Shah Capital issued a letter to the Board of Novavax (NVAX)
Key Summary: On May 6, 2024, Shah Capital Management, Inc. launched a campaign urging stockholders to vote against the re-election of all Novavax directors at the 2024 Annual Meeting.On May 20, 2024, Shah Capital withdrew its campaign. On October 13, 2025, Shah Capital Management, Inc sent a letter to the board urging them to undertake a formal strategic review, including an evaluation of a potential sale of the company.
Market Cap: $1.4 billion | Novavax, Inc., a biotechnology company, that promotes improved health by discovering, developing, and commercializing vaccines to protect against serious infectious diseases.
- On May 6, 2024, Shah Capital Management, Inc. launched a campaign urging stockholders to vote against the re-election of all Novavax directors at the 2024 Annual Meeting. They criticized the board and management for hindering the company's potential and advocated for fresh perspectives to restore investor confidence. Shah Capital filed a proxy statement to solicit votes against three Class II Directors and three other proposals, emphasizing the need for urgent change due to poor performance and unresponsiveness. Source
- On May 20, 2024, Shah Capital Management, Inc (7.9%) announced that in light of recent developments at the company, they have determined to withdraw their preliminary proxy statement and campaign against the re-election of the Class II directors at the upcoming annual meeting. Source
- On October 13, 2025, Shah Capital Management, Inc sent a letter to the board urging them to undertake a formal strategic review, including an evaluation of a potential sale of the company. The letter expressed Shah Capital’s concerns regarding the company’s significant share-price underperformance, operational and marketing failures, and recent capital-allocation decisions. Shah Capital stated their belief that immediate action is needed to restore investor confidence and realize the full value of the company's assets and technology for shareholders.
- On November 12, 2025, Shah Capital Management, Inc (8.2%) sent a letter to the board criticizing the board for weak leadership, collapsing Nuvaxovid uptake (~120K doses vs. 14.5M for rivals), poor marketing, lack of proactive scientific benchmarking, excessive SG&A/R&D costs, misleading dilution claims, and repeated operational missteps. While still believing in the vaccine science, Shah argues Novavax’s execution has squandered its advantages and insists that shareholder value would be best served by exploring a sale to a larger, more capable pharma, urging the board to form a committee and hire an investment banker.
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