Catalyst Watch #10
45 Actionable Event-Driven Setups
Yesterday, Byron Street Research was featured on Substack’s Rising in Finance leaderboard. I wanted to take a moment to thank each one of you for making this possible within just a year of launch.
Next week, premium subscribers will gain access to an interactive database of past Catalyst Watch entries, updated weekly after each issue. You may also have the option to duplicate the template to manually flag tickers for further review.
Last Thursday, I profiled Hydreight Technologies Inc. (TSXV:NURS; OTCQB:HYDTF). The setup is binary: either execution lifts the stock to multiples of its current price, or guidance proves too optimistic. Given VSDHOne’s rapid early adoption, the odds are heavily tilted toward the former. Take a look if you haven’t already!
Scroll down to continue reading this week’s most actionable corporate events, along with quick pitches on previously flagged setups, available in HTML format. For all past setups and pitches, please refer to the PDF file at the end.
This Week’s Most Actionable Corporate Events
AstroNova, Inc. (ALOT) | Computer Hardware | $9.01 | $68.4mm
Proxy Fight: Askeladden Capital Management, the company’s largest shareholder with a ~9.2% ownership stake, outlined a plan to unlock shareholder value through specific operational improvements and potential strategic alternatives, citing the 274% premium paid in Transdigm’s acquisition of Servotronics. The activist also raised concerns about board independence, pointing to long-standing relationships that may compromise its objectivity.
Amplify Energy Corp. (AMPY) | Oil & Gas E&P | $2.70 | $108.9mm
Cooperation Agreement: Entered into a cooperation agreement with Clint Coghill, CIO of Stoney Lonesome, under which he was appointed as an independent director. Coghill and his affiliates beneficially own ~7% of the company’s outstanding shares.
Anaergia Inc. (ANRG.F) | Waste Management | $0.91 | $162.9mm
New Contract: Entered into a C$7.3mm contract with Capwatt to design and build Metanext, an advanced anaerobic digestion facility expected to be operational by June 2026. This follows last month’s binding LOI for a total of nine projects across Portugal, Spain, and Italy, expected to be completed within 30 months and generate over C$60mm in total revenue. Metanext marks the first of these nine projects.
AppTech Payments Corp. (APCX) | Trading Companies & Distributors | $0.27 | $9.0mm
Insider Buying: Announced that board member and major shareholder Albert L. Lord informed the company of his intent to purchase up to one million shares of common stock in the open market, subject to market conditions. Despite the recent Nasdaq delisting, he remains confident in the original investment thesis and believes the current share price painfully undervalues the company.
Bridger Aerospace Group Holdings, Inc. (BAER) | Diversified Support Services | $1.32 | $72.2mm
New Orders: Received two separate 120-day task orders from the U.S. Forest Service for two of its CL-415EAF “Super Scooper” aircraft. Notably, these orders were awarded early in the wildfire season and for a record duration of 120 days each, demonstrating the year-round availability and readiness of its fleet, which increases revenue visibility and predictability. Two Super Scoopers are currently operating under a task order in Minnesota, with the remaining two staying on a “call when needed” basis.
Blink Charging Co. (BLNK) | Electrical Parts & Equipment | $0.72 | $74.0mm
Restructuring: Announced an operational cost reduction plan that includes a ~20% reduction in its global workforce, with implementation expected to be completed by the end of 3Q25. The initiative aims to streamline operations, enhance agility, and better align resources with the company’s BlinkForward strategic priorities. The workforce reduction and related operational adjustments are projected to generate annualized cost savings exceeding $11mm.
Barnwell Industries, Inc. (BRN) | Oil & Gas E&P | $1.29 | $13.0mm
Proxy Fight: Ned Sherwood announced that, according to a preliminary report from the proxy solicitor, over 40% of outstanding shares have already voted in favor of his nominees, Henry, Pierson, and Sherwood, while Woodrum received support from 39% of shares, compared to less than 15% for the incumbent directors. Although voting remains open for the 2025 annual meeting, Delaware Vice Chancellor Paul A. Fioravanti, Jr. issued a judgment invalidating Sherwood’s slate from being considered at the upcoming meeting. Sherwood intends to appeal the ruling. Last week, the company received majority shareholder consent for board changes, including the election of Heather Isidoro and the removal of two directors.
Carver Bancorp, Inc. (CARV) | Regional Banks | $1.48 | $7.8mm
Proxy Fight: The OCC ordered the company to implement immediate operational improvements and submit a three-year strategic plan. These orders mirror the concerns raised by Dream Chasers in recent years, culminating in the December 2024 proxy contest in which Dream Chasers and its nominees secured support from over 70% of retail voters. Dream Chasers stated that, as one of the largest African American-owned banks in the country, "there is no limit to how high this bank could rise, which would deliver massive upside and shareholder value."