Loeb ups stake in ESS Technology

By Lisa Kerner

Charlotte, N.C., Nov. 13 - ESS Technology, Inc. investors led by Loeb Partners Corp. bought 639,420 shares of the company's stock between Sept. 4 and Nov. 8. With the purchase, Loeb increased its stake in the company to 11.19% from 8.83%. The reporting persons beneficially own 3,976,935 shares of the Fremont, Calif.-based company.

The shares were priced from $1.25 to $1.60 each, according to a schedule 13D filing with the Securities and Exchange Commission. Loeb may engage in discussions with the company in the future, the filing stated.

On June 19, ESS announced it had formed a strategic transaction committee to investigate strategic alternatives, including a total liquidation of the company.

ESS designs and markets high-performance digital video processor and imaging sensor semiconductors for the consumer digital entertainment, digital home and camera-enabled cellular phone markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.