- On24 Inc. ( NYSE: ONTF ) rose 1.8% after an activist investor said the company's board needs to take urgent action to improve its stock price, balance sheet and valuation.
- Indaba Capital Management reported owning 4.24 million ON24 ( ONTF ) shares, or an 8.8% stake in the company in a 13D filing on Tuesday. The stake makes Indaba one of the company's top five largest shareholders.
- The board " needs to urgently take proactive measures to improve the issuer’s stock price, balance sheet and valuation, including by exploring bold capital allocation decisions, and intends to actively engage with the board regarding ways to unlock shareholder value," Indaba said in the filing.
- ON24 didn't immediately respond to Seeking Alpha email request for comment.
- ON24 shares have dropped more than 50% this year. ON24 ( ONTF ) offers webinars and other video-based marketing efforts that help B2B companies reach out to current and potential customers.
- Indaba Capital targeted Tabula Rose Healthcare ( TRHC ) in July and reached a cooperation agreement with the company in September.
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ON24 gains after activist investor says board must take urgent action