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

Novavax

08/04/2026 15:02

Updates

** Shares of vaccine maker Novavax NVAX.O rise 4.5% to $8.33

** 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

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

** Including session moves, stock up 23.8% YTD

 (Reporting by Siddhi Mahatole)

 ((siddhi.mahatole@thomsonreuters.com))