180 Degree Capital Corp. (NASDAQ: TURN) sees improvement in SNCR's capital structure and cost savings.

From GlobeNewswire: 2024-07-01 08:45:00

Synchronoss Technologies, Inc. (SNCR), a portfolio company of 180 Degree Capital Corp. (NASDAQ: TURN), has retired outstanding series B preferred stock and $19.7 million of senior notes, resulting in a $7.3 million improvement to its capital structure and $10.6 million in pre-tax cost savings. This move was funded by a $75.0 million term loan with AS Birch Grove. Kevin M. Rendino, CEO of 180 Degree Capital, commended SNCR for reducing debt and expenses at advantageous prices, while Daniel B. Wolfe, President of 180 Degree Capital, highlighted the success of their constructive activism approach in adding value to SNCR.

180 Degree Capital Corp. is a closed-end fund that focuses on investing in undervalued small, publicly traded companies with potential for significant turnarounds. By providing constructive activism, the fund aims to drive share price reversals for its investee companies of a 180-degree turn. More information about 180 and its holdings can be found on their website.



Read more at GlobeNewswire: 180 Degree Capital Corp. Notes Opportunistic and Discounted