Sandisk Corporation ( SNDK ) has issued a formal warning advising shareholders to reject an unsolicited mini-tender offer from Tutanota LLC to purchase up to 100,000 shares of its common stock at $1,150.00 per share. This volume represents less than 0.07% of SanDisk’s total outstanding shares as of April 24, 2026. The company emphasizes that it does not endorse or support the offer, has no connect...
Sandisk Corporation ( SNDK ) has issued a formal warning advising shareholders to reject an unsolicited mini-tender offer from Tutanota LLC to purchase up to 100,000 shares of its common stock at $1,150.00 per share. This volume represents less than 0.07% of SanDisk’s total outstanding shares as of April 24, 2026. The company emphasizes that it does not endorse or support the offer, has no connection to Tutanota or its documentation, and strongly urges investors to take no action. The offer's target price of $1,150.00 is strictly dependent on SanDisk’s stock closing above this amount on the final trading day before expiration. If this condition is not waived by Tutanota, shareholders who participate will effectively receive less than fair market value. Additionally, Tutanota reserves the right to extend the offer for periods between 45 and 180 days, which would significantly delay payout. Shareholders who have already tendered their shares can withdraw them at any time before the current expiration deadline, set for 5:00 p.m. ET on May 20, 2026, unless extended. Sandisk does not support Tutanota's offer and has no connection to Tutanota or its documentation. Tutanota has made mini-tender offers for stock in various public companies, including Sandisk. This offer is for less than five percent of Sandisk's shares, which means it is not subject to many SEC rules that protect investors. The SEC warns that mini-tender offers can be below market prices, potentially misleading investors if they do not compare the offer to current prices. More on Sandisk Corporation Sandisk: Structural Demand That Isn't Going Anywhere Soon Sandisk: Time To Sell (Rating Downgrade) Sandisk: Leveraging Japan's State Support Through The Kioxia Partnership Semiconductor stocks dominate best YTD performing mega caps list These high beta stocks earn the highest Quant ratings
peshkov/iStock via Getty Images The following segment was excerpted from the Tourlite Capital Q1 2026 Investor Letter. During the quarter, our average dollar net exposure was 33% and beta-adjusted net exposure was 43%. Gross exposure ranged between ~200% and ~265%, with an average of 242%. Despite this higher net exposure, our percentage of idiosyncratic risk remained in the ~80% range. We maintai...
peshkov/iStock via Getty Images The following segment was excerpted from the Tourlite Capital Q1 2026 Investor Letter. During the quarter, our average dollar net exposure was 33% and beta-adjusted net exposure was 43%. Gross exposure ranged between ~200% and ~265%, with an average of 242%. Despite this higher net exposure, our percentage of idiosyncratic risk remained in the ~80% range. We maintain our view that a “normal” net exposure range of 20-30% remains optimal for our portfolio construction. Our portfolio’s sector concentration was as follows: consumer (~20%), industrials (~50%), technology (~20%), and others (~7%). ⁵ As discussed in our prior letters, we remain short consumer and long industrials. Our average dollar exposure for each sector was: consumer (-38%), industrials (+73%), technology (-8%), and others (+6%). First Quarter Gainers & Detractors Gainers Detractors FTAI Aviation Montana Aerospace (MHRAF) Golar LNG ( GLNG ) New Fortress Energy ( NFE ) Special Situations Long Zevia ( ZVIA ) Technology Short Industrial Short USA Today (GCI) Consumer Short Click to enlarge Click to enlarge Montana Aerospace (AERO SW) We believe Montana is the most undervalued position in our portfolio and remain highly convicted in its’ long-term prospects. The stock currently trades at less than 7x 2027E EBITDA, a staggering discount compared to its peer group’s low-to-mid teens multiple, and trades at a low-double-digit free cash flow yield, offering a significant margin of safety. We believe this dislocation exists primarily due to remediable factors, including historically poor investor communication, overly conservative guidance for 2026 and 2027, and broader market anxiety regarding Boeing ( BA ) and Airbus ( EADSF ) production rates alongside geopolitical instability. The stock’s underperformance is further exacerbated by its Swiss listing and recent leadership change. In April, Montana’s CEO unexpectedly stepped down for personal reasons shortly after supposedly mis...