Charles M. Gillman’s activist position in TransAct Technologies rose to 5.1%, representing 521,841 common shares. The Investment matters because Gillman is urging an urgent review of the BOHA business, strategic alternatives, multiple new directors and possible Shareholder action through a special meeting.

Key Highlights

  • The filing records an aggregate purchase price of approximately $2,453,646 for Gillman’s 521,841 TransAct Technologies shares.
  • Gillman called for an urgent review of the BOHA Business and exploration of strategic alternatives.
  • The shareholder holds sole voting and disposal power over all 521,841 shares.

TRANSACT TECHNOLOGIES INC (NASDAQ: TACT) now has Charles M. Gillman as a 5.1% activist shareholder, with 521,841 common shares. Gillman says the investment is intended for investment purposes. He also believes TransAct’s BOHA business requires an urgent review and possible strategic alternatives. He believes the board should add directors capable of conducting that exploration.

Gillman’s 5.1% Position

The 5.1% ownership figure is based on 10,276,279 TransAct Technologies common shares outstanding. The filing attributes voting authority for 521,841 shares solely to Gillman, as well as authority over their disposition. Filing records put the total cost at approximately $2,453,646, excluding brokerage commissions. Gillman serves as Executive Managing Director of IDWR Office and has his principal office in Santa Monica, California. The purchases were made in the open market. The position is classified as activist under Schedule 13D.

Open-Market Purchases Detailed

The filing lists open-market purchases of common stock comprising 62,064 shares at $5.80 per share, 37,936 shares at $5.76 per share, and 1,603 shares at $5.21 per share. The filing says the transaction table includes commissions in its per-share prices. Gillman stated that the purchases were for investment purposes and not for acquiring control of TransAct Technologies. Gillman has no specific plan to acquire or sell the common stock. He may buy additional shares or dispose of some or all of his holdings while evaluating the investment.

BOHA Review and Board Changes

Gillman said TransAct Technologies faces challenges in its BOHA business that he characterized as unique and complicated. He is calling for an immediate review of that business, including an examination of strategic alternatives. He encouraged shareholders who share his concerns to communicate directly with each incumbent director. The shareholder may communicate with other TransAct shareholders, officers, directors and representatives about the company and its operations. Those discussions may include ideas involving additional stock purchases, an extraordinary corporate transaction, or changes to the board or management. Gillman also said shareholders should consider whether to call a special meeting to elect additional directors. He believes TransAct’s bylaws allow shareholders holding a majority of voting rights to call such a meeting. Gillman may review his position, change his objectives, acquire additional common stock, sell holdings or develop further plans concerning TransAct Technologies.

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