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<a href="https://www.channelchek.com/comapny/dlhc">Research News and Market Data on DLHC </a>



June 30, 2026



<a href="https://investors.dlhcorp.com/node/14616/pdf" target="_blank" rel="noreferrer noopener">PDF Version</a>



<h3 class="wp-block-heading">Zach Parker to Retire; Kathryn JohnBull Appointed CEO; Steve Oroho Appointed CFO</h3>



ATLANTA, June 30, 2026 (GLOBE NEWSWIRE) --&nbsp;DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of digital transformation and cybersecurity, systems engineering and integration, and science research and development solutions to federal agencies,&nbsp;today announced the following leadership changes:



<ul class="wp-block-list">
<li>Zach Parker will retire from the role of Chief Executive Officer</li>



<li>The Board has appointed Kathryn JohnBull as CEO</li>



<li>The Board has appointed Steve Oroho as Chief Financial Officer</li>
</ul>



Zach Parker



Zach Parker will retire as DLH’s Chief Executive Officer and President effective at the close of business on June 30, 2026. To support a smooth leadership transition, Mr. Parker will remain with the Company as an advisor to the Board and incoming CEO through the end of the current fiscal year. He will continue to serve as a member of the Board and beginning in fiscal 2027 will serve as a consultant to the Company in support of certain strategic growth pursuits.



“Sixteen years ago, Zach Parker became the CEO of a $35 million revenue company that was insignificant to the Government Services industry,” said Chairman of the Board Rick Wasserman. “He built a team, and together, they built that organization into the DLH of today. His accomplishments have been exemplary in shaping the Company’s success and creating significant value for our shareholders and career opportunities for our employees. We are grateful for his leadership and pleased that the Company will continue to benefit from his deep industry knowledge, strategic perspective, and longstanding relationships through his continued service on the Board. We are also appreciative that the team he built is uniquely qualified and well positioned to lead us into the future. We wish Zach a long and enjoyable retirement and much happiness in the future.”



"I am proud of what our team has accomplished and excited about DLH's future," said Mr. Parker. "After 16 years as CEO, I believe this planned transition represents the right next step for the Company and for me personally. Kathryn has been a close partner, and I have great confidence in her ability to lead the Company through its next chapter. I look forward to supporting Kathryn, the leadership team, and the Board as we continue working to create sustainable long-term value for our shareholders."



Kathryn JohnBull



Kathryn JohnBull has been appointed as DLH’s Chief Executive Officer and President upon Mr. Parker’s retirement. Ms. JohnBull brings deep public-company leadership experience, financial discipline, and a thorough understanding of the government services market to her new role. She joined DLH as Chief Financial Officer in 2012, and has been central to the Company’s growth, acquisition strategy, capital markets activities, financial operations, and investor engagement.



“Kathryn is exceptionally well prepared to lead DLH at this important moment in the Company’s evolution,” Mr. Wasserman continued. “During her 14 years with us, she has demonstrated a strong combination of leadership skills, financial acumen, operating discipline, customer understanding, and public-company experience. This promotion is well earned, and the Board is confident that Kathryn and her leadership team are well positioned to advance the Company’s strategy and compete for new business opportunities, which create value for our shareholders.”



“I am honored to lead DLH as we enter the next stage of our corporate journey,” said Ms. JohnBull. “Our company has been built by talented people, highly valued customer relationships, and an unwavering commitment to supporting critical government missions. As we look ahead, our focus will be clear: executing with discipline and excellence, delivering exceptional value for our customers, and investing in and empowering our employees. By embracing innovation and strengthening the capabilities that differentiate DLH, we will continue building a company where our employees will grow, our customers will be well served, and our business will thrive.”



Steve Oroho



Steve Oroho has been appointed as DLH’s Chief Financial Officer and Treasurer upon Ms. JohnBull’s appointment as CEO. Mr. Oroho joined DLH in 2018 and has served as Senior Vice President, Finance &amp; Accounting. In that role, he has played an important part in the Company’s financial reporting, strategic planning, accounting, treasury, and business operations support. As Chief Financial Officer, Mr. Oroho will lead DLH’s finance organization, including accounting, financial planning and analysis, treasury, tax, investor relations, and related financial operations.



“Steve has been an important member of DLH’s finance leadership team and brings deep knowledge of the Company’s operations, financial systems, and strategic priorities,” said Ms. JohnBull. “His experience, judgment, and commitment to disciplined execution will serve DLH well as we continue to advance our strategic and financial objectives.”



“I am grateful for the opportunity to serve as DLH’s Chief Financial Officer,” said Mr. Oroho. “I look forward to continuing to work closely with Kathryn, the Board, and our leadership team to support our customers, strengthen our operating performance, and create sustainable value for our shareholders.”



About DLH:



DLH (NASDAQ: DLHC) enhances technology, public health, and cyber security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With a world-class workforce dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to innovative solutions to improve the lives of millions. For more information, visit&nbsp;<a href="https://www.globenewswire.com/Tracker?data=H5LZjl6vgyO8Pw3AG7iU6vGOCzPnBMizw_SN-q8Rd-vAIyrFXcd6pah-0ebsh8zZsHIpmeDOORRY4t69IYNTKf7VkoAJdzScEq-c1ZuEiio=" rel="noreferrer noopener" target="_blank">www.DLHcorp.com</a>.&nbsp;



Contact Information:



Investor Relations Chris Witty (646) 438-9385 <a href="https://www.globenewswire.com/Tracker?data=hLXMyG9mEkk3eRs0uN-N-Z99Le6xkMaPCEN_yNvfMu5BPX2zn7ScVhiGiUY7AR6oWptQB3NzXY3gNJraaC4svUbjPpy7NjKmlB-MU9oC1ld5kAnYb0EWwEM9C-63gfkmUg1xuyiE3O0MWxdBFYzUS2ZPovs8kYD5TvBoCkhSRfufOj9Ks-Eop78mPRSdKZual9z9Q8g7T23y_VSroDen_maRNcNGQjGCcl33xPT-SJ6qozrSO4qM7wDfOAkRWC_V5MQdnoefjzRi7OoBeVP-Fg==" rel="noreferrer noopener" target="_blank">cwitty@darrowir.com</a>



Media <a href="https://www.globenewswire.com/Tracker?data=WUcVVhUo7_XDKpUMDO0NgihltyAMYvhRIGTgLih7q86Bgef7IKV6S_3okLiLYstRyoXm2X93NNnwrgZgslsXHdV3fHNRQKaSt7K4AOgvr3XQWvL-keJr_ot8m0Ct7ApuUGiB2-1yOdnpxKKTEtqjohHgMGu3N7HOUKLxZqGhXdpmthbFX3KxuFmIe7o_omU3VEX2NYUpR791bjr3yufruqN-YyRAbNjhNCYfR_8LhdUecU1amY4Ujm5FpHaPLIOSxa-OKb-R4soyMEgRrUQwOeZQeFBUitW2G-G8Pllx4FJ1PqWE9byxDahmxCE25STI" rel="noreferrer noopener" target="_blank">communications@dlhcorp.com</a>



Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:



This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward-looking statements that involve risks and uncertainties which could cause actual events or DLH’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding the anticipated use of proceeds. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements due to a variety of factors, including: the failure to achieve the anticipated benefits of any future acquisition (including anticipated future financial operating performance and results); the inability to retain employees and customers; contract awards in connection with re-competes for present business and/or competition for new business; our ability to manage our debt obligations; compliance with bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities; legal, regulatory, and political changes from the federal government that could result in economic uncertainty; the impact of inflation and higher interest rates; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as well as interim quarterly filings thereafter. The forward-looking statements contained herein are not historical facts, but rather based on current expectations, estimates, assumptions and projections about our industry and business.



Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements.

Research News and Market Data on DLHC 



June 30, 2026



PDF Version



Zach Parker to Retire; Kathryn JohnBull Appointed CEO; Steve Oroho Appointed CFO



ATLANTA, June 30, 2026 (GLOBE NEWSWIRE) &#8212;&nbsp;DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of digital transformation and cybersecurity, systems engineering and integration, and science research and development solutions to federal agencies,&nbsp;today announced the following leadership changes:




Zach Parker will retire from the role of Chief Executive Officer



The Board has appointed Kathryn JohnBull as CEO



The Board has appointed Steve Oroho as Chief Financial Officer




Zach Parker



Zach Parker will retire as DLH’s Chief Executive Officer and President effective at the close of business on June 30, 2026. To support a smooth leadership transition, Mr. Parker will remain with the Company as an advisor to the Board and incoming CEO through the end of the current fiscal year. He will continue to serve as a member of the Board and beginning in fiscal 2027 will serve as a consultant to the Company in support of certain strategic growth pursuits.



“Sixteen years ago, Zach Parker became the CEO of a $35 million revenue company that was insignificant to the Government Services industry,” said Chairman of the Board Rick Wasserman. “He built a team, and together, they built that organization into the DLH of today. His accomplishments have been exemplary in shaping the Company’s success and creating significant value for our shareholders and career opportunities for our employees. We are grateful for his leadership and pleased that the Company will continue to benefit from his deep industry knowledge, strategic perspective, and longstanding relationships through his continued service on the Board. We are also appreciative that the team he built is uniquely qualified and well positioned to lead us into the future. We wish Zach a long and enjoyable retirement and much happiness in the future.”



&#8220;I am proud of what our team has accomplished and excited about DLH&#8217;s future,&#8221; said Mr. Parker. &#8220;After 16 years as CEO, I believe this planned transition represents the right next step for the Company and for me personally. Kathryn has been a close partner, and I have great confidence in her ability to lead the Company through its next chapter. I look forward to supporting Kathryn, the leadership team, and the Board as we continue working to create sustainable long-term value for our shareholders.&#8221;



Kathryn JohnBull



Kathryn JohnBull has been appointed as DLH’s Chief Executive Officer and President upon Mr. Parker’s retirement. Ms. JohnBull brings deep public-company leadership experience, financial discipline, and a thorough understanding of the government services market to her new role. She joined DLH as Chief Financial Officer in 2012, and has been central to the Company’s growth, acquisition strategy, capital markets activities, financial operations, and investor engagement.



“Kathryn is exceptionally well prepared to lead DLH at this important moment in the Company’s evolution,” Mr. Wasserman continued. “During her 14 years with us, she has demonstrated a strong combination of leadership skills, financial acumen, operating discipline, customer understanding, and public-company experience. This promotion is well earned, and the Board is confident that Kathryn and her leadership team are well positioned to advance the Company’s strategy and compete for new business opportunities, which create value for our shareholders.”



“I am honored to lead DLH as we enter the next stage of our corporate journey,” said Ms. JohnBull. “Our company has been built by talented people, highly valued customer relationships, and an unwavering commitment to supporting critical government missions. As we look ahead, our focus will be clear: executing with discipline and excellence, delivering exceptional value for our customers, and investing in and empowering our employees. By embracing innovation and strengthening the capabilities that differentiate DLH, we will continue building a company where our employees will grow, our customers will be well served, and our business will thrive.”



Steve Oroho



Steve Oroho has been appointed as DLH’s Chief Financial Officer and Treasurer upon Ms. JohnBull’s appointment as CEO. Mr. Oroho joined DLH in 2018 and has served as Senior Vice President, Finance &amp; Accounting. In that role, he has played an important part in the Company’s financial reporting, strategic planning, accounting, treasury, and business operations support. As Chief Financial Officer, Mr. Oroho will lead DLH’s finance organization, including accounting, financial planning and analysis, treasury, tax, investor relations, and related financial operations.



“Steve has been an important member of DLH’s finance leadership team and brings deep knowledge of the Company’s operations, financial systems, and strategic priorities,” said Ms. JohnBull. “His experience, judgment, and commitment to disciplined execution will serve DLH well as we continue to advance our strategic and financial objectives.”



“I am grateful for the opportunity to serve as DLH’s Chief Financial Officer,” said Mr. Oroho. “I look forward to continuing to work closely with Kathryn, the Board, and our leadership team to support our customers, strengthen our operating performance, and create sustainable value for our shareholders.”



About DLH:



DLH (NASDAQ: DLHC) enhances technology, public health, and cyber security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With a world-class workforce dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to innovative solutions to improve the lives of millions. For more information, visit&nbsp;www.DLHcorp.com.&nbsp;



Contact Information:



Investor RelationsChris Witty(646) 438-9385cwitty@darrowir.com



Mediacommunications@dlhcorp.com



Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:



This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward-looking statements that involve risks and uncertainties which could cause actual events or DLH’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding the anticipated use of proceeds. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements due to a variety of factors, including: the failure to achieve the anticipated benefits of any future acquisition (including anticipated future financial operating performance and results); the inability to retain employees and customers; contract awards in connection with re-competes for present business and/or competition for new business; our ability to manage our debt obligations; compliance with bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities; legal, regulatory, and political changes from the federal government that could result in economic uncertainty; the impact of inflation and higher interest rates; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as well as interim quarterly filings thereafter. The forward-looking statements contained herein are not historical facts, but rather based on current expectations, estimates, assumptions and projections about our industry and business.



Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements.

Release - DLH Announces Leadership Transition

DLH Holdings Corp.

DLHC

<figure class="wp-block-image aligncenter size-full is-resized"><img src="https://dashboard.channelchek.com/wp-content/uploads/2024/01/cndt_logo.png" alt="" class="wp-image-83188" style="width:134px;height:auto"/></figure>



<a href="https://www.channelchek.com/compnay/cndt">Research News and Market Data on CNDT</a> 



<h2 class="wp-block-heading">Conduent Bolsters Financial Position Tolling Agreement Follows Recently Announced Agreement to Sell Its Public Transit Business</h2>



June 30, 2026



<a href="https://www.news.conduent.com/news?c=26151">Corporate</a>&nbsp;<a href="https://www.news.conduent.com/news?c=26173">Transportation</a>



Conduent Will Also Receive a 7% Interest in Quarterhill Inc.



Conduent Bolsters Financial Position



Tolling Agreement Follows Recently Announced Agreement to Sell Its Public Transit Business



FLORHAM PARK, N.J., June 30, 2026&nbsp;—&nbsp;<a href="https://www.conduent.com/">Conduent Incorporated</a>&nbsp;(Nasdaq: CNDT), a global technology-driven business solutions and services provider, today announced that it has entered into a definitive agreement to sell its Tolling business (a division of&nbsp;<a href="https://www.conduent.com/transportation-solutions/">Conduent Transportation</a>) to&nbsp;<a href="https://www.quarterhill.com/">Quarterhill Inc.</a>&nbsp;(TSX: QTRH) (OTCQX: QTRHF), a leading global provider of intelligent transportation system solutions.



The sale has a purchase price of $70 million in cash, and Quarterhill will assume most liabilities associated with the business, including all surety bond obligations, further improving Conduent’s financial profile. The structure of the transaction enhances Conduent’s financial flexibility and reduces exposure to non-core obligations.



The transaction is expected to close before the end of 2026.



This agreement follows a separate transaction,&nbsp;<a href="https://www.news.conduent.com/news/conduent-announces-agreement-to-sell-its-public-transit-business-to-modaxo-for-164-million">announced in May</a>, to sell the Public Transit business, also part of Conduent’s Transportation division, which is similarly expected to close before the end of 2026.



Together, these transactions simplify Conduent’s portfolio and increase focus on its core businesses, enhancing the predictability and durability of Conduent’s earnings profile.



“This Tolling transaction, alongside the previously announced Public Transit agreement, advances our strategy to simplify our portfolio, sharpen focus on our core businesses, and strengthen our financial foundation,” said Harsha V. Agadi, Conduent President and Chief Executive Officer. “We are continuing our strategic journey to enhance long-term value creation, including simplifying our business, strengthening the balance sheet, and increasing sustainable free cash flow.



“With more than four decades of experience in tolling, Quarterhill is extremely well positioned to support the Conduent Tolling team and its clients. As we move toward closing, we remain committed to delivering outstanding quality and performance for all Transportation clients while ensuring smooth transitions for both clients and associates.”



As part of the transaction, Conduent will also receive a 7% interest in Quarterhill Inc. along with registration rights and board observer rights, providing potential upside participation in future value creation.



With operations in the United States and United Kingdom, Conduent’s Tolling business provides mission‑critical technology that enables all‑electronic tolling, roadside and back‑office processing, image review, violation enforcement, and analytics. It supports more than 14 million tolling transactions per day.



Additional details of the transaction are outlined in Conduent’s 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.



About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 48,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $80 billion in government payments annually, enabling approximately 2.0 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 14 million tolling transactions every day. Learn more at&nbsp;<a href="http://www.conduent.com/">www.conduent.com</a>.



About Quarterhill Quarterhill is a global leader in the Intelligent Transportation System (ITS) industry, advancing mobility through smart infrastructure solutions that reduce congestion, improve roadway safety, and create more sustainable travel. Each year, Quarterhill's platforms process billions of transactions, perform compliance and safety inspections on millions of commercial vehicles, and enable transportation agencies worldwide to optimize thousands of lanes of traffic to improve travel for everyone. Leveraging advanced artificial intelligence and machine learning technologies, Quarterhill's platform delivers automation and predictive insight to help agencies manage transportation networks more efficiently. By working in close partnership with governments, communities, and industry leaders, Quarterhill is building today's connected roadways while shaping the next generation of intelligent, resilient mobility. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. Learn more at&nbsp;<a href="http://www.quarterhill.com/">www.quarterhill.com</a>.



###



<h2 class="wp-block-heading">Media Contacts</h2>



Remy Kaul



Conduent



<a href="mailto:media@conduent.com">media@conduent.com</a>

Research News and Market Data on CNDT 



Conduent Bolsters Financial Position Tolling Agreement Follows Recently Announced Agreement to Sell Its Public Transit Business



June 30, 2026



Corporate&nbsp;Transportation



Conduent Will Also Receive a 7% Interest in Quarterhill Inc.



Conduent Bolsters Financial Position



Tolling Agreement Follows Recently Announced Agreement to Sell Its Public Transit Business



FLORHAM PARK, N.J., June 30, 2026&nbsp;—&nbsp;Conduent Incorporated&nbsp;(Nasdaq: CNDT), a global technology-driven business solutions and services provider, today announced that it has entered into a definitive agreement to sell its Tolling business (a division of&nbsp;Conduent Transportation) to&nbsp;Quarterhill Inc.&nbsp;(TSX: QTRH) (OTCQX: QTRHF), a leading global provider of intelligent transportation system solutions.



The sale has a purchase price of $70 million in cash, and Quarterhill will assume most liabilities associated with the business, including all surety bond obligations, further improving Conduent’s financial profile. The structure of the transaction enhances Conduent’s financial flexibility and reduces exposure to non-core obligations.



The transaction is expected to close before the end of 2026.



This agreement follows a separate transaction,&nbsp;announced in May, to sell the Public Transit business, also part of Conduent’s Transportation division, which is similarly expected to close before the end of 2026.



Together, these transactions simplify Conduent’s portfolio and increase focus on its core businesses, enhancing the predictability and durability of Conduent’s earnings profile.



“This Tolling transaction, alongside the previously announced Public Transit agreement, advances our strategy to simplify our portfolio, sharpen focus on our core businesses, and strengthen our financial foundation,” said Harsha V. Agadi, Conduent President and Chief Executive Officer. “We are continuing our strategic journey to enhance long-term value creation, including simplifying our business, strengthening the balance sheet, and increasing sustainable free cash flow.



“With more than four decades of experience in tolling, Quarterhill is extremely well positioned to support the Conduent Tolling team and its clients. As we move toward closing, we remain committed to delivering outstanding quality and performance for all Transportation clients while ensuring smooth transitions for both clients and associates.”



As part of the transaction, Conduent will also receive a 7% interest in Quarterhill Inc. along with registration rights and board observer rights, providing potential upside participation in future value creation.



With operations in the United States and United Kingdom, Conduent’s Tolling business provides mission‑critical technology that enables all‑electronic tolling, roadside and back‑office processing, image review, violation enforcement, and analytics. It supports more than 14 million tolling transactions per day.



Additional details of the transaction are outlined in Conduent’s 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.



About ConduentConduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 48,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $80 billion in government payments annually, enabling approximately 2.0 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 14 million tolling transactions every day. Learn more at&nbsp;www.conduent.com.



About QuarterhillQuarterhill is a global leader in the Intelligent Transportation System (ITS) industry, advancing mobility through smart infrastructure solutions that reduce congestion, improve roadway safety, and create more sustainable travel. Each year, Quarterhill&#8217;s platforms process billions of transactions, perform compliance and safety inspections on millions of commercial vehicles, and enable transportation agencies worldwide to optimize thousands of lanes of traffic to improve travel for everyone. Leveraging advanced artificial intelligence and machine learning technologies, Quarterhill&#8217;s platform delivers automation and predictive insight to help agencies manage transportation networks more efficiently. By working in close partnership with governments, communities, and industry leaders, Quarterhill is building today&#8217;s connected roadways while shaping the next generation of intelligent, resilient mobility. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. Learn more at&nbsp;www.quarterhill.com.



###



Media Contacts



Remy Kaul



Conduent



media@conduent.com

Release - Conduent Announces Agreement to Sell Its Tolling Business to Quarterhill Inc. for $70 Million

CNDT

Conduent Inc.

<figure class="wp-block-image aligncenter is-resized"><img src="https://investors.landsend.com/sites/g/files/knoqqb89431/themes/site/nir_pid579/client/images/LE23_LOGO_STANDARD_CHARCOAL_HEX_454545.png" alt="Lands' End" style="aspect-ratio:7.670138393494079;width:230px;height:auto"/></figure>



<a href="https://www.channelchek.com/company/le">Research News and Market Data on LE</a> 



Jun 30, 2026



Consumer Brand and Digital Transformation Executive Charlie Cole Named Chief Executive Officer



Andrew McLean to Transition to Advisory Role to Support Smooth Transition



DODGEVILLE, Wis., June 30, 2026 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced that its Board of Directors has appointed consumer brand and digital transformation executive Charlie Cole as Chief Executive Officer and a member of the Board of Directors, effective July 13, 2026. Mr. Cole will succeed Andrew McLean, who will step down as CEO and a member of the Board of Directors.



Mr. Cole’s appointment builds on the strong execution of the Company’s solutions-based strategy under Mr. McLean that strengthened the Lands’ End brand, improved operating performance, repositioned the Company for long-term growth, and culminated in the Company’s strategic joint venture with WHP Global.



“Our responsibility as a Board is to ensure Lands’ End has the right leader for every stage of its evolution,”&nbsp;said Josephine Linden, Chair of the Board of Directors. “Charlie has spent his career transforming iconic consumer brands by combining disciplined operating execution with technology-enabled innovation, and the Board is confident that his expertise will enable him to execute and expand on the strategy the Company recently laid out while positioning Lands’ End exceptionally well to drive the next phase of profitable growth and sustainable shareholder value creation.”



Mr. Cole said,&nbsp;“Lands’ End is one of America’s most iconic brands, built on quality, service, and enduring customer relationships. Andrew and the entire team have created a strong platform for the future, and I am honored to build upon that foundation, leveraging my technology and AI experience to create an even more personalized, engaging and productive customer experience. I look forward to working alongside Lands’ End’s talented employees, partners, customers and shareholders as we write the next chapter of the Lands’ End story.”



Mrs. Linden added: “On behalf of the Board, I want to thank Andrew for his outstanding leadership. During his tenure, Lands’ End executed a strategic transformation that strengthened both the business and the balance sheet and created meaningful opportunities for future value creation. Andrew’s leadership in establishing the WHP Global joint venture represents a significant milestone in unlocking the long-term potential of the Lands’ End brand. We are grateful that he will continue supporting the Company during this transition.”



“The continued return of capital to shareholders through the Company’s $100 million share repurchase program authorized in April is demonstration of the Board’s confidence in the future and value of this great Company,”&nbsp;concluded Mrs. Linden.



Mr. McLean said:&nbsp;“It has been a privilege to lead Lands’ End and work alongside such an exceptional team. Together we strengthened the brand, improved our operating performance, expanded strategic opportunities, and positioned the Company for its next phase of growth. I have tremendous confidence in Charlie’s leadership and believe Lands’ End is well positioned to continue creating value for customers, employees and shareholders. I remain committed to ensuring a smooth transition.”



The Board retained leading executive search firm Heidrick &amp; Struggles to assist in its search.



Charlie Cole Biography



Charlie Cole is a consumer brand executive with more than two decades of leadership experience spanning digital commerce, technology, artificial intelligence and omnichannel retail. Most recently, he served as Interim Chief Digital Officer of Thuma. Previously, he was President of XGen AI, an AI-powered commerce software company acquired by Zoovu in 2026, Chief Executive Officer of Tribute Technology, Chief Executive Officer of FTD, Chief Digital Officer of TUMI, and Global Chief eCommerce Officer of Samsonite. Throughout his career, Mr. Cole has helped iconic consumer brands accelerate growth through customer-centric innovation, digital transformation and operational excellence. He holds a Bachelor of Arts in Business Administration from the University of Washington.



About Lands' End, Inc.



Lands’ End, Inc. (NASDAQ:LE) is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. Lands’ End offers products online at www.landsend.com, through third-party distribution channels and our own Company Operated stores. Lands’ End also offers products to businesses and schools, for their employees and students, through the Outfitters distribution channel. Lands’ End is a classic American lifestyle brand that creates solutions for life’s every journey.



Forward-Looking Statements



This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding positioning the Company for growth and value; the expected timing and effect of the CEO transition and the appointment of Mr. Cole; the Board ensuring future leadership; confidence in executing and expanding strategy, building on the Company’s platform, improved customer experience and the Company’s next chapter; the long-term potential of the Lands’ End brand; &nbsp;the share repurchase program and its anticipated scale and impact; and the future value of the Company. Forward-looking statements are based on beliefs and assumptions and are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if the underlying beliefs and assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. These risks and uncertainties include those risks, uncertainties and factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended January 30, 2026 and “Part II, Item 1A Risk Factors” of the Quarterly Report on Form 10-Q for the quarter ended May 1, 2026. Forward-looking statements speak only as of the date on which they are made. The Company expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws and regulations.



CONTACTS:



Investors: Lands’ End, Inc. Bernard McCracken Chief Financial Officer (608) 935-4100



ICR, Inc. Tom Filandro (646) 277-1235 Tom.Filandro@icrinc.com



Media: FGS Global Andy Duberstein/Hayley Cook LandsEnd@fgsglobal.com

Research News and Market Data on LE 



Jun 30, 2026



Consumer Brand and Digital Transformation Executive Charlie Cole Named Chief Executive Officer



Andrew McLean to Transition to Advisory Role to Support Smooth Transition



DODGEVILLE, Wis., June 30, 2026 (GLOBE NEWSWIRE) &#8212; Lands’ End, Inc. (NASDAQ: LE) today announced that its Board of Directors has appointed consumer brand and digital transformation executive Charlie Cole as Chief Executive Officer and a member of the Board of Directors, effective July 13, 2026. Mr. Cole will succeed Andrew McLean, who will step down as CEO and a member of the Board of Directors.



Mr. Cole’s appointment builds on the strong execution of the Company’s solutions-based strategy under Mr. McLean that strengthened the Lands’ End brand, improved operating performance, repositioned the Company for long-term growth, and culminated in the Company’s strategic joint venture with WHP Global.



“Our responsibility as a Board is to ensure Lands’ End has the right leader for every stage of its evolution,”&nbsp;said Josephine Linden, Chair of the Board of Directors. “Charlie has spent his career transforming iconic consumer brands by combining disciplined operating execution with technology-enabled innovation, and the Board is confident that his expertise will enable him to execute and expand on the strategy the Company recently laid out while positioning Lands’ End exceptionally well to drive the next phase of profitable growth and sustainable shareholder value creation.”



Mr. Cole said,&nbsp;“Lands’ End is one of America’s most iconic brands, built on quality, service, and enduring customer relationships. Andrew and the entire team have created a strong platform for the future, and I am honored to build upon that foundation, leveraging my technology and AI experience to create an even more personalized, engaging and productive customer experience. I look forward to working alongside Lands’ End’s talented employees, partners, customers and shareholders as we write the next chapter of the Lands’ End story.”



Mrs. Linden added: “On behalf of the Board, I want to thank Andrew for his outstanding leadership. During his tenure, Lands’ End executed a strategic transformation that strengthened both the business and the balance sheet and created meaningful opportunities for future value creation. Andrew’s leadership in establishing the WHP Global joint venture represents a significant milestone in unlocking the long-term potential of the Lands’ End brand. We are grateful that he will continue supporting the Company during this transition.”



“The continued return of capital to shareholders through the Company’s $100 million share repurchase program authorized in April is demonstration of the Board’s confidence in the future and value of this great Company,”&nbsp;concluded Mrs. Linden.



Mr. McLean said:&nbsp;“It has been a privilege to lead Lands’ End and work alongside such an exceptional team. Together we strengthened the brand, improved our operating performance, expanded strategic opportunities, and positioned the Company for its next phase of growth. I have tremendous confidence in Charlie’s leadership and believe Lands’ End is well positioned to continue creating value for customers, employees and shareholders. I remain committed to ensuring a smooth transition.”



The Board retained leading executive search firm Heidrick &amp; Struggles to assist in its search.



Charlie Cole Biography



Charlie Cole is a consumer brand executive with more than two decades of leadership experience spanning digital commerce, technology, artificial intelligence and omnichannel retail. Most recently, he served as Interim Chief Digital Officer of Thuma. Previously, he was President of XGen AI, an AI-powered commerce software company acquired by Zoovu in 2026, Chief Executive Officer of Tribute Technology, Chief Executive Officer of FTD, Chief Digital Officer of TUMI, and Global Chief eCommerce Officer of Samsonite. Throughout his career, Mr. Cole has helped iconic consumer brands accelerate growth through customer-centric innovation, digital transformation and operational excellence. He holds a Bachelor of Arts in Business Administration from the University of Washington.



About Lands&#8217; End, Inc.



Lands’ End, Inc. (NASDAQ:LE) is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. Lands’ End offers products online at www.landsend.com, through third-party distribution channels and our own Company Operated stores. Lands’ End also offers products to businesses and schools, for their employees and students, through the Outfitters distribution channel. Lands’ End is a classic American lifestyle brand that creates solutions for life’s every journey.



Forward-Looking Statements



This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding positioning the Company for growth and value; the expected timing and effect of the CEO transition and the appointment of Mr. Cole; the Board ensuring future leadership; confidence in executing and expanding strategy, building on the Company’s platform, improved customer experience and the Company’s next chapter; the long-term potential of the Lands’ End brand; &nbsp;the share repurchase program and its anticipated scale and impact; and the future value of the Company. Forward-looking statements are based on beliefs and assumptions and are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if the underlying beliefs and assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. These risks and uncertainties include those risks, uncertainties and factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended January 30, 2026 and “Part II, Item 1A Risk Factors” of the Quarterly Report on Form 10-Q for the quarter ended May 1, 2026. Forward-looking statements speak only as of the date on which they are made. The Company expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws and regulations.



CONTACTS:



Investors:Lands’ End, Inc.Bernard McCrackenChief Financial Officer(608) 935-4100



ICR, Inc.Tom Filandro(646) 277-1235Tom.Filandro@icrinc.com



Media:FGS GlobalAndy Duberstein/Hayley CookLandsEnd@fgsglobal.com

Lands’ End Announces CEO Transition, Positioning Company for Next Phase of Growth

Lands' End

<figure class="wp-block-image aligncenter"><img src="https://d1io3yog0oux5.cloudfront.net/_180770e1539f4ea6bbe795ce44347b9e/unicycive/files/theme/site-files/20250521/unicycivedev.wpenginepowered.com/wp-content/uploads/2025/03/Logo-lockup.svg" alt="Unicycive Therapeutics, Inc"/></figure>



<a href="https://www.channelchek.com/company/UNCY">Research News and Market Data on UNCY</a>



June 30, 2026 7:05am EDT<a href="https://d1io3yog0oux5.cloudfront.net/_180770e1539f4ea6bbe795ce44347b9e/unicycive/news/2026-06-30_Unicycive_Therapeutics_Receives_Complete_Response__123.pdf" target="_blank" rel="noreferrer noopener">&nbsp;Download as PDF</a>



-- Complete Response Letter relates to deficiencies previously identified at third-party manufacturing vendor --



-- FDA inspection of third-party facility did not occur during the NDA resubmission review --



-- Labeling discussions currently underway; latest communication received by the Company from FDA on June 29 regarding carton and container label --



-- FDA did not raise concerns&nbsp;regarding the clinical efficacy or safety data of OLC, and no additional data was requested&nbsp;--



MOUNTAIN VIEW, Calif., June 30, 2026 (GLOBE NEWSWIRE) -- Unicycive Therapeutics, Inc.&nbsp;(Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease, today announced that it has received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding the resubmitted New Drug Application (NDA) for oxylanthanum carbonate (OLC) for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. The FDA has not raised any concerns regarding clinical efficacy or safety data, and no additional data was requested from Unicycive.



The CRL is based on the same third-party manufacturing deficiencies that were identified in the previous CRL issued in June 2025. Unicycive understands that the FDA has not yet conducted its inspection of that third-party manufacturing vendor as part of the review process of the resubmitted NDA. The NDA for OLC had been resubmitted based on Unicycive’s belief of continued progress by the original third-party manufacturing vendor in resolving FDA-cited deficiencies and demonstrating inspection readiness. Unicycive previously discussed these milestones during a Type A meeting with the FDA in September 2025, which was held to obtain feedback and alignment on resolving the deficiencies identified in the Company’s CRL related to the compliance status of the vendor. The FDA did not express any concerns about the third-party manufacturer’s progress and no additional issues were raised by the FDA at the Type A meeting.



“We remain confident in the efficacy and safety of OLC,” said Shalabh Gupta, M.D., Chief Executive Officer of Unicycive. “We are in active and ongoing discussion with the FDA regarding label and packaging, and we are optimistic that there will be a successful inspection of the third-party manufacturing vendor and that we will be able to expeditiously resubmit the NDA.”



The OLC NDA is supported by data from three clinical studies: a Phase 1 study in healthy volunteers, a bioequivalence study in healthy volunteers, and a tolerability study of OLC in chronic kidney disease (CKD) patients on dialysis, multiple preclinical studies, as well as chemistry, manufacturing and controls (CMC) data.



About Oxylanthanum Carbonate OLC is an investigational oral phosphate binder that leverages proprietary nanoparticle technology to deliver high phosphate binding potency, reducing the number and size of pills that patients must take to treat hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. Its potential best-in-class profile may have meaningful patient adherence benefits over currently available treatment options as it requires a lower pill burden. Unicycive is seeking FDA approval of OLC via the 505(b)(2) regulatory pathway. OLC is protected by a strong global patent portfolio including issued patents on composition of matter with exclusivity until 2031, and with the potential for patent term extension until 2035.



About Hyperphosphatemia Hyperphosphatemia is a serious medical condition that occurs in nearly all patients with End Stage Renal Disease (ESRD). Annually there are over 450,000 individuals in the U.S. that require medication to control their phosphate levels.1&nbsp;Uncontrolled hyperphosphatemia is strongly associated with increased death and hospitalization for CKD patients on dialysis. Treatment of hyperphosphatemia is aimed at lowering serum phosphate levels via two means: (1) restricting dietary phosphorus intake; and (2) using, on a daily basis, and with each meal, oral phosphate binding drugs that facilitate fecal elimination of dietary phosphate rather than its absorption from the gastrointestinal tract into the bloodstream.



1Flythe JE. Dialysis-Past, Present, and Future: A Kidney360 Perspectives Series.&nbsp;Kidney360. 2023 May 1;4(5):567-568. doi: 10.34067/KID.0000000000000145.



About&nbsp;Unicycive Therapeutics Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead investigational treatment is oxylanthanum carbonate, a novel phosphate binding agent for the treatment of hyperphosphatemia in patients with chronic kidney disease who are on dialysis. Unicycive’s second investigational treatment UNI-494 is intended for the treatment of conditions related to acute kidney injury. It has been granted orphan drug designation (ODD) by the FDA for the prevention of Delayed Graft Function (DGF) in kidney transplant patients and has completed a Phase 1 dose-ranging safety study in healthy volunteers. For more information, please visit&nbsp;<a href="https://www.globenewswire.com/Tracker?data=sXhR22PDBhAkaE73ETH3lE1hWAtHuypY3wTUfa--tOp0R6E2zEOqqfhNSjFcTVBl4mz_LNpH5Pkb-pK53be5JfZ7d4HO8RGJa1twyBS4gqMb3MC7K3IHm5N9mTriOvKTzZn7ANCNMJE5T5biYx_U7gFL5FkXDRhVQK3qIs8OZl5zGT_qGi1RSnG8Av4lBH6otOaErq6MrVsOUrSY0RNVKkD09SmXjeVERHZ-AlUBaaK7x60bwaf_UaQ2GgTgiZs39HbtsoZsfCAUT9nv5mrKL8GWpWa-rl2RK0NSH4Sq8sudBLw8nRANIXm6oT0SWbcenT6fXHQfPKGodn4yXuuaeap4_IcPX1Xo0CoKf4u3dW8pBLdF7EQZgXNTzCkEL-yHElsH5jSfufElh8zyiQyEcakX9SJ2k5HDTNKftGeIGmE=" rel="noreferrer noopener" target="_blank">Unicycive.com</a>&nbsp;and follow us on&nbsp;<a href="https://www.globenewswire.com/Tracker?data=LMyrRuaw3x1CqYiB5Hqo73xBPpC0_E8YEPVnzZUaRZw2pSgxvBgjNxclAaZeGxI0CFcXvnN0FCZ-nZS3kyJ6Y58f4jS0uQx3hMWnFlQPS27zCc5WVVjGfqP-Pptr9ygpciB4BhAAEqa9gBP3SSSIqO5_6T0Uv7ObuJzgL7S4si1q8M5YSleFyq0jdDCpbYsH0kMX62qHE9mfAxN36uNo-7iNVXhmfZm9Hv8HOA10zMDxCCtWR40UiAG5IvrFYfy3W3vd43sQCqyHu_ouKlsXIGkycVoiOW_akFTGrvIS0vdptp_UA-dhOljQFb6ZqwoFKcTPSFboZYkRX3SSuax2KgBGYKHREfZgPQ-dvOCt0FMVcx2YGtdLZZbrduCtKq3ypmOitUqwhMOpP8cueDh_fp1IpNB5n-LTGZ91YYm-y4f-Swx2GG8fRcCXmGdPELtz" rel="noreferrer noopener" target="_blank">LinkedIn</a>&nbsp;and&nbsp;<a href="https://www.globenewswire.com/Tracker?data=GGoctYdIK_iCNDDtWOA_ob8Ij8WUsoSy6HKVr9OuFb2EMasdSqnoHjAxaFOpCLhCFTiOLFQY1ffyNhVlcs-OhBKQ8GPVKoPJ3iZ6kRKPUfilGZaXAaLXkUc40oK4I0AAJlbZOou7kn5jVHVVHLsvapATnuI1S5g_JzGzPw2czxkJCHyBslqUEHIW2PEA-Pxs4tbAP9DL3nheZOnhx7XrIr-CMC7BkESYSKy6C7qfiqYpv0rG6XSEL_jEL_oWauOJjPD31IBtdLpeDN0qNprFj7pkELSerAY8Vnc4Xxe3FWaUrOzvGJFAp1yB-FQEd5ZkFwrpgL5L0DEi4kmlCqd_Furilzw-F1-CCWGDVuKh_Xtls4gU6jzS3tNc6wkjiSZ6" rel="noreferrer noopener" target="_blank">X</a>.



Forward-looking statements Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as "anticipate," "believe," "forecast," "estimated" and "intend" or other similar terms or expressions that concern Unicycive's expectations, strategy, plans or intentions. These forward-looking statements are based on Unicycive's current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; risks related to business interruptions, which could seriously harm our financial condition and increase our costs and expenses; our need to raise substantial additional capital in the future to fund our continuing operations and the development and commercialization of our current product candidates and future product candidates; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; risks related to delays in obtaining or failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; and our failure, or the failure of our third-party manufacturers, or their subcontractors, to comply with cGMPs or other applicable regulations, which could result in sanctions being imposed on us or the manufacturers, including fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, license revocation, seizures or recalls of product candidates, operating restrictions and criminal prosecutions, any of which could adversely affect supplies of our product candidates and harm our business and results of operations. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Unicycive’s Annual Report on Form 10-K for the year ended December 31, 2025, and other periodic reports filed with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Unicycive specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.



Investor Contact: Kevin Gardner LifeSci Advisors <a href="https://www.globenewswire.com/Tracker?data=nxTXNN5jMeq_ad5ALldnfzkmIpMpIo0WcVE_CBjJ2ivLDzhQDHJry1QZUiiWoOp9C_wPvRu9FXghOxRhFoDA9W-qONt90gHQjbmwkK0H3iDHqlmpPElY5hWA9Ed3qR4ap-iwNqU66D5dn8s43goWZRWrX-ARyc_O-4WT0FialHJBZgguNtO1ajQuosR1aoPj7AMR3PMdvGcCkIlMsT0I8VdGmNUDL6V1BR-C6tc83LY2qJwaTvo6BwlOiplvbn-OiKd7OzFQknnj9TxhmzkbiwQ1HKFwYwQzv-IYHGbABzIoSrVY9v4uStIzD21UiRn0wuDYcBYS0HPCe6n35hRHtmGJrcGVJbXZrAV65HGmQUgrFvThTFIY9eqzH1rqRYxevSUyfSJlfXXwqTvGyOBz9Pqkd1_VTRk9HbspixvGX3Lj6m122oxMP6Me6NEtr-KFs_sUmqPzW5wnIXhNZyKrilBBnMBbNQ8YWjzpYavyoe438EXLXervDQIiP7l9Ei0iJcHvy1OCqlgXbzGsZeegsw==" rel="noreferrer noopener" target="_blank">kgardner@lifesciadvisors.com</a> Media Contact: Layne Cosgrove Real Chemistry <a href="https://www.globenewswire.com/Tracker?data=1Uaop87S3N6Hbf1C7PGuxSDI71zd1EZj4ln7LK5tEvLAMVrnBFYMFPWGuBhAqlk25Qq9IZtUI1TqxdbqDRNs1MTwffnzc0x5N57GbIbz9yxEWRZD3IwkUcbE0oM8qRQ_" rel="noreferrer noopener" target="_blank">llitsinger@realchemistry.com</a>



<figure class="wp-block-image"><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/a3961581-fb46-43bc-8ee2-1097bc7051c3"><img src="https://ml.globenewswire.com/media/a3961581-fb46-43bc-8ee2-1097bc7051c3/small/uncy-logo-jpg.jpg" alt="Primary Logo"/></a></figure>



Source: Unicycive Therapeutics, Inc.



Released June 30, 2026

Research News and Market Data on UNCY



June 30, 2026 7:05am EDT&nbsp;Download as PDF



&#8212; Complete Response Letter relates to deficiencies previously identified at third-party manufacturing vendor &#8212;



&#8212; FDA inspection of third-party facility did not occur during the NDA resubmission review &#8212;



&#8212; Labeling discussions currently underway; latest communication received by the Company from FDA on June 29 regarding carton and container label &#8212;



&#8212; FDA did not raise concerns&nbsp;regarding the clinical efficacy or safety data of OLC, and no additional data was requested&nbsp;&#8212;



MOUNTAIN VIEW, Calif., June 30, 2026 (GLOBE NEWSWIRE) &#8212; Unicycive Therapeutics, Inc.&nbsp;(Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease, today announced that it has received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding the resubmitted New Drug Application (NDA) for oxylanthanum carbonate (OLC) for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. The FDA has not raised any concerns regarding clinical efficacy or safety data, and no additional data was requested from Unicycive.



The CRL is based on the same third-party manufacturing deficiencies that were identified in the previous CRL issued in June 2025. Unicycive understands that the FDA has not yet conducted its inspection of that third-party manufacturing vendor as part of the review process of the resubmitted NDA. The NDA for OLC had been resubmitted based on Unicycive’s belief of continued progress by the original third-party manufacturing vendor in resolving FDA-cited deficiencies and demonstrating inspection readiness. Unicycive previously discussed these milestones during a Type A meeting with the FDA in September 2025, which was held to obtain feedback and alignment on resolving the deficiencies identified in the Company’s CRL related to the compliance status of the vendor. The FDA did not express any concerns about the third-party manufacturer’s progress and no additional issues were raised by the FDA at the Type A meeting.



“We remain confident in the efficacy and safety of OLC,” said Shalabh Gupta, M.D., Chief Executive Officer of Unicycive. “We are in active and ongoing discussion with the FDA regarding label and packaging, and we are optimistic that there will be a successful inspection of the third-party manufacturing vendor and that we will be able to expeditiously resubmit the NDA.”



The OLC NDA is supported by data from three clinical studies: a Phase 1 study in healthy volunteers, a bioequivalence study in healthy volunteers, and a tolerability study of OLC in chronic kidney disease (CKD) patients on dialysis, multiple preclinical studies, as well as chemistry, manufacturing and controls (CMC) data.



About Oxylanthanum CarbonateOLC is an investigational oral phosphate binder that leverages proprietary nanoparticle technology to deliver high phosphate binding potency, reducing the number and size of pills that patients must take to treat hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. Its potential best-in-class profile may have meaningful patient adherence benefits over currently available treatment options as it requires a lower pill burden.Unicycive is seeking FDA approval of OLC via the 505(b)(2) regulatory pathway. OLC is protected by a strong global patent portfolio including issued patents on composition of matter with exclusivity until 2031, and with the potential for patent term extension until 2035.



About HyperphosphatemiaHyperphosphatemia is a serious medical condition that occurs in nearly all patients with End Stage Renal Disease (ESRD). Annually there are over 450,000 individuals in the U.S. that require medication to control their phosphate levels.1&nbsp;Uncontrolled hyperphosphatemia is strongly associated with increased death and hospitalization for CKD patients on dialysis. Treatment of hyperphosphatemia is aimed at lowering serum phosphate levels via two means: (1) restricting dietary phosphorus intake; and (2) using, on a daily basis, and with each meal, oral phosphate binding drugs that facilitate fecal elimination of dietary phosphate rather than its absorption from the gastrointestinal tract into the bloodstream.



1Flythe JE. Dialysis-Past, Present, and Future: A Kidney360 Perspectives Series.&nbsp;Kidney360. 2023 May 1;4(5):567-568. doi: 10.34067/KID.0000000000000145.



About&nbsp;Unicycive TherapeuticsUnicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead investigational treatment is oxylanthanum carbonate, a novel phosphate binding agent for the treatment of hyperphosphatemia in patients with chronic kidney disease who are on dialysis. Unicycive’s second investigational treatment UNI-494 is intended for the treatment of conditions related to acute kidney injury. It has been granted orphan drug designation (ODD) by the FDA for the prevention of Delayed Graft Function (DGF) in kidney transplant patients and has completed a Phase 1 dose-ranging safety study in healthy volunteers. For more information, please visit&nbsp;Unicycive.com&nbsp;and follow us on&nbsp;LinkedIn&nbsp;and&nbsp;X.



Forward-looking statementsCertain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;forecast,&#8221; &#8220;estimated&#8221; and &#8220;intend&#8221; or other similar terms or expressions that concern Unicycive&#8217;s expectations, strategy, plans or intentions. These forward-looking statements are based on Unicycive&#8217;s current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; risks related to business interruptions, which could seriously harm our financial condition and increase our costs and expenses; our need to raise substantial additional capital in the future to fund our continuing operations and the development and commercialization of our current product candidates and future product candidates; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; risks related to delays in obtaining or failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; and our failure, or the failure of our third-party manufacturers, or their subcontractors, to comply with cGMPs or other applicable regulations, which could result in sanctions being imposed on us or the manufacturers, including fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, license revocation, seizures or recalls of product candidates, operating restrictions and criminal prosecutions, any of which could adversely affect supplies of our product candidates and harm our business and results of operations. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Unicycive’s Annual Report on Form 10-K for the year ended December 31, 2025, and other periodic reports filed with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Unicycive specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.



Investor Contact:Kevin GardnerLifeSci Advisorskgardner@lifesciadvisors.comMedia Contact:Layne CosgroveReal Chemistryllitsinger@realchemistry.com







Source: Unicycive Therapeutics, Inc.



Released June 30, 2026

Release - Unicycive Therapeutics Receives Complete Response Letter from FDA Regarding Resubmitted Oxylanthanum Carbonate (OLC) New Drug Application (NDA)

UNCY

Unicycive Therapeutics

Two of the most important names in the recreational vehicle and outdoor recreation supply chain are joining forces. Patrick Industries (Nasdaq: PATK) and LCI Industries (NYSE: LCII) the latter known commercially as Lippert announced Tuesday they have entered into a definitive agreement to combine in an all-stock merger, creating a premier component solutions provider serving the outdoor enthusiast, housing, and transportation markets. The boards of both companies unanimously approved the transaction.



Under the terms, LCI shareholders will receive 1.2440 shares of Patrick common stock for each LCI share they own. When the deal closes, Patrick shareholders will own approximately 52% of the combined company and LCI shareholders approximately 48% — a near-even split that reflects the comparable scale of the two businesses.



The Scale of the Combined Company



The merger creates a genuine industry heavyweight. On a pro forma basis, the combined company would have generated approximately $8.1 billion in revenue over the trailing twelve months as of March 2026, with adjusted EBITDA of $1.0 billion and free cash flow of $508 million, both inclusive of expected synergies. Those are substantial figures in the component manufacturing space and give the combined entity meaningful scale across its end markets.



The financial case rests heavily on cost synergies. Management expects the transaction to deliver more than $150 million in run-rate cost savings within three years of closing. The company describes those synergies as identified and actionable, arising primarily from procurement efficiencies, selling, general and administrative streamlining, shared engineering best practices, and improved supply chain management, the kind of operational overlap that two companies serving similar customers and end markets can realistically capture.



Why These Two Companies Fit Together



Both Patrick and LCI are component solutions providers with deep, longstanding relationships across the recreational vehicle, marine, manufactured housing, and broader outdoor recreation industries. They supply the parts and systems that go into RVs, boats, manufactured homes, and other products built for life outdoors. Their portfolios are complementary rather than overlapping in a way that would raise significant antitrust concern, and both maintain established customer partnerships across North America and Europe.



The combined leadership structure reflects the partnership nature of the deal. Patrick's Andy Nemeth will serve as CEO of the combined company, while Todd Cleveland will become Chair and LCI's Johnny Sirpilla will serve as Vice Chair of the board. That distribution of senior roles across both legacy organizations signals an intent to integrate the two cultures rather than have one absorb the other.



The Cyclical Context



The timing of this combination is worth understanding. The recreational vehicle and outdoor recreation industries are highly cyclical, and they have navigated a challenging stretch as elevated interest rates pressured big-ticket discretionary purchases like RVs and boats throughout 2025 and into 2026. By combining, Patrick and LCI gain the scale, cost structure, and balance sheet flexibility to weather cyclical downturns more effectively and to invest through the cycle rather than retrench during it.



For investors tracking the small and mid cap industrial and consumer discretionary space, this merger carries a familiar signal. In sectors facing cyclical pressure and margin compression, scale becomes a defensive advantage. Companies with complementary products and overlapping cost structures are increasingly choosing to combine rather than compete, pooling resources to improve procurement leverage, operational efficiency, and resilience. The outdoor recreation supply chain just produced one of the clearest examples of that logic in 2026 at $8.1 billion in combined revenue, the resulting company will be a dominant force in its markets when conditions in the RV and outdoor industries eventually turn back up.

Two of the most important names in the recreational vehicle and outdoor recreation supply chain are joining forces. Patrick Industries (Nasdaq: PATK) and LCI Industries (NYSE: LCII) the latter known commercially as Lippert announced Tuesday they have entered into a definitive agreement to combine in an all-stock merger, creating a premier component solutions provider serving the outdoor enthusiast, housing, and transportation markets. The boards of both companies unanimously approved the transaction.



Under the terms, LCI shareholders will receive 1.2440 shares of Patrick common stock for each LCI share they own. When the deal closes, Patrick shareholders will own approximately 52% of the combined company and LCI shareholders approximately 48% — a near-even split that reflects the comparable scale of the two businesses.



The Scale of the Combined Company



The merger creates a genuine industry heavyweight. On a pro forma basis, the combined company would have generated approximately $8.1 billion in revenue over the trailing twelve months as of March 2026, with adjusted EBITDA of $1.0 billion and free cash flow of $508 million, both inclusive of expected synergies. Those are substantial figures in the component manufacturing space and give the combined entity meaningful scale across its end markets.



The financial case rests heavily on cost synergies. Management expects the transaction to deliver more than $150 million in run-rate cost savings within three years of closing. The company describes those synergies as identified and actionable, arising primarily from procurement efficiencies, selling, general and administrative streamlining, shared engineering best practices, and improved supply chain management, the kind of operational overlap that two companies serving similar customers and end markets can realistically capture.



Why These Two Companies Fit Together



Both Patrick and LCI are component solutions providers with deep, longstanding relationships across the recreational vehicle, marine, manufactured housing, and broader outdoor recreation industries. They supply the parts and systems that go into RVs, boats, manufactured homes, and other products built for life outdoors. Their portfolios are complementary rather than overlapping in a way that would raise significant antitrust concern, and both maintain established customer partnerships across North America and Europe.



The combined leadership structure reflects the partnership nature of the deal. Patrick&#8217;s Andy Nemeth will serve as CEO of the combined company, while Todd Cleveland will become Chair and LCI&#8217;s Johnny Sirpilla will serve as Vice Chair of the board. That distribution of senior roles across both legacy organizations signals an intent to integrate the two cultures rather than have one absorb the other.



The Cyclical Context



The timing of this combination is worth understanding. The recreational vehicle and outdoor recreation industries are highly cyclical, and they have navigated a challenging stretch as elevated interest rates pressured big-ticket discretionary purchases like RVs and boats throughout 2025 and into 2026. By combining, Patrick and LCI gain the scale, cost structure, and balance sheet flexibility to weather cyclical downturns more effectively and to invest through the cycle rather than retrench during it.



For investors tracking the small and mid cap industrial and consumer discretionary space, this merger carries a familiar signal. In sectors facing cyclical pressure and margin compression, scale becomes a defensive advantage. Companies with complementary products and overlapping cost structures are increasingly choosing to combine rather than compete, pooling resources to improve procurement leverage, operational efficiency, and resilience. The outdoor recreation supply chain just produced one of the clearest examples of that logic in 2026 at $8.1 billion in combined revenue, the resulting company will be a dominant force in its markets when conditions in the RV and outdoor industries eventually turn back up.

Two RV Component Giants Are Merging to Build an $8.1 Billion Outdoor Powerhouse

LCI Industries

Outdoor

Patrick Industries

RV Industry

<figure class="wp-block-image"><img src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Tuesday, June 30, 2026



Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Russell Microcap Index.&nbsp;&nbsp;Star Equity Holdings'&nbsp;common stock has been added to the Russell Microcap® Index following the 2026 Russell indexes reconstitution, which became effective after the U.S. market close on&nbsp;June 26, 2026. We view the inclusion of Star in the Microcap Index as the first step in management's goal to be added to the Russell 2000 Index.



Russell Microcap Index.&nbsp;The reconstitution of the Russell&nbsp;U.S. Indexes captures the 4,000 largest&nbsp;U.S. stocks as of&nbsp;April 30, 2026, ranked by total market capitalization. The Russell Microcap® Index measures the performance of the microcap segment of the&nbsp;U.S. equity market and is used by institutional investors and investment managers as a benchmark for microcap equities.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/31286">Get the Full Report</a></h2>



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Tuesday, June 30, 2026



Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Russell Microcap Index.&nbsp;&nbsp;Star Equity Holdings&#8217;&nbsp;common stock has been added to the Russell Microcap® Index following the 2026 Russell indexes reconstitution, which became effective after the U.S. market close on&nbsp;June 26, 2026. We view the inclusion of Star in the Microcap Index as the first step in management&#8217;s goal to be added to the Russell 2000 Index.



Russell Microcap Index.&nbsp;The reconstitution of the Russell&nbsp;U.S. Indexes captures the 4,000 largest&nbsp;U.S. stocks as of&nbsp;April 30, 2026, ranked by total market capitalization. The Russell Microcap® Index measures the performance of the microcap segment of the&nbsp;U.S. equity market and is used by institutional investors and investment managers as a benchmark for microcap equities.



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Star Equity Holdings, Inc. (STRR) - A First Step

Russell Index

Star Equity Holdings

STRR

<figure class="wp-block-image"><img src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Tuesday, June 30, 2026



Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



New Awards.&nbsp;NN has secured a significant amount of additional 2026 immediate-supply awards for liquid cooling products that go into NVIDIA AI data center racks. The new awards are additive to prior communicated awards and greatly increase the size of NN’s liquid cooling product portfolio for AI data center racks.&nbsp;NN’s combined Data Center and Electric Grid business is already its 2nd-largest business, with a goal to grow it into the Company’s largest business by sales. The Data Center &amp; Electric Grid end markets are the top targeted growth markets for the Company.



Successful Launch.&nbsp;In 1Q26, NN announced the launch of a custom-designed&nbsp;stainless-steel product line for the liquid-cooled data center market. Since then, the Company has secured multiple AI data center awards, invested in an initial complement of 17 next-generation, high-speed, high-precision CNC machines at its Wuxi, China, plant, and begun&nbsp;production.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/31284">Get the Full Report</a></h2>



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Tuesday, June 30, 2026



Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



New Awards.&nbsp;NN has secured a significant amount of additional 2026 immediate-supply awards for liquid cooling products that go into NVIDIA AI data center racks. The new awards are additive to prior communicated awards and greatly increase the size of NN’s liquid cooling product portfolio for AI data center racks.&nbsp;NN’s combined Data Center and Electric Grid business is already its 2nd-largest business, with a goal to grow it into the Company’s largest business by sales. The Data Center &amp; Electric Grid end markets are the top targeted growth markets for the Company.



Successful Launch.&nbsp;In 1Q26, NN announced the launch of a custom-designed&nbsp;stainless-steel product line for the liquid-cooled data center market. Since then, the Company has secured multiple AI data center awards, invested in an initial complement of 17 next-generation, high-speed, high-precision CNC machines at its Wuxi, China, plant, and begun&nbsp;production.



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

NN (NNBR) - Expanding Data Center Business

Data centers

Noble Capital Markets Research Morning Call

The deal winter is over. After years of stalled negotiations and a near-frozen M&amp;A market, 2026 has arrived with a thaw that is reshaping the opportunity landscape for investors at every level. U.S. merger and acquisition transactions over $100 million are up 25% by volume and 43% by value compared to the same period last year, and the companies drawing the most aggressive attention are not the household names. They are the smaller, leaner innovators that large strategics and private equity firms have been quietly circling.



The catalyst is a convergence of factors that rarely align at once. Nearly $440 billion in private equity dry powder is specifically earmarked for smaller enterprises. Stabilizing interest rates following years of Fed tightening have narrowed the valuation gap that froze so many deals. And a shift in antitrust enforcement, with the FTC under new leadership focusing scrutiny on mega-mergers rather than smaller bolt-on acquisitions, has cleared a regulatory runway that simply did not exist two years ago.



Biopharma Is Driving the Biggest Wave



Nowhere is the acquisition appetite more pronounced than in life sciences. IQVIA forecasts aggregate biopharma M&amp;A deal value of $140 billion to $160 billion for full-year 2026, with upside potential of an additional $20 to $30 billion. Oncology is the primary target area, accounting for roughly 39% of total transaction volume. Large pharmaceutical companies facing patent cliffs on blockbuster drugs are finding it more capital-efficient to acquire late-stage small-cap biotechs than to fund the same pipeline development in-house.



Small-cap developers in oncology, rare disease, and high-growth therapeutic categories like GLP-1 drugs, where the market opportunity is projected to reach $100 billion by 2030, are drawing the most serious acquirer interest. Companies like Cardiff Oncology and MAIA Biotechnology are among the smaller-cap names building programs in therapeutic areas where large-cap acquirers are actively hunting for pipeline replenishment.



How Deal Structures Have Evolved



It is not just volume that has shifted. The mechanics of how deals get done have evolved as well. Today's acquirers are structuring transactions around free cash flow multiples and sustainable margins, rather than the growth-at-any-cost narratives that defined the SPAC era. Contingent value rights (CVRs) are increasingly common, allowing buyers and sellers to share risk on clinical or commercial milestones, which makes smaller biotech deals executable even under significant uncertainty.



This shift favors companies with differentiated science and disciplined financials over those with only a compelling story. For acquirers, the logic is clear: buying validated late-stage assets is cheaper than building them internally, particularly in a higher-rate environment.



What This Means for Small and Microcap Investors



For investors focused on small and microcap companies, this is among the most favorable M&amp;A backdrops in recent memory. Acquisition premiums in small-cap biotech and specialty pharma deals have historically ranged from 50% to over 100% above pre-announcement prices. The profiles that attract strategic buyers, differentiated pipelines, clean balance sheets, and validated mechanisms of action, are concentrated precisely in the sub-$2 billion market cap space where most individual investors are underexposed.



The opportunity is not in chasing deal rumors. It is in understanding the strategic logic driving large-cap acquirers: they need what smaller companies have built, and in 2026, they are increasingly willing to pay for it.

The deal winter is over. After years of stalled negotiations and a near-frozen M&amp;A market, 2026 has arrived with a thaw that is reshaping the opportunity landscape for investors at every level. U.S. merger and acquisition transactions over $100 million are up 25% by volume and 43% by value compared to the same period last year, and the companies drawing the most aggressive attention are not the household names. They are the smaller, leaner innovators that large strategics and private equity firms have been quietly circling.



The catalyst is a convergence of factors that rarely align at once. Nearly $440 billion in private equity dry powder is specifically earmarked for smaller enterprises. Stabilizing interest rates following years of Fed tightening have narrowed the valuation gap that froze so many deals. And a shift in antitrust enforcement, with the FTC under new leadership focusing scrutiny on mega-mergers rather than smaller bolt-on acquisitions, has cleared a regulatory runway that simply did not exist two years ago.



Biopharma Is Driving the Biggest Wave



Nowhere is the acquisition appetite more pronounced than in life sciences. IQVIA forecasts aggregate biopharma M&amp;A deal value of $140 billion to $160 billion for full-year 2026, with upside potential of an additional $20 to $30 billion. Oncology is the primary target area, accounting for roughly 39% of total transaction volume. Large pharmaceutical companies facing patent cliffs on blockbuster drugs are finding it more capital-efficient to acquire late-stage small-cap biotechs than to fund the same pipeline development in-house.



Small-cap developers in oncology, rare disease, and high-growth therapeutic categories like GLP-1 drugs, where the market opportunity is projected to reach $100 billion by 2030, are drawing the most serious acquirer interest. Companies like Cardiff Oncology and MAIA Biotechnology are among the smaller-cap names building programs in therapeutic areas where large-cap acquirers are actively hunting for pipeline replenishment.



How Deal Structures Have Evolved



It is not just volume that has shifted. The mechanics of how deals get done have evolved as well. Today&#8217;s acquirers are structuring transactions around free cash flow multiples and sustainable margins, rather than the growth-at-any-cost narratives that defined the SPAC era. Contingent value rights (CVRs) are increasingly common, allowing buyers and sellers to share risk on clinical or commercial milestones, which makes smaller biotech deals executable even under significant uncertainty.



This shift favors companies with differentiated science and disciplined financials over those with only a compelling story. For acquirers, the logic is clear: buying validated late-stage assets is cheaper than building them internally, particularly in a higher-rate environment.



What This Means for Small and Microcap Investors



For investors focused on small and microcap companies, this is among the most favorable M&amp;A backdrops in recent memory. Acquisition premiums in small-cap biotech and specialty pharma deals have historically ranged from 50% to over 100% above pre-announcement prices. The profiles that attract strategic buyers, differentiated pipelines, clean balance sheets, and validated mechanisms of action, are concentrated precisely in the sub-$2 billion market cap space where most individual investors are underexposed.



The opportunity is not in chasing deal rumors. It is in understanding the strategic logic driving large-cap acquirers: they need what smaller companies have built, and in 2026, they are increasingly willing to pay for it.

Why Small-Cap Companies Have Become the Most Coveted Acquisition Targets of 2026

The Russell US Indexes reconstitution that <a href="https://www.channelchek.com/news-channel/the-russell-reconstitution-enters-lock-down-today-here-is-what-happens-next-and-why-it-matters">we previewed earlier this month</a> officially took effect at the close of trading Friday, and US markets opened this morning, Monday June 29, with the newly recalibrated indexes in operation. The timing is notable. Just <a href="https://www.channelchek.com/news-channel/the-rotation-investors-have-waited-all-year-for-is-finally-happening">last week we wrote about the market rotation</a> finally broadening beyond a handful of mega cap technology names and into small caps — and this reconstitution is the structural machinery that formalizes exactly that shift, recalibrating which companies sit in which index after a year of dramatic movement across the market cap spectrum.



After a query period, a lock-down phase, and one of the highest-volume trading sessions of the year on Friday, the 2026 reconstitution is now complete — and the changes offer a revealing snapshot of how the US equity market has evolved over the past twelve months.



A Market That Grew 29% in a Year



The headline figure is the scale of the market's expansion. The total market capitalization of the Russell 3000 — the broad index designed to capture roughly 98% of the investable US equity market — rose 29% from $58.4 trillion at last year's reconstitution to $75.6 trillion as of the April 30 rank day. That growth rippled through every layer of the index family. The market capitalization breakpoint separating large-cap companies in the Russell 1000 from small-cap companies in the Russell 2000 increased 24% to $5.7 billion. At the lower boundary, the smallest company in the Russell 2000 now carries a market cap of approximately $146 million, up nearly 23% from a year ago.



A Historic Shakeup at the Top



One of the most striking changes occurred among the largest companies in the index. For more than a decade, Apple and Microsoft traded places as the two largest US companies. This year broke that pattern. Driven by the artificial intelligence boom, Nvidia rose from third place in 2025 to become the largest company in both the Russell 3000 and Russell 1000, while Alphabet climbed from fifth to second. Apple and Microsoft slipped to third and fourth. It is the clearest index-level evidence yet of how completely AI has reshaped market leadership.



The Small Cap Story Beneath the Surface



For ChannelChek's audience, the more relevant action is happening lower down the market cap spectrum. A total of 237 companies were added to the Russell 2000 this cycle, with additions concentrated most heavily in health care, followed by technology, industrials, and consumer discretionary. That cohort includes 82 companies migrating up from the Russell Microcap Index, 37 moving down from the Russell 1000, and 101 newly eligible entrants joining from outside the Russell universe. Seventeen IPOs were added directly to the small cap index, led by eight health care names.



The reconstitution also revealed the strength of the recent small cap surge through its banding mechanism. A remarkable 97 existing Russell 2000 constituents ranked above the large cap breakpoint based on market cap but remained in the small cap index because they fell within the retention band — a buffer designed to reduce unnecessary turnover. That is an unusually high number, and it reflects just how many small cap companies have appreciated toward large cap territory over the past year.



Why the Semi-Annual Shift Matters Going Forward



This reconstitution carries lasting structural significance because 2026 marks the first time since 1989 that FTSE Russell has moved to a semi-annual schedule. A second reconstitution will now occur in December, and the implications are real. With roughly $12 trillion in assets benchmarked to Russell indexes, the addition of a December rebalance means that companies growing rapidly into or shrinking out of an index will be repositioned far faster than the prior annual cadence allowed.



For active small cap managers, that change raises the stakes around benchmark awareness and risk management. Stocks that appreciate quickly can now be migrated to a new index in months rather than waiting a full year, compressing the window in which fundamental changes get reflected in index composition. For investors, the practical takeaway is that index inclusion remains a powerful driver of passive fund flows and liquidity — but inclusion is not the same as fundamental validation. A company can join an index and still carry execution, dilution, or earnings risk. The reconstitution list is best understood as a map of where benchmark-driven attention may flow, not a substitute for due diligence.



The rebalanced indexes are live. The market they represent looks materially different than it did a year ago — larger at the top, broader beneath the surface, and now recalibrated twice as often as it was for the prior 37 years.

The Russell US Indexes reconstitution that we previewed earlier this month officially took effect at the close of trading Friday, and US markets opened this morning, Monday June 29, with the newly recalibrated indexes in operation. The timing is notable. Just last week we wrote about the market rotation finally broadening beyond a handful of mega cap technology names and into small caps — and this reconstitution is the structural machinery that formalizes exactly that shift, recalibrating which companies sit in which index after a year of dramatic movement across the market cap spectrum.



After a query period, a lock-down phase, and one of the highest-volume trading sessions of the year on Friday, the 2026 reconstitution is now complete — and the changes offer a revealing snapshot of how the US equity market has evolved over the past twelve months.



A Market That Grew 29% in a Year



The headline figure is the scale of the market&#8217;s expansion. The total market capitalization of the Russell 3000 — the broad index designed to capture roughly 98% of the investable US equity market — rose 29% from $58.4 trillion at last year&#8217;s reconstitution to $75.6 trillion as of the April 30 rank day. That growth rippled through every layer of the index family. The market capitalization breakpoint separating large-cap companies in the Russell 1000 from small-cap companies in the Russell 2000 increased 24% to $5.7 billion. At the lower boundary, the smallest company in the Russell 2000 now carries a market cap of approximately $146 million, up nearly 23% from a year ago.



A Historic Shakeup at the Top



One of the most striking changes occurred among the largest companies in the index. For more than a decade, Apple and Microsoft traded places as the two largest US companies. This year broke that pattern. Driven by the artificial intelligence boom, Nvidia rose from third place in 2025 to become the largest company in both the Russell 3000 and Russell 1000, while Alphabet climbed from fifth to second. Apple and Microsoft slipped to third and fourth. It is the clearest index-level evidence yet of how completely AI has reshaped market leadership.



The Small Cap Story Beneath the Surface



For ChannelChek&#8217;s audience, the more relevant action is happening lower down the market cap spectrum. A total of 237 companies were added to the Russell 2000 this cycle, with additions concentrated most heavily in health care, followed by technology, industrials, and consumer discretionary. That cohort includes 82 companies migrating up from the Russell Microcap Index, 37 moving down from the Russell 1000, and 101 newly eligible entrants joining from outside the Russell universe. Seventeen IPOs were added directly to the small cap index, led by eight health care names.



The reconstitution also revealed the strength of the recent small cap surge through its banding mechanism. A remarkable 97 existing Russell 2000 constituents ranked above the large cap breakpoint based on market cap but remained in the small cap index because they fell within the retention band — a buffer designed to reduce unnecessary turnover. That is an unusually high number, and it reflects just how many small cap companies have appreciated toward large cap territory over the past year.



Why the Semi-Annual Shift Matters Going Forward



This reconstitution carries lasting structural significance because 2026 marks the first time since 1989 that FTSE Russell has moved to a semi-annual schedule. A second reconstitution will now occur in December, and the implications are real. With roughly $12 trillion in assets benchmarked to Russell indexes, the addition of a December rebalance means that companies growing rapidly into or shrinking out of an index will be repositioned far faster than the prior annual cadence allowed.



For active small cap managers, that change raises the stakes around benchmark awareness and risk management. Stocks that appreciate quickly can now be migrated to a new index in months rather than waiting a full year, compressing the window in which fundamental changes get reflected in index composition. For investors, the practical takeaway is that index inclusion remains a powerful driver of passive fund flows and liquidity — but inclusion is not the same as fundamental validation. A company can join an index and still carry execution, dilution, or earnings risk. The reconstitution list is best understood as a map of where benchmark-driven attention may flow, not a substitute for due diligence.



The rebalanced indexes are live. The market they represent looks materially different than it did a year ago — larger at the top, broader beneath the surface, and now recalibrated twice as often as it was for the prior 37 years.

Russell Reconstitution 2026 Takes Effect: 237 New Names Join the Small Cap Index

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