180 Degree Capital Corp Stock Price, News & Analysis

180 Degree Capital Corp. (NASDAQ: TURN) reported an average discount of 21% between its estimated daily net asset value per share (NAV) and daily closing stock price in August 2024, with a year-to-date average of 19%. The company's Board of Directors is evaluating this discount as part of its Discount Management Program, which could lead to actions such as expanding the stock buyback program, cash distributions, or a tender offer if the average daily discount exceeds 12% during specified measurement periods.

CEO Kevin M. Rendino emphasized that long-term investors support the company's belief in the potential upside of its current portfolio, despite the recent bear market for small-cap stocks. The company aims to balance addressing the trading discount with preserving long-term value creation potential.

180 Degree Capital Corp. (NASDAQ:TURN) reported its financial results for Q2 2024, with a Net Asset Value Per Share (NAV) of $4.50 as of June 30, 2024. The company experienced a decline in NAV of 12.8% for the quarter and a 10.4% decrease year-to-date. CEO Kevin M. Rendino acknowledged the impact of market turmoil on their portfolio, particularly affecting small and microcapitalization stocks. Despite the challenges, the company remains optimistic about future opportunities and has positioned itself to take advantage of potential catalysts in the second half of 2024 or early 2025.

The company's public portfolio saw a gross total return of -10.2% for Q2 2024. 180 Degree Capital continues to focus on constructive activism to help unlock value in its investments. A conference call is scheduled for August 20, 2024, to discuss Q2 2024 results and recent developments.

180 Degree Capital Corp. (NASDAQ: TURN) has announced it will release its second quarter 2024 financial results on Monday, August 19, 2024, after market close. The company will host a conference call on Tuesday, August 20, 2024, at 9am Eastern Time to discuss these results and provide updates for Q3 2024. Kevin M. Rendino, CEO, and Daniel B. Wolfe, President, will lead the call. Rendino expressed excitement about returning to work and thanked the board for their leadership during his absence. The company has provided dial-in information and a webcast link for shareholders to join the call. Presentation materials and a replay of the meeting will be available on the company's investor relations website.

180 Degree Capital Corp. (NASDAQ:TURN) has reached a cooperation agreement with Lantronix, Inc. (LTRX) to nominate Narbeh Derhacobian and Kevin Palatnik as directors at LTRX's upcoming 2024 Annual Meeting of Stockholders. 180 Degree Capital, a long-time investor in LTRX, views this as a constructive outcome of their engagement with LTRX's management and board. The company believes LTRX is undervalued and sees similarities with their previous portfolio company, Adesto Technologies. 180 Degree Capital expects the nominees to bring valuable experience that can help build substantial value for all LTRX stakeholders. LTRX's CEO, Saleel Awsare, expressed appreciation for the collaborative relationship with 180 Degree Capital and the potential of the new nominees to help grow shareholder value.

180 Degree Capital Corp. (NASDAQ: TURN) reported an average discount of approximately 20% between its estimated daily net asset value per share (NAV) and daily closing stock price for July 2024. The year-to-date average discount through July 2024 was about 19%, with the discount reaching 24% on July 31, 2024. These figures are part of the company's Discount Management Program, which includes two measurement periods: January 1, 2024 to December 31, 2024, and January 1, 2025 to June 30, 2025. If TURN's common stock trades at an average daily discount to NAV of more than 12% during either period, the Board will consider various options, including expanding the current $5 million stock buyback program, cash distributions, or a tender offer.

180 Degree Capital Corp. (NASDAQ:TURN) has announced that its CEO and Co-Portfolio Manager, Kevin M. Rendino, was involved in an accident and is currently receiving treatment. His doctors report a positive recovery prognosis. The company's operations continue as usual under the management of Daniel B. Wolfe, President and Co-Portfolio Manager.

While the company has not provided specific details about the accident or Rendino's injuries, they have assured stakeholders that business operations remain in full force. 180 Degree Capital Corp. has stated that they will provide updates as more information becomes available.

180 Degree Capital Corp. (NASDAQ: TURN) reported an average discount of 16% and 19% between its net asset value per share (NAV) and closing stock price for June 2024 and year-to-date, respectively. On June 28, 2024, the discount was 16%. The Board of Directors set measurement periods from January 1, 2024, to December 31, 2024, and January 1, 2025, to June 30, 2025. If TURN's stock trades at an average daily discount to NAV greater than 12% during these periods, options such as expanding the stock buyback program or cash distributions will be considered. CEO Kevin M. Rendino noted the challenging market for micro-cap stocks and expressed confidence in the upside potential of their NAV. The company highlighted Synchronoss Technologies (SNCR) as a key portfolio holding with significant cost savings and potential catalysts, including a $28 million tax refund expected in late Q3 or early Q4 2024. 180 Degree Capital also emphasized its role in constructive activism to drive value creation in its portfolio companies.

180 Degree Capital Corp. (NASDAQ: TURN) announced that its portfolio company, Synchronoss Technologies, Inc. (SNCR), retired its Series B Preferred Stock and $19.7 million of its 8.375% Senior Notes due 2026 at discounted prices, funded by a new $75 million term loan with AS Birch Grove. These actions are projected to improve SNCR’s capital structure by $7.3 million and generate $10.6 million in pre-tax cost savings. This strategic move aligns with SNCR's cloud-only business transformation and strong financial performance, potentially enhancing free cash flow in 2024 and beyond. 180 Degree Capital acknowledges this as a testament to its constructive activism approach, highlighting the potential for significant value appreciation in SNCR.

180 Degree Capital Corp. (NASDAQ: TURN) congratulates Matt McLaughlin on his election to comScore's (SCOR) Board of Directors.

McLaughlin, with his rich experience in adtech, was nominated by 180 Degree Capital to bring fresh perspectives and improved governance to SCOR.

Despite 180 Degree Capital's suggestions over the past two years, SCOR's Board has largely failed to implement changes, leading to a 90% decline in SCOR's stock price.

180 Degree Capital proposes reducing director compensation, board size, and encouraging preferred stockholders to accept dividends in stock instead of cash.

They urge the board to resolve its dysfunction and consider external consulting if necessary, emphasizing the need for transparency and alignment with common shareholders.