Brett Hendrickson‘s Nokomis Capital recently filed a Form 13D with the Securities and Exchange Commission, in which it reported reaching an agreement with Telenav Inc. (NASDAQ:TNAV) which will see, among other things, two members of the fund added to the company’s Board. Wes Cummins will be added to Telenav’s Board of Directors as a Class I director (with a term lasting until the 2016 annual meeting of shareholders), while Brett Hendrickson will be added as a Class II director (with a term ending at the 2017 annual meeting). The company also agreed to renominate Mr. Cummins and to ask for proxies for his election to the Board, and to appoint him to the Nominating & Governance Committee of the Board. Nokomis Capital, which owns 4.01 million common shares of Telenav (NASDAQ:TNAV) that account for 9.4% of the company’s outstanding stock, agreed to a certain standstill period, during which it will use all of its voting power to support the Board’s propositions.
Telenav is a company that offers professional location-based platform services such as Global Positioning System, automotive navigation solutions, and satellite navigation. Since the beginning of the year, the company’s stock has lost 2.46%. In its financial report for the fourth quarter of its fiscal year 2016, the company disclosed a non-GAAP loss per share of $0.12, topping analysts’ estimates of a loss per share of $0.18, and revenue of $47.75 million, also beating the estimates of $41.69 million. Earlier this month, B. Riley reiterated its ‘Buy’ rating on Telenav’s stock, with a price target of $10.
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Among the hedge funds tracked by Insider Monkey, ten reported holding positions in Telenav (NASDAQ:TNAV) as of the end of June, down by one from the end of the previous quarter. Among the smart money managers long the stock on June 30 were John W. Rogers’ Ariel Investments, which held a position valued at $19.4 million, Jim Simons’ Renaissance Technologies, with a $1.81 million position, and Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital. An investor who dumped Telenav (NASDAQ:TNAV) was Ken Griffin’s Citadel Investment Group, which sold off its position that had been valued at $256,000 on March 31.
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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 |
|---|---|---|---|---|---|---|
| NOKOMIS CAPITAL MASTER FUND | 4,008,736 | 4,008,736 | 4,008,736 | 4,008,736 | 4,008,736 | 9.4% |
| NOKOMIS CAPITAL PARTNERS | 4,008,736 | 4,008,736 | 4,008,736 | 9.4% | ||
| NOKOMIS CAPITAL OFFSHORE FUND, LTD | 4,008,736 | 4,008,736 | 4,008,736 | 9.4% | ||
| NOKOMIS CAPITAL ADVISORS | 4,008,736 | 4,008,736 | 4,008,736 | 9.4% | ||
| NOKOMIS CAPITAL | 4,008,736 | 4,008,736 | 4,008,736 | 9.4% | ||
| BRETT HENDRICKSON | 4,008,736 | 9.4% |
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Page 1 of 10 – SEC Filing
(Name, Address and Telephone Number of Person
