The expiration of the voting agreement removes ~1.3M shares from Toghraie's voting bloc but does not alter his or Intrepid's beneficial ownership. Monitor for any new voting arrangements or changes in board composition; the next quarterly filing (10-Q) will show whether Vasquez's shares are voted independently.
Price Chart
Executive Summary
Jeff Toghraie and Intrepid Global Advisors filed Amendment No. 9 to their Schedule 13D, reporting that the voting agreement with Don Frank Nathaniel Vasquez expired on October 17, 2026, removing Vasquez as a reporting person and stripping Intrepid of voting authority over 1,275,000 shares. Toghraie's beneficial ownership remains at ~31.2% and Intrepid's at ~26.6%, unchanged from prior filings.
Key Financial Metrics
Key Facts
- Voting agreement with Don Frank Nathaniel Vasquez expired on October 17, 2026 per its terms.
- Intrepid no longer has voting power over 1,275,000 shares held by Vasquez.
- Jeff Toghraie beneficially owns 2,524,538 shares (~31.2% of outstanding common stock).
- Intrepid Global Advisors beneficially owns 2,019,538 shares (~26.6% of outstanding common stock).
- No change in Toghraie's or Intrepid's ownership percentages or stated purpose.
Financial Impact
No financial impact — the expiration of a voting agreement does not change economic ownership or control percentages.
Risk Factors
- Loss of voting control over 1.275M shares could reduce Toghraie's influence on shareholder votes.
- No new voting agreement disclosed — potential for future activist or dissident shareholder activity.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001520138-26-000425 |
| Document: 0001520138-26-000425-index.html | 0001520138-26-000425 |
| Document: 0001520138-26-000425.txt | 0001520138-26-000425 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | DEFA14A | $5.70 | awaiting T+20 | — | $5.70 (−0.00%) |
Oct 22, 2026 4d ago | DEF 14A | $5.70 | awaiting T+20 | — | $5.70 (−0.00%) |
Oct 20, 2026 6d ago | SC 13D/A | $5.80 | awaiting T+20 | — | $5.70 (−1.74%) |
Oct 6, 2026 20d ago | 8-K | $5.98 | awaiting T+20 | — | $5.70 (−4.68%) |
Apr 8, 2026 28w ago | Press Release | $7.14 $6.74 | ▼ −5.60% | ▼ −14.15% | $5.70 (−20.17%) |
Apr 8, 2026 28w ago | 8-K | $7.14 $6.74 | ▼ −5.60% | ▼ −14.15% | $5.70 (−20.17%) |
US Market Status
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