0001062993-22-010017.txt : 20220411 0001062993-22-010017.hdr.sgml : 20220411 20220411140518 ACCESSION NUMBER: 0001062993-22-010017 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20220411 DATE AS OF CHANGE: 20220411 GROUP MEMBERS: J. CARLO CANNELL SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: EMCORE CORP CENTRAL INDEX KEY: 0000808326 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 222746503 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-50693 FILM NUMBER: 22819337 BUSINESS ADDRESS: STREET 1: 2015 W. CHESTNUT STREET CITY: ALHAMBRA STATE: CA ZIP: 91803 BUSINESS PHONE: 626-293-3400 MAIL ADDRESS: STREET 1: 2015 W. CHESTNUT STREET CITY: ALHAMBRA STATE: CA ZIP: 91803 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CANNELL CAPITAL LLC CENTRAL INDEX KEY: 0001058854 IRS NUMBER: 943366999 STATE OF INCORPORATION: WY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 245 MERIWETHER CIRCLE CITY: ALTA STATE: WY ZIP: 83414 BUSINESS PHONE: 4158358300 MAIL ADDRESS: STREET 1: 245 MERIWETHER CIRCLE CITY: ALTA STATE: WY ZIP: 83414 FORMER COMPANY: FORMER CONFORMED NAME: CANNELL J CARLO DBA CANNELL CAPITAL MGMT DATE OF NAME CHANGE: 19980330 SC 13D 1 formsc13d.htm FORM SC 13D Cannell Capital LLC: Form SC 13D - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934 (Amendment No. __)

 

EMCORE Corporation

(Name of Issuer)

 

Common Stock with no par value

(Title of Class of Securities)

 

290846203

(CUSIP Number)

J. Carlo Cannell

Cannell Capital LLC

245 Meriwether Circle

Alta, WY 83414

(307) 733-2284

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

April 1, 2022

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [X].

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See 240.13d-7(b) for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


Page 2

SCHEDULE 13D

CUSIP No.

290846203


1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Cannell Capital LLC
I.R.S. Identification Nos. of above persons (entities only)
94-3366999

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*


(a)  [  ]
(b)  [  ]

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)


WC/OO

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

[  ]

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

USA

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH

7

SOLE VOTING POWER*


3,720,303

8

SHARED VOTING POWER


0

9

SOLE DISPOSITIVE POWER*


3,720,303

10

SHARED DISPOSITIVE POWER


0

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


3,720,303

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

[  ]

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)


9.98%

14

TYPE OF REPORTING PERSON (See Instructions)

 

IA

       

*Based on information set forth on the Form 10-Q of EMCORE Corporation (the "Company", "Registrant", or "EMKR") as filed with the Securities and Exchange Commission on February 9, 2022, there were 37,277,592 shares of Common Stock with no par value (the "Shares"), of the Company issued and outstanding as of February 7, 2022.

As of April 11, 2022 (the "Reporting Date"), Tristan Partners, L.P. ("Tristan"), the Tristan Offshore Fund Ltd. ("Tristan Offshore"), Tonga Partners, L.P. ("Tonga") and sundry Separately Managed Accounts ("SMAs") and collectively with Tristan and Tristan Offshore and Tonga (the "Investment Vehicles"), held in the aggregate 3,720,303 Shares.

Cannell Capital LLC acts as the investment adviser to Tonga, Tristan, Tristan Offshore and the SMAs. Mr. J. Carlo Cannell is the sole managing member of Cannell Capital LLC. The Reporting Person possesses the sole power to vote and to direct the disposition of the Shares held by the Investment Vehicles.


Page 3


CUSIP No.

290846203


1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)


J. Carlo Cannell

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*


(a)  [  ]
(b)  [  ]

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)


WC/OO

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

[  ]

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

USA

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH

7

SOLE VOTING POWER*


3,720,303

8

SHARED VOTING POWER


0

9

SOLE DISPOSITIVE POWER*


3,720,303

10

SHARED DISPOSITIVE POWER


0

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


3,720,303

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

[  ]

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)


9.98%

14

TYPE OF REPORTING PERSON (See Instructions)

 

IN

       

*Based on information set forth on the Form 10-Q of EMCORE Corporation (the "Company", "Registrant", or "EMKR") as filed with the Securities and Exchange Commission on February 9, 2022, there were 37,277,592 shares of Common Stock with no par value (the "Shares"), of the Company issued and outstanding as of February 7, 2022.

As of April 11, 2022 (the "Reporting Date"), Tristan Partners, L.P. ("Tristan"), the Tristan Offshore Fund Ltd. ("Tristan Offshore"), Tonga Partners, L.P. ("Tonga") and sundry Separately Managed Accounts ("SMAs") and collectively with Tristan and Tristan Offshore and Tonga (the "Investment Vehicles"), held in the aggregate 3,720,303 Shares.

Cannell Capital LLC acts as the investment adviser to Tonga, Tristan, Tristan Offshore and the SMAs. Mr. J. Carlo Cannell is the sole managing member of Cannell Capital LLC. The Reporting Person possesses the sole power to vote and to direct the disposition of the Shares held by the Investment Vehicles.


Page 4

Item 1. Security and Issuer

The title of the class of equity securities to which this Schedule 13D relates is the common stock with no par value of EMCORE Corporation, a Delaware Company.

The address of the principal executive offices of the Company is 2015 W. Chestnut Street, Alhambra, California, 91803.

Item 2. Identity and Background

a) The name of the Reporting Person is J. Carlo Cannell (the "Reporting Person").

The Reporting Person is the sole managing member of Cannell Capital LLC, an investment adviser to the following entities:

Tristan Partners, L.P.
Tristan Offshore Fund, Ltd.
Tonga Partners, L.P.
Separately Managed Accounts

Set forth in the attached Annex "A" and incorporated herein by reference is a listing of the directors, general partners, managing members and controlling persons of the Reporting Person and the Investment Vehicles (collectively, the "Covered Persons"), and sets forth the principal occupation, citizenship and principal place of business of each Covered Person.

b) The principal business address of the Reporting Person is:

245 Meriwether Circle
Alta, WY 83414

c) The principal business of the Reporting Person is the performance of investment management and advisory services. The principal business of the Investment Vehicles is investment in securities.

d) Neither the Reporting Person, nor to the best of its knowledge, any of the Investment Vehicles, has, in the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

e) Neither the Reporting Person, nor to the best of its knowledge, any of the Investment Vehicles, has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgement, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.

f) The place of organization of the Reporting Person is as follows:

The citizenship of each Covered Person is set forth on the attached Annex A and incorporated herein by reference.

Mr. J. Carlo Cannell is the Managing Member of Cannell Capital LLC, a Wyoming limited liability company.


Page 5

Item 3. Source and Amount of Funds or Other Considerations

The securities to which this statement relates were acquired by the Reporting Person using the working capital of each Investment Vehicle as follows:
Tristan Partners, L.P.: $6,746,465
Tristan Offshore Fund, Ltd.: $2,918,137
Tonga Partners, L.P.: $4,235,110
Separately Managed Accounts: $4,399,840

The Investment Vehicles have invested an aggregate amount of approximately $18,299,552 in the Shares.

Item 4. Purpose of Transaction

Cannell Capital LLC, on behalf of the Investment Vehicles, identified the Company as an entity satisfying each of the Investment Vehicle's investment criteria. The Investment Vehicles acquired these shares in the ordinary course of business and not with the intent to change or influence control of the Company. The Investment Vehicles continue to hold the Shares as a long-term investment.

Mr. Cannell makes this filing to disclose the letter attached as Exhibit 99 and to disclose recent transactions in the Shares. Other than the matters discussed in Exhibit 99, CC has no present plans or proposals to engage in any of the actions specified in Items 4(a) through 4(j) to the Schedule 13D general instructions with regards to the Company.

Item 5. Interest in Securities of the Issuer

Based on information set forth on the Form 10-Q of EMCORE Corporation (the "Company", "Registrant", or "EMKR") as filed with the Securities and Exchange Commission on February 9, 2022, there were 37,277,592 shares of Common Stock with no par value (the "Shares"), of the Company issued and outstanding as of February 7, 2022.

(a)  As of April 11, 2022, for the purposes of Reg. Section 240.13d-3, Cannell Capital LLC may be deemed to beneficially own 3,720,303 Shares, or approximately 9.98% of the Shares deemed issued and outstanding as of the Reporting Date.

(b)  Cannell Capital LLC possesses the sole power to vote and to direct the disposition of the Shares held by the Investment Vehicles.

(c)  The following table details the transactions during the sixty days on or prior to the Reporting Date in Shares, or securities convertible into, exercisable for or exchangeable for Shares, by Cannell Capital LLC or any other person or entity controlled by him or any person or entity for which he possesses voting or investment control over the securities thereof (each of which was effected in an ordinary brokerage transaction by Cannell Capital LLC on behalf of the Investment Vehicles).


Page 6


Entity

Date

Quantity

Price per Share

Form of
Transaction

Tristan

02/10/2022

29,798

$4.06

Buy

Tristan Offshore

02/10/2022

12,885

$4.06

Buy

Cannell SMA

02/10/2022

6,007

$4.06

Buy

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

None.

Item 7. Material to Be Filed as Exhibits

Exhibit 99

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

April 11, 2022

 

Dated

 

/s/ J. Carlo Cannell

Signature

 

J. Carlo Cannell, Managing Member

Name/Title

The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative.  If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference.  The name and any title of each person who signs the statement shall be typed or printed beneath his signature.

Attention:  Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).


EX-99 2 exhibit99.htm EXHIBIT 99 Cannell Capital LLC: Exhibit 99 - Filed by newsfilecorp.com

April 11, 2022

Stephen L. Domenik 

EMCORE Corporation ("EMKR")

2015 W. Chestnut Street

Alhambra, CA 91803

Dear Stephen,

Fact: As of December 31, 2021, Cannell Capital LLC ("CC") owned 9.98% of EMKR, making it EMKR's largest shareholder. 

Fact: From June 25, 2021, to April 8, 2022, the common stock of EMKR stock declined (64%) versus a 6% gain for the S&P 500 index. 

Fact: The SPDR S&P Aerospace & Defense ETF ("XAR") is up 4% year-to-date through April 8, 2022, versus EMKR which is down (48%). 

Fact: On February 10, 2022, CC reached out to you to discuss our concerns about EMKR; you offered your largest shareholder just 15 minutes of your time. 

Fact: On March 11, 2022, CC attended EMKR's Annual General Meeting, a rare confluence of officers and directors reporting to owners. EMKR permitted fewer than ten questions before directing CC to cease in favor of a deferral to a later date.

Fact: On March 23, 2022, CC followed up with you. You declined, referring us to the CFO despite many of our topics being beyond the CFO's remit (to which the CFO later agreed).

Fact: On March 17 and March 30, 2022, as previously requested by you, I presented two candidates for the EMKR Board - highly qualified individuals having each served as Chairman for both public and private companies which during their respective tenures returned enormous value to shareholders. As of April 11, 2022, EMKR had made no attempt to reach out to either candidate nor has it provided to CC any basis for its rejection.

Fact:  On April 8, 2022, EMKR's enterprise value was $60 million. CC's estimates the PEG five-year cash flow from the broadband segment to be about $72 million in a runoff scenario. Discounting this back at the company's weighted average cost of capital of 11% yields $59 million. Said another way, the market ascribes no value to EMKR's Aerospace & Defense ("A&D") business today 


CC observes that the market values EMKR less - likely perhaps far less - than its intrinsic value. 

It is the opinion of CC that most, if not all, of the blame for this dramatic undervaluation rests upon the shoulders of EMKR's officers and directors, many of whom have arguably violated their duty of service to shareholders.

CC requests that EMKR replace two members of the company's Board post-haste.1 

Best regards!

Sincerely,

/s/

J. Carlo Cannell

Managing Member

CC  Jeff Rittichier

Bruce Grooms

Noel Heiks

Rex S. Jackson

_________________________

1 By May 1, 2022 CC intends to suggest three nominees for the Board and invites EMKR to do the same. From these six candidates, we hope we can collaborate on two Board members while also agreeing that two depart. You decide who "walks the plank".

CC's three suggestions may include those we have discussed recently, but we reserve the right to introduce new ones. It is easy to attract mediocre talent to the EMKR Board. It is challenging to find interesting and great candidates, however.

2


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