Charleston Palmetto Pulse, January / February

STRATEGIC REVIEW

Ingevity Announces Results of Portfolio Review, Including Plans to Explore Strategic Alternatives for Advanced Polymer Technologies Segment, Road Markings Business

North Charleston, South Carolina-based Ingevity Corporation (NYSE: NGVT) announced Dec. 8, 2025, it has completed the company’s previously disclosed portfolio review process and is in the early stages of exploring strategic alternatives for its Advanced Polymer Technologies (APT) segment and Performance Chemicals Road Markings business, including a potential sale of one or both.

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FINANCE

Exchange Ratio Adjusted for Commerce Bancshares, Inc.’s Pending Acquisition of FineMark Holdings, Inc.

Commerce Bancshares, Inc. (NASDAQ: CBSH) and FineMark Holdings, Inc. (OTCQX: FNBT) announced that the exchange ratio for the pending acquisition of FineMark Holdings, Inc. has been adjusted to 0.7245 shares of Commerce stock for each share of FineMark stock. The original exchange ratio has been adjusted from 0.690 shares of Commerce stock for each share of FineMark stock to reflect the 5 percent stock dividend declared on Oct. 31, 2025, by Commerce and were payable on Dec. 16, 2025, to CBSH shareholders of record as of Dec. 2, 2025.

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REAL ESTATE

Middleburg Secures $39.1 Million Refinance for North Charleston Workforce Housing Community

Middleburg, a leading developer and operator of rental housing throughout core Southern markets, has closed a $39.1 million refinance of Vesta Creeks Run, a workforce and affordable housing community located at 4640 Forest Hills Drive in North Charleston, South Carolina. Newmark arranged the Freddie Mac financing on behalf of Middleburg.

Vesta Creeks Run is part of Middleburg's Vesta brand, the firm's workforce and affordable housing platform serving residents across the Southeast. The property is 97 percent occupied.

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CONSULTING EXPANSION

Modus21, LLC Expands Charleston County Operations

Modus21, LLC, a business technology consulting firm, announced it is expanding its operations in Charleston County. The company’s $1.1 million investment will create 80 jobs, according to Gov. Henry McMaster’s office. Founded in 2004, Modus21 is a small business headquartered in Charleston providing technology consulting services to commercial and defense customers. Located at 1362 McMillan Ave. in North Charleston, Modus21 is expanding its existing corporate facilities and equipment to support new job creation and its Cloud Innovation Lab (CIL).

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HOSPITAL AWARDS

Tidelands Health Hospitals Earn Awards for Patient Safety

Tidelands Health hospitals have again earned recognition from the South Carolina Hospital Association for outstanding performance in patient safety. Tidelands Georgetown Memorial Hospital and Tidelands Waccamaw Community Hospital earned multiple Zero Harm Awards. Tidelands Georgetown earned awards for having zero surgical site infections for knee replacements and colon surgery. Tidelands Georgetown and Tidelands Waccamaw also earned the Suicide Prevention Priority Award and the Workplace Violence Priority Award.

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STOCK BUYBACK

Blackbaud Announces Reauthorized, Expanded and Replenished $1 Billion Stock Repurchase Program, Increased Stock Repurchase Expectations for 2025

Charleston, South Carolina-based Blackbaud (NASDAQ: BLKB) announced its board of directors has reauthorized, expanded and replenished the company's existing stock repurchase program, raising the total capacity from $800 million to $1 billion available for repurchases of the company's common stock. Under the program, the company may repurchase shares of its common stock in the open market, through private transactions, or otherwise. As of Dec. 1, 2025, the remaining amount available to purchase stock under the company's repurchase program was $1 billion.

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SPOTLIGHT

Citadel President to Retire

(Photo Courtesy of The Citadel) dec.1

The Citadel President Gen. Glenn Walters, USMC (Ret.), ’79, announced Dec. 1, 2025, that the spring semester will be his last at The Citadel as he prepares to retire at the end of June 2026. The Citadel Board of Visitors will immediately begin a search for the next Citadel president. Walters first came to The Citadel in the fall of 1975. The Arlington, Virginia, native and son of a CIA officer was a member of Charlie Company. He graduated in 1979 and joined the Marine Corps. He served in positions of increasing responsibility, culminating as the Assistant Commandant of the US Marine Corps. In 2018, The Citadel Board of Visitors selected Walters as the 20th President, succeeding Lt. Gen. John Rosa, USAF (Ret.), ’73.

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THERAPEUTIC MERGER

Innova Therapeutics Announces Acquisition of Enci Therapeutics

Innova Therapeutics, a Charleston-based biopharmaceutical company, has announced that it has completed the acquisition of Enci Therapeutics. The acquisition includes Enci Therapeutics' main cancer therapeutic program, IVT-8086. The specific terms of the agreement and financial details regarding the acquisition between Innova Therapeutics and Enci Therapeutics have not been disclosed. IVT-8086 is a first-in-class, humanized monoclonal antibody (mAb) developed as a cancer therapeutic that targets and antagonizes the Secreted Frizzled-Related Protein 2 (SFRP2) pathway.

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ACQUISITION

WhiteWater Express Car Wash Acquires Time to Shine Locations in South Carolina

WhiteWater Express Car Wash has acquired Time to Shine Car Wash, a leading operator in South Carolina with 10 operating locations and two sites in development. This strategic acquisition includes eight locations in Charleston and four in Columbia, marking the entry of WhiteWater into South Carolina and expanding its footprint to 141 locations across seven states and 12 metropolitan areas. WhiteWater welcomes the Time to Shine team and will transition each location to the WhiteWater Express brand in early 2026.

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HEADQUARTERS EXPANSION

Spartina 449 Announces Headquarters Expansion in Bluffton, South Carolina

Spartina 449, a nationally recognized lifestyle and accessories brand, announced plans to expand its headquarters within the Bluffton Village Town Center. The Town of Bluffton, in partnership with the Beaufort County Economic Development Corporation (BCEDC), supported the project through local incentive programs. The new, state-of-the-art facility will total approximately 14,100 square feet and serve as a modern hub for Spartina 449 operations, collaboration, and design innovation. The company planned to break ground on the project in the fourth quarter of 2025.