Jul 17, 2024 activistcompany

22NW Fund reaches cooperation agreement with Culp Inc (CULP)

Key Summary: On April 12, 2024, 22NW Fund announced its intention to discuss enhancing shareholder value and improving corporate governance with the management and Board, including potential Board changes. On June 17, 2024, 22NW Fund entered into a cooperation agreement with the company and pursuant to it, it secured one Board seat.

Market Cap: $54 million | Culp, Inc. manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in the United States, North America, the Far East, Asia, and internationally.

On April 12, 2024, 22NW Fund (9.9%) stated that it intends to engage in communications with the management team and Board regarding opportunities to enhance shareholder value and improve corporate governance, including through potential changes to the composition of the Board. Source

On June 17, 2024, 22NW Fund (9.9%) entered into a cooperation agreement with the company and pursuant to it, the company increased the size of the board from eight to nine directors and appointed Alexander B. Jones, 22NW Fund's representative, to fill the resulting vacancy.

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