180 Degree Capital Corp. Reports Net Asset Value Per Share of $2.81 as of September 30, 2018; a Decrease of 3.4% From June 30...
October 29 2018 - 4:15PM
180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”),
today reported its financial results as of September 30,
2018. Key results for the quarter and year to date include:
|
|
|
|
Q2 2018 -> Q3 2018 |
Q4 2017-> Q3 2018 |
Net Asset Value Per Share
(NAV) |
$2.91 -> $2.81 (-3.4%) |
$2.60 -> $2.81 (+8.1%) |
Stock Price |
$2.31 -> $2.17 (-6.1%) |
$1.97 -> $2.17 (+10.2%) |
Stock Price / NAV |
79.4% -> 77.2% |
75.8% -> 77.2% |
Cash + Liquid
Securities |
$43.8mm* -> $39.6mm(-9.6%) |
$27.7mm -> $39.6mm(+43.0%) |
* Including $7 million proceeds
from sale of securities of HZO, Inc., in July 2018 |
|
- 180’s public portfolio decreased by $2.8 million, $0.09 per
share, or -8.8%, during the quarter, primarily due to decreases in
value of Adesto Technologies Corporation, Mersana Therapeutics,
Inc. and Synacor, Inc. That decrease was partially offset by
increases in value of Airgain, Inc., TheStreet, Inc., and PDL
BioPharma, Inc.
- 180’s private portfolio increased by $400,000, with increases
in value led by AgBiome, LLC and D-Wave Systems, Inc., offset by
decreases in value in Produced Water Absorbents, Inc. and Petra
Pharma Corporation.
- 180 sold its securities of HZO, Inc. for $7 million.
- 180 announced new investments in Lantronix, Inc., and PDL
BioPharma, Inc.; as well as the identities of unannounced positions
started in Q2 2018: Airgain, Inc., and Emcore
Corporation.
The Company also published a letter to
shareholders that can be viewed at
https://ir.180degreecapital.com/financial-results.
“Following last quarter’s 10% increase in NAV,
we had a decline of 3.4% this quarter,” said Kevin M. Rendino,
Chief Executive Officer of 180. “Year to date, our public
market performance has generated a gross total return of 35.9%.
This performance is the primary reason our NAV has risen 8% in
2018.”
Mr. Rendino and Daniel Wolfe, President, Chief
Financial Officer and Portfolio Manager, will host a conference
call tomorrow, Tuesday, October 30, 2018, at 9am Eastern Time, to
discuss the results from the third quarter of 2018. The call
can be accessed by phone at (641) 715-0632 passcode 415049 or via
the web at join.freeconferencecall.com/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.973-746-4500
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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