HEAR - Public markets don't value us properly says Turtle Beach's CEO
"I believe for a while that the public markets don't value us properly," CEO Juergen Stark said during Turtle Beach's (NASDAQ:HEAR) Q1 earnings call. The board has remained open to strategic alternatives that maximize shareholder value, and the company has engaged in banker-led proactive outreaches to potential acquirers in the past 5 years. In certain rounds of outreach, the bids offered lower value for shareholders, the CEO said. A number of feedbacks from the prospective buyers and their advisers stated inability to move forward because of HEAR's "too much" reliance on console gaming headsets and the cyclicality that comes with that. It is one of the many reasons the company is pursuing a value creating diversification strategy, according to Stark. The overall gaming market is expected to continue to be challenged through Q2, the Q1 earnings call stated. Q2 revenue is expected to be flat to slightly up sequentially from Q1.
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Public markets don't value us properly, says Turtle Beach's CEO