Cruiser Capital Master Fund LP said it’s won the election of three of its proposed nominees to the board of directors at Newport Beach-based American Vanguard Corp. (NYSE: AVD).
Cruiser, which owns about 2.5% of AVD’s outstanding shares, said stockholders have “decisively” voted to remove three of American Vanguard’s incumbent directors and replace them with all three of Cruiser’s nominees: Mark Bassett, Pat Gottschalk and Keith M. Rosenbloom.
“Today’s vote is a clear signal that stockholders want to see meaningful change at American Vanguard and are ready for fresh perspectives to be heard in the boardroom,” Cruiser Capital founder Rosenbloom said in a statement.
Cruiser said American Vanguard, which provides products such as mosquito controls and herbicides to protect crops like soybeans and corn, has the potential to reach $55 to $60 a share by 2025.
After today’s announcement, shares were flat at $24.73 and a $762 million market cap.