In recent 13D filing with the US Securities and Exchange Commission, Michael M. Rothenberg and David Sackler‘s Moab Capital Partners reported a 7.7% stake in Perceptron, Inc. (NASDAQ:PRCP). The filing showed that Moab owns 715,448 shares of Perceptron, which is higher than the 617,870 shares revealed in an earlier 13D and 210,804 shares it reported in its last 13F filing.
In addition, Moab disclosed a letter delivered to Perceptron’s board of directors, in which it expressed its concern with the “significant shareholder value destruction”. The investor also said that its meeting with Chairman and Interim CEO Rick Marz raised its fear that his activity “will have devastating long-term consequences for shareholders”.
“We are therefore seeking immediate and significant changes to Perceptron’s Board and executive management team that we believe are absolutely required to address the serious leadership and governance concerns at Perceptron,” Moab added.
Moab also attached a presentation to its letter, in which further outlines its case and suggests the termination of Mr. Marz as interim CEO and the replacement of the Board of Directors. The presentation and the letter can be accessed here.
Overall, at the end of the fourth quarter, a total of five of the hedge funds tracked by Insider Monkey were long this stock, down by one over the quarter. Among these investors, John W. Rogers‘ Ariel Investments owns the largest position, valued at $12.6 million. Another investor bullish on Perceptron is Chuck Royce’s Royce & Associates, which owns an $8.8 million stake. On the other hand, Blue Clay Capital unloaded its entire position during the fourth 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 |
|---|---|---|---|---|---|---|
| MOAB CAPITAL PARTNERS | 715,448 | 0 | 715,448 | 0 | 715,448 | 7.7% |
| MOAB PARTNERS | 679,208 | 679,208 | 679,208 | 7.3% | ||
| MICHAEL M. ROTHENBERG | 715,448 | 715,448 | 715,448 | 7.7% |
Page 1 of 9 SEC Filing
(Name, Address and Telephone Number of Person
