Key Summary: On July 27, 2023, Peter Derycz and Bristol Fund (20.1%) aimed to enhance shareholder value, potentially nominating directors. On August 4, 2023, Derycz nominated six candidates, revising to four on August 16. On September 15, 2023, a cooperation agreement led to Derycz's resignation and withdrawal of nominations. On August 10, 2023, Cove Street Capital (8.14%) opposed Derycz's slate and urged internal resolution.Market Cap: $73 million | Research Solutions, Inc., through its subsidiaries, provides cloud-based software-as-a-service research platform.
Peter Derycz
On July 27, 2023, Peter Derycz, Executive Chairman of the company, together with Bristol Fund, formed a group (who together own 20.1% of the company) to enhance shareholder value at the company. They intend to take certain actions, including engaging in communications with the board and potentially nominating a slate of director candidates for election to the board at the company’s 2023 AGM.
On August 4, 2023, Peter Derycz issued an open letter to the company’s board nominating six candidates to the company’s board.
On August 16, 2023, Mr. Derycz delivered a letter to the company nominating a slate of four candidates, including Peter Derycz, Paul Kessler, Janice Peterson and Andrew Ritter, for election to the board at the 2023 AGM. Source
On September 15, 2023, the investor group (Peter Derycz and Bristol Advisors) entered into a cooperation agreement and pursuant to it, Mr. Derycz will terminate his employment and resign all positions. A mutually agreed independent director will replace him. The Investor Group also withdrew its intent to nominate directors for the 2023 annual meeting. Source
Cove Street Capital
On August 10, 2023, Cove Street Capital (8.14%) sent a letter to the board urging the Derycz group to resolve their differences privately within the board to find a solution that serves the best interests of shareholders. Cove Street Capital has reviewed the Derycz group's filing and strongly opposes the slate of directors proposed by the group.
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