Synchronoss receives $30.2 million tax refund, to reduce debt

NEW JERSEY - Synchronoss Technologies, Inc. (SNCR) has received $30.2 million of its expected $33.9 million tax refund, with the remaining $3.7 million anticipated to arrive before Labor Day 2025, according to an announcement noted by 180 Degree Capital Corp. (NASDAQ:TURN). According to InvestingPro data, 180 Degree Capital, with a market capitalization of $42 million, has seen its stock surge 14.41% year-to-date and is currently trading near its 52-week high of $4.25.

The company will use 75% of the total proceeds, approximately $25.4 million, to pay down a portion of its $200 million term loan facility, resulting in annual interest savings of about $2.9 million at current rates. Following this payment, Synchronoss will have reduced its total debt to $173.4 million, with approximately $30 million in cash and net debt of around $143 million. For deeper insights into 180 Degree Capital’s financial health and valuation metrics, including exclusive ProTips and comprehensive analysis, visit InvestingPro.

"The receipt of this long-expected cash materially strengthens SNCR’s balance sheet and reduces interest payments that allow for direct accretion of value to common stockholders," said Kevin Rendino, 180 Degree Capital’s Chief Executive Officer, who also serves on Synchronoss’s board of directors. InvestingPro analysis shows that despite maintaining a current ratio of 1.26, the company faces profitability challenges with negative earnings in the last twelve months.

180 Degree Capital owns approximately 890,000 shares of Synchronoss directly. The investment firm noted that Synchronoss has reduced its total debt by over $100 million during the past four years and expects to be eligible for a one-time 50-basis point interest rate reduction on the first anniversary of its term loan.

In the same press release, 180 Degree Capital reported that its estimated net asset value per share has reached approximately $5.10 as of July 25, 2025, representing year-to-date growth of approximately 10%. The company also mentioned that it remains optimistic about shareholder approval of its proposed business combination with Mount Logan Capital Inc.

This information is based on a press release statement from 180 Degree Capital.

In other recent news, 180 Degree Capital Corp. has made strides in its proposed all-stock merger with Mount Logan Capital Inc. The companies are currently undergoing the regulatory review process with the U.S. Securities and Exchange Commission. On May 6, 2025, 180 Degree Capital submitted an amended preliminary proxy statement, which includes a comprehensive set of audited financial statements for Mount Logan. These financial statements were adjusted to comply with U.S. GAAP standards to fulfill SEC requirements. Additionally, Yukon Parent, the legal acquirer in the merger, filed an amended registration statement on Form S-4. This filing is intended to register the issuance of shares to shareholders of both 180 Degree Capital and Mount Logan. These recent developments mark significant progress in the merger process.

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