J. Carlo Cannell‘s Cannell Capital recently filed a 13D with the US SEC regarding its investment in United Online Inc (NASDAQ:UNTD), in which it expressed its position vis-a-vis the proposed merger between United Online and B. Riley Financial Inc (NASDAQ:RILY) (a shareholder of the company).
Cannell Capital, which is a major shareholder of United Online and owns 684,210 shares, or 4.57% of the outstanding stock, said it had voted against the deal between two companies. In addition, compared to its latest 13F filing (for the end of March), Cannell Capital slightly decreased its the stake from 698,149 shares.
United Online is a company that offers a plethora of online services on the Internet, under many brands such as Juno, MyPoints, Net Zero, and Trombi to name a few; running in three sectors: Social Media, Communications and Commerce&Loyalty. Looking to narrow the social media segment of their business United Online recently sold a set of its subsidiaries that together form StayFriends’ business. Over the past 12 months, the company’s shares have dropped by 27.52%. In its latest financial report for the first quarter of 2016 United Online (NASDAQ:UNTD) reported revenue of $18.4 million and a diluted net loss per share of $2.61, which compares to revenue of $24.3 and diluted loss per share of $0.06 reported for the same period in the previous year.
According to Insider Monkey’s database, 14 investors were long this stock at the end of March, versus 11 funds, a quarter earlier. Among them the biggest position was held by Cannel Capital, which was followed by Jim Simons’ Renaissance Technologies, valued at $5.5 million. Some other investors that are bullish on United Online (NASDAQ:UNTD) contain John Fichthorn’s Dialectic Capital Management, David E. Shaw’s D E Shaw, Israel Englander’s Millennium Management, Peter Algert and Kevin Coldiron’s Algert Coldiron Investors, and Dmitry Balyasny’s Balyasny Asset Management.
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|
|J. Carlo Cannell||684,210||0||684,210||0||684,210||4.57%|
Page 1 of 8 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
United Online, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
Cannell Capital LLC
245 Meriwether Circle
(Name, Address and Telephone Number of Person
to Receive Notices and Communications)
June 16, 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. ☐
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.
(Continued on following pages)
(Page 1 of 8 Pages)
* 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).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB control number.