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 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%|
Page 1 of 14 – SEC Filing
(Name, Address and Telephone Number of Person