180 Degree Capital Corp. Notes Appointment of Kevin M. Rendino to the Board of Directors of Its Portfolio Company, Synchronoss Technologies, Inc.
December 05 2023 - 9:00AM
180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”),
today noted the appointment of its Chairman and Chief Executive
Officer, Kevin M. Rendino, to the Board of Directors of Synchronoss
Technologies, Inc. (“SNCR”), a portfolio holding of 180.
“As participant in the recapitalization of SNCR
in 2021, we have had the opportunity to be a passive stockholder,
while building relationships with the Board and management team at
SNCR as they worked to transform the business following the
recapitalization transaction in 2021,” said Mr. Rendino. “Our
original investment thesis was that SNCR’s cloud business was
deeply undervalued by the public markets in part due to the
overhang of its less profitable non-core assets. With the sale of
the non-core assets complete and the momentum of its cloud
business, including the extension of its contract with Verizon
through 2030 and the launch of SoftBank, we believe SNCR is well
positioned for growth and the creation of shareholder value in
future years. We were honored to be asked to join its Board, and I
look forward to working with its members and the SNCR management
team to deliver on what we believe to be a bright future for the
company and all of its stakeholders.”
In SNCR’s release announcing the appointment of
Mr. Rendino, Stephen Waldis, Synchronoss Founder and Executive
Chairman of the Board commented, “Kevin is a highly regarded figure
in the investment community, and his insights will complement the
talents and experience of the Synchronoss board as we continue to
focus on delivering value for our customers and shareholders. In
Kevin’s seven years at the helm of 180 Degree Capital, he has had
an impressive track record working with small cap public technology
companies, and we believe Kevin will provide substantial value as
we embark on the next chapter of Synchronoss’ journey.”
Also in SNCR’s release, Jeff Miller, President
and CEO of Synchronoss, added: “In light of our strategic shift
towards a Cloud-only business, Kevin’s appointment to our board
comes at an important time for Synchronoss. His extensive financial
expertise and strategic acumen will be additive to our current
board and helpful in guiding us toward a future of sustainable,
profitable growth. We look forward to his contributions as we focus
on unlocking the full potential of our Cloud operations.”
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.973-746-4500ir@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.
180 Degree Capital (NASDAQ:TURN)
Historical Stock Chart
From Apr 2024 to May 2024
180 Degree Capital (NASDAQ:TURN)
Historical Stock Chart
From May 2023 to May 2024