Activist investor Shah Capital Management is hoping to spur a shakeup in Novavax, Inc.’s board of directors in order to push the vaccine maker to be more forceful in taking advantage of the large number of Americans uncomfortable with messenger RNA-based COVID-19 vaccines, saying the company failed to do so and thus became a much smaller player than it could have in the market.
The Raleigh, NC-based investment firm, which owns about 6.7% of Novavax’s shares, said 15 April that it is “deeply disappointed” in Novavax’s performance and the failure of its leadership to realize shareholder value reflective of the company’s significant competitive advantages and sizeable market opportunity
Key Takeaways
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Shah Capital, which owns a 6.7% stake in Novavax, recommended two new board members as it criticized the company’s commercialization of its COVID-19 vaccine.
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The investor said Novavax could take advantage of the estimated 100 million Americans hesitant to take mRNA vaccines to prevent COVID-19
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