180 Degree Capital Corp Stock Price, News & Analysis

180 Degree Capital Corp. (NASDAQ: TURN) will release its first quarter 2021 financial results on May 11, 2021, after the market closes. A conference call is scheduled for May 12, 2021, at 9 AM Eastern Time to discuss these results and updates from Q2 2021. Interested parties can dial in using the provided U.S. domestic and international numbers, with a passcode of 415049. Presentation materials and a replay of the call will be available on the Company’s investor relations website.

180 Degree Capital Corp. (NASDAQ:TURN) reported a preliminary +28% gross total return for Q1 2021, translating to an increase of approximately +$16.6 million or +$1.60 per share. The company ended the quarter with $74.0 million in cash and securities, a rise of 24% from the end of 2020. The fair value of their private portfolio was estimated at $38.7 million. A separately managed account posted a +20.7% gross total return, leading to an expected carried interest of $2.0 million. CEO Kevin Rendino expressed optimism for the year ahead, with a future earnings report expected in May.

180 Degree Capital Corp. (NASDAQ: TURN) issued a public letter expressing dissatisfaction with Enzo Biochem, Inc.'s (ENZ) board, particularly regarding Dr. Elazar Rabbani's continued role despite shareholder disapproval. The letter criticizes the board for failing to acknowledge shareholder votes and for not holding Dr. Rabbani accountable for the company's stagnant share price, which has not improved since 1992. The CEO of 180 Degree Capital urges the board to prioritize shareholder interests by removing Dr. Rabbani and appointing a capable CEO to enhance corporate governance.

180 Degree Capital Corp. (NASDAQ:TURN) reported its financial results for Q4 2020 and developments from Q1 2021. NAV grew by 32.2% since 2017, ending 2020 with nearly $60 million in cash and securities. The company secured a $25 million separately managed account, growing it to $33 million within seven months, generating $2.4 million in fees. Q1 2021 showed gross total returns of 24.0% for the portfolio. Additionally, the company agreed to invest $2.3 million in a new SPAC sponsor vehicle. A conference call is scheduled for February 23, 2021 to discuss results in detail.

180 Degree Capital Corp. (NASDAQ: TURN) is set to announce its fourth quarter 2020 financial results on February 22, 2021, after market close. A conference call will follow on February 23, 2021, at 9 AM ET to discuss these results and Q1 2021 updates. Interested parties can join via U.S. Domestic Dial-In Number (712) 770-4598 or through international dial-in options. The company focuses on investing in undervalued small publicly traded companies, aiming to stimulate share price reversals through constructive activism.

180 Degree Capital Corp. (NASDAQ: TURN) has expressed strong concerns regarding the undervaluation of Enzo Biochem, Inc. (NASDAQ: ENZ), where it holds 2.4% of shares. The company criticized ENZ's management for underperformance, highlighting a significant total return disparity compared to market indices. Additionally, 180 criticized the board for approving substantial compensation packages for management despite poor performance. Following a recent proxy vote, 180 urged immediate acceptance of CEO Rabbani's resignation and called for improved corporate governance.

180 Degree Capital Corp. (NASDAQ: TURN) implemented a 1-for-3 reverse stock split effective January 4, 2021, reducing approximately 31.1 million shares to 10.4 million. The reverse split retains shareholders' percentage ownership, with cash issued for fractional shares. In tandem, the number of authorized shares decreased from 45 million to 15 million. American Stock Transfer & Trust Company, LLC serves as the exchange agent, guiding shareholders in the conversion process. 180 Degree Capital focuses on investing in undervalued small companies, aiming for significant share price recoveries through constructive activism.

180 Degree Capital Corp. (NASDAQ:TURN) announced a $2.5 million stock buyback program, commencing January 4, 2021, alongside a 1-for-3 reverse stock split. This initiative aims to increase stock attractiveness, as the company seeks to elevate its share price above institutional investment thresholds. As of December 18, 2020, the firm's cash and securities reached approximately $58 million ($1.86/share), with expectations for net asset value (NAV) to exceed $3.00 by year-end. Management emphasizes transparency and confidence in long-term shareholder value creation.

B. Riley Financial and 180 Degree Capital Corp are advocating for significant changes to the Maven Board of Directors. They requested the immediate resignation of five directors, citing a lack of responsive dialogue. As principal investors in Maven's $24M equity offering, B. Riley and 180 believe the current board does not reflect the company’s growth potential following key acquisitions. They assert that timely action is necessary to prepare for an uplist to a major stock exchange and maintain shareholder interests.