180 Degree Capital Corp.’s Portfolio Company, Mersana Therapeutics Inc., Completes Initial Public Offering
June 28 2017 - 9:40AM
180 Degree Capital Corp. (“180”) (NASDAQ:TURN) noted today that its
portfolio company, Mersana Therapeutics, Inc., completed an initial
public offering (“IPO”) of 5,000,000 shares of common stock at $15
per share.
180 owns 294,557 shares of common stock of
Mersana Therapeutics following its IPO. These shares were
valued at approximately $2.8 million as of March 31, 2017, versus a
value of approximately $4.4 million at the price per share of the
IPO.
“We congratulate Mersana Therapeutics on its
successful IPO,” said Kevin Rendino, Chief Executive Officer of
180. “As we have said, our primary goal is to increase our
net asset value per share (“NAV”). We are also focused on
converting our privately held assets into publicly traded
assets. We believe this transition will help narrow the
discount of our market cap to our NAV. Following this event,
we have approximately $23 million of our assets in cash and
publicly traded securities (not including any discounts for
short-term restrictions on the sale of our shares of Mersana
Therapeutics) versus $19.1 million as of March 31, 2017. The
IPO of Mersana Therapeutics is a key step in our strategy to build
value for our shareholders.”
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, i.e., a
180-degree turn. Detailed information about 180 can be found
on its website at www.180degreecapital.com.
Forward-Looking StatementsThis
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.
Press Contact:
Daniel B. Wolfe
180 Degree Capital Corp.
973-746-4500
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