180 Degree Capital Corp. Notes Average Discount of Net Asset Value Per Share to Stock Price for Second Month of Initial Measurement Period of its Discount Management Program
March 01 2024 - 9:00AM
180 Degree Capital Corp. (“180 Degree Capital”) (NASDAQ: TURN),
noted today that the average discount between its estimated daily
net asset value per share (“NAV”) and its daily closing stock price
during February 2024 and year-to-date through the end of February
2024, were approximately 25% and 23%, respectively.1 This discount
was approximately 24% on February 29, 2024.
As previously disclosed in a press release on
November 13, 2023, 180 Degree Capital’s Board of Directors has set
two measurement periods of 1) January 1, 2024, to December 31,
2024, and 2) January 1, 2025, to June 30, 2025, in which it will
evaluate the average discount between TURN’s estimated daily NAV
and its closing stock price pursuant to a Discount Management
Program. Should TURN’s common stock trade at an average daily
discount to NAV of more than 12% during either of these measurement
periods, 180 Degree Capital’s Board will consider all available
options at the end of each measurement period including, but not
limited to, a significant expansion of 180 Degree Capital’s current
stock buyback program of up to $5 million, cash distributions
reflecting a return of capital to shareholders, or a tender
offer.
“Our momentum from January continued into
February 2024,” said Kevin M. Rendino, Chief Executive Officer of
180 Degree Capital. “While it remains early in 2024, and results as
of the end of the year could be materially different, we are more
excited about the potential for value creation for 180 Degree
Capital’s stockholders by our current portfolio than we have been
at any other time in our history. Even with the increases in stock
prices of certain of our holdings during the first two months of
2024, we believe these companies continue to trade at historically
low multiples as their businesses continue to improve and are
positioned to generate meaningful profitability and cash
flows.”
“We have historically used constructive activism
to build value for all stakeholders in a number of our prior
holdings, and it is a key focus for 2024,” added Daniel B. Wolfe,
President of 180 Degree Capital. “We believe our collaborative
efforts with SNCR are just the start of a productive partnership.
We have had very productive conversations with many common
stockholders of SCOR who independently, but like us, believe that
change is required in the composition of SCOR’s Board of Directors.
We believe our fellow common stockholders would be very supportive
of the appointment of a highly qualified, independent director such
as Matthew McLaughlin to SCOR’s Board. We urge SCOR’s Board to work
with us to determine a path for Mr. McLaughlin to join SCOR’s Board
without the need for a proxy fight. If not, we’re ready to press
forward with such a fight.”
“While two months does not make a year, nor an
investment cycle, we could not be more excited about our
positioning or the value we believe can be created through our
stock picking and constructive activism in 2024 and beyond,” added
Mr. Rendino.
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 for Level 3 assets.
Non-investment-related assets and liabilities used to determine
estimated daily NAV are those reported as of the end of the prior
quarter.
CERTAIN INFORMATION CONCERNING THE
PARTICIPANTS
180 Degree Capital Corp., a New York Corporation
(“180 Degree Capital”), intends to file a preliminary proxy
statement and accompanying WHITE universal proxy card with the
Securities and Exchange Commission (“SEC”) to be used to solicit
votes for the election of its slate of a highly-qualified director
nominee at the 2024 annual meeting of stockholders of comScore,
Inc., a Delaware corporation (the “Company”).
180 DEGREE CAPITAL STRONGLY ADVISES ALL
STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER
PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO
CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION,
THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF
THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.
REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY
SOLICITOR.
The participants in the proxy solicitation are
anticipated to be 180 Degree Capital, Kevin M. Rendino, Daniel B.
Wolfe and certain other of 180 Degree Capital's senior management,
and Matthew F. McLaughlin.
As of the date hereof, 180 Degree Capital
beneficially owns an aggregate of 340,366 shares of Common Stock,
$0.001 par value per share, of the Company (the “Common Stock”),
which includes 12,108 shares of Common Stock held in a separately
managed account for which 180 Degree Capital serves as the
investment manager. As of the date hereof, Mr. McLaughlin directly
beneficially owns 100,000 shares of Common Stock. As of the date
hereof, Mr. Rendino directly beneficially owns 26,125 shares of
Common Stock.
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