Activist investor targets Bollinger Innovations with stake bid

SEATTLE - Activist investor Jourdan Matthews, CEO of The Winvest Investment Fund Management Corp., announced Friday his firm is seeking to acquire a majority stake in Bollinger Innovations, Inc. (NASDAQ:BINI) through a tender offer or alternatively pursue a board seat. The company’s stock currently trades at $0.68, with a market capitalization of just $340,000. According to InvestingPro analysis, the stock appears undervalued relative to its Fair Value.

Matthews outlined several proposals for the company, including securing at least $15 million in new funding, issuing a dividend to shareholders from this funding, acquiring a NASDAQ-listed company to reduce debt, discontinuing unprofitable segments, and creating an investment arm. InvestingPro data reveals the company’s concerning financial health, with a current ratio of 0.23 and total debt to capital ratio of 96%, suggesting urgent need for restructuring.

"The company has absolutely vast potential only if it uses its most valuable asset," Matthews said in the press release statement. He also noted that "short interest is almost 1,500% right now and retail investors are furious." InvestingPro analysis highlights several red flags, including rapid cash burn and significant debt burden. The platform offers 14 additional key insights about BINI’s financial position.

Winvest currently holds a minority stake in Bollinger Innovations. The investment firm emphasized there is no guarantee any of its proposals will be adopted, as implementation remains at the discretion of Bollinger’s board. The company’s shares have declined 100% over the past year, with negative EBITDA of $225.89 million in the last twelve months.

Bollinger Innovations has not endorsed the proposals put forward by Winvest.

Matthews previously led Winvest in a hostile takeover attempt of LogicMark, Inc. (formerly NASDAQ:LGMK). According to the press release, LogicMark was later delisted from NASDAQ, which Matthews suggested might have been avoided had the company implemented Winvest’s recommendations.

The Seattle-based activist investment firm describes its approach as focused on generating shareholder value through active board engagement.

In other recent news, Bollinger Innovations Inc. announced significant developments impacting its financial and operational landscape. The company revealed a 58% reduction in its quarterly cash burn, lowering it to $8.9 million while maintaining its marketing, sales, and manufacturing capabilities. Bollinger Innovations also announced a 1-for-250 reverse stock split, effective September 22, 2025, to comply with Nasdaq’s $1.00 minimum bid price requirement. Despite this move, the company cautioned that compliance is not guaranteed. Additionally, Bollinger Innovations received a notice from Nasdaq for failing to meet the $35 million market value requirement, leading to a potential delisting. Initially planning to appeal the decision, the company later withdrew from the hearings process and will begin trading on the OTCID market starting October 13, 2025. These recent developments highlight the company’s ongoing efforts to address compliance issues and manage operational costs.

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