Cannell is ready to step up his fight against Rightside.
So Rightside (NASDAQ: NAME) sold eNom to Tucows. What does investor J. Carlo Cannell think?
As you might expect, he’s kind of pissed. But his rationale is a bit odd.
You might recall that Cannell (who owns about 9% of the company through his funds) wrote a nastygram to the company about a year ago. In that letter, he said Rightside should stop focusing so much on subpar new top level domain names. Instead, it should focus on its registrar business and pull everything in under the eNom brand.
Now that eNom has been sold, Cannell is stuck holding a company that’s even more focused on new top level domains than before. Yet, in a press release he issued this week, he writes:
“NAME’s January 20, 2017 decision to sell eNom to Tucows (“TCX”) for net proceeds of $76.7 million marks a step in the right direction – but little more than a band-aid.”
Wait–so he’s happy they sold off eNom?
Well, he does say he’s not happy with the price nor the advisory fees the company paid.
Cannell is starting a group called “Save NAME Group” as part of his activist investor campaign.
If you want to contact Cannell, just go to this domain name:
That’s quite a domain name.
Perhaps Rightside.gripe is a better selection. .Gripe is a new top level domain name that runs on Rightside’s registry platform.