Michael D. Durham, Ph.D.
Former President & CEO
Advanced Emissions Solutions, Inc.
The ClientInter Parfums is a developer, manufacturer and worldwide distributor of fragrance and beauty products, partnering with prestige, designer and specialty retail brands.
The Start•Commenced services: April 2000. • Market cap: $85 million. • 80% of shares were closely held, leaving a small public float and nominal liquidity. • Average daily trading volume: 5,000 shares. • Handful of institutional holders, primarily quantitative investors.
Our Ongoing Role•Implement and manage an active contact and meetings program, targeting relevant institutional investors and sell-side analysts. • Prepare compelling written communications including news releases, Annual Reports, scripts and presentations. • Handle administrative IR duties.• Write speeches for internal events, and for customer and distributor events.• Coordinate the placement of material company news with high-profile fashion, beauty and consumer media.
Results•Research coverage initiated by a number of firms. • Present at conferences sponsored by various firms including D.A. Davidson, Jefferies, Citi and Raymond James. • Institutional holdings increased to 50%. • Average daily volume reached 100,000+ shares. • Market cap topped $2.5 billion. • Three 3-for-2 stock splits. • Included on Russell 2000® and 3000® and S&P SmallCap 600 Indexes. • Featured in Business Week, Investor's Business Daily and Forbes; other media stories and TV coverage.
The ClientCPI Aero is engaged in the contract production of structural and other aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces.
The Start•Commenced services in March 2003.•3% institutional ownership.•No research coverage.
Our Role During 13-Year Relationship•Presented CPI's unique industry niche and financial strengths in all communications, including news releases, Annual Reports, conference call scripts, corporate profiles and presentations.•Arranged many non-deal roadshows with institutional investors in New York, Boston, San Diego, Los Angeles, San Francisco, Baltimore, Philadelphia, Florida, Chicago, Milwaukee, and numerous teleconferences and visits to HQ.•Arranged for management to present at institutional investment conferences, including events hosted by: UBS, Cannacord Genuity, DA Davidson, Jefferies, B. Riley, Roth Capital, Benchmark, Noble Financial and Drexel Hamilton.•Arranged successful Investor Days at HQ and the NYSE, each with 40-50 investors/analysts in attendance.•Worked with management to communicate several sensitive corporate matters.•Relieved management of administrative IR duties.
Results•Over 85% institutional ownership as compared to 3% at the beginning of our relationship.•Research coverage initiated by B. Riley, Canaccord Genuity, Capstone Securities, CK Cooper, Noble Financial, Roth Capital, Sidoti, and Topeka Capital Markets.•Contacts we introduced to CPI participated in the follow-on offering in 2012, and purchased 500,000 shares from the retiring founder and 250,000 shares from the former CEO.•Market cap more than tripled.•Featured in key business media including The Wall Street Journal, Reuters, Crain's, as well as on WLIW (Long Island's PBS Station); regular coverage in the trade and local press.•Active investor conference schedule.•Included on Russell 2000® Index and Russell Microcap Index.
The ClientElectromed (NYSE American:ELMD) develops, manufactures, and markets innovative airway clearance therapy products, including SmartVest® Airway Clearance System, for use primarily in the home setting.
The Start•Commenced services in mid-2016. Market cap was approximately $35 million and 90-day moving average daily volume approximated 70,000 shares.
Our Ongoing Role•Plan and manage a strategic communications program. •Created a new, comprehensive investor presentation. •Spearheaded implementation of a professional investor relations section for the Company’s website. •Re-established quarterly conference calls. •Draft conference call scripts, shareholder letters, earnings releases and other announcements. •Arrange meetings with investors and analysts in various cities. •Serve as a trusted contact; handle phone and email inquiries from investors. •Provide advisory on a range of subjects related to public company life. •Provide market intelligence on an array of company and peer matters. •Perform administrative IR duties, including arranging quarterly conference calls, fulfilling requests for investment materials, maintaining the email list, etc.
Results•Market cap topped $140 million and 90-day moving average daily volume exceeded 175,000 shares in mid-2020. •Arranged introductory meetings with MedTech analysts at an array of firms; Colliers and Northland have launched coverage. •Arranged introductory meetings/calls with a number of institutions that became shareholders.•Added to Russell 3000® Index.
The ClientGAN Limited (NASDAQ:GAN) is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the US land-based casino industry, offering igaming and sports betting platform services.
The Start• Relationship commenced in July 2016 with a goal of increasing the London-based Company’s exposure to U.S. investors. The stock was trading on the London Stock Exchange AIM market at approximately 0.29GBP (approximately USD$0.38) per share, with a market cap of roughly USD$27.3 million. The Company had no US research coverage and two US-based institutional holders. Their shares largely traded by UK-based retail traders on macro-economic news in Britain.
Our Ongoing Role• Created and implemented a strategic investor communications program focused on developing an IR message that succinctly explained the investment opportunity in the next six months, year and beyond, and on making introductions to buy-side funds and investors in the US. • Research the business and industry, review peer company disclosures, and interact with Company executives and investors on an ongoing basis. • Created a new investor presentation and develop a wide array of news releases that not only announce various corporate developments but place them in the proper context of the Company’s long-term strategic vision. • Develop and manage a proactive investor/analyst outreach program, including numerous 1x1 meetings and calls. Organize non-deal roadshows in cities across the US and the UK, and secure invitations to an array of investor conferences. • Worked with management through several financings; various investors to whom we had previously introduced GAN participated. • Drive/manage quarterly earnings events, including drafting the news release/script/deck, prepping management for Q&A, and post-call follow-up. • Placed CEO on major media outlets such as Bloomberg, Fox Business News, Forbes, The Financial Times, The Wall Street Journal, and the Los Angeles Times (in addition to many others). • Helped author COVID-19 messaging, which required balancing the positive effects that the pandemic has had on the online gambling market and, consequently GAN’s business, with the gravity and sensitivity of the ongoing global crisis.
Results• After several years of hard work, GAN relisted its shares on the NASDAQ (from the LSE AIM) and completed a successful, and completely virtual, $62 million IPO in May 2020, amidst the global COVID-19 pandemic. B. Riley FBR acted as sole bookrunner, and Macquarie Capital acted as lead manager with Craig-Hallum Capital Group as co-manager. Several investor participants were originally introduced to the Company through our earlier IR efforts. To commemorate the IPO, we led the coordination of a virtual NASDAQ bell-ringing event and associated media interviews (Fox Business News, TD Ameritrade Network). • Stock price exceeded $20.00, and market cap topped $600 million in July 2020. • Northland Capital Markets initiated research coverage of the Company in July 2020, in addition to coverage from the IPO underwriters, B. Riley FBR and Macquarie.
The ClientHill International provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors around the world.
The Start•Commenced services in November 2005 • Arpeggio Acquisition Corp., a SPAC that had identified privately-held Hill International as its acquisition target.
Our Initial Role•Drafted and edited all announcements and presentations associated with the transaction. • Developed and implemented an aggressive investor meetings program to expand shareholder base and support shareholder approval of SPAC acquisition. • Following shareholder approval in June 2006, helped Hill transition to a public company after 30 years of being privately-held. • Continued comprehensive investor outreach, focused on obtaining sell-side research coverage, speaking invitations at brokerage house-sponsored investor presentations, and new buy-side interest. • Consulted with client on Reg. FD, as well as how to address investor expectations. • Provided recommendations regarding the IR component of Hill's corporate web site. • Prepared management for first-ever earnings conference call; scripted remarks, advised on Q&A including potential questions, and assumed all technical and administrative functions of the event. • Prepared management for first-ever Annual Shareholders' Meeting.
Results•Research coverage initiated by B. Riley, Boenning & Scattergood, CJS Securities, Morgan Joseph, Sidoti & Co, Janney Montgomery Scott, William Blair and Sterne Agee. • Stock price and institutional ownership rose substantially following merger. • Hill International and its President and COO featured on CNBC-TV. • Feature story in Investor's Business Daily. • Listed on the NYSE (initially listed on NASDAQ post-merger).
Our Ongoing Role•Manage an ongoing, extensive investor communications program. • Design and implement an active conference and meeting schedule. • Serve as an information exchange for current and potential investors and analysts. • Provide counsel to management on various subjects related to the Company's public status.
The ClientJacuzzi is a global manufacturer and distributor of branded bath and plumbing products for the residential, commercial and institutional markets.
The Start•Commenced services in January 2003. Market cap of $240 million. Institutional ownership of 72%, and average daily trading volume of 138,000 shares.
Our Role•Created positive, understandable positioning statements geared toward investors, the media, and employees. • Arranged meetings with buy-side professionals and sell-side analysts in major cities, as well as opportunistic meetings at HQ in West Palm Beach and US manufacturing plants. • Introduced new presentation format for corporate news releases to clearly and accurately announce business developments, and reinforce key corporate messages. • Developed and regularly updated Corporate Profile and PowerPoint presentation. • Assisted in the upgrade of the IR section of the Company's website. • Unburdened management of certain administrative IR duties, and supported internal VP of IR.
Results•Generated new sell-side research coverage. • Institutional ownership rose to 86%. • Average daily trading volume increased to 500,000+ shares. • The Equity Group received the "Award of Excellence" from the International Association of Business Communicators for its work on Jacuzzi Brands' IR campaign. • In October 2006, Jacuzzi Brands announced a $1.25 billion merger agreement with affiliates of Apollo Management L.P. • The Equity Group drafted various deal-related communications, including press releases, investor Q&A, corporate fact sheet, internal employee communications, and positioning statements. • Jacuzzi Brands closed merger in February 2007.
The ClientLSB manufactures and sells chemical products for the agricultural, mining, and industrial markets.
The Start•Commenced services: September 2006 when the stock was traded on the AMEX. • Market cap: $130 million. • Research coverage from one sell-side analyst. • Institutional ownership: 23%.
Our Current Role•Draft written communications including news releases, presentations, conference call speeches, and Annual Report. • Arrange investor meetings throughout the U.S. including at LSB headquarters, plus teleconferences with buy and sell-side investment professionals. • Pitch investment conference decision makers to secure speaking slots for LSB. • Respond to phone/email inquiries. • Relieve management of administrative IR duties.
Results•Market cap topped $1 billion. •Three firms launched research coverage of the Company. •Institutional ownership increased to 64%. •Convertible preferred and convertible debentures converted into common stock. •Feature story in Business Week's Inside Wall Street column. •Featured on "Mad Money" TV show. •Named to Business Week's list of Hot Growth Companies, Forbes' list of the Best Small Companies and Fortune's list of the Fastest Growing Companies. •Included on the Russell 2000® and 3000® and S&P SmallCap 600 Indexes. •Listed on the NYSE.
The ClientMobile Mini, the leading provider of portable storage solutions in North America and the United Kingdom, and a leading provider of specialty containment solutions in the U.S.; now a part of WillScot Mobile Mini Holdings.
The Start•Commenced services: October 1996. • Market cap: $27 million. • No research coverage. • 5.6% of shares institutionally held.
Our Role During 20+ Year Relationship•Prepared compelling written communications, including news releases, Annual Reports, and presentations. • Managed an active, multi-city contact and meetings program targeting analysts and institutional buyers. Initial focus was micro-cap investors; now targeting mid-cap growth investors. • Supported active schedule of investment conferences and roadshows • Monitored and analyzed sell-side estimates and opinions and provided market intelligence on institutional investors. • Performed administrative IR duties.
Results•Market cap topped $2 billion. • Seven leading investment firms followed WillScot Mobile Mini in research. • More than 20 institutions held 500,000 or more shares. • Added to the Russell 2000® & 3000® Indexes and the S&P Small Cap Index.• Successfully completed merger with WillScot Corporation, a leading specialty rental services provider of innovative modular space and portable storage solutions across North America.
The ClientSterling is a heavy civil construction company engaged in the building, reconstruction, and repair of transportation and water infrastructure.
The Start•Commenced services in July 2004. Market cap: $25 million. Essentially no investor relations materials. No analyst coverage and just two institutional holders owning less than 3% of outstanding shares.
Our Ongoing Role• Develop key investment messages and craft news releases announcing quarterly results, new construction contracts and other significant business developments. • Developed comprehensive communications around two transformative acquisitions in the last five years totaling nearly $500 million in transaction value and providing approximately $100 million of incremental EBITDA for the Company. • Continually update and enhance content, layout and graphics of investor presentation. • Assist in production of conference call scripts, Annual Reports and quarterly SEC filings. • Introduce the Company to institutional investors and sell-side analysts, and organize meetings and conference calls with prospects. • Respond to inquiries from investors and analysts regarding Sterling's operations and financial results. • Handle IR administration and logistics.
Results•Market cap topped $750 million. •75% institutional ownership. •Sterling management regularly invited to participate in institutional investment conferences, and non-deal roadshows. •Currently covered by equity analysts at D.A. Davidson and Keybanc. •Media coverage in national, local and trade press.
The ClientPrivately-held Tecnoglass, the largest glass transformation company in Colombia. Tecnoglass has grown into a global manufacturer of hi-spec architectural glass and window products for the commercial and residential construction markets.
The Start•Commenced services in July 2013 for Andina Acquisition Corp., a Special Purpose Acquisition Company ("SPAC") that had identified Tecnoglass as its acquisition target.
Our Role•Participated in numerous planning and strategy sessions with members of Andina and Tecnoglass. • Refined investment thesis and crafted messaging. • Created and/or edited all corporate collateral materials, including press releases, investor presentation, and corporate profile. • Researched appropriate investor contacts, all of whom were notified of the transaction immediately after its announcement and kept apprised of corporate developments on a regular basis. and sell-side investment profession • Researched appropriate investor contacts, all of whom were notified of the transaction immediately after its announcement and kept apprised of corporate developments on a regular basis. • Conducted rehearsals and Q&A prep with management. • Worked with investment bankers to arrange meetings and calls with members of the financial community. Obtained detailed feedback from each meeting, and reported findings to management. • Managed the creation of Tecnoglass's Investor Relations website. • Prepared and implemented post-IPO Investor Relations plan. • Advised Tecnoglass on various aspects of its transition to a public company.
Results•Completed SPAC merger in December 2013. • Tecnoglass management rang the NASDAQ opening bell on January 24, 2014 to celebrate the listing. • Extensive media coverage in Colombia. • Research coverage launched by Dougherty & Company. • Stock price appreciated 75% within two years of merger completion. • The Company implemented a warrant exchange offer in July 2015. • Institutional ownership has risen significantly.
The ClientA 20-year client until acquired by WellCare in 2017, Universal American was an independent provider of health benefits and services to people covered by Medicare and/or Medicaid through its family of healthcare companies.
The Start•Commenced services in 1996. • Market cap under $100 million • 3% of shares institutionally held. • Nasdaq-listed.
The Early Years•Introduced management to relevant sell-side analysts and institutional investors in cities throughout the U.S. • Secured presentation opportunities at investment conferences. • Prepared or advised on corporate announcements and investor communications. • Assisted in the creation of UAM's Investor Relations website.
Our Later Role•Positioned the Company as it grew through various stages of development. • Prepared or advised on all investor communications, such as corporate news releases, including several transformative acquisitions; investor presentations; and quarterly earnings presentations. • Advised management on a range of matters related to status as a public company. • Provided relevant market intelligence to management. • Facilitated participation in various investment conferences. • Managed email list and investor materials.
Results•Research coverage initiated by numerous firms. • Institutional holdings grew to 90% of shares outstanding • UAM invited to present at a variety of reputable investment conferences. • Market cap reached high of $1.8 billion. • Company listed on NYSE. • The Company sold a segment of the business to CVS for $1.25 billion; paid a special dividend of $14.00 per share in 2011, followed by a $1.00 special dividend in 2012. • UAM was on the Fortune 500 prior to segment sale. • Acquired by WellCare for approximately $600 million in April 2017.
The ClientBioScrip was the largest independent national provider of infusion and home care management solutions, with approximately 2,100 teammates and nearly 70 service locations across the US at the time of our engagement.
The Start•Commenced services in late 2017. Market cap was approximately $315 million. BIOS was referred to The Equity Group by an institutional shareholder who believed that the Company needed: a) a communications upgrade during ongoing turnaround/restructuring activities; and b) assistance in elevating its profile among appropriate investors.
Our Role•Conducted a Perception Study to assess investor and analyst sentiment. We presented the Study to management and to the Board.•Created a new, comprehensive investor presentation to communicate the turnaround underway, as well as management’s strategy for achieving profitable growth.•Planned and managed a strategic communications program. • Advised management to adopt a more conservative approach to near-term guidance. • Counseled on communication of long-term plan with key operating/financial objectives. • Prior to anticipated healthcare legislation of impact to the Company – proactively drafted news release messaging, and provided Q&A prep for management.•Drafted earnings releases, other announcements, and conference call scripts.•Py repared management for earnings call Q&A.•Arranged and attended meetings with new investors and analysts in various cities.•Managed the Company’s active investor conference calendar; attended conferences.•Earned the opportunity to serve as a trusted first point of contact; handled phone and email inquiries. Conducted due diligence calls with potential new investors and regularly engaged with existing shareholders and covering sell-side analysts.•Organized an Investor Day and corresponding tour of a Company facility; event was well-attended and subsequent research notes were quite positive. Several covering firms increased their respective price targets within days of the event.•Provided advisory on a range of subjects related to public company matters.•Provided market intelligence on an array of company and peer matters; created/maintained a sell-side estimates matrix.•Performed administrative duties, including arranging earnings calls, fulfilling requests for investment materials, printing materials for conferences, maintaining the email list, etc. • Developed investor communication and outreach plan to secure shareholder support for the Company’s merger with Option Care Health. Enhanced messaging surrounding the merits of the deal (created new talking points, improved the roadshow deck, proactively set up calls and in-person meetings with top shareholders).
Results•Market cap reached $500 million.•Research coverage initiated by an additional firm, Canaccord Genuity.•Arranged introductory meetings/calls with a number of institutions that became shareholders.•Company successfully completed its merger with Option Care Health in August 2019.
The ClientAxsys designs and manufactures precision optical solutions for defense, aerospace, homeland security, and commercial applications.
The Start•Commenced services in 2004. Stock price was $13. Institutional holdings were 30%. No research coverage.
Our Role•Arranged 13 days of investor/analyst meetings within the first 12 months in various cities, as well as visits to corporate HQ and telephonic meetings. Obtained detailed feedback on all meetings and reported findings to management.•Wrote all investor communications including news releases, conference call scripts, roadshow presentation and investor fact sheets.•Advised management on financial guidance, acquisition communications, and financing alternatives under consideration.•Advised on the development of an Investor Relations section for Axsys' web site.•Maintained ongoing contact with institutional holders and analysts.
Results•Garnered research coverage, and directly introduced the Company to several institutions that established substantial positions in Axsys.•Secondary Offering completed one year into relationship. Participants included various investors previously introduced by The Equity Group.•Institutional holdings increased from 30% to 59% of shares outstanding.•Stock reached high of $21.50 while working together.•Axsys was subsequently acquired by General Dynamics for $54 per share.
The ClientProvider in China of computer-based testing services used for professional licensure and certification tests in various industries.
The Start•Commenced services in April 2011.•IPO completed in January 2008. Lead underwriters were Merrill Lynch and Piper Jaffray.
Our Initial Role•Integrated ATA's key messages into all facets of communications program.•Worked closely with ATA's management team to completely revise and redesign all of the Company's written communication materials, including investor presentation and fact sheet.•Made introductions to relevant investors and analysts.•Coordinated meetings and presentations at Oppenheimer and Piper Jaffray conferences in New York in May 2011.
Our More Current Role•Draft and edit all communications.•Arrange full days of one-on-one and group meetings, as well as conference calls, for management with buy- and sell-side investment professionals throughout the world.•Secure participation in investment conferences.•Provide a 24/7 U.S. presence for ATA investors.•Counsel on all matters related to ATA's position as a public company, as well as topics associated with being a China-based U.S.-listed company.•Relieve management of administrative IR duties, respond to phone/email inquiries, fulfill requests for investment materials, etc.
Results•Market cap grew from $175 million at 4/15/2011 to $260 million at 5/31/2011 (22.3 million shares outstanding).•Secured invitations to major China and small-cap investment conferences within first 90 days.•Research coverage initiated by one firm within 90 days as a direct result of Equity Group introduction.
The ClientAmerican Vanguard develops and markets diversified specialty and agricultural products for crop protection & management, turf & ornamentals management, and public/animal health.
The Start•Commenced services in 1989.•Market cap was less than $10 million.•Less than 5% institutional holdings.•No research coverage.
Our Initial Role•Wrote and disseminated all news releases.•Pitched Company and industry stories to the media.•Arranged select meetings with the financial community, and prepared corresponding presentations.•Handled investor/prospective investor calls, requests for information, list maintenance and other administrative IR duties.
Our Evolving Role Over 30+ Year Relationship•Written work has included writing/editing/disseminating news releases; positioning complex corporate and industry developments; creation of presentations; initiation of quarterly conference calls and webcasts. • Investment community work initially involved arranging select meetings; followed by a more proactive IR campaign focusing on buy-side while also targeting industry sell-side analysts. Helped the Company establish an extensive audience in the investment community. • Media work has included pitching the Company and industry stories. • Other work has included handling investor/prospective investor calls, requests for information, email list maintenance and other administrative IR duties. • Work alongside internal Investor Relations Officer. •Implemented more proactive IR campaign beginning in 2001. Focused on buy-side; also targeted industry sell-side analysts.•Initiated quarterly conference calls and webcasts.•Prepared Corporate Profile for use with investment community, as well as general business purposes.•Additional proactivity with the media.
Results•Steady increase in stock price, with market cap reaching $1 billion.•Institutional ownership increased from less than 5% to 67%.•Research coverage initiated by: Sidoti & Company, Imperial Capital, Piper Jaffray & Co, Feltl and Company, Topeka Capital Markets and Gabelli & Co.•Regular media coverage of Company news; feature stories in key business and trade publications.•Added to the Russell 2000® and 3000® Indexes and the Standard & Poors Small Cap 600 Index.•Listed on the New York Stock Exchange.
The ClientApollo Medical Holdings is a physician-centric, technology-powered healthcare company focused on enabling providers in the successful delivery of value-based care. Leveraging its proprietary population health management and healthcare delivery platform, ApolloMed operates an integrated, value-based healthcare model.
The StartCommenced services in October 2020. Market cap was approximately $812 million and 90-day moving average daily volume approximated 100,000 shares. Approximately 10% institutional ownership.
Our RolePlan and manage a strategic communications program centered around more effectively explaining the ApolloMed story and increasing institutional and retail investor awareness. • Created a new, comprehensive investor deck to clearly depict the ApolloMed story; update the deck regularly. • Managed the development of a new corporate website. • Helped initiate the practice of hosting quarterly earnings calls, developing all earnings materials, advising management on Q&A, and managing the entire process each quarter. • Draft corporate development announcements. • Introduce potential investors and analysts to the story; arrange and participate in meetings with management (virtual/in-person). Secure/manage an active schedule of well-regarded investor conferences and NDRs hosted by non-covering firms. • Serve as a trusted contact; handle phone and email inquiries from investors. • Provide advisory on a range of subjects related to public company life. • Provide market intelligence on an array of company and peer matters. • 50% of shares institutionally held, from zero at spin-off. • Handle IR logistics including arranging quarterly conference calls, coordinating conferences and NDRs, fulfilling requests for investment materials, and maintaining the email list.
ResultsMarket cap topped $3 billion and 90-day moving average daily volume exceeded 600,000 shares one year into relationship. • Introduced the Company to a number of institutions that became shareholders. Institutional holdings grew to approximately 30% of shares outstanding. Ongoing discussions with other investors as well as sell-side analysts.
The ClientAdvanced Emissions Solutions, Inc. provides emissions control solutions for coal-fired power generation and industrial boiler industries.
The StartCommenced services in 2003. • Pending spin-off from parent company.
Our Role During 10-Year RelationshipCounseled management team during spin-off. • Helped secure market makers. • Prepared written communications related to spin-off and other developments. • Arranged personal meetings for management with buy and sell-side investment professionals • Arranged Investor Days at Company locations. • Coordinated management participation in investment conferences and quarterly earnings conference calls/webcasts. • Developed and maintained targeted email list of over 400 financial professionals that follow corporate developments.
ResultsListed on the NASDAQ (initially spun-off to the Bulletin Board). • Market cap rose to $300 million, compared to under $10 million at spin-off. • 50% of shares institutionally held, from zero at spin-off. • Research coverage initiated by Johnson Rice & Company, Wedbush Securities, Canaccord Genuity, Avondale Partners, Pritchard Capital Partners, Sidoti, Lazard Capital Markets, JMP Securities and Robert W. Baird. • Arranged and managed active investment conference schedule. • Feature story in Business Week; interview on Fox Business News. • Affiliate of Goldman Sachs purchased 15.8% equity interest in ADA joint venture. • Completed 2.3 million-share secondary offering led by Lazard Capital Markets, co-managed by Robert W. Baird and JMP Securities.
The ClientTwo River Bancorp (NASDAQ:TRCB) – the holding company for Two River Community Bank, headquartered in Tinton Falls, NJ. Two River Community Bank operates 14 branches along with two loan production offices throughout Monmouth, Middlesex, Union, and Ocean Counties, NJ.
The Start•Commenced services in October 2014.•Stock was trading at $7.75.•Market cap of $70 million.•23% institutional holders.•No research coverage.
Key Aspects of Our Work•Developed communications strategy and drafted news releases, earnings call scripts, and presentations.•Developed/managed an active, multi-city contact and meetings program targeting prospective analysts and institutional buyers.•Provided counsel on various matters relating to Two Rivers’ position as a US-listed public company, and provided an array of market intelligence.
Key Results•Secured invitations to various high quality investor conferences.•Research coverage initiated by FIG Partners.•40% institutional ownership.•Market cap topped $175 million.•Added to Russell 3000® and 2000® Indexes.•Acquired by OceanFirst in Jan 2020; transaction valued at $20.79 per share.
The ClientRepro Med Systems, d/b/a KORU Medical (NASDAQ:KRMD), develops, manufactures, and commercializes innovative and easy-to-use at-home specialty infusion products that improve quality of life for patients around the world.
The Start•Relationship commenced in March 2019. The stock was trading on the OTC at approximately $1.50 per share, with a market cap of roughly $58 million. The Company had no research coverage and two institutional holders.
Our Role•Created and implemented a strategic investor communications program that introduced structure and addressed weaknesses in messaging and disclosure. Our approach was informed by the long-term vision of the new management team and Board of Directors, the realities of the market, and the Company’s evolving business strategy. •Researched the business and industry, reviewed peer company disclosures, and interacted with Company executives and investors. We created a new investor presentation and a wide array of news releases that not only announced various corporate developments, but placed them in proper context of the Company’s long-term strategic vision. •Developed and managed a proactive investor/analyst outreach program, including numerous 1x1 meetings and calls and an array of national investor conferences (which we attended with management). •Drove/managed quarterly earnings events, including drafting the news release/script/deck, prepping for Q&A, and post-call follow-up. •Consulted on corporate re-branding. •Advised the Company regarding its planned uplisting, including appropriate exchange and earlier counsel where we advised management to attempt to meet the uplisting criteria naturally rather than pursuing a reverse split. •Arranged/attended two days of meetings surrounding the JP Morgan Healthcare Conference in San Francisco in January 2020. •Helped author COVID-19 messaging, with an emphasis on the “at home” advantages of the Company’s medical products. •Continued to arrange investor/analyst calls for management during the COVID-19 pandemic.
Results•Craig-Hallum initiated research coverage of the Company in June 2019.•In October 2019, the stock reached $3.90 and the market cap was approximately $150 million.•KRMD uplisted to the NASDAQ in October 2019; we helped coordinate a bell-ringing event at the NASDAQ and associated media interviews.•KRMD had 58 institutional holders as of 3/31/20, including 22 with 50,000+ shares.•In June 2020, the Company completed a $29 million secondary offering; Piper Sandler & Co. and Canaccord Genuity LLC acted as joint bookrunning managers and Craig-Hallum Capital Group acted as lead manager. Several investor participants were originally introduced to the Company through our earlier IR efforts. •Stock price exceeded $9.00 and market cap topped $400 million in mid-2020.