Summary by Moomoo AI
Shah Capital Management, Inc., along with its affiliates, has filed a preliminary proxy statement with the SEC to solicit votes against the election of three Novavax, Inc. board members at the upcoming annual meeting on June 13, 2024. The hedge fund, which owns approximately 7.5% of Novavax and is one of its top three shareholders, is also urging stockholders to vote against certain company proposals, including executive compensation amendments. Shah Capital's actions follow a recent licensing agreement between Novavax and Sanofi, which boosted Novavax's stock by over 100%. The fund has been critical of Novavax's current management and marketing strategies, believing the company to be undervalued. Shah Capital has nominated two new board members to aid in turning around the company's fortunes. The fund highlights Novavax's strong IP portfolio and the potential market for non-mRNA protein vaccines, as acknowledged by the CDC's report on vaccine effectiveness.