180 Degree Capital noted that the average discount between its estimated daily net asset value per share and its daily closing stock price during June 2024 and year-to-date through the end of June 2024, were approximately 16% and 19%, respectively.1 This discount was approximately 16% on June 28, 2024, last trading date in the month. As previously disclosed in a press release on November 13, 2023, 180 Degree Capital’s Board of Directors has set two measurement periods of January 1, 2024 to December 31, 2024, and 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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TURN:
- 180 Degree Capital Corp. Notes Average Discount of Net Asset Value Per Share to Stock Price for Sixth Month of Initial Measurement Period of Its Discount Management Program
- 180 Degree Capital Corp. Notes Opportunistic and Discounted Retirement of Preferred Stock and Repurchase of Notes by its Portfolio Company Synchronoss Technologies, Inc. (SNCR)
- 180 Degree Capital congratulates Matt Mclaughlin on election to Comscore board
- 180 Degree Capital Corp. Congratulates Matt McLaughlin on His Election to the Board of Directors of comScore, Inc., and Reiterates Proposals to Improve Alignment and Resolve Overhangs that Continue to Hinder Value Creation for All Stakeholders
- 180 Degree Capital Corp. Notes Average Discount of Net Asset Value per Share to Stock Price for Fifth Month of Initial Measurement Period of Its Discount Management Program