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Investments

3

Portfolio Exits

2

About Cannell Capital

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Latest Cannell Capital News

Cannell launches new attack on Lee Enterprises board

Apr 24, 2019

Cannell launches new attack on Lee Enterprises board Apr. 24, 2019 1:05 PM ET After some quiet in its war on the board of Lee Enterprises ( LEE -3.5%), Cannell Capital has launched a new salvo . A "positive trend" for shareholders is the decline in support for incumbent directors Mary Junck, Herb Moloney and Kevin Mowbray, Cannell says. Approval for the three dropped to an average 83% at February's annual meeting, Cannell says, compared to 97% in 2016 -- a development for which Cannell is taking credit, due to opposing a "tired and stale board." Proxy advisers ISS and Glass Lewis were unanimous in agreeing that Lee should recruit new directors, Cannell says. The firm also objects to three directors being over age 70, contravening the company's corporate governance guidelines. "Although these guidelines do specify an expectation for 'extraordinary circumstances,' shareholders should ask LEE what are these extraordinary circumstances which cause a full one third of the Board to violate its own guidelines. Are there really any extraordinary circumstances?" A window for new shareholder nominations to the board closes Sept. 24; "In the meantime, this owner is disappointed by what appears to be a sham search process," Cannell says. "Should some fresh blood appear, this shareholder suspects that it will take the form of a meek candidate hand-picked by the entrenched incumbents."

Cannell Capital Investments

3 Investments

Cannell Capital has made 3 investments. Their latest investment was in MindMed as part of their Series A on February 2, 2020.

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Cannell Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/27/2020

Series A

MindMed

$24.2M

Yes

2

3/17/2000

Unattributed VC

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$99M

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10

3/10/2000

Unattributed VC - II

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$99M

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10

Date

2/27/2020

3/17/2000

3/10/2000

Round

Series A

Unattributed VC

Unattributed VC - II

Company

MindMed

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Amount

$24.2M

$99M

$99M

New?

Yes

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Co-Investors

Sources

2

10

10

Cannell Capital Portfolio Exits

2 Portfolio Exits

Cannell Capital has 2 portfolio exits. Their latest portfolio exit was MindMed on February 28, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/28/2020

Reverse Merger

1

00/00/0000

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10

Date

2/28/2020

00/00/0000

Exit

Reverse Merger

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Companies

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Valuation

Acquirer

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Sources

1

10

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