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Harris & Harris Group proposes split into 2 new companies

Business development company Harris & Harris Group Inc. is proposing to split itself into two companies, citing dissatisfaction with the company's stock price and a "pessimistic view" of its business model.

One of the two post-split companies would be a registered closed-end fund named 180 Degree Capital Corp., which would focus on improving the value in the company's current portfolio and pursuing a new investment strategy to include taking activist roles in small publicly traded companies.

The other company, named Corp., would be an operating company focused solely on building a healthcare and medicine analytics and products company with an emphasis on the way doctors and patients communicate.

Harris & Harris board member Kevin Rendino would lead 180 Degree Capital as CEO. Harris & Harris' president, CFO and COO, Daniel Wolfe, would serve in the same roles at 180 Degree Capital.

At, Harris & Harris Chairman and CEO Doug Jamison would be CEO.

The restructuring is subject to shareholder approval and will be detailed in proxy filings in early 2017. The company hopes to implement the restructuring in the second quarter of 2017.