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I've been buying small amounts here and there but I'm shocked by today's price movement back over 10 so quick. What is the catalyst? Is there one?
I'm not a shareholder here but just going over quarterlies for a holding company I own I came across this and thought that I would post it to the board.
Sold 65% of our SONM position at $0.58. We now neither believe in the short term, nor the long term.
Sonim Technologies, Inc. (NASDAQ: SONM) – In Q2 2021, SONM issued a surprise announcement with its year-end 2020 results that the SEC investigation, believed to be close to completion, was being extended; thus greater than expected pressure on SONM's cash position would occur in future quarters. Following this announcement, SONM noted its cash position may not be enough to fund operations of the company without additional capital raises. Following this announcement as well as reporting poor financial results, the CEO was removed. What was once a promising business environment following our lead in recapitalizing the company at $0.75 last year, has turned into a business we have lost faith in. The biggest miss was being caught by surprise that one of their biggest customers would cancel a phone that SONM had invested millions of dollars of capital on. That said another big mistake was becoming an observer to the Board at SONM. Following the recapitalization, and a couple of decent financial quarters, SONM’s stock advanced over 100% from our entry price. The problem 180 faced was the restriction placed on us as insiders that limited our ability to transact in the stock. We simply missed the window to sell at a gain on our investment that was afforded to every other shareholder who was free to trade. The reasons for owning the business have materially changed and in sticking to our sell discipline, we have decided to exit the position. It is a lesson learned in how being on boards has the potential to negatively impact your ability to create value for your shareholders. Of course, if your original long-term thesis plays out the way you envision, this headwind wouldn’t occur. In SONM’s case, we got the thesis wrong. The stock declined 31.9% this quarter and hurt our NAV by $0.14 per share.
Subsequent to the end of the quarter, we sold the remainder of our holdings of SONM. We have often talked about how we do our best to minimize our mistakes while maximizing our successes. As much as we got this one wrong, the loss was contained to $1.3 million, or -28.7%. Part of the reason why the loss was contained was adherence to a strict buy discipline which takes out much of the risk given the price we are paying for the business we are buying.
This is going to be big. Insiders buying up as many shares as they can for quite some time now.
I never sold, just stopped posting. I'm buying again. Shares are a steal down here
Closed my position here with a loss of $3,500. Over it.
Well this is good, unexpected, news.
I wear my shirt all the time, people always ask about the company. Free advertising
So satisfying...we spent a lot of time over .15, I don't see why we couldn't get there again very quickly. The story is much better now
This is pretty big volume here, I've been hanging around since like 2014 or something stupid like that. The stock has always moved on air. I think we actually retired shares not long ago, too.
Things should only get better here with vaccines rolling out.
Very happy to see volume
Just happy to be here. Hope there is some legit business happening. Either way, I'd love to see this go to pennies
Yea, I think it is just some people pumping the stock. Wish I had millions of shares lol.
hmm, well tnx. Would be cool to see this go somewhere. I could really use a win, lol
I've been holding this stock for like 7 years or something crazy, maybe more. I remember talk about Graffiti but I don't think I ever received shares of another company, was I supposed to? Is it too late to claim?
Been holding a few shares for like 10 years lol, glad to see some movement.
Do we have any actual info as to activity on this company?
180 Degree Capital Corp. Issues Open Letter to the Board and Shareholders of Enzo Biochem, Inc.
9:00 AM ET, 02/04/2021 - GlobeNewswire
MONTCLAIR, N.J., Feb. 04, 2021 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today issued the following open letter to the board and shareholders of Enzo Biochem, Inc. (“ENZ”).
To the Board of Directors and fellow shareholders of ENZ,
180 is a publicly traded closed-end fund focused on investing in micro capitalization public companies with a constructive, collaborative and collegial activist approach. We currently own 1,147,969 shares, or 2.4%, of Enzo Biochem, Inc. (“ENZ”), and we believe the company is extremely undervalued.
I recently sent an email to the ENZ’s Board of Directors (the “Board”) to set up a time to speak about the results of ENZ’s recent proxy vote and overall corporate governance at the company. My email and request have unfortunately thus far gone unanswered. I can only assume that the Board is hard at work trying to create value for its shareholders rather than speaking to shareholders. To that point, we are deeply concerned that the current management team is completely incapable of generating a return for its shareholders judging from performance of ENZ’s stock during its tenure. As you can see from the following chart of total return1, there is little for the Board to applaud, as ENZ’s total return for shareholders, under the leadership of Mr. Rabbani, has woefully underperformed and is squarely in the bottom decile of performance among its peers.
TOTAL RETURN 1YR-2020 3YR 5YR
Enzo Biochem, Inc. 12.4% (61.7%) (40.5%)
Russell 2000 Index 30.2% 37.1% 114.4%
Russell 2000 Index Health Care 58.0% 73.4% 190.9%
Russell 2000 Index Biotechnology Subsector 70.1% 75.4% 241.4%
And yet, somehow, the Board overseeing this terrible performance has seen it fit to approve what we believe to be egregious compensation for Mr. Rabbini, as highlighted in the chart below.
Base pay Option Performance Stock Non-Equity Incentive All Other Total
Salary Awards Units Award Plan Compensation Compensation Compensation
2020 $611,000 $112,400 $69,740 $500,000 $194,661 $1,487,801
2019 $611,000 $135,296 $70,000 $500,000 $190,308 $1,506,604
2018 $611,000 $137,340 $44,200 $500,000 $184,132 $1,476,672
2017 $585,802 $180,150 $0 $575,000 $191,044 $1,531,996
2016 $555,478 $87,600 $0 $575,000 $189,427 $1,407,505
Total $2,974,280 $652,786 $183,940 $2,650,000 $949,572 $7,410,578
The Board’s apparent belief that $7.4 million in cash, stock options and other forms of compensation properly reflects Mr. Rabbini’s performance as CEO raises what we believe are troubling questions about ENZ’s overall corporate governance.
We believe the case for how abhorrent the oversight of ENZ has been throughout the history of this Board and the current management team is clear. ENZ’s management and Board have been the recipient of what we consider to be very sober and thoughtful public criticism from a significant portion of its shareholders. In our view, ENZ’s latest proxy contest ended exactly the way it should, with a clear mandate from shareholders to enact change in the corporate governance of the company. We note this mandate came at a significant cost to shareholders, through the wasteful spending of $4 million on legal fees, in an attempt to resist shareholders’ efforts to push for reform. ISS could not have been more explicit in their denunciation of ENZ’s “late-stage entrenchment maneuvers” that ENZ proposed early last year.
As noted in a press release issued by Roumell Asset Management, LLC on December 31, 2020, Glass Lewis was as direct as it could be in advance of the board meeting on January 4, 2021, noting that “hallmarks of the [B]oard's regressive methodologies remain, in our view, disconcertingly evident, from a muddled representation of refreshment to plainly questionable management of compensation programs to seemingly inflexible reverie for Elazar Rabbani, a chairman and CEO who still cannot be bothered to participate in calls with the Company's owners and investment community […]" (emphasis added).
"We would again emphasize our general view that [Roumell] has otherwise presented sufficient cause to suggest shareholders would benefit from the replacement of certain incumbent candidates, including Dr. Rabbani, in lieu of maintaining a status quo which continues to lean on, in our view, regressive governance protocols to deflect investor feedback fueled, in no small part, by Enzo's dismal returns profile" (emphases added).
At the referenced meeting of shareholders, votes were cast en masse to denounce the egregious and deplorable treatment of shareholders for the benefit of management by not electing Mr. Rabbini to another term as a director. Mr. Rabbani has submitted his resignation, and as of yet, the Board has still not accepted it. We are deeply concerned that the Board may choose to ignore not only the opinion of the two most respected corporate governance organizations in the country, but also the will of the majority of ENZ’s shareholders. This isn’t a game. ENZ’s shareholders voted in a clear and unambiguous manner and it is your responsibility as Board members to act immediately on their behalf.
To be clear, we do not hold the two new directors, Dr. Ian B. Walters and Dr. Maria Tagliaferri, responsible for the pathetic performance of prior board members or the current management team. We do, however, absolutely hold them and the rest of the current Board accountable for immediately doing what is necessary today, as a result of the recent vote.
Bill Parcells famously said, “You are what your record says you are.” The track record at Enzo is abysmal, and we believe it is about time that the Board takes action and shows accountability to its shareholders. In our view this is a settled issue at this point. We expect you to immediately accept the resignation of Mr. Rabbani. In addition, you should ensure the company has a proper Board that works for the shareholders, find the appropriate new leadership for the business, and determine the best path forward, including all potential strategic alternatives. This falls in your lap. Your shareholders, including 180, are watching. The watchdog governance organizations are watching. Despite your decision to not respond to our efforts to talk about the business with you, we will not remain silent and on the sidelines. We will be activists and take what steps we feel are appropriate to hold accountable those that have caused meaningful destruction of shareholder value and seek to reinstate proper corporate governance at ENZ.
We welcome the opportunity to have constructive conversations with the Board at its earliest convenience.
Regards,
Kevin RendinoChief Executive Officer, 180 Degree Capital Corp.
1Total returns based on closing prices as of January 29th, 2021
I'm also here for D-wave
I like the new updates.
MGI is the next AMD.
The entire country is going to close again. Record levels of new cases being reported daily.
I don't have too much in this stock but I think I'll put a few k in here in the next month or two if it stays at these levels.
Lots of insider buying, gotta mean something right? lol
Well, idk about people in Canada but I haven't been to the actual supermarket in a very long time. I order all groceries online and they are delivered directly to the house.
We go to the local farmers market for things like fresh fruits, veggies, and some meats.
Sounds like Loblaws is ahead of the game.
My gf is from BC, she says Loblaws is huge.
Lots of insider buying here and plenty of options action. I bet we see something happen here shortly.
Seems company is beginning to become more active. Would love to get more eyes on this.
"As shareholders are aware, our four locations are temporarily closed in response to the Covid-19 virus. However, to date, landlords have been very accommodating and we feel we will weather this storm. The shipping and logistics division remains operational and there are many things still being worked on behind the scenes that we believe will help strengthen the company once the storm passes, which we all know it will in due time.
We are also well aware of the many respective government programs and SBA assistance that is available to businesses who were effected by the temporary shut downs. Restaurants being one in particular, and are looking into these programs to offer further assistance. These low cost loans (some of which are forgiven) are a fortunate offering as the company has no intentions at this time in doing any public market capital raising which would result in dilution to the shareholders.
We trust all our shareholders and employees as well as their families are staying safe and we look forward to when everything has blown over and business is back to usual. In the meantime we continue to forge ahead and work on various initiatives to help propel the company upon re-open, which we hope to see in the not too distant future."
I used to manage a warehouse that picks and packs luxury clothing from Italy. They are still open and receiving goods off the ships, warehouses in general are considered "essential" in the U.S. I know my old warehouses are still working right now.
I just saw it in the NYPost
Nothing is happening right now, employees are probably all being laid off, all the food has hopefully been donated, the bills are not being paid, etc.
Many small businesses are having issues, the company will be lucky to survive.
Most likely. Unless they are doing food delivery, but even still that might only be enough to keep the business from going under. I hope I am wrong.
Welp, this could be very bad for us.
Gl to everybody, hopefully the company makes it through this shit.
Nice volume recently. Let's hope it continues.
10 new locations and a new website. I'm happy about that.
I'll be back when the stock is at .50
Taking a position here.
Go call OTC Markets and complain. Nothing happens instantly. You should know this.
People do not give Roger enough credit for what he has done. Stepping down and hiring a CEO only further cements my sentiment.
Na, we should see them by tomorrow.
Stop sign will be removed any day now.
I'm not concerned