Novavax up; Shah Capital to vote against board, exec pay

Novavax

08/04/2026 11:21

** Shares of vaccine maker Novavax NVAX.O rise 6.1% to $8.47 premarket

** Activist investor Shah Capital plans to vote against the re-election of board nominees and the executive compensation package at Novavax's upcoming annual meeting

** In a letter sent Wednesday, Shah Capital founder Himanshu Shah criticizes management for failing to implement aggressive cost-cutting measures

** Investor urges company to slash expenses and opportunistically repurchase 10–20 mln shares

** Shah Capital owns about 9% of Novavax, making it the company’s second-largest shareholder

** Hedge fund has been pressing the board to pursue strategic alternatives, including a potential sale of the biotech firm

** As of last close, stock up 18.8% YTD

 (Reporting by Siddhi Mahatole)

 ((siddhi.mahatole@thomsonreuters.com))