Whetstone Capital Advisors disclosed an 8.2% stake in OptimizeRx (OPRX, Financials), according to a Schedule 13D filing with the Securities and Exchange Commission.
Under David Atterbury’s direction, the Kansas-based investment company declared ownership of about 1.51 million OptimizeRx common stock with a total acquisition price of $7.56 million (not including brokerage costs).
A letter Whetstone wrote to OptimizeRx’s Board of Directors on Feb. 3, encouraging the firm to investigate strategic options including a potential sale of the business, set off the Feb. 5 filing. Whetstone said he thinks the stock of the firm is underpriced and that a sale or reorganization may optimize shareholder profits.
Serving private funds with OptimizeRx stock, Whetstone Capital acts as an investment adviser and has the right to direct voting and share distribution. According to the 13D filing of the business, it will interact with the leadership, fellow investors, and possible industry partners or rivals on the future course of the company.
The statement notes, referring to current conversations with OptimizeRx’s board, “The Reporting Persons have had and anticipate having further communications with officers and directors of the Issuer.” Under confidentially, the company may also share data with analysts, strategic partners, and other investors.
This article first appeared on GuruFocus.
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