Global Value Investment Corp. Amends Fluent, Inc. Stake

TL;DR

GVIC updated its Fluent stake filing, watch for changes.

AI Summary

On June 7, 2024, GLOBAL VALUE INVESTMENT CORP. filed an amendment (Amendment No. 2) to its Schedule 13D regarding its beneficial ownership of Fluent, Inc. The filing indicates a change in the reporting person's holdings, though specific new dollar amounts or percentages are not detailed in this excerpt. The filing is an update to previous disclosures concerning Fluent, Inc. (formerly Cogint, Inc., IDI, Inc., and Tiger Media, Inc.).

Why It Matters

This filing signals a potential shift in the ownership structure or strategy of Fluent, Inc., which could impact its stock price and future business decisions.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede significant corporate actions or shifts in control, introducing uncertainty.

Key Players & Entities

• GLOBAL VALUE INVESTMENT CORP. (company) — Reporting Person
• Fluent, Inc. (company) — Subject Company
• JAMES P. GEYGAN (person) — Group Member
• JEFFREY R. GEYGAN (person) — Group Member
• KATHLEEN M. GEYGAN (person) — Group Member
• SHAWN G. RICE (person) — Group Member
• STACY A. WILKE (person) — Group Member
• Cogint, Inc. (company) — Former Company Name
• IDI, Inc. (company) — Former Company Name
• Tiger Media, Inc. (company) — Former Company Name

FAQ

Key Financial Figures

• $0.0005 — Inc. (Name of Issuer) Common Stock, $0.0005 par value per share (Title of Class of
• $6,717,176.73 — Common Stock acquired was approximately $6,717,176.73 (excluding commissions). Page 9 of 12
• $0.52 — 24 Purchase of Common Stock 2,030 $0.52 (1)(3) Clients of GVIC 04/10/2024
• $0.47 — 2024 Purchase of Common Stock 360 $0.47 (1)(3) Clients of GVIC 04/16/2024
• $2.50 — 24 Purchase of Common Stock 4,785 $2.50 (1) Clients of GVIC 04/19/2024 Pu
• $2.59 — 4/24/2024 Sale of Common Stock 35 $2.59 (2) Clients of GVIC 05/06/2024 Pu
• $3.49 — 2024 Purchase of Common Stock 723 $3.49 (1) Clients of GVIC 05/16/2024 Pu
• $3.38 — 24 Purchase of Common Stock 1,137 $3.38 (1) Ms. Stacy Wilke 05/16/2024 Pu
• $3.34 — 2024 Purchase of Common Stock 520 $3.34 (1) Clients of GVIC 05/22/2024 Pu
• $3.39 — 24 Purchase of Common Stock 2,022 $3.39 (1) Clients of GVIC 05/23/2024 Pu
• $3.46 — 24 Purchase of Common Stock 8,647 $3.46 (1) Clients of GVIC 06/05/2024 Pu

Filing Documents

• o67242sc13da2.htm (SC 13D/A) — 114KB
• 0001214659-24-010711.txt ( ) — 116KB

Identity and Background

Item 2. Identity and Background.

is amended and restated as follows

Item 2 is amended and restated as follows: (a) Name This Statement is filed by: (i) Global Value Investment Corporation, a Delaware corporation (“GVIC”); (ii) Jeffrey R. Geygan, who serves as a director of GVIC, and is the controlling person of GVIC; (iii) James P. Geygan, who serves as the interim chief executive officer and a director of GVIC; (iv) Stacy A. Wilke, who serves as the chief financial officer of GVIC; (v) Kathleen M. Geygan, who serves as a director of GVIC; and (vi) Shawn G. Rice, who serves as a director of GVIC. GVIC, Mr. Jeffrey Geygan, Mr. James Geygan, Ms. Wilke, Ms. Geygan, and Mr. Rice are referred to collectively as the “Reporting Persons.” GVIC serves as investment adviser to managed accounts (collectively, the “Accounts”), and may be deemed to have beneficial ownership over the Common Stock held for the Accounts. GVIC owns 3,630 shares of Common Stock in its corporate capacity. Mr. Jeffrey Geygan, Mr. James Geygan, Ms. Wilke, Ms. Geygan, and Mr. Rice each own shares of Common Stock in their individual capacities. These shares may be deemed to be indirectly beneficial owned by GVIC. Mr. Jeffrey Geygan owns 20,698 shares in his individual capacity. Mr. James Geygan owns 5,796 shares in his individual capacity. Ms. Wilke owns 1,920 shares in her individual capacity. Ms. Geygan owns 6,569 shares in her individual capacity. Mr. Rice owns 4,734 shares in his individual capacity. Mr. Jeffrey Geygan, Mr. James Geygan, Ms. Geygan, and Mr. Rice are the directors of GVIC. Mr. James Geygan and Ms. Wilke are the executive officers of GVIC. As a result of his ownership interest in GVIC, Mr. Jeffrey Geygan is the controlling person of GVIC. As each of the Reporting Persons, directly or indirectly, share the power to vote, or direct the voting of, the Common Stock held for the Accounts, and the power to dispose, or to direct the disposition of, the Common Stock held for the Accounts, each may be deem

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration.

is amended and restated as follows

Item 3 is amended and restated as follows: All of the shares of Common Stock to which this Statement relates were purchased on behalf of the Reporting Persons using the investment capital of the Reporting Persons. Such shares of Common Stock are or may be held from time to time in margin accounts established with their respective brokers or banks, and a portion of the purchase price for the Common Stock may have been obtained through margin borrowing. Common Stock positions held in margin accounts may be pledged as collateral security for the repayment of debit balances in the margin accounts. The aggregate purchase price of the 991,934 shares of Common Stock acquired was approximately $6,717,176.73 (excluding commissions). Page 9 of 12

Purpose of Transaction

Item 4. Purpose of Transaction.

is amended and restated as follows

Item 4 is amended and restated as follows: The Reporting Persons purchased the shares of Common Stock for investment purposes, and such purchases have been made in the ordinary course of business of the Reporting Persons. In pursuing such investment purposes, the Reporting Persons may further purchase, hold, vote, trade, dispose, or otherwise deal in the Common Stock at times, and in such manner, as they deem advisable to benefit from, among other things, (1) changes in the market prices of the shares of Common Stock; (2) changes in the Issuer’s operations, business strategy, or prospects; or (3) from the sale or merger of the Issuer. To evaluate such alternatives, the Reporting Persons will closely monitor the Issuer’s operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as other economic, securities markets, and investment considerations. Consistent with their investment research methods and evaluation criteria, the Reporting Persons have in the past discussed, and may in the future discuss, such matters with the management or Board of Directors of the Issuer (the “Board”), other stockholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit, and other investors. Such evaluations and discussions may materially affect, and result in, among other things, the Reporting Persons (1) modifying their ownership of the Common Stock; (2) exchanging information with the Issuer pursuant to appropriate confidentiality or similar agreements; (3) proposing changes in the Issuer’s operations, governance, or capitalization; (4) initiating or pursuing a transaction that would result in the Reporting Persons’ acquisition of all or a controlling interest in the Issuer; or (5) pursuing one or more of the other actions described in subsections (a) through (j) of It

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer.

is amended and restated as follows

Item 5 is amended and restated as follows: (a) and (b) The responses of the Reporting Persons to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Statement are incorporated herein by reference. As of 4:00 p.m., Eastern time, on June 6, 2024, the Reporting Persons beneficially owned 991,934 shares of Common Stock, representing approximately 7.26% of the outstanding shares of Common Stock. The percentage in this paragraph relating to beneficial ownership of Common Stock is based on 13,660,598 shares of Common Stock, $0.0005 par value per share outstanding as of May 13, 2024, as reported in the Form 10-Q for the fiscal quarter ended March 31, 2024, of the Issuer. (c) Except as set forth in Schedule A, none of the Reporting Persons has effected any transactions in the Common Stock in the 60 days prior to the date of this Statement. (d) No other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement. (e) Not applicable. Page 10 of 12

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete, and correct. Dated: June 7, 2024 GLOBAL VALUE INVESTMENT CORP. By: /s/ James P. Geygan Name: James P. Geygan Title: Interim Chief Executive Officer /s/ Jeffrey R. Geygan Jeffrey R. Geygan /s/ James P. Geygan James P. Geygan /s/ Stacy A. Wilke Stacy A. Wilke /s/ Kathleen M. Geygan Kathleen M. Geygan /s/ Shawn G. Rice Shawn G. Rice Page 11 of 12 Schedule A Transactions by the Reporting Persons in the Past 60 Days The following table sets forth all unreported transactions with respect to the Common Stock effected in the last 60 days by or on behalf of the Reporting Persons, inclusive of any transactions effected through 4:00 p.m., Eastern time, on June 6, 2024. Unless otherwise indicated, all such transactions were effected in the open market. Person Effecting the Transaction Transaction Date Nature of Transaction Securities Transacted Price per Share Clients of GVIC 04/08/2024 Purchase of Common Stock 2,030 $0.52 (1)(3) Clients of GVIC 04/10/2024 Purchase of Common Stock 360 $0.47 (1)(3) Clients of GVIC 04/16/2024 Purchase of Common Stock 4,785 $2.50 (1) Clients of GVIC 04/19/2024 Purchase of Common Stock 1,361 $2.50 (1) Clients of GVIC 04/24/2024 Sale of Common Stock 35 $2.59 (2) Clients of GVIC 05/06/2024 Purchase of Common Stock 723 $3.49 (1) Clients of GVIC 05/16/2024 Purchase of Common Stock 1,137 $3.38 (1) Ms. Stacy Wilke 05/16/2024 Purchase of Common Stock 180 $3.38 (1) Mr. Jeffrey Geygan 05/16/2024 Purchase of Common Stock 193 $3.38 (1) Clients of GVIC 05/21/2024 Purchase of Common Stock 520 $3.34 (1) Clients of GVIC 05/22/2024 Purchase of Common Stock 2,022 $3.39 (1) Clients of GVIC 05/23/2024 Purchase of Common Stoc

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