An activist New York investor and his wife have increased their stake in Vancouver-based Nautilus Inc. and now own about 7 percent of the manufacturer of fitness equipment.
Norman Pessin and his wife, Sandra, now jointly own 2.18 million shares of Nautilus stock, which they believe is “undervalued,” according to a regulatory filing they made on May 17 with the U.S. Securities and Exchange Commission.
Depending on general economic conditions and the financial performance of Nautilus, the Pessins said, they may take a variety of actions, including decreasing or increasing their stake in the company, talking to the company’s board and proposing the company make changes to its operations.
Norman Pessin bought more than 350,000 shares between March 22 and May 8 for prices ranging from $2.31 to $2.70 per share, according to the SEC filing. He and his wife purchased the shares using personal funds.
