Kent Lake Files Definitive Proxy Statement and Sends Letter to Quanterix Shareholders

Rhea-AI Summary

Kent Lake, holding 7.7% of Quanterix (NASDAQ: QTRX) shares, has filed a definitive proxy statement opposing the proposed merger with Akoya Biosciences (NASDAQ: AKYA). The investment firm has issued a letter to shareholders urging them to vote AGAINST both merger-related proposals at the upcoming special meeting scheduled for May 13, 2025.

Kent Lake characterizes the merger as 'value-destructive' and 'deeply unfair,' describing it as effectively a bailout for Akoya at Quanterix shareholders' expense. The firm has raised concerns about the transaction process and potential conflicts of interest among Quanterix board members. Shareholders can access additional voting information and resources at www.SaveQTRX.com.

Positive

• None.

Negative

• Merger described as value-destructive for Quanterix shareholders
• Potential conflicts of interest identified among Quanterix board members
• Transaction characterized as a bailout for Akoya at shareholders' expense
• Fundamentally flawed transaction process according to major shareholder

Insights

Corporate Governance Analyst

Significant shareholder Kent Lake (7.7% stake) formally opposes Quanterix-Akoya merger, creating material uncertainty for both companies before May 13 vote.

This proxy battle represents a significant challenge to Quanterix's proposed merger with Akoya Biosciences. Kent Lake's formal SEC filing and aggressive opposition campaign signals more than routine shareholder dissent—it's a coordinated attempt to derail a transaction that management likely thought was on track for approval.

The language Kent Lake employs is particularly telling, describing the merger as "value-destructive" and "a bailout for Akoya" at Quanterix shareholders' expense. These characterizations suggest Kent Lake believes Quanterix is significantly undervalued in the current deal structure. More concerning are allegations of "conflicts of interest" among board members and a "fundamentally flawed transaction process," which raise serious governance questions that could attract regulatory scrutiny.

With a 7.7% ownership position, Kent Lake has substantial influence but needs to convince other institutional and retail investors to achieve the votes needed to block the transaction. Their creation of a dedicated website (SaveQTRX.com) and retention of Saratoga Proxy Consulting indicates they're making a substantial investment in this campaign.

The May 13 special meeting now represents a pivotal inflection point. Markets typically respond negatively to such uncertainty, particularly when fundamental questions about valuation and board conflicts emerge. Both Quanterix and Akoya shares could experience volatility as this situation develops, with Akoya potentially facing greater downside if the market interprets Kent Lake's "bailout" language as indicating financial distress.

Urges Shareholders to Vote AGAINST Both Proposals Related to the Value-Destructive Merger with Akoya at the Upcoming Special Meeting

Notes Deeply Unfair Merger is Effectively a Bailout for Akoya at the Expense of Quanterix Shareholders

Outlines Concerns Around Fundamentally Flawed Transaction Process and Conflicts of Interest Among Quanterix Board Members

Visit www.SaveQTRX.com to Learn How to Vote the GOLD Proxy Card and Preserve Quanterix’s Clear and Compelling Path Toward Long-Term Value Creation

RINCON, Puerto Rico--(BUSINESS WIRE)-- Kent Lake PR LLC (“Kent Lake”), a holder of approximately 7.7% of the outstanding common stock of Quanterix Corporation (“Quanterix” or the “Company”) (NASDAQ: QTRX), today announced that it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) and sent a letter to its fellow Quanterix shareholders in connection with its opposition to the Company’s proposed merger (the “Merger”) with Akoya Biosciences (“Akoya”) (NASDAQ: AKYA).

The full text of Kent Lake’s letter can be found here: https://bit.ly/4ly8pZl

Kent Lake urges shareholders to vote AGAINST both proposals related to the value-destructive Merger with Akoya on the GOLD proxy card at the upcoming special meeting of shareholders (the “Special Meeting”) scheduled for May 13, 2025.

For more information on how to vote and other relevant resources, shareholders are encouraged to visit www.SaveQTRX.com.

If you have any questions, require assistance in voting your GOLD proxy card, or need additional copies of Kent Lake’s proxy materials, please contact:

Saratoga Proxy Consulting LLC
520 8^th Avenue
New York, NY 10018

Stockholders call toll-free at (888) 368-0379
Email: info@saratogaproxy.com

About Kent Lake

Kent Lake Partners LP is an investment fund founded by Ben Natter in 2019 with a focus on small and mid-capitalization public equities, particularly in the healthcare space. Mr. Natter has over a decade of successful public healthcare equity investing experience.

Certain Information Concerning the Participants

Kent Lake Partners LP (“Kent Lake Partners”) has filed a definitive proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes in connection with its opposition to proposals to be presented at a special meeting of stockholders (the “Special Meeting”) of Quanterix Corporation, a Delaware corporation (the “Company”), in connection with the Company’s agreement and plan of merger (the “Merger”) with Akoya Biosciences, Inc. Kent Lake Partners, together with the other Participants (as defined below), also intends to file a preliminary proxy statement and accompanying GOLD universal proxy card with the SEC to be used to solicit votes for, among other matters, the election of its slate of highly-qualified director nominees at the 2025 annual meeting of stockholders of the Company (the “Annual Meeting”).

KENT LAKE STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING ITS GOLD PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.

The participants in the proxy solicitation against the Merger in connection with the Special Meeting are anticipated to be Kent Lake Partners, Kent Lake PR LLC (“Kent Lake PR”) and Benjamin Natter (collectively, the “Kent Lake Parties”). The participants in the proxy solicitation in connection with the Annual Meeting are anticipated to be the Kent Lake Parties and Alexander G. Dickinson, Bruce Felt and Hakan Sakul (the “Kent Lake Nominees” and collectively with the Kent Lake Parties, the “Participants”).

As of the date hereof, Kent Lake Partners directly beneficially owned 3,001,000 shares of the Company’s Common Stock, $0.001 par value per share (the “Common Stock”). Kent Lake PR, as the investment adviser and as the general partner to Kent Lake Partners, may be deemed to beneficially own the 3,001,000 shares of Common Stock beneficially owned by Kent Lake Partners. Mr. Natter, as the Managing Member of Kent Lake PR, may be deemed to beneficially own the 3,001,000 shares of Common Stock beneficially owned by Kent Lake Partners. None of the Kent Lake Nominees beneficially own any shares of Common Stock. All of the foregoing information is as of the date hereof unless otherwise disclosed.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416213804/en/

Investor Contacts

Ben Natter, 415-237-0007

info@kentlakecap.com

Saratoga Proxy Consulting LLC

John Ferguson / Ann Marie Mellone

212-257-1311 / 888-368-0379

info@saratogaproxy.com

Media Contact

Longacre Square Partners

Joe Germani / Kendall Heebink

KentLake@longacresquarepartners.com

Source: Kent Lake PR LLC

FAQ

When is the Quanterix (QTRX) special meeting to vote on the Akoya merger?

The special meeting of Quanterix shareholders is scheduled for May 13, 2025.

What percentage of Quanterix (QTRX) shares does Kent Lake own?

Kent Lake owns approximately 7.7% of Quanterix's outstanding common stock.

Why is Kent Lake opposing the Quanterix-Akoya merger?

Kent Lake opposes the merger citing it as value-destructive, describing it as a bailout for Akoya at Quanterix shareholders' expense, and raising concerns about the transaction process and board conflicts of interest.

How can Quanterix (QTRX) shareholders vote against the Akoya merger?

Shareholders can vote AGAINST both merger proposals using the GOLD proxy card and can find additional voting information at www.SaveQTRX.com.