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CHICAGO - Marlton Partners L.P., which owns approximately 5.8% of 180 Degree Capital Corp. (NASDAQ:TURN), a $44.39 million market cap company trading near its 52-week high at $4.44, announced Friday it has filed a preliminary proxy statement with the SEC to nominate four director candidates for election at the company’s Special Meeting of Shareholders scheduled for September 15. According to InvestingPro data, the stock has gained over 20% year-to-date.
The activist investor is seeking to elect James C. Elbaor, Gabriel Gliksberg, Aaron Morris and Andrew Greenberg to TURN’s board of directors.
"As long-term shareholders, we remain committed to realizing TURN’s full potential, and believe the September 15 meeting is a long overdue opportunity for Company shareholders to cast their vote on the composition of the Board," said James C. Elbaor, Managing Member of Marlton, in the press release statement.
Marlton Partners indicated it first engaged with the company more than a year ago with the intention of "helping instill strong governance at TURN and to ensure that shareholder capital is respected."
The investment firm collectively owns about 583,403 shares of 180 Degree Capital, according to the filing. Marlton Partners directly holds 174,867 shares, while ATG Fund II owns 300,004 shares. Gabriel Gliksberg personally holds 87,862 shares, Aaron Morris owns 10,670 shares, and Andrew Greenberg holds 10,000 shares. InvestingPro analysis shows the company has achieved impressive revenue growth of 254% but remains unprofitable over the last twelve months.
180 Degree Capital is a publicly traded investment management firm that invests in small publicly traded companies and privately held businesses. InvestingPro rates the company’s overall financial health as ’Fair’, with additional insights available in the comprehensive Pro Research Report, which provides detailed analysis of the company’s performance and prospects.
The preliminary proxy statement was filed with the SEC on August 15, with the shareholder meeting scheduled one month later on September 15.
In other recent news, 180 Degree Capital Corp. has reported significant shareholder support for its proposed merger with Mount Logan Capital Inc. Over 57% of 180 Degree Capital’s outstanding shares have been voted in favor of the merger, with more than 90% of those shares supporting the proposal. The companies are currently working through the regulatory review process with the U.S. Securities and Exchange Commission, having filed necessary financial statements and registration forms. Meanwhile, Synchronoss Technologies has received $30.2 million of its expected $33.9 million tax refund. The company plans to use approximately $25.4 million of this refund to reduce its $200 million term loan, which will save about $2.9 million in annual interest. This financial maneuver will bring Synchronoss’s total debt down to $173.4 million, with net debt standing at around $143 million.
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