180 Degree Capital Corp. Notes the Acquisition of its Private Portfolio Company, TARA Biosystems, Inc., By Valo Health, LLC
MONTCLAIR, N.J., April 05, 2022 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today noted that its legacy private portfolio holding, TARA Biosystems, Inc., has been acquired by Valo Health, LLC. A press release issued by both companies detailing the acquisition can be found at https://www.prnewswire.com/news-releases/valo-health-acquires-tara-biosystems-creating-first-of-its-kind-vertically-integrated-cardiovascular-platform-301517607.html?tc=eml_cleartime.
Under the terms of the acquisition, 180 will receive approximately $2.7 million in cash over the next 24 months and has the potential to receive an additional $3.3 million upon achievement of certain milestones.1
“We would like to congratulate the team at TARA Biosystems on its sale of the company to Valo Health and for generating liquidity for its shareholders, including 180,” said Kevin M. Rendino, Chief Executive Officer of 180. “As we noted in our recent shareholder letter and shareholder update call, we are making progress on efforts to monetize our private portfolio, and we currently believe that TARA will be the first of potentially additional monetization events in 2022. The goal for 180 is to have all of our assets in cash and public companies. We have made significant progress towards that goal, with more to come.”
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.
Daniel B. Wolfe
180 Degree Capital Corp.
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 websites 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.
1 There can be no assurance that such milestones will be achieved, or the timing of achievement of such milestones if they are achieved.
Released April 5, 2022