secwatch / observer

M&A Transactions

Mergers, acquisitions, and dispositions disclosed under 8-K Items 2.01/5.01.

8-K items 2.01, 5.01 JSON
SCTH Securetech Innovations, Inc.

Securetech Innovations, Inc. completed an acquisition involving AIUP Holding Limited for US$8,565,500 (closed 2025-06-23).

“of the Acquisition Agreement, SecureTech issued 185 unregistered shares of its Series A Preferred Stock, $0.001 par value per share, to the Seller. These shares were valued at US$8,565,500, equating to a per-share value of US$46,300. Following the closing of the Acquisition Agreement on June 23, 2025, SecureTech’s organizational structure is as follows: Incubation”
ZHJD Intelligent Hotel Group Ltd.

Intelligent Hotel Group Ltd. completed a disposition involving Chenjiang Zhang for nil (closed 2025-04-28).

“On April 28, 2025, the Company completed the disposition of its indirect wholly owned subsidiary, SCQC Agricultural Co. Limited, pursuant to the Disposal Agreement.”
SHINECO, INC.

SHINECO, INC. completed an acquisition involving Dr. Lim Kah Meng for US$19,895,600 in cash and 3,450,000 shares (closed 2025-06-18).

“in InfiniClone to Shineco Life Science; therefore, InfiniClone became a direct subsidiary of Shineco Life Science. In exchange, Shineco Life Science paid to the Seller US$19,895,600 in cash and the Company issued 3,450,000 shares of the Company’s common stock, par value $0.001 per share (the “Shares”). The Shares were issued in reliance on Rule 902 of”
HCTI Healthcare Triangle, Inc.

Healthcare Triangle, Inc. completed an acquisition involving Niyama Healthcare, Inc. for $5.7 million (closed 2025-06-16).

“Price (as defined below) . The acquisition also closed on June 16, 2025. The total consideration for the acquisition, which is referred to herein as the “Purchase Price” is $5.7 million which includes: (1) $1.5 million in cash, of which $1.2 million is due on the Closing Date and $300,000 to be paid at the later of the satisfaction of certain withholding”
PHX MINERALS INC.

PHX MINERALS INC. underwent a change of control involving WhiteHawk Acquisition, Inc. and WhiteHawk Merger Sub, Inc. for $187 million (closed 2025-06-23).

“form that will not trigger a tax or penalty under Section 409A of the Code. The aggregate consideration paid by Parent and Purchaser in the Offer and Merger was approximately $187 million, without giving effect to related transaction fees and expenses. Parent and Purchaser funded the consideration paid to stockholders in the Offer and pursuant to the Merger”
Plymouth Industrial REIT, Inc.

Plymouth Industrial REIT, Inc. completed an acquisition involving OH I&L LL, LLC for $193.0 million (closed 2025-06-18).

“On June 18, 2025, Plymouth Industrial REIT, Inc. (the “Company”) completed the previously announced acquisition of a 21-building industrial property portfolio (the “Portfolio”) for a total purchase price of $193.0 million pursuant to that certain Contract of Sale and Purchase by and between the Company and OH I&L LL, LLC, an unrelated third party”
TUSK MAMMOTH ENERGY SERVICES, INC.

MAMMOTH ENERGY SERVICES, INC. completed a disposition involving MGB Manufacturing, LLC for $15.0 million (closed 2025-06-16).

“Stingray Pressure Pumping LLC (“Stingray”) and Mammoth Equipment Leasing LLC (“Mammoth Equipment”), subsidiaries of Mammoth Energy Services, Inc. (“Mammoth” or the “Company”), entered into an Equipment Purchase Agreement (the “Agreement”), as the sellers, with MGB Manufacturing, LLC (“MGB”), as the buyer, pursuant to which Stingray and Mammoth Equipment sold all of the Company’s equipment used in its hydraulic fracturing business, which is included in the Company’s Well Completion segment, to MGB for $15.0 million (the “Transaction”).”
Kronos Bio, Inc.

Kronos Bio, Inc. underwent a change of control involving Concentra Biosciences, LLC for $0.57 in cash per Share plus one non-transferable contractual contingent value right per Share (closed 2025-06-20).

“2025, Merger Sub completed a tender offer to purchase all of the Company’s outstanding shares of common stock, par value $0.001 per share (the “ Shares ”), in exchange for (i) $0.57 in cash per Share (the “Cash Amount”); plus (ii) one non-transferable contractual contingent value right per Share (each, a “CVR,” and each CVR together with the Cash Amount, the”
ALDS APPlife Digital Solutions Inc

APPlife Digital Solutions Inc completed an acquisition involving Sugar Auto Parts, Inc. for 240,000,000 shares of restricted common stock of the Company (closed 2025-06-13).

“into with Sugar Auto Parts, Inc., a Nevada corporation (“Sugar”) on April 25, 2025. Pursuant to the Agreement, Company acquired all the equity interests in Sugar in exchange for 240,000,000 shares of restricted common stock of the Company. Additionally, the Company issued 15,000 shares of a newly designated class of Series A preferred stock, 4,500 shares of a newly”
ULIXE CORP.

ULIXE CORP. underwent a change of control involving Ulixe One Corp. for $475,000.00 in cash (closed 2025-06-13).

“the transaction, the Purchaser now directly owns approximately 89% of the Company’s voting securities and has acquired control of the Company. The Purchaser paid an aggregate of $475,000.00 in cash as consideration for the Sale Shares. The payments were funded directly by the Purchaser. As described in further detail in response to Item 5.02 of this Current Report on”
UNITED STATES STEEL CORP

UNITED STATES STEEL CORP underwent a change of control involving Nippon Steel North America, Inc. for $55.00 in cash per share (closed 2025-06-18).

“appraisal of such shares pursuant to Section 262 of the General Corporation Law of the State of Delaware (the “ DGCL ”)) was automatically converted into the right to receive $55.00 in cash (the “ Transaction Consideration ”). Additionally, at the Effective Time, each share of common stock, par value $1.00 per share, of 2023 Sub outstanding immediately prior”
SBDS Solo Brands, Inc.

Solo Brands, Inc. completed a disposition involving the individuals (the “Buyers”) who originally sold to the Seller the equity interests in such subsidiaries in May 2023 for resulting in a net cash payment from the Seller to the Buyers of $2.5 million (closed 2025-06-12).

“with the Buyers, and (iii) the Buyers paid consideration for the equity interests of the relevant subsidiaries, resulting in a net cash payment from the Seller to the Buyers of $2.5 million. The agreements and transactions described above are referred to herein, as the “Transaction.” --- EX-99.1 (EX-99.1) --- SOLO BRANDS, INC. UNAUDITED PRO FORMA CONDENSED”
H Hyatt Hotels Corp

Hyatt Hotels Corp completed an acquisition involving Playa Hotels & Resorts N.V. for purchase price of $13.50 per Share payable in cash (closed 2025-06-11).

“owned subsidiary of Hyatt (“ Buyer ”), to purchase all of the issued and outstanding ordinary shares, par value €0.10 per share, of Playa (“ Shares ”) at a purchase price of $13.50 per Share payable in cash (the “ Offer Consideration ”), less applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the”
Playa Hotels & Resorts N.V.

Playa Hotels & Resorts N.V. underwent a change of control involving Hyatt Hotels Corporation for $13.50 per Share payable in cash (closed 2025-06-11).

“the Purchase Agreement dated May 16, 2025, to purchase all of the issued and outstanding ordinary shares, par value €0.10 per share, of Playa (“ Shares ”) at a purchase price of $13.50 per Share payable in cash (the “ Offer Consideration ”), less applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the”
Sunnova Energy International Inc.

Sunnova Energy International Inc. completed a disposition involving Lennar Homes, LLC for approximately $15.2 million (closed 2025-06-16).

“terms of the Solar Power System Purchase Agreement, as amended, Lennar acquired the New Home WIP Assets for aggregate consideration in an amount in cash equal to approximately $15.2 million. The foregoing summary of the Solar Power System Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Solar”
BINI BOLLINGER INNOVATIONS, INC.

BOLLINGER INNOVATIONS, INC. completed a disposition involving GEM Yield Bahamas Limited and GEM Global Yield LLC SCS (together, “GEM”) (closed 2025-06-09).

“On June 9, 2025, Mullen Automotive Inc. (the “Company”) settled and completed its transfer of the Company’s Mishawaka assets to GEM Yield Bahamas Limited and GEM Global Yield LLC SCS (together, “GEM”).”
VCTR Victory Capital Holdings, Inc.

Victory Capital Holdings, Inc. completed an acquisition involving Amundi Asset Management S.A.S (closed 2025-04-01).

“On April 1, 2025, the Company completed the transactions contemplated by the Contribution Agreement (the “contribution”).”
CYRX Cryoport, Inc.

Cryoport, Inc. completed a disposition involving designated affiliates of DHL Supply Chain International Holding B.V. for cash payments of approximately $200 million to Cryoport (closed 2025-06-11).

“specialty courier business, CRYOPDP, to DHL Group ( “ DHL ” ), one of the world ’ s leading logistics providers, in a transaction that includes cash payments of approximately $200 million to Cryoport. ​ Concurrently, Cryoport and DHL have established a strategic partnership aimed at enhancing their respective supply chain service offerings for the global life”
Healthtech Solutions, Inc./UT

Healthtech Solutions, Inc./UT completed a disposition involving Papyrus Distribution LLC for base purchase price equal to $25,000,000, subject to adjustment, with $10,000,000 deferred and payable via secured promissory notes (closed 2025-06-06).

“the sellers sold to Papyrus Distribution 100% of the issued and outstanding equity interests of WR Holdings for a base purchase price equal to $25,000,000.”
GNL Global Net Lease, Inc.

Global Net Lease, Inc. completed a disposition involving RCG Ventures Holdings, LLC for approximately $395 million in gross proceeds upon closing (closed 2025-06-10).

“dated February 25, 2025, by and between the Sellers and Buyer. This second phase includes 28 encumbered properties (the “ Second Tranche Properties ”) generating approximately $395 million in gross proceeds upon closing. There were no material relationships, other than in respect of the sale of the second phase of the Portfolio, among the Sellers and their”
SPRU SPRUCE POWER HOLDING CORP

SPRUCE POWER HOLDING CORP completed an acquisition involving NJR Clean Energy Ventures II Corporation for approximately $0.7 million in cash (closed 2025-06-10).

“On June 10, 2025, the Company acquired 25 additional solar energy systems from CEV, pursuant to the APA, for approximately $0.7 million in cash, subject to the terms and conditions set forth therein.”
RDW Redwire Corp

Redwire Corp completed an acquisition involving Edge Autonomy for $925 million aggregate merger consideration, consisting of $160 million in cash (including a $100 million Seller Note) and $765 million in shares of Redwire Com (closed 2025-06-13).

“limited liability company and a subsidiary of Redwire (the “ Seller Note Issuer ”), entered into a Seller Note (the “ Seller Note ”) with Seller in the principal amount of $100 million. The Seller Note is unsecured. Interest on the Seller Note accrues, and is payable quarterly, at Redwire’s option, in cash or in-kind, at an annual rate equal to: (x)(i) from the”
AMZE AMAZE HOLDINGS, INC.

AMAZE HOLDINGS, INC. underwent a change of control involving pre-merger Amaze Software securityholders (closed 2025-06-12).

“As reported below in Item 5.07 of this Current Report on Form 8-K, at the annual meeting held on June 12, 2025, the Company’s stockholders approved the issuance of shares of Common Stock upon conversion of the Series D Preferred Stock and the exercise of warrants, which will exceed the “Exchange Share Cap” and “Individual Holder Share Cap” limitations, and result in a change of control of the Company, pursuant NYSE American rules.”
MGNC Mag Magna Corp

Mag Magna Corp underwent a change of control involving Wang Gang for $564,380.50 in cash (closed 2025-06-04).

“of the outstanding shares of the Company’s common stock and constitute voting control of the Company. The total consideration paid by Mr. Wang for the Control Shares was $564,380.50 in cash. Additionally, effective June 4, 2025, Mr. Wang acquired an additional 142,372 shares of the Company’s common stock from 18 Company shareholders for a total of $17,846.50”
IVT InvenTrust Properties Corp.

InvenTrust Properties Corp. completed a disposition involving USCRF Bear Creek Owner, LLC, USCRF La Quinta Owner, LLC, USCRF Old Grove Owner, LLC, TREA River Oaks Owner, LLC and TREA Campus Marketplace Owner, LLC (collectively, the "Purchaser") for approximately $306 million (closed 2025-06-06).

“Oaks Owner, LLC and TREA Campus Marketplace Owner, LLC (collectively, the "Purchaser"). The California Portfolio was sold to Purchaser for a purchase price of approximately $306 million. --- EX-99.1 (EX-99.1 - PRESS RELEASE OF INVENTRUST PROPERTIES CORP. DATED JUNE 12, 2025) --- - PRESS RELEASE OF INVENTRUST PROPERTIES CORP. DATED JUNE 12, 2025”
BINI BOLLINGER INNOVATIONS, INC.

BOLLINGER INNOVATIONS, INC. completed a disposition involving GEM Yield Bahamas Limited and GEM Global Yield LLC SCS (together, "GEM") (closed 2025-06-05).

“On June 5, 2025, Mullen Automotive Inc. (the “Company”) completed its transfer of the Company’s Mishawaka assets to GEM Yield Bahamas Limited and GEM Global Yield LLC SCS (together, “GEM”).”
BODY & MIND INC.

BODY & MIND INC. completed a disposition involving Fox Farms for $400,000 (closed 2025-06-06).

“(the “ Amendment ” and, together with the MIPA, the “ Amended MIPA ”), pursuant to which, among other things, the parties changed the purchase price under the Amended MIPA to $400,000 (the “ Purchase Price ”), with the first $200,000 payment due upon execution and the remainder to be paid on the closing date via a promissory note (the “ Note ”), which will be”
VREOF Vireo Growth Inc.

Vireo Growth Inc. completed an acquisition involving Deep Roots Holdings, Inc. (closed 2025-06-06).

“On June 6, 2025 (the “Closing Date”), Vireo completed its previously announced acquisition of Deep Roots pursuant to a merger whereby Merger Sub merged with and into Deep Roots (the “Merger”).”
SAFX XCF Global, Inc.

XCF Global, Inc. underwent a change of control involving Focus Impact BH3 Acquisition Company for a pre-money equity value of XCF of $1,750,000,000 (closed 2025-06-06).

“of New XCF Common Stock (rounded down to the nearest whole share) determined in accordance with the Business Combination Agreement based on a pre-money equity value of XCF of $1,750,000,000, subject to adjustments for net debt and transaction expenses, and a price of $10.00 per share of New XCF Common Stock. At the closing of the Business Combination, NewCo issued an”
RHP Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. completed an acquisition involving DRPhoenix Hotel Owner LLC; Trinity Investments for approximately $865 million (closed 2025-06-10).

“pursuant to an Agreement of Purchase and Sale (the “Purchase Agreement”) with DRPhoenix Hotel Owner LLC. The aggregate purchase price paid by Buyer was approximately $865 million, which was funded with the net proceeds of an underwritten registered public offering of 2,990,000 shares of common stock of the Company at a public offering price of $96.20 per”
BNC CEA Industries Inc.

CEA Industries Inc. completed an acquisition involving the owners of Fat Panda (the four Manitoba corporations) for CAD $18.0 million (USD $12.6 million) (closed 2025-06-06).

“Certain of the senior management persons will enter into employment agreements for their continued employment after the closing of the acquisition. The purchase price was CAD $18.0 million (USD $12.6 million) comprised of approximately CAD $12.1 million in cash to the sellers, 39,000 shares of CEAD common stock with an agreed value of CAD $700,000, and seller notes”
NCRA NOCERA, INC.

NOCERA, INC. completed a disposition involving Yuechi Technology Limited for $550,000 (closed 2025-06-05).

“On June 5, 2025, the Company entered into an Equity Transfer Agreement to sell 100% of its equity interest in Hangzhou SY Culture Media Co., Ltd., a subsidiary organized in the People’s Republic of China, to Yuechi Technology Limited, a Hong Kong limited company, for total consideration of $550,000.”
VEEE Twin Vee PowerCats, Co.

Twin Vee PowerCats, Co. completed an acquisition involving Bahama Boat Works, LLC for $100,000 and agreed to pay up to $3,000,000 in additional contingent consideration (closed 2025-06-05).

“In consideration of the transferred Assets the Company paid Bahama Boat Works $100,000 and agreed to pay up to $3,000,000 in additional contingent consideration”
IVPR INSPIRE VETERINARY PARTNERS, INC.

INSPIRE VETERINARY PARTNERS, INC. completed an acquisition involving Suarez Enterprises, LLC for $1,132,000, payable in cash (closed 2025-06-05).

“structures and fixtures, and all intangible property owned by the Suarez Enterprises in connection with the land or improvements, if any, for an aggregate purchase price of $1,132,000, payable in cash. The foregoing description of the Real Estate Asset Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full”
IVPR INSPIRE VETERINARY PARTNERS, INC.

INSPIRE VETERINARY PARTNERS, INC. completed an acquisition involving Joseph A. Suarez, D.V.M., P.A. for $925,000 plus the assumed liabilities (closed 2025-06-05).

“and together with the Seller, the “Seller Parties”) completed the acquisition of the Debary Animal Clinic. The aggregate purchase consideration for the Debary Animal Clinic was $925,000 plus the assumed liabilities described below, consisting of $832,500 to be paid in cash at the closing of the acquisition plus 54,734 restricted shares of the Company’s Class A”
NorthStar Healthcare Income, Inc.

NorthStar Healthcare Income, Inc. underwent a change of control involving Compound Merger Sub LLC for $3.03 per share in cash (closed 2025-06-09).

“any wholly owned subsidiary of Parent or the Company, which were cancelled and retired at the Effective Time) was converted into the right to receive an amount in cash equal to $3.03, as may be adjusted in accordance with the terms of the Merger Agreement (the “Merger Consideration”), without interest, but subject to any withholding required under applicable”
IVF INVO Fertility, Inc.

INVO Fertility, Inc. completed a disposition (closed 2025-06-02).

“Effective June 2, 2025, INVO Fertility, Inc., a Nevada corporation (the “ Company ”) consummated the divestiture of a majority of its holdings in NAYA Therapeutics Inc., a Delaware Corporation (“ NTI ”).”
HBUV Hubilu Venture Corp

Hubilu Venture Corp completed an acquisition involving Journey Investments, Inc. for $640,000 (closed 2025-06-02).

“(“the 22 nd Street Agreement”) with Journey Investments, Inc. (“Property Seller”) to acquire real property located at 1434 W. 22 nd Street in Los Angeles. The acquisition for $640,000 closed on June 2, 2025. The foregoing description of the acquisition of the 22 nd Street Agreement and the transaction contemplated thereby contained herein is qualified in its”
VREOF Vireo Growth Inc.

Vireo Growth Inc. completed an acquisition involving NGH Investments, Inc., Proper Holdings Management, Inc., Proper Holdings, LLC (closed 2025-06-05).

“On June 5, 2025 (the “Closing Date”), the Company completed its previously announced acquisition of the Acquired Companies (the “Mergers”).”
JOB GEE Group Inc.

GEE Group Inc. completed a disposition involving Reliable Staffing Resources, LLC for approximately $1 million (closed 2025-06-02).

“Pursuant to the terms of the Purchase Agreement, Reliable acquired substantially all of the operating business assets of the Company’s Triad light industrial staffing division for a total consideration of approximately $1 million.”
FBIO Fortress Biotech, Inc.

Fortress Biotech, Inc. completed a disposition involving Sun Pharmaceutical Industries, Inc. for approximately $28.0 million in cash (closed 2025-05-30).

“as a subsidiary of Fortress (the “Subsidiary Sale”). In connection with the closing of the Merger and pursuant to the Merger Agreement, Fortress will receive approximately $28.0 million in cash and be eligible to receive up to an additional $4.8 million upon achievement of a regulatory milestone associated with the rights (“CVRs”) issued under a Contingent Value”
VFF Village Farms International, Inc.

Village Farms International, Inc. completed a disposition involving Vanguard Food GP LLC, Vanguard Food LP and certain of its subsidiaries (collectively, Vanguard) for $40 million (closed 2025-05-30).

“(the “Business”) to Vanguard, (b) the Initial Investors contributed $55 million to Vanguard and (c) as consideration for the foregoing, (i) Vanguard Food LP paid the VF Sellers $40 million ($5 million of which has been placed in escrow for one year to secure the VF Sellers’ indemnification obligations under the Framework Agreement and the TSA (as defined below)),”
CLPR Clipper Realty Inc.

Clipper Realty Inc. completed a disposition involving 10 West 65, LLC for gross proceeds of $45.5 million less approximately $1.9 million in closing costs (closed 2025-05-30).

“On May 30, 2025, the Company completed the sale of the Property (the “Sale Transaction”) pursuant to the Purchase and Sale Agreement (the “Agreement”) with 10 West 65, LLC, a limited liability company not affiliated with the Company (“Purchaser”) dated as of April 2, 2025 (the “Effective Date”) for gross proceeds of $45.5 million less approximately $1.9 million in closing costs.”
GIPR GENERATION INCOME PROPERTIES, INC.

GENERATION INCOME PROPERTIES, INC. completed a disposition involving Titomic, USA, Inc. for $7,200,000, in cash (closed 2025-05-29).

“GIPAL JV 15091 SW Alabama 20, LLC , as seller, and Titomic, USA, Inc., as purchaser, as amended effective April 7, 2025, May 9, 2025 and May 29, 2025, for a purchase price of $7,200,000, in cash, subject to customary pro-rations and adjustments. The foregoing summaries of the terms and conditions of the Florida Purchase and Sale Agreement and the Alabama Purchase”
GIPR GENERATION INCOME PROPERTIES, INC.

GENERATION INCOME PROPERTIES, INC. completed a disposition involving 1300 Dale Mabry Holdings LLC for $3,450,000, in cash (closed 2025-05-29).

“and 6800 4 th Street Holdings LLC, as purchaser, as amended effective May 2, 2025 and subsequently assigned by purchaser to 1300 Dale Mabry Holdings LLC, for a purchase price of $3,450,000, in cash, subject to customary pro-rations and adjustments. On May 29, 2025, GIPAL JV 15091 SW Alabama 20, LLC, an indirect wholly owned subsidiary of the Company, completed the”
Hennessy Capital Investment Corp. VI

Hennessy Capital Investment Corp. VI underwent a change of control involving Namib Minerals (PubCo) (closed 2025-06-05).

“On June 5, 2025 (the “Closing Date”), the parties to the Business Combination Agreement consummated (the “Closing”) the transactions contemplated by the Business Combination Agreement (the “Business Combination”), which resulted in, among other things: (i) Company Merger Sub merging with and into Greenstone (the “Company Merger”), with Greenstone being the surviving entity of the Company Merger and becoming a wholly-owned subsidiary of PubCo; (ii) immediately following the Company Merger, SPAC Merger Sub merging with and into the Company (the “SPAC Merger” and, together with the Company Merger, the “Mergers”), with the Company being the surviving entity of the SPAC Merger and becoming a wholly-owned subsidiary of PubCo;”
Black Spade Acquisition II Co

Black Spade Acquisition II Co completed an acquisition involving Black Spade Acquisition II Co (closed 2025-06-03).

“Merger Sub merged with and into Black Spade II, with Black Spade II surviving the merger”
Black Spade Acquisition II Co

Black Spade Acquisition II Co underwent a change of control involving The Generation Essentials Group (TGE) (closed 2025-06-03).

“Merger Sub merged with and into Black Spade II, with Black Spade II surviving the merger”
CALY Callaway Golf Co

Callaway Golf Co completed a disposition involving Anca Holdco GmbH & Co. KG (indirect wholly-owned subsidiary of ANTA Sports Products Limited) for $290 million in cash, net of cash sold and subject to net working capital and other customary adjustments (closed 2025-05-31).

“the Company completed the sale of 100% of the outstanding equity interests of Callaway Germany Holdco GmbH, which owns various entities that operate the Jack Wolfskin business, for $290 million in cash”
NG NOVAGOLD RESOURCES INC

NOVAGOLD RESOURCES INC completed an acquisition involving Barrick Gold Corporation for $200 million (closed 2025-06-03).

“NOVAGOLD, through NGRA, acquired an additional 10% interest in Donlin Gold for $200 million, increasing its stake to 60% of Donlin Gold, while Paulson, through Donlin Holdings, acquired the remaining 40% interest for $800 million.”

Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.