Believes Board Change is Needed to Improve Oversight and Reverse OneSpan’s Pattern of Failing Shareholders
Highlights Pathways for Unlocking Company’s Value Potential by Transforming into a Software Pure Play
Legion Has Recruited World-Class Group Who Have Overseen, Led and Invested in Numerous Successful Modern Public Software Companies
Urges Shareholders to Vote for Legion’s Four Director Nominees on the WHITE Proxy Card Today
LOS ANGELES--(BUSINESS WIRE)-- Legion Partners Asset Management, LLC, which, together with its affiliates (collectively, “Legion Partners”), beneficially owns 2,790,121 shares of common stock of OneSpan Inc. (“OneSpan” or the “Company”) (Nasdaq: OSPN), representing approximately 6.9% of the outstanding stock, today announced the filing of its definitive proxy statement and issued an open letter to stockholders in connection with its nomination of four highly-qualified independent directors for election to the Company’s Board of Directors (the “Board”) at the Company’s 2021 Annual Meeting of Stockholders (“Annual Meeting”): Sarika Garg, Sagar Gupta, Michael J. McConnell and Rinki Sethi. The Company has not set the date or time for the Annual Meeting.
The full text of the letter is available at www.ProtectOneSpan.com.
In the letter, Legion outlines its case for Board refreshment at OneSpan. Legion is the second-largest institutional stockholder of OneSpan and has repeatedly attempted to engage constructively with the Board and management team for years to help improve OneSpan’s persistently low valuation. Unfortunately, the Board has consistently dismissed several ideas to unlock stockholder value – ideas that Legion believes have widespread support amongst OneSpan’s stockholder base.
Key points highlighted in the letter include:
PLEASE VOTE FOR LEGION’S FOUR NOMINEES ON THE WHITE PROXY CARD TODAY
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About Legion Partners
Legion Partners is a value-oriented investment manager based in Los Angeles, with a satellite office in Sacramento, CA.Legion Partners seeks to invest in high-quality businesses that are temporarily trading at a discount, utilizing deep fundamental research and long-term shareholder engagement. Legion Partners manages a concentrated portfolio of North American small-cap equities on behalf of some of the world’s largest institutional and HNW investors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005642/en/
Investors: Saratoga Proxy Consulting LLCJohn Ferguson / Joe Mills, 212-257-1311 jferguson@saratogaproxy.com / jmills@saratogaproxy.com
Media: Sloane & CompanyJoe Germani / Dan Zaccheijgermani@sloanepr.com / dzacchei@sloanepr.com
Source: Legion Partners Asset Management, LLC