Market Cap: $249 million | SWK Holdings Corporation, offers specialty finance and asset management services in the United States
Background
Carlson Capital
On May 17, 2021, the company announced that its board and Carlson Capital (71.1%) have jointly agreed that the board will form a strategic review committee to identify, review and explore strategic alternatives for the company with a view to maximizing stockholder value. In connection with this decision, the board has agreed to immediately appoint Mr. Marcus Pennington, a director at Carlson Capital, to serve as a member of the board and to nominate Mr. Pennington for election at the 2021 AGM. Mr. Pennington will serve as the chairman of the Strategic Review Committee. The company has also committed to Carlson Capital that, if requested by Carlson Capital prior to the 2022 AGM, the board will promptly appoint an additional non-executive, independent director, to be mutually agreed between the board and Carlson Capital, to serve as a member of the board.
Cannell Capital:
On May 26, 2021, Cannell Capital (5.87%) delivered a letter to the company in response to the letter dated May 25, 2021, replying to Cannell's May 12,
2021 request to buy up to 51% of the common stock of SWK Holdings Corporation. Kindly click here to read the letter.
On June 4, 2021, Cannell Capital LLC has entered a letter agreement with the Company. The agreement provides that the Cannell Capital Funds will limit their aggregate beneficial ownership of the company’s common stock to 9.9% or less of the then-outstanding shares of common stock, and no individual affiliate of Cannell Capital LLC will own or have certain economic ownership interests in 5.0% or more of the company’s capital stock.
On June 23, 2021, Cannell Capital increased its stake to 7.56%.
Update:
Since November 2021, Carlson Capital proposed to acquire the company for a price of $19.00 per share. Later it raised its offer to $20.20 per share. On January 5, 2022, the company announced that the Special Committee concluded that it would not be able to reach an agreement with Carlson Capital with respect to the Proposed Transaction. In addition, following this announcement, on January 7, 2022, the company announced that four directors of the company have delivered their respective resignations as directors following the conclusion of the Special Committee’s review of the Proposed Transaction and the remaining directors of the company intended to identify and appoint additional directors. Following the company’s announcements on January 5, 2022 and January 7, 2022, Carlson Capital intends to engage in discussions with the company regarding the appointment and/or election of additional directors, which may include directors to be identified by Carlson Capital.
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