Spear Point Capital is now active at TheStreet with a 5.1% stake. Recall that Cannell Capital is also active here, owning over 8%. Back in December, Cannell penned a letter to Jim Cramer [letter here], yet Jim has done nothing to improve things at the financial news site he founded.
The stock is down close to 20% YTD.
Spear is now involved, looking to hold discussions with management and potentially push for a board seat, and make some recommendations on dividends, capital structure, recap and acquisitions.
The LF Brook Absolute Return Fund lost -2.52% in the second quarter of 2021, compared to a positive performance of 7.59% for its benchmark, the MSCI Daily TR Net World Index. Year-to-date the fund has returned 4.6% compared to 11.9% for its benchmark. Q2 2021 hedge fund letters, conferences and more According to a copy Read More
In the past, Spear has pushed to get TheStreet all of Series B Preferred shares redeemed. It wants to get Preferred shares eliminated altogether.
The big Spear catalyst is to get TheStreet to explore a sale of parts of its business or an outright merger with another player. It notes that it has been approached by other parties exploring interest in a strategic transaction with TheStreet.