Concerned Shareholder Group Urges Amarin’s Board of Directors to Initiate a Strategic Review Following Two Years of Underperformance
A Concerned Shareholder Group, owning approximately 15 million shares of Amarin (NASDAQ: AMRN), has issued an open letter urging the company's Board to initiate an immediate strategic review. The shareholders express disappointment with the company's performance, noting that AMRN's share price has dropped nearly 80% to $0.43 since the Board's reconstitution in February 2023, when it traded at $2.03.
Despite announcing a $50 million share repurchase plan in early 2024 when shares were at $1.15, the company has not executed the buyback. Instead, Amarin recently announced a 1-for-20 reverse stock split. The shareholders highlight that Amarin's market capitalization is approximately $185 million, despite having zero debt and nearly $300 million in cash (~$0.75/share).
Un Gruppo di Azionisti Preoccupati, che detiene circa 15 milioni di azioni di Amarin (NASDAQ: AMRN), ha pubblicato una lettera aperta esortando il Consiglio di Amministrazione dell'azienda a avviare una revisione strategica immediata. Gli azionisti esprimono delusione per le performance dell'azienda, notando che il prezzo delle azioni di AMRN è sceso di quasi l'80% a $0.43 da quando il Consiglio è stato ricostituito a febbraio 2023, quando il titolo era a $2.03.
Nonostante abbia annunciato un piano di riacquisto di azioni da 50 milioni di dollari all'inizio del 2024, quando le azioni erano a $1.15, l'azienda non ha ancora eseguito il riacquisto. Invece, Amarin ha recentemente annunciato un frazionamento azionario inverso di 1 per 20. Gli azionisti sottolineano che la capitalizzazione di mercato di Amarin è di circa 185 milioni di dollari, nonostante non abbia debiti e abbia quasi 300 milioni di dollari in contante (~$0.75/azione).
Un Grupo de Accionistas Preocupados, que posee aproximadamente 15 millones de acciones de Amarin (NASDAQ: AMRN), ha emitido una carta abierta instando a la Junta Directiva de la empresa a iniciar una revisión estratégica inmediata. Los accionistas expresan su decepción con el rendimiento de la empresa, señalando que el precio de las acciones de AMRN ha caído casi un 80% a $0.43 desde la reconstitución de la Junta en febrero de 2023, cuando se cotizaba a $2.03.
A pesar de anunciar un plan de recompra de acciones de 50 millones de dólares a principios de 2024, cuando las acciones estaban a $1.15, la empresa no ha ejecutado la recompra. En cambio, Amarin anunció recientemente un desdoblamiento de acciones inverso de 1 por 20. Los accionistas destacan que la capitalización de mercado de Amarin es de aproximadamente 185 millones de dólares, a pesar de no tener deudas y casi 300 millones de dólares en efectivo (~$0.75/acción).
약 1500만 주의 아마린 (NASDAQ: AMRN) 주식을 보유한 우려하는 주주 그룹이 회사 이사회에 즉각적인 전략 검토를 시작할 것을 촉구하는 공개 서한을 발표했습니다. 주주들은 AMRN의 주가가 2023년 2월 이사회가 재구성된 이후 거의 80% 하락하여 $0.43에 거래되고 있다고 실망을 표명했습니다. 당시 주가는 $2.03였습니다.
2024년 초에 주가가 $1.15일 때 5000만 달러 규모의 자사주 매입 계획을 발표했음에도 불구하고, 회사는 매입을 실행하지 않았습니다. 대신 아마린은 최근 1대 20의 역주식 분할을 발표했습니다. 주주들은 아마린의 시장 자본금이 약 1억 8500만 달러에 달하며, 부채가 없고 거의 3억 달러의 현금을 보유하고 있다고 강조합니다 (~$0.75/주).
Un Groupe d'Actionnaires Inquiets, possédant environ 15 millions d'actions de Amarin (NASDAQ: AMRN), a publié une lettre ouverte exhortant le Conseil d'Administration de l'entreprise à initier une révision stratégique immédiate. Les actionnaires expriment leur déception quant à la performance de l'entreprise, notant que le prix des actions d'AMRN a chuté de près de 80 % à 0,43 $ depuis la reconstitution du Conseil en février 2023, lorsque le titre était à 2,03 $.
Bien qu'ayant annoncé un plan de rachat d'actions de 50 millions de dollars au début de 2024, lorsque les actions étaient à 1,15 $, l'entreprise n'a pas exécuté le rachat. Au lieu de cela, Amarin a récemment annoncé un regroupement d'actions inversé de 1 pour 20. Les actionnaires soulignent que la capitalisation boursière d'Amarin est d'environ 185 millions de dollars, malgré l'absence de dettes et près de 300 millions de dollars en liquidités (~0,75 $/action).
Eine Besorgte Aktionärsgruppe, die etwa 15 Millionen Aktien von Amarin (NASDAQ: AMRN) besitzt, hat einen offenen Brief veröffentlicht, in dem sie den Vorstand des Unternehmens auffordert, eine sofortige strategische Überprüfung einzuleiten. Die Aktionäre äußern ihre Enttäuschung über die Unternehmensleistung und weisen darauf hin, dass der Aktienkurs von AMRN seit der Neubesetzung des Vorstands im Februar 2023 um fast 80 % auf $0,43 gefallen ist, als er bei $2,03 gehandelt wurde.
Trotz der Ankündigung eines Aktienrückkaufplans über 50 Millionen Dollar Anfang 2024, als die Aktien bei $1,15 lagen, hat das Unternehmen den Rückkauf nicht durchgeführt. Stattdessen kündigte Amarin kürzlich einen Reverse-Stock-Split im Verhältnis 1 zu 20 an. Die Aktionäre heben hervor, dass die Marktkapitalisierung von Amarin etwa 185 Millionen Dollar beträgt, obwohl das Unternehmen keine Schulden hat und fast 300 Millionen Dollar in bar (~$0,75/Aktie) besitzt.
- Strong cash position of nearly $300 million with zero debt
- Patent-protected international business foundation in place
- 80% share price decline since February 2023
- Failure to execute announced $50 million share buyback
- Market cap ($185M) trading below cash position ($300M)
- Company remains unprofitable
- Implementation of 1-for-20 reverse stock split suggesting potential negative outlook
***
Amarin Corporation plc
ATTN: Board of Directors (the “Board”)
88 Harcourt Street
Members of the Board,
We are meaningful shareholders of Amarin. While we appreciate Sarissa Capital Management’s (“Sarissa”) involvement and commitment to the Company, we believe shareholders would be best served by the Board immediately conducting a strategic review to maximize shareholder value.
In February 2023, Amarin’s share price traded at
At the start of 2024, Chair Dr. Odysseas Kostas and then-CEO Patrick Holt issued a letter to shareholders stating their belief that “the [C]ompany is fundamentally in a much stronger position today.”4 The pair also announced a share repurchase plan of up to
At
As Sarissa noted in its February 2023 presentation, perpetually running an unprofitable company is not sustainable.7 We could not agree more. The Board should immediately announce and run a strategic review process with the goal of preserving and maximizing value for all shareholders. Given the Company’s net cash position of
While we welcome the opportunity to speak with you about the viability of this approach, we feel the Board should respond publicly given the commitments you and Sarissa have made to shareholders – both when seeking support at the 2023 General Meeting and more recently.
Sincerely,
Bradley Radoff and Michael Torok
***
| ________________________________ | |
1 Bloomberg. Share price as of market close on February 28, 2023, the date of the 2023 General Meeting of Shareholders. |
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2 Company press release dated March 16, 2023. Link. |
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| 3 Bloomberg. Represents the change in the Company’s share price from market close on February 28, 2023 ( |
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| 4 Company press release dated January 22, 2024. Link. | |
| 5 Bloomberg. Share price as of market close on January 22, 2024, the date of the open letter. | |
| 6 Company press release dated March 12, 2025. Link. | |
| 7 Page 15 of Sarissa’s investor presentation dated February 2, 2023. Link. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250319307992/en/
Greg Lempel
greg@fondrenlp.com
Source: On behalf of a Concerned Shareholder Group
FAQ
What is the current market value of Amarin (AMRN) compared to its cash position?
How much has AMRN stock price declined since February 2023?
What is the size of AMRN's announced share buyback and has it been executed?
What recent corporate action has AMRN announced instead of the buyback?
How many shares does the Concerned Shareholder Group own in AMRN?
