180 Degree Capital Corp. Commits to Invest in the Combination of B. Riley Principal Merger Corp. and Alta Equipment Holdings,...
January 23 2020 - 9:00AM
180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”),
today announced that it has committed to invest $4 million in B.
Riley Principal Merger Corp. (“BRPM”), a blank check corporation,
in conjunction with BRPM’s merger with Alta Equipment Holdings,
Inc. (“Alta”), a provider of premium materials handling equipment,
construction equipment, cranes, warehouse solutions, power
generation equipment, and contractors’ rental equipment. Alta
operates a branch network of locations in the US Midwest and
Northeast that offers its customers a one-stop-shop for most of
their equipment needs by providing sales, parts, service, and
rental functions under one roof. The merger has been approved by
the Board of Directors of each company. The transaction, including
180’s investment, is currently expected to close in the first
quarter of 2020, subject to regulatory and shareholder approvals.
“We are excited to participate in the public
listing of Alta through its merger with BRPM,” said Kevin M.
Rendino, Chief Executive Officer of 180 Degree Capital Corp. “We
are impressed by Alta’s management team, the company’s expansion
from distribution of industrial forklifts to other industrial and
construction equipment, and the overall growth of the business to
date. We look forward to the completion of the merger and to
becoming a shareholder of Alta should shareholders of BRPM approve
the transaction.”
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.973-746-4500
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.
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