Cannell Capital Discloses 16.2% Stake in Lee Enterprises (LEE)

TL;DR

**Cannell Capital just revealed a 16.2% stake in Lee Enterprises, making them a major player.**

AI Summary

Cannell Capital LLC, an investment firm based in Alta, WY, and its principal, J. Carlo Cannell, have filed an SC 13G on January 22, 2024, indicating their ownership of 1,000,000 shares of Lee Enterprises, Inc. (LEE) common stock. This represents a 16.2% stake in the newspaper publisher. This significant ownership percentage means Cannell Capital is a major shareholder, and their actions or opinions could influence the company's strategic decisions, potentially impacting the stock's future performance for current and prospective investors.

Why It Matters

A large institutional investor taking a significant stake can signal confidence in the company's future or indicate potential for activist involvement, which could drive changes and affect stock value.

Risk Assessment

Risk Level: medium — While a large institutional stake can be positive, it also introduces the risk of potential activist pressure or disagreements with management that could create volatility.

Analyst Insight

Investors should monitor future filings from Cannell Capital LLC for any changes in their stake or indications of activist intent, as their significant ownership could influence Lee Enterprises' stock performance.

Key Numbers

• 1,000,000 — Shares Beneficially Owned (Represents the total number of common stock shares of Lee Enterprises, Inc. held by Cannell Capital LLC and J. Carlo Cannell.)
• 16.2% — Percentage of Class (Indicates the significant ownership stake Cannell Capital LLC and J. Carlo Cannell have in Lee Enterprises, Inc.)

Key Players & Entities

• Cannell Capital LLC (company) — the investment firm filing the SC 13G
• J. Carlo Cannell (person) — the principal of Cannell Capital LLC and a reporting person
• Lee Enterprises, Inc. (company) — the subject company whose shares are being reported
• 1,000,000 (dollar_amount) — number of shares beneficially owned
• 16.2% (dollar_amount) — percentage of class beneficially owned
• January 22, 2024 (dollar_amount) — date of event requiring the filing

Forward-Looking Statements

• Cannell Capital LLC may seek to influence Lee Enterprises' management or strategic direction given their substantial stake. (Lee Enterprises, Inc.) — medium confidence, target: Within 12 months

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti

Filing Documents

• ccllc_LEE_13g012224_2.htm (SC 13G) — 39KB
• 0001058854-24-000001.txt ( ) — 41KB

From the Filing

SC 13G 1 ccllc_LEE_13g012224_2.htm SCHEDULE 13G SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO §240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO §240.13d-2 (Amendment No.) LEE ENTERPRISES, INCORPORATED (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 523768406 (CUSIP Number) January 22, 2024 (Date of Event Which Requires Filing of This Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☑ Rule 13d-1(b) ☐ Rule 13d-1(c) ☐ Rule 13d-1(d) The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“ Act ”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes ). CUSIP No.523768406 Page 2 of 7 Pages 1 NAMES OF REPORTING PERSONS J. Carlo Cannell 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐ 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION USA NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 0 6 SHARED VOTING POWER 573,163 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 573,163 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 573,163 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 9.45% 12 TYPE OF REPORTING PERSON IN CUSIP No.523768406 Page 3 of 7 Pages 1 NAMES OF REPORTING PERSONS Cannell Capital LLC I.R.S. Identification Nos. of Above Persons (Entities Only) 94-3366999 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐ 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION Wyoming, USA NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 0 6 SHARED VOTING POWER 573,163 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 573,163 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 573,163 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 9.45% 12 TYPE OF REPORTING PERSON IA CUSIP No.523768406 Page 4 of 7 Pages Item 1. a) Name of Issuer LEE ENTERPRISES, INCORPORATED b) Address of issuer's principal executive offices: 4600 E 53rd Street Davenport, IA 52807 Item 2. a) Name of person filing: Cannell Capital LLC b) Address or principal business office or, if none, residence: 245 Meriwether Circle Alta, WY 83414 c) Citizenship: Wyoming, USA d) Title of class of securities: Common Stock e) CUSIP No.: 523768406 Item 3. If this statement is filed pursuant to §240.13d-1(b) or §240.13d-2(b) or (c), check whether the person filing is a: (a) ☐ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) ☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) ☐ Insurance company as defined in section 3(a)(19) of the Act(15 U.S.C. 78c). (d) ☐ An Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). (e) ☑ An investment adviser in accordance with Section §240.13d-1(b)(1)(ii)(E). (f) ☐ An Employee benefit plan or endowment fund in accordance with Section §240.13d-1(b)(1)(ii)(F). (g) ☐ A Parent holding company or control person in accordance with Section §240.13d-1(b)(1)(ii)(G). (h) ☐ A Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) ☐ A Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3). (j) ☐ A non-U.S. institution in accordance with Section §240.13d-1(b)(1)(ii)(J). (k) ☐ Group, in accordance with Section §240.13d-1(b)(1)(ii)(J). CUSIP No.523768406 Page 5 of 7 Pages Item 4. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 573,163. (b) Percent of class: 9.45%. (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote 0. (ii) Shared power to vote or to

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View this SC 13G filing on SEC EDGAR