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Share Name | Share Symbol | Market | Type |
---|---|---|---|
180 Degree Capital Corporation | NASDAQ:TURN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0225 | 0.58% | 3.9225 | 3.82 | 4.04 | 3.98 | 3.90 | 3.98 | 7,391 | 01:00:00 |
Fellow 180 Shareholders,
To say this has been a trying month may be the understatement of the century. The COVID-19 pandemic has led to worldwide economic dislocation with quarantines essentially shutting down business as we know it. My first hope is that our shareholders are being safe, vigilant, and are listening to the advice of the world’s healthcare experts. As for TURN, we believe we are well equipped to weather the storm and come out on the other side.
To be clear, it is our view that despite the recent drastic fiscal and monetary stimulus, this crisis will not end until the virus is contained. While the fiscal and monetary stimulus will help, I view it not as a solution, but as a bridge to the containment of the virus. This situation didn’t start as a financial crisis. This is a healthcare crisis for which we simply weren’t prepared. I refresh the following website about 100 times a day: https://www.worldometers.info/coronavirus/. China, which was two months ahead of us, is presently seeing life slowly returning to normal as the number of new infections has dropped dramatically. This trend came only after the curve of the rate of new infections flattened. The questions we face now are will we be able to contain the virus in the United States, and if so, how long will it take? It is certainly easier to contain a disease when you are a state run government and can order people home. China did that. Free flowing democracies have not only taken longer to acknowledge the severity of the crisis, but also to limit the movements of its citizens. I am not telling you anything you don’t know. I just wanted to make sure you understand that our view is there will continue to be economic duress, stock market dislocation, and heightened volatility until we contain COVID-19.
In the near term, Let me offer a few thoughts on what we have been doing and some general views we have of our company.
How long will this last? Much depends on our own behaviors. Today, World Health Organization Director-General Tedros Adhanom Ghebreyesus said the following about the rising COVID-19 cases, “We are not prisoners to statistics. We're not helpless bystanders. We can change the trajectory of this pandemic.” Taking short-term pain by quarantining and trying not to infect others will flatten the curve and help bring an end to this crisis. Or we can ignore the call from scientists and health organizations by continuing to pile on to beaches and throw social distancing to the curb. The actions taken over the upcoming days, weeks and months will determine our economic and social path forward.
All that said, TURN is weathering the storm. While by no means are we immune from the impact of rapidly declining markets, we will get through this. I am confident in our strategy. I believe our tried and true value discipline will win out over what we hope is a very temporary dislocation.
It was important for me to put pen to paper. We have no debt and we have permanent capital. We are here today, and we will be here tomorrow. We are always here to answer any questions you have. I hope you all are safe and sound.
Best Regards,
Kevin M. RendinoChairman and Chief Executive Officer
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.973-746-4500
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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