180 Degree Capital Corp. Notes the Closing and Receipt of $12.3 Million, or $1.19 Per Share, in Cash From the Buyout of Its Potential Future Milestones From the Acquisition of Petra Pharma Corporation by Eli Lilly
19 May 2022 - 11:00PM
180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”),
today announced that it received $12.3 million, or $1.19 per share,
in cash following the close of the sale of its rights to potential
future milestone payments from the acquisition of Petra Pharma
Corporation by Eli Lilly and Company.
“We mentioned on our recent shareholder call
that the proceeds from this sale were eminent, and we are pleased
to say this cash is now in 180’s account,” said Kevin M. Rendino,
Chief Executive Officer of 180. “We are proud of the material
progress made in reforming 180’s balance sheet since its inception
in 2017. This substantial addition to 180’s permanent capital comes
at an opportune time as the current market environment presents
attractive investment opportunities that we believe have the
potential to generate gross returns of at least 100% over a
three-year period.”
About 180 Degree Capital
Corp.
180 Degree Capital Corp. 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 and its holdings
can be found on its website at www.180degreecapital.com.
Press Contact:Daniel B. Wolfe180 Degree Capital
Corp.973-746-4500ir@180degreecapital.com
Armel LesliePeaks
Strategiesaleslie@peaksstrategies.com
Forward-Looking Statements
This press release 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 the Company's current beliefs, and a number of
important factors could cause actual results to differ materially
from those expressed in this press release. Please see the
Company's securities filings filed with the Securities and Exchange
Commission for a more detailed discussion of the risks and
uncertainties associated with the Company's business and other
significant factors that could affect the Company's actual results.
Except as otherwise required by Federal securities laws, the
Company 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 is not responsible for the contents of third-party
websites.
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