The Ledger

209.5 million dollars: that is the cash sitting in a proteomics company’s bank account, equal to 176 percent of its own stock market value, the reason activist investors demanded a board member resign this week. Bradley Radoff and Michael Torok, who together own approximately 7.7 percent of Seer, Inc., a Redwood City proteomics and diagnostics company trading on the Nasdaq under the ticker SEER, published an open letter September 4, 2026 calling on board member Meeta Gulyani to “immediately resign,” arguing she joined in November 2021 with no prior public-company board experience, left the outside role that justified her appointment in 2023, has never bought a single share despite the stock trading below net cash, and has watched the company’s market capitalization fall from roughly 1.5 billion dollars to just over 100 million dollars, a stock-price decline of more than 90 percent, during her tenure. The letter is the latest move in a monthslong campaign: Radoff and Torok have made three non-binding offers to take Seer private, most recently proposing 2.40 dollars per share in cash plus a contingent value right, and an August 13, 2026 letter pressed the board to publicly acknowledge the company needs to sell itself, after Seer’s second-quarter 2026 results showed revenue falling 23 percent year over year to 3.1 million dollars against a 16.9 million dollar net loss; Seer’s board has rejected the proposals and defended its director slate to shareholders ahead of an ongoing proxy fight. Confidence: High. This run reviewed the Radoff-JEC Group’s own September 4 press release and Seer’s own second-quarter earnings disclosures directly. Sources: Radoff-JEC Group Calls on Meeta Gulyani to Immediately Resign from Seer, Inc.’s Board of Directors, StockTitan, Seer, Inc. Q2 2026 Earnings Call Summary, Yahoo Finance, Radoff-JEC Group Calls on Seer, Inc.’s Board of Directors to Publicly Acknowledge That the Company Needs to Be Taken Private, Morningstar.

103: that is how many workers a Memphis safety-net hospital is laying off as it shuts down an entire facility, even as it chases funding for a nearly 1.5 billion dollar replacement campus a few miles away. Regional One Health filed a Worker Adjustment and Retraining Notification (WARN) notice with the state of Tennessee on July 8, 2026 disclosing that it would permanently close its 30-bed Extended Care Hospital on Madison Avenue in Memphis effective September 1, 2026, laying off 103 employees; the company said in a statement the decision “reflects challenges in the current healthcare environment and is aimed at optimizing resources and enhancing patient care across the hospital system,” and it is working to place affected staff in other open roles. The closure lands as Regional One pursues a roughly 1.2 to 1.5 billion dollar new hospital campus at the former Commercial Appeal newspaper site on Union Avenue, a project the Tennessee Health Facilities Commission approved in March 2026 with Shelby County committing about 500 million dollars, tied in part to a 2023 wheel-tax increase; local reporting has flagged that questions remain unresolved over how the rest of the project gets financed. For a hospital system simultaneously cutting a service line and trying to close a capital gap on a billion-dollar build, the sequencing is a signal worth watching for other safety-net systems attempting the same bet on a new campus to secure their long-term finances. Confidence: High on the closure, layoff count, and WARN filing date, drawn from local television reporting citing the company’s own notice and statement. Medium on the total campus cost and funding gap, which rely on local news coverage of county and commission proceedings rather than a single primary financial disclosure. Sources: Regional One to lay off over 100 workers, Action News 5, Regional One cuts 103 jobs as questions remain over new hospital funding, WREG, State Signs Off on New Regional One Hospital at Old Commercial Appeal Site, Hoodline.

91.1 million dollars: that is what a Wall Street investment giant just paid for two Florida senior living communities, at a per-unit price nearly double the state’s average. Morgan Stanley Real Estate Investing, through funds managed by Morgan Stanley Investment Management, acquired Sonata Lake Mary, a 193-unit independent living, assisted living, and memory care community in Lake Mary, for about 60 million dollars from developer AgeWell, and The Preserve at Dunedin, a 106-unit community in Clearwater, for 31.1 million dollars from Berkshire Residential Investments, in a deal reported September 5, 2026; AgeWell Senior Living will continue managing both properties. The combined 299 units worked out to roughly 305,000 dollars per unit, close to double Florida’s average senior-housing price of about 161,000 dollars per unit, and The Preserve at Dunedin alone had appreciated about 35 percent since Berkshire bought it for 23.01 million dollars in 2021; the deal adds to a run of large senior-housing trades this month, following American Healthcare REIT’s 696 million dollar purchase of eight Northeast communities and 572 million dollar purchase of six Kensington Senior Living communities, both announced in the same week. For investors and operators, the pricing is another data point that institutional capital is bidding up Class A senior housing well ahead of broader real estate, particularly in supply-constrained Sun Belt metros. Confidence: High, drawn from trade and local business press reporting on the transaction; Low on precise capitalization-rate detail, which was not disclosed by either party. Sources: Morgan Stanley Buys Lake Mary, Clearwater Senior Housing, Hoodline, Morgan Stanley Pays $91M for Florida Senior Communities, Multi-Housing News.

THE DEAL SHEET

This run’s scan of FTC and DOJ merger actions and state transaction-review dockets found no new healthcare antitrust complaints or consent orders in the last 24 to 48 hours. A frontier check on dental service organization (DSO) consolidation, a Ledger branch not touched in the last three issues, found deal-tracker activity (Group Dentistry Now, Becker’s Dental Review) but no transaction dated to this specific window; the branch’s last dedicated Ledger story ran July 27 on Dentalcorp’s first US acquisition. An open-ended scan surfaced the Seer, Inc. shareholder campaign, covered above, as the window’s most consequential public-markets story outside the Deal Sheet.