09:27 AM EDT, 08/12/2024 (MT Newswires) -- 180 Degree Capital ( TURN ) and Lantronix ( LTRX ) entered into a cooperation agreement to nominate Narbeh Derhacobian and Kevin Palatnik for election to Lantronix's ( LTRX ) board of directors in this year's annual shareholder meeting, the companies said Monday.

Lantronix ( LTRX ) directors Jason Cohenour and Phu Hoang agreed to not stand for re-election to give way for the agreement, Lantronix ( LTRX ) said in a regulatory filing.

180 Degree Capital ( TURN ) President Daniel Wolfe said in a statement that their nominees Derhacobian and Palatnik bring a "wealth of experience" that can help Lantronix's ( LTRX ) management "build substantial value" for the company.

The date of Lantronix's ( LTRX ) shareholder meeting has yet to be announced.

Lantronix ( LTRX ) shares were 5% lower premarket while 180 Degree was inactive.