Half Moon Capital, LLC Issues Letter to Board of Dropbox Urging Course Correction
Dropbox, Inc. - Class A (DBX)
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Half Moon Capital, LLC is releasing its open letter to the Board of Directors of Dropbox (Nasdaq:DBX) and seeks to engage constructively on corrective course.February 28, 2024Members of the Board,Half Moon Capital, LLC, is a long-term investor in Dropbox, Inc. (“Dropbox” or the “Company”). We have engaged in meaningful discussions with the Company since initiating our investment in June 2022. As paying users of the recently “deemphasized” Family Plan, and shareholders of Dropbox, we are writing to you with a unique perspective.We believe investors have been unnecessarily pushed to assign a negative terminal value to Dropbox. This is largely driven by the decline in paying users and the corresponding bear case scenario it fuels. This appears to be largely self-inflected as we believe management has misinterpreted the Work Family Plan to be a “loophole” that required closing. While this may seem inconsequential, it accounted for over 50% of new paying user
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DBX
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- 2/15/24 - Beat
DBX
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- 4/17/24 - Form 4
- 4/17/24 - Form 4
- 4/15/24 - Form 144
- DBX's page on the SEC website