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Get filing alertsStellex Capital acquires Corre's 35% stake at $35.50/share, becomes largest shareholder
Filed August 11, 2026 · Period ending August 6, 2026 · ~1 min read
Key Changes
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Stellex Capital purchased all 1,604,326 shares held by Corre Partners at $35.50/share in a private transaction, bringing Stellex's common equity ownership to ~35% and making it TEAM's largest common shareholder.
Item 7.01 verify on EDGAR → -
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Corre Partners irrevocably waived board observation rights, board nomination rights (including the right to designate the Chairman), and all other governance rights except lender director representation.
Item 1.01 verify on EDGAR → -
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The transaction was a privately negotiated sale between existing stakeholders; TEAM issued no new shares and received no proceeds.
Exhibit 99.1 view on EDGAR → -
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Stellex also holds preferred stock and warrants from a September 2025 investment, in addition to the newly acquired common shares.
Exhibit 99.1 view on EDGAR →
Summary
Team Inc disclosed a significant ownership transition: Stellex Capital Management acquired all 1,604,326 shares previously held by Corre Partners and its affiliates at $35.50 per share, bringing Stellex's common equity stake to approximately 35%. This makes Stellex the company's largest common shareholder.
The transaction was a private sale between two existing investors; TEAM issued no new shares and received no proceeds. Concurrently, Corre irrevocably waived its board observation and nomination rights, including the right to designate the Chairman, retaining only lender director representation.
Chairman Michael Caliel characterized the ownership change as "the natural evolution in our investor base" as TEAM enters its next phase focused on long-term value creation, thanking Corre for contributing to the company's turnaround during a critical period. Stellex Managing Director Olivia Zhao stated the increased ownership reflects confidence in TEAM's fundamentals, leadership, and transformation. The shift consolidates governance influence with Stellex, which already held preferred stock and warrants from a September 2025 investment, while Corre exits its equity position and relinquishes most board rights.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the acquisition by an entity controlled by Stellex Capital Management LLC of all 1,604,326 shares of the Company’s common stock previously held by Corre and its affiliates
An entity controlled by Stellex Capital Management LLC acquired all 1,604,326 shares of Team Inc common stock that were previously held by Corre and its affiliates. This represents a change in ownership among the company's shareholders, with Stellex taking over Corre's position.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Michael Caliel, Team’s Chairman of the Board commented, “Stellex has been a supportive stakeholder and an engaged partner since the firm’s initial investment in the Company last September, and we have valued their team’s contributions over the last year. We share a strong alignment around the Company’s strategic direction and long-term opportunity, and we recognize this transaction by Stellex as a strong vote of confidence in the significant embedded value of the TEAM franchise that can be unlocked. We thank Corre for their active and strategic engagement over the last several years that contributed to the Company’s successful turnaround during a critical period and view this as the natural evolution in our investor base as we enter the next phase in the Company’s journey focused on long-term value creation.
Chairman Michael Caliel characterized the transaction as a vote of confidence in TEAM's value and strategic direction. He thanked Corre for contributing to the company's turnaround during a critical period and described the ownership change as a natural evolution as the company enters its next phase focused on long-term value creation.
Added in current filing · view on EDGAR →
Olivia Zhao, Managing Director at Stellex concluded, “We believe TEAM is built on strong fundamentals. We have developed a strong conviction in Team, its leadership and the long-term opportunity ahead. Our decision to increase our ownership reflects our confidence in the Company’s transformation and in its ability to work to deliver differentiated value to its customers. We believe our interests are aligned with the Company and its shareholders, and we look forward to continuing our partnership with management and the Board as the team executes on its strategy in an effort to create long-term value.”
Stellex Managing Director Olivia Zhao stated the firm's increased ownership reflects confidence in TEAM's fundamentals, leadership, and transformation. Stellex believes its interests are aligned with the company and other shareholders as management executes its strategy.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 12, 2026 · How we verify