Cannell Capital LLC Asks Carparts.com Board to Take Action to Protect Shareholder Value
Alta, Wyoming--(Newsfile Corp. - March 31, 2023) - On March 17, 2023 Cannell Capital LLC ("CC") sent a letter to Carparts.com, Inc. ("PRTS") management. As the sixth largest shareholder of PRTS as of December 31, 2022, CC wrote to comment on David Kanen's March 15, 2023 letter to the Board of Directors of PRTS.
To wit, CC wrote, "CC is both a long-term shareholder of PRTS and a patient one. Our patience is finite, however. CC generally agrees with Mr. Kanen and this excerpt in particular: (1) Repurchase shares under the previously announced $30 million share repurchase program announced in 2022; (2) Conduct a detailed and thoughtful expense rationalization program; and (3) Halt any further equity dilution until stockholder value is restored to peak levels."
While CC agrees with these specific points of Mr. Kanen's with regards to PRTS, CC has not formed a group with Mr. Kanen. CC reserves the right to form a group with Mr. Kanen, or anyone else, in the future and to disband such group at any given time.
Contact:
Stephen C. Wagstaff
info@cannellcap.com
307-733-2284
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160924
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