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Thursday, October 22, 2026

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@StableBread 2 clicks

Fajasy on X

Newbury Street II $NTWO, the SPAC taking robot-safety maker FORT Robotics public, closed at $10.81 on October 9, below the cash in its trust. The final proxy for its October 28, 2026 extension vote, filed the same day, shows $186.9M in the trust as of October 7, or $10.833/share. The vote would push Newbury's deadline for closing the deal from November 4 to February 4, 2027, and holders who want to cash out at $10.833 have until 5pm EST on October 26 to submit their shares. The proxy also says the S-4 (the merger filing) is still "to be filed," 52 days after FORT CEO Samuel Reeves told employees to expect it "in the coming weeks." So at $10.81, the market values the FORT deal at zero, and holders who skip this redemption can still cash out at the merger vote, once they've seen the S-4.
@calvinblissett

Calvin Blissett on X

$TLF: Tandy Leather Factory (TLF) is the dominant specialty retailer and wholesaler of leather, tools, hardware, dyes, and DIY kits for leathercraft, with ~101 stores plus e-commerce serving a niche hobbyist and artisan base; its narrow moat stems from a 100+ year brand, unmatched physical store network that doubles as hands-on community and education hubs (classes, expert staff, ability to feel product quality), and a deep proprietary assortment of kits/tools that general craft chains cannot match, supporting high gross margins (recently expanding toward 65%) and modest customer stickiness. At ~$2.55/share it has a market cap of ~$21M and enterprise value of ~$43M (with ~$28M debt/leases vs. ~$6.4M cash); it trades at a steep discount to tangible book value of $47M ($5.73/share, P/B ~0.45x) and working capital of ~$35M, both well above the market cap, implying liquidation value (even after conservative discounts on inventory) exceeds the equity value and provides a meaningful margin of safety. Capital allocation has featured large special dividends (including ~$6.1M or $0.75/share in early 2026, partly from prior asset sales) with an unused $5M buyback authorization, while recent investments in a new headquarters/flagship and systems pressured cash. Future growth is modest, driven by pricing power, e-commerce/nontraditional channels, and expense discipline in a flat-to-declining niche rather than volume expansion. LTM Owner’s Earnings (FCF) are negative at roughly -$2.3M due to operating outflows and elevated CapEx; next-12-month figures should improve toward breakeven or modestly positive as one-time spending normalizes and margins hold. Likely catalysts include sustained operating profitability and positive free cash generation (already evident in recent quarterly margin gains and small profits), potential further capital returns if cash rebuilds, and deep-value attention given the low float and discount to book; risks center on consumer discretionary sensitivity, rising occupancy costs, competition, and inventory management.
@calvinblissett

Calvin Blissett on X

$CNRD: M cap $145m, net cash $28m. $28.83 stock. One of the few specialized ship makers left. Q3 2025 footnotes whow change in severance comp indicating a sale and foudning family estate planning. Sale at 8x 2025 EBITDA yields $54-$55 share price. Won a partnership with Samsung recently. Contract won May 13th is $25m min over next 3 years. Backlog $293m. $3.6 a share in FCF in Q2 2026 alone (stock at $28.83). Founding family involved. Current administration likley to spend more $ on shipbuilding (Fact Sheet: President Donald J. Trump Restores America’s Maritime Dominance – The White House). (Navy shipbuilding stands to get $27 billion in funding in 2026 - Defense One).

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Mosaic, Part One: The Story

Mosaic’s history traces the 2004 Cargill-IMC merger and the phosphate and potash mines that shaped NYSE: MOS.

MOS $5.5B
Latticework by MOI Global 26 clicks

Mosaic, Part Two: The Deep Dive

Mosaic, NYSE: MOS, is the subject of a second audio program for professional investors analyzing fertilizer producers.

MOS $5.5B
Latticework by MOI Global 4 clicks

Unicycive (UNCY):

Unicycive’s oxylanthanum carbonate NDA earned a March 25, 2027 PDUFA date after two manufacturing-related rejections, with no FDA clinical…

UNCY $108M
Triple S Special Situations Investing 4 clicks

Moon River Moly: Research Note

Moon River Moly’s updated Davidson PEA lifts after-tax NPV to $1.24 billion as flotation raises tungsten output 350% and cuts molybdenum…

MRIVF $16M
Atrium Research - Equity Research 4 clicks

GLOO, part two

Gloo faces related-party deals, insider-heavy IPO ownership, acquisition losses and $84.5 million of CEO-backed puts as it burns cash and…

GLOO $291M
Guardian Research 4 clicks

Why I sold OB pick for 26 SVM

Silvercorp’s falling Ying grades, prolonged GC suspension, El Domo execution risk and Chaarat funding needs weaken its valuation despite…

SVM $2B
The Oak Bloke 27 clicks
UNCY · long

Unicycive Therapeutics INC

Unicycive Therapeutics fell nearly 50% after a second FDA Complete Response Letter tied to a third-party manufacturer for its primary…

UNCY $108M
Value Investors Club

Vicor Update, Part Three

Vicor’s $66.6 million in AI power-delivery royalties generated about $50 million of operating profit, eclipsing its module business as…

VICR $8.1B
CV's Substack 28 clicks

Carecloud News

CareCloud may attract a private-equity buyer after its Q3 call, with acquiring enough shares the main obstacle to a take-private deal.

CCLD $74M
Calvin Blissett 10 clicks

Monte Investments Market Brief Vol. CXXXII

CoreWeave and neocloud peers face financing pressure, but sold-out GPU capacity and rising H100 and B200 rental rates support continued AI…

MYRG $4B
Monte Independent Investment Research 8 clicks

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