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Moab Capital Partners Increases Stake in Perceptron Inc (PRCP); Asks for CEO and Board Replacement

Published on March 16, 2016 at 3:17 pm by Meena Krishnamsetty in Hedge Funds, News
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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%

Follow Michael M. Rothenberg's Moab Capital Partners

Page 1 of 9 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
Perceptron, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
71361F100
(CUSIP Number)
CHAD H. GOLDSTEIN
MOAB CAPITAL PARTNERS, LLC
15 East 62nd Street
New York, New York 10065
(212) 981-2623
 
ANDREW FREEDMAN, ESQ.
MEAGAN REDA, 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)
March 14, 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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