With a 9.9% stake, Broadfin Capital is taking on the $30 million market cap Cardica (CRDC) – which is a medical equipment company.
Broadfin changed its stake from passive to active and notes that it has nominated six new candidates for the board and re-nominates three board members. This comes after it ran a campaign at CRDC in 2014 and got three board members on the board.
The activist is trying to add six board members becuase the board has failed to make any real positive changes since last year – noting that CRDC has valuable tech that needs to be realized.
