Quanterix (QTRX) Announces Cooperation Agreement with Kent Lake Capital

Market Cap: $200 million | Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms.

On February 13, 2025, Kent Lake Partners delivered a letter to stockholders, expressing its belief that Quanterix's proposed acquisition of Akoya Biosciences, Inc. is not in the best interests of stockholders. Kent Lake Partners stated that if the Quanterix Board proceeds with the merger, it is prepared to take decisive action, including mobilizing shareholders to vote against the deal and nominating directors for the Quanterix Board at the 2025 Annual Meeting.

On February 28, 2025, Kent Lake Partners (6.9%) delivered a letter to the company nominating a slate of three director candidates, Dr. Dickinson, Mr. Felt and Dr. Sakul, for election to the Board at the 2025 annual meeting of stockholders. The firm criticizes the incumbent Board for approving and pursuing a dilutive merger with Akoya Biosciences, which Kent Lake believes risks capital misallocation and distracts from Quanterix's core growth opportunities, especially in Alzheimer's testing. Kent Lake urges shareholders to vote against the merger and elect its nominees to ensure financial discipline, accountability, and a focus on organic growth to unlock long-term value. Source

On March 11, 2025, Kent Lake Partners issued the following press release and Investor Presentation. The presentation highlighted concerns over Quanterix bidding against itself for Akoya, unnecessary risks from Akoya’s financial instability, and potential conflicts within Quanterix's board. Kent Lake urged shareholders to vote against the merger, emphasizing the company’s strong standalone potential, particularly in Alzheimer’s diagnostics, and has nominated three independent board candidates for the 2025 Annual Meeting.

On April 7, 2025, Kent Lake Partners issued a press release opposing the company’s $30 million bridge financing to Akoya Biosciences, seeing it as shareholder-unfriendly. Kent Lake criticized the lack of transparency and fairness opinions on the loan terms, questioning its impact on Quanterix’s valuation of Akoya. It urges shareholders to vote against the merger, deeming it not in their best interests.

On April 17, 2025, Kent Lake Partners sent a letter urging shareholders to vote against the proposed merger with Akoya, calling it a value-destructive bailout that benefits Akoya at Quanterix shareholders’ expense. The firm criticized the deal process and alleged board conflicts, directing shareholders to vote using the GOLD proxy card ahead of the May 13 special meeting.

On April 21, 2025, Kent Lake Partners issued a presentation reiterating its concerns and urges shareholders to vote AGAINST the proposed merger with Akoya Biosciences

On July 11, 2025, Kent Lake resubmitted its nomination of the Nominees for election to the Board at the Annual Meeting following the company's disclosure that the Annual Meeting will now be held on September 23, 2025. Source

On August 4, 2025, Quanterix Corporation entered into a Cooperation Agreement with Kent Lake Partners, under which the company will work with an executive search firm to appoint a new Class I director by December 1, 2025, and seek stockholder approval in 2025 to declassify its board. The company also agreed to amend its bylaws to adopt majority voting in uncontested elections and retain plurality voting in contested ones. In return, Kent Lake committed to voting, standstill, non-disparagement, and no-litigation provisions through 2027, unless the agreement ends earlier.