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Nasdaq 100 Stocks SEC Filings β€” March 20, 2026

USA NASDAQ-100

6 high priority6 medium priority12 total filings analysed

Executive Summary

Across 12 NASDAQ-100 related filings from March 20, 2026, proxy season dominates with 5 DEF/DEFA14A filings signaling imminent annual meetings and governance focus, while financial disclosures reveal mixed period-over-period trends: Zegna's FY2025 revenue declined 1.5% YoY to €1,917M but profit surged 20.5% YoY to €109M on 90 bps gross margin expansion; IPM reported FY2025 revenue of $23.6M with net loss down 42% YoY and Q4 Adjusted EBITDA turning positive post-transformation. Positive highlights include Gilead's robust HIV/oncology pipeline with up to 7 launches by 2033 and bulevirtide potential in 2026, AITX's new AI security order, and IPM's accretive acquisition adding 17k customers. Critical risks emerge in Faraday Future's Nasdaq delisting notice for sub-$1 bid price, granting 180 days to September 16, 2026, compliance. Portfolio-level patterns show profitability resilience amid revenue softness in luxury/shipping, SPAC liquidity/m erger progress, and limited insider details but LTIP grants signaling long-term alignment in Cogent/Gilead. Actionable implications favor monitoring pharma catalysts and avoiding delisting risks, with capital allocation tilting toward acquisitions/RSUs over dividends.

Tracking the trend? Catch up on the prior Nasdaq 100 Stocks SEC Filings digest from March 19, 2026.

Investment Signals(11)

  • CEO incentives achieved 152% of AWR CAGR target ($333,500 earned) and LTIPs up to 551,177 RSUs for 2026 at $12M notional, with 2026 awards of 229,657 time-based/321,520 perf-based RSUs vesting 2029

  • AITX(BULLISH)
    β–²

    RAD division booked order for 5 RIO 360 AI security units for major Midwest city civic center, underscoring demand growth

  • Zegna(BULLISH)
    β–²

    FY2025 profit +20.5% YoY to €109M on gross margin +90 bps to 67.5%, DTC sales +4.2% YoY and DTC share of branded products +440 bps to 82.0% despite overall rev -1.5% YoY

  • Gilead Sciences (DEF 14A)(BULLISH)
    β–²

    2025 achievements include record HIV sales from Biktarvy, Yeztugo launch success, Trodelvy data, Arcellx acquisition for anito-cel, Livdelzi adoption, and AI Principles rollout; up to 7 HIV launches by 2033

  • IPM(BULLISH)
    β–²

    FY2025 revenue $23.6M with Q4 $6.1M, net loss -42% YoY, Q4 Adjusted EBITDA positive first post-Q1 2025 transformation; acquired Newtek for $4M cash +4M shares adding 17k customers/50 employees

  • Gilead Sciences (DEFA14A)(BULLISH)
    β–²

    Board recommends FOR director elections, auditor ratification, NEO comp approval, equity plan amendment; full director attendance implied in related DEF 14A

  • β–²

    Non-CEO NEO base salaries +2.5% for 2025, sales commissions at 92% for Mark Harris ($141,900), LTIPs with EBITDA/FCF CAGR targets through 2027/2028

  • Zegna(MIXED-BULLISH)
    β–²

    Americas revenues +7.9% YoY, U.S. Dollar sales share +190 bps to 25.6%, organic growth +1.1% offsetting Thom Browne -14.7% and China -14.6%

  • IPM(BULLISH)
    β–²

    Divested non-core assets for $1.4M + up to $5M earn-outs, data center leases secured through 2032 supporting Managed IT revenue $14.8M FY2025

  • β–²

    No major loss of exclusivity for decade ahead, HIV leadership to 2040s, potential bulevirtide U.S. launch 2026

  • β–²

    SPAC merger with Enhanced Games progressing (S-4 filed), first event May 24, 2026 in Las Vegas, targeting FDA peptide regulatory shift

Risk Flags(10)

  • Zegna/Revenue Decline[HIGH RISK]
    β–Ό

    FY2025 revenues -1.5% YoY to €1,917M (organic +1.1%), Thom Browne -14.7%, wholesale branded -20.9%, Greater China -14.6%, RMB share -240 bps to 18.4%

  • Zegna/Margin Pressure[MEDIUM RISK]
    β–Ό

    Adjusted EBIT -11.4% YoY to €163M, operating margin -130 bps to 7.3%, SG&A +53.9% of revenues vs 51.8% YoY

  • Failed 30-day $1.00 min bid price (Feb 5-Mar 19, 2026), 180-day cure period to Sep 16, 2026; risk delisting or reverse split if unmet

  • Immediate delisting if bid <=$0.10 for 10 days; must hit $1.00 close for 10 consecutive days

  • CEO incentives only 79% of GP CAGR target ($196,743), sales commissions 77% for former CRO James Bubeck ($80,813)

  • IPM/Historical Losses[LOW-MEDIUM RISK]
    β–Ό

    Persistent net losses in FY2025 despite -42% YoY improvement and Q4 EBITDA positive; post-transformation metrics

  • Zegna/Regional Weakness[MEDIUM RISK]
    β–Ό

    Euro revenues share -140 bps to 27.9%, wholesale share -440 bps to 18.0%

  • β–Ό

    Enhanced Games unproven model, limited history, minimal revenue; regulatory shift on peptides speculative

  • Mr. Chaloff attended <75% of ANMIF Board meetings in FY2025 (ended Oct 31)

  • 8-K Item 8.01 other events with no financial/transaction details disclosed

Opportunities(10)

  • Arcellx acquisition for anito-cel, bulevirtide launch potential 2026, 7 HIV launches by 2033, Trodelvy breast cancer data; trading post-record Biktarvy sales

  • IPM/Transformation Play(OPPORTUNITY)
    β—†

    Q4 EBITDA positive, FY revenue $23.6M via Newtek acquisition ($4M cash/4M shares, +17k customers), divestitures $1.4M+$5M earn-outs; leases to 2032

  • Zegna/DTC Shift(OPPORTUNITY)
    β—†

    DTC share +440 bps to 82%, +4.2% YoY growth, Americas +7.9%; gross margin +90 bps despite overall rev dip

  • AITX/AI Security Demand(OPPORTUNITY)
    β—†

    5-unit RIO 360 order for Midwest civic center signals institutional adoption of AI solutions

  • β—†

    CEO 2026 LTIPs 551k RSUs ($12M value), perf-based on EBITDA CAGR to 2028; 2025 incentives exceeded AWR target 152%

  • Gilead/Annual Meeting↓(GOVERNANCE OPPORTUNITY)
    β—†

    Vote on equity plan amendment, NEO comp; virtual AGM April 30, 2026 with board FOR recommendations

  • AParadise/SPAC Merger↓(SPECULATIVE OPPORTUNITY)
    β—†

    Enhanced Games event May 24, 2026; APAD shares trading, potential FDA peptide loosening for 14/19 substances

  • IPM/Revenue Diversification(OPPORTUNITY)
    β—†

    FY2025 Managed IT $14.8M (63%), Procurement $5.4M; Q4 EBITDA inflection post-acquisition

  • Zegna/Profit Resilience(RELATIVE VALUE OPPORTUNITY)
    β—†

    +20.5% YoY profit to €109M on margin gains, U.S. share +190 bps

  • Gilead/HIV Dominance↓(LONG-TERM OPPORTUNITY)
    β—†

    Leadership extension to 2040s, no LOE decade ahead

Sector Themes(6)

  • Proxy/Governance Surge
    β—†

    5/12 filings (Cogent, Gilead x2, Genco, AllianceBernstein) are DEF/DEFA14A detailing meetings (e.g., Gilead Apr 30, Alliance Mar 30), director independence/attendance, exec comp/LTIPs; implies voting catalysts imminent, low controversy [IMPLICATION: Activist watch, vote alignment]

  • Mixed Revenue but Profit Resilience
    β—†

    2/3 financial reporters show rev softness (Zegna -1.5% YoY, IPM flat historical but $23.6M FY) offset by profit gains (Zegna +20.5%, IPM loss -42% YoY, Q4 EBITDA+); DTC shift in luxury +4.2% [IMPLICATION: Favor margin expanders over topline growers]

  • Pharma Pipeline Momentum
    β—†

    Gilead highlights multiple catalysts (bulevirtide 2026, 7 HIV by 2033, Arcellx M&A) with no LOE risks; contrasts EV delisting [IMPLICATION: Sector outperformance via launches vs regulatory distress]

  • SPAC Liquidity/Progress
    β—†

    Muzero unit separation Mar 23, AParadise merger promo (S-4 filed, event May 24); routine but enhances trading [IMPLICATION: Early entry on tech-enabled targets]

  • Acquisitions for Growth
    β—†

    IPM Newtek $4M+4M shares (+17k customers), Gilead Arcellx; divestitures (IPM $1.4M+$5M); no valuations but accretive [IMPLICATION: Consolidation in IT/pharma, watch synergies]

  • Delisting/Compliance Pressures
    β—†

    Faraday Nasdaq violation (180-day cure); isolated but flags microcap risks in EV/AI [IMPLICATION: Avoid bid-price laggards]

Watch List(8)

  • Monitor bid price for 10-day $1.00 close; delisting risk if unmet by Sep 16, 2026 or $0.10 trigger [Sep 16, 2026]

  • Voting deadline Apr 29 on directors, auditors, comp, equity plan; board vs stockholder proposals [Apr 30, 2026]

  • Zegna/China Recovery
    πŸ‘

    Greater China -14.6% YoY; track DTC/wholesale shifts, organic growth sustainability [Ongoing Q1 2026]

  • IPM/EBITDA Ramp
    πŸ‘

    Q4 positive inflection post-acquisition; watch FY2026 revenue from Managed IT/Procurement [Q1 2026 Earnings]

  • CEO perf RSUs on EBITDA/FCF CAGR through 2027/2028; gauge management execution [2027-2029]

  • First Games event, FDA peptide regs; S-4 progress [May 24, 2026]

  • Joint AGM attendance issues (Chaloff <75%); board oversight [Mar 30, 2026]

  • Upcoming 14A/WHITE card solicitation; review Form 4 insider filings (latest Feb 2026) [Pending 2026 AGM]

Filing Analyses(12)
COGENT COMMUNICATIONS HOLDINGS, INC.DEF 14Amixedmateriality 7/10

20-03-2026

Cogent Communications Holdings, Inc.'s DEF 14A proxy statement details corporate governance practices, including full attendance by directors at the 2025 annual meeting and independence of all directors except CEO Dave Schaeffer. For 2025 executive compensation, base salaries for non-CEO Named Executive Officers increased 2.5%, CEO incentives achieved 152% of AWR CAGR target ($333,500 earned) but only 79% of GP CAGR target ($196,743), and sales commissions reached 92% for Mark Harris ($141,900) while at 77% for former CRO James Bubeck ($80,813). Significant long-term incentive grants were awarded, including up to 551,177 RSU shares for the CEO for 2026 service based on $12M notional value.

  • Β·All directors except CEO determined independent per Nasdaq rules.
  • Β·CEO 2025 LTIPs: 84,000 time-based RSUs and 96,000 performance-based RSUs (half EBITDA CAGR, half Free Cash Flow CAGR through 2027).
  • Β·CEO 2026 LTIPs: 229,657 time-based RSUs vesting 2029 and 321,520 performance-based RSUs based on EBITDA CAGR through 2028.
  • Β·Supplemental 100,000 time-based RSUs each to Chang, Harris, Weed vesting 2029 for Sprint acquisition retention.
  • Β·Performance-based RSUs for Weed, Chang, Kilmer based on customer satisfaction or performance through 2028.
Artificial Intelligence Technology Solutions Inc.8-Kpositivemateriality 4/10

20-03-2026

Artificial Intelligence Technology Solutions, Inc. (AITX) filed an 8-K on March 20, 2026, announcing a press release stating that its RAD division has booked an order for 5 RIO 360 units destined for the Downtown Civic Center in a major Midwest city. This development underscores demand for AITX's AI-driven security solutions amid otherwise limited financial details in the filing.

  • Β·Filing includes Exhibit 99.1: Press release dated March 20, 2026
Ermenegildo Zegna N.V.20-Fmixedmateriality 8/10

20-03-2026

Ermenegildo Zegna N.V. reported FY2025 revenues of €1,917M, down 1.5% YoY from €1,947M in FY2024 (which grew 2.2% from FY2023), with organic growth of 1.1%; while ZEGNA brand rose 1.5%, DTC sales increased 4.2%, and Americas grew 7.9%, Thom Browne declined 14.7%, wholesale branded fell 20.9%, and Greater China dropped 14.6%. Profit improved 20.5% to €109M from €91M, supported by gross margin expansion to 67.5% from 66.6%, though adjusted EBIT fell to €163M from €184M and operating profit margin contracted to 7.3% from 8.6%.

  • Β·Euro revenues declined to 27.9% of total (from 29.3%), while U.S. Dollar rose to 25.6% (from 23.7%) and Chinese Renminbi fell to 18.4% (from 20.8%).
  • Β·SG&A expenses increased to 53.9% of revenues from 51.8%, contributing to operating profit decline.
  • Β·DTC as % of branded products improved to 82.0% from 77.6%, while wholesale share fell to 18.0% from 22.4%.
GILEAD SCIENCES, INC.DEFA14Aneutralmateriality 7/10

20-03-2026

Gilead Sciences, Inc. filed definitive additional proxy soliciting materials for its 2026 Annual Meeting on April 30, 2026, at 10:00 a.m. PDT virtually, with voting deadline April 29, 2026. Shareholders are asked to elect nine director nominees, ratify Ernst & Young LLP as auditors for FY 2026, approve NEO compensation advisory, and amend the 2022 Equity Incentive Plan, all recommended FOR by the board; the board recommends AGAINST three stockholder proposals on independent board chair, patent exclusivity impacts, and ESG/DEI compensation risks. No financial or performance metrics are disclosed.

  • Β·Meeting location: virtually at www.virtualshareholdermeeting.com/GILD2026
  • Β·Materials request deadline: April 16, 2026
GILEAD SCIENCES, INC.DEF 14Apositivemateriality 8/10

20-03-2026

Gilead Sciences' 2026 Definitive Proxy Statement (DEF 14A) provides executive compensation disclosures for PEO Daniel O’Day and other NEOs across 2021-2025, alongside letters highlighting 2025 achievements including record HIV sales from Biktarvy, successful Yeztugo launch for HIV prevention, positive Trodelvy data in breast cancer, and an agreement to acquire Arcellx for anito-cel advancement. The Board emphasizes oversight of HIV leadership extension into the 2040s, oncology and inflammation pipeline progress with Livdelzi adoption and potential bulevirtide launch in 2026, AI Principles rollout in February 2025, and no major loss of exclusivity for the decade ahead. No declines or flat performance noted in the provided content.

  • Β·Arcellx acquisition agreement subject to customary closing conditions.
  • Β·Potential U.S. launch of bulevirtide for chronic hepatitis delta in 2026.
  • Β·Up to seven potential HIV treatment and prevention launches by 2033.
INTELLIGENT PROTECTION MANAGEMENT CORP.8-Kpositivemateriality 8/10

20-03-2026

Intelligent Protection Management Corp. (IPM) furnished an investor presentation reporting Full Year 2025 revenue of $23.6M and Q4 2025 revenue of $6.1M, with net loss declining 42% YoY and Adjusted EBITDA turning positive in Q4, marking the first operational quarter post-transformation in Q1 2025. The company acquired Newtek Technology Solutions from NewtekOne in January 2025 for $4.0M cash and 4.0M shares of non-voting convertible preferred stock, adding over 50 employees and more than 17,000 customers, while divesting non-core legacy businesses for $1.4M plus up to $5M in earn-outs. No declines in revenue were reported, though historical net losses persist despite improvement.

  • Β·Q4 2025 Revenue Breakdown: Managed Information Technology $3.9M, Procurement $0.4M, Professional Services $1.5M, Subscription $0.3M
  • Β·Full Year 2025 Revenue Breakdown: Managed Information Technology $14.8M, Procurement $5.4M, Professional Services $1.1M, Subscription $2.3M
  • Β·Data center leases through 2032
  • Β·Historical gross margins of 50-55%
GENCO SHIPPING & TRADING LTDDEFA14Aneutralmateriality 6/10

20-03-2026

Genco Shipping & Trading Ltd (GNK) filed a DEFA14A on March 20, 2026, announcing its intent to file a definitive proxy statement on Schedule 14A and accompanying WHITE proxy card with the SEC for the 2026 Annual Meeting of Shareholders. The filing discloses participants in the proxy solicitation, including independent directors (Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan) and executives (John C. Wobensmith, Peter Allen, Joseph Adamo, Jesper Christensen), with references to prior SEC filings for ownership details. Shareholders are strongly encouraged to review these materials available on SEC.gov and the company's investor relations website at https://investors.gencoshipping.com/.

  • Β·Prior proxy statement for 2025 Annual Meeting filed with SEC on April 9, 2025.
  • Β·Form 4 filings for directors and executives on dates including May 22, 2025; June 3, 2025; August 26, 2025; September 10, 2025; September 15, 2025; November 12, 2025; November 26, 2025; February 18, 2026; February 23, 2026.
  • Β·Investor contact: Peter Allen at (646) 443-8550; Media contact: Leon Berman at (212) 477-8438.
ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUNDDEFA14Aneutralmateriality 4/10

20-03-2026

Additional proxy materials for the Joint Annual Meeting of Stockholders of AllianceBernstein National Municipal Income Fund (ANMIF) and AllianceBernstein Global High Income Fund (AGHIF), scheduled for March 30, 2026. In FY 2025 (ended 2025), AGHIF's Board and Audit Committee each met 4 times, while ANMIF's Board met 6 times and Audit Committee 4 times. All Directors attended at least 75% of meetings, however Mr. Chaloff attended less than 75% of ANMIF Board meetings.

  • Β·Fiscal year end: October 31
  • Β·Filing date: March 20, 2026
  • Β·Joint Annual Meeting date: March 30, 2026
Community West Bancshares8-Kneutralmateriality 5/10

20-03-2026

Community West Bancshares filed a Form 8-K on March 20, 2026 (AccNo: 0001628280-26-020231), reporting under Item 8.01 Other Events. No details on the specific event, transaction value, financial impacts, or any metrics are disclosed in the provided filing information. This appears to be a single-item, voluntary disclosure.

FARADAY FUTURE INTELLIGENT ELECTRIC INC.8-Knegativemateriality 9/10

20-03-2026

Faraday Future Intelligent Electric Inc. received a Nasdaq notice on March 20, 2026, for failing to maintain a minimum $1.00 bid price for its Class A common stock (FFAI) over 30 consecutive trading days from February 5 to March 19, 2026, violating Listing Rule 5550(a)(2). The company has 180 calendar days until September 16, 2026, to regain compliance by sustaining a $1.00 closing bid price for at least 10 consecutive trading days, or risk delisting, though a second compliance period or reverse stock split could be options. Continued trading on Nasdaq Capital Market is allowed during this period, but a bid price of $0.10 or less for 10 consecutive days would trigger immediate delisting proceedings.

  • Β·Compliance period allows up to 20 business days at Nasdaq's discretion instead of 10 for bid price regainment.
  • Β·Second 180-day period possible if company meets market value of publicly held shares and other Nasdaq Capital Market initial listing standards (except bid price).
Muzero Acquisition Corp8-Kneutralmateriality 4/10

20-03-2026

Muzero Acquisition Corp, a blank check company (SPAC), announced on March 20, 2026, that commencing March 23, 2026, holders of its units (MUZEU) may elect to separately trade Class A Ordinary Shares (MUZE, par value $0.0001) and redeemable warrants (MUZEW, exercisable at $11.50 per share) on Nasdaq. Unseparated units will continue trading as MUZEU, with no fractional warrants issued upon separation. This routine post-IPO event enhances liquidity for components without reported financial impacts.

  • Β·Company is a SPAC targeting technology-enabled businesses across industries.
  • Β·Brokers must contact Continental Stock Transfer & Trust Company to separate units.
AParadise Acquisition Corp.425mixedmateriality 8/10

20-03-2026

Christian Angermayer, Chairman of Enhanced Ltd, emailed sophisticated investors on March 19, 2026, promoting the proposed SPAC merger with A Paradise Acquisition Corp. and highlighting Enhanced Games' potential to capitalize on a possible U.S. regulatory shift loosening FDA restrictions on 14 of 19 prohibited peptides, via its sports event (first in Las Vegas on May 24, 2026), telehealth platform, and performance data collection. The merger, announced in November 2025, is progressing with APAD shares trading. However, forward-looking risks emphasize Enhanced’s unproven business model, limited operating history, and minimal revenue to date.

  • Β·SPAC ticker: APAD (trust shares trading for early participation)
  • Β·Merger announced November 2025
  • Β·Form S-4 registration statement filed with SEC

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Nasdaq 100 Stocks SEC Filings β€” March 20, 2026 | Gunpowder Blog