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UPCs We're Tracking - 4/24/25
Note: we've received many requests for this list, so for now plan to distribute it weekly, at least through July or so.
We follow US proxy contests as a way to understand the impact of universal proxy card on how shareholders vote for directors. This voting behavior in turn influences how activists plan and execute these contests. At the same time, we find it interesting and useful to see which activists are doing what at which portfolio companies.
We include situations for which the activist has filed proxy materials, rather than merely filed a Form 13D or otherwise disclosed their intent to nominate directors.
You can find earlier updates, with comments about various situations, here.
Pending proxy contests: 29
Activist seeking:
- all available BoD seats: 14 companies
- majority of available BoD seats: 9 companies
- less than majority of available BoD seats: 4 companies
- single BoD seat: 2 companies
Completed proxy contests: 7
Activist gains:
- all available BoD seats: 2 companies
- more than 1 BoD seats: 1 company
- only 1 BoD seat: 1 company
- no BoD seats: 3 companies
Changes since previous update (3/13/25)
Settled or abandoned (5):
- NGVT-Vision One
- SNBR-Stadium
- X-Ancora
- IRD-Sooch
- OPRX-Whetstone
Added (15):
- LIDR-Wuller
- ZVRA-Mangless (repeat of 2023)
- ALOT-Askeladden
- MFIN-ZimCal
- LWAY-Smolyansky
- OPTR-Findell
- CNNE-Carronade
- TRC-Bulldog (an operating company, not a closed-end fund)
- SONM-AJP/Orbic
- AVIR-Radoff/Driver (two competing activists)
- SLVS-Hartman Group
- MTCH-Anson
- LYFT-Engine
- ADSK-Starboard
- QRVO-Starboard
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