The Bear Cave #307
New Activist Report, 2025 Annual Review, Recent Resignations, Recent Stock Promotion Campaigns, and Tweets of the Week
Welcome to The Bear Cave! Our last premium articles were “Problems at Pattern Group (PTRN)” and “Problems at Serve Robotics (SERV).” This Thursday, January 8, The Bear Cave will release our annual list of the best research tools for investors and on Thursday, January 15, we will return with our normal deep-dive investigations for paid readers.
New Activist Report
Hunterbrook Media published on New Era Energy & Digital (NASDAQ: NUAI — $184 million), a helium exploration company that pivoted to AI energy infrastructure. Hunterbrook highlighted a recent lawsuit from the New Mexico Attorney General “seeking to bar New Era from conducting business in New Mexico,” which would inhibit the company’s plans to develop data centers in the state.
Last month, Fuzzy Panda called the company “a 2024 Roth SPAC with a CEO that has a long history of penny stock implosions” and alleged that the company has “spent over a million dollars on paid stock promotion campaigns.”
2025 Annual Review
In 2025, The Bear Cave published new Thursday deep-dive investigations on thirteen companies.
On average, these 2025 investigations declined 8.5% from publication, compared to a 9.9% increase in the S&P 500. The table excludes follow-up reports on prior investigations, group reports such as “Diamonds Aren’t Forever,” “Problems at 100 Long-Term Underperformers,” and “Problems at Two Paper Products Companies,” as well as our coverage on U.S.-listed Chinese microcap companies. A chronological list of all our past investigations is available on our homepage. To 2026!
Recent Resignations
Notable executive departures disclosed in the past week include:
CEO of Twin Hospitality Group (NASDAQ: TWNP — $43 million) was “terminated” after eleven months. The restaurant franchise, known for its Twin Peaks brand, is down ~95% since it was spun off from FAT Brands (NASDAQ: FAT — $7 million) in January 2025.
CEO of VisionWave Holdings (NASDAQ: VWAV — $162 million) resigned “effective immediately for personal reasons” after nearly one year and also departed the board. The defense technology company paid for several stock promotion campaigns in recent months and is roughly flat since its July 2025 SPAC merger.
CFO of Skillz (NYSE: SKLZ — $66 million) “notified the company of his decision to withdraw his acceptance of the Chief Financial Officer position, effective immediately,” just five days after accepting the job and three weeks before his January 12 start date. The mobile gaming company has had six prior CFOs in the last five years and was criticized by Wolfpack Research in March 2021 before later falling by ~99%.
Mr. Luke Mansfield, board member of LiveWire Group (NYSE: LVWR — $928 million), resigned after nearly two years. In February 2025, the company switched auditors from Ernst & Young to KPMG, and in June 2025 the company’s CFO resigned after three years. The electric motorcycle company is down ~50% since its September 2021 SPAC merger after being spun out of Harley-Davidson.
Data for this section is provided by VerityData from VerityPlatform.com
Recent Stock Promotion Campaigns
Notable paid stock promotion campaigns disclosed in the last month include:
AtaiBeckley (NASDAQ: ATAI — $1.41 billion) engaged Proactive Investors to produce promotional online content.
US Gold Corp (NASDAQ: USAU — $301 million) has paid a total of over $2.3 million to Huge Alerts for email campaigns and recently sponsored several YouTube videos.
WhiteFiber (NASDAQ: WYFI — $644 million) appears to have indirectly paid for a sponsored YouTube video.
Starfighters Space (NYSE: FJET — $290 million) paid $100,000 to a stock promoter for campaigns during “a period of 2025-12-18 to 2026-1-16.” The company also paid for a sponsored YouTube video.
Data from StockPromotionTracker.com
News of the Week
“Maduro Toppled; An Investor’s Guide To Venezuela & LatAm” (Ian’s Insider Corner)
“It’s a new beginning in South America...”
“ANRO Faces Acute Supply Risk as PIPE Shares Enter the Market” (ShortFinder)
“Our machine learning model identifies Alto Neuroscience (NYSE: ANRO — $515 million) as the highest-risk stock in our universe. The model assigns a 54.2% probability that ANRO declines more than one standard deviation over the next five trading days—the highest score among 800+ screened securities.”
“They Broke the SEC” (Disclosure Insight)
“The rules are still on the books — in some cases stronger than ever — but rules only matter when they’re enforced. And when enforcement credibility erodes, the deterrent effect erodes with it. That’s when fraud risk rises, not because people suddenly become more dishonest, but because the perceived probability of getting caught drops. That’s the dynamic I’m seeing now.”
“Just Call Them” (The Oracle by Polymarket)
“Chris DeMuth Jr. is the founder of Rangeley Capital, an event-driven hedge fund and writes Sifting the World on Seeking Alpha and Substack…
A funny example: Pan American Silver Corp has a contingent value right where you had to have a spiritual consultation with local indigenous tribes in Guatemala, who don’t formally have to approve the deal, but you had to go through a process of consulting them. If you get the Guatemalan approval, you get stock in a silver company that’s up 159% this year. So you have this right sitting in a morass of trying to consult Guatemalan Indians about the spiritual aspects of the deal.”
Tweets of the Week
Until Thursday,
The Bear Cave