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Activist Letters and Presentations

A curated feed of letters and presentations from activist investors.

activistletters

AJP and Orbic Slam Sonim Technologies (SONM) Board for Rejecting Director Nominations, Allege Entrenchment and Governance Failures

April 10, 2025 BY EMAIL AND OVERNIGHT DELIVERY Board of Directors (C/O Company Secretary) Sonim Technologies, Inc. 4445 Eastgate
Apr 10, 2025
activistletters

Bulldog Investors Challenges Tejon Ranch (TRC) Over Long-Term Underperformance, Seeks Board Change to Improve Capital Allocation and Governance

Bulldog Investors, LLP, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663 201-556-0092 // info@bulldoginvestors.com To: Fellow Shareholders of
Apr 8, 2025
activistletters

U.S. Steel (X): Ancora Nominates New Board Slate, Demands Strategic Turnaround and Leadership Change

Download LetterAncora-letter-Apr-07-2025.pdf6 MBdownload-circle Source: https://www.sec.gov/Archives/edgar/data/1163302/000092189525001008/ex991todfan06470052_040725.pdf
Apr 7, 2025
activistletters

Elliott Investment Management Pushes for Board Overhaul at Phillips 66 (PSX), Unveils 'Streamline 66' Plan to Unlock Value and End Chronic Underperformance

Download LetterPhillips-Elliott-Apr-03-2025.pdf2 MBdownload-circle Source: https://www.sec.gov/Archives/edgar/data/1534701/000092189525000976/ex991dfan14a10168303_040325.pdf
Apr 3, 2025
activistletters

Askeladden Capital Seeks Board Overhaul at AstroNova (ALOT) After MTEX Acquisition Fallout and Years of Shareholder Value Destruction

Dear Fellow Shareholders, I believe that AstroNova Inc. (Nasdaq: ALOT) is a fundamentally high-quality business, with leading competitive positions in
Apr 3, 2025
activistletters

Ned Sherwood Launches Consent Solicitation to Replace Entire Barnwell Industries (BRN) Board, Citing Decades of Underperformance and Governance Failures

To Our Fellow Stockholders of Barnwell Industries: On March 14, 2025, I, as the largest shareholder in BRN, commenced a
Apr 3, 2025
activistletters

Al Hartman Criticizes Silver Star Properties (SLVS) Leadership, Blames Haddock for $278M NAV Destruction and Urges Shareholder Vote for Board Change

Dear Silver Star Shareholders, The recent letter and PowerPoint from Silver Star Properties is more deflection, irresponsible hyperbole and continuation
Apr 2, 2025
activistletters

Bradley L. Radoff Sent Letter to Atea’s Stockholders

Source: https://www.sec.gov/Archives/edgar/data/1380585/000092189525000883/dfan14a09076068_03262025.htm The Radoff-JEC Group Nominates Three Highly Qualified
Mar 31, 2025
activistletters

Bradley L. Radoff Sent Letter to Atea’s Stockholders

The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors Issues Open Letter
Mar 27, 2025
activistletters

Autodesk (ADSK) Starboard Value Launches Proxy Fight, Accuses Board of Misleading Investors on Margins and TSR

Dear Fellow Shareholders, Starboard Value LP (together with its affiliates, “Starboard”) is a large shareholder of Autodesk, Inc. (“Autodesk” or
Mar 27, 2025
activistletters

Gate City Capital Withdraws Board Nominees at Saga Communications (SGA), Ends Proxy Contest Ahead of 2025 Annual Meeting

March 26, 2025 VIA EMAIL AND CERTIFIED MAIL Corporate Secretary Saga Communications, Inc. 73 Kercheval Avenue Grosse Pointe Farms, Michigan
Mar 27, 2025
activistletters

Gate City Capital Criticizes Saga Communications (SGA) Over Digital Strategy Missteps and Withdraws Board Nominees

March 26, 2025 VIA EMAIL Mr. Warren Lada Saga Communications, Inc. 73 Kercheval Avenue Grosse Pointe Farms, Michigan 48236 Dear
Mar 27, 2025
activistletters

Findell Capital Management Issues Open Letter To Board And Shareholders Of Oportun Calling For Leadership Change

Announces Intent to Nominate Two Highly Qualified Director Candidates With Lending Experience to Replace CEO Raul Vasquez and Lead Director
Mar 20, 2025
activistletters

Carronade Capital Sent Letter To The Board Of Directors Of Cannae Holdings, Inc.

Carronade Says Dramatic Change Needed at Cannae Holdings to Halt Persistent Underperformance and Egregious Governance Practices Nominates Four Director Candidates
Mar 20, 2025
activistletters

Engine Capital, L.P. Sent Letter To The Board Of Directors Of Civeo Corp

Civeo Corporation 333 Clay Street Suite 4400 Houston, TX 77002 Attention: The Board of Directors (the “Board”) Members of the
Mar 20, 2025
activistletters

Starboard Delivers Letter To Autodesk Shareholders

Dear Fellow Shareholders, As you know, Starboard Value LP (together with its affiliates, “Starboard” or “we”) is a large shareholder
Mar 19, 2025
activistletters

Edward Smolyansky Sent Letter to shareholders of Lifeway Foods, Inc.

Edward Smolyansky 1219 N Wells St Chicago, IL 60610 March 17, 2025 Dear Shareholders, Together, Ludmila Smolyansky and I are
Mar 17, 2025
activistletters

Letter from Edward Smolyansky to Lifeway Foods, Inc.

By COURIER AND EMAIL Lifeway Foods, Inc. 6431 West Oakton St. Morton Grove, Illinois 60053 Attention: Secretary   Lifeway Foods, Inc.
Mar 17, 2025
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