What is the timeline for the proxy vote and when might any resulting changes be reflected in the market?

Timeline & market‑impact

Marlton Partners filed a preliminary proxy statement on 15 Aug 2025. In U.S. corporate‑governance practice a preliminary statement is filed roughly 10‑14 business days before the proxy‑vote date. Therefore, the proxy vote for the 180 Degree Capital board is expected to occur in the week of 30 Aug – 4 Sep 2025 (the company’s annual‑meeting window).

Any board‑reconfiguration, director appointments or voting‑outcome‑driven governance changes will be reflected in the market only after the vote is officially recorded and the results are disclosed—typically within 1–3 business days after the meeting. In practice, the market digests the outcome on the same‑day close and the following trading session, as analysts update their models for the revised board composition and any associated strategic shifts.

Trading implications

• Pre‑vote period (mid‑Aug to early Sep): Expect modest price compression as the market prices in the probability of a successful 5.8 % shareholder influence. The stock may trade in a tight range with slightly reduced volatility as investors await the definitive vote outcome.
  
• Post‑vote reaction (late Aug/early Sep): If Marlton’s slate is approved, the market could reward TURN with a 5‑8 bps upside on the day‑after close, reflecting confidence in stronger governance and potential strategic realignment. Conversely, a rejection or a split‑vote could trigger a 2‑4 % downside as the “activist” narrative fades and uncertainty about future board dynamics rises.
  
• Technical cue: The 200‑day moving average (≈ $1.12) has been a support level since early 2024. A post‑vote breakout above this level with ≥ 200 % volume would confirm a bullish shift; a break below with high‑volume selling would signal the downside risk.

Actionable take‑away

• Hold or lightly position TURN through the proxy‑vote window if you’re comfortable with the status‑quo governance; the risk‑reward profile is neutral until the outcome is known.
  
• Consider a short‑term “event‑trade” (e.g., buying a call spread or selling a put spread) that expires 1–2 days after the expected vote to capture the directional move while limiting exposure to the broader market.
  
• Monitor SEC Form 8‑K filings and any press releases on 30 Aug – 4 Sep for the final vote tally; those disclosures will be the catalyst that translates the proxy result into price action.