D filed in the last 6 months
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: JBI
Mkt Cap: $1.4B
1-Yr TSR: -9.9%
Board Rating: C

• On August 19, 2025, Thomas A. Szlosek resigned from the Board and as Chair of the Audit Committee, while Heather Harding was appointed as the new Chair of the Audit Committee.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 71% For
• Significant Stock Drop(s) in past 2 years

Ticker: KBR
Mkt Cap: $6.4B
1-Yr TSR: -24.8%
Board Rating: C

• Huibert H. Vigeveno was appointed to KBR, Inc.’s Board of Directors effective August 5, 2025, and will serve on two committees starting August 20, 2025.  (view source)

• Settlement Agreement

Ticker: LSH
Mkt Cap: $6.5M
1-Yr TSR: -68.2%
Board Rating: D

• Cynthia Vuong resigned from the Board of Directors effective August 15, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• 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: LESL
Mkt Cap: $55.7M
1-Yr TSR: -90.4%
Board Rating: D

• Tony Iskander is stepping down from his role as Interim Chief Financial Officer and Treasurer effective October 4, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Scott Justin Bowman
• CFO Tenure Was Under 2 Years: Tony Iskander
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (90)
• Hot Seat Risk Score – CEO: Elevated (73)
• Hot Seat Risk Score – CEO: Elevated (77)
• Listing Rule Violation: Minimum Bid
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.28

Ticker: LKQ
Mkt Cap: $7.9B
1-Yr TSR: -24.6%
Board Rating: C

• On August 20, 2025, Guhan Subramanian announced his decision to step down as Chairman of the Board of LKQ Corporation, and John Mendel was appointed as his successor.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (LKQ)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (88)
• Hot Seat Risk Score – CEO: Elevated (64)
• Significant Stock Drop(s) in past 2 years

Ticker: MRTN
Mkt Cap: $957.0M
1-Yr TSR: -31.4%
Board Rating: C+

• On August 19, 2025, Timothy M. Kohl announced his retirement as CEO effective September 30, 2025, and Randolph L. Marten was appointed as Chairman of the Board and CEO effective October 1, 2025.  (view source)

• 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
• Limited external board experience

Ticker: MASI
Mkt Cap: $7.8B
1-Yr TSR: 16.9%
Board Rating: B+

• On August 18, 2025, Mr. William Jellison resigned from the Board of Directors of Masimo Corporation.  (view source)

• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Michelle Brennan
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 88% For
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: MATW
Mkt Cap: $730.7M
1-Yr TSR: -2.1%
Board Rating: C-

• On August 18, 2025, Steven F. Nicola announced his retirement as CFO effective December 31, 2025, and Daniel E. Stopar was appointed as his successor, with a transition of duties effective December 1, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (MATW)
• 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
• Immediate Resignation
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: MDT
Mkt Cap: $116.7B
1-Yr TSR: 7.5%
Board Rating: C-

• On August 18, 2025, Medtronic plc appointed John Groetelaars and William Jellison as new directors, effective August 19, 2025.  (view source)

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

Ticker: MYGN
Mkt Cap: $542.5M
1-Yr TSR: -79.1%
Board Rating: C-

• Scott J. Leffler is exiting as Chief Financial Officer effective August 15, 2025, while Ben R. Wheeler is entering as Chief Financial Officer effective August 16, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Scott J Leffler
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (100)
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: NEOG
Mkt Cap: $1.2B
1-Yr TSR: -65.7%
Board Rating: D

• On August 15, 2025, Neogen Corporation granted performance share units (PSUs) to several executive officers as part of their long-term incentive compensation for fiscal year 2026.  (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: NE
Mkt Cap: $4.2B
1-Yr TSR: -22.6%
Board Rating: C-

• Jennifer Yeung is resigning as Chief Accounting Officer effective September 19, 2025, and Richard Barker will assume her responsibilities as principal accounting officer until a replacement is named.  (view source)

• High Activist Vulnerability Risk Score (87)
• Internal Control Risk

Ticker: NSYS
Mkt Cap: $24.3M
1-Yr TSR: -28.5%
Board Rating: B

• On August 18, 2025, John Lindeen, Senior Vice President, Global Operations, announced his intention to retire and resign from his position.  (view source)

• High CFO Turnover
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: NWE
Mkt Cap: $3.5B
1-Yr TSR: 12.4%
Board Rating: C

• Brian B. Bird will become CEO of the combined company after the Merger, succeeding Linden R. Evans, who will retire.  (view source)

• High Activist Vulnerability Risk Score (95)
• Merger Agreement

Ticker: NCLH
Mkt Cap: $10.6B
1-Yr TSR: 42.1%
Board Rating: C

• Mr. David Herrera exited his role as President of Norwegian Cruise Line on August 20, 2025, and Mr. Harry Sommer will take on his responsibilities on an interim basis.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (75)
• Workforce Reduction

Ticker: NBY
Mkt Cap: $6.2M
1-Yr TSR: 96.3%
Board Rating: D

• On August 19, 2025, David Lazar was appointed as CEO and a director, Tommy Law was appointed as CFO, and Justin Hall transitioned to Vice President of Business Development, while Hall resigned as CEO.  (view source)

• 13D filed in the last 6 months
• Going Concern Risk Filings in the last year
• Gov Risk: Average Director tenure over 10 years
• Immediate Resignation
• 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: NG
Mkt Cap: $2.4B
1-Yr TSR: 29.6%
Board Rating: C-

• Richard Williams was promoted to Chief Operating Officer effective January 1, 2024, transitioning from Vice President, Engineering & Development.  (view source)

• 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
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 71% For
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: NPKI
Mkt Cap: $844.3M
1-Yr TSR: 27.6%
Board Rating: B+

• Donald Young is resigning from the Board of Directors of NPK International Inc. effective August 19, 2025.  (view source)

• Cyber Incident(s) within the last year
• Settlement Agreement

Ticker: ONDS
Mkt Cap: $832.8M
1-Yr TSR: 346.0%
Board Rating: C-

• James Acuna has joined Ondas Autonomous Systems’ Advisory Board on August 22, 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
• 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

Ticker: ONEW
Mkt Cap: $273.7M
1-Yr TSR: -29.2%
Board Rating: C-

• On August 14, 2025, OneWater Marine Inc. announced several leadership transitions including P. Austin Singleton transitioning to Executive Chairman, John F. Schraudenbach becoming Lead Independent Director, Anthony Aisquith appointed as CEO, and Jack Ezzell appointed as Chief Operating Officer while retaining his CFO role.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ONEW)
• Negative Say-On-Pay Vote: 88% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OPRX
Mkt Cap: $299.6M
1-Yr TSR: 88.6%
Board Rating: B+

• On August 19, 2025, OptimizeRx Corporation announced the appointment of Brendan Merrell as Chief Operating Officer and the transition of Edward Stelmakh to Chief Financial & Strategic Officer.  (view source)

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

Ticker: OPCH
Mkt Cap: $4.5B
1-Yr TSR: -10.3%
Board Rating: B+

• Meenal A. Sethna has been appointed as the Chief Financial Officer of Option Care Health, Inc., effective October 1, 2025, succeeding Michael Shapiro, who will transition to a non-executive role.  (view source)

• Cyber Incident(s) within the last year
• Significant Stock Drop(s) in past 2 years

Ticker: ORGS
Mkt Cap: $9.9M
1-Yr TSR: -78.0%

• Orgenesis Inc. announced several resignations, including CFO Victor Miller and directors Yaron Adler, Adam Pelavin, and Santhosh Nagaraja.  (view source)

• Going Concern Risk Filings in the last year
• 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: OUT
Mkt Cap: $3.2B
1-Yr TSR: 22.7%
Board Rating: B-

• Nicolas Brien was appointed as CEO of OUTFRONT Media Inc. on August 21, 2025, while Michael Barrett and Nicolle Pangis were elected to the Board of Directors on the same date.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• Workforce Reduction

Ticker: PANW
Mkt Cap: $122.2B
1-Yr TSR: 1.9%
Board Rating: B+

• On August 14, 2025, Lee Klarich was appointed as a director and chair of the Security Committee, while Nir Zuk resigned as Chief Technology Officer and director, effective August 14, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Immediate Resignation
• Merger Agreement
• Negative Say-On-Pay Vote: 50% For
• Significant Stock Drop(s) in past 2 years

Ticker: PAYC
Mkt Cap: $13.0B
1-Yr TSR: 41.1%
Board Rating: B-

• Brad Smith will resign as Chief Information Officer on October 31, 2025, transitioning to Senior Technical Strategist; Shane Hadlock and Rachael Gannon have new compensation agreements effective August 18, 2025.  (view source)

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PBF
Mkt Cap: $2.6B
1-Yr TSR: -32.4%
Board Rating: C

• Karen B. Davis is retiring as CFO and transitioning to a Director role, while Joseph Marino is entering as CFO and Steven Andriola is entering as Chief Accounting Officer.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: More than one Director over 75
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (91)
• Settlement Agreement

Ticker: PFGC
Mkt Cap: $15.6B
1-Yr TSR: 34.2%
Board Rating: A

• Craig H. Hoskins is retiring from his position as Executive Vice President and Chief Development Officer effective January 5, 2026, and will serve as a consultant thereafter.  (view source)

• Gov Risk: Chairman is not independent

Ticker: PBI
Mkt Cap: $1.9B
1-Yr TSR: 60.9%
Board Rating: A+

• Robert Gold is exiting his role as EVP, Chief Financial Officer and Treasurer effective July 29, 2025.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: Lance Rosenzweig
• CFO Tenure Was Under 2 Years: Bob Gold
• CFO Tenure Was Under 2 Years: John Witek
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Limited external board experience
• Settlement Agreement
• Workforce Reduction

Ticker: PFG
Mkt Cap: $17.5B
1-Yr TSR: 4.9%
Board Rating: C

• On August 17, 2025, Deanna D. Strable was elected as Chair of the Board, and Daniel J. Houston will conclude his service on the Board.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (97)

Ticker: QMCO
Mkt Cap: $41.0M
1-Yr TSR: 59.8%
Board Rating: C-

• On August 12, 2025, Lewis W. Moorehead resigned as CFO, and Laura A. Nash was appointed as Principal Financial Officer effective August 18, 2025.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Lewis W Moorehead
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• 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

Ticker: QNRX
Mkt Cap: $7.5M
1-Yr TSR: -37.4%
Board Rating: D

• On August 18, 2025, Sally Lawlor was appointed as Chief Financial Officer, succeeding Gordon Dunn who exited the role on August 15, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (QNRX)
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Ind. Accountant Resigned
• Limited external board experience
• Negative Say-On-Pay Vote: 83% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: RRGB
Mkt Cap: $110.1M
1-Yr TSR: 21.8%
Board Rating: C-

• Meghan Spuler is exiting her role as Chief People Officer at Red Robin Gourmet Burgers, Inc. effective August 20, 2025.  (view source)

• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: RENT
Mkt Cap: $22.6M
1-Yr TSR: -59.7%
Board Rating: D

• Gwyneth Paltrow resigned from the Board effective August 19, 2025, and several board members, including Timothy Bixby and others, tendered contingent resignations on August 20, 2025, pending Recapitalization Transactions.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (88)
• Hot Seat Risk Score – CEO: High (84)
• Internal Control Risk
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: RMD
Mkt Cap: $42.2B
1-Yr TSR: 29.7%
Board Rating: B+

• On August 15, 2025, Nicole Mowad-Nassar was elected to the Board of Directors of ResMed Inc., and Richard Sulpizio announced his intention to retire from the Board effective November 19, 2025.  (view source)

• 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
• Negative Say-On-Pay Vote: 84% For
• Settlement Agreement

Ticker: RZLT
Mkt Cap: $595.2M
1-Yr TSR: 60.0%
Board Rating: B-

• On August 18, 2025, Sunil Karnawat was appointed as Chief Commercial Officer of Rezolute, Inc.  (view source)

• High CFO Turnover
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: RKT
Mkt Cap: $37.0B
1-Yr TSR: -6.8%
Board Rating: C-

• Bill Emerson will retire as President of Rocket Companies, effective December 31, 2025, but will continue to serve as a director.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (RKT)
• Class Action
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Hot Seat Risk Score – CEO: Elevated (73)
• Merger Agreement
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: RVYL
Mkt Cap: $9.7M
1-Yr TSR: -66.6%
Board Rating: D

• Ben Errez is retiring as Executive Vice President of RYVYL Inc. effective August 31, 2025, and will provide consulting services thereafter.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (RVYL)
• 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 (92)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (82)
• 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: SLRX
Mkt Cap: $2.7M
1-Yr TSR: -81.9%
Board Rating: D

• On August 17, 2025, Mark J. Rosenblum was appointed as the acting CEO of Salarius Pharmaceuticals, while David J. Arthur resigned from the CEO position on the same date.  (view source)

• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No new Directors in last 5 years
• High Activist Vulnerability Risk Score (80)
• 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 $5.32

Ticker: IOT
Mkt Cap: $18.7B
1-Yr TSR: -20.4%
Board Rating: C+

• On August 16, 2025, Gary Steele was appointed to the Board of Directors of Samsara Inc., effective September 1, 2025.  (view source)

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Rule 10b5-1 Entered
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $32.22

Ticker: JBSS
Mkt Cap: $744.2M
1-Yr TSR: -35.0%
Board Rating: B+

• Gina Lakatos exited her role as Vice President, General Counsel on August 5, 2025, and entered into a separation agreement with the company on August 12, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (JBSS)
• 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
• Limited external board experience

Ticker: STR
Mkt Cap: $2.7B
1-Yr TSR: -12.0%
Board Rating: C-

• Several personnel changes occurred due to the consummation of the Mergers, including the departure of previous directors and officers and the appointment of new directors and executive officers.  (view source)

• 13D filed in the last 6 months
• High Activist Vulnerability Risk Score (76)
• Merger Agreement
• Negative Say-On-Pay Vote: 86% For
• Overboarding
• Settlement Agreement

Ticker: SHCO
Mkt Cap: $1.7B
1-Yr TSR: 48.1%
Board Rating: C

• Neil Thomson has been appointed as Chief Financial Officer, replacing Thomas Allen, who will assist with the transition until August 29, 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 CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Merger Agreement
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: SGI
Mkt Cap: $16.9B
1-Yr TSR: 56.6%
Board Rating: B

• On August 14, 2025, Steven H. Rusing was promoted to President and Chief Executive Officer of Mattress Firm Group LLC.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 2 directors have bankruptcy histories (SGI)
• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• SEC Correspondence in the last year
• Stock Alert: All-time high at $81.38

Ticker: SGRP
Mkt Cap: $26.4M
1-Yr TSR: -31.6%
Board Rating: C+

• William H. Bartels resigned from the Board and Tim Cook was appointed as a Director, effective August 12, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 40% For
• Immediate Resignation
• 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: SPSC
Mkt Cap: $4.3B
1-Yr TSR: -42.2%
Board Rating: B

• Mark Partin was appointed as a director of SPS Commerce, Inc. effective August 18, 2025.  (view source)

• Hot Seat Risk Score – CEO: Elevated (62)
• Significant Stock Drop(s) in past 2 years

Ticker: SUNE
Mkt Cap: $4.8M
1-Yr TSR: -100.0%
Board Rating: D

• Mr. Henry Howard resigned from the Board of Directors of SUNation Energy, Inc. on August 13, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filings (10-K/A) 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 (90)
• 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 $1.41

Ticker: SSUP
Mkt Cap: $4.5M
1-Yr TSR: -95.3%

• On August 15, 2025, Stacie R. Schulz resigned as Vice President and Chief Accounting Officer, effective August 29, 2025, and Shane Giebel will assume her duties on an interim basis.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Dan Lee
• Cooperation Agreement in the last 2 years
• 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: Market Value of Listed Securities
• Merger Agreement
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: SLVM
Mkt Cap: $1.7B
1-Yr TSR: -44.6%
Board Rating: B+

• Stan Askren is resigning from the Board of Directors of Sylvamo Corporation effective September 1, 2025.  (view source)

• Gov Risk: Chairman is not independent
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TE
Mkt Cap: $230.8M
1-Yr TSR: 14.7%
Board Rating: C-

• Jaime Eduardo Gualy was appointed as Chief Operating Officer of T1 Energy Inc., effective August 15, 2025, transitioning from his previous role as Executive Vice President of Corporate Development.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filing (10-Q/A)
• Bankruptcy Alert: 1 director has a bankruptcy history (TE)
• Cooperation Agreement in the last 2 years
• Executive Termination(s) within the last year
• High Activist Vulnerability Risk Score (79)
• 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

Ticker: TGT
Mkt Cap: $44.1B
1-Yr TSR: -37.2%
Board Rating: C+

• On August 15, 2025, Michael J. Fiddelke was appointed as CEO effective February 1, 2026, while Brian C. Cornell will step down as CEO but remain as Chair of the Board.  (view source)

• Class Action
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (88)
• 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: SNX
Mkt Cap: $11.9B
1-Yr TSR: 22.7%
Board Rating: B

• Simon Leung, Chief Business Officer of TD SYNNEX Corporation, is retiring effective September 1, 2025.  (view source)

• Cyber Incident(s) within the last year
• Internal Control Risk
• Negative Say-On-Pay Vote: 86% For
• SEC No Action letter(s) in the last 2 years

Ticker: TENB
Mkt Cap: $3.6B
1-Yr TSR: -29.6%
Board Rating: C-

• Matthew Brown has been appointed as Chief Financial Officer of Tenable Holdings, Inc., effective August 21, 2025, succeeding Stephen Vintz who was appointed Co-Chief Executive Officer.  (view source)

• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (77)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: TRVI
Mkt Cap: $912.1M
1-Yr TSR: 166.5%
Board Rating: C+

• Lisa Delfini is resigning as CFO effective August 22, 2025, and Jennifer L. Good will serve as the interim principal financial officer.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (TRVI)
• Director Elections: < 95% average votes FOR
• Gov Risk: No new Directors in last 5 years
• High CFO Turnover
• Overboarding

Ticker: TRMB
Mkt Cap: $19.1B
1-Yr TSR: 42.1%
Board Rating: C+

• On August 18, 2025, Trimble Inc. announced the retirement of Julie A. Shepard as Chief Accounting Officer and the appointment of Kenneth Bement as her successor, effective September 2, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Failed to File Annual/Quarterly Report
• Ind. Accountant Dismissed
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year

Ticker: TCRX
Mkt Cap: $98.7M
1-Yr TSR: -70.5%
Board Rating: C-

• On August 14, 2025, Leiden Dworak was appointed as Principal Accounting Officer, while Jason A. Amello transitioned to continue serving as CFO.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High CFO Turnover
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: ULTA
Mkt Cap: $23.4B
1-Yr TSR: 36.6%
Board Rating: B

• On August 20, 2025, Ulta Beauty appointed Martin Brok and Stephenie Landry as independent directors, effective September 1, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Paula M. Oyibo
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Significant Stock Drop(s) in past 2 years

Ticker: UFCS
Mkt Cap: $796.1M
1-Yr TSR: 60.8%
Board Rating: C

• On August 15, 2025, Gilda L. Spencer was appointed as a Class A director of United Fire Group, Inc.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (85)
• High CFO Turnover
• Limited external board experience

Ticker: UNH
Mkt Cap: $274.7B
1-Yr TSR: -46.5%
Board Rating: C+

• UnitedHealth Group announced several updates to its Board of Directors, including the appointment of F. William McNabb as lead independent director, replacing Michele Hooper, who remains a director.  (view source)

• Class Action
• 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: No lead independent director
• High Activist Vulnerability Risk Score (90)
• Immediate Resignation
• Negative Say-On-Pay Vote: 60% For
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: PRKS
Mkt Cap: $2.8B
1-Yr TSR: 5.4%
Board Rating: B-

• On August 13, 2025, Kevin Connelly was appointed as Chief Accounting Officer, and William Myers stepped down from that position.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: James (“Jim”) W. Forrester, Jr.,
• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• High CFO Turnover
• Internal Control Risk

Ticker: UAMY
Mkt Cap: $548.1M
1-Yr TSR: 534.1%
Board Rating: B+

• General (Ret.) John M. Keane has been appointed as a director of United States Antimony Corporation, effective immediately on August 13, 2025.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Bankruptcy Alert: 1 director has a bankruptcy history (UAMY)
• Bankruptcy Alert: Current CEO has bankruptcy history (UAMY)
• CEO Tenure Was Under 2 Years: Joe Bardswich
• Director Elections: < 95% average votes FOR
• Gov Risk: More than one Director over 75
• Internal Control Risk
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: USIO
Mkt Cap: $38.2M
1-Yr TSR: -4.0%
Board Rating: C+

• Michael White entered into an employment agreement with USIO, INC. as Senior Vice President and Chief Accounting Officer effective August 18, 2025.  (view source)

• Cyber Incident(s) within the last year
• 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: MDRX
Mkt Cap: $744.1M
1-Yr TSR: -59.0%

• On August 15, 2025, Donald Trigg was appointed as the new CEO of Veradigm Inc., effective September 2, 2025, replacing the Interim Office of the CEO.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Cooperation Agreement in the last 2 years
• Cyber Incident(s) within the last year
• 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 Investigation Related
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: VSAT
Mkt Cap: $3.6B
1-Yr TSR: 52.0%
Board Rating: C-

• James Dodd, Senior Vice President and President, Commercial Services, will retire on or about November 1, 2025, and continue as a non-executive employee until December 31, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• 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
• High Activist Vulnerability Risk Score (90)
• Immediate Resignation
• Pledging
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: VIAV
Mkt Cap: $2.4B
1-Yr TSR: 30.1%
Board Rating: C

• Richard Burns and Eugenia Corrales were appointed as independent directors of Viavi Solutions Inc., effective July 24, 2025, with Burns later assigned to the Compensation Committee and Corrales to the Audit and Cybersecurity Steering Committees on August 13, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (VIAV)
• Gov Risk: Entrenched Board
• High CFO Turnover
• Workforce Reduction

Ticker: VSCO
Mkt Cap: $1.7B
1-Yr TSR: -10.1%
Board Rating: C

• Dein Boyle is exiting as Chief Operating Officer, while Scott Sekella is transitioning to Chief Financial and Operating Officer.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (VSCO)
• Bankruptcy Alert: Current CFO has bankruptcy history (VSCO)
• CEO Tenure Was Under 2 Years: Timothy A Johnson
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Negative Say-On-Pay Vote: 75% For
• Significant Stock Drop(s) in past 2 years

Ticker: VIVK
Mkt Cap: $40.1M
1-Yr TSR: -56.5%
Board Rating: C+

• Les Patterson has been appointed as Executive Vice President and Chief Operating Officer of Vivakor, Inc. effective August 12, 2025, following the resignation of the previous COO.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• 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
• Multiple Dismissed Ind. Accountants within the last 3 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: HIND
Mkt Cap: $7.7M
1-Yr TSR: -98.9%
Board Rating: D

• Several personnel changes occurred due to the consummation of the Merger on August 15, 2025, including resignations of executives and appointments of new directors and officers.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• 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
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: WHR
Mkt Cap: $4.9B
1-Yr TSR: -4.4%
Board Rating: C-

• On August 18, 2025, Mary Ellen Adcock was appointed as a director of Whirlpool Corporation and a member of the Board’s Audit Committee and Corporate Governance and Nominating Committee.  (view source)

• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (86)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ZIVO
Mkt Cap: $2.0M
1-Yr TSR: -93.4%

• On August 12, 2025, Ms. Nola Masterson resigned from the Board of Directors of Zivo Bioscience, Inc., effective immediately.  (view source)

• Going Concern Risk Filings in the last year
• Immediate Resignation
• Internal Control Risk
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: ZYXI
Mkt Cap: $46.4M
1-Yr TSR: -80.2%
Board Rating: C+

• On August 18, 2025, Zynex, Inc. appointed Vikram Bajaj as Chief Financial Officer and John Bibb as Chief Legal Officer, while Dan Moorhead resigned from his position as CFO.  (view source)

• Amended Filings (10-Q/A, 10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• Gov Risk: No new Directors in last 5 years
• Internal Control Risk
• Limited external board experience
• SEC Investigation Related
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction