180 Degree Capital Corp Stock Price, News & Analysis

180 Degree Capital Corp. (NASDAQ:TURN) has issued a letter to the Board of Directors of Comscore, Inc. (SCOR), demanding significant changes to governance practices. Key demands include ceasing the payment of Series B Preferred Stock dividends in additional shares and reducing director compensation. The letter criticizes the performance of SCOR's stock, which has decreased by 65.7% since March 2021, compared to a 19.4% decline in the Russell 2000 Index. It further calls for the removal of Lead Independent Director Brent Rosenthal and the appointment of Jon Carpenter to the Board. The letter accuses the current Board of focusing on personal gains at the expense of common stockholders and emphasizes the need for alignment between preferred and common stockholder interests.

180 Degree Capital Corp. (NASDAQ:TURN) announced a preliminary gross total return of +5.7% for its public and related portfolio in Q1 2023, outperforming the Russell Microcap Index, which reported a -2.9% return. As of March 31, 2023, the company expects its cash and securities to represent around 88% of its assets, indicating financial stability. The company anticipates a 20% increase in cash and public securities compared to its closing stock price. This transition to public investments is nearly complete, likely reducing the stock price’s discount to net asset value (NAV). A quarterly update call is planned for mid-May 2023.

180 Degree Capital Corp. (NASDAQ: TURN) has initiated a campaign urging the resignation of Brent Rosenthal from SCOR's Board of Directors, demanding a board member with capital markets success to defend common shareholder rights. With a 6% stake in SCOR, 180 seeks transparency in the potential for a special dividend and advocates for reduced board fees and a smaller board size due to perceived excessive compensation. The firm argues that current compensation structures favor board members over common shareholders and threatens legal action if fiduciary duties are disregarded. 180 believes that converting preferred dividends to common stock could unlock value for all stakeholders.

180 Degree Capital Corp. (NASDAQ:TURN) reported a significant increase in its estimated net asset value per share (NAV) to $7.08 as of February 23, 2023, marking a 12% rise from the end of 2022. The company's holdings are now comprised of 87% public assets and only 13% legacy private companies, which has contributed to a gross total return of approximately 14.8% from the end of 2022. The performance outpaces the Russell Microcap Index’s return of 7.0%. CEO Kevin M. Rendino expressed optimism for 2023 following a challenging previous year. A conference call will be held on February 28, 2023, to discuss Q4 2022 results and Q1 2023 developments.

180 Degree Capital Corp. (TURN) reported a net asset value (NAV) of $6.32 per share as of December 31, 2022, declining from $8.10 due to significant write-downs in its legacy private portfolio, particularly from AgBiome and D-Wave Quantum. The legacy portfolio caused 71% of the NAV decline. Despite a tough 2022, the NAV increased to approximately $7.08 as of February 23, 2023. The company holds 86% of total investment assets in public markets and expects cash payments from TARA Biosystems' acquisition totaling $2.4 million in 2023-2024. A conference call to discuss Q4 2022 results is scheduled for February 28, 2023.