RS FUND LP Calls for Immediate Action and Capital Return in Neurometrix, Inc.
RS FUND LP Calls for Immediate Action and Capital Return in Neurometrix, Inc.
- Stock trades significantly below its net cash per share.
- The board is arguably in breach of their fiduciary responsibility to protect shareholder value. Operating any capital raise at current price is grossly irresponsible and against shareholders best interests.
- The board must immediately cancel their at-the-market program, and begin a process of returning substantial cash to shareholders in order to halt this egregious value destruction.
- 股票的交易价格大大低于其每股净现金。
- 可以说，董事会违反了保护股东价值的信托责任。以当前价格进行任何筹资活动都是严重不负责任的，也违背了股东的最大利益。
- 董事会必须立即取消其上市计划，并开始向股东返还大量现金，以阻止这种严重的价值破坏。
NEW YORK, NY / ACCESSWIRE / March 8, 2024 / On March 4, 2024, Ryan Siegal of RS Fund Management LLC filed a Schedule 13D/A which included a letter to the Board of Directors of Neurometrix, Inc. (NASDAQ:NURO). The letter states that given where the stock is trading and with a review in progress, the Board must exercise their duty and authority to stop raising capital - immediately . This strategy is an indefensible, unjustified, stripping of shareholder value for purposes of paying the CEO, management, and directors: placing their interests ahead of shareholders. Ryan also argues for returning capital immediately, as a first step toward a liquidation: the best option for shareholders.
纽约州纽约/ACCESSWIRE/2024年3月8日/2024年3月4日，RS Fund Management LLC的瑞安·西格尔提交了附表13D/A，其中包括致Neurometrix, Inc.（纳斯达克股票代码：NURO）董事会的信。信中指出，鉴于股票的交易地点以及审查正在进行中，董事会必须行使职责和权力，立即停止筹集资金。这种策略是站不住脚的、不合理的，为了支付首席执行官、管理层和董事的薪酬，剥夺股东价值：将他们的利益置于股东之上。瑞安还主张立即返还资本，这是清算的第一步：股东的最佳选择。
The Board of Directors should know better, given that they include:
董事会应该知道得更多，因为它们包括：
Bradley M. Fluegel: Wharton School, University of Pennsylvania, Lecturer
Bradley M. Fluegel：宾夕法尼亚大学沃顿商学院，讲师
David E. Goodman: California MD
大卫 E. 古德曼：加利福尼亚州医学博士
Nancy E. Katz: 2010 Bayer Senior VP
Nancy E. Katz：2010 年拜耳高级副总裁
David Van Avermaete: 2004 Johnson and Johnson Lifescan President
David Van Avermaete：2004 年强生 Lifescan 总裁
A full copy of the letter can be found below:
这封信的完整副本可以在下面找到：
CONTACT:
联系人：
Ryan Siegal
ryan@rsfundmanagement.com
瑞安·西格尔
ryan@rsfundmanagement.com
March 4, 2024
2024年3月4日
To the Board of Directors of NeuroMetrix:
致NeuroMetrix董事会：
As of December 31, 2023, the company, NeuroMetrix had approximately $18.0 million of net cash and approximately 1.5 million shares outstanding, which equates to approximately $12.00 of net cash per share. The stock trades at ~$4.00. The company has a surplus of cash, well beyond operations for the indefinite future (including the conclusion of their strategic review).
截至2023年12月31日，该公司NeuroMetrix拥有约1,800万美元的净现金和约150万股已发行股票，相当于每股净现金约12.00美元。该股的交易价格约为4.00美元。该公司的现金盈余远远超出了无限期的运营范围（包括战略审查的结论）。
We believe the only correct business decisions are below to advance shareholder value.
我们认为，提高股东价值是唯一正确的商业决策。
| 1) | Effective Immediately, halt all capital raising, inclusive of at the market offerings: raising capital is a terrible destruction of shareholder value. The company should even consider buying back shares in the open market. |
| 1) | 立即生效，停止所有融资，包括在市场上发行： 筹集资金是对股东价值的严重破坏。该公司甚至应该考虑在公开市场上回购股票。 |
| 2) | In the interim, and by the end of March : Return the higher of $7.00 in cash or 70% of net assets while assessing options for the remainder of the company. |
| 2) | 在此期间，以及 到三月底 : 在评估公司其余部分的期权时，返还7.00美元现金或净资产的70％中较高者。 |
It is abundantly clear to us that it would be in shareholders' best interests if you were to immediately liquidate the company . As the company, in our view, has no legitimate prospects for positive returns in any of its business lines (and if they did/do, we still think those would be better sold to the highest bidder: for a CVR or inconsequential cash value)
我们非常清楚 如果你立即清算公司，将符合股东的最大利益 。我们认为，该公司在任何业务领域都没有获得正回报的合法前景（如果他们这样做/确实如此，我们仍然认为最好将这些业务出售给出价最高的人：以CVR或无关紧要的现金价值出售）
We believe shareholders would overwhelmingly support our suggestion to immediately liquidate, as well as the above two swift actions, and to begin a process of returning all proceeds to shareholders- the clearest way to maximize shareholder value.
我们相信，股东们将压倒性地支持我们的建议，即立即清算以及上述两项迅速行动，并开始向股东返还所有收益——这是实现股东价值最大化的最明确途径。
We hope you will accept our advice and immediately announce an immediate cancellation of capital raising plan, a return of capital or liquidation without us having to take additional public action. If you have any questions, please do not hesitate to contact us.
我们希望您能接受我们的建议并立即宣布 立即取消筹资计划、资本返还或清算 我们无需采取额外的公共行动。如果您有任何疑问，请随时联系我们。
Sincerely,
真诚地，
Ryan Siegal
RS FUND LP
瑞安·西格尔
RS FUND LP
SOURCE: RS Fund Management LLC
来源：RS 基金管理有限责任公司