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Tuesday, November 10, 2026

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Insider activity October 2026

Asian insider buying reached $2.9 billion in October, the highest since 2018, with South Korea and Thailand leading. The report highlights Bank Rakyat Indonesia among five purchases.

BKRKY $23B
Asian Century Stocks 1 click

From X

@StableBread

Fajasy on X

$NTWO, the SPAC taking robot-safety maker FORT Robotics public, may bring FORT only ~$41-59M of cash before fees, not the ~$74M its trust and private placement (PIPE) add up to, since the two overlap. The trust (the IPO cash held for shareholders) has ~$33M left after holders cashed out 82% of it on October 28, and the PIPE adds $41.25M. But PIPE investors can meet their commitments by keeping $NTWO shares in the trust instead of cashing them out, and the 10-Q says holders of ~1.41M shares (~$15M) had shown interest in doing so as of September 30, so the ~$74M counts those shares twice. The $41.25M PIPE sets the floor, and the other ~1.64M public shares in the trust add up to ~$17.8M more if their holders don't cash out at the merger vote. One cost did come down: BTIG, the bank that ran the 2024 IPO, agreed to take $2.0M at closing instead of $6.04M. The 10-Q also shows $NTWO hired Donerail, a firm affiliated with William Wyatt, as a deal advisor on September 29, the day Wyatt resigned from the board, for $350,000 plus a stake in 599,166 founder shares held by the sponsor (the group that set up $NTWO), so it barely touches FORT's cash. In my September 16 deep dive, the deal would bring in $200.8M before fees if no holders cashed out, or $39.73M if 95% did, so ~$41-59M lands it near the low end. So I read the deal as a ~$41M private round with a Nasdaq listing attached, plus whatever public holders decide to leave in the trust. What I'd want to see in the merger filing (S-4), which still hasn't been filed: 1) Revenue: FORT's audited 2025 revenue and its 2026 revenue through at least Q2. 2) New cash: How many of the ~1.41M shares end up counting toward the PIPE instead of new cash. 3) Fees: The full cost to close, which decides how much of the ~$41-59M FORT keeps.

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Quick Value #337 - Dana Inc (DAN)

Dana is combining with Eaton’s Mobility unit via a 1Q27 Reverse Morris Trust after selling a division, delevering and accelerating buybacks.

DAN $2.1B
Value Don't Lie 2 clicks

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $372M
Orphan REITs 2 clicks

STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
Trade Ideas Flow 1 click

Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

RBLX $35B
TSOH Investment Research 1 click

DoorDash and Google

DoorDash and Google.

DASH $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks

Diamond Estates: Research Note

Diamond Estates converts $4.7 million of Lassonde debentures at a 69% premium, cutting debt to $10.9 million and raising Lassonde ownership…

LSDAF $1.2B
Atrium Research - Equity Research 3 clicks
FND · long

FLOOR & DECOR HLDGS

Floor & Decor operates 281 warehouse-format stores selling hard-surface flooring and accessories nationwide.

FND $5B
Value Investors Club 1 click

Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing…

VICR $6.8B
CV's Substack 3 clicks

Floor & Decor 3Q26: Business Update

Floor & Decor’s 3Q26 sales rose 3% while comparable sales fell 1.4%; it cut 2027 openings to 10-15 as high mortgage rates pressure…

FND $5B
Speedwell Memos 1 click

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