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Buxton Helmsley insights

Anebulo’s Reverse Split Was Optional From the Start

“In the questions and answers section of the proxy statement Anebulo Pharmaceuticals, Inc. filed on October 10, 2025, the Company addressed what would happen if its stockholders voted the transaction down. The answer opened by conceding that the number of record holders of its common stock was already below three hundred, which “would enable us to file the applicable forms to deregister and delist” the stock without the transaction.¹ Everything below follows from that clause. The reverse stock split Anebulo had proposed in July, priced at roughly double the market, referred to a special committee, supported by an outside fairness opinion, and documented across a Schedule 13E-3 and a proxy statement that reached at least a second amendment, was not the mechanism by which the Company would leave the public markets. It was an optional addition to a departure the Company could have carried out at any time with two forms and no price at all.”
August 28, 2026
20 min read
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Buxton Helmsley insights

What Carter’s Cost of Goods Sold Did Not Contain

“Carter’s, Inc. reported cost of goods sold of $202.9 million for the thirteen weeks ended July 4, 2026, against net sales of $615.5 million.¹ That is a gross margin of 67.0 percent. In the comparable quarter of the prior year the Company reported cost of goods sold of $303.6 million on net sales of $585.3 million, a gross margin of 48.1 percent.¹ Sales grew about five percent. Gross margin expanded by roughly nineteen percentage points.”
August 6, 2026
13 min read
BH

Buxton Helmsley insights

The Unrecognized Holder: How Stacked Special Purpose Vehicles Sold Pre-IPO Exposure That Issuers Never Agreed to Recognize—and What Institutional Investors Must Demand Before They Wire the Next Subscription

“On June 12, 2026, SpaceX sold 555.6 million shares at $135 each, raised approximately $75 billion, and entered the public market at an implied valuation of roughly $1.75 trillion. It was the largest initial public offering ever completed.¹ The stock opened at $150, traded as high as $176.52, and closed its first session at $161.11, up 19.34 percent from the offering price.”
August 4, 2026
23 min read

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