The outcome of the proxy contest between management and activist ATG Capital will be determined by shareholder votes on October 14. The activist's recent share accumulation (500,000 shares at ~$3.59 on 09/01/2026) and multiple 13D amendments signal an escalating fight. Monitor for additional proxy solicitation materials and any settlement or settlement announcements.
Price Chart
Executive Summary
Management is soliciting shareholders to vote the WHITE proxy card FOR all 9 of its director nominees at the October 14, 2026 annual meeting, urging them to discard any GOLD proxy card from activist ATG Capital. The filing highlights recent investments in AI data center infrastructure, including a $65M investment for a 25% interest in a 150 MW Midwest facility expected to generate over $440M in net lease payments over 15 years, and a $20M investment for an 8% interest in a behind-the-meter campus in West Texas. The activist group ATG Capital has been accumulating shares and filing amended Schedule 13Ds, indicating an escalating proxy contest for board control.
Key Financial Metrics
Key Facts
- Annual meeting scheduled for October 14, 2026; deadline to vote is 11:59 p.m. ET on October 13, 2026.
- Management recommends voting the WHITE proxy card FOR all 9 nominees: Ryan Lane, John Kim, Jonathan Foster, Adrian Solgaard, E. Taylor Robertson, Ian Read, Matthew Homer, rn lason, and Rohan Chauhan.
- Activist ATG Capital has filed multiple amended Schedule 13Ds (most recently on 2026-09-08) and is soliciting via a GOLD proxy card.
- Empery Digital highlights a $65M investment for a 25% interest in a 150 MW Midwest facility expected to be converted into an AI data center, with a triple net lease expected to produce over $440M in net payments over 15 years.
- A $20M investment for an 8% interest in a behind-the-meter campus in West Texas, with Phase I generators secured for 1.3 GW, first power targeted for 2027, and potential expansion to over 5 GW.
- As of September 15, 2026, the company holds 1,144 BTC and $66M in cash.
- Lake Street Capital Markets initiated coverage with a Buy rating and a $6 price target.
Financial Impact
Management touts $65M and $20M investments in AI data center projects, with expected net lease payments of over $440M over 15 years; no current financial results reported.
Risk Factors
- Activist ATG Capital may win board seats, leading to strategic changes or a sale process.
- The AI data center investments are subject to LOIs and have not yet generated revenue; execution risk.
- The company's pivot from crypto (Volcon) to AI data centers is unproven at scale.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001683168-26-007721 |
| Document: 0001683168-26-007721-index.html | 0001683168-26-007721 |
| Document: 0001683168-26-007721.txt | 0001683168-26-007721 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 3 | $2.73 $2.86 | ▲ +4.76% | ▲ +4.20% | $2.86 (+4.76%) |
Oct 26, 2026 1d ago | 8-K | $2.73 $2.86 | ▲ +4.76% | ▲ +4.20% | $2.86 (+4.76%) |
Oct 15, 2026 12d ago | 8-K | $3.03 $2.92 | ▼ −3.63% | ▼ −2.52% | $2.86 (−5.61%) |
Oct 13, 2026 14d ago | DFAN14A | $2.97 $3.03 | ▲ +2.02% | ▲ +1.74% | $2.86 (−3.70%) |
Oct 9, 2026 18d ago | DEFA14A | $3.27 $3.29 | ▲ +0.61% | ▲ +0.62% | $2.86 (−12.54%) |
Oct 8, 2026 19d ago | DFAN14A | $3.05 $3.27 | ▲ +7.21% | ▲ +7.27% | $2.86 (−6.23%) |
Oct 8, 2026 19d ago | DEFA14A | $3.05 $3.27 | ▲ +7.21% | ▲ +7.27% | $2.86 (−6.23%) |
Oct 7, 2026 20d ago | DEFA14A | $3.15 $3.05 | ▲ +3.17% | ▲ +3.77% | $2.86 (+9.21%) |
Oct 6, 2026 21d ago | DEFA14A | $3.16 $3.15 | ▼ −0.32% | ▲ +0.11% | $2.86 (−9.49%) |
Oct 5, 2026 22d ago | DEFA14A | $3.18 $3.16 | ▼ −0.63% | ▼ −0.39% | $2.86 (−10.06%) |
US Market Status
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