MONTCLAIR, N.J., Aug. 12, 2024 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital”) today noted its cooperation agreement with Lantronix, Inc. (“LTRX”), to include Narbeh Derhacobian and Kevin Palatnik as director nominees (the “Nominees”) at LTRX’s upcoming 2024 Annual Meeting of Stockholders.
“As long-time, supportive investors in LTRX, we would like to thank Saleel Awsare, LTRX’s Chief Executive Officer, and LTRX’s board of directors for constructive engagement over the past months that led to today’s announcement of the Agreement,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “We call ourselves constructive activists for exactly this reason. We are not looking to create disruptions in the businesses of our investee companies. We seek to work with our investee management teams and boards of directors to unlock value for all stakeholders of the business, including 180 Degree Capital.”
“We believe LTRX is a well-positioned company with differentiated products and assets that are undervalued at its current stock price,” added Daniel B. Wolfe, President of 180 Degree Capital. “It is a very similar situation to our prior portfolio company, Adesto Technologies, Inc., that included Narbeh Derhacobian as its Chief Executive Officer and Kevin Palatnik on its board of directors. We believe Narbeh and Kevin bring a wealth of experience that can help Saleel, and his management team build substantial value for all stakeholders of LTRX as members of its Board.”
“We value our collaborative and productive relationship with 180 Degree Capital and thank them for introducing Lantronix to Narbeh Derhacobian and Kevin Palatnik as candidates to serve on the Lantronix Board of Directors,” said Saleel Awsare, Chief Executive Officer of Lantronix. “Based on their vast experience at leading-edge technology companies, Narbeh and Kevin have tremendous potential to help grow our shareholder value as we remain focused on our strategy to enable edge intelligence with our compute and connect solutions.”
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. Wolfe
Robert E. Bigelow
180 Degree Capital Corp.
973-746-4500
ir@180degreecapital.com
Mo Shafroth
RF Binder
Morrison.shafroth@rfbinder.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.
