180 Degree Capital Corp Stock Price, News & Analysis

180 Degree Capital Corp. (NASDAQ:TURN) has announced that its CEO and Co-Portfolio Manager, Kevin M. Rendino, was involved in an accident and is currently receiving treatment. His doctors report a positive recovery prognosis. The company's operations continue as usual under the management of Daniel B. Wolfe, President and Co-Portfolio Manager.

While the company has not provided specific details about the accident or Rendino's injuries, they have assured stakeholders that business operations remain in full force. 180 Degree Capital Corp. has stated that they will provide updates as more information becomes available.

180 Degree Capital Corp. (NASDAQ: TURN) reported an average discount of 16% and 19% between its net asset value per share (NAV) and closing stock price for June 2024 and year-to-date, respectively. On June 28, 2024, the discount was 16%. The Board of Directors set measurement periods from January 1, 2024, to December 31, 2024, and January 1, 2025, to June 30, 2025. If TURN's stock trades at an average daily discount to NAV greater than 12% during these periods, options such as expanding the stock buyback program or cash distributions will be considered. CEO Kevin M. Rendino noted the challenging market for micro-cap stocks and expressed confidence in the upside potential of their NAV. The company highlighted Synchronoss Technologies (SNCR) as a key portfolio holding with significant cost savings and potential catalysts, including a $28 million tax refund expected in late Q3 or early Q4 2024. 180 Degree Capital also emphasized its role in constructive activism to drive value creation in its portfolio companies.

180 Degree Capital Corp. (NASDAQ: TURN) announced that its portfolio company, Synchronoss Technologies, Inc. (SNCR), retired its Series B Preferred Stock and $19.7 million of its 8.375% Senior Notes due 2026 at discounted prices, funded by a new $75 million term loan with AS Birch Grove. These actions are projected to improve SNCR’s capital structure by $7.3 million and generate $10.6 million in pre-tax cost savings. This strategic move aligns with SNCR's cloud-only business transformation and strong financial performance, potentially enhancing free cash flow in 2024 and beyond. 180 Degree Capital acknowledges this as a testament to its constructive activism approach, highlighting the potential for significant value appreciation in SNCR.

180 Degree Capital Corp. (NASDAQ: TURN) congratulates Matt McLaughlin on his election to comScore's (SCOR) Board of Directors.

McLaughlin, with his rich experience in adtech, was nominated by 180 Degree Capital to bring fresh perspectives and improved governance to SCOR.

Despite 180 Degree Capital's suggestions over the past two years, SCOR's Board has largely failed to implement changes, leading to a 90% decline in SCOR's stock price.

180 Degree Capital proposes reducing director compensation, board size, and encouraging preferred stockholders to accept dividends in stock instead of cash.

They urge the board to resolve its dysfunction and consider external consulting if necessary, emphasizing the need for transparency and alignment with common shareholders.

180 Degree Capital Corp. (NASDAQ: TURN) has reported an average discount of 18% between its daily net asset value (NAV) per share and its closing stock price in May 2024, with a year-to-date discount of 20%. This figure was 19% on May 31, 2024. The company has a Discount Management Program in place, which will evaluate the discount over two measurement periods, and may consider options like stock buybacks, cash distributions, or tender offers if the average discount exceeds 12%. CEO Kevin M. Rendino noted improvements in May 2024 for microcapitalization stocks, despite heightened volatility in their portfolio holdings. President Daniel B. Wolfe affirmed their long-term investment strategy, aiming for returns over 100% in one to three years.

180 Degree Capital Corp. (NASDAQ:TURN) reported an increase in its Net Asset Value per Share (NAV) to $5.16 as of March 31, 2024, up from $5.02. This growth was driven by a 4.7% gross total return in their public portfolio. Despite market pressures on microcapitalization stocks since mid-March 2024, the company views this period as an opportunity to realign and strengthen their portfolio. TURN's unique strategy involves constructive activism and a concentrated portfolio of 10-15 microcap companies. Long-term performance shows varying results with a notable 196.3% gross total return since Q4 2016. However, NAV declined by 37.7% since inception.

The company also highlighted the ongoing disparity between large-cap and microcap stocks, considering it a chance for long-term value creation. A conference call to discuss the results and developments is scheduled for May 14, 2024, at 9am ET.

180 Degree Capital Corp. (NASDAQ: TURN) will report its first quarter 2024 financial results on May 13, 2024, followed by a conference call on May 14, 2024, to discuss updates. The company's investor relations website will host presentation materials and a replay of the call.

180 Degree Capital Corp. noted a 14% average discount between its estimated daily net asset value per share and stock price in April 2024, and a 20% discount year-to-date. The company plans to evaluate discounts as part of a Discount Management Program. Kevin M. Rendino discussed challenging market conditions but expressed confidence in the value creation potential for shareholders.