Askeladden Capital Targets AstroNova (ALOT) Board, Highlighting Strategy Missteps, MTEX Acquisition Fallout, and Governance Issues

The June 11, 2025 Askeladden Capital presentation argues that AstroNova (ALOT) has endured years of governance failures, poor execution, and value destruction under current leadership. It points to broken promises, bloated inventories, failed acquisitions—especially MTEX, which led to a covenant breach and $13.4M impairment—and overreliance on Memjet technology. Askeladden contends the board ignored shareholder concerns, leaving no option but a proxy contest. Their slate of five nominees pledges governance reforms, a near-term action plan, and a review of strategic alternatives to “Build a Better AstroNova”