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Eastern Advisors Capital Group Sells Some More Shares of Remark Media

Eastern Advisors Capital Group sliced its exposure to Remark Media Inc (NASDAQ:MARK) recently, a newly amended filing with the Securities and Exchange Commission revealed. The fund currently owns 356,481 shares, down from  414,621 shares disclosed in an earlier filing. The position which Eastern holds in Remark is activist by nature and amasses 3.3% of the common stock, versus 5.7% held previously. At the current share price of Remark, the value of Eastern’s stake amounts to $1.8 million.

Remark Media

Eastern caught our attention over a month ago, when it disclosed cutting its position in Remark to 414,621 shares, from 495,981 shares. Earlier, the fund disclosed holding a total of 557,300 shares, equal to 7.7% of the company’s common stock.

Remark Media is a digital media company specialized in operating Web publishing platforms. In the third quarter, the company posted a net loss of $1.3 million, which represents an improvement from over $2.4 million in the same quarter of last year. The nine-months net loss remained slightly expanded over the year to around $4.5 million. Earlier this month, Remark contracted a $2.5 million loan with an interest rate of 6.67% and 8.67% in the first and second years respectively.

In May, the company received a notification from the NASDAQ stock market, which stated that the company’s insufficiency of stockholders equity did not comply with the listing rules. In November, Digipac, LLC announced about its intentions to convert the Notes into common stock, which led to increasing the amount of outstanding stock by almost 3.6 million shares. Following this move, the company regained compliance to keep its position on NASDAQ, Remark said in its latest 10-k report filed with the SEC.

Among the largest shareholders of the company, according to the latest 13F filings, we can mention Capital Research Global Investors and Ashford Capital Management, which held around 359,000 shares, and 282,900 shares respectively. The value of the positions amounts to $1.4 million, and $1.1 million respectively.

Disclosure: none

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