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
MONTCLAIR, N.J., May 19, 2022 (GLOBE NEWSWIRE) -- 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.
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 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.
Released May 19, 2022