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

MONTCLAIR, N.J., March 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 February 2024 and year-to-date through the end of February 2024, were approximately 25% and 23%, respectively.¹ This discount was approximately 24% on February 29, 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.

“Our momentum from January continued into February 2024,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “While it remains early in 2024, and results as of the end of the year could be materially different, we are more excited about the potential for value creation for 180 Degree Capital’s stockholders by our current portfolio than we have been at any other time in our history. Even with the increases in stock prices of certain of our holdings during the first two months of 2024, we believe these companies continue to trade at historically low multiples as their businesses continue to improve and are positioned to generate meaningful profitability and cash flows.”

“We have historically used constructive activism to build value for all stakeholders in a number of our prior holdings, and it is a key focus for 2024,” added Daniel B. Wolfe, President of 180 Degree Capital. “We believe our collaborative efforts with SNCR are just the start of a productive partnership. We have had very productive conversations with many common stockholders of SCOR who independently, but like us, believe that change is required in the composition of SCOR’s Board of Directors. We believe our fellow common stockholders would be very supportive of the appointment of a highly qualified, independent director such as Matthew McLaughlin to SCOR’s Board. We urge SCOR’s Board to work with us to determine a path for Mr. McLaughlin to join SCOR’s Board without the need for a proxy fight. If not, we’re ready to press forward with such a fight.”