Charles M. Gillman holds 5.1% of TransAct Technologies, representing 521,841 common shares acquired for approximately $2,453,646. The Investment matters because Gillman says BOHA requires an urgent review, supports exploring strategic alternatives and urges consideration of additional directors and a possible special Shareholder meeting.

Key Highlights

  • Gillman’s reported position carries sole voting and disposal power over 521,841 shares.
  • Gillman says TransAct’s BOHA Business needs an immediate review and supports adding multiple directors with relevant skills.
  • Gillman holds sole voting and disposal power over 521,841 TransAct Technologies shares.
  • The disclosed purchases included 62,064 shares at $5.80 per share and 37,936 shares at $5.76 per share.

Gillman says the purchases were made for investment in the ordinary course of business and not to acquire control of TransAct Technologies. The shareholder also outlines concerns about TRANSACT TECHNOLOGIES INC (NASDAQ: TACT)’s BOHA business and supports a review of strategic alternatives.

Gillman Holds Sole Voting Power

Gillman has sole authority to vote or direct the vote of all 521,841 shares. He also holds sole power to dispose of or direct the disposition of those shares, while the reported shared voting and disposal powers are 0.

The 5.1% ownership calculation is based on 10,276,279 outstanding common shares. The shares are common stock with a Par Value of $0.001 per share in the security description, while the ownership calculation references common stock with a par value of $0.01.

Gillman’s principal occupation is Executive Managing Director of IDWR Office. His principal office is in Santa Monica, California.

Open-Market Purchases Build Position

The disclosed transactions included an open-market purchase of 62,064 common shares at $5.80 per share and another purchase of 37,936 shares at $5.76 per share. The transactions were described as purchases of common stock.

BOHA Review and Board Additions

Gillman says TransAct Technologies faces unique and complicated challenges in its BOHA business. He supports an immediate and urgent review of that business, including the exploration of strategic alternatives.

He also says the board should add multiple directors with the skills and experience needed to conduct that review. Gillman encourages shareholders who share those concerns to communicate directly with each incumbent board member.

The shareholder says TransAct’s bylaws allow holders of a majority of voting rights to call a special shareholder meeting. He asks shareholders to consider whether calling such a meeting to elect additional directors is advisable.

Gillman may communicate with shareholders, company officers, board members and other representatives about TransAct Technologies and its operations. Those discussions may include ideas involving additional share purchases, an extraordinary corporate transaction, or changes to the board or management.

Position Remains Subject to Review

Gillman says he may reconsider his position and change his goals regarding TransAct Technologies at any time. He also retains the ability to formulate plans or proposals concerning the company.

The stated investment purpose remains separate from an intention to acquire control. The disclosed position gives Gillman sole voting and disposal power over 521,841 shares.

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Source(s)

  • https://www.sec.gov/Archives/edgar/data/1017303/000121465926010987/primary_doc.xml