By Josh Beckerman
Longtime GSI Technology Inc. shareholder Roumell Asset Management LLC switched to the Form 13-D filing used by activist investors, and criticized the board's levels of stock ownership and the company's "paltry" enterprise value.
Roumell reported an 8.1% stake in the semiconductor memory company.
GSI shares were recently up 10%, to $5.85.
Roumell said "there is a complete absence of buying by directors, even among very long-tenured board members." It also said "we believe there is growing concern among GSIT investors that the board lacks capital markets sophistication. Is the board aware that the private equity capital markets are on fire and paying large sums of money to access AI chip opportunities?"
Roumell called for the company to take steps including conducting a valuation analysis on its patent portfolio. It said a financial adviser should perform a valuation to attract strategic partners and "as a proactive measure should an unsolicited offer come over the transom."
Write to Josh Beckerman at josh.beckerman@wsj.com
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