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Nano Dimension issues letter to shareholders
The board's formal rejection of Murchinson's director-replacement demand, including Director Borenstein's public dissent note — filed May 26, 2026.
NNDM board cracks in public as Murchinson standoff escalates — post-Memorial Day whale moves
Board director dissents on live press release; CRWV 7-exec sell; HUBC 5th filer at 63%
The SEC was closed Friday through Monday for Memorial Day weekend, which compressed four days of smart-money activity into Tuesday morning's filing queue. Covering May 22 13:00 ET through May 26 13:00 ET, this edition surfaces the moves worth tracking before the open: a board that couldn't agree on its own letter, a 7-exec sell cluster at an AI infrastructure company still fresh from its IPO, and a cybersecurity micro-cap where five separate investors now claim a combined 63% passive stake.
Quick-scan: key moves at a glance
| Entity | Ticker | Action | Size | Direction |
|---|---|---|---|---|
| Nano Dimension Board vs. Murchinson | [NNDM] | Board rejects activist, files WHITE proxy — one director publicly dissents | 7.4% activist stake | ⚡ Proxy war |
| CoreWeave 7-insider cluster | [CRWV] | CEO, CSO, CFO, COO + 3 others sell same day | $13.6M combined | ↓ Cluster sell |
| Andre Wang (new filer) | [HUBC] | New 7.8% passive 13G; 5th filer total ~63.1% | 100,000 shares | ⚠️ Anomaly |
| Gnegy + Porcello amendments | [HUBC] | Both raised to 9.4% via 13G/A | Combined +18.8% | ↑ Increased |
| Park West Group | [CCOI] | First-time passive 13G — 5.1% stake | 2,546,505 shares | 🆕 New filer |
| Boston Scientific 2 directors | [BSX] | Open-market buys; one reverses 529 days of selling | $454K combined | ↑ Cluster buy |
NNDM: board letter signals fracture, not resolution
The Nano Dimension board's May 26 shareholder letter was supposed to be a unified rejection of Murchinson's latest director-replacement push. It wasn't.
Murchinson — holding 7.4% of [NNDM] via 15.55 million ADS — filed Schedule 13D/A Amendment No. 16 on May 21 demanding the removal of three of the company's five directors, two of whom Murchinson itself originally nominated in prior proxy contests. The board responded by announcing plans to file a WHITE proxy card for an extraordinary general meeting and dismissing the activist's motives 1.
The board's letter stated Murchinson's objective is "not long-term value creation, but rather control of Nano's balance sheet and strategic direction without offering shareholders a premium" 1. The letter was signed by four directors: CEO David Stehlin, Dr. Joshua Rosensweig, Andy Sriubas, and Robert Pons.
The fifth director, Phillip Borenstein, sat out the signing and publicly requested disclosure that he does not agree with the letter's content 1. Borenstein was seated in December 2025. A board issuing a "unified front" letter where one of five directors formally dissents — on the same press release — is a notable structural detail. It gives Murchinson a public wedge to work with heading into proxy season.
The board says a strategic alternatives review is expected to conclude "in the near future." No special meeting date or proxy filing was on record as of this window's close.
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CoreWeave: seven executives sell $13.6M on the same day
On May 20, the entire senior leadership team of CoreWeave (CRWV) — the Nvidia-backed GPU cloud company that went public in March 2026 — filed Form 4 disclosures showing coordinated same-day stock sales totaling approximately $13.6 million 2.
The breakdown by seller:
| Insider | Role | Shares sold | Proceeds |
|---|---|---|---|
| Brian M. Venturo | Director & CSO | 82,811 @ $101.00 | $8.36M |
| Chen Goldberg | EVP Product & Engineering | 14,168 @ ~$100.34 | $1.42M |
| Nitin Agrawal | CFO | 13,895 (two tranches) | ~$1.40M |
| Michael N. Intrator | CEO & President | 13,129 @ $99.82 | $1.31M |
| Sachin Jain | COO | 6,377 @ $99.82 | $637K |
| Brannin McBee | Chief Development Officer | 3,683 @ $99.82 | $368K |
| Jeff Baker | Principal Accounting Officer | 1,320 @ $99.82 | $132K |
All seven sales were accompanied by option exercises at $0.00 strike, meaning the transactions were exercised-and-sold rather than open-market disposals 2. Whether these were tied to 10b5-1 plans or pre-IPO lockup arrangements has not been confirmed in available filings — that distinction matters for interpreting the signal.
LevelFields flagged this as "a company-level insider selling cluster rather than a small isolated executive sale." 2 The breadth — spanning CEO, CFO, COO, CSO, and three other C-suite roles simultaneously — is uncommon for a company less than three months past its IPO, regardless of the option exercise mechanics.
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HUBC: a fifth passive filer pushes aggregate to 63.1%
Hub Cyber Security [HUBC], a small Israeli cybersecurity company, added another passive stakeholder to its growing cluster this window. Andre Wang, a US individual investor based in Alhambra, CA, filed a new Schedule 13G disclosing 100,000 ordinary shares — 7.8% of the class — as of May 18 3.
| Filer | Prior stake | Current stake | Shares |
|---|---|---|---|
| Troy White | 31.2% | 31.2% (unchanged) | 400,000 |
| Louis Porcello | 8.7% | 9.4% | 120,000 |
| Daniel Gnegy | 8.7% | 9.4% | 120,200 |
| Youbin Tu | 5.3% | 5.3% (unchanged) | ~67,800 |
| Andre Wang | new | 7.8% | 100,000 |
| Total | ~55.3% | ~63.1% | ~808,000 |
All five filings certify passive intent. None references the others. No joint group filing has appeared, and the CUSIP discrepancy noted last edition — Wang, Porcello, White, and Tu file under M6000J184 while Gnegy files under M6000J200 — remains unexplained and may reflect distinct share classes 3.
Five unrelated individuals collectively filing passive ownership over 63% of a micro-cap Israeli cybersecurity company — with no coordinating document and unresolved share class ambiguity — continues to be an open structural question. Watch for a 13D conversion, a group filing, or an 8-K material event.
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Park West Group takes 5.1% stake in Cogent Communications
Park West Asset Management (PWAM), a Michigan-based fund manager led by Peter S. Park, filed a first-time Schedule 13G on Cogent Communications Holdings [CCOI] on May 22, disclosing 2,546,505 shares — 5.1% of the class based on 50,077,663 shares outstanding as of April 30, 2026 6. The position is split across two entities: Park West Investors Master Fund holding 2,290,035 shares and Park West Partners International holding 256,470 shares. The filing is classified as passive investment with no intent to influence control.
Cogent is a Tier 1 internet service provider and data center operator. Park West's first-time appearance at 5.1% is the type of initial passive disclosure that sometimes precedes more active engagement as familiarity with management deepens, though the current filing gives no indication of that direction.
Form 4 round-up: buys worth watching
Boston Scientific [BSX] delivered the clearest buy signal of the post-holiday batch: two directors made open-market purchases totaling $454K around May 21 7. Director Edward Ludwig's $203K purchase stands out because it reversed a 529-day stretch of net selling — six prior sales before this buy. Director David Habiger added $251K, his largest-ever purchase, increasing his vested holdings by 47.2%. Three insiders have now bought BSX within 30 days.
Smaller insider sales filed May 26 (Memorial Day backlog) 8:
- [ENLT] Director Shai Weil sold 73,436 shares at $93.68 = $6.88M on May 25. Enlight Renewable Energy is an Israeli-listed renewable energy company; the transaction may have occurred on the Tel Aviv Stock Exchange.
- [BIDU] Director Foo Jixun sold 122,584 shares at $16.32 = $2.0M on May 21.
- [SE] COO Ye Gang sold 20,000 shares at $87.54 = $1.75M on May 21; two other Sea Ltd executives (CCO and CPO) each sold ~$140K on the same date.
- [SGHC] CFO Alinda Van Wyk sold 78,837 shares at $13.70 = $1.08M (Super Group, online sports betting operator) on May 19.
- [AVT] CFO Kenneth Jacobson sold 12,000 shares at $85.26 = $1.02M on May 22, the last trading day before the holiday.
None of the May 26 insider sales carried a confirmed 10b5-1 plan indicator in available tracker data. SEC EDGAR returned HTTP 403 on direct Form 4 XML lookups for these filings, so 10b5-1 status remains unverified.
Watch-list status: holiday weekend negatives confirmed
Four watch-list items from prior editions produced no new material in this window:
- [BHR] Braemar Hotels — Al Shams' 13D/A demand for board seats (May 22) has not drawn a public response from the company. No annual meeting date or proxy materials filed.
- [FBIN] Fortune Brands — Garden's $15.7M two-day buy (May 19–21) has not crossed the 5% Schedule 13D threshold. No new Form 4 purchases detected.
- [BLFS] BioLife Solutions — No Casdin Capital follow-through on its 9.7% stake. No new Form 4 or 13D/G filings in this window.
- [ARM] ARM Holdings — No new insider Form 4 filings this window. The 8-insider, 30-day selling cluster appears to have paused.
What to watch
The two open situations with active catalysts are [NNDM] and [HUBC]. At Nano Dimension, the next milestone is the proxy statement filing — either the board's WHITE card or Murchinson's competing materials. Borenstein's public dissent narrows the board's negotiating flexibility and may accelerate a settlement or further escalation. At HUBC, a 13D conversion by any of the five filers, a joint group filing, or an 8-K announcing a material corporate event would be the signal that this cluster is something more than coincident passive accumulation.
For [BSX], Ludwig's buying reversal after 529 days of selling is the type of insider behavior change BBAE's historical return data tends to attach elevated follow-through probability to — worth tracking for additional insider activity in the next 30 days.
参考来源
- 1GlobeNewswire: Nano Dimension issues letter to shareholders
- 2LevelFields AI: Executives sell over $13.6M of CoreWeave stock in same-day Form 4 filings
- 3StockTitan: Andre Wang reports 7.8% stake in Hub Cyber Security
- 4StockTitan: Daniel Gnegy 13G/A — 9.4% stake in HUBC
- 5StockTitan: Louis Porcello 13G/A — 9.4% stake in HUBC
- 6StockTitan: Park West reports 5.1% passive stake in Cogent Communications
- 7BBAE InsiderEdge: Top purchases and sales — May 22, 2026
- 8InsiderBuyingSelling.com: Form 4 filings tracker
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