Shareholder Galloway Calls for Strategic Action at WidePoint Corporation (WYY) Amidst Stock Performance Concerns

Market Cap: $15 million | WidePoint Corporation is a provider of information technology (IT)-based products, services and solutions. 

On October 26, 2023, Galloway (4.3%) expressed disappointment in the company' stock performance over the past 3 years, citing a decline from $15.50 to $1.66/share despite the company's advanced technology. Galloway recommended exploring strategic alternatives, including a possible sale, to enhance shareholder value. Additionally, he proposed a candidate with public board and capital markets experience to join the Board. Source

Past

In April 2017, Nokomis Capital disclosed a 15.4% stake in the company and engaged in discussions with the management and board regarding board composition and enhancing shareholder value. By June 2017, they nominated three candidates for the Board. In July 2017, a standstill agreement led to the appointment of two Nokomis Capital candidates as directors. In 2018, an agreement allowed Nokomis to appoint one Class III director, and in February 2019, two directors were appointed. By May 2020, Nokomis Capital reduced its stake to 9.9%.