The Bear Cave #327

New Activist Reports, Recent Resignations, and Tweets of the Week

May 24, 2026

Welcome to The Bear Cave! Our last premium articles were “Problems at Kinsale Capital Group (KNSL)” and “Problems at Ethos Technologies (LIFE).” Our next special investigation for paid readers comes out Thursday, June 4.

New Activist Reports

Kerrisdale Capital published on Everspin Technologies (NASDAQ: MRAM — $790 million), a niche chipmaker company. Kerrisdale alleged the company “doesn’t have a meaningful role in the hyperscale AI infrastructure buildout driving today’s semiconductor boom” despite its stock rising 300% over the last six months. Kerrisdale estimated the company has 63% downside and wrote:

“Despite lacking the growth, scale, and strategic positioning of real AI memory beneficiaries, MRAM now trades at an absurd ~10x ’27E sales and ~38x ’27E EBITDA. Meanwhile, actual AI memory winners trade at lower multiples despite dramatically faster growth.”

Manatee Research published on Amprius Technologies (NYSE: AMPX — $2.31 billion), a lithium-ion battery company. Manatee noted that the “stock has run up ~490% in the last year on a flurry of new unnamed customer and key supplier announcements” and argued that many of the company’s suppliers lacked substance. Manatee also highlighted that the company’s CEO previously ran a startup that now appears to be worthless and wrote:

“[Amprius Technologies] trades at an absurd ~15x forward revenue, having spent just $22.5M cumulative on R&D from 2022-2025 versus QuantumScape at ~$1.4B, Enovix at ~$381M, Solid Power at ~$239M, and Microvast at ~$164M over the same period.”

Fuzzy Panda Research published on T1 Energy (NYSE: TE — $2.25 billion), a clean battery solutions company formerly known as FREYR Battery. Fuzzy Panda called the company “another China Hustle” and said the company “is further doomed to be non-FEOC compliant” given its extensive China ties.

Culper Research raised similar concerns about T1 Energy in January.

Grizzly Research published on Ottobock SE & Co. KGaA (Frankfurt: OBCK — 3.56 billion EUR), a German medical device company. Grizzly alleged the company’s majority shareholder is “drowning in debt” and said the company currently trades at about 42x trailing earnings with an estimated 35% of its total net income from sales to Russia.

Wolfpack Research published on XMax Inc (NASDAQ: XMAX — $534 million), which Wolfpack described as “a Malaysian hustle peddling a furniture-to-AI fantasy to fund one of the most dilutive setups we have ever seen, including a $1 billion shelf.”

Fugazi Research published on MMTec (NASDAQ: MTC — $626 million), a Chinese financial technology company, citing its excessively high 605x revenue multiple and poor historical execution.

Recent Resignations

Notable executive departures disclosed in the past week include:

CFO of Artiva Biotherapeutics (NASDAQ: ARTV — $382 million) “entered into a separation agreement” after just three months.
CFO of Kyverna Therapeutics (NASDAQ: KYTX — $527 million) “ceased serving” with immediate effect after eleven months.
CFO of Inspired Entertainment (NASDAQ: INSE — $188 million) “stepped down” with immediate effect after one and a half years. The gaming technology company has had five CFOs in the last five years.
CFO of Erie Indemnity (NASDAQ: ERIE — $11.7 billion) will retire at the end of this year after about four years. In February, the company announced that its CEO would be retiring at the end of this year as well after eleven years.
Chief Innovation Officer of PowerFleet (NASDAQ: AIOT — $457 million) departed after one and a half years. The self-described “leader in the artificial intelligence of things software-as-a-service mobile asset industry” is overseen by a four-person board.

Data for this section is provided by VerityData from VerityPlatform.com

News of the Week

“How a Secretive Firm Tried (and Failed) to Fix an Epstein Friend’s Tattered Image” (NYT)

“Terakeet’s efforts paid off. By 2023, a Google search for ‘Robert F. Smith’ did not yield prominent mention of Mr. Smith’s tax fraud within the first 100 results. For the average user, the same search result holds true today…”

“The Star Stock Picker Who Bet Big on SpaceX Before It Even Landed a Rocket” (WSJ)

“Fidelity and Atreides started investing in SpaceX when it was worth about $10 billion and $30 billion, respectively. The company is now eyeing a market value of $1.5 trillion or more when it goes public next month.”

Abaxx Technologies CEO Hit Back At Shorts

CEO and founder of Abaxx Technologies (Toronto: ABXX — CAD$2.21 billion), Josh Crumb, tweeted critically towards short-sellers this week. In several lengthy tweet replies, Mr. Crumb said “short cultists continue to play dirty” and spoke negatively about the impact of short sellers on Abaxx stock, a long running theme in his tweets. The upstart Canadian commodities exchange is up ~450% in the last year.