Alta, Wyoming--(Newsfile Corp. - November 6, 2023) - J. Carlo Cannell, the Managing Member of Cannell Capital LLC, sent the following letter to VIA Optronics AG Chairman Dr. Heiko Frank on Monday October 30, 2023.
A copy of Mr. Cannell's letter to Dr. Frank follows below.
October 30, 2023
Mr. Heiko Frank CHM Chairman of the Supervisory Board VIA Optronics AGSiebold Street 18 90411 Nuremberg Deutschland
Dear Heiko,
Thank you for your time on October 18, 2023, during which we exchanged ideas on ways to restore some value to injured shareholders of VIA Optronics AG ("VIAO"),[1] which ways may include:
Please recall that Chuck has tremendous expertise in the mechanics of having a company "go dark." Chuck was a large shareholder of Collins Industries which went dark and then produced great shareholder returns after going dark.
Please also recall that we were largely in agreement with the damage to VIAO and the manner in which to remediate such damage. I hope your meetings with advisors in New York City, which, in part, was the purpose of your visit, were fruitful. But as you may also recall from our conversation on October 18, after two weeks I said I would commence a campaign for the benefit of all shareholders which campaign would likely (and sadly):
The two week "grace" period ends this Wednesday. If you have some action to report, some evidence that you are taking your job and responsibility seriously, I would posit that now is the time to do so.
Your own reputation is at risk. Please take action now.
Best regards,
Sincerely,
/x/
J. Carlo Cannell Managing Member
CONTACT INFORMATION
Stephen C. Wagstaff Chief Financial Officer 1-307-733-2284 scw@cannellcap.com
[1] VIAO has returned (80%) during the last two years versus a decline of (29%) for the Russell 2000 Index.
[2] As discussed, your cost of being public is an unacceptable percentage of market capitalization - about 18-29% percent in fact given your own estimate that the cost of remaining public is $5-8 million per year. We accept the fact that to file the Form 15 the company may need to redomicile from Germany to Delaware or another state in the USA.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186421
SOURCE Cannell Capital LLC