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Without a doubt, the recent market "recovery" off March lows has had a dramatic effect in the land of misfit companies; more specifically, the number of net/nets is falling. This is not at all surprising; we've seen it happen several times before when markets recover.

There are still 140 or so net/nets with market caps greater than $5 million, but those at the upper end of the market cap spectrum are few and far between. Case and point, on February 19th, there were more than 320 such net/nets; 38 of which had market caps above $100 million. Currently, there are just 10 above $100 million.

The top 5 net/nets by market cap:

Adaptec
Ticker: OTC:ADPT-OLD
Price: $2.91
Market Cap: $350
NCAV: 375
Market Cap/NCAV: .93
Cash/Share: $3.14

Opnext Inc
Ticker: OPXT
Price: $2.20
Market Cap: $195
NCAV: $200
Market Cap/NCAV: .975
Cash/Share: $1.87


Volt Information Sciences Inc

Ticker: VOL
Price: $8.95
Market Cap: $186
NCAV: $200
Market Cap/NCAV: .93
Cash/Share: $6.99

Audiovoxx
Ticker: VOXX
Price: $7.30
Market Cap: $167
NCAV: $212
NCAV/Market Cap: .79
Cash/Share: $2.73

Note: Audiovoxx seems to be a perennial net/net. Has been on the list for several years.

Silicon Graphics
Ticker: SGIC
Price: $5.39
Market Cap: $161
NCAV: $200
NCAV/Market Cap: .81
Cash/Share: $5.82

Stay tuned. There's never a dull moment in the wonderful world of net/nets....

Disclosure: The author does not have positions in any of the companies mentioned.

Source: Top 5 Net / Nets by Market Cap