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Tejon Ranch

Tejon Ranch Co is a diversified real estate development and agribusiness company committed to responsibly using its land and resources to meet the housing, employment, and lifestyle needs of Californians and create value for its shareholders. It has five segments namely Real Estate - Commercial/Industrial, Real Estate - Resort/Residential, Mineral Resources, Farming, and Ranch Operations.

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Glenbrook Capital Management ("Glenbrook" or "we"), a long-time shareholder of Tejon Ranch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) ("Tejon" or the "Company") and owner of approximately 1.1% of outstanding shares of Tejon, today urged Tejon's Board of Directors (the "Board") to implement PFS Trust's shareholder proposal to allow Tejon shareholders owning a combined 10% of outstanding shares to call a special meeting of shareholders (the "Special Meeting Proposal"). Glenbrook also questioned the timing and motive behind Tejon quietly filing a $200 million shelf offering three days after the Tejon Annual Meeting of Shareholders (the "Annual Meeting") and before the newly elected Tejon board can properly consider it.
Glenbrook believes the Board must respect the will of public shareholders and implement the Special Meeting Proposal given its significant – over 49% – shareholder support at the Annual Meeting and recommendations by leading shareholder advisory firms ISS and Glass Lewis. This was achieved despite Tejon devoting more than $3 million of Tejon shareholder funds on lawyers and PR firms to defeat it.

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Glenbrook Capital Urges Tejon Ranch To Adopt Shareholder Meeting Proposal, Questions Timing Of $200M Shelf Offering

Tejon Ranch Files For Mixed Shelf Offering Up To $200M

Tejon Ranch (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) reported quarterly losses of $(0.05) per share. This is a 66.67 percent decrease over losses of $(0.03) per share from the same period last year. The company reported $8.21 million in sales this quarter. This is a 10.84 percent increase over sales of $7.41 million the same period last year.

Earnings

Tejon Ranch Q1 EPS $(0.05) Down From $(0.03) YoY, Sales $8.21M Up From $7.41M YoY

Supports Bulldog Capital Nominees to Tejon Ranch Board of Directors
PALO ALTO, Calif., May 7, 2025 /PRNewswire/ -- Glenbrook Capital Management ("Glenbrook" or "we"), long-time shareholders of Tejon Ranch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) ("Tejon" or the "Company") and owners of approximately 1.1% of outstanding shares of the Tejon, today issued the following statement outlining their intention to vote FOR Item #4 to allow Tejon shareholders owning a combined 10% of outstanding shares to call a special meeting of shareholders and FOR Bulldog Capital's state of nominees ("Bulldog's Slate") to the Tejon Board of Directors (the "Board"), at the May 13 Tejon Annual Meeting of Shareholders (the "Annual Meeting").

Tejon Ranch Shareholder Glenbrook Capital Backs Special Meeting Proposal and Bulldog's Board Nominees

Tejon's Board Continues to Take Decisive Strategic Steps to Drive the Company's Growth at Tejon Ranch Commerce Center and is Uniquely Positioned to Advance the Value of its Master-Planned Communities
Urges Shareholders to Vote "FOR" Only Tejon's Highly Qualified Director Nominees on the Company's WHITE Proxy Card TODAY
TEJON RANCH, Calif., April 22, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>), ("Tejon" or the "Company"), a diversified real estate development and agribusiness company, today filed an investor presentation with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders (the "Annual Meeting") to be held on May 13, 2025.

GPRE

Tejon Ranch Co. Files Investor Presentation Highlighting Strategy For Significant Long-Term Value Creation; Urges Shareholders To Vote "For" Only Tejon's Highly Qualified Director Nominees

Dear Fellow Tejon Ranch Shareholders,
At the upcoming 2025 Annual Meeting, you have an important choice to make regarding the future of your investment. We urge you to vote on the WHITE proxy card in favor of ONLY Tejon's 10 director nominees to protect the value of your investment.
The Tejon Board of Directors and executive team have taken strategic and decisive steps that we believe position Tejon for long-term success while generating meaningful value for shareholders. Over the last year alone, Tejon has strengthened its business with a renewed commitment to operational excellence and the highest standards of corporate governance, including the implementation of strategic improvements, active director refreshment as part of an ongoing Board succession and investor engagement effort, and the hiring of a new CEO to help usher in the next phase of the Company's growth.
Bulldog Investors, a New Jersey-based hedge fund, only recently took a position in Tejon and through an affiliated party has purported to nominate three directors to our Board – two of whom are current Bulldog Investors employees. Compared to Tejon's current Board of Directors, who bring a depth of expertise in executing the Company's business plans, none of Bulldog Investors' nominees have any identified expertise that matches Tejon's operating business units, including real estate development, operational experience or experience with the development of master-planned communities. We believe that Bulldog Investors wants to disrupt our value-creating strategy that we have been successfully executing on for years.
By voting ONLY for Tejon's nominees and withholding your votes from Bulldog Investors' nominees, we will be able to continue executing on our long-term strategy to drive sustained growth of your investment while providing vital housing and economic growth for the State of California.
Strong Momentum Underway to Unlock Value
We are executing a strategy built on monetizing our 270,000 acres of contiguous land in a prime portion of the Southern California market located between Bakersfield and Los Angeles. We believe our deliberate development strategy and approach to land entitlement as well as the related industrial, commercial and residential development will drive long-term value creation for Tejon shareholders.
We are carrying significant momentum into 2025 as construction continues on key projects and we advance our ambitious development agenda. Tejon's fourth quarter results showcase this momentum, including:&nbsp;&nbsp;
•&nbsp; Total revenue growth of 15% year-over-year to $21.6 million1;&nbsp; •&nbsp;&nbsp;GAAP net income attributable to common shareholders increased 186% year-over-year to $4.5 million;&nbsp; •&nbsp;&nbsp;Increase in year-over-year adjusted EBITDA of 116% to $10.5 million2; and&nbsp; •&nbsp;&nbsp;Strong occupancy rates at our Tejon Ranch Commerce Center ("TRCC") industrial and commercial portfolios reaching 100% and 96%, respectively.
This sustained progress combined with our disciplined and prudent approach to capital management has enabled us to maintain the liquidity required to develop true master-planned communities, while also supporting our diverse portfolio of real estate, mineral resources, agriculture and ranch operations that can drive long-term value. With unmatched assets in a highly attractive market, we believe Tejon is well positioned to unlock future value for shareholders.
Substantial Progress on Execution of Long-Term Strategy
Tejon Ranch consists of four master-planned communities, expected to eventually include over 35,000 homesites and approximately 35 million square feet of commercial and industrial space.&nbsp;
At the core of our portfolio is <a href="https://www.globenewswire.com/Tracker?data=15NSmv0z2-Tra-GImgywuxaiWn2W-MaXeZ0z1oV3iqSFvTBmd11PGIguFhm-IPm5rZRL34O2lgAAeYXEuHhm0_CDg-ahC1fca1nVMC1muufZiJ9WGyF4rVE06eEtxmd5">Tejon Ranch Commerce Center (TRCC)</a>, a world-class development currently serving one of the most highly used corridors in California. TRCC generates recurring revenue through a balanced mix of industrial, commercial and residential assets and has significant opportunity for revenue expansion in the near-term. The ongoing success of TRCC, achieved through strategic entitlements and successful litigation defense of those entitlements, sets the benchmark for our other projects.
We are also advancing several other strategically-located developments. <a href="https://www.globenewswire.com/Tracker?data=D-5BXBTsbTXhLVbznmC2MPJQaq0W8n_61bVFnd-kIohjcCq6ueF8Q6JRU0YyV2diqVcbLn9BfmiOXKVCiWmz10b64ENsDWrpDvHCElUmD6W7GcPnMkM2Jb6DVLSNw-Ls">Mountain Village at Tejon Ranch</a> has been significantly advanced through both entitlement and litigation success and is envisioned as an exclusive, resort-style community, tailored to an active, outdoor lifestyle. <a href="https://www.globenewswire.com/Tracker?data=PYKTPhAGlcy_l7F40y9wrbhkFKNMM_sClm2h5azitdHxX08jiD67jF9PRichUpbugxHpxziZJps767aUwgkZR3G4L9NFphXIim0sz4NFrRbwGLLp9AegAwG-qIfmwdx3">Grapevine at Tejon Ranch</a>, located adjacent to TRCC, is a primary market, mixed-use community designed to serve key regional markets while providing homes for those working at TRCC, where the logistics centers and retail tenants collectively employ several thousand workers. <a href="https://www.globenewswire.com/Tracker?data=k6xCOf__LG-3Vsa_yzLA2nHuCSlMtqnjurN-aQFPqO3a8lywvmwEPn27-r6AwcIm0hGkfKZtktrdUgNRogXQfVtpHZknL21kxg2kTupG7irKmhhpxKCsXsRIY833LvGq">Centennial at Tejon Ranch</a>, our Los Angeles County mixed-use development offers an opportunity for significant growth potential with substantial housing and commercial space in a high-opportunity area; this project has received approvals from the Los Angeles County Board of Supervisors and we are in the process of working to resolve pending litigation. Together, we believe these projects not only enhance our revenue potential but also demonstrate our ability to transform large tracts of land into integrated communities that drive sustainable shareholder value.
The entitlement process is complex, lengthy, requires upfront capital, and creates significant barriers to entry into California development process. However, we believe that achieving and protecting master-plan entitlements can lead to significant cash flow generation once assets are developed into communities where people live, work and play, unlocking future value. Tejon has a decades-long track record of successfully obtaining land use entitlements in the notoriously difficult state of California (including in Los Angeles County, where there are additional challenges to entitlement), and these entitlements for Tejon's four master-planned communities will deliver significant value. In order to maximize the value of our long-term assets over time, it is critical that we continue to invest in the entitlement and approval process, and vigorously defend those entitlements in litigation challenging these approvals – something that Tejon has successfully done for each of its master-planned communities, while remaining focused on prudent capital usage. Our business is intentionally structured for prudent and market-driven, long-term development, and we believe that over time we will continue to generate stronger returns for our shareholders as additional projects come online.
We also have secured and carefully protected our water assets and contracts, which we believe will allow us to meet the needs for each of Tejon's development projects, as well as for the Company's existing agricultural and ranch operations. Our water assets have also historically generated revenue for the Company through water sales, while we await use of this vital resource in our developments. In addition, the Company will continue to utilize the legacy revenue-producing aspects of the land to their highest potential – including farming, grazing, minerals, land leases and easements – to generate additional recurring cash flow.
Our Projects Address Critical Need for Housing and Jobs in California
There is a severe housing shortage in California and a chronic undersupply of residences, which are expected to drive significant demand for our developments. The L.A. Basin and the Central Valley have a combined population of 25.8 million residents that require more than 180,000 new homes annually. Over the past decade, housing production has averaged just over 100,000 new homes per year – resulting in a massive supply shortfall. This shortage is further compounded by the immensely challenging entitlement efforts in California. Master-planned communities have proven to add enormous value to the State.&nbsp;Several other State land use, housing and economic development planning efforts hinge on the construction of projects like <a href="https://www.globenewswire.com/Tracker?data=k6xCOf__LG-3Vsa_yzLA2mdL3hS_5_O-IVWWhrw0qVL6ls5ZqAnFfFPbSnvHndS7240UcZ7b4_8mnRYHY6pP2LBPaL3S_MWJ4cxozn3G70U=">Centennial</a>, <a href="https://www.globenewswire.com/Tracker?data=PYKTPhAGlcy_l7F40y9wrc0lMV0tK5Pu2ObZUNXjxqHDMN_b90hz0bDemC3YZqtiIf3zbQUqNnv17BhB_QijqgK5eEic6mqueA33XEx7ybs=">Grapevine</a> and <a href="https://www.globenewswire.com/Tracker?data=D-5BXBTsbTXhLVbznmC2MBiGWpDaew4RofV7f_ntYXNDGIHk6U7av0w5m_UydAFsnBU25PJmPlqJhpOGV_xgRsS8GLNi0Ia1WNxeaJvVi4o=">Mountain Village</a>.
Tejon's ability to provide new housing in an undersupplied market not only responds to a significant need, but we believe also sets the foundation for long-term revenue diversification and value creation for Tejon shareholders. We regularly engage with our shareholders regarding these business plans that we believe have meaningful alignment of those plans with California's need for housing and jobs.
Building on our High Standards of Corporate Governance
We are proud to have a purpose-built Board overseeing the development and execution of the Company's growth strategy. Our directors are highly qualified, active and engaged leaders that bring the right balance of skills and expertise in areas relevant to our business, including executive-level experience in land and master-planned community development, knowledge of and success in California's challenging land development environment, real estate and business operations, banking, finance, law, accounting and capital allocation. Most importantly, our Board is committed to acting in the best interests of the Company and all of its shareholders.
Our Board upholds high standards of corporate governance, including active board refreshment. The Board regularly engages in succession planning activities, most recently resulting in the Board adding four independent directors over the last six months and the retirement of two independent directors as the result of this robust succession planning effort, which included direct input from several Tejon shareholders. We continue to prioritize ongoing refreshment, focusing on candidates who add relevant skills to the Board in our effort to strengthen the Company's dedication to Tejon's entitled land assets and grow our diversified cash flow streams.
Tejon's immensely qualified nominees include:
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Steven A. Betts</td>
<td>
<ul>
<li>Serves as Managing Director for a real-estate investment and development company focused on commercial, multifamily and hospitality assets, and formerly served as a strategic advisor to multiple real estate and commercial investment and development companies</li>
</ul>
</td>
</tr>
<tr>
<td>Gregory S. Bielli</td>
<td>
<ul>
<li>Tejon Ranch Co.'s recently retired President and CEO, who served from 2013 through March 31, 2025, brings more than 35 years of experience and expertise in every aspect of the business including implementation of master-planned communities in highly regulated and litigious environments, real estate, land acquisition, entitlements, development and financing</li>
</ul>
</td>
</tr>
<tr>
<td>Denise Gammon (Elected November 2024)</td>
<td>
<ul>
<li>Senior development executive with nearly four decades of experience leading, managing, and consulting on a diverse range of real estate ventures, including at highly regarded development firms, influencing 30 communities nationwide</li>
</ul>
</td>
</tr>
<tr>
<td>Anthony L. Leggio</td>
<td>
<ul>
<li>Real estate development executive with nearly five decades experience in California's commercial and residential real estate industry, agribusiness, land use entitlements, water resources, finance, as well as extensive legal experience</li>
</ul>
</td>
</tr>
<tr>
<td>Jeffrey J. McCall (Elected November 2024)</td>
<td>
<ul>
<li>Served as CFO and COO of a publicly-traded company that oversees multi-strategy residential real estate investments (including in California) and has deep financial acumen bringing experience in finance, accounting and business operations</li>
</ul>
</td>
</tr>
<tr>
<td>Norman J. Metcalfe</td>
<td>
<ul>
<li>Real estate and community development executive with extensive entitlement and financial experience, particularly with capital structures within the real estate industry and public company board experience</li>
</ul>
</td>
</tr>
<tr>
<td>Eric H. Speron (Elected November 2024)</td>
<td>
<ul>
<li>Managing Director of a banking, trust services, financial planning and investment company with deep capital markets and financial expertise as well as experience in corporate governance</li>
</ul>
</td>
</tr>
<tr>
<td>Daniel R. Tisch</td>
<td>
<ul>
<li>Managing member of an investment fund with over 50 years of investing experience, brings experience in capital raising and risk management</li>
</ul>
</td>
</tr>
<tr>
<td>Michael H. Winer</td>
<td>
<ul>
<li>Senior investment manager with over two decades of mutual fund experience and extensive board service, bringing deep expertise in real estate investing</li>
</ul>
</td>
</tr>
<tr>
<td>Kenneth G. Yee (Elected November 2024)</td>
<td>
<ul>
<li>Serves as a director of a real estate investment trust with previous experience in auditing and real estate financial advisory services, bringing a strong financial and legal background</li>
</ul>
</td>
</tr>
</tbody>
</table>
</figure>
 Recent Appointment of Matt Walker as CEO Will&nbsp; Further Drive Company Strategy and Unlock Value
Tejon also announced the appointment of Matt Walker as the Company's new President and CEO, effective April 1, 2025. Mr. Walker's appointment followed a robust, nationwide search led by an ad-hoc committee of our Board and was the culmination of a thoughtful succession plan. Mr. Walker joins Tejon following a distinguished 24-year career in California real estate, driving authentic projects that have inspired loyalty from residents and guests.
Originally trained as an architect, Mr. Walker has extensive experience in resort and residential development, residential sales and marketing, master-planned community entitlement and development, as well as resort investment and expansion. He also brings experience in capital development and joint venture formation. The Board is confident in his ability to build on the success of TRCC, successfully execute the Company's long-term strategy and maximize the deep bench of talent across the Tejon team to unlock long-term value for shareholders.
Bulldog's Agenda Puts the Future of Your Investment at Risk;&nbsp; Withhold Your Votes for Bulldog's Director Candidates
Despite the historical success of Tejon's business operations and the significant actions we've taken to establish a clear path toward continued strategic value creation, Bulldog is attempting to install its own employees on Tejon's Board in order to force their misguided agenda on all shareholders. Consistent with Tejon's commitment to regular engagement with shareholders to understand their perspectives, on March 11, 2025, members of the Tejon executive team met with Bulldog and arranged a comprehensive private ranch tour. It was on this tour – our first meeting with Bulldog – that Bulldog informed the Company of its intention to nominate directors to the Board.
We strongly disagree with the views Bulldog shared with our team, which we believe are shortsighted and not aligned with our long-term growth strategy. The Tejon Board and executive team are acutely aware that California is one of the most highly regulated states in which to engage in real estate development. We know this business well and have successfully worked for decades to position Tejon for growth from our land development opportunities. Our track record – demonstrated by decades of securing critical entitlements and repeatedly prevailing over litigation – underscores our ability to generate steady income streams and cash flows from our legacy operations while investing in key growth opportunities across our business. We believe we are poised to further strengthen Tejon's business and fully realize the value of TRCC and our other master-planned communities.
Do not put your investment at risk by inviting hedge fund employees with a short-term focus onto your Board. The Tejon Board determined that Bulldog's nominees' background and experience are not additive and are inferior to the Board's existing skillsets and expertise. We believe their views are inconsistent with the Company's long-term strategy and, as such, their election to the Board is not in the best interests of the Company or its shareholders.
The Choice is Clear
Tejon's Board – Steven A. Betts, Gregory S. Bielli, Denise Gammon, Anthony L. Leggio, Jeffrey J. McCall, Norman J. Metcalfe, Eric H. Speron, Daniel R. Tisch, Michael H. Winer and Kenneth G. Yee – is uniquely positioned to guide the Company's strategy and successfully deliver on Tejon's strategic priorities to drive shareholder value.
We urge you to vote in favor of ONLY Tejon's 10 director nominees on the WHITE proxy card and withhold your votes for Bulldog's nominees.
The Tejon Board is unwavering in its commitment to take actions that are in the best interests of ALL Tejon shareholders and achieve our important objectives.
Thank you for your support.
Sincerely,
The Tejon Ranch Co. Board of Directors

Tejon Ranch Files Proxy Materials With SEC And Mails Shareholder Letter

Tejon Ranch (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) reported quarterly earnings of $0.17 per share which beat the analyst consensus estimate of $0.08 by 112.5 percent. This is a 183.33 percent increase over earnings of $0.06 per share from the same period last year. The company reported quarterly sales of $17.93 million which beat the analyst consensus estimate of $15.53 million by 15.49 percent. This is a 10.94 percent increase over sales of $16.17 million the same period last year.

Tejon Ranch Q4 EPS $0.17 Beats $0.08 Estimate, Sales $17.93M Beat $15.53M Estimate

Tejon Ranch Appoints Matthew Walker As President & CEO; Succeeds Gregory S. Bielli

U.S. stock futures were higher this morning, with the Dow futures gaining more than 100 points on Friday.
Shares of United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) fell sharply in <a href="https://www.benzinga.com/markets/equities/25/01/42779827/joe-biden-to-decide-on-nippon-steels-14-9b-us-steel-acquisition-on-friday-amid-veto-offer-labor-concerns">today's pre-market trading</a>.
This decline comes as President Joe Biden is poised to block the proposed acquisition by Nippon Steel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>), potentially as soon as Friday, Reuters reported, citing a source familiar with the matter.
United States Steel shares dipped 7.3% to $30.23 in the pre-market trading session.
Here are some other stocks moving lower in pre-market trading.
<ul>
<li>Tejon Ranch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) shares dipped 11.4% to $14.01 in pre-market trading.</li>
<li>Lincoln Educational Services Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LINC#NASDAQ">LINC</a>) shares fell 7.7% to $14.10 in pre-market trading after falling over 3% on Thursday.</li>
<li>Hesai Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSAI#NASDAQ">HSAI</a>) fell 4.6% to $15.39 in pre-market trading after jumping over 16% on Thursday.</li>
<li>Enhabit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EHAB#NYSE">EHAB</a>) fell 4.5% to $7.40 in pre-market trading.</li>
<li>Diageo plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEO#NYSE">DEO</a>) fell 2.9% to $122.58 in pre-market trading.</li>
<li>Nabors Energy Transition Corp. II (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NETD#NASDAQ">NETD</a>) fell 2.8% to $10.51 in pre-market trading.</li>
<li>Metallus Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTUS#NYSE">MTUS</a>) 2.8% to $13.31 in pre-market trading.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/25/01/42763645/how-to-earn-500-a-month-from-acuity-brands-stock-ahead-of-q1-earnings">How To Earn $500 A Month From Acuity Brands Stock Ahead Of Q1 Earnings</a></li>
</ul>

Pre-Market Outlook

Markets

EHAB

HSAI

MTUS

NETD

NPSCY

United States Steel, Diageo And Other Big Stocks Moving Lower In Friday's Pre-Market Session

Shares of Check-Cap Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHEK#NASDAQ">CHEK</a>) rose sharply in today's pre-market trading after the company announced it was granted European Patent Number EP4087488 titled &#8220;RADIATION CAPSULE FOR BOWEL DISEASE IMAGING <a href="https://www.benzinga.com/quote/CHEK">AND LOCALIZE DRUG DELIVERY&#8221;.</a>
Check-Cap shares jumped 52.2% to $1.75 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Treasure Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGL#NASDAQ">TGL</a>) gained 151.2% to $0.4760 in pre-market trading after gaining around 7% on Thursday.</li>
<li>BioLineRx Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLRX#NASDAQ">BLRX</a>) gained 91.4% to $0.4891 in pre-market trading after surging 20% on Thursday.</li>
<li>mF International Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MFI#NASDAQ">MFI</a>) rose 80% to $1.30 in pre-market trading after gaining around 8% on Thursday.</li>
<li>MGO Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGOL#NASDAQ">MGOL</a>) rose 48.5% to $0.8776 in pre-market trading after climbing around 5% on Thursday.</li>
<li>Nine Energy Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NINE#NYSE">NINE</a>) gained 30.9% to $1.61 in pre-market trading following a 10% surge on Thursday.</li>
<li>Inspire Veterinary Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IVP#NASDAQ">IVP</a>) gained 27.6% to $0.2630 in pre-market trading after gaining 8% on Thursday.</li>
<li>SES AI Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SES#NYSE">SES</a>) gained 27.3% to $2.42 in pre-market trading after dipping 13% on Thursday.</li>
<li>Garrett Motion Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTX#NYSE">GTX</a>) rose 11.3% to $9.92 in pre-market trading.</li>
<li>Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>) gained 10.5% to $84.00 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Coeptis Therapeutics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COEP#NASDAQ">COEP</a>) fell 30.4% to $4.11 in pre-market trading after jumping 7% on Thursday.</li>
<li>T Stamp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDAI#NASDAQ">IDAI</a>) declined 19.8% to $0.5470 in pre-market trading after dipping 23% on Thursday. The company announced it will implement a 1-for-15 reverse stock split.</li>
<li>HWH International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HWH#NASDAQ">HWH</a>) fell 18.3% to $0.5300 in pre-market trading.</li>
<li>Reservoir Media, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RSVR#NASDAQ">RSVR</a>) shares dipped 18% to $7.00 in pre-market trading after falling over 5% on Thursday.</li>
<li>Creative Media &amp; Community Trust Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCT#NASDAQ">CMCT</a>) shares fell 17.9% to $0.1716 in pre-market trading. Creative Media announced approval for a 1-for-10 reverse stock split.</li>
<li>IT Tech Packaging, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITP#NYSE">ITP</a>) fell 14.9% to $0.5700 in today's pre-market trading after jumping more than 11% on Thursday.</li>
<li>Ark Restaurants Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKR#NASDAQ">ARKR</a>) fell 13.7% to $11.01 in pre-market trading after gaining 16% on Thursday.</li>
<li>Tejon Ranch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) shares fell 11.4% to $14.01 in pre-market trading.</li>
<li>Aura Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AURA#NASDAQ">AURA</a>) dipped 11.1% to $0.75 in pre-market trading.</li>
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Why Check-Cap Shares Are Trading Higher By Over 52%; Here Are 20 Stocks Moving Premarket

Tejon Ranch Q3 2024 Revenue $14.6M Vs $12M YoY; EPS $(0.07) Vs $(0.01) YoY

This new industrial warehouse will be located on a 25-acre parcel just east of Interstate 5, giving it near immediate access to California&#39;s primary north/south highway and the ability to serve&nbsp;90%&nbsp;of California consumers within a single day truck turn. The partners have designed the new warehouse as a Class-A divisible cross-dock facility with 185&#39; truck courts and 36&#39; clear height.

Reported Earlier, Tejon Ranch Teams With Dedeaux To Build 510,500 Sq. Ft. Warehouse At The Tejon Ranch Commerce Center

Tejon Ranch (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) reported quarterly earnings of $0.04 per share which beat the analyst consensus estimate of $(0.03) by 233.33 percent. This is a 300 percent increase over earnings of $0.01 per share from the same period last year. The company reported quarterly sales of $5.69 million which missed the analyst consensus estimate of $7.50 million by 24.15 percent. This is a 6.71 percent decrease over sales of $6.10 million the same period last year.

Earnings Beats

Earnings Misses

Tejon Ranch Q2 EPS $0.04 Beats $(0.03) Estimate, Sales $5.69M Miss $7.50M Estimate

Tejon Ranch Shareholder Glenbrook Capital Management Urges Company To Conduct Periodic Investor Calls And Adopt Investor Outreach Program; Calls For Transparency

Guidance

Tejon Anticipates Higher 2024 Almond Industry Crop Production; May Have Adverse Effect On 2024 Selling Prices

Tejon For Fy24 To Continue Strategic Commercial/Industrial Development, Multi-family Development, Leasing, Sales, And Investment Within TRCC And Its JV; To Invest In To Advance Its Residential Projects, Including Mountain Village At Tejon Ranch, Centennial At Tejon Ranch And Grapevine At Tejon Ranch

Tejon Rance Q1 2024 EPS $(0.03) Down From $0.07 YoY, Revenue $9.5M Down From $14.6M YoY

Shareholder letter regarding next month&#39;s annual meeting 
Tejon Ranch Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/trc#NYSE">TRC</a>) is scheduled to hold its annual shareholder meeting next month on May 14, 2024. In advance of the meeting, a large shareholder, Nitor Capital Management, has issued a letter to Tejon Ranch stockholders announcing its intention to withhold support for four directors at the upcoming 2024 Annual Meeting. According to the letter, Nitor Capital plans to withhold support for:
➢ Compensation Committee Chair Steven A. Betts
➢ Chairman of the Board Norman J. Metcalfe
➢ Real Estate Committee Chair Geoffrey L. Stack, and
➢ Nominating Committee Chair Michael H. Winer
The investment management firm also intends to vote against approval of executive officer compensation on May 14, 2024. Nitor Capital has indicated that it holds 1.75% of TRC shares.
Reflecting the underperformance of TRC shares, Nitor Capital highlights its view that the current management team and the board have not created lasting shareholder value. The letter notes that Mr. Metcalfe and Mr. Stack have each served on the board since 1998, during which time the shares have essentially round tripped from the $16-$20 range to $45-$50 range and back again. Nominating Committee Chair Michael H. Winer and Steven Betts have served on the board since 2001 and 2014, respectively.
Moreover, the investment management firm believes the company&#39;s existing management compensation structure should be overhauled, as it &quot;Has Enriched Management While Stockholders Suffer&quot; according to the investment management firm. Nitor Capital would like to see a compensation structure implemented that provides &quot;incentives for management that align with a company&#39;s strategic goals and promote long-term value creation.&quot; The firm notes that what it terms &quot;misaligned incentives&quot; have led to outsized and unearned (according to Nitor Capital) compensation for top executives, while the company has not created sustainable improving value for shareholders. For example, Nitor Capital points to CEO Gregory Bielli having received more than $30 million in total compensation over the years and notes that the &quot;current compensation scheme clearly is not working for stockholders.&quot;
Just as we applauded the appointment of a new CFO last year who has substantial REIT and real estate experience, as well as public company experience, we believe TRC has an opportunity now to strengthen its management team and improve its interaction with public shareholders. The company can use the upcoming retirement of the CEO, in our view, to make important positive changes, particularly if a sufficient number of shareholders align with Nitor Capital in withholding support for the above-named directors, many of whom have been named to the search committee seeking a replacement for the CEO. TRC has until year-end 2024 to find a new CEO. On March 20, 2024, Gregory Bielli announced his intention to retire on December 31, 2024. He has been President and CEO of Tejon Ranch since 2013. He is expected to serve as a senior advisor to the company through 2025 to help enact a smooth transition.
TRC will use search firm Korn Ferry to work with the above-noted search committee appointed by the board to launch a national search for the CEO&#39;s successor. However, according to the company&#39;s March 20, 2024 announcement, currently the ad hoc search committee includes several of the board members from whom Nitor Capital plans to withhold support: Norm Metcalfe, Michael Winer, and Steve Betts, as well as outgoing CEO Gregory Bielli.
We concur that with the upcoming retirement of Mr. Bielli at year-end, Tejon Ranch could use this opportunity to bring in new talent that can steer the company on a path that creates sustainable value for shareholders. We viewed it positively when on May 5, 2023, Tejon Ranch appointed Brett Brown as its new CFO. Prior to joining TRC, Mr. Brown most recently was EVP, CFO and Treasurer at publicly traded Alexander &amp; Baldwin in Hawaii. He has extensive real estate finance experience, with more than 30 years in public and private real estate companies, including REITS. As the former CFO at publicly-traded Alexander &amp; Baldwin in Hawaii before joining TRC, he interacted regularly with shareholders and potential investors and we believe such interaction would also be a positive for TRC under a new CEO.
We believe the company added value to its management team when TRC hired Bret Brown last year and now has an opportunity to add a new CEO who also brings expertise and value to the executive leadership team.
We also believe an important goal for TRC now is to maintain greater exposure to the upside potential its development activities present by obtaining funding without a partner when it is appropriate. In 4Q23, under new CFO Brett Brown, TRC closed on a new $160 million unsecured revolving credit facility with AgWest Farm Credit. According to TRC, the new credit facility can be used to finance future construction projects, farming and ranching operations, and for general corporate purposes. We believe the new facility enhances TRC&#39;s financial flexibility to fund future growth with or without JV partners in order to maintain greater exposure to the upside and profits of its development projects.
By <a href="https://scr.zacks.com/analyst-bios/person-details/default.aspx?ItemId=24b66996-a41f-4d55-90ca-17a197076cc2">M. Marin</a>

Small Cap

TRC: Annual Meeting Next Month; Stockholder Issues Letter to Others

Nitor Capital Management LLC, which beneficially owns approximately&nbsp;1.75%&nbsp;of Tejon Ranch&#39;s outstanding shares, issued a letter to the Company&#39;s stockholders.

Nitor Capital Issues Letter To Tejon Ranch Stockholders Announcing Its Intention To Withhold Support For Four Directors At 2024 Annual Meeting

Tejon Ranch President And CEO To Retire Dec. 31

Press Releases

Shareholders of Tejon Ranch Co. Urged to Vote for an Accountable Board of Directors

All Three Leading Proxy Advisory Firms – ISS, Glass Lewis and Egan-Jones – Recommend Tejon Ranch Shareholders Vote "FOR" ONLY Tejon's 10 Director Nominees

Glenbrook Capital Management Issues Statement Highlighting ISS and Glass Lewis Support of PFS Trust's Shareholder Proposal to Enable Tejon Ranch Shareholders to Call Special Meetings

Tejon Ranch Co.'s Refreshed and Highly Qualified Board is Best Positioned to Create Long-Term Value and Realize Tejon's Strategic Goals

Tejon Ranch Co. Announces First Quarter 2025 Financial Results

Glenbrook Welcomes CalSTRS' Support of PFS Trust's Shareholder Proposal and Bulldog's Director Slate

Kern County leaders sign letter supporting Tejon's Board

Tejon Urges Shareholders to Vote "FOR" ONLY the Company's 10 Highly Qualified Director Nominees on the WHITE Proxy Card Ahead of Tomorrow's Annual Meeting

Tejon Ranch Announces Final Voting Results of 2025 Annual Meeting of Shareholders

Glenbrook Calls on Tejon's Independent Directors to Act Now to Let Shareholders Call Special Meetings

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