Spear Point Capital Joins Cannell At TheStreet
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.
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 TheStree 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.