Sep 20, 2024 activistcompany

Michael Porcelain reached cooperation agreement with Comtech Telecommunications Corp (CMTL)

Key Summary: On September 20, 2024, Michael Porcelain nominated eight candidates, including himself, for the Board at the 2024 annual meeting and filed proxy materials pushing for leadership transparency, strategic reviews, and capital optimization. On November 17, 2024, the FK/MP/OT Group and the company signed an agreement to appoint Michael Hildebrandt to the Board and support his election. Outerbridge Capital Management, with a 4.6% stake in Comtech, nominated three boarad candidates in September 2021 to boost shareholder value. Citing leadership concerns and underperformance, it sought shareholder backing and advocated for a strategic review after a $100 million investment by White Hat Capital and Magnetar Capital. This led to a cooperation agreement on December 16, 2021, focusing on board appointments and shareholder representation.

Market Cap: $76 million| Comtech Telecommunications Corp. designs, develops, michael-porcelain-comtech-telecommunications-corpproduces, and markets products, systems, and services for communications solutions in the United States and internationally.

Michael Porcelain

On September 13, 2024, Michael Porcelain delivered a letter to the company nominating a slate of eight highly director candidates, including Mr. Porcelain, Keith Hall, Michael Hildebrandt, Fred Kornberg, Robert Schassler, Dr. Sanyogita Shamsunder, Oleg Timoshenko, and Jay Whitehurst for election to the Board at the 2024 annual meeting of stockholders. Source
On September 20, 2024, Michael Porcelain filed proxy materials seeking support for his nominees. He urged the Board to implement his recommendations, including transparent disclosures on leadership changes, a thorough CEO search, evaluation of strategic initiatives, and optimization of capital structure and financing. Additionally, he advocated for a strategic review of the 911 Public Safety business to maximize shareholder value, as well as improved operational efficiency and innovation. Source
On November 17, 2024, the FK/MP/OT Group (Michael Porcelain, Fred Kornberg, and Oleg Timoshenko) and the company signed a cooperation agreement for the company to appoint Michael Hildebrandt to its Board within three days and support his election at the 2024 annual meeting.

Outerbridge Capital Management

On September 8, 2021, Outerbridge Capital Management, holding a 4.6% stake in Comtech, nominated three independent candidates for the Board at the 2021 AGM, aiming to enhance shareholder value through their strategic expertise in Comtech's core markets. On October 6, 2021, Outerbridge expressed concerns over leadership confidence and long-term underperformance, urging shareholder support for its nominees. Following a $100 million investment from White Hat Capital Partners LP and Magnetar Capital on October 18, 2021, Outerbridge advocated for a strategic review to maximize shareholder value. Outerbridge filed proxy materials on October 15 and continued engagement with Comtech, culminating in a cooperation agreement on December 16, 2021, aligning on board appointments and shareholder representation strategies.

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