SCHEDULE: 22NW Group Amends DIRTT Stake, Jones Exits Reporting Group
Beneficial Ownership Update
22NW Fund and associated entities filed an Amendment No. 15 to their Schedule 13D for DIRTT Environmental Solutions Ltd., noting Alexander B. Jones' departure from the reporting group.
Summary
- This filing is Amendment No. 15 to the Schedule 13D for DIRTT Environmental Solutions Ltd.
- Alexander B. Jones ceased to serve as an employee of 22NW and is no longer a member of the Section 13(d) group as of December 10, 2025.
- The remaining reporting persons, including 22NW Fund, LP, 22NW, LP, 22NW Fund GP, LLC, 22NW GP, Inc., Aron R. English, Bryson Hirai-Hadley, and Adrian R. Zarate, will continue to file Schedule 13D statements.
- As of October 30, 2025, there were 191,832,029 Common Shares outstanding.
- 22NW Fund beneficially owns 49,955,045 shares, representing approximately 26.0% of the outstanding shares.
- Aron R. English beneficially owns an aggregate of 58,038,870 shares, representing approximately 30.3% of the outstanding shares, including those held by 22NW Fund.
- No transactions in the Issuer's securities by the Reporting Persons occurred in the past 60 days.
- A Joint Filing Agreement was entered into on December 12, 2025, by the remaining Reporting Persons.
Sentiment
Score: 5
Explanation: This is an administrative filing updating beneficial ownership and group composition, with no material operational or financial news. The sentiment is neutral as it reflects a routine update to an activist investor's disclosure.
Future Outlook
No forward-looking statements or guidance were provided in this administrative filing.
Industry Context
This filing is an administrative update regarding beneficial ownership and group composition, and does not provide information directly related to broader industry trends or competitive landscape.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Employee of 22NW and member of Section 13(d) group | Alexander B. Jones | NA | 2025-12-10 | Ceased to serve as an employee of 22NW. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Joint Filing Agreement | The remaining Reporting Persons entered into a Joint Filing Agreement to continue joint filing of Schedule 13D statements. | 2025-12-12 | Formalizes the agreement among the remaining members of the 13D group for future filings, ensuring continued compliance and transparency regarding their collective ownership. |
Stakeholder Impact
- Shareholders: Provides updated information on the beneficial ownership structure of a significant activist investor group, clarifying the composition of the group.
Next Steps
- The remaining Reporting Persons will continue filing statements on Schedule 13D as required by applicable law.
Key Dates
| Date | Description |
|---|---|
| 2025-10-30 | Date as of which 191,832,029 shares were outstanding, as reported in the Issuer's Form 10-Q. |
| 2025-11-06 | Date of Issuer's Quarterly Report on Form 10-Q filed with the SEC. |
| 2025-12-10 | Date Alexander B. Jones ceased to serve as an employee of 22NW and ceased to be a member of the Section 13(d) group. |
| 2025-12-12 | Date the Joint Filing Agreement was entered into by the remaining Reporting Persons. |
Recommendation
holdThis filing is an administrative update to a Schedule 13D, primarily noting a change in the composition of the reporting group and reaffirming existing ownership percentages. It contains no new financial or operational information that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate as there's no new catalyst for a 'buy' or 'sell' decision based solely on this filing.
Keywords
DIRTT Environmental Solutions, 22NW Fund, Schedule 13D, Beneficial Ownership, Activist Investor, Shareholder Group, Common Shares, SEC Filing, Corporate Governance
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.