180 Degree Capital Corp. Notes Inclusion of Matthew F. McLaughlin as a Nominee for the Board of Directors of comScore, Inc.
18 Aprile 2024 - 3:00PM
180 Degree Capital Corp. (NASDAQ: TURN) (“180 Degree Capital”)
today noted the filing of a proxy statement by comScore, Inc.
(“SCOR”) that includes Matthew F. McLaughlin as a nominee for
election to SCOR’s Board of Directors at its upcoming 2024 Annual
Meeting of Stockholders (the “Annual Meeting”). In conjunction with
this filing, 180 Degree Capital formally withdrew its nomination of
Mr. McLaughlin as well as its proposal to declassify SCOR’s Board
of Directors.
“Once again, we commend SCOR’s Board for
reaching this conclusion and avoiding the need for a competitive
proxy contest,” said Kevin M. Rendino, Chief Executive Officer of
180 Degree Capital. “We believe Matt will have a meaningful impact
on value creation for all stakeholders at SCOR. We encourage SCOR
to find ways to allow Matt to start making an impact even before
the Annual Meeting as there are no shortage of areas where we think
he can provide immediate value. Since the current capital structure
was put in place in March 2021, and despite meaningful improvements
in the business, SCOR’s stock price is down 75%. We ask the Board,
as mentioned in our prior release and past letters, to immediately
take actions to address these outstanding impediments to value
creation including SCOR’s capital structure, the company’s data
license contract with its preferred stockholder, Charter
Communications, and supporting management’s efforts to run SCOR’s
business in a more efficient, profitable manner than it has in its
history. The time for action is now.”
“We would also like to extend our appreciation
to Matt for his interest in working with us on this effort to seek
change in SCOR’s corporate governance,” added Daniel B. Wolfe,
President of 180 Degree Capital. “With this filing by SCOR, we have
now disbanded our “group” for reporting purposes and look forward
to interacting with Matt in his role as a member of SCOR’s Board in
addition to our status as fellow stockholders of SCOR.”
About 180 Degree Capital
Corp.
180 Degree Capital Corp. (“180 Degree Capital”)
is a publicly traded registered closed-end fund focused on
investing in and providing value-added assistance through
constructive activism to what we believe are substantially
undervalued small, publicly traded companies that have potential
for significant turnarounds. Our goal is that the result of our
constructive activism leads to a reversal in direction for the
share price of these investee companies, i.e., a 180-degree turn.
Detailed information about 180 Degree Capital and its holdings can
be found on its website at www.180degreecapital.com.
Press Contacts:
Daniel B. WolfeRobert E. Bigelow180 Degree
Capital Corp.973-746-4500ir@180degreecapital.com
Mo ShafrothRF
Bindermorrison.shafroth@rfbinder.com
Forward-Looking Statements
This press release and the attached letter may
contain statements of a forward-looking nature relating to future
events. These forward-looking statements are subject to the
inherent uncertainties in predicting future results and conditions.
These statements reflect 180 Degree Capital’s current beliefs, are
based upon public information provided in many cases by comScore,
Inc. (the “Company”), and a number of important factors could cause
actual results to differ materially from those expressed in this
press release. Please see 180 Degree Capital’s and the Company's
respective securities filings filed with the Securities and
Exchange Commission for a more detailed discussion of the risks and
uncertainties associated with each business and other significant
factors that could affect actual results. Except as otherwise
required by federal securities laws, 180 Degree Capital undertakes
no obligation to update or revise these forward-looking statements
to reflect new events or uncertainties. The reference and link to
the website www.180degreecapital.com has been provided as a
convenience, and the information contained on such website is not
incorporated by reference into this press release. 180 Degree
Capital is not responsible for the contents of third-party
websites.
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