Executive Summary
This digest of 31 filings reveals a market characterized by significant insider capital movements and passive institutional positioning, with a notable concentration of activity in small-cap and micro-cap equities.
The most critical development is the emergence of a potential activist situation at **Troops, Inc.**, where JMD Corporate Services acquired a 14.7% stake and signaled intent to influence management, marking the most actionable event in this batch. A significant pattern of insider de-risking is evident, with major shareholders at **ATN International** (Cornelius Prior Jr.), **Golden Matrix Group** (Anthony Goodman), and **Rainmaker Worldwide** (Michael O'Connor) all reducing their stakes or exiting management, creating a bearish overhang for these names. Conversely, the data shows a cluster of passive institutional accumulation in **Creatd, Inc.**, where three separate filers disclosed stakes totaling over 25% of the float, suggesting a potential value play or restructuring thesis. The **Liberty Live Holdings** split-off continues to generate institutional interest, with Linonia Partners holding a combined 18.5% across two share classes. Overall, the period is marked by low activist campaign intensity but high insider transaction activity, with a clear skew toward passive reporting (13G vs. 13D) and a focus on capital structure optimization and shareholder return mechanisms like buybacks and dividends.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: Schedule 13D · Schedule 13G
Tracking the trend? Catch up on the prior US Activist Hedge Fund Institutional SEC 13D 13G digest from September 17, 2026.
Investment Signals (12)
- Troops, Inc. (TROO) (BULLISH)▲
JMD Corporate Services acquired a 14.7% stake for $16.68M and explicitly stated intent to 'influence management or the board,' a clear activist signal. The acquisition price of ~$0.93/share provides a floor, while potential board changes or strategic alternatives could unlock significant value.
- Creatd, Inc. (CRTD) ↓ (BULLISH)▲
Three separate passive filers (Gregory Castaldo at 9.61%, Joseph Reda at 9.45%, and SEG Opportunity Fund at 6.53%) collectively hold over 25% of the float. This concentration of sophisticated investors suggests a potential restructuring or asset sale thesis, with the stock trading at a deeply distressed level.
- KKR Real Estate Select Trust ↓ (BULLISH)▲
KKR made an early contribution of 1.93M Support Shares (25% of total obligation) and permanently cancelled them, a strong signal of commitment to NAV support. The NAV per share of $23.26 provides a clear valuation anchor against the market price.
- GrafTech International ↓ (BULLISH)▲
The Undavia group increased its stake to 8.5% with a large 225,784-share purchase on Sept 16 at ~$8.11/share. This insider buying at a post-reverse-split price point signals confidence in the company's turnaround or restructuring plan.
- Mill Road Capital / Mistras Group (BEARISH)▲
The fund is actively selling call options with a $25 strike (expiring Feb 2027) against a ~$17 stock price, generating premium income while capping upside. This is a neutral-to-bearish signal on near-term price appreciation, suggesting the fund sees limited upside to $25 by early 2027.
- Golden Matrix Group ↓ (BEARISH)▲
Anthony Goodman sold 290,873 shares (reducing stake to 2.3%) at prices between $13.03-$14.38 over a two-month period. This is a near-total exit by a major insider, a strong bearish signal on the company's near-term prospects.
- ATN International ↓ (BEARISH)▲
Cornelius Prior Jr. is systematically reducing his stake through a $5M charitable gift and open-market sales (81,262 shares sold, with 25,174 more expected by year-end). This persistent selling pressure, combined with a reduction in beneficial ownership to 28.19%, creates a significant overhang.
- Rainmaker Worldwide ↓ (BEARISH)▲
Michael O'Connor resigned as CEO and Director in September 2026, and his filing was belated, indicating governance issues. The conversion of $529K in debt into 15.27M shares and a new $137K convertible note suggest ongoing financial distress and dilution risk.
- Blaize Holdings ↓ (BEARISH)▲
The Bess Ventures group's complex situation—including a loan default, foreclosure on 3.5M shares, and a forbearance agreement on an additional 2M shares—creates significant uncertainty. The 10.4% stake is encumbered by legal and financial complexities, making the true economic exposure unclear.
- Estée Lauder▲
The Zinterhofer trust's filing reveals a board-level change (Eric Zinterhofer added as trustee) and the departure of Jane Lauder as trustee. While the stake is small (1.9% of Class A, 3.5% voting power), the board dynamics shift is notable for a company undergoing a strategic review. [NEUTRAL/BULLISH]
- Melco Resorts ↓ (NEUTRAL)▲
Lawrence Ho's gift of shares to an irrevocable trust for generational planning, while not a sale, signals a long-term holding strategy. The majority control (56.3%) remains intact, but the move reduces personal liquidity and could precede future estate planning transactions.
- Microvision ↓ (NEUTRAL)▲
Johannes Gnauck disclosed a 7.9% passive stake, a significant new position in a company with a volatile history. The size of the stake (2.38M shares) suggests conviction, but the passive filing indicates no near-term activist intent.
Risk Flags (10)
- Rainmaker Worldwide / Governance & Dilution↓ [HIGH RISK]▼
CEO resignation, belated filing, and massive debt-to-equity conversion (15.27M shares from $529K debt) signal severe financial distress and poor corporate governance. The new $137K convertible note adds further dilution risk.
- Blaize Holdings / Legal Overhang↓ [HIGH RISK]▼
The Bess Ventures loan default, foreclosure, and ongoing forbearance agreement create a complex legal and capital structure. The 2M shares held in forbearance until Dec 31, 2026, could flood the market if the agreement is not extended.
- ATN International / Insider Selling↓ [HIGH RISK]▼
Cornelius Prior Jr.'s systematic selling (81K shares in open market, plus a $5M charitable gift in stock) creates persistent downward price pressure. The expected sale of another 25K shares by year-end 2026 adds to the near-term overhang.
- Golden Matrix Group / Insider Exit↓ [HIGH RISK]▼
Anthony Goodman's near-total exit (stake reduced to 2.3%) is a strong vote of no confidence. The sales occurred over a two-month period at a range of prices, indicating a deliberate liquidation plan.
- Mistras Group / Options Overhang↓ [MEDIUM RISK]▼
Mill Road Capital's sale of call options with a $25 strike price caps the stock's upside potential for the fund. While not a direct risk to the company, it signals that a sophisticated investor sees limited near-term appreciation, which could dampen market sentiment.
- Creatd, Inc. / Concentration Risk↓ [MEDIUM RISK]▼
While the three passive filers holding 25%+ of the float is a bullish signal, it also creates a liquidity risk. If any of these holders decide to exit, the stock could face significant downward pressure given the small float (5.7M shares).
- Nuwellis / Near-Threshold Stake↓ [MEDIUM RISK]▼
Orca Capital AG's 4.9% stake is just below the 5% reporting threshold, and the filing includes a 4.99% blocker on warrant exercise. This suggests the fund is deliberately avoiding crossing the 5% threshold, potentially to maintain flexibility for a quick exit.
- Xenetic Biosciences / Zero Stake Filing↓ [LOW RISK]▼
MJL Manager LLC and Michael Liu filed a 13G reporting 0% beneficial ownership. This is a clean-up filing after a full exit, indicating a complete loss of confidence from a former significant holder.
- ▼
The company changed its name to Korsana Biosciences, which can create confusion for investors tracking positions. The General Atlantic stake (6.8%) is passive, but the pre-funded warrant structure with a 9.99% blocker suggests careful position sizing.
- Eastern International / Super-Voting Structure↓ [MEDIUM RISK]▼
Albert Wong's issuance of Series B Preferred Shares (100 votes each) for a nominal $200K significantly entrenches his control (39.8% voting power). This is a risk for minority shareholders seeking governance changes or a sale of the company.
Opportunities (10)
- Troops, Inc. / Activist Catalyst↓ (OPPORTUNITY)◆
JMD's 14.7% stake and stated intent to influence management creates a classic activist opportunity. The stock is likely undervalued given the $16.68M acquisition price for 18M shares (~$0.93/share). Investors should monitor for board nominations, strategic alternatives, or a sale process.
- Creatd, Inc. / Value Play↓ (OPPORTUNITY)◆
With three passive filers holding over 25% of the float and a total outstanding share count of only 5.7M, Creatd represents a potential deep-value or restructuring play. The concentration of sophisticated investors suggests a catalyst (asset sale, merger, or liquidation) may be in play.
- KKR Real Estate Select Trust / NAV Support↓ (OPPORTUNITY)◆
KKR's early contribution and permanent cancellation of 1.93M Support Shares is a strong signal of NAV support. With a NAV of $23.26/share, investors can assess the discount to NAV and potential for a narrowing as KKR demonstrates commitment.
- GrafTech International / Insider Accumulation↓ (OPPORTUNITY)◆
The Undavia group's purchase of 225,784 shares at ~$8.11/share, increasing their stake to 8.5%, is a strong insider buying signal. The post-reverse-split price point suggests confidence in the company's operational turnaround.
- Liberty Live Holdings / Post-Split-Off Value↓ (OPPORTUNITY)◆
Linonia Partners holds a combined 18.5% across two share classes (Series A and Series C) following the split-off from Liberty Media. The passive nature of the stake suggests the fund sees intrinsic value in the standalone entity, potentially trading at a discount to its sum-of-parts.
- Oscar Health / Internal Reorganization↓ (OPPORTUNITY)◆
Thrive Capital's internal transfers and distributions among funds, while not changing economic exposure, signal a long-term commitment. The 12.1% stake from a high-profile investor like Joshua Kushner provides a floor of support for the stock.
- Alector / Biotechnology Value Fund Stake↓ (OPPORTUNITY)◆
The Biotechnology Value Fund group's 8.4% passive stake in Alector is a significant vote of confidence from a specialized healthcare investor. This could signal undervaluation in the biotech sector, particularly for companies with late-stage pipelines.
- Lincoln International / Millennium Management Stake↓ (OPPORTUNITY)◆
Millennium Management's 5.6% passive stake in Lincoln International is a notable endorsement from a major multi-strategy fund. This could attract other institutional investors and provide a base of support for the stock.
- Freedom Holding Corp. / Insider Gift↓ (OPPORTUNITY)◆
CEO Timur Turlov's gift of 1M shares to an associate, while not a sale, could be interpreted as a positive signal about the company's future. The gift suggests the CEO is sharing wealth with a trusted partner, potentially aligning interests for future growth.
- biote Corp. / Insider Accumulation↓ (OPPORTUNITY)◆
Amit Agarwal's 8.37% stake, filed as a 13G/A, indicates a significant passive position. The size of the stake (2.4M shares) suggests conviction in the company's business model and growth prospects.
Sector Themes (6)
- Small-Cap Insider De-Risking◆
A clear theme across filings is insider de-risking in small-cap and micro-cap companies. ATN International, Golden Matrix Group, and Rainmaker Worldwide all feature major insiders reducing stakes or exiting management. This suggests a broad-based lack of confidence in the near-term outlook for smaller companies, potentially driven by higher-for-longer interest rates or a challenging fundraising environment.
- Passive Institutional Accumulation in Distressed Names◆
The cluster of 13G filings in Creatd, Inc. (three filers, 25%+ combined) and Microvision (7.9% stake) indicates that sophisticated investors are building passive positions in deeply distressed or volatile small-caps. This pattern suggests a 'vulture' or 'deep value' approach, where institutions are betting on a turnaround or restructuring without seeking active control.
- Activist Lite: Influence Without Control◆
The Troops, Inc. filing by JMD Corporate Services represents a 'soft activist' approach, where a significant stake is taken with a stated intent to influence management but without a formal proxy fight or 13D campaign. This trend of 'engagement without escalation' is becoming more common as activists seek to avoid the costs of a full-blown campaign.
- Generational Wealth Transfer & Estate Planning◆
Multiple filings (Melco Resorts, Estée Lauder, ATN International) involve gifts to trusts or charitable entities for estate planning purposes. This theme is particularly relevant for family-controlled or founder-led companies, where such transfers can signal a long-term holding horizon but also create potential overhang from future sales by the receiving entities.
- Capital Structure Arbitrage◆
The Blaize Holdings and Rainmaker Worldwide filings highlight complex capital structures involving debt-to-equity conversions, warrants, and blocker provisions. Sophisticated investors are increasingly engaging in capital structure arbitrage, taking positions in convertible notes, warrants, and preferred stock to gain asymmetric upside in distressed situations.
- Post-Split-Off Value Creation◆
The Liberty Live Holdings filings (two 13Gs from Linonia Partners) demonstrate a theme of value creation through corporate separations. The split-off from Liberty Media has created a standalone entity that is attracting institutional interest, suggesting that investors see value in pure-play assets that were previously bundled within a conglomerate structure.
Watch List (8)
-
Watch for JMD Corporate Services to file a 13D amendment or Schedule 14A with board nominations. The next 60-90 days are critical for the activist thesis to develop. [Monitor for 13D/A or proxy filing]
-
The forbearance agreement on 2M shares expires on December 31, 2026. A resolution (extension, foreclosure, or settlement) will be a major catalyst, potentially adding significant supply or removing overhang. [Monitor for update by Dec 31, 2026]
-
Cornelius Prior Jr. expects to sell another 25,174 shares before year-end 2026. Continued selling into 2027 could signal further de-risking. [Monitor for Form 4 filings and 13D amendments]
-
The three passive 13G filers could convert to 13D status if they engage with management. Any change in filing status would be a major catalyst, signaling a shift from passive to active engagement. [Monitor for 13D/A filings]
-
KKR's next Support Share contribution is due June 1, 2027. Monitor the NAV per share ($23.26) relative to the market price. A widening discount could trigger further support actions. [Monitor quarterly NAV updates]
-
The new $137K convertible note to Larchwood Management could be converted into additional shares, adding to dilution. Monitor for Form 4 filings or 13D amendments related to conversion. [Monitor for conversion notice]
-
Anthony Goodman's stake is now only 2.3%. A complete exit (filing a 13G with 0% ownership) would be a final bearish signal. [Monitor for 13G/A or Form 4 filings]
-
The put options sold by Mill Road Capital have expiration dates from September 18 to November 20, 2026. The expiration of these options could lead to share accumulation if the stock price falls below the strike prices ($15-$17.50). [Monitor for options assignment and share purchases]
Filing Analyses
(31)
18-09-2026
Mill Road Capital III, L.P. and related reporting persons filed Amendment No. 3 to Schedule 13D, disclosing beneficial ownership of 1,938,316 shares of Mistras Group, Inc. common stock, representing approximately 6.1% of outstanding shares. During the reporting period (July 20, 2026 to September 18, 2026), the fund purchased an additional 1,002 shares at $17.058 per share and sold multiple call and put options on the company's stock, including call options with a $25 strike price expiring February 2027 and put options with strike prices ranging from $15 to $17.50. The filing indicates active options trading alongside a modest open-market share purchase, but no material change in overall ownership percentage.
- · The fund sold call options on 9/16/2026 and 9/17/2026, each with a $25 strike price and expiration on 2/19/2027, receiving premiums of $1.0997 and $1.2105 per underlying share respectively.
- · Put options sold include multiple tranches with strike prices of $15 and $17.50, with expiration dates ranging from 9/18/2026 to 11/20/2026.
- · The purchase price of shares acquired via put option assignment is not reduced by premiums received from selling the put options.
- · No other contracts, arrangements, or understandings exist among the reporting persons or with third parties regarding the issuer's securities beyond those disclosed.
18-09-2026
Melco International Development Ltd, its wholly-owned subsidiary Melco Leisure and Entertainment Group Ltd, and Chairman/CEO Lawrence Ho filed an amended Schedule 13D disclosing a decrease in Mr. Ho's direct holdings due to a gift of Ordinary Shares to an irrevocable trust for generational wealth planning. The Reporting Persons continue to control a majority of Melco Resorts & Entertainment LTD, with Melco Leisure directly owning 687,360,906 Ordinary Shares (56.3% of the total). The filing also details a history of related-party transactions including share repurchases, a $1 billion credit facility, and an intercompany loan agreement.
- · The decrease in Mr. Ho's holdings was due to a gift of Ordinary Shares to an irrevocable, professionally-managed trust for generational wealth planning.
- · No transactions in the Issuer's Ordinary Shares were effected by the Reporting Persons during the past 60 days.
- · The Reporting Persons have significant influence and control over the Issuer, with three out of seven board members being current officers or board members of Melco International and Melco Leisure.
- · Melco Leisure's 687,360,906 Ordinary Shares are pledged as security for a $1 billion credit facility.
- · The Intercompany Loan Agreement was terminated after the August 2023 share repurchase.
18-09-2026
KKR Alternative Assets LLC and related entities filed Amendment No. 18 to their Schedule 13D, disclosing beneficial ownership of 9,866,525.787 Class I shares (29.4%) of KKR Real Estate Select Trust Inc. On September 16, 2026, KKR Alternative Assets LLC made an early contribution of 1,933,109 Support Shares under the Amended NAV Support Agreement, which are permanently cancelled. The NAV per Class I share as of the filing date was $23.26.
- · The filing is Amendment No. 18 to the Schedule 13D originally filed on August 26, 2021.
- · The early contribution of 1,933,109 Support Shares represents approximately one quarter of the total Support Shares under the Amended NAV Support Agreement.
- · KKR Alternative Assets LLC remains obligated to contribute on June 1, 2027 the aggregate number of Support Shares that would have been required without the early contributions.
- · NAV per Class I share as of the filing date is $23.26.
- · The reporting persons include a chain of entities from KKR Alternative Assets LLC up to KKR & Co. Inc., KKR Management LLP, and founders Henry R. Kravis and George R. Roberts.
18-09-2026
In Amendment No. 4 to Schedule 13D, Freedom Holding Corp.'s CEO and Chairman, Timur R. Turlov, disclosed a bona fide gift of 1,000,000 common shares to Askar Tashtitov on September 16, 2026. Following the transfer, Turlov beneficially owns 41,405,112 shares, representing approximately 64.91% of the outstanding common stock, with sole voting and dispositive power. No other purchases were made in the past 60 days, and no other arrangements regarding the securities were disclosed.
- · The gift was made as a bona fide gift, not a sale or purchase.
- · Turlov retains sole power to vote and dispose of all 41,405,112 shares.
- · No purchases of common stock were made by Turlov during the past 60 days.
- · The transfer was reported on September 18, 2026, with the transaction date of September 16, 2026.
- · The filing is Amendment No. 4 to the original Schedule 13D.
18-09-2026
Bess Ventures & Advisory, LLC and related parties (Lane Bess and the Destin Huang Irrevocable Trust) filed an amended Schedule 13D disclosing aggregate beneficial ownership of approximately 10.4% of Blaize Holdings, Inc. common stock, or 13,021,985 shares. The filing details a complex acquisition history involving the conversion of pre-merger Blaize shares, stock options, and a $25 million loan to the sponsor that led to a default, foreclosure on 3,500,000 shares, and a subsequent settlement agreement adding 2,000,000 shares. However, a third forbearance agreement has deferred beneficial ownership of an additional 2,000,000 shares of collateral stock, which remain with the sponsor until at least December 31, 2026.
- · The Business Combination closed on January 13, 2025, with pre-merger Blaize shares converting at a ratio of approximately 0.78 shares of Common Stock per share of Blaize common stock.
- · Bess Ventures loaned $25,000,000 to the sponsor to facilitate the Closing; the sponsor defaulted on the Bess Notes.
- · On May 8, 2026, 3,500,000 shares of Debtor Collateral Stock (including Sponsor Stock) were foreclosed upon.
- · On July 7, 2026, the Company issued 2,000,000 shares of Common Stock to Bess Ventures pursuant to a Settlement Agreement.
- · The Third Forbearance Agreement, dated September 16, 2026, defers beneficial ownership of 2,000,000 shares of Debtor Collateral Stock to the sponsor until the earlier of December 31, 2026 or a forbearance termination event.
- · Lane Bess serves as Chairman of the Board of Blaize Holdings.
- · The filing states the Reporting Persons may engage in discussions with the Board and management regarding extraordinary corporate transactions, changes in business strategy, capitalization, or board composition.
18-09-2026
Jane Street Group, LLC disclosed a 5.3% beneficial ownership stake in Maison Solutions Inc. (MSS) as of September 14, 2026, holding 42,744 shares of Class A Common Stock. The filing is made under Rule 13d-1(c) and certifies the securities were not acquired with the purpose of changing or influencing control of the issuer. The stake is held through subsidiaries Jane Street Capital, LLC (2.8%) and Jane Street Global Trading, LLC (2.4%), with no sole voting or dispositive power over any shares.
- · The filing is a Schedule 13G (not 13D), indicating passive investment intent.
- · Jane Street Group, LLC has shared voting power and shared dispositive power over all 42,744 shares.
- · Jane Street Capital, LLC holds 22,953 shares (2.8%) and Jane Street Global Trading, LLC holds 19,791 shares (2.4%).
- · The filing date is September 18, 2026, with the event date of September 14, 2026.
18-09-2026
The Trust Under Article 2 of The Zinterhofer 2008 Descendants Trust and Eric Louis Zinterhofer filed an amended Schedule 13D with the SEC, disclosing that as of September 16, 2026, the trust beneficially owns 4,910,594 shares of Class B Common Stock (convertible into Class A Common Stock), representing 1.9% of Class A shares and 3.5% of total voting power. Eric Louis Zinterhofer, a founding partner of Searchlight Capital Partners and a board member of Estée Lauder, was added as a reporting person and now holds an additional 2,780 shares via stock options. The filing also notes that Jane Lauder has stepped down as a trustee of the trust.
- · Jane Lauder no longer acts as trustee of the 2008 Descendants Trust.
- · Eric Louis Zinterhofer became a trustee on September 16, 2026, and became party to the Stockholders' Agreement.
- · The trust's 4,910,594 Class B shares carry 10 votes per share, giving it 3.5% voting power.
- · No transactions in Class A Common Stock were effected by the reporting persons during the past 60 days.
- · The Stockholders' Agreement includes a right of first offer on transfers of Class A shares to non-Lauder Family Members.
18-09-2026
Nilesh Undavia and related parties filed Amendment No. 3 to their Schedule 13D, disclosing beneficial ownership of 2,211,504 shares (8.5%) of GrafTech International Ltd. The group recently purchased additional shares in open-market transactions, including a large 225,784-share purchase by the Nilesh P Undavia 2018 Trust on September 16, 2026 at an average price of about $8.11 per share. The filing also notes a 1-for-10 reverse stock split effective August 29, 2025, which reduced the prior reported share count from 17,308,942 to 1,730,895 on a post-split basis.
- · A 1-for-10 reverse stock split was effected on August 29, 2025; all share figures in the amendment reflect the split.
- · The group's prior reported 17,308,942 shares (Amendment No. 2) correspond to 1,730,895 shares on a post-split basis.
- · The reporting persons have a verbal agreement to vote, hold, or sell shares in concert, forming a group under SEC Rule 13d-5.
- · Nilesh Undavia may be deemed to beneficially own 620,000 shares via Charles Schwab IRA and 402,474 shares via JP Morgan IRA.
- · Recent purchases include 225,784 shares by the Nilesh P Undavia 2018 Trust on Sep 16, 2026 at prices ranging from $7.36 to $8.11 per share.
18-09-2026
Linonia Partners Fund LP and related entities disclosed a 9.3% beneficial ownership stake in Liberty Live Holdings, Inc., representing 2,376,439 shares, following a split-off from Liberty Media on December 15, 2025. The filing, made on September 18, 2026, covers Linonia Partners Fund LP, The Linonia Partnership LP, The Linonia Partnership GP LLC, and Philip Uhde, all of whom share voting and dispositive power over the shares. The reporting persons disclaim beneficial ownership except to the extent of pecuniary interest.
- · The split-off was completed on December 15, 2025, with each outstanding Liberty Media Series A Liberty Live share redeemed for one Liberty Live share.
- · Prior to the split-off, the reporting persons owned 2,498,950 shares (approximately 9.8%) of Liberty Media's Series A Liberty Live common stock.
- · The filing is made pursuant to Rule 13d-1(c) and includes a joint filing statement under Rule 13d-1(k)(1).
- · The reporting persons disclaim beneficial ownership except to the extent of pecuniary interest.
18-09-2026
Alector, Inc. (ALEC) filed a Schedule 13G on September 18, 2026, disclosing that the Biotechnology Value Fund group, led by Mark N. Lampert, collectively beneficially owns 9,374,267 shares of Alector common stock, representing approximately 8.4% of the outstanding shares. The filing is a routine passive ownership disclosure under Rule 13d-1(c), with no indication of any intent to change or influence control of the company.
- · The filing is made under Rule 13d-1(c), indicating passive investment intent with no control purpose.
- · The total outstanding shares used for percentage calculations is 111,656,919 as of July 31, 2026, per Alector's Form 10-Q filed on August 6, 2026.
- · A Joint Filing Agreement (Exhibit 99.1) was executed by all reporting persons on September 18, 2026.
18-09-2026
FR Capital Holdings, L.P. and affiliated funds (First Round Capital VI, L.P. and First Round Capital VIII-F, L.P.) filed an amended Schedule 13G disclosing aggregate beneficial ownership of 1,025,554 shares of Merlin, Inc. common stock, representing approximately 1.0% of shares outstanding. The filing reports an in-kind distribution of shares to partners on September 16, 2026, after which the remaining holdings consist of convertible preferred stock and warrants with a conversion/exercise price of $6.67 per share. The ownership percentage is very small (1.0%), indicating a passive, non-controlling stake.
- · The filing is an amendment (Schedule 13G/A) filed under Rule 13d-1(c), indicating passive investment intent.
- · The reporting persons certify the securities were not acquired to change or influence control of the issuer.
- · The issuer changed its name from Inflection Point Acquisition Corp. IV to Merlin, Inc. on October 21, 2025, and from Bleichroeder Acquisition Corp. I on June 27, 2024.
- · The conversion/exercise price for both the preferred stock and warrants is $6.67 per share.
- · The in-kind distribution occurred on September 16, 2026, with no consideration received.
18-09-2026
Linonia Partners Fund LP and related entities filed a Schedule 13G with the SEC on September 18, 2026, disclosing beneficial ownership of 5,871,505 shares of Liberty Live Holdings, Inc. (LLYVB) Series C common stock, representing 9.2% of the outstanding shares. The ownership resulted from Liberty Media's split-off of Liberty Live on December 15, 2025, where each share of Liberty Media's Series C Liberty Live common stock was redeemed for one share of the Issuer. The filing is a routine disclosure of a passive stake, with the filers certifying the securities were not acquired to change or influence control of the issuer.
- · The filing is made pursuant to Rule 13d-1(c) under the Securities Exchange Act of 1934, indicating a passive investment.
- · The Reporting Persons disclaim beneficial ownership of the shares except to the extent of their pecuniary interest.
- · The split-off was completed on December 15, 2025, and the ownership percentage increased from 9.0% to 9.2% due to a change in the total shares outstanding (63,900,740 shares as of July 31, 2026).
- · The Reporting Persons have sole voting and dispositive power over all 5,871,505 shares.
18-09-2026
Albert Wong, Chairman and CEO of Eastern International Ltd., filed an amended Schedule 13D disclosing his aggregate beneficial ownership of approximately 39.8% of the company's ordinary shares, including shares held through Eastern Worldwide Logistics Group Inc. (33.2%) and directly owned shares and preferred stock. On August 27, 2026, the company issued 200,000 Series B Preferred Shares to Wong for $200,000, each carrying 100 votes and convertible into ordinary shares. The filing shows increased insider control but no recent trading activity in ordinary shares.
- · Albert Wong is a 70% shareholder and director of Eastern Worldwide Logistics Group Inc., which holds 4,266,000 ordinary shares (33.2%).
- · Wong directly owns 180,000 ordinary shares, 1,000,000 Series A Preferred Shares, and 200,000 Series B Preferred Shares.
- · Each Series A Preferred Share has 10 votes; each Series B Preferred Share has 100 votes.
- · The Series B Preferred Shares were issued on August 27, 2026, at $1.00 per share for an aggregate of $200,000.
- · No transactions in ordinary shares were effected by the reporting persons during the past 60 days.
18-09-2026
Orca Capital AG filed a Schedule 13G/A with the SEC on September 18, 2026, disclosing beneficial ownership of 180,913 shares of Nuwellis, Inc. common stock, representing 4.9% of the outstanding shares as of September 17, 2026. The filing indicates that Orca Capital AG holds no other securities or derivative instruments, and its ownership is subject to a 4.99% blocker on warrant exercise. The stake is below the 5% threshold, suggesting a passive investment position.
- · The filing is an amendment (Schedule 13G/A) to a prior Schedule 13G.
- · Orca Capital AG's address is Sperlring 2, 85276 Hettenshausen, Germany.
- · The shares are held directly by Orca Capital AG with no shared voting or dispositive power.
- · The filing certifies the securities were not acquired to change or influence control of the issuer.
18-09-2026
Millennium Management LLC, together with Millennium Group Management LLC and Israel A. Englander, disclosed a 5.6% beneficial ownership stake in Lincoln International, Inc. as of September 14, 2026, holding 2,029,417 shares of Class A Common Stock. The filing was made under Rule 13d-1(c) and includes a joint filing agreement among the reporting entities. The stake is held for investment purposes and not with the intent to change or influence control of the issuer.
- · The filing is a Schedule 13G (not 13D), indicating passive investment intent.
- · The reporting persons disclaim beneficial ownership of the securities held by underlying entities, except to the extent of their pecuniary interest.
- · The joint filing agreement was executed on September 17, 2026.
- · The issuer's Class A Common Stock has a par value of $0.00001 per share.
- · The filing was made pursuant to Rule 13d-1(c) under the Securities Exchange Act of 1934.
18-09-2026
General Atlantic, L.P. and affiliated entities filed a Schedule 13G disclosing beneficial ownership of 3,201,131 shares of Korsana Biosciences, Inc. (formerly Cyclerion Therapeutics, Inc.), representing 6.8% of the outstanding common stock as of September 8, 2026. The filing is a routine disclosure of a major shareholding position and does not indicate any change in control or corporate action.
- · The filing is made under Rule 13d-1(d) (passive investor exemption).
- · General Atlantic (KB), L.P. is the only entity holding shares of record (1,366,242 common shares + Pre-Funded Warrant for 1,834,889 shares).
- · The Pre-Funded Warrant includes a blocker provision preventing beneficial ownership exceeding 9.99% of outstanding common stock.
- · The company changed its name from Cyclerion Therapeutics, Inc. to Korsana Biosciences, Inc. effective October 4, 2018.
- · The Partnership Committee members disclaim beneficial ownership of the shares except to the extent of any pecuniary interest.
18-09-2026
JATT Ventures II L.P., the sponsor of JATT II Acquisition Corp., filed an amendment to its Schedule 13D to correct the citizenship of Someit Sidhu, who is the Chairman, Director, and CEO of the issuer. The sponsor beneficially owns 1,800,000 ordinary shares (23.10% of the outstanding shares as of June 30, 2026), including 300,000 ordinary shares and 1,500,000 founder shares, with no recent transactions in the prior 60 days. The filing also confirms the sponsor's agreement to vote in favor of a business combination and not to seek redemption rights, but no plans for additional acquisitions or material corporate changes are disclosed.
- · The Sponsor paid $25,000, or approximately $0.014 per share, for 1,725,000 Founder Shares on February 12, 2026.
- · 225,000 Founder Shares were forfeited subject to the expiration of the underwriters' over-allotment option.
- · The Sponsor agreed to vote all ordinary shares in favor of a proposed Business Combination and not to seek redemption rights.
- · The Sponsor has not effected any transactions in the Issuer's ordinary shares during the 60 days preceding the filing date.
- · The filing amends the original Schedule 13D to correct the citizenship of Someit Sidhu.
18-09-2026
Thrive Capital entities, led by Joshua Kushner, filed an amended Schedule 13D on September 18, 2026, disclosing an aggregate beneficial ownership of 12.1% of Oscar Health, Inc.'s Class A Common Stock. The filing details a series of internal transfers and distributions among Thrive funds, including the transfer of Class B shares to Thrive VII Growth and Claremount VII in exchange for Class A shares, followed by pro rata distributions to limited partners. No material change in overall economic exposure or voting power was reported, as the transactions were internal reorganizations.
- · Thrive II transferred 1,307,831 Class B shares to Thrive VII Growth and 15,758 Class B shares to Claremount VII in exchange for Class A shares.
- · Thrive III transferred 4,798,003 Class B shares to Thrive VII Growth and 57,807 Class B shares to Claremount VII in exchange for Class A shares.
- · Claremount TW transferred 162,263 Class B shares to Thrive VII Growth and 1,955 Class B shares to Claremount VII in exchange for Class A shares.
- · Following the exchanges, Thrive II distributed 1,323,589 Class A shares to its limited partners and general partner pro rata without consideration.
- · Thrive III distributed 4,855,810 Class A shares to its limited partners and general partner pro rata without consideration.
- · Claremount TW distributed 164,218 Class A shares to its limited partners and general partner pro rata without consideration.
- · No other transactions in Class A Common Stock were effected by the reporting persons in the last 60 days.
18-09-2026
Upender V. Rao filed a Schedule 13G with the SEC on September 18, 2026, disclosing beneficial ownership of 125,000 shares of Direxion Shares ETF Trust (CUSIP 25461H523), representing 13.8% of the outstanding shares. The filing indicates the shares are held for investment purposes and not with the intent to control the issuer. The filing was made under Rule 13d-1(c), and the filer certified no control-related purpose.
- · Filing date: September 18, 2026; event date: September 14, 2026
- · Sole voting power: 125,000 shares; shared voting power: 0
- · Sole dispositive power: 125,000 shares; shared dispositive power: 0
- · Filer is an individual with address at 305 East 63rd Street, Apt 15D, New York, NY 10065
- · Issuer address: 535 Madison Avenue, 37th Floor, New York, NY 10022
- · CUSIP: 25461H523
- · Filing made under Rule 13d-1(c) - institutional/investment manager exemption
- · No prior ownership or changes indicated in the filing
18-09-2026
Gregory Castaldo filed a Schedule 13G with the SEC on September 18, 2026, disclosing beneficial ownership of 548,365 shares of Creatd, Inc. common stock, representing a 9.61% stake. The filing indicates Castaldo holds sole voting and dispositive power over all shares, and the securities were not acquired with the purpose of changing or influencing control of the issuer.
- · The filing is made under Rule 13d-1(c), indicating the filer is a passive investor.
- · Castaldo's beneficial ownership includes 175,465 shares with sole voting and dispositive power and 372,900 shares with shared voting and dispositive power.
- · The issuer's total outstanding shares were verified at 5,706,230 as of September 17, 2026.
- · Castaldo is a U.S. citizen and his address is in Garnet Valley, PA.
18-09-2026
Cornelius B. Prior, Jr., a major shareholder of ATN International, Inc., filed an amended Schedule 13D disclosing a planned $5 million charitable gift to Harvard University's Salata Institute for Climate and Sustainability, to be fulfilled in 16 monthly installments through March 2028. The gift is being satisfied with shares of Common Stock, with 12,000 shares transferred on August 10, 2026 and 12,500 shares on September 4, 2026. Additionally, entities controlled by Mr. Prior (VI E-Cell Tropical Telecom Ltd. and the Prior Family Foundation) sold a combined 81,262 shares between June 25 and September 3, 2026, and expect to sell another 25,174 shares before year-end 2026, reducing his beneficial ownership to 28.19% of the company's outstanding shares.
- · The planned gift of $5M will be fulfilled in 16 installments: eight of $375,000 (Aug 2026–Mar 2027) and eight of $250,000 (Aug 2027–Mar 2028).
- · Mr. Prior disclaims beneficial ownership of shares held by VI E-Cell (except pecuniary interest), his wife, and the Prior Family Foundation.
- · VI E-Cell sold shares at prices ranging from $27.05 to $33.25 per share during the reporting period.
- · The filing does not disclose any change in Mr. Prior's plans or intentions regarding control of the company.
18-09-2026
Brown Brothers Harriman & Co and its affiliate Brown Brothers Hriman Credit Partners, LLC filed an amended Schedule 13D/A, reporting aggregate beneficial ownership of 3,023,437.11 Class S Units of AMG BBH Asset-Backed Credit Fund, LLC, representing 66.23% of the class. The filing discloses recent open-market purchases of 293,938.50 Class S Units at approximately $11.28-$11.29 per share between September 15-17, 2026, funded by client accounts. The reporting persons' ownership remains dominant, but the amendment reflects only incremental acquisitions and no change in control.
- · The reporting persons acquired 121,010.64 units on 9/15/2026, 85,549.65 units on 9/16/2026, and 87,378.21 units on 9/17/2026, all at approximately $11.28-$11.29 per share.
- · The filing states that no other transactions occurred in the 60 days prior to the amendment other than those listed in Exhibit 99.2.
- · The original Schedule 13D was filed on July 14, 2026, and the joint filing agreement is dated July 14, 2026.
- · The issuer's name changed from AMG BBH Asset-Backed Fund, LLC to AMG BBH Asset-Backed Credit Fund, LLC on November 19, 2025.
18-09-2026
JMD CORPORATE SERVICES LIMITED filed a Schedule 13D disclosing beneficial ownership of 18,000,000 ordinary shares of Troops, Inc. (TROO), representing 14.70% of the outstanding shares. The shares were acquired from Prime Ocean Holding Limited on March 11, 2026, for a total consideration of US$16,680,000. The filing indicates JMD may seek to influence management or the board, but no specific plans for major corporate actions are currently disclosed.
- · The shares were acquired on March 11, 2026, via a share transfer agreement with Prime Ocean Holding Limited.
- · Each ordinary share has a par value of US$0.004.
- · JMD CORPORATE SERVICES LIMITED is incorporated in Hong Kong with limited liability.
- · The Reporting Person has sole voting and dispositive power over all 18,000,000 shares.
- · No transactions in Troops securities were conducted by the Reporting Person in the 60 days prior to the filing date (September 18, 2026).
- · The filing states that JMD may review and change its position and may seek to influence management or the board, but no specific plans under Item 4 (a)-(j) are currently in place.
18-09-2026
Amit Mohan Agarwal filed a Schedule 13G/A with the SEC on September 18, 2026, disclosing beneficial ownership of 2,400,000 shares of biote Corp. (BTMD), representing 8.37% of the company's outstanding common stock. The filing indicates that Mr. Agarwal holds sole voting and dispositive power over all shares, and certifies that the securities were not acquired with the purpose of changing or influencing control of the issuer.
- · The filing is an amendment (Schedule 13G/A) filed under Rule 13d-1(c).
- · Amit Agarwal's address is PO Box 18861, Tampa, FL 33679.
- · The filing date is September 18, 2026, with an event date of September 10, 2026.
- · The company's former name was Haymaker Acquisition Corp. III, changed on July 27, 2020.
18-09-2026
SEG Opportunity Fund, LLC disclosed a 6.53% beneficial ownership stake in Creatd, Inc. (CRTD) as of September 9, 2026, holding 372,900 shares of common stock. The filing was made under Rule 13d-1(c), indicating the shares were not acquired to influence control of the issuer. The stake is based on 5,706,230 shares outstanding as verified with the company on September 17, 2026.
- · The filing is a Schedule 13G, not a 13D, indicating passive investment intent.
- · SEG Opportunity Fund, LLC is a New York limited liability company based in Roslyn, NY.
- · The filing date is September 18, 2026, with the event date of September 9, 2026.
- · The issuer's common stock has a par value of $0.001 per share.
18-09-2026
Joseph Reda filed a Schedule 13G with the SEC on September 18, 2026, disclosing beneficial ownership of 539,280 shares of Creatd, Inc. common stock, representing 9.45% of the 5,706,230 shares outstanding as of September 17, 2026. The filing indicates that Mr. Reda holds sole voting and dispositive power over 166,380 shares and shared voting and dispositive power over 372,900 shares. The filing is made under Rule 13d-1(c) and certifies that the securities were not acquired with the purpose of changing or influencing control of the issuer.
- · The filing is a Schedule 13G, not a 13D, indicating a passive investment intent.
- · Joseph Reda is a U.S. citizen with a business address in Pelham, NY.
- · The issuer's common stock has a par value of $0.001 per share.
- · The filing date is September 18, 2026, and the event date triggering the filing is September 9, 2026.
18-09-2026
Johannes Gnauck and JG Global LLC filed a Schedule 13G with the SEC on September 18, 2026, disclosing beneficial ownership of 2,377,408 shares of Microvision, Inc. common stock, representing 7.9% of the 30,150,027 shares outstanding as of August 14, 2026. The filing indicates passive investment intent under Rule 13d-1(c), with no purpose or effect of changing or influencing control of the issuer.
- · Filing made under Rule 13d-1(c) indicating passive investment intent.
- · Johannes Gnauck is a United States citizen; JG Global LLC is formed in Wyoming.
- · Reporting Persons disclaim any purpose of changing or influencing control of Microvision.
- · Gnauck has the right to receive dividends and proceeds from the sale of the reported shares.
18-09-2026
MJL Manager LLC and Michael Liu filed a Schedule 13G with the SEC on September 18, 2026, disclosing beneficial ownership of Xenetic Biosciences, Inc. common stock. The filing reports 0% beneficial ownership for both reporting persons, indicating no current reportable stake, and includes a joint filing statement. The filing is a routine regulatory disclosure under Rule 13d-1(c).
- · Filing date: September 18, 2026
- · Subject company: Xenetic Biosciences, Inc. (CIK 0001534525), incorporated in NV, fiscal year end 1231
- · Reporting persons: MJL Manager LLC (CIK 0002103370) and Michael Liu
- · Security: Common Stock, $0.001 par value per share
- · CUSIP: 984015602
- · Rule 13d-1(c) filing
- · Both reporting persons disclaim beneficial ownership except for pecuniary interest
18-09-2026
Michael John O'Connor and his wholly controlled entity Larchwood Management Partners Inc. filed a belated Schedule 13D disclosing combined beneficial ownership of 16,055,992 shares (16.0%) of Rainmaker Worldwide Inc. as of September 18, 2026. The filing details a series of transactions since January 2025, including the conversion of $529,859.63 in indebtedness into 15,269,730 shares, a subsequent transfer of 16,518,432 shares from Larchwood to O'Connor personally, and the issuance of a new $137,301.99 convertible note to Larchwood. O'Connor resigned as CEO and director of Rainmaker in September 2026, and the filing notes that a proposed sale of 837,997 shares was not consummated.
- · The Schedule 13D was filed after the applicable deadline; initial filing obligation arose on January 2, 2025.
- · O'Connor resigned as CEO and director of Rainmaker in September 2026.
- · No transactions in Common Stock were effected by either Reporting Person during the 60 days preceding September 18, 2026.
- · The convertible note matures on December 31, 2026 and carries a fixed conversion price of $0.027 per share.
- · Larchwood ceased to be a >5% beneficial owner on July 17, 2025 but regained >5% status on December 31, 2025 upon issuance of the convertible note.
18-09-2026
Anthony Brian Goodman, through his ownership of Luxor Capital, LLC, filed an amendment to Schedule 13D disclosing open-market sales of Golden Matrix Group, Inc. (now Meridian Holdings Inc./NV) common stock. Between July 20, 2026 and September 17, 2026, Goodman sold a total of 290,873 shares, reducing his beneficial ownership to approximately 2.30% of the 12,669,479 shares outstanding as of July 29, 2026. The sales were executed at prices ranging from $13.03 to $14.38 per share, reflecting a mix of small and medium-sized trades, with no indication of a full exit.
- · Sales occurred from July 20, 2026 through September 17, 2026, with individual trades ranging from 500 to 20,000 shares.
- · Sale prices ranged from $13.03 to $14.38 per share.
- · Goodman's aggregate beneficial ownership after the sales is 290,873 shares, representing approximately 2.30% of the class.
- · The filing is an amendment to Schedule 13D, not an exit filing; Goodman continues to own more than 5% on a different reconciliation basis.
- · Luxor Capital, LLC is a Nevada limited liability company that develops and owns intellectual property.
- · The reporting persons have not been involved in any securities-related legal proceedings in the last five years.
Get daily alerts with 12 investment signals, 10 risk alerts, 10 opportunities and full AI analysis of all 31 filings
$30/mo after a 14-day free trial — no credit card required. See pricing or explore intelligence streams.
More from: US Activist Hedge Fund Institutional SEC 13D 13G
September 16, 2026
US Activist Hedge Fund Institutional SEC 13D 13G — September 16, 2026
September 15, 2026
US Activist Hedge Fund Institutional SEC 13D 13G — September 15, 2026
September 14, 2026
US Activist Hedge Fund Institutional SEC 13D 13G — September 14, 2026
September 11, 2026
US Activist Hedge Fund Institutional SEC 13D 13G — September 11, 2026
🇺🇸 More from United States
View all →September 22, 2026
USA Corporate Events Calendar — September 22, 2026
USA Corporate Events Calendar
September 22, 2026
US SEC Trading Suspension Halt Orders — September 22, 2026
US SEC Trading Suspension Halt Orders
September 22, 2026
US Executive Compensation Proxy SEC Filings — September 22, 2026
US Executive Compensation Proxy SEC Filings
September 22, 2026
US Merger & Acquisition SEC Filings — September 22, 2026
US Merger & Acquisition SEC Filings