Camac Partners increased its stake in Liberated Syndication (LSYN)

M.Cap: $105 million | Liberated Syndication Inc. provides domain name registration, and podcast and Web hosting services in the United States and internationally.

On April 26, 2019, Camac Partners (6.3%) commenced a process to call a special meeting of stockholders. If a Special Meeting is called, Camac Partners intended to present a number of matters to a vote of stockholders, including (1) the removal of all of the company’s current directors; (2) the election of five independent directors; and (3) substantial improvements to the company’s corporate governance. In order to call a Special Meeting, the Camac Partners must deliver written special meeting requests from the holders of at least 25 percent of the Common Stock. Also, Camac Partners expressed its concerns on management’s poor track record, executive compensation, massive dilution and poor capital allocation of the company. Source

On May 10, 2019, Camac Fund reiterated its concerns and seeks support from the shareholders to call a special meeting.

On June 12, 2019, Camac Fund urges all stockholders to promptly return the WHITE special meeting request card in order to call a special meeting of stockholders. Source

On June 25, 2019, Camac Fund stated that it had received consents approaching 25% of the common stock of Liberated Syndication, Inc. which is the threshold necessary to call a special meeting of stockholders. Source

On July 11, 2019, Camac Fund delivered a letter to the company nominating five candidates for election to the Board at the 2019 Annual Meeting of Stockholders. The Notice also included various proposals to improve the corporate governance. Source

On July 16, 2019, Camac Fund announced that it has obtained the requisite support of stockholders to call a special meeting of stockholders.  Camac has also formally commenced the process of calling a special meeting. At the special meeting, Camac intends to present proposals to reconstitute the board with high-quality, independent directors who are committed to acting in the best interests of stockholders. In addition, Camac will present various proposals to substantially improve Libsyn’s corporate governance.

On August 22, 2019, the independent inspector of election confirmed that a sufficient number of stockholders exercised their right to call a special meeting. If the company does not call a special meeting, then Camac is permitted to call the special meeting beginning on September 14, 2019. Source

On August 27, 2019, Camac Fund filed proxy materials seeking shareholder support to vote for its five nominees and for the removal of incumbent directors.

On October 4, 2019, the company announced that it has reached a settlement agreement with Camac Fund (6.7%). The agreement includes: the addition of new directors to the Board of Directors, including Eric Shahinian (a managing member of Camac Partners) and Brad Tirpak (a managing director at Palm Active Partners), and at least one new independent director; Camac withdrawing its special meeting request; and Camac dismissing its pending litigation in Nevada.

On June 7, 2021, Camac Fund increased its stake to 12.2%