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Mehran Nia, Former CEO of CarParts.com (PRTS), Seeks Return via Board Nominations After Stock Collapse

Summary

Mehran Nia, co-founder and former CEO of CarParts.com, has notified the board of his intent to nominate himself and two other candidates for election at the 2025 annual meeting, citing the company’s collapse from $15 per share to under $1 and the board’s failure to address his prior private warnings. He criticized the board for ignoring his request for a meeting and asked for the standard director questionnaire so he can complete the nomination process within the January 23–February 22, 2025 window set by the bylaws.

Dear Board of Directors of CarParts.com, Inc. (Nasdaq:PRTS),

  • David Meniane
  • Warren B. Phelps III
  • Henry Maier
  • Dr. Lisa Costa
  • Nanxi Liu
  • Jay K. Greyson
  • Jim Barnes
  • Ana Dutra

I am writing to follow up on my prior communications regarding the critical issues that threaten CarParts.com's sustainability. Several weeks ago I requested the opportunity for a face-to-face meeting with the Board of Directors to discuss steps that I believe are crucial for the Company’s long-term health and prosperity. I made this request after I have been privately warning the board when the stock was as high as $15 per share all the way down to current levels, which is now under a dollar.

I received no response to my request for a meeting. I am therefore writing to advise you of my intent to nominate myself and two other candidates, as yet undetermined, for election to the Board of Directors at the 2025 annual shareholder meeting.

The bylaws indicate that the time for submitting formal nominations is between January 23, 2025 to February 22, 2025, and I intend to submit the required documentation at that time. To assure that my filing is timely, I would ask that you send me the questionnaire that must be completed by all potential board members, so that the completed questionnaire may be included with the rest of the nomination package.

Sincerely,
Mehran Nia
Co-Founder and Former CEO, CarParts.com, Inc. (Nasdaq:PRTS)

Source:

https://www.sec.gov/Archives/edgar/data/1378950/000121465924016231/r96240dfan14a.htm

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