Filings Flow: Why Harbert Discovery Fund Reported Big Icad Inc Position?

Filings Flow: Why Harbert Discovery Fund Reported Big Icad Inc Position?

The New Harbert Discovery Fund Holding in Icad Inc

Harbert Discovery Fund filed with the SEC SC 13D form for Icad Inc. The form can be accessed here: 000091957416016118. As reported in Harbert Discovery Fund’s form, the filler as of late owns 5.01% or 798,114 shares of the Health Care–company.

Icad Inc stake is a new one for the and it was filed because of activity on November 7, 2016. We feel this shows Harbert Discovery Fund’s positive view for the stock.

Reasons Why Harbert Discovery Fund Bought – Icad Inc Stock

Purpose of Transaction

The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that the securities were undervalued and represented an attractive investment opportunity.

On November 7, 2016, Jack Bryant and Kenan Lucas, the Directors and Co-Portfolio Managers of the Fund GP, sent a letter to Dr. Lawrence Howard, the Chairman of the Issuer’s Board of Directors. The letter expresses disappointment in the Issuer’s performance, and also calls on the Board and management of the Issuer to purchase shares in the open market, suspend Board cash compensation, hire a Chief Financial Officer, and if certain improvements are not made by 2Q17 to hire an investment banker to explore strategic alternatives. A copy of the full text of this letter is attached hereto as Exhibit C.

The Reporting Persons have had conversations with the Issuer’s management regarding possible ways to enhance shareholder value. The Reporting Persons intend to have further conversations with the Issuer’s management and board of directors on a range of issues, including those relating to the business of the Issuer, management, board composition, operations, capital allocation, asset allocation, capitalization, dividend policy, financial condition, mergers and acquisitions strategy, overall business strategy, executive compensation, and corporate governance. The Reporting Persons may also have similar conversations with other stockholders of the Issuer and other interested parties, such as industry analysts, existing or potential strategic partners or competitors, investment professionals, and other investors. The Reporting Persons may at any time reconsider and change their intentions relating to the foregoing.

No Reporting Person has any present plan or proposal which would relate to or would result in any of the matters set forth in subparagraphs (a)- (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein. The Reporting Persons may in the future take one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D and may discuss such actions with the Issuer’s management and the board of directors, other stockholders of the Issuer, and other interested parties, such as those set out above.

The Reporting Persons intend to review their investments in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer’s financial position and strategic direction, the outcome of the discussions and actions referenced above, actions taken by the Issuer’s board of directors, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take actions with respect to its investment position in the Issuer as it deems appropriate, including, without limitation, purchasing additional Common Stock or selling some of all of its Common Stock, and/or engaging in hedging or similar transactions with respect to the Common Stock.

Business Profile

iCAD, Inc. is a provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer. The Company provides image analysis and clinical decision support solutions for mammography, Magnetic Resonance Imaging and Computed Tomography imaging. It operates in two segments: Cancer Detection (Detection) and Cancer Therapy (Therapy). The Detection segment consists of its advanced image analysis and workflow products, and the Therapy segment consists of its radiation therapy products. The Company sells its products through its direct sales organization, as well as through various original equipment manufacturer partners, distributors and resellers. It develops and markets computer-aided detection (CAD) solutions for digital and film-based mammography systems. Its Axxent SPX Controller includes an optimized skin treatment arm customized for compatibility in confined patient treatment rooms in physician office-based facilities.

SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.

The stock decreased 8.95% or $0.28 on November 7, hitting $2.85. About 70,673 shares traded hands or 76.59% up from the average. iCAD Inc (NASDAQ:ICAD) has declined 35.99% since April 5, 2016 and is downtrending. It has underperformed by 37.95% the S&P500.

iCAD, Inc. is a provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer. The company has a market cap of $45.44 million. The Firm provides image analysis and clinical decision support solutions for mammography, Magnetic Resonance Imaging and Computed Tomography imaging. It currently has negative earnings. It operates in two divisions: Cancer Detection and Cancer Therapy (Therapy).

More important recent iCAD Inc (NASDAQ:ICAD) news were published by: Marketwatch.com which released: “icad Inc.” on November 01, 2009, also Quotes.Wsj.com published article titled: “News icad Inc.ICAD”, Prnewswire.com published: “iCAD Announces Breakthrough Technology For Use With Digital Breast …” on March 02, 2016. More interesting news about iCAD Inc (NASDAQ:ICAD) was released by: Businesswire.com and their article: “VuCOMP Announces Sale of M-Vu® Breast Density Software to iCAD, Inc.” with publication date: April 28, 2015.

According to Zacks Investment Research, “Icad, Inc. designs, engineers, develops and manufactures digital image scanners, densitometers, film digitizers and related software for applications in the graphic arts, medical imaging and life sciences markets. The Company sells its products throughout the world through various distributors, resellers, systems integrators and OEM’s.”

ICAD Company Profile

iCAD, Inc., incorporated on February 24, 1984, is a well-known provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer. The Firm provides image analysis and clinical decision support solutions for mammography, Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) imaging. The Firm operates in two divisions: Cancer Detection (Detection) and Cancer Therapy (Therapy). The Detection segment consists of the Company’s advanced image analysis and workflow products, and the Therapy segment consists of its radiation therapy products. The Firm sells its products throughout the world through its direct sales organization, as well as through various original equipment maker (OEM) partners, distributors and resellers.

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