Askeladden Capital Management LLC announced its nomination of five candidates for election to AstroNova's Board of Directors at the upcoming 2025 Annual Meeting. The nominated slate includes Jeff Sands, Shawn Kravetz, Ryan Oviatt, Boyd Roberts, and Samir Patel.
Askeladden Capital stated that significant boardroom change is warranted due to what it describes as years of shareholder value destruction under the incumbent board. The activist investor specifically highlighted the recent acquisition of MTEX as 'disastrous,' which resulted in a 70% impairment and a covenant breach/event of default.
The firm believes its five-member slate brings specific and relevant expertise to oversee a value-restoring turnaround for AstroNova. This nomination sets the stage for a proxy contest, providing shareholders with an opportunity to elect leaders who Askeladden claims will hold management accountable and work to maximize shareholder value.
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