Legion Partners reaches cooperation agreement with NN Inc (NNBR)

Market Cap: $74 million| NN, Inc., a diversified industrial company, designs and manufactures high-precision components and assemblies in the United States, Europe, Asia, Canada, Mexico, South America, and internationally. 

Legion Partners

On February 25, 2019, Legion Partners (8.02%) and the company entered into a cooperation agreement and pursuant to it, the company increased the size of its Board by two and immediately appointed two new directors to the Board. Additionally, the Company announced that it will approve and recommend amendments to its Restated Certificate of Incorporation to implement the Company's transition to annual elections for directors. Later classes will also stand for one-year terms at subsequent annual meetings, and the board will be fully declassified by the 2021 Annual Meeting. Source

On October 20, 2020, Legion Partners increased its stake to 9.6%.

On January 16, 2026, Legion Partners (9.95%) entered into a cooperation agreement with the company under which the board expanded from seven to eight directors and appointed Raymond T. White as a director and member of the Strategic Committee, with Mr. White serving until the 2026 annual meeting and being nominated and recommended for election, and to be re-nominated at each annual meeting during the standstill period; in return, Legion Partners agreed to customary standstill and voting provisions, including a 19.9% ownership cap through the earlier of late 2027 or ahead of the 2028 nomination window, support of board-recommended votes, limited flexibility to follow ISS or Glass Lewis on non-director matters, and full discretion on extraordinary matters.

Corre Partners Management

On May 17, 2021, Corre Partners Management (9.99%) announced that it has entered into a Cooperation Agreement with the company pursuant to which the company increased the size of the Board from 9 to 10 directors and appointed Dr. Rajeev Gautam to fill the newly created directorship on the recommendation of Corre Partners Management.

On April 22, 2022, Corre Partners Management increased its stake to 10.92%.

On May 25, 2022, Corre Partners Management increased its stake to 12.21%.

On May 4, 2023, Corre Partners Management increased its stake to 14.7%.