Lantronix Enters Into Cooperation Agreement With 180 Degree Capital Corp.

IRVINE, Calif., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Lantronix Inc. (NASDAQ: LTRX) (the “Company”), a global leader in compute and connectivity IoT solutions, today announced that it has entered into a cooperation agreement with Lantronix stockholder 180 Degree Capital Corp. (“180 Degree Capital”). Under the terms of the agreement, Messrs. Narbeh Derhacobian and Kevin Palatnik will be nominated for election to the Lantronix Board of Directors (the “Board”) at the Company’s 2024 Annual Meeting of Stockholders. The date of the Annual Meeting has not yet been announced.

“We take seriously our commitment to creating shareholder value and to working collaboratively with shareholders to achieve that goal,” said Saleel Awsare, Chief Executive Officer of Lantronix. “Our relationship with 180 Degree Capital has been collegial and productive, and we appreciate the opportunity to nominate experienced technology leaders Narbeh Derhacobian and Kevin Palatnik for election to our Board at the upcoming Annual Meeting.”

“We would like to thank Saleel, his colleagues and the Board for engaging in a constructive process that resulted in these nominations,” said Daniel B. Wolfe, President of 180 Degree Capital. “180 Degree Capital prides itself on working collaboratively with management teams and boards of directors to unlock value for all stakeholders of its investee public companies. We were fortunate to work with Narbeh Derhacobian and Kevin Palatnik during their tenures at a prior portfolio company, and we look forward to their contributions helping to build value at Lantronix.”

Pursuant to its agreement with the Company, 180 Degree Capital has agreed to customary standstill and voting commitments, among other provisions. The full agreement between Lantronix and 180 Degree Capital will be filed with the U.S. Securities and Exchange Commission.

About Lantronix

Lantronix Inc. is a global leader in compute and connectivity IoT solutions that target high-growth industries, including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to achieve success in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.