Roumell Asset Management Files Definitive Proxy Statement and Sends Letter to Enzo Biochem Shareholders

Rhea-AI Summary

Roumell Asset Management, holding 5.78% of Enzo Biochem's shares (NYSE: ENZ), has filed definitive proxy materials for the upcoming Annual Meeting scheduled for January 4, 2021. Roumell proposes two independent nominees, Matthew M. Loar and Edward Terino, for the board, arguing they offer valuable industry insights. Roumell urges shareholders to vote the GREEN proxy card for these nominees and suggests postponing the meeting to ensure shareholders can fully evaluate the contested issues. Roumell criticizes current Chairman & CEO Dr. Elazar Rabbani for perceived value destruction.

Positive

• Roumell proposes two qualified independent nominees for the board, potentially enhancing governance.
• The call for a GREEN proxy card vote indicates shareholder engagement and desire for change.

Negative

• The current leadership has faced criticism for value destruction under Dr. Elazar Rabbani's tenure?
• Roumell's push for a delayed meeting suggests potential shareholder dissatisfaction with management.

CHEVY CHASE, Md., Dec. 24, 2020 /PRNewswire/ -- Roumell Asset Management, LLC ("Roumell"), which owns 5.78% of the outstanding shares of common stock of Enzo Biochem, Inc.(NYSE: ENZ) ("Enzo" or "the Company"), filed definitive proxy materials yesterday with the Securities and Exchange Commission in connection with the Company's upcoming annual meeting of shareholders (the "Annual Meeting") currently scheduled to be held on January 4, 2021.  

Roumell today also issued a letter to shareholders in support of its two nominees and its proposals included in its definitive proxy statement. Notably, Roumell has put forth two nominees and presented a pair of proposals to reconstitute the Enzo board by electing Roumell's two highly qualified and independent nominees: Matthew M. Loar and Edward Terino.  Roumell believes that the director nominees nominated by Roumell will, if elected, utilize their deep industry knowledge and prior experience on public company boards to the benefit of shareholders, and will provide new objective and independent perspectives to the Company's board of directors (the "Board").

Roumell urges all shareholders to vote the GREEN proxy card "FOR" both of its nominees, as well as for its two business proposals.  If Enzo shareholders have voted the company's white proxy, a later-dated GREEN proxy will revoke that vote. 

Since time may be short before the Annual Meeting, Roumell urges shareholders to vote by internet or telephone. Although the Company has remained steadfast in its decision to keep the date of the Annual Meeting as January 4, 2020, Roumell hopes that the Board realizes that it would be in shareholders' best interest to postpone the Annual Meeting until a later date that would allow shareholders to form their own opinions about the contested nature of the meeting.

Roumell believes that no harm or injury to the Company or shareholders would occur if the Company delayed the date of the Annual Meeting, and the decision to do so would signal the Company's interest in and support for shareholder democracy. In the alternative, Roumell believes that if the Company decides to refuse to delay the Annual Meeting, such a decision would signal an animosity for shareholders' interest and antipathy for shareholder democracy.

Roumell seeks to remove from the Board Enzo's long-standing Chairman & CEO, Dr. Elazar Rabbani, who Roumell believes has overseen decades of value destruction, while being paid egregious compensation. 

Roumell's letter to shareholders, as well as its definitive proxy statement can be found at www.saratogaproxy.com/Roumell

Should you have any questions or need assistance with voting, please contact Saratoga Proxy Consulting LLC at (888) 368-0379 or (212) 257-1311 or by email at info@saratogaproxy.com.

Contacts

Saratoga Proxy Consulting LLC
John Ferguson / Joe Mills, 212-257-1311
jferguson@saratogaproxy.com / jmills@saratogaproxy.com

 

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SOURCE Roumell Asset Management, LLC

FAQ

What is Roumell Asset Management's proposal regarding Enzo Biochem (ENZ)?

Roumell proposes two independent nominees for the board and urges shareholders to vote for them.

When is Enzo Biochem's Annual Meeting scheduled?

The Annual Meeting for Enzo Biochem is set for January 4, 2021.

What percentage of Enzo Biochem shares does Roumell own?

Roumell Asset Management owns 5.78% of Enzo Biochem's outstanding shares.

Who are the nominees proposed by Roumell for the Enzo board?

Roumell's nominees for the Enzo board are Matthew M. Loar and Edward Terino.

What concerns does Roumell have regarding Enzo's current leadership?

Roumell criticizes Chairman & CEO Dr. Elazar Rabbani for overseeing value destruction.