US Activist Hedge Fund Institutional SEC 13D 13G — June 30, 2026

Activist & Institutional Activity

By Gunpowder Editorial ·

14 high priority 5 medium priority 19 total filings analysed

Executive Summary

This digest of 19 major shareholder filings reveals a period of significant portfolio restructuring, with notable activist-driven M&A catalysts and insider position adjustments. Key themes include three completed or proposed take-private transactions (Janus Henderson at $52/share, ProAssurance at $25/share, and Nano Dimension at $1.60/share), suggesting a wave of conviction-based exits by major holders.

Insider activity is mixed: while Toyota deepened its strategic commitment to Joby Aviation via a manufacturing JV, Andreessen Horowitz executed a substantial block sale of Nautilus Biotechnology at $2.00/share, reducing its stake by ~28%. Period-over-period data shows passive investors (13G filers) accumulating positions in Appian (6.8%) and TheRealReal (7.6%), while activist filers like Trian and Magnetar fully exited via mergers. The most critical development is Tang Capital's unsolicited $1.60/share bid for Nano Dimension, representing a 12-34% premium over recent insider purchase prices, creating an immediate catalyst. Portfolio-level patterns indicate a rotation from small-cap biotech and specialty finance into cash-generating precious metals and enterprise software, with Elliott maintaining a dominant 64.7% position in Triple Flag Precious Metals.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Schedule 13G · Schedule 13D

Tracking the trend? Catch up on the prior US Activist Hedge Fund Institutional SEC 13D 13G digest from June 22, 2026.

Investment Signals (11)

  • Tang Capital launched an unsolicited $1.60/share cash bid (June 30), representing a 12-34% premium over its own recent purchases ($1.195-$1.43). With a 6.8% stake and an end-of-July deadline, this creates a high-probability M&A catalyst.

  • Trian Fund Management fully exited its activist stake via the $52.00/share take-private merger (June 30), after contributing 25.1M shares to Jupiter Topco. This signals a successful activist campaign conclusion and validates the exit price. [BULLISH for deal completion]

  • Magnetar Financial sold its entire 2.6M-share position (5%+ stake) via the $25.00/share cash merger (June 26), after buying an additional 53,990 shares at ~$24.22 in early June. The final purchase suggests confidence in the deal spread. [BULLISH for arbitrageurs]

  • Toyota Motor Corp deepened its strategic commitment by forming a manufacturing JV (JTAMPC) with 51% ownership, while maintaining a 13.1% equity stake. This industrial partnership is a strong vote of confidence in Joby's eVTOL commercialization.

  • Elliott Investment Management holds a dominant 64.7% stake (133.2M shares) acquired for ~$1.015B, with no recent selling. This concentrated position signals deep conviction in precious metals streaming.

  • Andreessen Horowitz sold 3.59M shares (28% of its stake) in a single block trade at $2.00/share, reducing ownership from ~10% to 7.1%. This is a material de-risking by a prominent tech investor in a pre-commercial biotech.

  • Galloway Capital disclosed a 13.64% passive stake (764K shares) as of June 30. The concentrated position by a single family office in a micro-cap AI stock warrants monitoring for potential activist engagement. [NEUTRAL/BULLISH if activist]

  • The Ergen family controls ~90% voting power through a complex trust structure, with Charles Ergen holding options to acquire 1.5M additional shares. This extreme insider control limits minority shareholder influence. [NEUTRAL/BEARISH for governance]

  • Alvotech (BEARISH)

    Celtic Holdings pledged all 107.5M shares (27.5% stake) as collateral for a $40M loan to fund a PIPE, with a lock-up through September 2026. The pledge introduces forced-selling risk if the stock declines.

  • Millennium Management crossed below the 5% threshold (now 4.3%), filing a 13G exit. This signals reduced institutional conviction in the radiopharmaceutical space.

  • nCino Inc (BEARISH)

    HMI Capital sold 885K shares (15% of its stake) at $14.75-$15.44 in late June, reducing its position to 4.6%. This is a material reduction by a long-term holder in a fintech name.

Risk Flags (8)

  • Andreessen Horowitz's 3.59M-share block sale at $2.00 (28% of stake) is a major red flag for a pre-revenue biotech. The sale price is below the June 4 filing level, indicating urgency to exit.

  • Celtic Holdings pledged 100% of its 27.5% stake as collateral for a $40M loan. If Alvotech's stock declines, lenders could enforce a voting proxy and liquidate the position, creating overhang.

  • Van Herk Investments' 10.9% stake was diluted from a higher percentage due to a prospectus supplement (June 25). No insider purchases were made to maintain the stake, signaling passive acceptance of dilution.

  • The Ergen family's ~90% voting control, combined with a complex trust structure (GRATs) and a support agreement limiting voting on certain matters, creates significant minority shareholder risk.

  • HMI Capital sold 15% of its position in two days (June 24-26) at $14.75-$15.44, reducing its stake to 4.6%. If selling continues, it could pressure the stock.

  • Millennium Management's drop below 5% (to 4.3%) removes a key institutional holder. The stock may lack a natural buyer at current levels.

  • Insiders Roberts and Leheny each bought only 186,729 units in the $15M public offering at $0.8033, a minimal commitment relative to their 6.4%/6.3% stakes. This suggests limited confidence at the offering price.

  • Tether Investments sold 627K shares at ~$20.14 in early June, while simultaneously correcting an internal transfer. The selling by a major holder (19.7%) creates near-term overhang.

Opportunities (8)

  • Tang Capital's $1.60/share bid represents a 12-34% premium over its recent purchases. With a July 31 deadline for definitive agreement, risk-arb investors can capture the spread if a deal is signed.

  • Toyota's manufacturing JV (51% owned by Toyota) for the S4 eVTOL provides a clear path to commercialization. The JV structure de-risks Joby's capital needs while giving Toyota control over production.

  • With Elliott holding 64.7% and no recent selling, the stock offers a unique combination of activist oversight and precious metals exposure. Elliott's $1.015B cost basis provides a floor.

  • Lead Edge Capital's 6.8% passive stake (13G) in a growing low-code platform signals institutional interest. The passive filing may precede a more active engagement if performance lags.

  • Divisadero Street Capital's 7.6% passive stake in a resale platform with improving unit economics. The passive filing suggests a value-oriented investor sees upside in the turnaround story.

  • Alta Fox maintains a 6.0% stake with no recent selling, acquired at an aggregate cost of ~$18M ($6.23/share avg). With the stock potentially undervalued, Alta Fox may push for operational improvements.

  • CDPQ added 675K shares at $14.78-$14.84 in two tranches (Dec 2025, Mar 2026), increasing its 19.8% stake. The consistent buying by a large Canadian pension fund signals confidence in the credit platform.

  • Linden Capital's 6.5% passive stake in a SPAC with no announced target creates optionality. The filing may signal confidence in a future de-SPAC transaction.

Sector Themes (5)

  • Wave of Take-Private Exits

    Three filings (Janus Henderson at $52, ProAssurance at $25, Nano Dimension proposed at $1.60) involve activist or major shareholders exiting via M&A. This suggests a favorable environment for take-privates in mid-cap financials and small-cap tech. [IMPLICATION: Monitor for similar proposals in other holdings]

  • Insider De-Risking in Pre-Commercial Biotech

    Andreessen Horowitz's 28% stake reduction in Nautilus Biotechnology and Millennium Management's exit from Perspective Therapeutics signal a rotation away from early-stage biotech risk. This contrasts with passive accumulation in later-stage software. [IMPLICATION: Favor biotech with clear catalysts]

  • Strategic vs. Financial Ownership Divergence

    Toyota's deep commitment to Joby (JV + 13.1% stake) contrasts with passive financial investors in T Stamp (13.6%) and Columbus Circle (6.5%). Strategic investors provide more stable, long-term capital. [IMPLICATION: Prefer strategic-backed companies]

  • Pledge-Based Financing Risks

    Alvotech's Celtic Holdings pledged 27.5% of shares for a $40M loan, while EchoStar's Ergen family uses complex trust structures. These arrangements introduce forced-selling and governance risks that passive filings may obscure. [IMPLICATION: Scrutinize filings for pledge disclosures]

  • Concentrated Ownership in Precious Metals

    Elliott's 64.7% stake in Triple Flag and CDPQ's 19.8% in Lafayette Square show large institutional investors seeking yield in alternative asset classes. This concentration can lead to liquidity discounts but also activist catalysts. [IMPLICATION: Monitor for shareholder distributions]

Watch List (8)

Filing Analyses (19)
T Stamp Inc SC 13G/A neutral materiality 6/10

30-06-2026

Galloway Capital Partners, LLC and related entities disclosed a 13.64% beneficial ownership stake in T Stamp Inc (IDAI) as of June 30, 2026, holding 764,000 shares of common stock. The filing is an amendment to Schedule 13G, indicating passive investment intent, with Bruce Galloway as the controlling individual.

  • · Bruce Galloway owns approximately 40% of the partnership interests in Galloway Capital, LP as of June 30, 2026.
  • · The filing is made under Rule 13d-1(c), indicating the shares were not acquired to change or influence control of the issuer.
  • · Galloway Capital Partners, LLC has the power to vote and dispose of the shares owned by Galloway Capital, LP.
EchoStar CORP SC 13D/A neutral materiality 9/10

30-06-2026

Charles W. Ergen and his spouse Cantey M. Ergen collectively control approximately 90.3% of the voting power of EchoStar Corp through direct and indirect holdings of Class A and Class B common stock, as disclosed in a Schedule 13D/A filing dated June 30, 2026. The filing details a complex ownership structure involving multiple trusts (GRATs) and entities, including Telluray Holdings and CONX Corp, with the Ergens' effective voting power slightly reduced to approximately 89.4% (Charles) and 89.3% (Cantey) due to a support agreement limiting voting on certain matters. No period-over-period comparisons are available as this is a snapshot filing.

  • · Charles Ergen directly owns 11,140,269 shares of Class A Common Stock and 2,388,447 shares of Class B Common Stock.
  • · Charles Ergen has the right to acquire 1,497,478 additional Class A shares within 60 days via options.
  • · Cantey Ergen directly owns 1,967 Class A shares and 1,313 Class A shares via DISH Network 401(k) Plan.
  • · Telluray Holdings holds 2,350,696 Class A shares and 60,517,502 Class B shares; Cantey Ergen has sole voting power as manager.
  • · The 2024 July GRAT holds 18,561,842 Class B shares (10.5% of class, 12.6% voting power).
  • · The 2025 May GRAT holds 23,097,210 Class B shares (12.7% of class, 15.7% voting power).
  • · The 2025 June GRAT holds 14,483,467 Class B shares (8.3% of class).
  • · The 2025 July GRAT holds 8,000,000 Class B shares.
  • · The 2026 June GRAT holds 4,300,000 Class B shares.
  • · CONX Corp holds 1,551,355 Class A shares, indirectly owned by Charles Ergen through nXgen Opportunities, LLC.
  • · A charitable foundation for which both Ergens are officers holds 766,443 Class A shares (shared voting/dispositive power).
  • · The Amended Support Agreement restricts voting of Class A shares on matters where Class B holders are not entitled to vote, for three years post-EchoStar/DISH merger.
Joby Aviation, Inc. SC 13D/A neutral materiality 8/10

30-06-2026

Toyota Motor Corporation filed an amended Schedule 13D disclosing a 13.1% beneficial ownership stake in Joby Aviation, comprising 128,454,401 common shares as of June 29, 2026. On that date, Toyota, Joby Aero, and a newly formed joint venture (JTAMPC) entered into a stockholders agreement to manufacture Joby's S4 Series eVTOL aircraft, with Toyota purchasing $1.02 million in JTAMPC shares for 51% ownership. The filing notes that this joint venture does not satisfy the closing conditions for Toyota's second tranche investment under the existing stock purchase agreement.

  • · Toyota's beneficial ownership includes shares held through two affiliated funds (TVF and TVPF) over which Toyota has voting and dispositive power.
  • · The joint venture JTAMPC was incorporated as a Delaware corporation for the purpose of manufacturing Joby's S4 Series eVTOL aircraft.
  • · Toyota is entitled to designate a majority of JTAMPC's directors under the stockholders agreement.
  • · The stockholders agreement explicitly states that the joint venture formation does not alone satisfy closing conditions for Toyota's second tranche investment under the A&R Stock Purchase Agreement.
  • · No transactions in common shares were effected by Toyota during the past 60 days except as described in the amendment.
Lafayette Square USA, Inc. SC 13D/A neutral materiality 6/10

30-06-2026

Caisse de dépôt et placement du Québec (CDPQ) filed Amendment No. 10 to its Schedule 13D, reporting beneficial ownership of 6,789,418.28 shares of Lafayette Square USA, Inc. common stock, representing 19.8% of outstanding shares as of June 26, 2026. The amendment was triggered by a change in the number of outstanding shares, and CDPQ made two additional purchases: 336,927.224 shares at $14.84 per share on December 19, 2025, and 338,294.99 shares at $14.78 per share on March 30, 2026, each for $5,000,000. No other material changes were reported since Amendment No. 9.

  • · Amendment No. 10 was triggered by a change in the number of outstanding shares of Common Stock.
  • · CDPQ's beneficial ownership percentage is based on 34,293,626.65 shares outstanding as of June 26, 2026, as provided by the issuer.
  • · The two purchases were made pursuant to drawdown notices under a Subscription Agreement.
  • · No transactions in Common Stock were effected by CDPQ in the last 60 days, except as described in Item 3.
  • · The filing includes an updated list of directors and officers of CDPQ with their citizenships.
nCino, Inc. SC 13D/A neutral materiality 5/10

30-06-2026

HMI Capital Management, L.P. filed an amended Schedule 13D with the SEC on June 30, 2026, reporting beneficial ownership of 4,990,713 shares of nCino, Inc. common stock, representing 4.6% of outstanding shares. The filing discloses open-market sales of 885,000 shares on June 24 and June 26, 2026, at weighted average prices of $14.75 and $15.44 per share, respectively. The filing also notes that a portion of the shares represents equity-based compensation granted to a board member for the benefit of the fund, with up to an additional 17,021 restricted stock units subject to vesting.

  • · The filing is an amendment to the original Schedule 13D filed on October 21, 2024.
  • · All transactions were open-market sales; no purchases were reported in the past 60 days.
  • · The sale on June 24, 2026, was at a weighted average price of $14.75 per share (range $14.67–$14.88).
  • · The sale on June 26, 2026, was at a weighted average price of $15.44 per share (range $15.10–$15.72).
  • · HMI Capital expressly disclaims beneficial ownership over the reported securities under Rule 13d-4.
  • · A portion of the shares includes equity-based compensation granted to Mr. Nyweide for board service, held for the benefit of the fund.
Nautilus Biotechnology, Inc. SC 13D/A negative materiality 8/10

30-06-2026

On June 26, 2026, entities affiliated with Andreessen Horowitz (AH Bio Fund II, L.P. and Andreessen Horowitz LSV Fund II, L.P.) sold a combined 3,590,863 shares of Nautilus Biotechnology common stock in a single block trade at $2.00 per share. Following the sale, the reporting persons collectively beneficially own 9,063,054 shares, representing 7.1% of the outstanding common stock, down from their prior aggregate position of 12,653,917 shares (approximately 10.0% based on the same outstanding share count). The sale represents a significant reduction in their stake, though they remain a major shareholder.

  • · The sale was executed as a single block trade on June 26, 2026, at $2.00 per share.
  • · The filing is an amendment (No. 2) to the original Schedule 13D filed June 30, 2021, and was previously amended on June 4, 2026.
  • · Marc Andreessen and Benjamin Horowitz each individually beneficially own 9,063,054 shares (7.1%) after the sale, reflecting their shared control over the fund entities.
  • · AH Bio Fund II, L.P. now holds 8,366,966 shares (6.6%), and Andreessen Horowitz LSV Fund II, L.P. holds 696,088 shares (0.5%).
  • · The percentage calculations are based on 127,078,855 shares outstanding as of April 23, 2026.
Perspective Therapeutics, Inc. SC 13G neutral materiality 5/10

30-06-2026

Millennium Management LLC, along with Millennium Group Management LLC and Israel A. Englander, filed a Schedule 13G disclosing beneficial ownership of 4,893,883 shares of Perspective Therapeutics, Inc. common stock, representing 4.3% of outstanding shares as of June 23, 2026. The filing indicates that the reporting persons ceased to be beneficial owners of more than 5% after acquiring such ownership on June 23, 2026, and are now below the 5% threshold.

  • · The filing was made pursuant to Rule 13d-1(c), indicating the filers are passive investors.
  • · The reporting persons ceased to be beneficial owners of more than 5% of the outstanding common stock by the date of this filing.
  • · The securities are held by entities subject to voting control and investment discretion by Millennium Management LLC and/or other investment managers controlled by Millennium Group Management LLC and Mr. Englander.
ProQR Therapeutics N.V. SC 13D/A neutral materiality 5/10

30-06-2026

Van Herk Investments B.V. and related entities filed an amended Schedule 13D with the SEC on June 30, 2026, disclosing beneficial ownership of 15,384,250 ordinary shares of ProQR Therapeutics N.V., representing 10.9% of outstanding shares as of June 26, 2026. The filing reflects a change in ownership percentage due to an increase in total outstanding shares from a recent prospectus supplement, not from any transactions by the reporting persons.

  • · The filing is an amendment to a previous Schedule 13D, with prior amendments filed on May 28, 2025, August 20, 2025, September 4, 2025, September 30, 2025, February 6, 2026, and June 3, 2026.
  • · The change in percentage ownership is solely due to an increase in total outstanding shares from a prospectus supplement dated June 25, 2026, not from any purchase or sale by the reporting persons.
  • · No transactions in ordinary shares were effected by the reporting persons during the past sixty days.
JANUS HENDERSON GROUP PLC SC 13D/A neutral materiality 8/10

30-06-2026

Trian Fund Management filed Amendment No. 19 to its Schedule 13D on June 30, 2026, reporting the consummation of the merger of Janus Henderson Group plc with a subsidiary of Parent. Under the merger, each ordinary share (except those held by Parent) was converted into the right to receive $52.00 per share in cash. Trian contributed 25,136,205 shares to Jupiter Topco LLC in exchange for equity interests, and all other Trian-owned shares received the cash consideration. As a result, Trian ceased to be a beneficial owner of more than 5% of the ordinary shares, and the shares will be delisted from the NYSE and deregistered.

  • · The merger was consummated on June 30, 2026, under an Agreement and Plan of Merger dated December 21, 2025, as amended.
  • · Immediately prior to the Effective Time, each member of the Issuer's board of directors, including Trian partners Brian Baldwin and Josh Frank, resigned.
  • · The surviving company converted to a private limited company under Jersey law and changed its name to Janus Henderson Group Ltd.
  • · Trian's beneficial ownership of ordinary shares ceased as of the merger, but it retains an equity interest in the surviving company through Topco.
DAKTRONICS INC /SD/ SC 13D/A neutral materiality 5/10

30-06-2026

Alta Fox Opportunities Fund, LP filed Amendment No. 6 to its Schedule 13D with the SEC, disclosing it now beneficially owns 2,886,799 shares of Daktronics Inc., representing approximately 6.0% of the total outstanding shares as of June 26, 2026. The shares were acquired with working capital at an aggregate cost of approximately $17,979,937 (including commissions). The filing updates beneficial ownership percentages and reports recent open-market transactions in the past 60 days, but no new acquisitions were made by the related entities Alta Fox GP, Alta Fox LLC, Alta Fox Capital, or Mr. Haley during that period, indicating a steady or slightly reduced stake relative to the issuer's latest share count.

  • · The filing is Amendment No. 6 to Schedule 13D and updates Items 5(a)-(c) and adds Exhibit 1 detailing recent transactions.
  • · No significant change in overall ownership position; the 6.0% stake is unchanged from prior filing.
  • · All shares are held indirectly through Alta Fox Opportunities Fund, LP; related entities (GP, LLC, manager) disclaim beneficial ownership except to the extent of their pecuniary interest.
CalciMedica, Inc. SC 13D/A neutral materiality 6/10

30-06-2026

CalciMedica completed a public offering of 18,673,429 units at $0.8033 per unit, with insiders Eric Roberts and Rachel Leheny each purchasing 186,729 units using personal funds. The filing also discloses ongoing open-market and option purchases by Roberts and Leheny throughout 2025 and 2026, as well as updated beneficial ownership stakes, with Roberts at 6.4% and Leheny at 6.3% of the company’s 30,736,401 outstanding shares as of June 25, 2026.

  • · The offering closed on June 25, 2026, and insiders used personal funds for their purchases.
  • · Prior to the offering, Roberts engaged in multiple open-market purchases between June 2025 and September 2025 at prices ranging from $1.43 to $3.775 per share.
  • · Leheny made open-market purchases of 2,500 shares at $2.47 on July 14, 2025, and 1,000 shares at $3.40 on July 21, 2025.
  • · Roberts exercised 15,000 stock options at $1.53 per share on August 20, 2025.
  • · Valence SPV IV holds 356,989 shares (1.2%), Valence SPV V holds 86,098 shares (0.3%), and Valence SPV VI holds 316,109 shares (1.0%).
APPIAN CORP SC 13G neutral materiality 6/10

30-06-2026

Lead Edge Capital Management, LLC and its managing members (Mitchell Green, Brian Neider, Nimay Mehta) filed a Schedule 13G with the SEC on June 30, 2026, disclosing beneficial ownership of 2,878,544 shares of Appian Corporation Class A Common Stock, representing a 6.8% stake. The shares are held through private investment funds managed by Lead Edge Capital, and the filing is made under Rule 13d-1(b), indicating passive investment intent.

  • · The filing is a Schedule 13G (passive investment), not a 13D (activist).
  • · Each managing member individually disclaims beneficial ownership except for pecuniary interest.
  • · The filing was made jointly by Lead Edge Capital Management, LLC and its three managing members.
  • · The shares are held by private investment funds (Lead Edge Entities) managed by Lead Edge Capital Management.
TheRealReal, Inc. SC 13G neutral materiality 6/10

30-06-2026

Divisadero Street Capital Management, LP and related entities filed a Schedule 13G disclosing beneficial ownership of 9,198,248 shares of TheRealReal, Inc. common stock, representing 7.6% of shares outstanding as of June 23, 2026. The filing indicates passive investment intent, with no intention to change or influence control of the issuer.

  • · Divisadero Street Partners, L.P. owns 7,087,382 shares (5.9%) directly.
  • · William Zolezzi and Divisadero Street Capital, LLC are control persons of Divisadero Street Capital Management, LP.
  • · The filing is made pursuant to Rule 13d-1(c), indicating passive investment.
  • · All securities are directly owned by advisory clients of Divisadero Street Capital Management, LP.
PROASSURANCE CORP SC 13D/A neutral materiality 7/10

30-06-2026

Magnetar Financial LLC and related reporting persons filed a final Schedule 13D/A on June 30, 2026, disclosing that they ceased to be beneficial owners of more than 5% of ProAssurance Corp. common stock following the company's merger on June 26, 2026. In the merger, each outstanding share was cancelled and converted into $25.00 cash, and the reporting persons' 2,615,966 shares were converted accordingly. The filing also notes that the reporting persons purchased an additional 53,990 shares in the prior sixty days for approximately $1.31 million, but as of the merger date their beneficial ownership dropped to 0%.

  • · The merger was consummated on June 26, 2026.
  • · The reporting persons' shares were held across multiple funds: 896,690 for PRA Master Fund; 644,313 for Systematic Master Fund; 290,659 for Relative Value Master Fund; and 784,304 for two Managed Accounts.
  • · The additional 53,990 shares were purchased at weighted average prices of $23.99172 and $24.44363 per share on June 2 and June 3, 2026, respectively.
  • · The filing includes a joint filing agreement and a limited power of attorney dated December 22, 2022.
Triple Flag Precious Metals Corp. SC 13D/A neutral materiality 8/10

30-06-2026

Elliott Investment Management L.P. filed Amendment No. 3 to its Schedule 13D, reporting beneficial ownership of 133,241,535 common shares of Triple Flag Precious Metals Corp., representing 64.7% of the 205,994,812 shares outstanding. The aggregate purchase price of these shares is approximately $1,015,457,955. The amendment also notes the settlement of a prior confirmation on June 30, 2026, involving the sale of 6,680 shares at $35.91 per share.

  • · The filing is Amendment No. 3 to the Schedule 13D originally filed on March 21, 2023.
  • · The Reporting Person may hold shares in margin accounts and pledge them as collateral.
  • · No transactions were effected by the Reporting Person in the past sixty days except the settlement described.
  • · The March 2026 Confirmation settled on June 30, 2026, with TFM Aggregator selling 6,680 shares to GSI at $35.91 per share.
Alvotech SC 13D/A neutral materiality 7/10

30-06-2026

Celtic Holdings SCA and its subsidiary Celtic Lux Holdings S.a r.l. filed Amendment No. 3 to Schedule 13D reporting beneficial ownership of 107,450,988 ordinary shares of Alvotech (27.5% of 390,431,480 shares outstanding) as of June 26, 2026. Celtic Lux entered into a lock-up agreement with underwriters (through September 2026) and a $40 million senior secured term loan facility to fund a PIPE investment, pledging all owned shares as collateral but retaining voting and dividend rights prior to default. The filing notes no other transactions by the reporting persons in the prior 60 days.

  • · Lock-up agreement from June 10, 2026 covers 90 days from the date of the prospectus supplement (filed June 16, 2026), restricting sales, swaps, and registration demands by Celtic Lux.
  • · The $40 million facility agreement is secured by a pledge of all Alvotech shares held by Celtic Lux, including PIPE shares; in default lenders may enforce voting proxy and dispose of collateral.
  • · Loan matures 12 months from first draw (June 26, 2026) and carries 0% interest unless default occurs (then 2% p.a.).
  • · Prepayment fees apply: during first 6 months, 9 months, or 12 months of term if prepaid/accelerated.
  • · No transactions other than those described (lock-up and facility) were engaged in by reporting persons in the past 60 days.
Nano Dimension Ltd. SC 13D positive materiality 9/10

30-06-2026

Tang Capital Management, LLC and affiliated entities disclosed a 6.8% beneficial ownership stake in Nano Dimension Ltd. as of June 24, 2026, holding 14,292,813 ADSs. On June 30, 2026, Tang Capital sent a merger proposal to acquire Nano Dimension for $1.60 per share in cash, subject to limited due diligence and execution of a definitive agreement by end of July 2026. The filing details recent purchases of shares at prices ranging from $1.195 to $1.43 per share, with the proposal representing a premium over recent trading prices.

  • · Tang Capital's merger proposal is at $1.60 per share, representing a premium over recent purchase prices (range $1.195-$1.43).
  • · The Reporting Persons include Tang Capital Management, Kevin Tang, Tang Capital Partners LP, Tang Capital Partners International LP, Tang Capital Partners III Inc., Tang Capital Partners IV Inc., and Concentra Biosciences LLC.
  • · Shares were acquired using working capital; margin accounts may have been used but amounts cannot be determined.
  • · The filing includes a joint filing agreement and a detailed schedule of transactions over the past 60 days, with purchases on multiple dates in June 2026.
Columbus Circle Capital Corp II SC 13G neutral materiality 5/10

30-06-2026

Linden Capital L.P. and related entities filed a Schedule 13G disclosing beneficial ownership of 1,550,000 Class A Ordinary Shares (6.5%) of Columbus Circle Capital Corp II as of June 26, 2026. The filing is a passive investment (Rule 13d-1(c)) with no intent to change or influence control of the issuer.

  • · The filing is made under Rule 13d-1(c), indicating a passive investment intent.
  • · Linden Capital L.P. is a Bermuda limited partnership; Linden GP LLC and Linden Advisors LP are Delaware entities; Mr. Wong is a citizen of China (Hong Kong) and the United States.
  • · Principal business address for Linden Capital is Victoria Place, 31 Victoria Street, Hamilton HM10, Bermuda.
  • · Principal business address for Linden Advisors, Linden GP, and Mr. Wong is 590 Madison Avenue, 32nd Floor, New York, New York 10022.
  • · The filing includes a Joint Filing Agreement among the Reporting Persons.
Bitdeer Technologies Group SC 13D/A neutral materiality 5/10

30-06-2026

Tether entities filed Amendment No. 13 to Schedule 13D to correct an understatement of Class A shares transferred internally. Tether International now holds 37,729,510 Class A shares (19.7%) of Bitdeer Technologies Group, unchanged from prior filings. The amendment also discloses recent open-market sales of 627,021 shares by Tether Investments in June 2026.

  • · The filing corrects an inadvertent understatement of shares transferred from Tether Investments to Tether International on June 12, 2026; the correct number is 37,729,510 shares.
  • · Tether Investments sold 373,904 shares on June 3, 2026 at $20.3668 per share and 253,117 shares on June 4, 2026 at $20.0137 per share.
  • · The reporting persons disclaim beneficial ownership of shares held by Tether International except to the extent of pecuniary interest.
  • · Giancarlo Devasini has a greater than 50% voting interest in Tether Global Investments Fund.
  • · Tether entities have previously settled regulatory proceedings with the CFTC ($41 million penalty) and NYAG ($18.5 million penalty).

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