On April 7, 2025, Kent Lake PR LLC, a holder of approximately 7.5% of Quanterix Corporation's common stock, issued a statement condemning Quanterix's decision to provide up to $30 million in bridge financing to Akoya Biosciences. This financing was committed before Quanterix shareholders had the opportunity to vote on the proposed merger.
Kent Lake expressed deep disturbance that Akoya could draw on these convertible notes until July 9, 2025, even if the merger transaction were terminated. The firm characterized this as shoring up a 'financially troubled Akoya' with Quanterix shareholders' money, viewing it as a 'backdoor financing' highly unfavorable to Quanterix shareholders.
Kent Lake asserted that the Quanterix Board further violated its fiduciary duties by not providing comprehensive disclosures on the bridge financing and questioned the commercial reasonableness of its terms. The firm urged shareholders to vote AGAINST both proposals related to the approval of the transaction.
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