Who bought 5% this week, and what they said they want
Cross 5% of a company with any intent beyond sitting still and you have five days to tell the SEC why. The first week of September brought a fund that switched from passive to not, a founder setting up a sales plan, and a rights offering in the oil patch.
A Schedule 13D is the form an investor files within five business days of owning more than 5 percent of a company when they might do something about it. Item 4 of the form asks for the purpose. Most answers are boilerplate. Some are not. Here is what landed on tracked companies on September 3 and 4, in the filers' own words where the words are worth reading.
VolitionRx (VNRX): from 13G to 13D
Lagoda Investment Management had reported its 7.4 percent stake on a Schedule 13G, the passive form, for a while. On September 4 it refiled as a 13D. The reason, from the filing: on or about August 17, a Lagoda principal "delivered a letter to the Issuer's board of directors in which she expressed support for the Issuer's management and the long-term potential of the Issuer's intellectual property and products and recommended reductions in executive compensation and other operating expenses." The filing says they "do not currently intend to seek representation on the Issuer's board."
That is the cleanest kind of activism: a letter about costs, no proxy fight, and a form change that puts it on the record.
TransAct Technologies (TACT): a 5.1% holder who "may discuss ideas"
Charles Gillman's amended 13D says the shares were bought "for investment" and "not for the purpose of acquiring control." Then it reserves the right to talk to "one or more shareholders," officers and directors "regarding the Issuer, including but not limited to its operations," and to "discuss ideas that, if effected, may result in" the changes Item 4 lists. Investors do not write that sentence unless they plan to use it.
KLX Energy Services (KLXE): 8.9% through a rights offering
Steel Partners Holdings' filing is mostly the mechanics of a rights offering the company launched on August 24: one right per share, each right good for 3.885 new shares at $1.49, with an over-subscription privilege and an expiry of September 23, 2026. Nothing about strategy. It is a note that someone with a big position intends to put more money in at $1.49.
SkyAI (SKYAI): 9.9% from a private placement
Wei Zhu's 13D says the shares "were undervalued and represented an attractive investment opportunity," and traces the position to a $400 million private placement that closed in August 2025. The usual reservation of the right to buy or sell more follows.
DynaResource (DYNR): 20.17%, "no present plan"
Gareth Nichol's filing says the units were acquired "for investment purposes" with no present plan on any of the Item 4 matters, while keeping "the normal flexibility of a significant stockholder to communicate with management." A separate amendment from Matthew Rose put a second holder at 19.9 percent the same day. Two twenty-percent holders is a table worth watching.
Paycom (PAYC): the founder's sales plan
Chad Richison's amended 13D discloses that on September 1 his Ernest Group entered a Rule 10b5-1 plan under which J.P. Morgan may sell up to 1,090,000 shares between December 1, 2026 (or shortly after the third-quarter results, whichever is later) and June 1, 2027. A sales plan is not a sale, and a founder with 13.1 percent of the company selling a fraction of it on a schedule is routine. It is also the kind of thing that turns up months later as "insider sold" headlines with no mention that the plan was public since September.
The routine ones
The Fisher family updated their Gap filings at 13 percent each. Dennis Wilson's 8.6 percent of Lululemon and Ryan Cohen's 8.3 percent of GameStop were amended with no new purpose text. Diamondback Energy holds 42.9 percent of Viper Energy and said nothing new. Amendments are often just the number changing.
[ADAM: your read]
Reading the form
Two things to check on any 13D. First, whether it is the original or an amendment: an original means someone just crossed the line or just changed their mind, an amendment usually means the count moved. Second, Item 4, and specifically whether it names a person, a letter, a board seat or a price. Filers who mean it tend to be specific. The full list on tracked companies, with an intent label we apply from the purpose text, is at /activists, and each stock's holders tab shows every 13D and 13G on it.
Opinion and personal record, not investment advice.