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Allspring Special Small Cap Value Fund Q4 2025 Portfolio Review

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Allspring Special Small Cap Value Fund Q4 2025 Portfolio Review

Allspring is a company committed to thoughtful investing, purposeful planning, and the desire to elevate investing to be worth more. Allspring is reimagining investment management to be worth more—creating an investment, distribution, and operational experience that changes the game for clients. Note: This account is not managed or monitored by Allspring, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Allspring’s official channels.

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Seth MacFarlane Confirms ‘The Orville’ Season 4 Scripts Complete, But Production Hinges on His Schedule

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Seth MacFarlane

Seth MacFarlane has delivered a hopeful yet cautious update on the future of his sci-fi comedy series “The Orville,” revealing that all 10 scripts for a potential fourth season are finished but production remains stalled due to his packed professional commitments.

Seth MacFarlane
Seth MacFarlane

In a recent interview with The Hollywood Reporter promoting the second season of his Peacock series “Ted,” MacFarlane addressed fan speculation about the show’s status nearly four years after “The Orville: New Horizons” concluded its third run on Hulu in 2022.

“I will be honest with you: Season four is written,” MacFarlane said. “It’s just a question of when we have the time to produce it. The 10 scripts are done. I’m the problem. It’s [a matter of] when I can make that my year, with all the other stuff we have in the works. But we can hit the ground running when it happens.”

The confirmation marks the most concrete progress reported on Season 4 since the series shifted from Fox to Hulu for its third season. MacFarlane emphasized that Hulu remains supportive and ready to move forward, underscoring the project’s ongoing viability despite the long hiatus.

“The Orville” blends Star Trek-inspired space exploration with irreverent humor, following Captain Ed Mercer (MacFarlane) and the crew of the USS Orville as they navigate interstellar adventures, personal relationships, and moral dilemmas. The show has built a dedicated fanbase for its character-driven storytelling, practical effects, and balance of comedy and drama.

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Season 3, titled “New Horizons,” aired in 2022 and received praise for its ambitious scope, including high-stakes storylines involving the Kaylon war, Krill alliances, and character growth for figures like Commander Kelly Grayson (Adrianne Palicki) and Dr. Claire Finn (Penny Johnson Jerald). The season ended on an optimistic note with the crew united, leaving room for future explorations but no cliffhanger demanding immediate resolution.

Despite the lack of new episodes, the series has maintained cultural relevance through streaming availability on Hulu and international platforms. Fans have kept hope alive through online communities, petitions, and convention appearances by cast members, who have consistently expressed enthusiasm for returning.

MacFarlane’s schedule has indeed been demanding. In addition to starring in and executive producing “Ted” — whose second season premiered in early 2026 — he has juggled multiple projects, including voice work, music, and development deals. He has described “The Orville” as a passion project that requires his full attention as creator, writer, director, and lead actor, making it challenging to carve out the extended production window needed for the show’s elaborate sets, visual effects, and ensemble filming.

Earlier reports, including comments from co-star Scott Grimes in 2024, suggested potential filming in early 2025, but no production has materialized. Some outlets speculated about renewal in late 2024, but MacFarlane’s latest comments clarify that while scripts exist and the network is amenable, timing remains the primary obstacle.

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The delay has sparked mixed reactions among fans. Many celebrated the script completion as a sign the show is far from dead, with social media buzzing over the prospect of new adventures for the Planetary Union crew. Others expressed frustration over the wait, noting that four years without new content risks losing momentum in a competitive streaming landscape.

MacFarlane has repeatedly insisted the series is not canceled. “Nobody has told me that it’s dead from the network,” he said in prior interviews, and the current update reinforces that sentiment. Hulu executives have previously praised the show, with ABC Entertainment and Hulu president Craig Erwich calling it a “great show” loved by fans, though no formal renewal announcement has followed.

The series’ future could hinge on MacFarlane prioritizing it amid his expanding portfolio. If production begins, the elaborate practical sets and VFX-heavy episodes typically require 12-18 months from start to premiere, potentially pushing a Season 4 debut to late 2027 or beyond.

For now, the 10 completed scripts represent a tangible step forward, keeping the door open for the USS Orville to resume its journey. MacFarlane’s candid acknowledgment of his role in the delay highlights the personal investment required for a project he has steered from inception.

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As “Ted” Season 2 unfolds and other commitments continue, fans await word on when — or if — MacFarlane can clear his calendar for the stars. Until then, the Planetary Union remains in a holding pattern, with scripts ready and hope enduring.

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Trump family home sells for $12.5 million below original asking price

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Trump family home sells for $12.5 million below original asking price

The longtime Manhattan residence of the late Ivana Trump has finally traded hands, but at a price that reflects a sobering reality for New York City’s luxury real estate market.

Property records show the opulent Upper East Side townhouse sold on Feb. 27 for $14 million, the Wall Street Journal reported. It’s a $12.5 million price cut from the original $26.5 million asking price set shortly after the businesswoman’s death in 2022.

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The $14 million sale comes after three price cuts over the past three years.

Even with the massive discount, the estate saw a $2.5 million return from what Ivana originally paid in 1992. Proceeds from the sale are set to be split among her three children, Donald Trump Jr., Eric Trump and Ivanka Trump.

REAL ESTATE EXPERTS BLAST MAMDANI’S MATH-DEFYING PLAN, WARN OF HIGHER RENTS AND FLIGHT

A piece of the Trump family legacy, Ivana bought the home shortly after her divorce from President Donald Trump, and the nearly 9,000-square-foot limestone mansion served as the home base for their children during their teenage years.

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Ivana Trump's New York City townhouse

Ivana Trump’s New York City townhouse sold for $14 million in February. (Getty Images)

“My mom absolutely loved that house,” Eric Trump told the Journal in 2022. He also said the opulence “embodied Ivana Trump.”

The home was a real estate personification of Ivana’s bold, unapologetic style. She oversaw extensive renovations shortly after buying the property to transform the former dental office into a six-story monument to luxury.

Located on the Upper East Side between Fifth and Madison avenues, the Versailles-inspired home features gold accents and shades of red. It has five bedrooms, six bathrooms, two small galley-style kitchens and multiple entertaining areas.

Some of the more grand interior design features include Chinese murals, silk-covered walls, a leopard-print library and crystal chandeliers in almost every room.

Ivana Trump lived in the home for three decades until her death in July 2022. She was found unconscious at the bottom of a staircase in the home after what authorities ruled was an accidental fall that caused blunt impact injuries, Fox News previously reported.

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While transaction volume for New York City townhouses rose in 2025, the actual average sale prices fell, according to Leslie Garfield & Co.’s 2025 townhouse report. By the third quarter of 2025, the average sale price for Manhattan townhouses dropped 14% to $6.9 million.

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Adam Modlin of the Modlin Group represented the buyer and seller in the transaction. He did not immediately respond to Fox News Digital’s request for comment.

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Trump sides with crypto in battle with banks over stablecoin yield

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Trump sides with crypto in battle with banks over stablecoin yield

US President Donald Trump boards Air Force One before departing Palm Beach International Airport in West Palm Beach, Florida, on March 1, 2026, on his way back to Washington, DC.

Mandel Ngan | Afp | Getty Images

President Donald Trump has thrown his support behind crypto firms in their high-stakes battle with U.S. banks over whether they can offer interest-like returns on stablecoins.

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Trump, in a social media post late Tuesday, ratcheted up pressure on banks to relent on the stablecoin yield issue.

That’s the key point of contention holding up passage in Congress of the Clarity Act, which is a companion bill to the Genius Act approved last year, setting up a framework for regulated stablecoins.

“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable,” Trump said in his post. “They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People.”

Coinbase shares surged as much as 11% in early trading Wednesday, while shares of JPMorgan Chase and Bank of America fell less than 1%.

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While Trump’s decision to back the crypto industry could sway members of his Republican Party in the GOP-led Congress, it’s unclear whether his support is enough to ensure the bill’s passage. The move also raises fresh questions over potential conflict of interests, as the president and his family have reportedly generated hundreds of millions of dollars in wealth from interests in firms including the crypto platform World Liberty Financial.

The dispute between the industries centers on whether crypto firms like Coinbase can offer yields on stablecoins. While crypto companies see it as a consumer-friendly innovation that will let people earn money on their idle funds, banks have warned that the competing product could siphon trillions of dollars from their industry.

$6.6 trillion threat?

Executives from JPMorgan and Bank of America, the two largest American lenders by assets, have cited a Treasury study that indicated that banks could lose up to $6.6 trillion in deposits if stablecoins offered a yield.

That could destabilize some banks, especially smaller ones, and remove a source of funding for loans to businesses across the country.

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Allowing the less-regulated crypto industry to behave like quasi-banks could heighten systemic risk, banks argue. Crypto firms say that the risks are contained and that stablecoins backed by Treasuries will boost demand for U.S. debt.

“It can’t be, you have these people doing one thing without any regulation, and these people doing another,” JPMorgan CEO Jamie Dimon told CNBC’s Leslie Picker on Monday. “If you do that, the public will pay. It will get bad.”

In recent months, the president has hosted a series of White House meetings between the two sides in hopes of brokering a deal, but the banks haven’t relented, according to people with knowledge of the gatherings.

Now, he is explicitly putting his weight behind crypto.

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“Americans should earn money on their money,” Trump said in the post. “This industry cannot be taken from the People of America when it is so close to becoming truly successful.”

‘Full of s–t’

That phrasing is similar to language that Coinbase CEO Brian Armstrong has used in interviews. Coinbase is the largest U.S. crypto platform and provides yield to members through what critics in the banking industry call a “loophole” in current regulations.

Armstrong, seen by banks as their main adversary in this dispute, met with Trump at the White House shortly before his social media post Tuesday, according to a person with knowledge of the meeting. That detail was reported earlier by Politico.

Both banks and crypto firms have reasons to support passage of the Clarity Act, but it’s unclear whether that will happen, given the disagreement. Earlier this year, Trump attempted to pressure banks to cap credit card interest rates, but the industry had enough support among both Republicans and Democrats to ward off that threat.

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Tensions between Armstrong and banking CEOs have climbed since the Coinbase CEO has publicly called out banks for their opposition to stablecoin yields.

In January, Dimon reportedly told Armstrong he was “full of s–t” at a chance interaction at the World Economic Forum in Davos, Switzerland.

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Woori Financial Group files 2025 audit reports for Woori Bank

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Woori Financial Group files 2025 audit reports for Woori Bank

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Sebi revises reporting norms for AIFs, introduces annual activity report

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Sebi revises reporting norms for AIFs, introduces annual activity report
Capital markets regulator Sebi has overhauled the regulatory reporting framework for Alternative Investment Funds (AIFs), introducing a comprehensive annual reporting requirement and reducing the frequency of detailed quarterly filings.

In a circular issued on March 4, the regulator said AIFs are currently required to submit activity reports on a quarterly basis within 15 calendar days from the end of each quarter, in a format hosted by the Indian Venture and Alternate Capital Association (IVCA).

Sebi noted that the reporting format had been reviewed to incorporate changes made to the AIF Regulations and related circulars.

The move is also aimed at improving ease of doing business and reducing compliance costs. The regulator said the frequency of submitting reports had been reviewed in consultation with the Standards Forum of AIFs, and that a Sebi-constituted working group.

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Under the revised framework, AIFs will now be required to submit a comprehensive Annual Activity Report at the end of March each financial year. The report must be filed online on the Sebi Intermediary Portal (SI Portal) within 30 calendar days from the end of March. The first annual report will cover the year ending March 2026 and must be submitted by May 31.


In addition, AIFs will continue to submit a limited Quarterly Activity Report in a revised format within 15 calendar days from the end of each quarter. The first such quarterly report under the new system will be for the quarter ending June 2026. However, no separate quarterly submission will be required for the March quarter, as the annual report will include those data points.
The revised reporting formats will be made available on the IVCA website within three days of the circular’s issuance, and the association will assist AIFs in understanding the new requirements and resolving reporting-related issues. The changes come into force with immediate effect.

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Target carrying out major changes to cereal aisle

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Target carrying out major changes to cereal aisle

Retailer to carry cereals made without certified synthetic colors.

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Is Cairo International Airport Open? Airport Remains Open Amid Regional Chaos, But Faces Mass Cancellations

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Song Ping

CAIRO — Cairo International Airport (CAI) continues to operate normally despite widespread aviation turmoil across the Middle East triggered by the ongoing U.S.-Israeli military actions against Iran, authorities and flight tracking data confirmed Wednesday.

The airport’s official website and live flight information boards showed active arrivals and departures throughout the early hours of March 4, 2026, with flights landing from destinations like Jeddah, Paris, Algiers, and Madinah, and others scheduled or on time to various points including Riyadh, Istanbul, and London. Egypt’s Civil Aviation Ministry and airport operators have maintained that Egyptian airspace remains open, with Cairo serving as a key hub for diverted international flights and limited regional connectivity.

Cairo International Airport
Cairo International Airport

However, the facility has not escaped the ripple effects of the five-day-old conflict. On March 3, Cairo recorded at least 72 flight cancellations and around 60 delays, totaling more than 130 disruptions in a single day, according to aviation reports and passenger accounts. EgyptAir, the national carrier, extended its indefinite suspension of services to 13 regional destinations, including Dubai, Doha, Beirut, Abu Dhabi, Sharjah, Kuwait, Bahrain, Amman, Dammam, Baghdad, Erbil, Muscat, and Qassim. This marks one of the most extensive route groundings in the airline’s recent history, stranding thousands and severely impacting connections to Gulf hubs.

Major international carriers like Emirates and Qatar Airways remained effectively grounded for operations from Cairo, with no flights to or from their primary bases in Dubai and Doha due to airspace restrictions in the UAE and Qatar. Travelers attempting to reach or depart via these routes faced significant challenges, with many rebooking options limited or unavailable. EgyptAir offered flexible rebooking without change fees for affected passengers until mid-March, urging them to contact the airline directly.

The disruptions stem from a cascade of airspace closures and restrictions across neighboring countries. Large swaths of airspace over Iran, Iraq, Israel, Jordan, Lebanon, Bahrain, Kuwait, Qatar, the UAE, Oman, and Saudi Arabia remained off-limits or heavily restricted, according to updated advisories from the European Union Aviation Safety Agency (EASA) and other authorities. These measures, extended through at least March 6 in some cases, forced rerouting, diversions, and outright cancellations globally, with Cairo absorbing some overflow as a relatively stable gateway.

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Egypt’s Ministry of Civil Aviation placed all airports on high alert starting late February, with Minister Sameh El-Hefny personally inspecting Cairo’s operations room and crisis management center. Contingency plans ensured continued functionality, including handling diverted flights — 12 international arrivals were rerouted to Cairo on March 1 alone, with additional diversions to Sphinx, Hurghada, Sharm El-Sheikh, and other facilities. The ministry emphasized maximum readiness to safeguard air safety amid the escalation.

U.S. and other Western embassies advised heightened caution for citizens in the region, though Egypt has not been directly targeted. The U.S. State Department urged Americans to depart the broader Middle East where possible, but noted limited flight options complicating exits. Egypt’s tourism sector, particularly Red Sea resorts like Hurghada and Sharm El-Sheikh, reported operational continuity at local airports despite delays and reduced international access.

Flight tracking platforms like Flightradar24, FlightAware, and the airport’s own portal displayed ongoing activity Wednesday morning local time, with dozens of flights marked as landed, on time, or scheduled across Terminals 1, 2, and 3. Weather conditions at CAI remained favorable, with light winds and clear visibility contributing to smooth ground operations where flights were able to proceed.

The situation highlights Cairo’s strategic role as Egypt maintains open skies while much of the Gulf faces paralysis. Analysts noted that while the airport itself is not closed, effective connectivity to key regional and global networks has been severely curtailed, leading to an “operational nightmare” for passengers and airlines. Some experts predicted gradual resumption of limited services if de-escalation occurs, but warned of prolonged volatility.

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Passengers are advised to check directly with airlines, monitor official airport channels, and allow extra time for potential changes. Cairo Airport Company continues to update flight status in real time, with dedicated support teams assisting affected travelers.

As the conflict enters its sixth day, Cairo International Airport stands as one of the few major Middle Eastern hubs maintaining core operations, though heavily impacted by the surrounding chaos. Authorities reiterated commitments to safety and continuity, urging calm amid uncertainty.

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Government launches gender pay gap and menopause action plans ahead of International Women’s Day 2026

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Government launches gender pay gap and menopause action plans ahead of International Women’s Day 2026

The Government has unveiled new gender pay gap and menopause action plans designed to help women thrive in the workplace, as ministers seek to shift the focus from transparency to tangible change ahead of International Women’s Day 2026.

From April, employers with more than 250 staff will be encouraged to publish detailed action plans outlining how they intend to reduce their gender pay gap and support employees experiencing menopause. The initiative forms part of a broader strategy to improve women’s economic participation, boost productivity and address the financial pressures that disproportionately affect women and families.

The measures were formally launched by Bridget Phillipson, Secretary of State for Education and Minister for Women and Equalities, who said the plans marked a renewed commitment to ensuring women can progress and prosper at work.

“This International Women’s Day, we are celebrating all that women bring to our proud nation, as well as committing to giving back to them,” Phillipson said. “Too many women are still not paid fairly, held back at work due to inconsistencies in support, or find common sense adjustments for their health needs overlooked or dismissed.”

The new action plans are voluntary at this stage, with ministers pledging to work collaboratively with businesses to share best practice and encourage widespread adoption before any compulsory framework is introduced. The Government has positioned the initiative as part of its wider economic agenda, arguing that improving workplace equality is essential to unlocking growth.

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Alongside the action plans, ministers have highlighted other measures aimed at easing cost-of-living pressures, including a £117 reduction in average energy bills from April, expansion of free childcare provision, a rail fare freeze and a continued cap on prescription charges below £10.

The Women’s Business Council, which is working closely with the Government on the scheme, said the plans could help break down persistent structural barriers. Mary Macleod, chair of the council, described the initiative as an opportunity to boost both equality and economic performance.

“These measures have the power not only to increase the number of women in the workforce, but to drive productivity and innovation,” she said. “Equality isn’t just the right thing to do – it is a vital driver for economic growth.”

A central element of the programme is a renewed focus on menopause support. Government figures indicate that one in ten women who worked during the menopause have left a job because of their symptoms. Ministers argue that clearer workplace policies and practical adjustments could help retain experienced employees and reduce economic losses linked to workforce exits.

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Mariella Frostrup, the Government’s Menopause Employment Ambassador, said employers must recognise the scale of the issue. “Menopause affects millions of women at the height of their careers,” she said. “When employers take meaningful steps to support women through menopause, they are protecting their workforce and strengthening their business.”

Campaigners have cautiously welcomed the announcement, while calling for stronger enforcement in the future. Penny East, chief executive of the Fawcett Society, said the action plans should represent a move from reporting disparities to addressing them.

“Large employers must not simply publish data; they must now take action to improve workplace cultures and practices,” she said. “This is a rare opportunity to strengthen women’s participation in the workforce, and the plans must therefore be ambitious, measurable and enforceable.”

The action plans sit within the framework of the Employment Rights Act 2025, which includes new protections against workplace sexual harassment and enhanced rights for pregnant workers and women returning from maternity leave.

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The Government has signalled that over the coming year it will consult on how to move from voluntary measures to a more structured, mandatory regime. In the meantime, ministers will work with expert groups, including the Women’s Business Council and the Invest in Women Taskforce, to encourage employers to adopt comprehensive and accountable policies.

With the gender pay gap in the UK still standing at 12.8 per cent overall, according to recent figures, the success of the initiative will be judged on whether it delivers measurable improvements in pay equity, retention and career progression for women across sectors.


Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Investors’ wealth erodes by Rs 16.32 lakh cr in two days as West Asia turmoil intensifies

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Investors' wealth erodes by Rs 16.32 lakh cr in two days as West Asia turmoil intensifies
Equity investors became poorer by Rs 16.32 lakh crore in the two-day fall in the stock market after the conflict involving the US, Israel and Iran escalated significantly.

On Wednesday, the 30-share BSE Sensex tumbled 1,122.66 points or 1.40 per cent to settle at 79,116.19. During the day, it crashed 1,795.65 points or 2.23 per cent to 78,443.20. Since Friday, the BSE benchmark has lost 2,171 points or 2.67 per cent amid the onset of hostilities between Iran and the US-Israel since February 28.

The market capitalisation of BSE-listed companies eroded by Rs 16,32,428.12 crore to Rs 4,47,18,243.15 crore (USD 4.85 trillion) since Friday last week. Equity markets were closed on Tuesday for Holi.

“Markets traded with a negative bias on Wednesday, extending their recent corrective trend amid weak global cues and persistent geopolitical concerns. Investor sentiment remained fragile amid weak global signals, elevated crude oil prices and lingering uncertainty around geopolitical developments. Continued foreign institutional selling and currency volatility further dampened confidence,” Ajit Mishra, SVP Research, Religare Broking, said.

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Brent crude, the global oil benchmark, jumped 1.63 per cent to USD 82.73 per barrel.


From the Sensex pack, Tata Steel tanked 6.76 per cent, followed by Larsen & Toubro (4.53 per cent). Bajaj Finance, UltraTech Cement, NTPC, InterGlobe Aviation, Bajaj Finserv and Hindustan Unilever were also among the laggards.
Bharti Airtel, Infosys and Tech Mahindra were the gainers.The BSE smallcap select index tumbled 2.42 per cent and midcap select index dropped 2.10 per cent.

Among sectoral indices, metal plunged 4 per cent, BSE PSU Bank (3.50 per cent), industrials (3.29 per cent), realty (3.16 per cent), commodities (3.12 per cent), capital goods (2.64 per cent), power (2.59 per cent), services (2.25 per cent) and energy (2.23 per cent).

A total of 3,245 stocks declined, while 1,053 advanced and 135 remained unchanged on the BSE.

Asian markets ended with deep cuts. South Korea’s Kospi tumbled 12 per cent. Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index also ended significantly lower.

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Supercar brakes firm Surface Transforms loses biggest customer and hires restructuring advisers

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Manufacturer that had received Combined Authority backing says news has “material impact” on its ability to trade

Surface Transforms is a carbon ceramic brake manufacturer based in Kirkby

Surface Transforms is based in Kirkby(Image: Liverpool Echo)

A Knowsley supercar brake specialist that two years ago received a £13.2m loan through Liverpool City Region Combined Authority has lost its biggest customer and is appointing restructuring advisers – meaning its share price plunged more than 90%.

Surface Transforms, based in Kirkby, told the Stock Exchange on Tuesday afternoon that General Motors (GM), which last year provided 84% of its revenues and has also provided the company with millions of pounds of support, has decided to change its brake disk supplier.

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Its statement said: “The company has not yet had the opportunity to speak directly with GM about the termination, but the loss of this contract has a material impact on the company’s ability to trade and as a result the Directors intend to immediately engage corporate restructuring advisers to protect stakeholder’s interests.”

Surface Transforms said GM was “re-sourcing its supply of brake disks with effect from 31st March 2026”. It added: “GM is the Company’s most significant customer and in FY 2025 formed £15.3m (84%) of revenues and 85% of discs sold and was under contract until 2030. Additionally, since November 2024 GM has provided the Company with operational support and financial assistance including advance payments of £14.4m.”

The company said it would give further updates to the market “as appropriate”. But its share price fell by as much as 94% on Tuesday afternoon to just 0.12p per share.

Surface Transforms develops and makes carbon ceramic brakes for high-performance cars. It says its technology offers “weight savings of up to 70% compared to iron brakes”.

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Liverpool City Region Combined Authority announced in December 2023 that Mayor Steve Rotheram’s Urban Development Fund – itself part funded by the European Regional Development Fund (ERDF) – was offering a £13.2m loan to Surface Transforms. It said the loan would “enable the company to invest in new manufacturing facilities to increase its production capacity and meet the growing demand for its products”.

At the time, Mr Rotheram said: “Our area is fortunate to be home to an abundance of world class manufacturers to rival anywhere in the world. It’s their distinctive capabilities and strengths that help to set our region apart from the rest, with industry leading businesses like Surface Transforms on our doorstep.

“This investment we’re making will be transformational in helping them to scale-up their operations – and create quality, highly-skilled jobs and training opportunities for local people. We’re showing the difference that devolution makes by helping local businesses to not only fulfil their potential but to ensure that our area remains at the forefront of manufacturing innovation. It’s local people that stand to benefit with jobs, training and apprenticeship opportunities.”

Also at the time, Kevin Johnson, CEO of Surface Transforms, said: “We are delighted to have secured this capital expenditure loan, which will enable us to execute our strategic growth plans and further strengthen our position as a leader in carbon fibre reinforced ceramic automotive brake discs.”

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In its most recent detailed annual report, issued in June 2025 to cover the 2024 financial year, Surface Transforms said it had borrowed £5.1m of the potential £13.2m available, with a remaining undrawn commitment of £8.1m available until December 31, 2025. But it said that “drawdowns have continued into 2025, and the company expects the full £13.2m facility to be fully utilised by the end of the year.”

The report also said the covenants of the loan had been breached in December 2024 and that “this position remained unrectified in March 2025”. It added: “However, the LCA (Combined Authority) have been willing to waive the December breach in recognition of its temporary nature ahead of a much-improved long term outlook and it is anticipated that further waivers will be given in 2025 until revised covenants are agreed”.

It added that management was “confident that the unwavering support from the LCA will continue”.

The share price of Surface Transforms plunged more than 90% on March 3, 2026, after it announced it had lost its biggest contract. Screengrab from the London Stock Exchange website

The share price of Surface Transforms plunged more than 90% on March 3, 2026, after it announced it had lost its biggest contract (Image: London Stock Exchange)

In its most recent trading update in January, Surface Transforms said revenues for 2025 stood at £18m, up from £8.2m in 2024. It said revenues in the second half of the year stood at £9.9m, up from £8.1m in the first half of 2025.

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It reported an operating loss of £8.7m, much lower than the £23.4m reported in 2024. And it said it expected to report revenues of £27m in 2026.

In a Stock Market statement at the time, the company said: “FY25 has been a transformative year, marked by substantial progress in scaling production and improving processes. The business has moved meaningfully closer to substantial and profitable operations, with materially higher output and revenues. Demand for our product remains strong. While challenges persist, customers are encouraged by the improvements underway. Cash remains tight but manageable.”

A Combined Authority spokesperson said last night: “We are aware of the situation and are in dialogue with the company to fully understand the current position. It would not be appropriate to make any further comment at this time.”

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