Editor’s Notes
Liger Cub, my pseudonymous online persona, is now a member of MicroCapClub. At least one high-conviction idea per year will be posted there and will not be shared elsewhere. The platform has far exceeded expectations, and I encourage you to apply for a free membership or subscribe for view-only access.
Some near-term plans for Byron Street Research:
Starting this week, I’ll be spending at least 3 hours per day to researching Catalyst Watch entries for idea gen purposes. You’ll start seeing the “First Pass” column in the shared Notion database populate, sortable by four output groups:
(1) Highest priority - proceed to a deep dive ASAP
(2) Proceed - proceed to a deep dive
(3) Monitor - add to watchlist
(4) Pass - not interesting at this timeThe first quarterly performance review will be posted in early July and will include major coverage updates, reflecting a renewed focus on only the highest-conviction ideas.
A new write-up is almost ready, but its release will be carefully timed. The company in question is a left-for-dead name that’s completed a 180° shift into a high-growth model the market has yet to notice.
Another “growthy” idea will follow soon. In short, the next few weeks will be especially active: a quarterly review + 2-3 new ideas + 6 Catalyst Watch issues by the end of July.
A slightly longer-term plan is to introduce an Earnings Watch, covering the most interesting earnings releases and transcripts, as well as monthly model portfolios, ensuring no ticker flies under the radar (but let’s keep that between us for now).
Scroll down to continue reading this week’s most actionable corporate events in HTML format. For all past setups, please refer to the PDF file at the end.
This Week’s Most Actionable Corporate Events
AmeraMex International, Inc. (AMMX) | Trading Companies & Distributors | $0.10 | $1.5mm
New Order: Secured $1.1mm in equipment orders and finalized a five-year rental agreement with the Army Base for four Taylor Equipment forklifts valued at $4.4mm. It also entered into a six-month rental agreement for two Taylor forklifts, valued at $264k, which have already shipped to a customer in Idaho. All used equipment orders are scheduled to ship by the end of 2Q25, with new equipment shipments expected in 3Q25.
Anaergia Inc. (ANRG.F) | Waste Management | $1.01 | $175.1mm
New Contract: Awarded a ~C$30mm contract by New Jeju Bio to design and build the Jeju Bio Energy Biogas Plant on Jeju Island, South Korea, along with a supplementary agreement valued at an additional ~C$10mm. Project completion is expected between mid- and late-2027. Additionally, the company signed a revised contract with Techbau to construct two new biomethane production plants in Italy, bringing the total number of facilities supplied for Techbau to seven, all expected to be fully constructed and operational by mid-2026. The expanded contract is expected to generate an incremental C$9.2mm in revenue, lifting total anticipated revenue from the Techbau partnership to over C$36mm.
Bullfrog AI Holdings, Inc. (BFRG) | Health Care Technology | $1.69 | $15.9mm
New Agreement: Announced a strategic collaboration with Sygnature Discovery to introduce BullFrog Data Networks to Sygnature’s global biopharma client base. The partnership is expected to significantly accelerate brand recognition and user adoption, with projected revenue contributions ranging from $15mm to $30mm through 2028.
Blend Labs, Inc. (BLND) | Application Software | $3.23 | $835.0mm
Divestiture: Entered into a definitive agreement to sell its title insurance business, Title365, to Covius Services, shifting its focus on becoming the leading software platform for financial services. The transaction is expected to close in the coming months, though the company will continue to utilize the platform for title and closing services. The company originally acquired Title365 from Mr. Cooper for $422mm in 2021. The divestiture follows industry shifts triggered by Rocket Companies’ acquisition of Mr. Cooper and introduces near-term financial uncertainty, as Mr. Cooper accounted for 17% of the company’s 2024 total revenue, including 47% of Title365’s revenue.
Cemtrex, Inc. (CETX) | Diversified Support Services | $1.03 | $3.3mm
Business Update: Announced a renewed focus on accelerating operating income growth through targeted acquisitions, following a breakout 1H25. The company reported $41mm in revenue and over $2.3mm in operating income in H1, a major shift from the prior year and a clear signal that its core businesses, particularly Vicon Security, are now generating sustainable profitability. Having crossed the profitability threshold, the company is now shifting to offense, conducting in-depth evaluations on two potential acquisition targets and actively reviewing several others. If completed, these transactions are expected to contribute an incremental $3-4mm in annual operating income, further accelerating its earnings trajectory.
Chimera Investment Corporation (CIM) | Mortgage REITs | $14.00 | $1,133.6mm
Merger Agreement: Entered into a definitive agreement to acquire HomeXpress Mortgage, further diversifying its income streams with origination fees and gain-onsale income. The acquisition is expected to be accretive to earnings in 2026, offering significant cross-selling opportunities and enhancing enterprise value. The purchase price will equal HomeXpress’s adj. book value as of the month-end prior to closing, plus a premium of $120mm in cash and 2,077,151 shares of common stock. The transaction is expected to close in 4Q25.
Culp, Inc. (CULP) | Textiles | $3.93 | $49.4mm
Cooperation Agreement: Entered into a new multi-year cooperation agreement with 22NW, its largest shareholder. As part of the agreement, the company will nominate two new independent director candidates, Doug Collier and Lynn Heatherton, for election to the Board, alongside Alexander B. Jones of 22NW, who joined the Board in 2024 under a prior agreement. The updated cooperation agreement reflects the company’s commitment to working constructively with shareholders and provides additional support for management, employees, and customers as it positions itself for future growth opportunities.