Wynnefield Capital

Lifecore Biomedical Concludes Strategic Evaluation Process, Announces Management Succession and Board Changes

Retrieved on: 
Wednesday, March 20, 2024
DPT, CDMO, Growth, Chairperson, Wynnefield Capital, University, Laboratory, Head, Senior, Marketing, Syringe, Investment, Annual report, Retirement, Calendar, Corporate development, Fiscal, Management

CHASKA, Minn., March 20, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that its Board of Directors unanimously approved the conclusion of its review of strategic alternatives that was initiated in March 2023, and, concurrently therewith, announced several strategic updates related to its operations on a stand-alone basis.

Key Points: 
  • This conclusion was based on an expansive strategic review process, including outreach to and engagement with over 75 buyers, including both strategic buyers and financial sponsors.
  • “The Board of Directors appreciates all of the hard work put into the strategic review process by the Company and its advisors.
  • The Board looks forward to working with the management team to lead the Company’s execution on its strategic plan,” said Craig Barbarosh, Chairman of the Board.
  • With these investments, Lifecore believes it is positioned for substantial growth as its additional aseptic capacity becomes available.

Lifecore Biomedical Raises Capital with Private Placement of Convertible Preferred Stock; Amends Credit Facilities

Retrieved on: 
Monday, January 9, 2023
Public expenditure, Overalls, LP, Sale, Doctor of Philosophy, Wynnefield Capital, Security (finance)

CHASKA, Minn., Jan. 09, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it has entered into a securities purchase agreement with a select group of institutional investors, pursuant to which the Company issued and sold 38,750 shares of newly designated Series A convertible preferred stock in a private placement for total gross proceeds of $38.75 million before deducting offering expenses. The private placement was led by Legion Partners and 22NW Fund, LP, with participation by existing and new investors including Wynnefield Capital, Cove Street Partners and 325 Capital. The Company expects to use the proceeds to support its working capital requirements and help address strong demand it is experiencing for sterile injectable pharmaceutical products while it pursues the final phases of its divestment process of non-CDMO assets, as well as for capital expenditures, repayment of the Company’s indebtedness and general corporate purposes. The Company also announced the amendment of its credit facilities to provide for increased overall liquidity and amended financial covenants to allow Lifecore to achieve its growth potential.

Key Points: 
  • The private placement was led by Legion Partners and 22NW Fund, LP, with participation by existing and new investors including Wynnefield Capital, Cove Street Partners and 325 Capital.
  • The Company also announced the amendment of its credit facilities to provide for increased overall liquidity and amended financial covenants to allow Lifecore to achieve its growth potential.
  • In connection with the issuance of the Series A convertible preferred stock, Nathaniel Calloway, PhD and Christopher Kiper were appointed to the Company’s Board of Directors.
  • “We are very pleased for the continued support of our long-term stockholders, which demonstrates their commitment to supporting Lifecore’s continued focus to deliver on its growth ambitions.

Lifecore Biomedical Raises Capital for Growth with Existing Stockholder

Retrieved on: 
Friday, November 25, 2022
COVID-19, Growth, Hyaluronic acid, Biotechnology, Syringe, Wynnefield Capital, Annual report, Security (finance), Risk, CDMO, Public expenditure, Risk management

CHASKA, Minn., Nov. 25, 2022 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (Lifecore or the Company), a fully integrated contract development and manufacturing organization (CDMO), today announced the closing of a $5 million private placement (PIPE) of its common stock with affiliates of Wynnefield Capital, Inc. (Wynnefield Capital), a longtime stockholder of the Company, at $7.97 per share.

Key Points: 
  • CHASKA, Minn., Nov. 25, 2022 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (Lifecore or the Company), a fully integrated contract development and manufacturing organization (CDMO), today announced the closing of a $5 million private placement (PIPE) of its common stock with affiliates of Wynnefield Capital, Inc. (Wynnefield Capital), a longtime stockholder of the Company, at $7.97 per share.
  • We are very pleased to have the support of long-term stockholders such as Wynnefield Capital, which demonstrates their commitment to helping Lifecore reach its growth ambitions.
  • Lifecore Biomedical, Inc. is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of complex sterile injectable pharmaceutical products in syringes and vials.
  • Except as required by law, the Company does not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances.

Kids2, Inc. to Acquire SUMR Brands

Retrieved on: 
Thursday, March 17, 2022
Consensus, Company, Risk, LLP, Economics, NASDAQ, Infant, Forward-looking statement, Special-purpose acquisition company, Parent, Board, Nasdaq, Wynnefield Capital, Ideation, SEC, Investor relations, CEO, U.S. Securities and Exchange Commission, Board of directors, Communication, Duff, LLC, Ingenuity, Lincoln International, Industry, THE, Acquisition, Securities Exchange Act of 1934, Securities Act of 1933, Baby Einstein, Solution, Annual report, Duff & Phelps, Security (finance), Kids II, Inc., Ownership

"This acquisition is a critical move in our long-term vision and growth strategy -- and we are excited about the many synergies between Kids2 and Summer Infant," added Ryan Gunnigle, CEO of Kids2. "We continue to see consolidation in our industry and macro consumer trends with the next generation of parents that require us to do more. The economics of scale and diversity of solutions that come with this acquisition will help us continue to create more tiny wins and added value for our partners and the parents we serve across the globe. With this acquisition, Kids2 will leverage its already existing brand platform strength and add new adjacent categories from Summer Infant's portfolio to further scale globally. Additionally, our global supply chain will be complemented by Summer Infant's capabilities which will allow us to drive wider global distribution. The combined innovation of both, along with more collaboration of industry expertise, will lend itself to more ideation and delivery of more solutions for families across the globe."

Key Points: 
  • "We continue to see consolidation in our industry and macro consumer trends with the next generation of parents that require us to do more.
  • Consensus Advisors is acting as financial advisor to SUMR and Greenberg Traurig, LLP is serving as its legal counsel.
  • The Duff & Phelps' Opinions Practice of Kroll, LLC provided an independent fairness opinion to the Board of Directors of SUMR.
  • Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile brands driven by a commitment to people, products, and purpose.

SUMR Brands Reports 2021 Fourth Quarter Results

Retrieved on: 
Wednesday, March 16, 2022
Wynnefield, Philadelphia, Table, SEC, Adjustment, Wynnefield Capital, GLOBE, Investor relations, Acquisition, Annual report, CARES Act, Tax, GAAP, EBITDA, Amazon, COVID-19, Pressure, Mission statement, Transport, Security (finance), Provisions of the Affordable Care Act, NASDAQ, Form 10-K, Company, Communication, CEO, Depreciation, Growth, THE, Securities Exchange Act of 1934, Webcast, Industry, U.S. Securities and Exchange Commission, Securities Act of 1933, Online gambling, Pharmaceutical industry, Lithium, Bank, Cryptocurrency, Kids II, Inc., Ownership

WOONSOCKET, R.I., March 16, 2022 (GLOBE NEWSWIRE) -- SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a global leader in premium infant and juvenile products, today announced financial results for the fiscal fourth quarter ended January 1, 2022.

Key Points: 
  • Transaction with Kids2 Approved by Companys Board of Directors;
    WOONSOCKET, R.I., March 16, 2022 (GLOBE NEWSWIRE) -- SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a global leader in premium infant and juvenile products, today announced financial results for the fiscal fourth quarter ended January 1, 2022.
  • Gross profit for the fourth quarter of 2021 was $7.3 million versus $10.8 million in 2020, while gross margin was 20.6% versus 30.0% last year.
  • General and administrative expenses were $7.7 million in the fourth quarter of 2021, or 21.9% of net sales, versus $7.6 million in the fourth quarter of 2020, or 21.1% of net sales.
  • Adjusted EBITDA, as defined in the Companys credit agreements, for the fourth quarter of 2021 was negative $2.0 million versus $1.4 million for the fourth quarter of 2020, and Adjusted EBITDA as a percent of net sales was (5.8)% in 2021 versus 3.9% last year.

Kids2, Inc. to Acquire SUMR Brands

Retrieved on: 
Wednesday, March 16, 2022
Consensus, Summer, SEC, Nasdaq, Ideation, Solution, Wynnefield Capital, GLOBE, Investor relations, Acquisition, U.S. Securities and Exchange Commission, Annual report, Duff, Risk, LLC, Forward-looking statement, Security (finance), NASDAQ, Economics, Board, Parent, Company, Infant, Communication, CEO, THE, LLP, Industry, Lincoln International, Securities Exchange Act of 1934, Securities Act of 1933, Bank, Kids II, Inc., Ownership

“This acquisition is a critical move in our long-term vision and growth strategy -- and we are excited about the many synergies between Kids2 and Summer Infant,” added Ryan Gunnigle, CEO of Kids2. “We continue to see consolidation in our industry and macro consumer trends with the next generation of parents that require us to do more. The economics of scale and diversity of solutions that come with this acquisition will help us continue to create more tiny wins and added value for our partners and the parents we serve across the globe. With this acquisition, Kids2 will leverage its already existing brand platform strength and add new adjacent categories from Summer Infant’s portfolio to further scale globally. Additionally, our global supply chain will be complemented by Summer Infant's capabilities which will allow us to drive wider global distribution. The combined innovation of both, along with more collaboration of industry expertise, will lend itself to more ideation and delivery of more solutions for families across the globe.”

Key Points: 
  • We continue to see consolidation in our industry and macro consumer trends with the next generation of parents that require us to do more.
  • Consensus Advisors is acting as financial advisor to SUMR and Greenberg Traurig, LLP is serving as its legal counsel.
  • The Duff & Phelps Opinions Practice of Kroll, LLC provided an independent fairness opinion to the Board of Directors of SUMR.
  • Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile brands driven by a commitment to people, products, and purpose.

MVC Capital and Wynnefield Capital Reach Agreement on Board Nominations for July 15th Annual Meeting

Retrieved on: 
Wednesday, May 27, 2020
Nelson Obus, Wynnefield Capital, West Philadelphia, Wynnefield, Philadelphia

PURCHASE, N.Y., May 27, 2020 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE: MVC) (the Company or MVC) and Wynnefield Capital (Wynnefield) today announced an agreement (the Agreement) under which six of MVCs current directors and three independent director candidates proposed by Wynnefield will be nominated by MVCs Board for election at the Companys 2020 Annual Meeting of Stockholders, currently scheduled for July 15, 2020 (the Annual Meeting).

Key Points: 
  • PURCHASE, N.Y., May 27, 2020 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE: MVC) (the Company or MVC) and Wynnefield Capital (Wynnefield) today announced an agreement (the Agreement) under which six of MVCs current directors and three independent director candidates proposed by Wynnefield will be nominated by MVCs Board for election at the Companys 2020 Annual Meeting of Stockholders, currently scheduled for July 15, 2020 (the Annual Meeting).
  • There will be no changes to the Companys current management agreement with The Tokarz Group Advisers LLC prior to the Annual Meeting.
  • Nelson Obus, President of Wynnefield Capital, said, We are pleased that MVC will support the nominations of Ron Avni, John Chapman and Arthur Lipson, for election to the Companys Board at the upcoming Annual Meeting.
  • Wynnefield Capital is a long term stockholder of MVC, with beneficial ownership of approximately 8.5% of MVCs outstanding common stock.

Wynnefield Capital Nominates Two Highly Qualified Directors For Election To MVC Capital Board

Retrieved on: 
Tuesday, April 21, 2020
Wynnefield Capital, Nelson Obus, West Philadelphia, Wynnefield, Philadelphia

NEW YORK, April 21, 2020 /PRNewswire/ -- Wynnefield Capital, Inc. (together with its affiliates, "Wynnefield" or Wynnefield Capital), beneficial owners of approximately 8.5% of the outstanding common stock of MVC Capital Inc. (NYSE: MVC) ("MVC" or the "Company") today announced the nomination of two highly-qualified, independent candidates for election to MVC's nine member Board of Directors at the Company's 2020 Annual Meeting of Shareholders ("Annual Meeting").

Key Points: 
  • NEW YORK, April 21, 2020 /PRNewswire/ -- Wynnefield Capital, Inc. (together with its affiliates, "Wynnefield" or Wynnefield Capital), beneficial owners of approximately 8.5% of the outstanding common stock of MVC Capital Inc. (NYSE: MVC) ("MVC" or the "Company") today announced the nomination of two highly-qualified, independent candidates for election to MVC's nine member Board of Directors at the Company's 2020 Annual Meeting of Shareholders ("Annual Meeting").
  • The best interests of the Company and its shareholders would be well served by refreshing the Board with Wynnefield Capital's independent nominees, John Chapman and Ron Avni.
  • Established in 1992, Wynnefield Capital, Inc. is a value investor specializing in U.S. small cap situations that have company or industry specific catalysts.
  • I; Wynnefield Small Cap Value Offshore Fund, Ltd.; Wynnefield Capital, Inc. Profit Sharing & Money Purchase Plan; Wynnefield Capital Management, LLC; Wynnefield Capital, Inc.; Joshua H. Landes; and Nelson Obus (collectively, "Wynnefield Capital") together with John D. Chapman and Ron Avni are participants in the solicitation of proxies from stockholders in connection with the 2020 Annual Meeting of Stockholders (the "Annual Meeting") of MVC Capital, Inc. (the "Company").

Williams Industrial Services Group Announces Plan for $7 million Rights Offering to Stockholders with Backstop Commitment

Retrieved on: 
Thursday, November 14, 2019
Oil, Gas, Alternative energy, Energy, Nuclear, Other Energy, Corporate finance, Finance, Financial economics, Economy, Wynnefield Capital, Backstop, Stock, Rights issue

The Rights Offering is supported by a commitment (the Backstop Agreement) with Wynnefield Capital, Inc. (referred to, along with its affiliates as Wynnefield) to purchase all unsubscribed shares of common stock in the Rights Offering.

Key Points: 
  • The Rights Offering is supported by a commitment (the Backstop Agreement) with Wynnefield Capital, Inc. (referred to, along with its affiliates as Wynnefield) to purchase all unsubscribed shares of common stock in the Rights Offering.
  • The Company expects to receive aggregate gross proceeds of $7.0 million before fees and expenses from the Rights Offering, supported by the Backstop Agreement, if necessary.
  • The purpose of the Rights Offering is to raise capital in a cost-effective manner that allows all stockholders to participate.
  • Williams Industrial Services Group Inc. has been safely helping plant owners and operators enhance asset value for more than 50 years.