Fund Discloses $3 Million Sale of Olin Stock Amid Legal Overhang and Struggling Share Price

On February 17, 2026, Grizzlyrock Capital reported a sale of 135,000 Olin Corporation (OLN +1.23%) shares, an estimated $2.91 million trade based on quarterly average pricing.

What happened

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Grizzlyrock Capital reduced its stake in Olin Corporation (OLN +1.23%) by 135,000 shares during the fourth quarter of 2025. The estimated transaction value, based on the period’s average closing price, was approximately $2.91 million. The fund’s total position value in Olin declined by $4.07 million for the quarter, a figure that includes both trading activity and stock price changes.

What else to know

• Grizzlyrock Capital’s Olin position now represents 2.62% of its 13F reportable AUM following the reduction.
• Top holdings after the filing:
  • NASDAQ: GSM: $18.91 million (14.2% of AUM)
  • NYSE: GEL: $9.83 million (7.4% of AUM)
  • NASDAQ: EEFT: $9.61 million (7.2% of AUM)
  • NASDAQ: MGNI: $9.28 million (6.9% of AUM)
  • NYSE: AMN: $8.76 million (6.6% of AUM)
• As of February 17, 2026, Olin shares were priced at $23.87, down 12.9% over the past year and underperforming the S&P 500 by 22.6 percentage points.

Company overview

Company snapshot

• Olin Corporation produces and markets chlorine and caustic soda, epoxy materials, and ammunition products, with revenue generated from its Chlor Alkali Products and Vinyls, Epoxy, and Winchester segments.
• The company operates an integrated manufacturing and distribution model, monetizing chemical production and ammunition sales through direct sales, industrial contracts, and retail channels.
• Primary customers include industrial manufacturers, mass merchants, wholesalers, retailers, and the U.S. Government and its contractors.

Olin Corporation is a diversified chemicals and ammunition manufacturer with a significant presence in the specialty chemicals sector. The company’s multi-segment strategy enables revenue generation from both industrial chemical products and consumer ammunition, supporting resilience across economic cycles. With a broad customer base and established distribution channels, Olin leverages scale and operational integration to maintain its competitive position in core markets.

What this transaction means for investors

Olin reported a fourth quarter net loss of $85.7 million and adjusted EBITDA of $67.7 million, down sharply from the prior year as chlorine demand softened and Winchester margins compressed. Full-year adjusted EBITDA came in at $651.8 million, but leverage ticked up to 4.1 times net debt to EBITDA (from 3.1 in 2024), reflecting a tougher pricing environment.

Then came the legal overhang. After earnings, the company disclosed a $75 million pre-tax charge tied to a verdict in litigation with Shintech and expects roughly $185 million in cash payments in the first half of 2026. That adds near term pressure to a company already navigating weak chlorine markets and customer destocking.

Nevertheless, the stock continues to hold a roughly 3% weight in this portfolio, suggesting not necessarily high conviction but still some measured exposure.

For long-term investors, the question is whether Olin can preserve ECU discipline, execute cost reductions, and keep liquidity intact while the cycle resets. If demand stabilizes and leverage trends down, today’s depressed sentiment could look temporary.