Nantahala Capital Management, LLC

Nantahala Capital Management, LLC is an investment adviser based in New Canaan, CT, established in May 2004. The firm specializes in providing investment advice and management to privately placed investment funds, including limited partnerships and non-U.S. companies. Nantahala focuses on a long-term fundamental value investing methodology with a primary focus on small to mid-sized U.S. companies, aiming to achieve strong and consistent risk-adjusted returns. The firm's investment strategies include investments in equity, fixed-income, and equity-derivative securities, with a focus on value-oriented securities selection and disciplined risk management. Nantahala has assets under management (AUM) of approximately $997,871,159 as of December 31, 2024, excluding committed but uncalled capital. The firm charges management fees ranging between 1.0% and 2.0% annually, along with performance allocations of 20%. Nantahala does not participate in wrap-fee programs and may receive third-party fees for various services. The firm acts as a fiduciary, providing investment discretion to select securities and instruments without consultation with clients, tailored to achieve their investment objectives. Nantahala conducts periodic reviews of client accounts and exercises voting authority over client securities proxies in the best interests of clients. The firm has adopted a Code of Ethics and proxy voting policies to ensure compliance and transparency in its operations. Nantahala does not have any reportable disciplinary events and maintains custody of client assets with a qualified custodian.