STOCK TITAN

Activist investor with 5.05% stake presses enVVeno Medical (NVNO) for strategic review

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D

Rhea-AI Filing Summary

Northstrive Fund II LP and Braeden Lichti have filed a Schedule 13D on enVVeno Medical Corp, shifting from a passive to an active investor stance. They report beneficial ownership of 33,151 common shares, representing 5.05% of enVVeno’s outstanding stock as of January 20, 2026.

The investors sent a letter to the company’s board on February 20, 2026 urging the board to immediately halt all clinical operations and begin a formal strategic review. Their recommendations include considering returning capital to shareholders or pursuing a merger or reverse merger to maximize shareholder value while preserving cash and limiting further dilution.

Positive

  • None.

Negative

  • None.

Insights

5.05% holder turns activist, pressing for drastic strategic changes.

Northstrive Fund II LP and Braeden Lichti now disclose a 5.05% stake, reclassifying from a passive Schedule 13G to an active Schedule 13D. This signals an intent to influence enVVeno Medical Corp’s direction rather than simply hold shares.

Their board letter recommends halting all clinical operations and launching a formal strategic review to return capital or pursue a merger or reverse merger. For a clinical-stage company, stopping trials and prioritizing cash preservation represents a fundamental shift away from development toward strategic alternatives.

The impact will depend on how enVVeno’s board responds to these proposals and whether other shareholders support an activist path. Future company communications about any strategic review, changes to clinical plans, or potential transactions disclosed for periods after February 20, 2026 will help clarify how much influence this 5.05% holder achieves.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


Northstrive Fund II LP
Signature:/s/ Braeden Lichti
Name/Title:Braeden Lichti/Manager
Date:02/20/2026
Braeden Lichti
Signature:/s/ Braeden Lichti
Name/Title:Braeden Lichti
Date:02/20/2026

FAQ

What did Northstrive Fund II disclose in its Schedule 13D on enVVeno Medical Corp (NVNO)?

Northstrive Fund II LP and Braeden Lichti disclosed beneficial ownership of 33,151 enVVeno Medical Corp common shares, representing 5.05% of outstanding stock based on 655,606 shares. The filing converts their status from passive (Schedule 13G) to active (Schedule 13D) investors.

How many enVVeno Medical (NVNO) shares do Northstrive Fund II and Braeden Lichti control?

The reporting persons beneficially own 33,151 enVVeno Medical common shares, or 5.05% of the company, using 655,606 outstanding shares as of January 20, 2026. Northstrive Fund II holds 20,129 shares with shared voting and dispositive power; Lichti also has 13,022 shares with sole power.

What strategic changes are Northstrive Fund II proposing for enVVeno Medical (NVNO)?

Northstrive’s board letter urges enVVeno to immediately halt all clinical operations and commence a formal strategic review. It recommends exploring returning capital to shareholders or pursuing a merger or reverse merger to maximize shareholder value while preserving cash and minimizing further burn and dilution.

Why did Northstrive Fund II and Braeden Lichti switch from Schedule 13G to Schedule 13D in NVNO?

They switched to a Schedule 13D because their board letter reflects an intent that may change or influence control of enVVeno Medical. The filing states this activism, including strategic recommendations, made the prior passive Schedule 13G no longer appropriate for their position.

What percentage of enVVeno Medical’s outstanding stock does Northstrive Fund II’s 13D represent?

The filing reports that their 33,151 shares of common stock equal 5.05% of enVVeno’s issued and outstanding shares. This percentage is calculated against 655,606 outstanding shares reported in the company’s January 20, 2026 Form 8-K, providing a clear ownership baseline.

Where are Northstrive Fund II and enVVeno Medical based according to the Schedule 13D?

The filing states enVVeno Medical’s principal executive offices are at 70 Doppler, Irvine, CA 92618. Northstrive Fund II and Braeden Lichti list their address as 120 Newport Center Drive, Newport Beach, CA 92660, highlighting both parties’ Southern California locations.
Envveno Medical Corporation

NASDAQ:NVNO

NVNO Rankings

NVNO Latest News

NVNO Latest SEC Filings

NVNO Stock Data

6.55M
543.18k
Medical Devices
Surgical & Medical Instruments & Apparatus
Link
United States
IRVINE