10X FUND, L.P.
recently disclosed that they own a 31.9% stake in Evans & Sutherland Computer Corp (NASDAQ:ESCC) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission on Friday, September 8th. The investor owns 14,500,478 shares of the stock worth about $13,778,354. The reporting parties listed on the disclosure included 10X Fund, LP, 10X Capital Management, LLC and James C Czirr. The disclosure is available through the SEC website at this link.
10X FUND, L.P.
provided the following explanation of their ownership:
The Reporting Persons acquired their interests in the Issuer for investment purposes. The Reporting Persons intend to monitor and evaluate their investment on a continuing basis. The Reporting Persons have the present intention to take the following actions in relation to the Issuer:
10X Fund has the right to appoint two persons to the board of directors (the “Board”) of the Issuer, and to nominate three additional persons as directors, who are subject to election by all shareholders to the Issuer. To date, 10X Fund has appointed two persons to the Board, one of whom is Mr. Czirr, but has not exercised the remainder of its rights to nominate persons to the Board. 10X Fund plans to notify the Issuer that it intends to appoint two persons to the Board. 10X Fund also plans to notify the Issuer that it intends to nominate three persons to be members of the Board, who are subject to the vote of all shareholders of the Issuer at the Issuer’s next annual meeting of shareholders. The identity of the persons to be appointed and nominated by 10X Fund to the Board have not been determined at this time, except that Mr. Czirr will be one of the appointees. 10X Fund also intends to exercise its right to insist that the Issuer reduce the size of the Board to nine members.
Except as set forth in this Item 4 and elsewhere in this Statement, the Reporting Persons do not have any plans or proposals which related to or would result in any of the actions specified in Item 4 of Schedule 13D, but the Reporting Persons reserve the right to change their intentions with respect to any of the foregoing at any time without notice.
Shares of Evans & Sutherland Computer Corp (NASDAQ ESCC) traded down 4.9800% during mid-day trading on Friday, hitting $0.9502. 11,881 shares of the company’s stock traded hands. The stock has a market cap of $10.79 million and a P/E ratio of 4.5464. The stock has a 50 day moving average price of $1.06 and a 200-day moving average price of $1.30. Evans & Sutherland Computer Corp has a 1-year low of $0.85 and a 1-year high of $1.98.
Evans & Sutherland Computer Corp Profile
Evans & Sutherland Computer Corporation (E&S) focuses on the production of visual display systems used primarily in full-dome video projection applications, dome projection screens, dome architectural treatments, and content for planetariums, schools, science centers, other educational institutions and entertainment venues.
Receive News & Ratings for Evans & Sutherland Computer Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Evans & Sutherland Computer Corp and related companies with our FREE daily email newsletter.