180 Degree Capital Corp. Affirms $6.22 Net Asset Value Per Share (“NAV”) as of June 30, 2023, and Notes Potential Pending Catalysts it Believes Can Lead to Increases in NAV in Future Quarters
14 Agosto 2023 - 5:05PM
180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”),
today reported its financial results as of June 30, 2023, and
additional developments from the third quarter of 2023. The Company
also published a letter to shareholders that can be viewed at
https://ir.180degreecapital.com/financial-results.
“As noted in our release on July 20, 2023, our
NAV as of the end of Q2 2023 was $6.22,” said Kevin M. Rendino,
Chief Executive Officer of 180. “We continue to believe there are a
number of catalysts within our current portfolio companies that
could lead to material increases in our NAV in the future. These
include, but are not limited to, refinancing of debt by AREN,
completion of publicly announced strategic alternative processes
for IVAC and SNCR, and any progress toward alignment of interests
between all of the stakeholders in SCOR. While the timing of any of
these potential events is uncertain, we believe that a number of
them could occur before the end of 2023.”
The table below summarizes 180’s performance
over periods of time through the end of Q2 20231:
|
Quarter |
YTD |
1 Year |
3 Year |
5 Year |
Inception to Date |
|
Q2 2023 |
Q4 2022-Q2 2023 |
Q2 2022-Q2 2023 |
Q2 2020-Q2 2023 |
Q2 2018-Q2 2023 |
Q4 2016-Q2 2023 |
TURN Public Portfolio Gross Total Return (Excluding SMA Carried
Interest) |
-5.8 |
% |
-0.5 |
% |
-10.0 |
% |
10.6 |
% |
31.9 |
% |
203.7 |
% |
TURN Public Portfolio Gross Total Return (Including SMA Carried
Interest) |
-5.8 |
% |
-0.5 |
% |
-10.0 |
% |
18.0 |
% |
40.8 |
% |
223.6 |
% |
|
|
|
|
|
|
|
Change in NAV |
-4.6 |
% |
-1.6 |
% |
-25.5 |
% |
-23.2 |
% |
-28.8 |
% |
-11.4 |
% |
|
|
|
|
|
|
|
Change in Stock Price |
-11.5 |
% |
-15.7 |
% |
-27.4 |
% |
-14.8 |
% |
-35.8 |
% |
7.5 |
% |
|
|
|
|
|
|
|
Russell Microcap Index |
5.3 |
% |
2.3 |
% |
6.6 |
% |
29.7 |
% |
10.6 |
% |
38.7 |
% |
Russell Microcap Value Index |
4.8 |
% |
-0.7 |
% |
3.2 |
% |
57.1 |
% |
18.9 |
% |
47.1 |
% |
Russell 2000 |
5.2 |
% |
8.1 |
% |
12.3 |
% |
36.0 |
% |
22.7 |
% |
51.4 |
% |
Mr. Rendino and Mr. Wolfe will host a conference
call tomorrow, Tuesday, August 15, 2023, at 9am Eastern Time, to
discuss the results from Q2 2023 and developments to date during Q3
2023. The call can be accessed by phone at (609) 746-1082 passcode
415049 or via the web at
https://www.freeconferencecall.com/wall/180degreecapital.
Additionally, slides that will be referred to during the
presentation can be found on 180’s investor relations website at
https://ir.180degreecapital.com/ir-calendar.
About 180 Degree Capital
Corp.
180 Degree Capital Corp. is a publicly traded
registered closed-end fund focused on investing in and providing
value-added assistance through constructive activism to what we
believe are substantially undervalued small, publicly traded
companies that have potential for significant turnarounds. Our goal
is that the result of our constructive activism leads to a reversal
in direction for the share price of these investee companies, i.e.,
a 180-degree turn. Detailed information about 180 and its holdings
can be found on its website at www.180degreecapital.com.
Press Contact:Daniel B. Wolfe180 Degree Capital
Corp.973-746-4500ir@180degreecapital.com
Mo ShafrothPeaks
Strategiesmshafroth@peaksstrategies.com
Forward-Looking Statements
This press release may contain statements of a
forward-looking nature relating to future events. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These
statements reflect the Company's current beliefs, and a number of
important factors could cause actual results to differ materially
from those expressed in this press release. Please see the
Company's securities filings filed with the Securities and Exchange
Commission for a more detailed discussion of the risks and
uncertainties associated with the Company's business and other
significant factors that could affect the Company's actual results.
Except as otherwise required by Federal securities laws, the
Company undertakes no obligation to update or revise these
forward-looking statements to reflect new events or uncertainties.
The reference and link to the website www.180degreecapital.com has
been provided as a convenience, and the information contained on
such website is not incorporated by reference into this press
release. 180 is not responsible for the contents of third-party
websites.
1. Past performance is not an indication or
guarantee of future performance. Gross unrealized and realized
total returns of 180's cash and securities of publicly traded
companies are compounded on a quarterly basis, and intra-quarter
cash flows from investments in or proceeds received from privately
held investments are treated as inflows or outflows of cash
available to invest or withdrawn, respectively, for the purposes of
this calculation. 180 is an internally managed registered
closed-end fund that has a portion of its assets in legacy
privately held companies that are fair valued on a quarterly basis
by the Valuation Committee of its Board of Directors, and 180 does
not have an external manager that is paid fees based on assets
and/or returns. Please see 180's filings with the SEC, including
its 2022 Annual Report on Form N-CSR for information on its
expenses and expense ratios.
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