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

MONTCLAIR, N.J., May 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 April 2024 and year-to-date through the end of April 2024, were approximately 14% and 20%, respectively.¹ This discount was approximately 16% on April 30, 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.

“April 2024 was difficult for microcapitalization stocks, and 180 Degree Capital’s holdings were not immune to such pressures,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “It is beyond frustrating that we are back to an environment where fear has taken over investor sentiment due to concerns of stagflation and/or interest rates remaining at current levels for an extended period. The pervasive belief is that such environments disproportionately impact all microcapitalization companies unless proven otherwise. There is a perception of what might happen, and then there is the actual reality of what is happening. We know “the perception” does not accurately reflect the health or business prospects of many of our portfolio companies. For example, our portfolio holdings, Intevac, Inc. (IVAC), Mama’s Creations, Inc. (MAMA), and Lantronix, Inc. (LTRX), all provided positive updates on their businesses in April 2024. We look forward to updates from our remaining companies in May 2024, as we believe that there are more positives than negatives about their businesses that can drive value creation for 180 Degree Capital’s stockholders.”