Three companies met our criteria from the three 10-K annual reports filed with the SEC on 14 October 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison.
SEC What Changed Methodology
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.
Key Takeaways
- COMTECH TELECOMMUNICATIONS CORP /DE/ (High) — Comtech is no longer just managing a turnaround; it is actively reshaping the company around a pending sale and a narrower public-safety strategy.
- INTEGRAL TECHNOLOGIES INC (High) — Integral is no longer just a shell looking for a deal; it is now tied to a specific Apex North transaction that could transform the company if financing and closing hurdles are cleared.
- EvoAir Holdings Inc. (Low) — This filing is mainly a governance upgrade: EvoAir is more explicit about cybersecurity controls and oversight, but it does not signal a new business direction.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | COMTECH TELECOMMUNICATIONS CORP /DE/ | 23197 | 0.995 | 0.977 | 0.986 | 0.878 | MD&A | high |
| 2 | INTEGRAL TECHNOLOGIES INC | 1018281 | 0.993 | 0.908 | 0.99 | n/a | Business | high |
| 3 | EvoAir Holdings Inc. | 1700844 | 0.997 | 0.996 | 0.947 | 0.998 | Risk Factors | low |
COMTECH TELECOMMUNICATIONS CORP /DE/
| Rank | 1 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Comtech’s new filing shows a clear strategic pivot away from its legacy satellite-heavy structure and toward a public-safety-focused business built around Allerium. The biggest development is the pending Gilat transaction, which management says would be used to pay down debt and support a broader recapitalization. The filing also reflects a company in transition, with planned executive changes and a reworked operating focus.
Main Changes
- The Business section now centers on "Allerium" and a "Transformation Plan," while the prior filing still framed the company around two segments, including Satellite and Space Communications.
- The filing adds a pending transaction with Gilat Satellite Networks Ltd. and says the company expects to use the cash proceeds to "substantially reduce debt" and pursue a "comprehensive recapitalization."
- Forward-looking language now highlights "anticipated changes to executive leadership" and a transformation to be "purpose-built to support Allerium’s anticipated growth" in public safety technologies and services.
- The old filing’s broader discussion of conflict minerals and data privacy remains, but the new filing shifts emphasis away from legacy satellite operations and toward the public safety business.
Watch Items
- The Gilat deal could materially reshape the balance sheet and business mix if approved and closed, reducing leverage and narrowing the company’s operating focus.
- Management is signaling a strategic exit from lower-margin, capital-intensive revenues, which may improve margins but also reduces scale and legacy revenue streams.
- Leadership changes tied to the transaction suggest the company is preparing for a post-deal operating structure, which can affect execution risk and continuity.
Important Filing Changes
Such initiative is expected to be completed in fiscal 2026, result in increased manufacturing efficiencies, allow us to further optimize our facilities footprint and result in recurring annualized cost savings of approximately $3.0 million. Allerium With strategic wins in the U.S., Canada and Australia, we believe Comtech’s position as a trusted leader in 911, NG-911 and public safety applications positions us increasingly well when it comes to delivering similarly sophisticated solutions for other types of emergencies. New emergency requesting devices, such as "wearables," vehicles, smart speakers and AI capable cameras, and new delivery methods, such as through satellite networks, are expected to drive innovation and growth within the public safety market over time.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Comparison of Fiscal 2026 and 2025. Other Key Business Developments and Updates With strategic wins in the U.S., Canada and Australia, we believe Allerium’s position as a trusted leader in 9-1-1, NG9-1-1 and public safety applications positions us increasingly well when it comes to delivering similarly sophisticated solutions for other types of emergencies. New emergency requesting devices, such as "wearables," vehicles, smart speakers and AI capable cameras, and new delivery methods are expected to drive innovation and growth within the public safety market over time.
Allerium With strategic wins in the U.S., Canada and Australia, we believe Comtech’s position as a trusted leader in 911, NG-911 and public safety applications positions us increasingly well when it comes to delivering similarly sophisticated solutions for other types of emergencies. New emergency requesting devices, such as "wearables," vehicles, smart speakers and AI capable cameras, and new delivery methods, such as through satellite networks, are expected to drive innovation and growth within the public safety market over time. As an update to our recent performance, during the fourth quarter of fiscal 2025, we were awarded a mix of orders which span across multiple product lines and included, among others: • over $20.0 million of incremental, multi-year funding related to the continued deployment of NG-911 solutions for the State of Ohio; • more than $4.5 million of initial funding related…
Other Key Business Developments and Updates With strategic wins in the U.S., Canada and Australia, we believe Allerium’s position as a trusted leader in 9-1-1, NG9-1-1 and public safety applications positions us increasingly well when it comes to delivering similarly sophisticated solutions for other types of emergencies. New emergency requesting devices, such as "wearables," vehicles, smart speakers and AI capable cameras, and new delivery methods are expected to drive innovation and growth within the public safety market over time. 61 As an update to our recent performance, during the fourth quarter of fiscal 2026, we were awarded a mix of orders which span across multiple product lines and included, among others: • over $8.0 million of funding from a domestic Tier 1 mobile network operator primarily to support the development, testing and migration of various security features and enhancements; • approximately $6.5 million in incremental funding for ongoing training and support of complex cybersecurity operations for U.S. government customers; • in excess of $2.5 million of funding from an existing international customer of our Guardian solutions; and • over $1.0 million of additional funding from an existing NG9-1-1 customer in a Northeastern state.
17 Environment We are committed to reducing our environmental impact across our value chain, including in the design of our products, operation of our facilities and procurement of materials. We are also committed to maintaining compliance with the various global environmental regulations that are applicable to our business segments, including with the respect to the waste and emissions generated at our facilities. Our Board of Directors is responsible for the oversight of our environmental efforts, and the management of climate-related issues is overseen by our Chief Legal Officer.
Business – Overview, in June and July 2026, we also amended our existing credit facilities and agreed to exchange the existing series of convertible preferred stock with a new series of convertible preferred stock upon consummation of the Strategic Transaction. These actions not only provide the necessary consents to the Strategic Transaction, but also deliver immediate enhancements to our financial flexibility.
INTEGRAL TECHNOLOGIES INC
| Rank | 2 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Integral Technologies has shifted from a vague search for a reverse merger to a named, active transaction involving an 80% stake in Apex North LLC. Management says the deal could materially change the company’s business, leadership and capital structure, but it still depends on documentation, financing and closing conditions. The filing also shows the company remains a shell with no meaningful operating revenue and significant debt pressure.
Main Changes
- The company moved from saying it was generally seeking a business combination to naming a specific target: it is "actively advancing" the proposed acquisition of an 80% membership interest in Apex North LLC.
- New disclosure says management has already devoted time and resources to "evaluating, negotiating and advancing" the Apex North transaction, and that the deal is subject to documentation, closing conditions, financing and other matters.
- The filing adds that, if completed, the transaction is expected to cause a "material change" to the company’s business, operations, management and capital structure.
- The company also updated its shell-company language to say it has no material revenue-generating operations and is focused on maintaining SEC reporting status while pursuing strategic transactions.
Watch Items
- The Apex North deal is now the key catalyst; completion would likely redefine the company rather than just preserve shell status.
- Financing and closing conditions remain a major risk, so the transaction could still fall apart even after management has advanced it.
- The company’s debt load and defaulted notes increase execution risk and could complicate any merger or post-close capital structure.
Important Filing Changes
Cautionary Note Regarding Forward Looking Statements This Form 10-K contains forward-looking statements including statements regarding the Company’s implementation of its business plan and expected timelines for meeting its objectives, the need for capital to fund and grow its operations, and liquidity. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods.
Cautionary Note Regarding Forward Looking Statements This Form 10-K contains forward-looking statements including statements regarding the Company’s implementation of its business plan and expected timelines for meeting its objectives, the need for capital to fund and grow its operations, and liquidity, and the Company’s proposed business combination and related financing, closing conditions and expected changes to its business, operations, management and capital structure. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods.
They are neither statements of historical fact nor guarantees or assurances of future performance. The results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially from these forward-looking statements are described in Item 1A. – Risk Factors.
We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. Because the Company is a shell company, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) do not apply to forward-looking statements made by the Company. Investors should not rely on the protections afforded by the PSLRA when evaluating forward-looking statements contained in this Form 10-K.
Investors should carefully consider the risks described below and all of the information contained in this filing before deciding whether to purchase our securities. Our business, financial condition and results of operations could be materially adversely affected by these risks if any of them actually occur. This filing also contains forward-looking statements that involve risks and uncertainties.
Investors should carefully consider the risks described below and all the information contained in this filing before deciding whether to purchase our securities. Our business, financial condition and results of operations could be materially adversely affected by these risks if any of them occur. This filing also contains forward-looking statements that involve risks and uncertainties.
EvoAir Holdings Inc.
| Rank | 3 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
EvoAir expanded its cybersecurity disclosure and governance description, laying out specific controls and confirming board oversight. It also said it has not experienced any cybersecurity incidents it believes were material. Outside of routine updates, the business section does not show a meaningful strategic change.
Main Changes
- The risk factor still says unauthorized disclosure, destruction or modification of data from cybersecurity breaches, viruses, or service disruption could lead to liability, litigation, and reputational damage.
- The filing now spells out a fuller cybersecurity program, including risk assessment, incident detection and response, vulnerability management, disaster recovery and business continuity plans, encryption, network and access controls, physical security, asset management, systems monitoring, and employee training.
- It adds explicit board and management oversight language: the Board oversees cybersecurity risks, management handles day-to-day monitoring, and the company says it has not had cybersecurity incidents it believes were material.
- The business section is largely unchanged aside from routine page/employee count updates and minor wording shifts, with no new strategy or operating model disclosed.
Watch Items
- The added cybersecurity detail suggests the company is formalizing controls, which can reduce operational and disclosure risk if executed well.
- The statement that no cybersecurity incidents have been material is reassuring, but investors should watch whether the company can maintain that record as systems and data exposure grow.
- No new business strategy was disclosed, so the filing does not yet point to a major shift in commercial direction or capital allocation.
Important Filing Changes
On November 21, 2023, the Company issued, in aggregate, 5,500 shares of Common Stock to two individuals in consideration for marketing services provided to the Company by Artisan Creative Studio, a marketing entity based in Malaysia. On August 14, 2024, the WKL Eco Earth Holdings has increased its investment in WKL Guanzhe Green Technology Guangzhou Co Ltd (China) by injecting an additional RMB 2,000,000 into its registered capital. This investment has resulted in an increase in WKL Eco Earth Holding’s equity interest in WKL Guanzhe Green Technology to 62.5 %.
This investment has resulted in an increase in WKL Eco Earth Holding’s equity interest in WKL Guanzhe Green Technology to 62.5 %. On February 6, 2026, WKL Eco Earth Holdings made a further capital contribution of RMB 1,500,000 to WKL Guanzhe Green Technology Guangzhou Co Ltd (China), which increased WKL Eco Earth Holdings’ equity interest in WKL Guanzhe from 62.5 % to 66.67 %. The Company retained control of WKL Guanzhe before and after the transaction, and the change in ownership interest was accounted for as an equity transaction (see Note 4).
Low, the then sole executive officer and director of the Company and the owner of 2,000,000 restricted shares of the Company’s ordinary shares representing approximately 67.34 % of the Company’s then issued and outstanding shares, sold his entire shareholding of the Company to WKL Global for an aggregate consideration of $ 100 . Upon completion of the Change of Control Transaction, WKL Global then owned 2,000,000 shares, or approximately 67.34 % of the Company’s then issued and outstanding shares, which resulted in a change of control of the Company. 31, 2025 Organization, Consolidation and Presentation of Financial Statements [Abstract] GOING CONCERN NOTE 3 – GOING CONCERN The Company’s financial statements as of August 31, 2025, is prepared using generally accepted accounting principles in the United States of America (“U.S.
On February 6, 2026, WKL Eco Earth Holdings made a further capital contribution of RMB 1,500,000 to WKL Guanzhe Green Technology Guangzhou Co Ltd (China), which increased WKL Eco Earth Holdings’ equity interest in WKL Guanzhe from 62.5 % to 66.67 %. The Company retained control of WKL Guanzhe before and after the transaction, and the change in ownership interest was accounted for as an equity transaction (see Note 4). On May 31, 2026, WKL EcoEarth Indochina ceased its commercial operations as part of the Group’s efforts to streamline its international operations and reduce administrative costs.
On November 21, 2023, the Company issued, in aggregate, 5,500 shares of Common Stock to two individuals in consideration for marketing services provided to the Company by Artisan Creative Studio, a marketing entity based in Malaysia. On August 14, 2024, the WKL Eco Earth Holdings has increased its investment in WKL Guanzhe Green Technology Guangzhou Co Ltd (China) by injecting an additional RMB2,000,000 into its registered capital. This investment has resulted in an increase in WKL Eco Earth Holding’s equity interest in WKL Guanzhe Green Technology to 62.5%.
This investment has resulted in an increase in WKL Eco Earth Holding’s equity interest in WKL Guanzhe Green Technology to 62.5%. On February 6, 2026, the WKL Eco Earth Holdings has increased its investment in WKL Guanzhe Green Technology Guangzhou Co Ltd (China) by injecting an additional RMB1,500,000 into its registered capital. This investment has resulted in an increase in WKL Eco Earth Holding’s equity interest in WKL Guanzhe Green Technology to 66.67%.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.
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