Executive Moves Update – July 25, 2025

Ticker: TCRT
Mkt Cap: $4.9M
1-Yr TSR: -26.3%
Board Rating: D

• Melinda Lackey is resigning from her roles as Legal and Administrative Officer and corporate secretary effective August 15, 2025.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• CEO Tenure Was Under 2 Years: Dale Curtis Hogue Jr
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Limited external board experience
• Listing Rule Violation: Minimum Stockholder Equity
• Negative Say-On-Pay Vote: 61% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ALLY
Mkt Cap: $11.8B
1-Yr TSR: -7.7%
Board Rating: C+

• David J. DeBrunner is retiring as Chief Accounting Officer and Controller, and Austin T. McGrath will assume the role effective August 8, 2025.  (view source)

• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (95)
• Negative Say-On-Pay Vote: 62% For
• SEC No Action letter: Requests
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: AEP
Mkt Cap: $58.2B
1-Yr TSR: 19.0%
Board Rating: B-

• Sara Martinez Tucker is resigning as Chair of the Board but will remain on the Board as independent Lead Director, while William J. Fehrman is elected as Chair of the Board.  (view source)

• CEO Tenure Was Under 2 Years: Benjamin G S Fowke III
• CFO Tenure Was Under 2 Years: Charles E Zebula
• Cooperation Agreement in the last 2 years
• High CFO Turnover
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement
• Stock Alert: All-time high at $110.16
• Workforce Reduction

Ticker: AXP
Mkt Cap: $214.5B
1-Yr TSR: 29.3%
Board Rating: A-

• Randal K. Quarles and Noel Wallace were elected as directors of American Express Company, effective July 23, 2025.  (view source)

• Abnormally High 8-K Filings
• Overboarding
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: AIG
Mkt Cap: $45.7B
1-Yr TSR: 7.5%
Board Rating: B-

• John Neal will serve as President of American International Group, Inc. effective December 1, 2025.  (view source)

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

Ticker: AMRX
Mkt Cap: $2.5B
1-Yr TSR: 8.0%
Board Rating: B+

• Emily Peterson Alva resigned from the Board of Directors and its Audit Committee, effective immediately on July 16, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (AMRX)
• Immediate Resignation
• Settlement Agreement

Ticker: AMPH
Mkt Cap: $1.1B
1-Yr TSR: -45.4%
Board Rating: B+

• David Gaugh has been appointed as a Class I director of Amphastar Pharmaceuticals, effective July 18, 2025.  (view source)

• Cyber Incident(s) within the last year
• 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
• Immediate Resignation
• Limited external board experience
• Pledging
• Stock Alert: 52-week low at $20.62

Ticker: AMPY
Mkt Cap: $155.7M
1-Yr TSR: -50.0%
Board Rating: B-

• On July 21, 2025, Amplify Energy Corp. appointed Daniel Furbee as CEO and Director, and James Frew as President and CFO, while Martyn Willsher transitioned to Special Advisor.  (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 (AMPY)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Merger Agreement
• Negative Say-On-Pay Vote: 84% For
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: AXR
Mkt Cap: $123.0M
1-Yr TSR: 8.9%
Board Rating: B+

• On July 17, 2025, Adrienne M. Uleau was appointed as CFO and Vice President, and Christopher V. Vitale received a cash bonus and stock awards.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (AXR)
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: No new Directors in last 5 years
• Multiple Dismissed Ind. Accountants within the last 3 years
• Significant Stock Drop(s) in past 2 years

Ticker: AMAT
Mkt Cap: $151.0B
1-Yr TSR: -8.1%
Board Rating: A-

• James R. Anderson was elected to the Board of Directors and the Strategy and Investment Committee of Applied Materials, Inc. on July 18, 2025.  (view source)

• Gov Risk: Average Director tenure over 10 years
• SEC No Action letter(s) in the last 2 years

Ticker: AQMS
Mkt Cap: $4.8M
1-Yr TSR: -91.5%
Board Rating: D

• Four directors, Vincent DiVito, Stephen Cotton, Steve Henderson, and Eric Gangloff, were elected to the board of directors at the annual meeting of stockholders on July 22, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (88)
• Hot Seat Risk Score – CEO: Elevated (67)
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 74% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ARCB
Mkt Cap: $1.9B
1-Yr TSR: -27.6%
Board Rating: B

• On July 24, 2025, Steven L. Spinner announced his retirement from the Board of Directors effective October 31, 2025, and Thomas Albrecht was appointed as a new director, effective immediately.  (view source)
• Seth Runser will succeed Judy R. McReynolds as CEO of ArcBest Corporation effective January 1, 2026.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Chairman is not independent
• Ind. Accountant Dismissed
• Settlement Agreement

Ticker: ASH
Mkt Cap: $2.3B
1-Yr TSR: -45.6%
Board Rating: D

• William Whitaker was appointed as Interim CFO on May 5, 2025, and permanently appointed as CFO on July 18, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 2 directors have bankruptcy histories (ASH)
• High Activist Vulnerability Risk Score (94)

Ticker: ALOT
Mkt Cap: $85.8M
1-Yr TSR: -25.3%
Board Rating: B

• Gregory A. Woods resigned as President and CEO of AstroNova, Inc. and as a member of the Board of Directors, effective July 16, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (ALOT)
• Contested Proxy (ALOT)
• 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: AVTR
Mkt Cap: $9.5B
1-Yr TSR: -37.4%
Board Rating: D

• Avantor, Inc. announced the appointment of Emmanuel Ligner as CEO and the departure of Michael Stubblefield from the CEO role, both 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 (88)
• Negative Say-On-Pay Vote: 86% For
• Significant Stock Drop(s) in past 2 years

Ticker: AVY
Mkt Cap: $14.0B
1-Yr TSR: -15.4%
Board Rating: C

• David Flitman was appointed as a director of Avery Dennison Corporation on July 23, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Danny Allouche
• Gov Risk: Chairman is not independent
• Immediate Resignation
• Settlement Agreement
• Workforce Reduction

Ticker: AXTI
Mkt Cap: $108.1M
1-Yr TSR: -31.5%
Board Rating: C

• Christine Russell passed away, affecting the company’s compliance with Nasdaq’s audit committee requirements.  (view source)
• The text discusses the passing of Christine Russell, which has resulted in a compliance issue for AXT, Inc. regarding its Audit Committee composition.  (view source)

• Cooperation Agreement
• Deceased Person Disclosure
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: No new Directors in last 5 years
• Significant Stock Drop(s) in past 2 years

Ticker: BSET
Mkt Cap: $158.4M
1-Yr TSR: 45.6%
Board Rating: B+

• James E. Goergen was elected as a director of Bassett Furniture Industries, effective July 22, 2025.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Ind. Accountant Dismissed
• Workforce Reduction

Ticker: BHC
Mkt Cap: $2.5B
1-Yr TSR: 16.7%
Board Rating: C

• On July 22, 2025, Bausch Health Companies Inc. appointed Michael Goettler and Sandra Leung as new directors on its Board, increasing the Board size from ten to twelve members.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: John S Barresi
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (99)
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: BENF
Mkt Cap: $3.3M
1-Yr TSR: -89.6%
Board Rating: F

• On July 20, 2025, James G. Silk was appointed as interim Chief Executive Officer, succeeding Brad Heppner, who resigned as Chairman of the Board and CEO effective June 19, 2025.  (view source)

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

Ticker: BMEA
Mkt Cap: $68.0M
1-Yr TSR: -66.8%
Board Rating: C-

• Bihua Chen resigned as a Class I Director and chairperson of the Compensation Committee, while Julianne Averill was appointed as a Class III Director on July 22, 2025.  (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: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (80)
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: BIVI
Mkt Cap: $14.0M
1-Yr TSR: -81.5%
Board Rating: D

• On July 17, 2025, BioVie Inc. appointed Amy S. Chappell, MD, FAAN, and Kameel D. Farag to its Board of Directors, increasing the board size from four to six members.  (view source)

• 13D filed in the last 6 months
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (78)
• Immediate Resignation
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BJRI
Mkt Cap: $865.8M
1-Yr TSR: 9.1%
Board Rating: B-

• William J. Atkins has been appointed as the Interim Principal Financial Officer of BJ’s Restaurants, Inc., effective July 28, 2025.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: C Bradford Richmond
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: No lead independent director
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: BOKF
Mkt Cap: $6.8B
1-Yr TSR: 3.1%
Board Rating: C+

• Stanley A. Lybarger is retiring from the Board of Directors of BOK Financial Corporation effective July 18, 2025.  (view source)

• 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
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (86)
• Limited external board experience
• Pledging
• SEC Correspondence in the last year

Ticker: AI
Mkt Cap: $3.5B
1-Yr TSR: -1.7%
Board Rating: D

• On July 21, 2025, Thomas M. Siebel initiated a search for a new CEO while transitioning to the role of Executive Chairman.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (AI)
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (80)
• High CFO Turnover
• Negative Say-On-Pay Vote: 87% For

Ticker: CECO
Mkt Cap: $1.2B
1-Yr TSR: 13.4%
Board Rating: A

• Lynn Watkins-Asiyanbi is exiting her role as Senior Vice President and Chief Administrative and Legal Officer at CECO Environmental Corp., with her departure effective July 31, 2025, and her employment ending on August 15, 2025.  (view source)

• Bankruptcy Alert: 3 directors have bankruptcy histories (CECO)
• Ind. Accountant Dismissed
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: CNP
Mkt Cap: $24.7B
1-Yr TSR: 32.3%
Board Rating: B+

• Jesus Soto, Jr. has been appointed as Executive Vice President and Chief Operating Officer of CenterPoint Energy, Inc., effective August 11, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (CNP)
• Bankruptcy Alert: Current CEO has bankruptcy history (CNP)
• Cyber Incident(s) within the last year
• Gov Risk: No lead independent director
• High CFO Turnover
• Limited external board experience
• Settlement Agreement

Ticker: CF
Mkt Cap: $15.1B
1-Yr TSR: 34.0%
Board Rating: B

• Ashraf Malik, Senior Vice President of Manufacturing and Distribution, is retiring effective April 1, 2026.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (CF)

Ticker: CSBR
Mkt Cap: $91.6M
1-Yr TSR: 38.8%
Board Rating: B

• Champions Oncology, Inc. announced the hiring of Robert Brainin as CEO and the transitions of Ronnie Morris to Executive Chairman and Joel Ackerman to Board Director, effective August 25, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (CSBR)
• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Average Director tenure over 10 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: CBB
Mkt Cap: $788.3M
1-Yr TSR: 2.7%

• Gregory M. Wheeler has been appointed as Chief Operating Officer of Cincinnati Bell Inc., effective July 21, 2025.  (view source)

• Workforce Reduction

Ticker: CRCL
Mkt Cap: $42.6B
1-Yr TSR: %

• On July 21, 2025, Adam Selipsky was appointed to the Board of Directors of Circle Internet Group, Inc. as a Class III director, effective immediately.  (view source)

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

Ticker: CLVT
Mkt Cap: $3.0B
1-Yr TSR: -33.8%
Board Rating: D

• Kenneth Cornick was elected as a new member of the Board of Clarivate Plc, effective July 22, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Jonathan Gear
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CCNE
Mkt Cap: $511.9M
1-Yr TSR: -1.0%
Board Rating: C

• On July 15, 2025, CNB Financial Corporation appointed Gary S. Olson, Robert C. Selig, Jr., and Daniel J. Henning as directors, effective upon the merger with ESSA Bancorp, Inc.  (view source)
• On July 15, 2025, CNB Financial Corporation appointed Gary S. Olson, Robert C. Selig, Jr., and Daniel J. Henning as directors, effective at the time of the Merger.  (view source)

• Abnormally High 8-K Filings
• 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
• High Activist Vulnerability Risk Score (91)
• Limited external board experience
• Merger Agreement
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: CBU
Mkt Cap: $2.9B
1-Yr TSR: -6.6%
Board Rating: C-

• Jeffrey M. Levy is retiring as Senior Vice President and Chief Banking Officer effective December 31, 2025, and Matthew Durkee will succeed him as President, Commercial Banking starting January 1, 2026.  (view source)

• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (82)
• Hot Seat Risk Score – CEO: Elevated (74)
• Limited external board experience
• Workforce Reduction

Ticker: CYH
Mkt Cap: $406.3M
1-Yr TSR: -33.0%
Board Rating: C

• Tim L. Hingtgen is retiring as CEO and Director, Kevin J. Hammons is transitioning to Interim CEO, and Jason K. Johnson is entering as Interim CFO.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (CYH)
• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• HHS-OIG Investigation Related
• Significant Stock Drop(s) in past 2 years

Ticker: CNTB
Mkt Cap: $130.6M
1-Yr TSR: 74.1%

• James A. Schoeneck has been appointed as a director of Connect Biopharma Holdings Limited, effective July 22, 2025.  (view source)

• 13D filed in the last 6 months
• Cyber Incident(s) within the last year
• Significant Stock Drop(s) in past 2 years

Ticker: CNR2
Mkt Cap: $3.1B
1-Yr TSR: 49.2%

• Gunner Smith has been appointed as CEO and Director of Cornerstone Building Brands, effective August 11, 2025, while John Krenicki will resign as Interim CEO on the same date.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk

Ticker: CRAI
Mkt Cap: $1.2B
1-Yr TSR: .8%
Board Rating: A-

• On July 16, 2025, CRA International, Inc. announced several executive promotions effective August 4, 2025, including Eric Nierenberg to CFO and Brian Langan to Chief Strategy and Business Transformation Officer.  (view source)

• CFO Tenure Was Under 2 Years: Chad M Holmes
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Limited external board experience

Ticker: CUBI
Mkt Cap: $1.9B
1-Yr TSR: .3%
Board Rating: C+

• On July 25, 2025, Jay Sidhu will retire as CEO and transition to Executive Chairman, while Sam Sidhu will succeed him as CEO, retaining his other roles.  (view source)

• CFO Tenure Was Under 2 Years: Philip Watkins
• Class Action
• 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
• Pledging

Ticker: DHR
Mkt Cap: $145.2B
1-Yr TSR: -23.3%
Board Rating: B

• On July 21, 2025, Matthew M. McGrew announced he will relinquish his role as CFO on February 28, 2026, and Matthew E. Gugino will succeed him as CFO on the same date.  (view source)

• 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: Entrenched Board
• Pledging
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: DECK
Mkt Cap: $15.7B
1-Yr TSR: -25.6%
Board Rating: B

• Dave Powers is retiring from the Board of Directors and Patrick J. Grismer has been nominated for election to the Board.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (DECK)
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $95.32

Ticker: DH
Mkt Cap: $585.3M
1-Yr TSR: -31.5%
Board Rating: D

• Jill Larsen resigned from the Board of Directors and as Chair of the Compensation Committee, while Scott Stephenson was appointed as Chair of the Compensation Committee.  (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
• High Activist Vulnerability Risk Score (97)
• Internal Control Risk
• Negative Say-On-Pay Vote: 89% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: XRAY
Mkt Cap: $3.3B
1-Yr TSR: -35.0%
Board Rating: D

• DENTSPLY SIRONA Inc. announced the appointment of Daniel T. Scavilla as President and CEO, effective August 1, 2025, succeeding Simon D. Campion, who will depart on July 31, 2025, and resign from the Board on July 20, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (XRAY)
• CFO Tenure Was Under 2 Years: Herman Cueto
• CFO Tenure Was Under 2 Years: Simon D Campion
• High Activist Vulnerability Risk Score (97)
• High CFO Turnover
• Immediate Resignation
• Internal Control Risk
• SEC Investigation Related
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: DLTH
Mkt Cap: $87.2M
1-Yr TSR: -38.8%
Board Rating: C

• Eli M. Getson is resigning as Senior Vice President and Chief Merchandising Officer effective August 1, 2025.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: Stephen L Schlecht
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (83)
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: ETN
Mkt Cap: $150.6B
1-Yr TSR: 30.2%
Board Rating: B+

• On July 23, 2025, Gerald Johnson was elected to the Board of Directors of Eaton Corporation plc, increasing the board size to twelve members.  (view source)
• Ernest Marshall, Executive Vice President and Chief Human Resources Officer, will be exiting the company effective September 30, 2025.  (view source)

• Gov Risk: Chairman is not independent
• High CFO Turnover
• Stock Alert: All-time high at $384.90

Ticker: EW
Mkt Cap: $44.5B
1-Yr TSR: -12.8%
Board Rating: C+

• Larry L. Wood is resigning as Corporate Vice President and Group President, effective September 1, 2025, and Daniel J. Lippis will take over the role of Corporate Vice President responsible for Transcatheter Aortic Valve Replacement.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (EW)
• Class Action
• Negative Say-On-Pay Vote: 88% For
• 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: ELEV
Mkt Cap: $21.6M
1-Yr TSR: -86.5%
Board Rating: C-

• Several individuals resigned from the board of directors in connection with a merger, and Tammy Furlong was terminated as Interim CEO and CFO.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: Tammy Furlong
• Cyber Incident(s) 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
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (88)
• High CFO Turnover
• Merger Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: UUUU
Mkt Cap: $2.2B
1-Yr TSR: 80.1%
Board Rating: C

• Nathan R. Bennett has entered into an employment agreement to continue serving as Chief Financial Officer of Energy Fuels Inc.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (UUUU)
• Director Elections: < 95% average votes FOR
• Limited external board experience

Ticker: ENVA
Mkt Cap: $2.8B
1-Yr TSR: 44.0%
Board Rating: A

• On July 24, 2025, Enova International, Inc. announced several leadership transitions including David Fisher transitioning to Executive Chairman, Steve Cunningham being appointed as CEO, and Scott Cornelis being appointed as CFO, all effective January 1, 2026.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (ENVA)
• Gov Risk: Chairman is not independent
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $117.63

Ticker: EQR
Mkt Cap: $25.7B
1-Yr TSR: .4%
Board Rating: B-

• Chris Carr was appointed as a Trustee of Equity Residential, increasing the Board of Trustees from 10 to 11 members.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (EQR)
• Gov Risk: Chairman is not independent
• Negative Say-On-Pay Vote: 89% For
• Pledging
• Workforce Reduction

Ticker: ESSA
Mkt Cap: $209.3M
1-Yr TSR: 5.6%
Board Rating: B-

• Gary S. Olson, Robert C. Selig, Jr., and Daniel J. Henning were appointed to the boards of directors of CNB and CNB Bank following the merger, while ESSA’s directors and executive officers exited their roles.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Limited external board experience
• Merger Agreement
• Negative Say-On-Pay Vote: 56% For
• Pledging
• Settlement Agreement

Ticker: EPRT
Mkt Cap: $6.1B
1-Yr TSR: 4.3%
Board Rating: B

• On July 15, 2025, Kristin L. Smallwood was elected as a new director of Essential Properties Realty Trust, Inc.  (view source)

• Abnormally High 8-K Filings
• Limited external board experience

Ticker: FARO
Mkt Cap: $845.8M
1-Yr TSR: 158.0%
Board Rating: C+

• Several directors exited the Company as part of the Merger, while executive officers continued in their roles.  (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: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• Gov Risk: No new Directors in last 5 years
• Internal Control Risk
• Merger Agreement
• Negative Say-On-Pay Vote: 87% For

Ticker: FNMA
Mkt Cap: $10.0B
1-Yr TSR: 514.3%
Board Rating: B+

• Barry Habib was appointed to the Board of Directors of Fannie Mae on July 21, 2025.  (view source)

• High CFO Turnover
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: FNWB
Mkt Cap: $75.2M
1-Yr TSR: -21.1%
Board Rating: C-

• Diane C. Davis has been elected as a Director of First Northwest Bancorp, effective July 23, 2025.  (view source)

• Amended Filing (10-Q/A)
• Executive Termination(s) within the last year
• High Activist Vulnerability Risk Score (89)
• Limited external board experience
• Negative Say-On-Pay Vote: 79% For
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• Settlement Agreement
• Workforce Reduction

Ticker: FTDR
Mkt Cap: $4.3B
1-Yr TSR: 60.4%
Board Rating: B+

• Chastitie Brim is retiring as Vice President, Controller and Chief Accounting Officer, and Sally J. Shanks is appointed to the same role effective August 25, 2025.  (view source)

• 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
• Workforce Reduction

Ticker: FULT
Mkt Cap: $3.4B
1-Yr TSR: -1.7%
Board Rating: C+

• Kevin C. Gremer has been appointed as Senior Executive Vice President and Chief Operations and Technology Officer of Fulton Bank, effective August 25, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Beth Ann L Chivinski
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (77)
• Limited external board experience
• Workforce Reduction

Ticker: GEHC
Mkt Cap: $35.2B
1-Yr TSR: -3.5%
Board Rating: C+

• Lloyd W. Howell, Jr. resigned from the Board of Directors of GE HealthCare Technologies Inc. on July 23, 2025.  (view source)

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

Ticker: GEN
Mkt Cap: $18.9B
1-Yr TSR: 23.3%
Board Rating: B-

• Frank Dangeard resigned from the Board of Directors and his position as Chair, while Vincent Pilette was appointed as Chair and Sue Barsamian was appointed as Lead Independent Director.  (view source)

• Merger Agreement
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: GWRS
Mkt Cap: $281.9M
1-Yr TSR: -18.9%
Board Rating: B

• Debra Coy is retiring from the Board of Directors effective December 31, 2025.  (view source)

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• Limited external board experience

Ticker: GMED
Mkt Cap: $7.2B
1-Yr TSR: -26.7%
Board Rating: B

• On July 18, 2025, Daniel T. Scavilla resigned as President and CEO, while Keith W. Pfeil was appointed as President and CEO, and Kyle Kline was appointed as CFO, all effective the same day.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (GMED)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Merger Agreement
• Overboarding
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $51.89

Ticker: GSBD
Mkt Cap: $1.4B
1-Yr TSR: -7.8%
Board Rating: C

• On July 15, 2025, Alex Chi announced his resignation as Co-Chief Executive Officer and Co-President, effective on or about August 7, 2025. Vivek Bantwal was appointed as Co-Chief Executive Officer on July 18, 2025, effective on or about August 7, 2025. Tucker Greene was appointed as President on July 18, 2025, effective on or about August 7, 2025, succeeding Alex Chi and David Miller.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover

Ticker: GTBP
Mkt Cap: $5.5M
1-Yr TSR: -22.0%
Board Rating: C-

• Four members were elected to the Board of Directors at the annual meeting held on July 24, 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: More than one Director over 75
• Gov Risk: No lead independent director
• High CFO Turnover
• Listing Rule Violation: Minimum Stockholder Equity
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

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

• On July 14, 2025, Nitya Gopalakrishnan was appointed as Executive Vice President and Chief Operating Officer of HA Sustainable Infrastructure Capital, Inc.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (84)
• High CFO Turnover
• SEC Correspondence in the last year

Ticker: HTBK
Mkt Cap: $609.2M
1-Yr TSR: 1.8%
Board Rating: C-

• Heritage Commerce Corp announced the appointments of Seth Fonti as CFO and Jeannie Tam as Chief Accounting Officer, both effective July 24, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Thomas A Sa
• High Activist Vulnerability Risk Score (84)
• Limited external board experience

Ticker: IXHL
Mkt Cap: $48.0M
1-Yr TSR: -23.5%
Board Rating: D

• On July 25, 2025, Dr. Charlene E. Gamaldo was appointed to the Clinical Advisory Board of Incannex Healthcare Inc.  (view source)

• Abnormally High 8-K Filings
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (87)
• Hot Seat Risk Score – CEO: High (90)
• Internal Control Risk
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: INVH
Mkt Cap: $19.7B
1-Yr TSR: -7.6%
Board Rating: C+

• On July 20, 2025, Charles D. Young resigned as President of Invitation Homes Inc., effective September 1, 2025, and Dallas B. Tanner will assume the responsibilities of President.  (view source)

• High Activist Vulnerability Risk Score (79)

Ticker: JRVR
Mkt Cap: $261.1M
1-Yr TSR: -28.8%
Board Rating: D

• On July 21, 2025, Joel D. Cavaness was appointed as a director of James River Group Holdings, Ltd. to fill a vacancy on the Board.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• High Activist Vulnerability Risk Score (90)
• Hot Seat Risk Score – CEO: Elevated (77)
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: KIRK
Mkt Cap: $35.3M
1-Yr TSR: -6.8%
Board Rating: C-

• On July 1, 2025, Andrea K. Courtois was named Senior Vice President and Chief Financial Officer effective July 21, 2025, succeeding W. Michael Madden, who is resigning from the same position on the same date.  (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 (KIRK)
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (77)
• Limited external board experience
• SEC Correspondence in the last year

Ticker: LNTH
Mkt Cap: $4.9B
1-Yr TSR: -37.6%
Board Rating: B+

• Dr. Ludger Dinkelborg has been appointed as the Head of Research and Development at Lantheus Holdings, effective August 1, 2025.  (view source)

• 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
• Merger Agreement
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $70.18

Ticker: LNN
Mkt Cap: $1.5B
1-Yr TSR: 17.9%
Board Rating: B-

• Brian L. Ketcham is retiring as Senior Vice President and Chief Financial Officer effective December 31, 2025, and will provide consulting services until December 31, 2026.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: LIXT
Mkt Cap: $11.5M
1-Yr TSR: 79.6%
Board Rating: C-

• Lixte Biotechnology Holdings, Inc. appointed Jason Sawyer and Dr. Michael Holloway to the Board of Directors, while Dr. Stephen Forman and Dr. Yun Yen resigned from the Board. Additionally, Dr. Jan Schellens resigned as Chief Medical Officer.  (view source)

• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Bastiaan Jeroen Van Der Baan
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: MTEX
Mkt Cap: $15.8M
1-Yr TSR: 16.6%
Board Rating: B-

• Peter Griscom is resigning from his role as Chief Operating Officer effective August 8, 2025.  (view source)

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

Ticker: MRVL
Mkt Cap: $63.8B
1-Yr TSR: 15.4%
Board Rating: C+

• Rajiv Ramaswami has been appointed to the Board of Directors of Marvell Technology, Inc. effective July 22, 2025.  (view source)

• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (93)
• Negative Say-On-Pay Vote: 83% For
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: MIGI
Mkt Cap: $10.7M
1-Yr TSR: -60.9%
Board Rating: C-

• Mr. Rahul Mewawalla resigned from the Board of Directors of Mawson Infrastructure Group Inc. effective July 8, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• CFO Tenure Was Under 2 Years: William Sanford Harrison
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (100)
• High CFO Turnover
• Immediate Resignation
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• Significant Stock Drop(s) in past 2 years

Ticker: MEC
Mkt Cap: $322.5M
1-Yr TSR: -15.6%
Board Rating: B

• Tania L. Wingfield has been elected as a Class III director of Mayville Engineering Company, effective July 24, 2025.  (view source)

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

Ticker: MEIP
Mkt Cap: $44.0M
1-Yr TSR: 99.4%
Board Rating: C+

• On July 22, 2025, Taheer Datoo resigned from the Board, James Flynn’s resignation was rejected, and Charlie Lee was appointed as the Investor Director.  (view source)

• 13D filed in the last 6 months
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 82% For
• Proxy Fight in the last 2 years
• Workforce Reduction

Ticker: MGPI
Mkt Cap: $673.7M
1-Yr TSR: -59.9%
Board Rating: C-

• Julie Francis has been appointed as President and Chief Executive Officer of MGP Ingredients, Inc., effective July 21, 2025, while Brandon M. Gall continues as Chief Financial Officer.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Brandon Gall
• CEO Tenure Was Under 2 Years: David S Bratcher
• Class Action
• High Activist Vulnerability Risk Score (84)
• Rule 10b5-1 Entered
• Significant Stock Drop(s) in past 2 years

Ticker: MBOT
Mkt Cap: $99.7M
1-Yr TSR: 168.6%
Board Rating: C

• Christina Bailey has been appointed as the new Vice President of Sales at Microbot Medical Inc.  (view source)

• 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: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 84% For
• Overboarding
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MVIS
Mkt Cap: $373.9M
1-Yr TSR: 40.2%
Board Rating: C-

• On July 22, 2025, Laura Peterson was elected to the Board of Directors of MicroVision, Inc., and Dr. Mark Spitzer resigned from the Board, with Peterson also taking over committee roles previously held by Spitzer.  (view source)

• Director Elections: < 95% average votes FOR
• Immediate Resignation
• Ind. Accountant Resigned
• Negative Say-On-Pay Vote: 80% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MOFG
Mkt Cap: $607.4M
1-Yr TSR: 9.0%
Board Rating: C

• Dr. Azeemuddin Ahmed resigned from the Board of Directors of MidWestOne Financial Group, Inc. and MidWestOne Bank effective July 22, 2025.  (view source)

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

Ticker: MCVT
Mkt Cap: $11.2M
1-Yr TSR: -31.5%
Board Rating: C-

• Mr. Laurence S. Zipkin, an independent director, passed away on July 9, 2025, creating a vacancy on the Board of Directors and Audit Committee.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Deceased Person Disclosure
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: No new Directors in last 5 years
• Internal Control Risk
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: MLKN
Mkt Cap: $1.3B
1-Yr TSR: -27.9%
Board Rating: C-

• Michael Volkema is retiring from the Board of Directors of MillerKnoll, Inc. effective at the 2025 annual meeting of shareholders.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MOD
Mkt Cap: $5.1B
1-Yr TSR: -.8%
Board Rating: B+

• Alan S. Lowe has been appointed as a director of Modine Manufacturing Company, effective July 18, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MOD)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Merger Agreement
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: NEOG
Mkt Cap: $1.1B
1-Yr TSR: -69.6%
Board Rating: D

• On July 24, 2025, Mikhael Nassif was appointed as President and Chief Executive Officer of Neogen Corporation, effective August 11, 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 (99)
• 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: $177.2M
1-Yr TSR: 81.7%
Board Rating: C-

• Michael Morris passed away on July 20, 2025, and Dean Kehler was appointed to the Audit Committee on July 22, 2025, to fill the vacancy.  (view source)

• 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: NG
Mkt Cap: $2.3B
1-Yr TSR: 20.4%
Board Rating: D

• Dr. Diane Garrett resigned from the Board of Directors, and Ali Erfan was appointed to the Board.  (view source)

• 13D filed in the last 6 months
• 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
• High Activist Vulnerability Risk Score (75)
• Negative Say-On-Pay Vote: 71% For
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: OLPX
Mkt Cap: $1.1B
1-Yr TSR: -21.0%
Board Rating: D

• Jerome Griffith was elected as a Class I director of the Board of Olaplex Holdings, Inc. on July 20, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Paul Kosturos
• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (76)
• Hot Seat Risk Score – CEO: High (85)
• Significant Stock Drop(s) in past 2 years

Ticker: ONB
Mkt Cap: $6.9B
1-Yr TSR: 11.3%
Board Rating: B-

• On July 22, 2025, Timothy M. Burke, Jr. was appointed as President and Chief Operating Officer of Old National Bancorp, succeeding Mark G. Sander who has retired.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Bankruptcy Alert: 1 director has a bankruptcy history (ONB)
• Executive Termination(s) within the last year
• Merger Agreement
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: LPRO
Mkt Cap: $309.0M
1-Yr TSR: -55.7%
Board Rating: D

• Massimo Monaco has been appointed as Chief Financial Officer of Open Lending Corporation, effective August 18, 2025.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: Charles D Jehl
• CFO Tenure Was Under 2 Years: Jessica Elizabeth Buss
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (88)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Negative Say-On-Pay Vote: 83% For
• Significant Stock Drop(s) in past 2 years

Ticker: OPGN
Mkt Cap: $16.4M
1-Yr TSR: -2.7%

• Christian-Laurent Benoit Bonte is stepping down as a director and has been appointed as the Head of the Digital Investment Banking Arm of CapForce International Holdings Ltd.  (view source)

• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A) within the last year
• CEO Tenure Was Under 2 Years: David E Lazar
• CEO Tenure Was Under 2 Years: John Tan
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• Significant Stock Drop(s) in past 2 years

Ticker: OPRT
Mkt Cap: $236.3M
1-Yr TSR: 100.0%
Board Rating: C-

• Joseph Schueller was appointed as Principal Financial Officer and Principal Accounting Officer, while Raul Vazquez exited from these roles.  (view source)

• 13D filed in the last 6 months
• Amended Filings (10-K/A) within the last year
• CFO Tenure Was Under 2 Years: Paul Appleton
• Contested Proxy (OPRT)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OC
Mkt Cap: $12.3B
1-Yr TSR: -16.3%
Board Rating: B

• Gunner Smith is transitioning from President, Roofing to an executive consultant, with his employment terminating on August 8, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (OC)
• Gov Risk: Chairman is not independent
• High CFO Turnover
• Negative Say-On-Pay Vote: 89% For
• Overboarding
• Workforce Reduction

Ticker: PLBC
Mkt Cap: $249.9M
1-Yr TSR: 3.5%
Board Rating: B

• On July 21, 2025, Jack Prescott was appointed as Executive Vice President and Chief Banking Officer of Plumas Bank.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Entrenched Board
• Limited external board experience
• Merger Agreement
• SEC Correspondence in the last year

Ticker: POWL
Mkt Cap: $2.9B
1-Yr TSR: 78.1%
Board Rating: A-

• On July 18, 2025, Mark W. Smith was appointed as a Director of Powell Industries, Inc., effective August 1, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Significant Stock Drop(s) in past 2 years

Ticker: PRCT
Mkt Cap: $3.2B
1-Yr TSR: -13.1%
Board Rating: B-

• Larry L. Wood has been appointed as President and CEO of PROCEPT BioRobotics Corporation, effective September 2, 2025, while Reza Zadno will step down from his roles and transition to a consulting position.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (PRCT)
• Short Report: Spruce Point Management

Ticker: IPDN
Mkt Cap: $5.9M
1-Yr TSR: -47.0%
Board Rating: D

• On July 19, 2025, Professional Diversity Network, Inc. accepted the resignation of CEO Adam He, appointed Xun Wu as the new CEO, and appointed Haixia Lu as a new independent director.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: Megan Bozzuto
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (83)
• Hot Seat Risk Score – CEO: Elevated (65)
• Immediate Resignation
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PRPH
Mkt Cap: $17.5M
1-Yr TSR: -86.5%
Board Rating: C

• At the Annual Meeting of Stockholders, Carolina Abenante was elected to the board of directors and appointed as a member of the Audit Committee.  (view source)

• Amended Filing (10-K/A)
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Immediate Resignation
• Ind. Accountant Resigned
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: PTIX
Mkt Cap: $1.9M
1-Yr TSR: -69.0%
Board Rating: C

• Timothy R. Wright has been appointed as a Class II director of Protagenic Therapeutics, Inc., effective July 18, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (PTIX)
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (93)
• Internal Control Risk
• Listing Rule Violation: No Annual Meeting
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: PLX
Mkt Cap: $123.4M
1-Yr TSR: 33.6%
Board Rating: B-

• Gilad Mamlok has been appointed as the new Senior Vice President and Chief Financial Officer of Protalix BioTherapeutics, effective August 24, 2025, succeeding Eyal Rubin, who is resigning from the CFO position.  (view source)

• Director Elections: < 95% average votes FOR
• Negative Say-On-Pay Vote: 68% For
• Significant Stock Drop(s) in past 2 years

Ticker: KWR
Mkt Cap: $2.1B
1-Yr TSR: -31.0%
Board Rating: C-

• Jeffrey Kutz resigned as Vice President, Chief Accounting Officer, and Steve Dassing will serve as Principal Accounting Officer effective July 18, 2025.  (view source)

• 13D filed in the last 6 months
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (90)
• High CFO Turnover
• Workforce Reduction

Ticker: REZI
Mkt Cap: $3.6B
1-Yr TSR: 12.4%
Board Rating: C-

• On July 17, 2025, Resideo Technologies, Inc. appointed Jeffrey Kutz as Senior Vice President, Chief Accounting Officer, effective July 21, 2025, following the previous role held by Michael Carlet.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (REZI)
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (91)
• Negative Say-On-Pay Vote: 82% For
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: REYN
Mkt Cap: $4.7B
1-Yr TSR: -15.6%
Board Rating: C-

• Duncan Hawkesby was elected to the Board of Directors of Reynolds Consumer Products Inc. as a Class II director, effective July 23, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Scott E Huckins
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (79)
• High CFO Turnover
• Immediate Resignation

Ticker: RYI
Mkt Cap: $722.2M
1-Yr TSR: -2.5%
Board Rating: C

• John Orth is exiting his role as Executive Vice President of Operations at Ryerson Holding Corporation, effective July 31, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (RYI)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Ind. Accountant Dismissed
• Significant Stock Drop(s) in past 2 years

Ticker: SD
Mkt Cap: $385.6M
1-Yr TSR: -18.6%
Board Rating: B-

• Mr. Brett Icahn has been appointed to the Board of Directors of SandRidge Energy, Inc., effective August 1, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (SD)
• CFO Tenure Was Under 2 Years: Brandon Brown
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Pledging

Ticker: SCHL
Mkt Cap: $575.1M
1-Yr TSR: -27.3%
Board Rating: C-

• On July 16, 2025, Alix Guerrier, Anne Clark Wolff, and Milena Alberti were appointed as directors of Scholastic Corporation, while John L. Davies and David P. Young resigned from the Board.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (83)
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: SAIC
Mkt Cap: $5.4B
1-Yr TSR: -3.7%
Board Rating: C+

• David Urban has been appointed as a member of the Board of Directors of Science Applications International Corporation, effective September 15, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (SAIC)
• Cyber Incident(s) within the last year
• Negative Say-On-Pay Vote: 86% For
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: SEIC
Mkt Cap: $11.2B
1-Yr TSR: 37.1%
Board Rating: B+

• Stephanie D. Miller resigned from the Board of Directors, while Thomas C. Naratil and Karin A. Risi were appointed to the Board.  (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
• Limited external board experience
• Negative Say-On-Pay Vote: 88% For

Ticker: ST
Mkt Cap: $4.8B
1-Yr TSR: -11.4%
Board Rating: C-

• On July 21, 2025, Andrew Lynch was appointed as Executive Vice President and Chief Financial Officer of Sensata Technologies Holding plc.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ST)
• CEO Tenure Was Under 2 Years: Martha N Sullivan
• CFO Tenure Was Under 2 Years: Brian K Roberts
• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (93)
• Internal Control Risk
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: MCRB
Mkt Cap: $117.0M
1-Yr TSR: -48.1%
Board Rating: D

• On July 17, 2025, Eric D. Shaff resigned as President and CEO of Seres Therapeutics, while Marella Thorell and Thomas J. DesRosier were appointed as Co-CEOs, effective August 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MCRB)
• 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 (73)
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 64% For
• Negative Say-On-Pay Vote: 75% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SIDU
Mkt Cap: $37.1M
1-Yr TSR: -21.2%
Board Rating: D

• On July 15, 2025, Tiffany Norwood was appointed as a director of Sidus Space, Inc.  (view source)

• 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
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (86)
• 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: SNBR
Mkt Cap: $190.3M
1-Yr TSR: -13.8%
Board Rating: C-

• On July 18, 2025, Robert P. Ryder was appointed as interim CFO, succeeding Francis Lee who stepped down from the role, while Kelly Baker was appointed interim PAO.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Francis K. Lee
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Significant Stock Drop(s) in past 2 years

Ticker: DTC
Mkt Cap: $45.1M
1-Yr TSR: -82.5%

• John P. Larson has been appointed as President and Chief Executive Officer of Solo Brands, Inc., effective June 15, 2025, and will continue to serve as a director on the Board.  (view source)

• CEO Tenure Was Under 2 Years: Christopher T Metz
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Ind. Accountant Dismissed
• Internal Control Risk
• Listing Rule Violation: Average Closing Price
• Overboarding
• Significant Stock Drop(s) in past 2 years

Ticker: SONO
Mkt Cap: $1.4B
1-Yr TSR: -15.9%
Board Rating: C-

• On July 22, 2025, Tom Conrad was appointed as Chief Executive Officer and President of Sonos, Inc., effective immediately, following his role as interim CEO since January 13, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (76)
• Ind. Accountant Dismissed
• Negative Say-On-Pay Vote: 55% For
• Workforce Reduction

Ticker: SO
Mkt Cap: $104.4B
1-Yr TSR: 18.8%
Board Rating: B+

• On July 21, 2025, The Southern Company appointed Mr. John M. Turner, Jr. as a new director effective September 1, 2025, and appointed Matthew M. Kim as Comptroller effective July 31, 2025.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Stock Alert: All-time high at $95.85

Ticker: FLYY
Mkt Cap: $117.7M
1-Yr TSR: %

• On July 21, 2025, Thomas Canfield was promoted to Executive Vice President & General Counsel at Spirit Aviation Holdings, Inc.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Bankruptcy Alert: 3 directors have bankruptcy histories (FLYY)
• Cyber Incident(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Stock Alert: All-time low at $4.31
• Workforce Reduction

Ticker: JOE
Mkt Cap: $3.0B
1-Yr TSR: -14.3%
Board Rating: C-

• On July 22, 2025, Elizabeth Dantin Franklin was appointed as an independent director of The St. Joe Company, effective immediately.  (view source)

• 13D filed in the last 6 months
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director

Ticker: SUI
Mkt Cap: $15.4B
1-Yr TSR: 5.2%
Board Rating: C

• Gary A. Shiffman is retiring as CEO and transitioning to Non-Executive Chairman, while Charles D. Young is entering as the new CEO and Director.  (view source)

• Class Action
• Cooperation Agreement in the last 2 years
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Internal Control Risk
• Limited external board experience
• Pledging
• Short Report: Blue Orca

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

• Shane Giebel has been appointed as the Interim Chief Financial Officer effective July 16, 2025, following the departure of Dan Lee.  (view source)

• CFO Tenure Was Under 2 Years: Dan Lee
• Cooperation Agreement in the last 2 years
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Listing Rule Violation: Average Closing Price
• 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: TDY
Mkt Cap: $25.8B
1-Yr TSR: 31.9%
Board Rating: B

• George C. Bobb III was appointed as President and Chief Executive Officer of Teledyne Technologies Incorporated, effective April 28, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (TDY)
• CEO Tenure Was Under 2 Years: Edwin Roks
• 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
• Stock Alert: All-time high at $563.66
• Workforce Reduction

Ticker: TDS
Mkt Cap: $4.3B
1-Yr TSR: 95.4%
Board Rating: B

• On July 24, 2025, Douglas W. Chambers was appointed as interim President and CEO of UScellular, while Laurent C. Therivel will exit the role of President and CEO of UScellular upon the effectiveness of Chambers’ appointment.  (view source)

• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (TDS)
• 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: More than one Director over 75
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TMO
Mkt Cap: $179.3B
1-Yr TSR: -17.1%
Board Rating: B-

• Stephen Williamson will retire as CFO on March 31, 2026, and James R. Meyer will succeed him as CFO effective March 1, 2026.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (TMO)
• Failed Say-On-Pay Vote: 35% For
• Gov Risk: Chairman is not independent
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: THRD
Mkt Cap: $244.6M
1-Yr TSR: -55.3%
Board Rating: B-

• Several executives will cease their roles as part of the company’s planned wind down, including Edward Conner (Chief Medical Officer), Julie Person (Chief Administrative Officer), Jennifer Dittman (Chief Operating Officer), and Dennis Dean (Chief Non-Clinical Development Officer), effective at the time of dissolution. Natalie Holles is also expected to cease serving as CEO at a later date.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (THRD)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TRNS
Mkt Cap: $777.4M
1-Yr TSR: -40.6%
Board Rating: B-

• Charles P. Hadeed is retiring from the board of directors effective August 1, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: TDG
Mkt Cap: $89.8B
1-Yr TSR: 35.5%
Board Rating: A-

• Mr. Jorge Valladares III has resigned from the Board of Directors of TransDigm Group Incorporated, effective immediately on July 25, 2025.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Immediate Resignation
• Short Report: The Bear Cave
• Stock Alert: All-time high at $1,599.24

Ticker: TGI
Mkt Cap: $2.0B
1-Yr TSR: 57.1%
Board Rating: B

• Daniel J. Crowley exited as Chairman, President, and CEO, while Jorge L. Valladares III entered as the new CEO of the Company following the Merger.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Merger Agreement
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TYL
Mkt Cap: $24.1B
1-Yr TSR: 8.6%
Board Rating: B-

• John S. Marr, Jr. will end his tenure as Executive Chair of the Board effective May 5, 2026, and H. Lynn Moore, Jr. is intended to be nominated as Board Chair at the 2026 Annual Meeting.  (view source)

• Gov Risk: Chairman is not independent
• Limited external board experience
• Rule 10b5-1 Entered
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: ULTA
Mkt Cap: $23.1B
1-Yr TSR: 38.9%
Board Rating: B

• Paula Oyibo exited her role as Chief Financial Officer of Ulta Beauty, effective June 24, 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: UNFI
Mkt Cap: $1.7B
1-Yr TSR: 90.1%
Board Rating: B-

• Andre Persaud will exit his role as President and Chief Executive Officer, Retail, effective July 25, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (UNFI)
• Cooperation Agreement in the last 2 years
• Cyber Incident(s) within the last year
• Significant Stock Drop(s) in past 2 years

Ticker: PRKS
Mkt Cap: $2.8B
1-Yr TSR: -3.5%
Board Rating: B-

• Michael Rady is resigning from his position as Chief Human Resources Officer effective August 1, 2025.  (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: USM
Mkt Cap: $6.1B
1-Yr TSR: 35.1%
Board Rating: B

• On July 24, 2025, Douglas W. Chambers was appointed as interim President and CEO of United States Cellular Corporation, while Laurent C. Therivel will cease to be President and CEO upon the effectiveness of Chambers’ appointment.  (view source)

• Amended Filing (10-K/A)
• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A, 10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (USM)
• 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
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: UPWK
Mkt Cap: $1.7B
1-Yr TSR: 15.7%
Board Rating: C-

• Olivier Marie is resigning as Chief Accounting Officer, and Erica Gessert will take on the interim role of principal accounting officer.  (view source)

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

Ticker: ULY
Mkt Cap: $8.1M
1-Yr TSR: -62.6%
Board Rating: C-

• Benjamin Volkow will resign from the Board of Urgent.ly Inc. effective September 30, 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
• Internal Control Risk
• Listing Rule Violation: Minimum Bid
• Listing Rule Violation: Minimum Net Income
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: MDRX
Mkt Cap: $744.1M
1-Yr TSR: -59.0%

• Three individuals are transitioning into the Interim Office of the Chief Executive Officer at Veradigm Inc. effective August 1, 2025: Jay Bhattacharyya, Eric Jacobson, and Lee Westerfield.  (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: VRE
Mkt Cap: $1.4B
1-Yr TSR: -4.5%
Board Rating: C

• Ronald Dickerman resigned from the Board of Directors effective July 23, 2025, and Christopher Papa was elected as a new director to fill the vacancy.  (view source)

• Stock Alert: 52-week low at $14.32

Ticker: VERV
Mkt Cap: $992.2M
1-Yr TSR: 57.2%
Board Rating: C-

• Several individuals resigned from the board of directors and new directors were appointed as part of a merger.  (view source)

• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Merger Agreement
• Overboarding
• Significant Stock Drop(s) in past 2 years

Ticker: VIVK
Mkt Cap: $38.1M
1-Yr TSR: -64.1%
Board Rating: C+

• Tyler Nelson resigned as Chief Financial Officer and Director of Vivakor effective July 19, 2025, and Kimberly Hawley was appointed as Executive Vice President, Chief Financial Officer, and Treasurer on July 24, 2025.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• 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
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Merger Agreement
• Multiple Dismissed Ind. Accountants within the last 3 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: VOR
Mkt Cap: $271.2M
1-Yr TSR: 129.6%
Board Rating: D

• Sven (Bill) Ante Lundberg resigned as a Director, Qing Zuraw was appointed as Chief Development Officer, and Michel Detheux and Alexander (Bo) Cumbo were appointed as Directors.  (view source)

• 13D filed in the last 6 months
• Amended Filings (10-Q/A) within the last year
• CFO Tenure Was Under 2 Years: Robert Ang
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (92)
• High CFO Turnover
• Immediate Resignation
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: WBS
Mkt Cap: $10.1B
1-Yr TSR: 33.9%
Board Rating: C+

• Albert J. Wang is resigning as Executive Vice President and Chief Accounting Officer, and Gregory S. Madar will serve as Interim Chief Accounting Officer effective September 3, 2025.  (view source)

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

Ticker: WEN
Mkt Cap: $2.0B
1-Yr TSR: -31.9%
Board Rating: C-

• Pete Suerken has been appointed as President, U.S. of Wendy’s, effective July 22, 2025, succeeding Abigail E. Pringle, who will depart the company after a transition period.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (WEN)
• CEO Tenure Was Under 2 Years: Kirk Tanner
• Executive Termination(s) within the last year
• High Activist Vulnerability Risk Score (77)
• Immediate Resignation
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Stock Alert: 52-week low at $10.32
• Workforce Reduction

Ticker: WST
Mkt Cap: $20.1B
1-Yr TSR: -13.5%
Board Rating: B-

• Robert McMahon has been appointed as Senior Vice President & Chief Financial Officer, effective August 4, 2025, succeeding Bernard Birkett, who will transition to an advisory role until December 31, 2025.  (view source)

• Class Action
• 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
• Significant Stock Drop(s) in past 2 years

Ticker: WKC
Mkt Cap: $1.6B
1-Yr TSR: 8.9%
Board Rating: C+

• Gregory F. Piper has been appointed as a director of World Kinect Corporation, effective July 17, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (WKC)
• Cyber Incident(s) within the last year
• 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: More than one Director over 75
• Gov Risk: No lead independent director
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction