8-K
filed March 4, 2022, 6:59 PM ET
ticker GECC
CIK 0001675033
leadership
confidence high
sentiment negative
materiality 0.85
Great Elm Capital posts Q4 net loss; CEO ousted amid Avanti impairment; new specialty finance focus
Great Elm Capital Corp.
- Q4 2021 EPS -$4.95; NAV per share fell to $16.63 from $22.17; Avanti investments caused $26.6M unrealized loss.
- CEO Peter Reed resigned; replaced by Matt Kaplan. Board chair Matthew Drapkin and new director Richard Cohen appointed.
- Company noncompliant with Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A) due to board vacancies.
- Quarterly dividends: $0.60 for Q1 2022 and $0.45 for Q2 2022 (10.8% annualized yield on pro forma NAV).
- Acquired majority stake in Sterling Commercial Credit ($7.5M) and formed joint venture with Utica Leaseco for equipment financing.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Richard Cohen was appointed as Class I Director at Great Elm Capital Corp..
- Action
- appointed
- Role
- Class I Director
Exact text from the filing
the Board also appointed Richard Cohen as a Class I director
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Peter Reed resigned as Chief Executive Officer, President and Chairman at Great Elm Capital Corp..
- Action
- resigned
- Role
- Chief Executive Officer, President and Chairman
Exact text from the filing
On March 2, 2022, Peter Reed notified the Company that he would resign from his position as the Company’s Chief Executive Officer and President and as Chairman of the Board
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Speller resigned as Director at Great Elm Capital Corp..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Randall Revell Horsey and Michael Speller notified the Company that they would resign from the Board
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Matt Kaplan was appointed as Chief Executive Officer and President at Great Elm Capital Corp..
- Action
- appointed
- Role
- Chief Executive Officer and President
Exact text from the filing
On March 4, 2022, the Board appointed Matt Kaplan, age 35, as the Company’s Chief Executive Officer and President.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Randall Revell Horsey resigned as Director at Great Elm Capital Corp..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Randall Revell Horsey and Michael Speller notified the Company that they would resign from the Board
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.