With the board now reconstituted under Garg's control, watch for the execution of the previously announced 90-day turnaround plan, including cost-savings targets, UK divestiture, and the $30 million buyback program. The next 8-K or earnings release will be the first test of the new board's strategy.
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Executive Summary
Founder Vishal Garg filed this SC 13D/A to report that the independent election inspector certified the consent solicitation results on October 5, 2026, effectuating the removal of five directors (Daniel Lewis, Arnaud Massenet, Bhaskar Menon, Prabhu Narasimhan, and Harit Talwar). Garg's beneficial ownership is 2,029,224 shares of Class A common stock (13.7% of the outstanding shares as of August 21, 2026), unchanged from prior filings. This marks the culmination of the proxy fight, with Garg's group now in control of the board.
Key Financial Metrics
Key Facts
- Founder Vishal Garg's group delivered written consents representing a majority of voting power on September 30, 2026, approving all proposals.
- On October 5, 2026, the independent election inspector certified the results, effectuating the removal of five directors: Daniel Lewis, Arnaud Massenet, Bhaskar Menon, Prabhu Narasimhan, and Harit Talwar.
- Garg's beneficial ownership is 2,029,224 shares of Class A common stock (13.7% of 13,256,037 shares outstanding as of August 21, 2026).
- This is Amendment No. 6 to the Schedule 13D originally filed September 7, 2021.
Financial Impact
Control of the board by the founder, who previously outlined a 90-day turnaround plan including cost savings, revenue acceleration, UK divestiture, and a $30M buyback program.
Risk Factors
- Execution risk on the turnaround plan — the company's financials (per the 10-K) may still face headwinds from mortgage market conditions.
- Potential for further management departures following the board shakeup and the recent separations of the President and COO.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0000921895-26-002736 |
| Document: 0000921895-26-002736-index.html | 0000921895-26-002736 |
| Document: 0000921895-26-002736.txt | 0000921895-26-002736 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 3 | $15.58 $16.58 | ▲ +6.42% | ▲ +7.60% | $17.72 (+13.74%) |
Oct 19, 2026 8d ago | 144 | $10.53 $11.97 | ▲ +13.68% | ▲ +13.34% | $17.72 (+68.28%) |
Oct 16, 2026 11d ago | SC 13G/A | $10.53 $11.97 | ▲ +13.68% | ▲ +13.34% | $17.72 (+68.28%) |
Oct 16, 2026 11d ago | 3 | $10.53 $11.97 | ▲ +13.68% | ▲ +13.34% | $17.72 (+68.28%) |
Oct 15, 2026 12d ago | 3 | $9.95 $10.53 | ▲ +5.83% | ▲ +5.41% | $17.72 (+78.09%) |
Oct 14, 2026 13d ago | 8-K | $10.76 $9.95 | ▲ +7.53% | ▲ +6.42% | $17.72 (−64.68%) |
Oct 14, 2026 13d ago | 8-K/A | $10.76 $9.95 | ▲ +7.53% | ▲ +6.42% | $17.72 (−64.68%) |
Oct 13, 2026 14d ago | 8-K | $8.12 $10.76 | ▲ +32.51% | ▲ +32.23% | $17.72 (+118.23%) |
Oct 9, 2026 18d ago | 8-K | $9.20 $8.97 | ▲ +2.50% | ▲ +2.49% | $17.72 (−92.61%) |
Oct 9, 2026 18d ago | 8-K/A | $9.20 $8.97 | ▲ +2.50% | ▲ +2.49% | $17.72 (−92.61%) |
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