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Telenav Inc. (TNAV) Signs Agreement With Nokomis Capital, Wes Cummins and Brett Hendrickson Appointed to Board

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Brett Hendrickson‘s Nokomis Capital recently filed a Form 13D with the Securities and Exchange Commission, in which it reported reaching an agreement with Telenav Inc. (NASDAQ:TNAV) which will see, among other things, two members of the fund added to the company’s Board. Wes Cummins will be added to Telenav’s Board of Directors as a Class I director (with a term lasting until the 2016 annual meeting of shareholders), while Brett Hendrickson will be added as a Class II director (with a term ending at the 2017 annual meeting). The company also agreed to renominate Mr. Cummins and to ask for proxies for his election to the Board, and to appoint him to the Nominating & Governance Committee of the Board. Nokomis Capital, which owns 4.01 million common shares of Telenav (NASDAQ:TNAV) that account for 9.4% of the company’s outstanding stock, agreed to a certain standstill period, during which it will use all of its voting power to support the Board’s propositions.

Telenav is a company that offers professional location-based platform services such as Global Positioning System, automotive navigation solutions, and satellite navigation. Since the beginning of the year, the company’s stock has lost 2.46%. In its financial report for the fourth quarter of its fiscal year 2016, the company disclosed a non-GAAP loss per share of $0.12, topping analysts’ estimates of a loss per share of $0.18, and revenue of $47.75 million, also beating the estimates of $41.69 million. Earlier this month, B. Riley reiterated its ‘Buy’ rating on Telenav’s stock, with a price target of $10.

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Among the hedge funds tracked by Insider Monkey, ten reported holding positions in Telenav  (NASDAQ:TNAV) as of the end of June, down by one from the end of the previous quarter. Among the smart money managers long the stock on June 30 were John W. Rogers’ Ariel Investments, which held a position valued at $19.4 million, Jim Simons’ Renaissance Technologies, with a $1.81 million position, and Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital. An investor who dumped Telenav  (NASDAQ:TNAV) was Ken Griffin’s Citadel Investment Group, which sold off its position that had been valued at $256,000 on March 31.

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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
NOKOMIS CAPITAL MASTER FUND 4,008,736 4,008,736 4,008,736 4,008,736 4,008,736 9.4%
NOKOMIS CAPITAL PARTNERS 4,008,736 4,008,736 4,008,736 9.4%
NOKOMIS CAPITAL OFFSHORE FUND, LTD 4,008,736 4,008,736 4,008,736 9.4%
NOKOMIS CAPITAL ADVISORS 4,008,736 4,008,736 4,008,736 9.4%
NOKOMIS CAPITAL 4,008,736 4,008,736 4,008,736 9.4%
BRETT HENDRICKSON 4,008,736 9.4%

Brett Hendrickson
Brett Hendrickson
Nokomis Capital

Page 1 of 10 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 1)1
Telenav, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
879455103
(CUSIP Number)
BRETT HENDRICKSON
NOKOMIS CAPITAL, L.L.C.
2305 Cedar Springs Road, Suite 420
Dallas, Texas 75201
(972) 590-4100
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
August 24, 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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
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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