Solas Capital Management, LLC

DARIEN, CT · CIK 1604867 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$629.0m
Staff4 · 3 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $65.8m gross assets
Form ADV · 2026-03-27SEC adviser record

Legal entitySOLAS CAPITAL MANAGEMENT, LLC (US)

$186.6m reported value +7.3% vs Q1 2026

21positions

72.7%in top 10

2 new 6 added 7 reduced 3 sold out vs Q1 2026

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	FENNEC PHARMACEUTICALS INC COM FENC	FENC	1,889,366	$20.3m10.88%	10.88%	Reduced -592.8k	-592,832 -23.9%
2	EPSILON ENERGY LTD COM EPSN	EPSN	3,470,761	$18.8m10.06%	10.06%	Unchanged
3	ALPHA COGNITION INC COM NEW ACOG	ACOG	1,924,617	$13.9m7.45%	7.45%	Unchanged
4	SONIDA SENIOR LIVING INC COM SNDA	SNDA	337,679	$13.8m7.38%	7.38%	Reduced -108.2k	-108,200 -24.3%
5	LEE ENTERPRISES INC COM LEE	LEE	1,549,944	$13.7m7.36%	7.36%	Reduced -134.5k	-134,542 -8.0%
6	INSPERITY INC COM NSP	NSP	281,852	$11.6m6.24%	6.24%	Added +30.0k	+30,000 11.9%
7	GROCERY OUTLET HLDG CORP COM GO	GO	1,139,058	$11.4m6.09%	6.09%	Reduced -256.1k	-256,127 -18.4%
8	ADVANSIX INC COM ASIX	ASIX	571,324	$11.4m6.09%	6.09%	Added +54.3k	+54,295 10.5%
9	ADVANCE AUTO PARTS INC COM AAP	AAP	169,163	$10.5m5.64%	5.64%	Unchanged
10	KYNDRYL HLDGS INC COMMON STOCK KD	KD	915,443	$10.4m5.55%	5.55%	Unchanged
11	MOLINA HEALTHCARE INC COM MOH	MOH	40,219	$9.2m4.93%	4.93%	Reduced -28.5k	-28,500 -41.5%
12	EURONET WORLDWIDE INC COM EEFT	EEFT	124,988	$9.1m4.90%	4.90%	Added +53.0k	+53,000 73.6%
13	SANUWAVE HEALTH INC COM SNWV	SNWV	610,968	$6.1m3.27%	3.27%	Added +323.5k	+323,454 112.5%
14	SEAPORT ENTMT GROUP INC COMMON STOCK SEG	SEG	212,892	$5.7m3.03%	3.03%	Reduced -10.0k	-10,026 -4.5%
15	BURFORD CAP LTD ORD SHS BUR	BUR	1,210,944	$5.0m2.66%	2.66%	Added +230.0k	+230,000 23.4%
16	MAIA BIOTECHNOLOGY INC COM MAIA	MAIA	3,030,845	$4.4m2.34%	2.34%	Reduced -1.3m	-1,266,159 -29.5%
17	ENVIRI CORP COM NVRI	NVRI	183,333	$4.0m2.16%	2.16%	New
18	LUXEXPERIENCE BV ADS LUXE	LUXE	344,529	$2.6m1.37%	1.37%	New
19	ALIGHT INC COM CL A ALIT	ALIT	4,253,822	$2.4m1.28%	1.28%	Unchanged
20	MODULAR MED INC COM NEW MODD	MODD	438,095	$2.0m1.06%	1.06%	Added +150.0k	+150,000 52.1%
21	HAIN CELESTIAL GROUP INC COM HAIN	HAIN	856,064	$479.6k0.26%	0.26%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ALGOMA STL GROUP INC ASTL	ASTL	1,047,454	$4.3m1.0m shares
ENVIRI CORP		201,205	$3.9m201.2k shares
MERCER INTL INC MERC	MERC	790,338	$1.1m790.3k shares

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
Stanley Furniture New STLY · 13G · filed 2025-04-28	STLY	14.4%	new	13G	2025-04-28
EPSILON ENERGY LTD EPSN · 13G · filed 2026-02-17	EPSN	11.9%≈ $19.2m		13G	2026-02-17
MODULAR MED INC MODD · 13G · filed 2026-08-14	MODD	9.9%≈ $2.5m	+0.3 pts	13G	2026-08-14
ALPHA COGNITION INC ACOG · 13G · filed 2025-02-14	ACOG	8.7%≈ $10.1m	new	13G	2025-02-14
LEE ENTERPRISES INC LEE · 13G · filed 2024-11-14	LEE	7.8%≈ $4.3m		13G	2024-11-14
SANUWAVE HEALTH INC SNWV · 13G · filed 2026-08-14	SNWV	7.1%≈ $6.1m	+3.6 pts	13G	2026-08-14
MODULAR MED INC 13G · filed 2026-02-17		6.8%	-0.9 pts	13G	2026-02-17
FENNEC PHARMACEUTICALS INC FENC · 13G · filed 2026-08-14	FENC	5.4%≈ $20.3m	-1.8 pts	13G	2026-08-14