Moab Capital boosts stake in Spark Networks to 7.1%

By Jennifer Chiou

New York, March 13 - Spark Networks, Inc. investors led by Moab Capital Partners, LLC augmented their stake in the company after various transactions between Jan. 16 and March 10 at prices between $4.44 and $5.56, according to a Schedule 13D filed with the Securities and Exchange Commission.

The reporting persons now own some 1.86 million shares, or 7.1%, of the Beverly Hills, Calif.-based online personals services provider's outstanding stock, up from 1.57 million shares, or 6%, reported on Jan. 9.

On Jan. 9, Moab expressed concerned about a Jan. 4 New York Times article suggesting a sale of the company for $185 million, or $7 per share.

As already reported, Moab Capital said the reported price is inadequate and it would not support such a deal, according to a previous schedule 13D filing with the SEC.

The investor cited Spark's strong third-quarter results that included an increase in subscribers on Spark's "most expensive and highest margin site, JDate.com."

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