180 Degree Capital Corp. Notes Average Discount of Net Asset Value Per Share to Stock Price for First Month of Initial Measurement Period of Its Discount Management Program

MONTCLAIR, N.J., Feb. 01, 2024 (GLOBE NEWSWIRE) -- 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 January 2024, was approximately 22%.¹ This discount was approximately 26% on January 31, 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.

“The first quarter of 2024 has been very active for TURN,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “We have spent the time following my appointment to the board of directors of Synchronoss Technologies, Inc. (“SNCR”) in December 2023, digging in deep on all aspects of its business. We continue to believe that the sale of SNCR’s non-core businesses at the end of last year will prove to be a catalyst for its now cloud-only business to be a driver for growth into the future. We look forward to working with SNCR’s Board and management team to help drive value creation for all of SNCR’s stakeholders.”

“We also nominated Matthew F. McLaughlin for election to the board of directors of comScore, Inc. (“SCOR”),” added Daniel B. Wolfe, President of 180 Degree Capital. “We believe Matt is an ideal candidate for SCOR’s Board given the depth of his relevant industry experience built, in part, from his successful history as Chief Operating Officer of DoubleVerify Holdings, Inc. Matt is also a large holder of common stock of SCOR. It is very clear to 180 Degree Capital that SCOR’s Board needs a fresh perspective and another advocate for the common stockholders of SCOR.   We believe Matt is particularly well-suited to address these needs. We have tried to engage with SCOR to avoid a competitive proxy contest, but have thus far been met with an unwillingness to consider Matt as a candidate. We hope this nomination shows SCOR’s Board we are serious in our resolve to achieve significant improvements in SCOR’s corporate governance while providing management with access to deep and relevant experience that can be useful as SCOR develops strategies for competing in the highly competitive measurement industry.”