CANNELL CAPITAL LLC

ALTA, WY · CIK 1058854 · 13F filing filed 2026-08-18

SEC-registered investment adviser since 2011 · limited liability company

Assets managed$372.8m
Staff4 · 2 in investment roles
Main clients (by assets)Private funds 42%, High net worth individuals 3%
Private funds3 (2 hedge) · $244.7m gross assets
Form ADV · 2026-03-20SEC adviser record

Legal entityCannell Capital LLC (US)

$143.2m reported value -7.0% vs Q1 2026

34positions

57.6%in top 10

7 new 13 added 11 reduced 8 sold out vs Q1 2026

Options: 0 call positions (— notional), 2 put positions ($5.9m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ATEGRITY SPECIALTY IN CO HO COM ASIC	ASIC	490,482	$11.8m8.23%	8.23%	Added +4.0k	+3,978 0.8%
2	SNDL INC COM SNDL	SNDL	8,639,381	$11.7m8.14%	8.14%	Reduced -121.8k	-121,774 -1.4%
3	NORTH AMERN CONSTR GROUP LTD COM NOA	NOA	783,691	$10.4m7.28%	7.28%	Reduced -179.0k	-179,040 -18.6%
4	CHEGG INC NOTE 9/0 CHGG 0 09.01.26	CHGG 0 09.01.26	8,126,000	$7.7m5.37%	5.37%	Added +1.2m	+1,212,000 17.5%
5	ETHOS TECHNOLOGIES INC CL A LIFE	LIFE	408,496	$7.4m5.17%	5.17%	Reduced -43.8k	-43,841 -9.7%
6	MIMEDX GROUP INC COM MDXG	MDXG	1,870,436	$7.2m5.03%	5.03%	Added +373.2k	+373,250 24.9%
7	OWLET INC CL A NEW OWLT	OWLT	1,234,053	$7.1m4.95%	4.95%	Added +235.9k	+235,888 23.6%
8	GLOBAL INDEMNITY GROUP LLC COM CL A GBLI	GBLI	257,875	$6.5m4.51%	4.51%	Added +515	+515 0.2%
9	ORASURE TECHNOLOGIES INC COM OSUR	OSUR	1,427,419	$6.4m4.44%	4.44%	Reduced -575.9k	-575,852 -28.8%
10	A-MARK PRECIOUS METALS INC COM GOLD	GOLD	152,691	$6.4m4.44%	4.44%	Added +2.6k	+2,625 1.8%
11	ETON PHARMACEUTICALS INC COM ETON	ETON	170,747	$6.2m4.32%	4.32%	Reduced -171.2k	-171,238 -50.1%
12	NPK INTERNATIONAL INC COM SHS NPKI	NPKI	359,882	$5.7m4.00%	4.00%	Reduced -294.8k	-294,807 -45.0%
13	VITESSE ENERGY INC COMMON STOCK VTS	VTS	361,693	$5.7m3.98%	3.98%	New
14	NATURAL GAS SVCS GROUP INC COM NGS	NGS	122,387	$5.3m3.69%	3.69%	Reduced -69.3k	-69,294 -36.1%
15	VERRICA PHARMACEUTICALS INC COM SHS VRCA	VRCA	783,923	$4.8m3.35%	3.35%	Added +98.8k	+98,800 14.4%
16	SHIMMICK CORPORATION COM SHIM	SHIM	957,605	$4.4m3.06%	3.06%	New
17	SAN JUAN BASIN RTY TR UNIT BEN INT SJT	SJT	1,212,760	$3.9m2.72%	2.72%	Added +303.3k	+303,297 33.4%
18	PURE CYCLE CORP COM NEW PCYO	PCYO	314,640	$3.4m2.35%	2.35%	New
19	BUILD-A-BEAR WORKSHOP INC COM BBW	BBW	103,088	$3.2m2.20%	2.20%	Reduced -3.9k	-3,947 -3.7%
20	LEE ENTERPRISES INC COM LEE	LEE	344,349	$3.1m2.15%	2.15%	Reduced -88.9k	-88,932 -20.5%
21	ROOT INC CL A NEW ROOT	ROOT	52,331	$2.9m2.04%	2.04%	Unchanged
22	HIPPO HLDGS INC COM NEW HIPO	HIPO	96,642	$2.7m1.91%	1.91%	Unchanged
23	ACCELERANT HOLDINGS CL A ARX	ARX	171,080	$2.0m1.40%	1.40%	Added +14.9k	+14,931 9.6%
24	NETWORK-1 TECHNOLOGIES INC COM NTIP	NTIP	1,275,213	$1.9m1.31%	1.31%	Added +133.2k	+133,238 11.7%
25	DONEGAL GROUP INC CL A DGICA	DGICA	82,939	$1.6m1.09%	1.09%	Unchanged
26	KVH INDS INC COM KVHI	KVHI	114,934	$1.1m0.80%	0.80%	New
27	CHEGG INC COM CHGG	CHGG	863,268	$871.9k0.61%	0.61%	Added +454.0k	+454,032 111.0%
28	AMMO INC COM POWW	POWW	336,524	$767.3k0.54%	0.54%	Added +301.2k	+301,209 852.9%
29	AMERICAN PUB ED INC COM APEI	APEI	7,107	$381.6k0.27%	0.27%	Reduced -61.2k	-61,222 -89.6%
30	THE REALREAL INC COM REAL	REAL	23,039	$271.6k0.19%	0.19%	Reduced -4.5k	-4,465 -16.2%
31	STITCH FIX INC COM CL A SFIX	SFIX	54,527	$224.1k0.16%	0.16%	Added +1.3k	+1,259 2.4%
32	LINCOLN EDL SVCS CORP COM LINC	LINC	4,056	$202.4k0.14%	0.14%	New
33	COMPASS INC CL A COMP	COMP	12,057	$148.7k0.10%	0.10%	New
34	CRONOS GROUP INC COM CRON	CRON	43,726	$121.6k0.08%	0.08%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
TURNING PT BRANDS INC TPB	TPB	71,692	$6.2m71.7k shares
CALAVO GROWERS INC		199,750	$5.2m199.8k shares
COMPOSECURE INC GPGI	GPGI	238,175	$4.1m238.2k shares
CAVCO INDS INC DEL CVCO	CVCO	5,759	$2.8m5.8k shares
PRIMEENERGY RESOURCES CORP PNRG	PNRG	9,670	$2.3m9.7k shares
OPORTUN FINL CORP OPRT	OPRT	372,697	$1.7m372.7k shares
FLOWCO HLDGS INC FLOC	FLOC	10,000	$206.0k10.0k shares
MAMAS CREATIONS INC MAMA	MAMA	10,799	$165.7k10.8k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
RACKSPACE TECHNOLOGY INC RXT · Put	RXT	Put	869,700	$5.7m869.7k shares	Added
ISHARES TR IWM · Put	IWM	Put	700	$210.3k700 shares	Added

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
GALAXY GAMING INC GLXZ · 13G · filed 2026-05-15	GLXZ	5.2%	+2.1 pts	13G	2026-05-15
NORTH AMERN CONSTR GROUP LTD NOA · 13G · filed 2025-08-14	NOA	5.1%≈ $20.6m	-1.0 pts	13G	2025-08-14
NETWORK-1 TECHNOLOGIES INC NTIP · 13G · filed 2026-02-17	NTIP	5.0%≈ $1.7m	new	13G	2026-02-17