NorthStrive Fund II LP Calls on enVVeno Medical to Halt Clinical Spending Plans and Call Special Shareholder Meeting to Vote on Strategic Alternatives
NEWPORT BEACH, Calif., March 03, 2026 (GLOBE NEWSWIRE) -- NorthStrive Fund II LP (“NorthStrive Fund II”), a subsidiary of NorthStrive Companies Inc., headquartered in Newport Beach, California, and beneficial owner of approximately 5.05% of the outstanding common stock of enVVeno Medical Corporation (“enVVeno” or the “Company”), today issued the following open letter to the Company’s Board of Directors (the “Board”) and fellow shareholders:
Following NorthStrive Fund II’s Schedule 13D filing on February 20, 2026 outlining specific strategic recommendations, NorthStrive Fund II held a call with the Company’s Chief Executive Officer. EnVVeno’s Chief Executive Officer indicated he was speaking on behalf of the Board and that the Board does not intend to pursue the recommendations presented.
NorthStrive Fund II respectfully disagrees.
NorthStrive Fund II has prepared a detailed financial model evaluating the Company’s current standalone plan against two clear strategic alternatives:
- An orderly liquidation and return of capital; or
- Seek an accretive merger or reverse-merger.
This financial model has been delivered to the Board and is publicly available at www.returnsmattermost.com so that all investors may independently assess the economic implications of each path.
NorthStrive Fund II is formally requesting that the Board call a Special Meeting of Shareholders to allow shareholders to vote on the Company’s strategic direction.
The full text of the letter follows:
Letter to the Board of Directors and Shareholders of enVVeno Medical Corporation
enVVeno Medical Corporation
70 Doppler
Irvine, CA 92618
March 3, 2026
Dear Members of the Board of Directors and fellow Shareholders:
NorthStrive Fund II LP, a subsidiary of NorthStrive Companies Inc., is the beneficial owner of approximately 5.05% of the outstanding common stock, par value $0.00001 per share (the “Common Stock”), of the Company.
As of September 30, 2025, enVVeno reported approximately $28 million in cash and short-term investments and no long-term debt. The Company remains pre-revenue and is operating at an annualized cash burn rate of approximately $16 million.
At this pace, we believe shareholders face a declining cash runway of approximately 20–21 months.
We believe the current strategy to develop another pre-clinical early-stage asset would put shareholders back in a risky, multi-year clinical development cycle immediately following a recent FDA non-approval of its lead asset - effectively asking investors to assume renewed regulatory and financing risk without certainty of a different outcome. We believe it is reasonable to ask why shareholders should be exposed to this risk again when a measurable and immediate return opportunity exists today.
We believe the Company’s primary asset today is its balance sheet.
During a recent discussion, the Chief Executive Officer informed us that the Company’s Board of Directors (the “Board”) has no intention of evaluating our recommendations to halt clinical expenditures and pursue strategic alternatives that would reward shareholders now. We respectfully disagree with that decision.
Based on publicly available information, it appears the Board collectively owns approximately 10,097 shares of Common Stock, representing less than 2% of the Company’s 655,606 shares of Common Stock outstanding. In addition, the Board collectively holds stock options to acquire approximately 90,119 additional shares of Common Stock, which remain unexercised.
While these stock options provide potential future upside, they do not represent capital currently at risk. We therefore believe the Board’s present economic exposure is not aligned with the level of downside risk borne by public shareholders.
Given the magnitude of the capital allocation decisions facing the Company, we formally request that the Board:
- Immediately halt non-essential clinical expenditures to preserve capital;
- Initiate a formal and independent strategic alternatives review; and
- Call a Special Meeting of Shareholders to allow shareholders to vote on the Company’s strategic alternatives as set forth by Northstrive.
Liquidation and Return of Capital
Based on the Company’s most recent financial statements for the quarter ended September 30, 2025, we estimate approximately $28.5 million could be available for distribution after satisfying liabilities.
Under a full liquidation scenario, we estimate potential proceeds of approximately $43.47 per share. This represents ~ 335% upside to shareholders.
This outcome is derived from the Company’s reported balance sheet and does not depend on future clinical success, regulatory approval, or external financing.
We therefore ask directly: what credible, risk-adjusted strategy can the Board provide shareholders today that can reasonably deliver more than a 335% return without exposing shareholders to further dilution, clinical setbacks, and ongoing cash burn?
In our detailed financial model - now provided to the Board and being made available at www.returnsmattermost.com for all shareholders - transparently outlines the assumptions underlying this analysis.
Strategic Merger or Reverse Merger
If the Board believes liquidation is not the optimal path, then it should immediately pursue a disciplined merger or reverse-merger process.
In this scenario, enVVeno’s net cash position becomes a strategic asset rather than a declining reserve. A transaction with a credible, revenue-generating partner could unlock value without requiring shareholders to absorb continued standalone development risk.
Our financial model also evaluates this alternative relative to the Company’s current standalone plan.
Maintaining the current course - continuing to fund high-risk clinical programs while the cash balance declines - is neither capital-efficient nor defensible relative to the alternatives available today.
The burden now rests with the Board to demonstrate how its chosen path will outperform the clear and measurable upside available through liquidation or a strategic transaction.
We urge the Board to act promptly and transparently in calling a Special Meeting so shareholders may express their will.
NorthStrive Fund II remains prepared to engage constructively and work collaboratively toward an outcome that maximizes shareholder value.
Sincerely,
Braeden Lichti
NorthStrive Fund II LP
About NorthStrive Fund II LP
NorthStrive Fund II LP is an investment vehicle and subsidiary of NorthStrive Companies Inc., headquartered in Newport Beach, California. NorthStrive focuses on public and private investments.
NorthStrive Fund II LP currently beneficially owns approximately 5.05% of the outstanding common stock of enVVeno Medical Corporation.
Disclaimer
The information in this press release and accompanying letter (collectively, the “Letter”) is for informational purposes only and does not constitute an offer to purchase or sell any security, nor does it constitute investment, legal, or financial advice.
The information contained herein is based on publicly available information relating to enVVeno Medical Corporation (the “Company”). Except where otherwise indicated, the information in this Letter speaks only as of the date hereof, and NorthStrive Fund II LP undertakes no obligation to update or revise any statements contained herein.
The Letter may include forward-looking statements that reflect current views regarding future events, strategic alternatives, or potential outcomes. Forward-looking statements are typically identified by words such as “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may,” “would,” or similar expressions. These statements involve risks and uncertainties, many of which are beyond NorthStrive’s control. Actual results may differ materially from those expressed or implied in such statements.
Any financial estimates or projections included herein, including those contained in the financial model referenced in this Letter, are based on assumptions believed to be reasonable but are inherently subject to uncertainty and may not reflect actual outcomes. Shareholders should conduct their own independent analysis and reach their own conclusions regarding the matters discussed herein.
NorthStrive Fund II LP currently beneficially owns securities of the Company. NorthStrive reserves the right to increase or decrease its ownership of Company securities at any time, including through purchases, sales, derivatives, or other transactions, subject to applicable law. NorthStrive also reserves the right to engage in discussions with the Board of Directors, management, shareholders, or other parties regarding strategic alternatives or other matters relating to its investment in the Company.
Although NorthStrive believes the information contained herein to be reliable, it makes no representation or warranty, express or implied, as to the accuracy or completeness of the information and expressly disclaims any liability arising from reliance on such information.
Contact NorthStrive Fund II LP Newport Beach, California Email: support@northstrive.com
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