180 Degree Capital Corp. Executes Share Repurchase Program Of Its Common Stock

 180 Degree Capital Corp. (NASDAQ:TURN) ("180") noted today that it repurchased 373,679 shares of its common stock at a price per share of $4.41.1
 

"In prior shareholder calls, we have discussed the high bar for use of 180's permanent capital to buy back its own stock or to issue dividends," said Kevin M. Rendino, Chief Executive Officer of 180. "When we invest shareholder capital in a new portfolio company, we must believe, if our investment thesis comes to fruition, there is at least 100 percent upside within 3 years. Once we use permanent capital to buy back stock, recycling that cash is no longer possible, and therefore, the hurdle rate for executing a buyback is high. Following our positive preannouncement for Q1 2023 results in early April coupled with the subsequent decline in our stock to a level that is a significant discount to our NAV, we have crossed that bar. Our repurchase of 373,679 shares reduces our shares outstanding to 10,000,141. The repurchase of that stock at $4.41 is immediately accretive to 180's net asset value, and we will continue to be opportunistic when it comes to further repurchases of 180's stock and/or distributions to shareholders. We have the luxury of being able to consider and execute on such paths given the strength of our balance sheet that is primarily cash and securities of public companies."

"On April 3, 2023, we announced our Q1 2023 results for our public-related assets, which account for almost 90 percent of our cash and invested assets, to provide timely transparency to shareholders," added Daniel B. Wolfe, President of 180. "We look forward to discussing these results and our thoughts on the executed buyback with shareholders and other interested parties on Friday, May 12, 2023, at 9am Eastern Time."