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Jim Roumell Threatens Covisint Corp (COVS) With A Proxy Fight Unless The Company Is Sold

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Jim Roumell and his team have stepped up their activist efforts with Covisint Corp (NASDAQ:COVS), insisting the company should sell itself in order to keep up with competitors. Together with his fund, Roumell Asset Management, Jim Roumell holds roughly 2.01 million shares of Covisint, which account for 4.98% of the company’s common stock. A recent filing with the Securities and Exchange Commission, shows that Roumell is ready to engage in a proxy contest should the board of directors resist refuse to look for a potential buyer for the company.

Covisint Corp (NASDAQ:COVS) is a provider of could services and its platform offers a wide range of business services aimed to facilitate management and collaboration between companies. In his letter to Covisint’s board, Roumell argues that, while the company’s platform has great potential and is superior to most of its competitors, the lack of “brand awareness and insufficient marketing heft” has hurt the company’s ability to generate new subscription revenue. Therefore, he argues it is in the interest of both shareholders and the company itself to seek out a buyer with larger pockets, that would be able to help Covisint improve its brand awareness and marketing efforts. Roumell asks the appointment of two new independent directors that would analyze the possibility of selling the company.

Covisint Corp (NASDAQ:COVS) is not a very popular stock among the funds followed by Insider Monkey, with only 7 of them having reported a stake in the company in their latest 13F filings. Together, these funds amass more than 21% of the company’s common stock. Paul Singer‘s Elliott Management holds the largest stake among the funds in our database, having reported ownership of 2.95 million shares worth $5.9 million at the end of the first quarter.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Roumell Asset Management 1,166,925 806,507 1,166,925 806,507 1,972,432 4.87%
James C. Roumell ( Roumell ) 1,210,405 806,507 1,210,405 806,507 2,016,912 4.98%
Jim Roumell
Jim Roumell
Roumell Asset Management

Page 1 of 6 – SEC Filing

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
SCHEDULE 13D/A
(Amendment No. 2)
Under the Securities Exchange Act of 1934
Covisint Corporation
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
22357R103
(CUSIP Number)
James C. Roumell
Roumell Asset Management, LLC
2 Wisconsin Circle, Suite 660
Chevy Chase, MD  20815
(301) 656-8500
 (Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 15, 2016
 (Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rules 13d-1(e), 13d-1(f) or 13d-1(g), check the following box.  o
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

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