A New York investor and his wife have spent $3.5 million to acquire a 5.4 percent stake in Vancouver fitness company Nautilus, according to documents filed with the U.S. Securities and Exchange Commission.
Norman H. Pessin, a private investor who previously worked in asset management, bought 1.5 million shares for $3.2 million because he believed the company’s stock was undervalued and thus represented a good investment opportunity, he told the SEC. His wife, Sandra F. Pessin, purchased an additional 200,700 shares for $326,480, using her own personal funds. The two paid between $1.63 and $2.09 per share, including brokerage fees.
Nautilus stock closed up 1.1 percent Wednesday, at $2.78 per share. It has traded between $1.32 and $3.45 over the past year.
