Activist hedge fund Cannell Capital has acquired close to a 13% stake in medical device company Neuronetics, according to a report by the Philadelphia Business Journal, and is now seeking a seat on the company’s board.
Activist hedge fund Cannell Capital has acquired close to a 13% stake in medical device company Neuronetics, according to a report by the Philadelphia Business Journal, and is now seeking a seat on the company’s board.
The report cites documents filed by Euroentics with the US Securities and Exchange Commission (SEC) as revealing that the Wyoming-based hedge fund has acquired in excess of 3.46 million shares of the business for $29.1 million which represents a 12,94% stake.
Cannel Capital, which was founded by J Carlo Cannell, is reported as having close to $900 million in discretionary assets under management.
