Earnings

Micro-Cap Deals Roundup for Week of Nov. 2, 2026

The Tip Desk · November 8, 2026 · 4 min read

ARRAY Technologies and Shoals Technologies Group signed a stock-for-stock merger agreement with a fixed exchange ratio of 1.6931 ARRAY shares for each Shoals share. Bernhard Capital Partners completed its approximately $1 billion all-cash acquisition of Bowman Consulting Group.

ARRAY Technologies and Shoals Technologies Group announced a definitive stock-for-stock merger agreement on Nov. 4. Under the agreement, ARRAY would be the legal acquirer and corporate parent, and Shoals shareholders would receive 1.6931 ARRAY shares for each Shoals share. ARRAY provides structural balance-of-system solutions for utility-scale solar; Shoals provides electrical balance-of-system solutions for utility-scale solar and battery energy storage.

ARRAY and Shoals said the transaction terms also require ARRAY to commit to redeeming $317.5 million of Series A Perpetual Preferred Stock. The mandatory redemption schedule specifies $161.3 million within 90 days after the merger closes and the remaining $156.3 million in three installments of not less than $52 million each in 2028, 2029 and 2030.

Bowman’s approximately $1 billion acquisition closes

Bernhard Capital Partners completed its acquisition of Bowman Consulting Group on Nov. 6 in an all-cash transaction valued at approximately $1 billion. Bowman, which provides engineering and related technical services, became privately held. Its common stock ceased trading, and Bowman said the shares would be delisted from Nasdaq.

Luxfer Holdings shareholders approved its previously announced acquisition by affiliates of Wynnchurch Capital at two meetings on Nov. 4. Under the transaction terms, shareholders would receive $17.37 per share in cash upon completion. Completion remains subject to the satisfaction or waiver of other customary closing conditions. Luxfer said it expects the transaction to close by the end of November 2026.

EVgo received an unsolicited, non-binding proposal from LS Power Equity Advisors and certain affiliates to acquire all outstanding Class A common shares they do not already own for $2.00 per share in cash. LS Power holds approximately 56% of EVgo’s combined voting power. EVgo established a special committee of independent and disinterested directors to evaluate the proposal and said no decision had been made on its response.

Isabella completes Grand River acquisition

Isabella Bank Corporation completed its acquisition of Grand River Commerce, the parent of Grand River Bank, effective Nov. 2. Grand River shareholders were entitled to elect $5.71 in cash or 0.1413 shares of Isabella common stock for each Grand River share. The merger agreement requires 35% of outstanding Grand River shares to be exchanged for cash and 65% for Isabella common stock.

Holders of 59.61% of Grand River shares elected cash. Isabella said valid cash electors would receive $5.71 per share for approximately 41.280815% of their shares, with the balance exchanged at 0.1413 shares of Isabella common stock per Grand River share. Valid stock elections and shares without a valid election were allocated Isabella stock. Isabella reported combined total assets of approximately $2.7 billion, based on financial information as of June 30, 2026.

Colony Bankcorp completed its merger with First Reliance Bancshares effective Nov. 1. First Reliance, the parent of First Reliance Bank, added nine South Carolina banking locations to Colony’s operations.

Bank7 completed its holding-company merger with Century Financial Services Corporation effective Nov. 1. Century is the Santa Fe, New Mexico-based parent of Century Bank. Following completion, Bank7 identified Century Bank as a wholly owned subsidiary operating eight branches in New Mexico and one loan production office in Dallas.

OppFi withdrew its regulatory applications related to its proposed acquisition of BNCCORP and its wholly owned subsidiary, BNC National Bank. OppFi’s Nov. 3 announcement covered applications to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation.

Alpine completes $117.3 million industrial portfolio purchase

Alpine Income Property Trust completed its previously announced acquisition of a 13-property industrial portfolio for $117.3 million, or $63 per square foot. The portfolio totals approximately 1.9 million square feet across 209 acres in 11 states and is 100% leased to nine tenants under absolute triple-net leases. Alpine reported 10.2 years of weighted average remaining lease term.

WhiteFiber, through wholly owned subsidiary Enovum Data Centers Corp., completed the acquisition of two industrial properties in Yadkin County, North Carolina, for $60 million, paid in cash. Designated NC-2 and NC-3, the properties comprise approximately 120 acres of land and 500,000 square feet of existing warehouse space. WhiteFiber said the seller would continue to occupy portions under occupancy and partial leaseback arrangements.

Superior Group of Companies’ Contact Centers segment, The Office Gurus, acquired Select VoiceCom, a Philippines-based business process outsourcing provider with delivery centers in Cebu City and Davao. The Office Gurus said Select VoiceCom’s operations leadership would continue to oversee both sites within its global operations structure.