You know I love a good bargain, so here are a few new ideas for you to do research on.Standard Disclaimer: YMMV and DYDDThanks for reading Triple S Special Situations Investing! Subscribe for free to receive new posts and support my work.UNCYSource: Special Situations InvestingUncy is a drug company targeting renal patients.The company got its second Complete Response Letter on June 30 and fell 40% to $5.The FDA raised no efficacy or safety concerns, asked for no new data, and rejected the thing over the same third-party manufacturing deficiencies as the June 2025 CRL.Per the company, the FDA never actually inspected the vendor during the resubmission.The drug has now passed twice on science and failed twice on someone else’s factory paperwork.I bought the long-dated $5/$10 bull call spread. If the vendor gets inspected and the drug gets through, the stock re-rates well past $10.I like a 5:1 , so I put some real dollars behind the trade.HUM.AXThis one’s Jeremy Raper’s fight (Raper Capital), and I’m in for a punt as he has been very effective in his advocacy.Founder-chairman Andrew Abercrombie tried to take Humm private at A$0.58 in mid-2025, withdrew in November, and days later Credit Corp lobbed in a bid for the whole company. What happened next is why the Takeovers Panel got involved.Abercrombie-linked entities bought ~A$9.6m of stock right after the Credit Corp approach, and the company put out announcements the Panel later found misleading.Raper and Collins Street (a combined 9.4%) requisitioned an EGM to throw out the chairman.The panel forced a genuinely independent committee, made a formal declaration of unacceptable circumstances, restricted voting on the December share purchases, affirmed all of it on review, and ordered Humm to pay Raper’s costs, calling the company’s own conduct “disruptive.”I’m now long the stock, although the buyout failed and the stock price collapsed.Before you invest, I suggest reading his open letter to the board.https://rapercapital.com/2026/06/25/an-open-letter-to-the-chair-of-humm-group-limited/PLBYCredit to Hugo Navarro (Undervalued & Undercovered), for this idea.Playboy has been slowly turning themselves into a royalty brand while paying down debt.They signed the following deals:Byborg: a 15-year license handing Playboy’s digital businesses to the LiveJasmin operator for $20m/year in minimum guarantees of $300m total plus 25% of net profits above the floor, at ~90% margin.Byborg also bought equity at $1.50 and sits on the board.UTG China JV: $45m for half the China business plus $67m of minimum distributions over eight years plus brand feesEverything else: Management has guided to roughly low‑teens millions of recurring licensing revenue outside these anchor deals, with an asset‑light model that should scale as new contracts are added.They also have Honey Birdette (the lingerie chain) which could fetch a decent sum in a sale if they formally run a process.In June, the company bought back 16.6m shares for $17.4m ($1.05/share), at a discount to market.I’m long around $1.40 and sold covered calls which brings me down to a $1.10 entry.AGIThe next two ideas are from Special Situations Research.Alamos Gold fell ~20% intraday in June, it’s worst day since 2020, roughly $3bn of market cap gone, after two seismic events (a small earthquake) damaged infrastructure at its Young-Davidson mine and forced a Q2 production cut to 130–135koz from ~150koz.Full-year output now slips just below guidance.Young-Davidson is only ~15% of NAV in most SOTP models.The crown jewel, Island Gold, ~60% of NAV, is completely untouched and hitting record rates above 1,500 tpd, is on track for 2,000 tpd by year-end.I don't see this event as a multi year value drag.I did a leap call spread to get past the short term noise and invest in the long term high quality gold story.NOWService Now has been suffering because of perceived AI threat.The company is selling at record multiple lows with 8,400 enterprise customers, 95%+ subscription revenue, ~40% cash margins, and $11/share of net cash.Service Now may ultimately be a beneficiary of AI as it acts as an intermediate layer for its customers.Keep in mind, some businesses have blown through year long AI budgets in months with no tangible benefits to show for it.To manage this resource properly and with security, there will need to be agnostic intermediaries that work with all the various AI companies to manage spend and use.The setup is the same story as AGI. I put on a call spread leap.VASODeep in dumpster diving territory, so size it like the 19 cent stock it is.Vaso Corp a strange three-headed conglomerate: proprietary medical devices, managed healthcare IT, and VasoHealthcare, the exclusive U.S. sales agent for GE HealthCare’s diagnostic imaging equipment.In December that GE deal was extended a fifth time, now running through December 2030.The company basically sells at cash value with a market cap at less than half its annual revenue.It’s cheap and has been cheap for a long time. Not sure what the catalyst is on this one, but I’m ok owning a few shares.CPTKWSo, my boy Akos (who sourced this idea) really loves this stock. After much polite poking, I sort of see the appeal, although they really need to work on the name of the company as most westerners won’t appreciate the etymology.This article provides a good overview on the companyMkango Resources is a three legged rare earths story: the Songwe Hill mine in Malawi, the Pulawy separation plant in Poland (both EU-designated strategic projects), and HyProMag, a patented magnet recycler already in commercial production in the UK and Germany.Songwe and Pulawy are being dropped into a new entity, Mkango Rare Earths, via a merger with Crown PropTech Acquisitions.Which brings us to the warrants. Crown’s warrants (CPTKW) trade OTC for a few cents.I bought a bunch at 7 cents. Now I want to be clear, I view the chances of this deal closing with the SPAC as very low.However, if this deal completes and MKAR catches even a fraction of the bid every U.S.-listed rare earths name is getting, a few-cent warrant on an $11.50 strike returns multiples.This is a lottery ticket, full stop.The trust is down to nothing, the deal needs a PIPE to complete, the latest 10-Q carries going-concern language, and the whole thing runs on sponsor bridge notes.Pay pennies, accept the zero, own leveraged exposure to a Nasdaq rare earths listing with $400m of asset value and Western government backing if it closes.ConclusionI enjoy a good dumpster fire, but if you want some stocks that are less in that category, sign up for Swen’s conference at the end of the month.I’ll be back with a full length article sometime later with some more investment grade ideas.If you enjoyed this write-up, please like and restack.I don’t get paid to do this, so consider that my reward.Substack seems to throttle free article writers, which makes attracting new readers difficult. I do not want to charge for this substack, but the algorithm may end up requiring it. I am trying to avoid this, so please spread this substack if you can.Also, if you have other ideas I should write about, my DMs are always open on Substack and Bluesky :)All writeups are subject to our TOS