Novavax’s second largest shareholder Shah Capital, which holds 7.2% of the company, calls for an immediate strategic review in a letter.
- Cited concerns including underperformance, Nuvoxovid rollout slipups, ineffective marketing and poor capital market actions
- Company administered about 7,000 covid shots this season versus peers’ ~6 million, letter says
- $225 million conv. bond refinancing on Aug. 21 was “extremely expensive,” letter says
- Shares have been diluted since Sept. 2022, letter says
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