180 Degree Capital (TURN) SC 13DSYNCHRONOSS / 180 DEGREE CAPITAL ownership change

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

RULE 13d-2(a)

Synchronoss Technologies, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

87157B103

(CUSIP Number)

DANIEL B. WOLFE

180 DEGREE CAPITAL CORP.

7 N. Willow Street, Suite 4B

Montclair, NJ 07042

Telephone: 973-746-4500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 4, 2023

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ☒

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Item 3. Source and Amount of Funds or Other Consideration.

The aggregate purchase price of the 7,496,196 shares of Common Stock of the Issuer is $12,919,248, including brokerage commissions. The source of funds for acquiring the foregoing shares of Common Stock was working capital the Reporting Person and a separate account managed by the Reporting Person.

Item 4. Purpose of the Transaction.

(a)-(j)     The shares of Common Stock were acquired by the Reporting Person for investment purposes. The Reporting Person has long had a thesis that, once unencumbered with non-core, less-profitable assets, the Issuer's cloud business and its free cash flow characteristics should allow the Issuer to unlock value for all of its stakeholders. With the recent announcement of the Issuer's sale of its non-core messaging and NetworkX assets, the Issuer is now a pure-play cloud company with expected favorable financial performance metrics and free cash flow generation. The Reporting Person commends the management and Board of Directors of the Issuer (the "Board") on this decision to sell the non-core assets as part of its ongoing strategic alternatives process and to position the Issuer as a cloud-only business.

The Reporting Person also commends the Issuer on the appointment of Kevin M. Rendino to its Board. The Reporting Person believes Mr. Rendino's 35+ years of public markets experience will complement the skill sets of the current members of the Board as well as the management of the Issuer. The Reporting Person believes the management team of the Issuer has done an exceptional job of delivering very favorable results that public market investors have, for the most part, ignored. The Reporting Person is excited to help the Issuer in any way it can with regard to communicating what it believes is an exciting new story and to making this into a winning investment for all stakeholders.

The Reporting Person intends to review its investment in the Issuer on a continuing basis and in connection therewith, and, as a result of this appointment at 9:27 a.m. on December 4, 2023, the Reporting Person may discuss with the Issuer ways in which shareholder value may be increased, which may include discussions regarding the assets, business, strategy, financial condition and/or operations of the Issuer. The Reporting Person may consider, explore and/or develop plans and/or make proposals (whether preliminary or firm) with respect to, among other things, potential changes in, the Issuer's operations, management, organizational documents, the composition of the Board, ownership, capital or corporate structure, dividend policy, and strategy and plans of the Issuer, as well as a potential strategic review or sale process involving the Issuer or certain of the Issuer's businesses or assets. The Reporting Person intends to communicate with the Issuer's management and Board about a broad range of operational and strategic matters (including the matters set forth above) and to communicate with other shareholders or third parties, including potential acquirers, service providers and financing sources regarding the foregoing. The Reporting Person may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements.

Based on the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Person may endeavor (i) to increase or decrease its position in the Issuer through, among other things, the purchase or sale of Common Stock and/or other equity, debt, derivative securities or other instruments that are convertible into Common Stock, or are based upon or relate to the value of the Common Stock or the Issuer (collectively, "Securities") on the

open market or in private transactions, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Person may deem advisable and/or (ii) to enter into transactions that increase or hedge its economic exposure to the Common Stock or other Securities without affecting the Reporting Person’s beneficial ownership of the shares of Common Stock or other Securities. In addition, the Reporting Person may, at any time and from time to time, (i) review or reconsider its position and/or change its purpose and/or formulate plans or proposals with respect thereto and (ii) propose or consider one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D.

Other than the discussion above, the Reporting Person does not have any other present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a)-(j) or Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein.

Item 5.     Interest in the Securities of the Issuer

(a)(b)    The Reporting Person directly owns, has the power to vote or direct the vote of, and the power to dispose or direct the disposition of 7,496,196 shares of Common Stock of the Issuer. Based upon a total of 93,336,771 outstanding shares of Common Stock as of November 6, 2023, the Reporting Person's shares represent approximately 8.0% of the outstanding shares of Common Stock.

(c)     The following shares of Common Stock of the Issuer were acquired in open market purchases within 60 days of the filing date of this statement:

(d)    The Reporting Person and separate accounts managed by the Reporting Person have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock set forth above based on the ownership of such shares of Common Stock held by each entity. The Reporting Person owns more than five percent of the Issuer. None of the separate accounts managed by the Reporting Person own more than five percent of the Issuer.

(e)     Not applicable.

Item 6.     Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

There are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Person and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities of the Issuer, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies, or a pledge or contingency the occurrence of which would give another person voting power over the securities of the Issuer.

Item 7.    Material to be Filed as Exhibits

None.

SIGNATURE

After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: December 4, 2023

Directors and Executive Officers of 180 Degree Capital Corp.