The fear of a squeeze-out is understandable, as the stock is currently valued ridiculously low relative to the investments made and the stock’s potential. When looking at Eagle’s shareholder base and the incentives of the key players, the situation does not look like a Tecnotree-type scenario.
Firstly, Eagle Filters Group Oyj is not in a position where delisting would be a natural way to realize value. If the company were ever to be bought out, there would practically need to be an external industrial buyer for the business itself. Without that, a buyout would mean that the current owners would take on all the industrial, financial, and timing risks themselves just at the stage when investments should start yielding results.
The company has also established option programs for management, which have been distributed in reasonable amounts as incentives and which only start to yield value once the share price exceeds 10.4 cents. Apparently, only one option program is below this, where the subscription price eventually became completely negligible. These would become worthless in a delisting.
Joint Effects LLC, one of the largest owners, is a private equity investor, not a buyout fund. Its history shows no evidence of taking companies public or delisting them. The typical and rational way to realize an investment for them is through value appreciation and gradual selling of the holding on the market. For them, it is clearly more attractive for the company’s value to multiply on the stock exchange so that shares can be sold to funds and other investors with a significant return, rather than tying up more capital in a squeeze-out and taking the entire risk on themselves.
Among those on the TOP-10 list, Verman Holding Oy has been an owner for a long time and subscribed for more shares in the public offering at 10.4 cents. The average price they paid is somewhere well above that. Jarkko Veijalainen, the CEO of 3StepIT, who is also in the TOP-10 group, likely does not want his investment in the company to yield less than a low-risk fixed-income investment over several years, only for the main owners to start reaping the rewards just as they are ripening.
Also, Jukka Heikka of Joint Effects has invested hundreds of thousands of euros in the company and owns millions of shares. This is specifically the kind of position where value appreciation on the stock exchange is the logical exit path. It is hard to see such an investment being made with the idea that the company is first turned profitable and then delisted so that cash flow can be realized privately. That would tie up capital and narrow exit options without a clear additional benefit.
The essential difference to Tecnotree is precisely this: in Eagle’s case, the rational interest of the owners is for the value to be reflected in the stock price, not in buying out small investors at a low price. A buyout would only make sense in a situation where there was a ready buyer for the business – not because the owners wanted to “make their money in peace among themselves.”
I would see that based on Eagle’s ownership structure and investor background, the most likely path is value appreciation and a market-based exit, not a forced squeeze-out. Everyone can sell their shares on the exchange at the price they choose.
PS. Puttonen still has the sell button held down, but no longer as sensitively as around the turn of the month. Yesterday he took a break and has sold 150,000 shares again today (by 3:00 PM on Feb 6, 2026). He has sold a million shares in about a week. Those will eventually run out too, as he currently only has 1,175,000 shares left. Puttonen has dropped out of the TOP-10 on the shareholder list and is now 16th. We’ll see if he continues “de-risking” to the end or stops here.