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Emcore Corp (EMKR): Eric Singer Takes Large Position, Hints at Activist Campaign

Eric Singer’s VIEX Capital Advisors (formerly Vertex Capital Advisors) has filed a Form 13D on EMCORE Corporation (NASDAQ:EMKR), declaring a position of 1.97 million shares of the company, equaling 7.6% of its outstanding shares. The shares were purchased between March 22 and April 5, at prices ranging from $4.99 to $5.15 per share.

Item 4 of the filing also includes the following statement, which suggests the activist money manager could pursue a seat or seats on the company’s board:

“Despite the Issuer’s long stated policy to continually review its capital allocation and previous announcement that it expected to approve a cash dividend or distribution to shareholders, the Reporting Persons are not only disappointed with the Board’s decision, hidden in a Current Report on Form 8-K filed with the SEC on March 14, 2016, that the Board has decided not to pay a cash dividend to shareholders, but also with how long it has taken the Board to follow through on its capital allocation plans.  In order to ensure the protection of shareholder interests, the Reporting Persons believe that shareholder representatives are needed on the Board of the Issuer.”

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
VIEX Opportunities Fund 1,221,281 1,221,281 1,221,281 4.7%
VIEX Special Opportunities Fund II 751,496 751,496 751,496 2.9%
VIEX GP 1,221,281 1,221,281 1,221,281 4.7%
VIEX Special Opportunities GP II 751,496 751,496 751,496 2.9%
VIEX Capital Advisors 1,972,777 1,972,777 1,972,777 7.6%
Eric Singer 1,972,777 1,972,777 1,972,777 7.6%

Page 1 of 14 – 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
EMCORE Corporation
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
290846 20 3
(CUSIP Number)
ERIC SINGER
VIEX CAPITAL ADVISORS, LLC
825 Third Avenue, 33rd Floor
New York, New York 10022
 
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
April 4, 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 ¨.
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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