Charles M. Gillman holds 5.1% of TransAct Technologies, representing 521,841 common shares, and is pressing for new directors and a strategic review of the BOHA business. The Investment is described as non-control and made for investment purposes, but Gillman may communicate with shareholders, management and directors about possible corporate changes.

Key Highlights

  • Gillman reports an aggregate purchase price of $2,453,646 for the position.
  • The ownership percentage is calculated against 10,276,279 outstanding common shares.
  • The filing details Gillman’s open-market purchases of common stock.

Charles M. Gillman owns 5.1% of TRANSACT TECHNOLOGIES INC. (NASDAQ: TACT), or 521,841 common shares, and is urging changes at the board level. Gillman says TransAct’s BOHA Business faces unique and complicated challenges that require an immediate review, including consideration of strategic alternatives. He describes the investment as ordinary-course and non-control, while reserving the ability to discuss the business and possible governance changes with shareholders, executives and directors.

Gillman’s 5.1% Position

The reported holding gives Gillman sole authority to vote or direct the vote of 521,841 shares. He also has sole power to sell or direct the sale of those shares, with no shared voting or disposition power reported.

The 5.1% calculation uses 10,276,279 common shares outstanding. The aggregate purchase price for Gillman’s position is approximately $2,453,646.

Gillman is the Executive Managing Director of IDWR Office. The ownership is held for investment, and the stated purpose is not to acquire control of TransAct Technologies.

Open-Market Purchases Detailed

The filing identifies open-market purchases. The reported position therefore combines the stated investment purpose with common-stock acquisitions in the open market.

BOHA Review And Board Push

Gillman says BOHA requires an urgent strategic review and believes the board should add multiple directors with the skills and experience to conduct that work. He also says shareholders who share those concerns should contact each incumbent director.

Gillman believes TransAct’s bylaws allow shareholders holding a majority of voting rights to call a special meeting. He is asking each Shareholder to consider whether calling such a meeting to elect additional directors is advisable.

Gillman has no specific plan to buy or sell the common stock. He may acquire more shares or sell some or all of the position based on his continuing evaluation, market conditions, other investment opportunities, Liquidity needs and other investment considerations.

He may also communicate with shareholders, officers, directors or representatives of TransAct Technologies. Those discussions could involve additional share acquisitions, an extraordinary corporate transaction, or changes to the board or management.

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Source(s)

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