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    Albert HanserKestrel Capital Management

    Albert Hanser is Managing Partner at Kestrel Merchant Partners, specializing in emerging growth and special situations equity with a focus on both public and private small-cap companies. With over 25 years of experience, he has led coverage of high-potential early-stage firms and managed investments through Kestrel’s Flight Fund, earning a reputation for navigating transitional periods in portfolio companies. Hanser began his career at Piper Jaffray and in the LIFFE pits, then held roles at Alex. Brown & Sons/Deutsche Bank, spent nine years at ThinkEquity Partners as Managing Director of institutional sales, and seven years as Managing Director of investment banking at Craig-Hallum Capital Group before founding Kestrel in 2019. He holds a B.A. from Brown University and has served on advisory boards, demonstrating both sector expertise and leadership in the investment community.

    Albert Hanser's questions to SANUWAVE Health Inc (SNWV) leadership

    Albert Hanser's questions to SANUWAVE Health Inc (SNWV) leadership • Q2 2025

    Question

    Albert Hanser asked for more detail on the value and scope of SANUWAVE's intellectual property portfolio, referencing the 140 patents mentioned in the company's investor presentation, and sought to understand the foundational strength this IP provides.

    Answer

    CEO Morgan Frank described the extensive patent portfolio as core protection for the company's Shockwave and ultrasound technologies. He mentioned that SANUWAVE has monetized patents in the past, citing the $2.5 million option agreement with Fast Your Wave LLC. While confirming the company regularly evaluates its IP for licensing or sale opportunities, he stated he could not provide further concrete details at this time.

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    Albert Hanser's questions to SANUWAVE Health Inc (SNWV) leadership • Q1 2025

    Question

    Albert Hanser asked for an update on the company's debt situation and potential refinancing opportunities, and also inquired about any upcoming investor conferences or roadshows on the calendar.

    Answer

    CEO Morgan Frank acknowledged that the company's current debt is expensive and confirmed they are actively exploring refinancing opportunities, expressing optimism about improving the interest rate. He also stated that while they are considering future conference participation, nothing is definitively scheduled yet.

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