Punch & Associates Investment Management, Inc. filed an amended beneficial ownership statement with the SEC on November 13, 2026, disclosing a 3.8% stake in Heritage Global Inc. as of September 30, 2026.

Key Highlights

  • Filer: Punch & Associates Investment Management, Inc., a Minnesota-incorporated investment adviser, submitted Amendment No. 5 to its beneficial ownership statement.
  • Shares held: The firm reported beneficial ownership of 1,316,605 shares of Heritage Global Inc. common stock (CUSIP 42727E103).
  • Ownership percentage: Those shares represent 3.8% of the class, qualifying the filing under the ownership-of-5-percent-or-less provision.
  • Voting and dispositive power: Punch & Associates holds sole voting power and sole dispositive power over all 1,316,605 shares, with zero shared power in either category.
  • Event date: The triggering event date is listed as September 30, 2026, and the statement was signed by Howard D. Punch, Jr., Chief Investment Officer, on October 6, 2026.

Punch & Associates Discloses Amended Position in Heritage Global Common Stock

According to the filing, Punch & Associates Investment Management, Inc., organized in Minnesota and classified as an investment adviser, reported an aggregate beneficial ownership of 1,316,605 shares of Heritage Global Inc. common stock. Heritage Global Inc. is headquartered at 6130 Nancy Ridge Drive, San Diego, CA 92121, and its common stock carries CUSIP number 42727E103. The filing identifies the company as an issuer whose shares the investment adviser holds in the ordinary course of business.

The filing states that all 1,316,605 shares are held with sole voting power and sole dispositive power, with no shares subject to shared voting or shared dispositive arrangements. Punch & Associates certified, as required, that the securities "were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer." Item 5 of the filing designates this as an ownership-of-5-percent-or-less disclosure, as the 3.80% figure falls below that threshold. Item 6, Item 7, Item 8, and Item 9 are each listed as not applicable, indicating no ownership on behalf of another person, no subsidiary involvement, and no group membership or dissolution to report.

This is Amendment No. 5, meaning earlier versions of the statement have previously been filed with respect to Punch & Associates' position in Heritage Global. The principal business address for the filer is listed as 7701 France Ave. So., Suite 300, Edina, MN 55435. The statement was signed by Howard D. Punch, Jr. in his capacity as Chief Investment Officer.

What Was Disclosed

Punch & Associates Investment Management, Inc. disclosed beneficial ownership of 1,316,605 shares of Heritage Global Inc. common stock, equal to 3.8% of the class, with all voting and dispositive power held solely by the firm as of September 30, 2026.