filecrux
$XPOF The Club Pilates franchisor adopted a poison pill, expiring Oct 11, 2027, whose 19.9% trigger counts derivatives. Fund 1 holds 9.9% in shares, 8.5% in swaps. At the $4.945 Oct 9 close its 4,170,610 shares are worth ~$20.6M vs ~$25.9M paid. The pill "will not prevent an acquisition" but should steer buyers to the Board first. Rights go to Class A holders of record on Oct 22, 2026; Fund 1's short puts on 2,500,000 shares at a $5 strike expire Oct 16, 2026 (13D/A Item 6); and the board's review of strategic alternatives 'remains ongoing'.
