Month: September 2026

CEO Bill Grieco directs Innventure’s focus on increasing the value of Accelsius

Parent-level cash expenses expected to significantly decline

Eric Stober to join as new CFO to guide strategic transformation

Michael Madon appointed as new independent director to replace Michael Otworth

ORLANDO, Fla., Sept. 21, 2026 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure” or the “Company”) today announced that it is concentrating on increasing the value of its interest in Accelsius, streamlining the parent organization to control costs while retaining the core capabilities to operate effectively as a public company, and enhancing the composition of its Board of Directors (the “Board”) to ensure greater independence.

Under the leadership of CEO Bill Grieco and Chairman Bruce Brown, the Board has undertaken the following:

• Reoriented Innventure to primarily focus on Accelsius achieving success in the market.
• Implemented cost reductions that are expected to lower quarterly parent-level cash expenses to approximately $3.2 million by year-end 2026, subject to exceptions outlined below, compared to $7.5 million at the beginning of 2026.
• Appointed Eric Stober as the Company’s new Chief Financial Officer to guide strategic transformation.
• Appointed Michael Madon to the Board as an independent director, bringing technology commercialization, AI, and cybersecurity expertise.
• Further enhanced the independence of the Board through the resignations of Michael Otworth and John Hewitt from their positions on the Board.
• Reduced the size of the Board from eight to seven directors, six of whom will be independent.

Increasing Focus on Accelsius

Innventure is primarily concentrating on preserving and increasing the value of its interest in Accelsius. “We continue to believe that Accelsius is a very valuable asset with compelling growth prospects. It is well positioned to be a leader in two-phase, direct-to-chip liquid cooling, and John Hewitt is the right leader for Accelsius at this important time,” said Bill Grieco, Innventure’s CEO. “Innventure is committed to Accelsius’ success as they execute against their key milestones,” continued Dr. Grieco.

Streamlining Parent-Level Operations

The Company continues to take further actions to reduce its cash requirements and align the structure of the organization with its current priorities. Since the start of Q2 2026, the Company has significantly reduced parent-level headcount and operating expenses. By the end of 2026, the Company expects quarterly parent-level cash expenses to be approximately $3.2 million, compared with $7.5 million at the beginning of 2026, a reduction of approximately 56%. These amounts exclude debt service, severance, litigation, and certain other non-recurring expenses. As appropriate, the Company will continue to keep shareholders updated as further progress is made.

“Innventure remains committed to disciplined stewardship and long-term shareholder value, supported by independent Board oversight,” said Bill Grieco. “We are taking decisive steps at the parent-company level and evaluating funding alternatives with a focus on managing costs while protecting the value of our interests in Accelsius,” Dr. Grieco continued.

Eric Stober to Join as Chief Financial Officer

Innventure has appointed Eric Stober as Chief Financial Officer, effective October 19, 2026. Mr. Stober brings public-company finance experience and a track record helping businesses navigate strategic transformations and periods of change. He served for nine years as Chief Financial Officer of Astrotech Corporation (Nasdaq: ASTC), where he played a key role in restructuring the company, managed the sale of its satellite operations business to Lockheed Martin, and spearheaded capital formation. He most recently served as Chief Financial Officer of Capital Factory, previously held private-equity roles, and holds an MBA from the McCombs School of Business at the University of Texas at Austin and a bachelor’s degree in finance from the University of Illinois.

In connection with Mr. Stober’s appointment, Innventure’s current Chief Financial Officer, David Yablunosky, will step down from that role on October 19, 2026. Thereafter, Mr. Yablunosky will serve in an advisory role for a transitional period.

Michael Madon Joins as New Independent Director Following Certain Board Resignations

The Board appointed Michael Madon as a new independent director, effective as of September 28, 2026. He currently serves as Chief Revenue Officer of ABCorp, a secure printing and additive manufacturing company, and has founded and led venture-backed cybersecurity and AI companies, including Ataata, Inc., a cybersecurity training and awareness platform, which was acquired by Mimecast Limited, an information security company. He serves on the board of Cyabra (Nasdaq: CYAB), an AI-driven threat intelligence company, and The Village Bank, and previously served on the boards of TeleCommunication Systems and VerifyMe. He also previously served as Deputy Assistant Secretary for Intelligence at the U.S. Department of the Treasury and retired as a Lieutenant Colonel in the U.S. Army Reserve. He holds an MBA from the Wharton School of the University of Pennsylvania, a Master of International Affairs degree from Columbia University and a bachelor’s degree from Cornell University.

On September 18, 2026, Michael Otworth and John Hewitt resigned from the Innventure Board to further increase the Innventure Board’s independence. In connection with Mr. Madon’s appointment and these resignations, the Board reduced its authorized size from eight to seven directors. Six of the seven directors will be independent. Mr. Hewitt will continue to serve as the Chief Executive Officer of Accelsius; Mr. Otworth will provide transitional advisory services to the Company.

“Our Board remains fully engaged as Innventure executes its operating, capital allocation and strategic priorities, with independent oversight being central to our work,” said Bruce Brown, independent Chairman of the Board. Mr. Brown continued, “We are pleased to welcome Michael Madon, whose significant experience will further strengthen the Board’s ability to provide rigorous oversight and hold management accountable to shareholders. The Board is well positioned to oversee execution and maintain a clear focus on long-term shareholder value.”

About Innventure

Innventure (NASDAQ: INV) builds and scales the companies that it has founded as they commercialize new technologies. Innventure is focused on preserving and maximizing the value of its operating company interests for shareholders through disciplined capital allocation, focused execution, strong governance, and strategic initiatives. Learn more at innventure.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, but are not limited to, those factors described in Innventure’s public filings with the U.S. Securities and Exchange Commission, including, but not limited to, the following: Innventure’s ability to preserve and increase the value of its interest in Accelsius; Innventure’s ability to control costs while retaining Innventure’s core capabilities; Innventure’s and its subsidiaries’ ability to execute on their strategies, book sales and achieve future financial performance; developments and projections relating to Innventure’s and its subsidiaries’ competitors and industry; the implementation, adoption, market acceptance and success of Innventure’s and its subsidiaries’ products, business models and growth strategies; Innventure’s and its subsidiaries’ ability to generate sufficient revenue and operating cash flow; the timing and magnitude of expected cash expenditures; the availability, timing and terms of additional financing, including debt or equity financing; market conditions affecting access to capital; potential dilution resulting from future financings; Innventure’s ability to successfully implement cost reduction initiatives; risks related to recent shareholder litigation; changes in economic conditions; competitive pressures; regulatory developments; and Innventure’s ability to maintain control over its subsidiaries.

Forward‑looking statements speak only as of the date of this release, and Innventure undertakes no obligation to update them except as required by law.

Investor Relations Contact: Kyle Nagarkar, Solebury Strategic Communications
investorrelations@innventure.com 

Media Contact: Gabriel Hasson, ICR Inc. / Phil Denning, ICR Inc.
Innventure@ICRinc.com

Building on its AI soldier gear breakthrough earlier this year, the 25-year-old defense innovator solidifies its role at the vanguard of defense tech

ROCHESTER, NEW YORK, Sept. 21, 2026 (GLOBE NEWSWIRE) — Syntec Optics Holdings, Inc. (Nasdaq: OPTX), a leading provider of deep tech for the defense, space, and AI data centers, today announced the most critical order in its 25-year history: a monumental order to enable vital U.S. Space Force infrastructure and advanced reconnaissance operations. 

“This is the most significant milestone in our over the quarter-century history,” said Dean Rudy, CFO. “Working alongside the nation’s greatest minds, we are proud to scale our technology to protect our skies and secure the country’s future.”

Strategic Alignment with National Defense Priorities

This milestone arrives at a pivotal inflection point for national defense, directly aligning with a sweeping prioritization of space as a primary security frontier. Air Force Secretary Troy Meink spoke at the Air & Space Forces Association’s annual conference in Maryland, providing the first-ever public confirmation: “The threat is changing actually faster than thought possible.” 

Syntec’s advanced technology positions the company at the forefront of this vital, rapidly evolving operational landscape.

Meink’s landmark doctrine shift followed an executive order issued by the U.S. President to establish a commission to further advance space as a core defense arm. Further underscoring the urgency of these developments, NASA Administrator Jared Isaacman stressed the vital nature of these defense commitments in a recent interview, stating, “I’d be extremely concerned if we didn’t have the United States Space Force looking out for us.” 

Advanced Optics for Next-Gen Satellite Constellations

To meet this imperative national security need, Syntec will contribute by building optics for government satellite constellations that are intended to protect the country. The U.S. National Reconnaissance Office (NRO) is beginning to build out the constellation, and the U.S. Space Force can use the information sent down to help keep our military safe. NRO states that having hundreds of satellites as part of this constellation shall provide greater reconnaissance revisit rates, increased coverage, and eliminate single points of failure when satellites are attacked by the enemy. The farthest reaches of the planet are within our grasp—to see it, hear it, and sense it.

Syntec’s optics can survive the hot and freezing temperatures of space, and they can very accurately track things on Earth in real time without missing a beat.

Matt Carey, vice president at Syntec and ex-Marine, said, “Because we already know how to make thousands of optics for amazing communication satellites, we are ready to help with reconnaissance. Our military—the Army, Navy, Air Force, and Coast Guard—all need sharp, clear views of Earth to do their jobs.” He added, “We have talked about convergence of space and defense futures all year; our team is excited to help out.”

Syntec will contribute to gathering critical information that can be beamed safely and very fast straight from space down to military bases on Earth, without needing ground stations that could break down.

Growing Backlog

Dean Rudy, the company’s CFO, added, “The NRO is funding a giant network of low-flying satellites, and the Space Force is going to keep growing that network through the rest of the 2020s. With the dawn of the space age 60 years ago in America, we are now at a tipping point of the limitless potential of space to make our nation even safer and stronger. We are beginning to build a pro forma for space product lines in excess of $100 million in backlog.”

Syntec has already built thousands of special laser connections so satellites can talk to each other in space, and is fully ready to help defend the United States.  

About Syntec Optics

Headquartered in Rochester, N.Y., Syntec Optics Holdings, Inc. (NASDAQ: OPTX) is one of the nation’s largest bespoke manufacturers of high-precision optics and photonics. With a dedicated team of nearly 180 employees, the company pushes the limits of light-based technologies to connect and protect the world. Syntec supports critical missions ranging from low-Earth-orbit satellites to advanced connected-battlefield defense platforms, AI data centers, and life sciences. As light-enabled technologies continue to account for a significant portion of global economic output—representing nearly $16 trillion of the $106 trillion in total worldwide production as of 2023—Syntec Optics remains positioned at the forefront of the modern optical revolution.

For more information, visit syntecoptics.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to the intended use of net proceeds from the public offering, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Syntec Optics and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) risk outlined in any prior SEC filings; 2) ability of Syntec Optics to successfully increase market penetration into its target markets; 3) the addressable markets that Syntec Optics intends to target do not grow as expected; 4) the loss of any key executives; 5) the loss of any relationships with key suppliers including suppliers abroad; 6) the loss of any relationships with key customers; 7) the inability to protect Syntec Optics’ patents and other intellectual property; 8) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production; 9) costs related to any further business combination; 10) changes in applicable laws or regulations; 11) the possibility that Syntec Optics may be adversely affected by other economic, business and/or competitive factors; 12) Syntec Optics’ estimates of its growth and projected financial results for the future and meeting or satisfying the underlying assumptions with respect thereto; 13) the impact of any pandemic, including any mutations or variants thereof and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 14) inability to complete any investments or borrowings in connection with any organic or inorganic growth; 15) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in prior SEC filings. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Syntec Optics does not give any assurance that Syntec Optics will achieve its expected results. Syntec Optics does not undertake any duty to update these forward-looking statements except as otherwise required by law.

For further information, please contact:

Investor Relations

InvestorRelations@syntecoptics.com 

SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)