Aankondiging • Apr 07
Runway Growth Finance Corp. (NasdaqGS:RWAY) managed by Runway Growth Capital LLC completed the acquisition of SWK Holdings Corporation (NasdaqGM:SWKH) from Carlson Capital, L.P for approximately $240 million. Runway Growth Finance Corp. (NasdaqGS:RWAY) managed by Runway Growth Capital LLC entered into a definitive merger to acquire SWK Holdings Corporation (NasdaqGM:SWKH) from Carlson Capital, L.P for approximately $220 million on October 9, 2025. Under the terms of the agreement, SWK shareholders will receive $75.5 million in Runway Growth shares and approximately $145 million in cash. Sell side termination fee is $8.225 million.
SWK’s Board of Directors has unanimously approved the transaction. The transaction is Anticipated closing late Q4 2025 or early Q1 2026, pending SWK shareholder and regulatory approvals, the Form N-14 shall have become effective under the Securities Act, the expiration or termination of the applicable waiting period, under the U.S. Hart-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions. The transaction is expected to be accretive to net investment income. On December 2, 2025, the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was granted. As of March 31, 2026, majority shareholders of SWK approved the transaction.
Jonathan Corsico and Steven Grigoriou of Simpson Thacher & Bartlett LLP acted as legal advisor for Runway Growth Capital LLC. Keefe, Bruyette & Woods, Inc. acted as financial advisor and fairness opinion provider and Rachael Bushey and Laura Umbrecht Gulick of Goodwin Procter LLP acted as legal advisor for SWK Holdings Corporation.
Runway Growth Finance Corp. (NasdaqGS:RWAY) managed by Runway Growth Capital LLC completed the acquisition of SWK Holdings Corporation (NasdaqGM:SWKH) from Carlson Capital, L.P for approximately $240 million on April 6, 2026. RWAY issued an aggregate of approximately 6,330,640 shares of RWAY Common Stock and paid $173,539,245.32 in cash to SWK Holdings Corporation former stockholders. Aankondiging • Oct 10
Runway Growth Finance Corp. (NasdaqGS:RWAY) managed by Runway Growth Capital LLC entered into a definitive merger to acquire SWK Holdings Corporation (NasdaqGM:SWKH) from Carlson Capital, L.P for approximately $220 million. Runway Growth Finance Corp. (NasdaqGS:RWAY) managed by Runway Growth Capital LLC entered into a definitive merger to acquire SWK Holdings Corporation (NasdaqGM:SWKH) from Carlson Capital, L.P for approximately $220 million on October 9, 2025. Under the terms of the agreement, SWK shareholders will receive $75.5 million in Runway Growth shares and approximately $145 million in cash.
SWK’s Board of Directors has unanimously approved the transaction. The transaction is Anticipated closing late Q4 2025 or early Q1 2026, pending SWK shareholder and regulatory approvals and other customary closing conditions. The transaction is expected to be accretive to net investment income.
Simpson Thacher & Bartlett LLP acted as legal advisor for Runway Growth Capital LLC. Keefe, Bruyette & Woods, Inc. acted as financial advisor and Goodwin Procter LLP acted as legal advisor for SWK Holdings Corporation. Aankondiging • Aug 07
SWK Holdings Corporation to Report Q2, 2025 Results on Aug 14, 2025 SWK Holdings Corporation announced that they will report Q2, 2025 results After-Market on Aug 14, 2025 Aankondiging • May 20
SWK Holdings Corporation (NasdaqGM:SWKH) announces an Equity Buyback for $10 million worth of its shares. SWK Holdings Corporation (NasdaqCM:SWKH) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its shares. The program will expire on May 19, 2026. Aankondiging • May 09
SWK Holdings Corporation to Report Q1, 2025 Results on May 15, 2025 SWK Holdings Corporation announced that they will report Q1, 2025 results After-Market on May 15, 2025 Aankondiging • Apr 30
SWK Holdings Corporation, Annual General Meeting, Jun 13, 2025 SWK Holdings Corporation, Annual General Meeting, Jun 13, 2025. Aankondiging • Apr 11
SWK Holdings Corporation Declares Special Cash Dividend of Common Stock, Payable on May 8, 2025 On April 10, 2025, SWK Holdings Corporation announced that its Board of Directors has declared a special cash dividend of $4.00 per share, payable to all holders of record of the Company’s common stock as of April 24, 2025, with a payment date of May 8, 2025. Aankondiging • Mar 20
Soleus Capital LLC entered into a definitive agreement to acquire Substantially All Remaining Performing Royalty Portfolio of SWK Holdings Corporation (NasdaqGM:SWKH) in a transaction valued at $34 million. Soleus Capital LLC entered into a definitive agreement to acquire Substantially All Remaining Performing Royalty Portfolio of SWK Holdings Corporation (NasdaqGM:SWKH) in a transaction valued at $34 million on March 17, 2025. A cash consideration will be paid by Soleus Capital LLC.
The transaction is expected to close in approximately two weeks, subject to the satisfactory of customary conditions to closing. Aankondiging • Mar 13
SWK Holdings Corporation to Report Q4, 2024 Results on Mar 19, 2025 SWK Holdings Corporation announced that they will report Q4, 2024 results After-Market on Mar 19, 2025 Price Target Changed • May 21
Price target decreased by 14% to US$22.00 Down from US$25.50, the current price target is provided by 1 analyst. New target price is 24% above last closing price of US$17.73. Stock is down 0.1% over the past year. The company is forecast to post earnings per share of US$1.85 for next year compared to US$1.26 last year. Aankondiging • May 21
SWK Holdings Corporation (NasdaqGM:SWKH) announces an Equity Buyback for $10 million worth of its shares. SWK Holdings Corporation (NasdaqCM:SWKH) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its shares. The program will expire on May 16, 2025. New Risk • May 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Aankondiging • Apr 28
SWK Holdings Corporation, Annual General Meeting, Jun 14, 2024 SWK Holdings Corporation, Annual General Meeting, Jun 14, 2024, at 09:00 Central Standard Time. Agenda: To consider the election of Jerry Albright, Laurie L. Dotter, Robert K. Hatcher and Marcus Pennington, as directors of the Company to serve until 2025 Annual Meeting of Stockholders and until their respective successors have been elected and qualified, or until their earlier resignation, death or removal; to consider the ratification of the appointment of BPM LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024; and to consider the approval on an advisory basis of the compensation paid to certain executive officers. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Aankondiging • Nov 07
SWK Holdings Corporation to Report Q3, 2023 Results on Nov 09, 2023 SWK Holdings Corporation announced that they will report Q3, 2023 results on Nov 09, 2023 Aankondiging • Aug 10
SWK Holdings Corporation to Report Q2, 2023 Results on Aug 09, 2023 SWK Holdings Corporation announced that they will report Q2, 2023 results on Aug 09, 2023 Aankondiging • May 17
SWK Holdings Corporation (NasdaqCM:SWKH) announces an Equity Buyback for $10 million worth of its shares. SWK Holdings Corporation (NasdaqCM:SWKH) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its shares. The program will expire on May 16, 2024. Major Estimate Revision • May 17
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$1.13 to US$1.35. Revenue forecast unchanged at US$36.0m. Net income forecast to grow 29% next year vs 9.8% growth forecast for Diversified Financial industry in the US. Consensus price target of US$24.00 unchanged from last update. Share price was steady at US$17.10 over the past week. Major Estimate Revision • Apr 05
Consensus EPS estimates increase by 24% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$1.20 to US$1.49. Revenue forecast unchanged at US$36.8m. Net income forecast to grow 4.2% next year vs 1.0% growth forecast for Diversified Financial industry in the US. Consensus price target down from US$25.50 to US$24.00. Share price fell 2.8% to US$17.51 over the past week. Board Change • Apr 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Director Marcus Pennington is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 17
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Director Marcus Pennington is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Nov 09
SWK Holdings Corporation to Report Q3, 2022 Results on Nov 10, 2022 SWK Holdings Corporation announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 10, 2022 Major Estimate Revision • Oct 13
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$34.0m to US$39.0m. EPS estimate increased from US$0.77 to US$0.97 per share. Net income forecast to grow 36% next year vs 12% decline forecast for Diversified Financial industry in the US. Consensus price target of US$24.50 unchanged from last update. Share price fell 3.5% to US$17.33 over the past week. Recent Insider Transactions Derivative • Sep 08
CEO & Chairman exercised options and sold US$475k worth of stock On the 31st of August, Winston Black exercised 125.00k options at around US$13.70, then sold 102k of the shares acquired at an average of US$17.16 per share and kept the remainder. For the year to December 2015, Winston's total compensation was 11% salary and 89% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2021, Winston has owned 76.66k shares directly. Company insiders have collectively sold US$527k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Aug 17
Consensus revenue estimates fall by 17% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$41.0m to US$34.0m. EPS estimate fell from US$1.54 to US$0.77 per share. Net income forecast to grow 26% next year vs 11% decline forecast for Diversified Financial industry in the US. Consensus price target of US$24.50 unchanged from last update. Share price fell 2.0% to US$18.35 over the past week. Aankondiging • Aug 10
SWK Holdings Corporation to Report Q2, 2022 Results on Aug 11, 2022 SWK Holdings Corporation announced that they will report Q2, 2022 results on Aug 11, 2022 Major Estimate Revision • May 17
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$45.5m to US$41.0m. EPS estimate also fell from US$1.90 per share to US$1.54 per share. Net income forecast to shrink 24% next year vs 29% decline forecast for Diversified Financial industry in the US. Consensus price target of US$24.50 unchanged from last update. Share price was steady at US$19.30 over the past week. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. CEO & Chairman Winston Black is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 05
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. CEO & Chairman Winston Black is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Feb 17
SWK Holdings Corporation Announces Board and Committee Appointments SWK Holdings Corporation announced the reconstitution of the Company's Board of Directors with three new appointments. Effective February 15, 2021, Wendy DiCicco and Robert K. Hatcher were appointed as independent directors, joining, Laurie Dotter, who was appointed as an independent director on February 9, 2022, and previous Board members, Winston Black, Chairman and CEO of SWK Holdings, and Marcus Pennington. Ms. DiCicco, Ms. Dotter, and Mr. Hatcher will serve on the Board's Audit, Compensation and Governance Committees. Ms. DiCicco currently serves as an executive board advisory consultant for Board Advantage, LLC. Ms. DiCicco is an independent financial and board advisor to companies in the life sciences industry, often serving in the role of interim Chief Financial Officer. Ms. Dotter currently serves as an Advisor at Dottid. Ms. Dotter has served in executive leadership roles in several investment companies that delivered attractive investment returns on commercial real estate operating companies, development and management companies, and portfolios requiring repositioning to enhance value. Mr. Hatcher currently serves as the Chairman of Avalon Advisors. Mr. Hatcher previously served as the President and CEO of Cockrell Interests, Pinto Investment Partners LP and Pinto Trust Company and as Chairman of the Finance Advisory Committee for PTV Healthcare Capital and Pinto America Growth Fund. Prior to Cockrell Interests, Mr. Hatcher founded and served as Managing Director of Citywest Ventures. Aankondiging • Jan 06
Carlson Capital, L.P. cancelled the acquisition of remaining 29% stake in SWK Holdings Corporation (NasdaqCM:SWKH). Funds managed by Carlson Capital, L.P. has made non-binding proposal to acquire remaining 29% stake in SWK Holdings Corporation on November 23, 2021. Under the terms of agreement, Carlson is acquiring all of the issued and outstanding shares of common stock of the SWK Holdings not already owned by Carlson for a price of $19 per share, payable in cash. The Company’s Board of Directors (the “Board”) has formed a special committee of non-executive, independent directors (the “Special Committee”). The Special Committee, in consultation with its advisors, will carefully review and consider Carlson’s proposal and pursue the course of action that it believes is in the best interests of the Company’s stockholders. In response to those discussions, on December 27, 2021, Carlson Capital delivered to the members of the Special Committee updated terms of the Proposed Transaction, pursuant to which Carlson Capital has proposed to acquire all issued and outstanding shares of the Issuer not already owned by Carlson Capital for a price of $20.20 per share, payable in cash, subject to the same qualifications as previously communicated and set forth in the November 23 Letter. As of January 5, 2022, the Special Committee concluded that it would not be able to reach an agreement with Carlson Capital with respect to Carlson Capital's latest $20.20 per share proposal based on other economic and non-economic terms and the Special Committee determined that it would dissolve. JMP Securities LLC is serving as financial advisor to the Special Committee and Shearman & Sterling LLP is acting as legal counsel to SWK Holdings Corporation.
Carlson Capital, L.P. cancelled the acquisition of remaining 29% stake in SWK Holdings Corporation (NasdaqCM:SWKH) on January 5, 2022. Recent Insider Transactions Derivative • Jan 05
CEO & Chairman exercised options and sold US$571k worth of stock On the 31st of December, Winston Black exercised 75.00k options at around US$8.30, then sold 50k of the shares acquired at an average of US$19.63 per share and kept the remainder. For the year to December 2020, Winston's total compensation was 18% salary and 82% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2021, Winston has owned 51.59k shares directly. Company insiders have collectively sold US$367k more than they bought, via options and on-market transactions in the last 12 months. Aankondiging • Nov 25
Funds managed by Carlson Capital, L.P. has made non-binding proposal to acquire remaining 29% stake in SWK Holdings Corporation. Funds managed by Carlson Capital, L.P. has made non-binding proposal to acquire remaining 29% stake in SWK Holdings Corporation on November 23, 2021. Under the terms of agreement, Carlson is acquiring all of the issued and outstanding shares of common stock of the SWK Holdings not already owned by Carlson for a price of $19 per share, payable in cash. The Company’s Board of Directors (the “Board”) has formed a special committee of non-executive, independent directors (the “Special Committee”). The Special Committee, in consultation with its advisors, will carefully review and consider Carlson’s proposal and pursue the course of action that it believes is in the best interests of the Company’s stockholders. JMP Securities LLC is serving as financial advisor to the Special Committee and Shearman & Sterling LLP is acting as legal counsel to SWK Holdings Corporation. Aankondiging • Jun 25
SWK Holdings Corporation (NasdaqCM:SWKH) announces an Equity Buyback for $5 million worth of its shares. SWK Holdings Corporation (NasdaqCM:SWKH) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of its shares. The program will expire on March 15, 2022. Aankondiging • Jun 24
Cannell Capital Provides Information to the Shareholders On June 23, 2021, Cannell Capital LLC reserves the right to discuss various views and opinions with respect to the Company and its business plans with the Company or the members of its senior management and the discussion of such views and opinions may extend from ordinary day-to-day business operations to matters such as nominees for representation on the Company’s board of directors, senior management decisions and extraordinary business transactions. Cannell reserves the right to take such action as he may deem necessary from time to time to seek to maximize the value of the shares. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from US$37.7m to US$39.0m. EPS estimate fell from US$2.05 to US$1.48 per share. Net income forecast to grow 61% next year vs 32% decline forecast for Diversified Financial industry in the US. Consensus price target up from US$25.00 to US$29.50. Share price rose 4.8% to US$16.62 over the past week. Is New 90 Day High Low • Mar 10
New 90-day high: US$15.09 The company is up 5.0% from its price of US$14.41 on 09 December 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$8.18 per share. Is New 90 Day High Low • Dec 09
New 90-day high: US$15.29 The company is up 9.0% from its price of US$14.01 on 09 September 2020. The American market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Diversified Financial industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$6.61 per share. Valuation Update With 7 Day Price Move • Dec 09
Market bids up stock over the past week After last week's 18% share price gain to US$15.29, the stock is trading at a trailing P/E ratio of 21.1x, up from the previous P/E ratio of 17.9x. This compares to an average P/E of 10x in the Diversified Financial industry in the US. Total returns to shareholders over the past three years are 43%. Valuation Update With 7 Day Price Move • Dec 02
Market pulls back on stock over the past week After last week's 15% share price decline to US$12.95, the stock is trading at a trailing P/E ratio of 17.9x, down from the previous P/E ratio of 21.1x. This compares to an average P/E of 10x in the Diversified Financial industry in the US. Total returns to shareholders over the past three years are 21%. Is New 90 Day High Low • Nov 04
New 90-day high: US$15.15 The company is up 16% from its price of US$13.04 on 06 August 2020. The American market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 1.0% over the same period. Is New 90 Day High Low • Oct 02
New 90-day high: US$15.05 The company is up 20% from its price of US$12.56 on 02 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 19% over the same period.