Kanen Wealth Management decreased its stake after securing Board seats in Aqua Metals (AQMS)

M.Cap: $62mm | Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing lead recycling with its patented and patent-pending AquaRefining™ technology. AquaRefining is a room temperature, water-based process that is fundamentally non-polluting. 

On March 23, 2018, Kanen Wealth Management/Philotimo Fund (7.9%) delivered a letter to the company nominating a slate of four candidates for election to the Board at the 2018 annual meeting of stockholders. Source

On March 26, 2018, Kanen issued a press release that it has nominated a slate of four highly qualified candidates for election to the Company’s Board of Directors at the upcoming 2018 Annual Meeting of Stockholders.

On April 2, 2018, Kanen Wealth Management/Philotimo Fund (7.9%) delivered a letter to the company nominating an additional director candidate, S. Shariq Yosufzai for election to the Board at the 2018 annual meeting of shareholders. Source

On April 11, 2018, Kanen Wealth Management/Philotimo Fund issued a press release announcing that it has filed preliminary proxy materials with the SEC seeking the election of its slate of director nominees to the Aqua Metals board of directors at the upcoming 2018 Annual Meeting of Stockholders.

On April 13, 2018, Kanen Wealth Management/Philotimo Fund (8%) issued a press release commenting on the new CFO appointment at the company.   David Kanen, the managing member of Kanen Wealth Management expressed his grievance that the newly appointed CFO has a poor track record with  Marathon Patent Group. Also, Kanen questioned the compensation allotted by the Board to him. He reiterated the need for an immediate Board change to put the Company on the right path and reverse the recent and drastic underperformance. 

On April 18, 2018, Kanen issued a press release urging stockholders to STOP, LOOK and LISTEN before taking any action in response to the Company’s solicitation of proxies for the Annual Meeting and to wait until they receive Kanen’s proxy materials and WHITE proxy card before voting.

On April 18, 2018, Kanen issued a press release announcing that it has added former Equinix, Inc. executive Sushil (“Sam”) Kapoor to its slate of director nominees for election at the upcoming 2018 Annual Meeting of Stockholders. Mr. Kapoor replaces David L. Kanen as a Director Nominee for the 2018 Annual Meeting and joins Anthony Ambrose, Alan Howe, Jeffrey Padnos and S. Shariq Yosufzai as one of Kanen’s five director candidates for election at the 2018 Annual Meeting.

On May 2, 2018, the company announced that it has entered into a settlement agreement with Kanen Wealth Management. Under the agreement, the company has appointed KWM nominees - - Mr. S. Shariq Yosufzai and Mr. Sushil (“Sam”) Kapoor - - to the Board, effective immediately. Subsequently, Kanen withdrew its slate of nominees for election to the Board of Directors of the Company at the Annual Meeting.

On October 8, 2020, Kanen Wealth Management/Philotimo Fund decreased its stake to 4.85%.