OraSure Confirms Altai Capital Nominates Board Candidates
OraSure Technologies confirmed that Altai Capital has nominated two candidates, including the fund's founder Rishi Bajaj, to stand for election to the company's board at its 2026 Annual Meeting of Stockholders, stating: "As previously announced, OraSure's Board has engaged extensively with Altai Capital. The Board interviewed Mr. Bajaj for potential service on the Board and ultimately decided to appoint an alternative candidate to serve as a director at OraSure. Since that time, Altai has not accepted the Board's offers to make certain of its directors available to engage further. OraSure maintains a strong, independent, and engaged Board. We continually assess our Board composition, and as a result our Board has undergone significant refreshment, bringing in industry perspectives and executive-level experience to provide oversight as management drives growth and value creation... The Nominating and Corporate Governance Committee and OraSure's Board will review Altai's nominations, and the Board will present its recommendation in the Company's definitive proxy statement to be filed with the Securities and Exchange Commission and mailed to stockholders eligible to vote at the Company's 2026 Annual Meeting of Stockholders, which has not yet been scheduled. OraSure shareholders are not required to take any action at this time."
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OraSure Technologies Nominates Board Candidates Amid Ongoing Refreshment Efforts
- Board Nominations: Altai Capital has nominated two candidates, including founder Rishi Bajaj, for election to OraSure's Board, indicating investor interest in corporate governance that may influence shareholder perceptions of the company's future direction.
- Board Refreshment: Since 2022, OraSure's Board has seen the departure of seven directors and the addition of three independent directors, including healthcare investor Steven K. Boyd in October 2025, aimed at enhancing industry perspectives and oversight capabilities.
- Shareholder Meeting Plans: OraSure will review Altai's nominations at its 2026 Annual Meeting and provide recommendations in a proxy statement to be filed with the SEC, ensuring shareholders have comprehensive information and choices during the election process.
- Advisory Support: With Evercore as financial advisor, Goodwin Procter LLP as legal counsel, and Joele Frank as strategic communications advisor, OraSure is bolstering its governance and shareholder communication efforts, enhancing transparency and trust among investors.
Altai Capital Nominates Two Directors to OraSure's Board, Stock Rises 1.7%
- Board Nominations: Altai Capital has nominated Digital Diagnostics CEO John Bertrand and Altai President Rishi Bajaj to OraSure's board, indicating a proactive approach to governance aimed at improving the company's stock performance.
- Shareholder Concerns: Holding a 5.2% stake in OraSure, Altai Capital previously sent a letter to the board expressing concerns about the company's 'significant share price underperformance,' urging the board to consider alternative strategies to enhance shareholder value.
- Stock Price Reaction: Following the nomination announcement, OraSure's stock rose by 1.7%, reflecting market optimism regarding the potential positive changes that the new board candidates may bring, thereby boosting investor confidence in the company's future.
- Growth Outlook: OraSure is signaling a return to growth in 2026 while expanding its diagnostics portfolio through the acquisition of BioMedomics, indicating that the company is taking steps to address market challenges and enhance its competitive position.
