180 Degree Capital Corp. Notes the Start of Discount Management Program First Measurement Period
02 Janeiro 2024 - 11:00AM
180 Degree Capital Corp. (NASDAQ:TURN) (“180”) noted that today is
the beginning of the first measurement period of its previously
announced Discount Management Program (the “Program”) established
to reduce the discount that 180’s common stock trades at versus its
net asset value per share (“NAV”).
As mentioned in 180’s prior press release on
November 13, 2023, under the terms of the Program, 180’s Board of
Directors have set two measurement periods of January 1, 2024, to
December 31, 2024, and January 1, 2025, to June 30, 2025. Should
180’s common stock trade at an average daily discount to NAV1 of
more than 12% during either of these measurement periods, 180’s
Board will consider all available options including, but not
limited to, a significant expansion of 180’s current stock buyback
program of up to $5 million, cash distributions, or a tender
offer.
“As I noted in prior releases, now that our
business transformation is complete with substantially all of 180’s
assets in cash and publicly traded securities, we believe TURN’s
common stock should not trade at the same discount it did when we
first started and had nearly 80% of our holdings in legacy
privately held securities,” said Kevin M. Rendino, Chief Executive
Officer of 180. “Our Discount Management Program is designed to
monitor this discount and set the stage for our Board of Directors
to take actions for the benefit of TURN’s common stockholders
should the discount not narrow considerably from where it stands
today. We take this discount very seriously, and are committed to
taking steps to narrow it.”
“To be clear, any decision regarding actions
taken at the end of each measurement period as a result of the
Program remains with 180’s Board,” said Daniel B. Wolfe, President
of 180. “We believe the existence of the Program and its associated
measurement periods demonstrate the continued focus of both 180’s
Board and management team on taking active steps to minimize any
persistent above average discount in 180’s share price. In the
future, 180’s Board may or may not determine to extend the Program
beyond June 2025.”
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. WolfeRobert E.
Bigelow180 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. Daily estimated NAVs used for the discount
calculation outside of quarter-end dates are determined as
prescribed in 180’s Valuation Procedures.
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