Kent Lake Comments on Quanterix’s Value Destructive Bridge Financing for Financially Troubled Akoya
Kent Lake, holding approximately 7.5% of Quanterix (NASDAQ: QTRX) shares, has expressed strong opposition to Quanterix's recent $30 million convertible notes agreement with Akoya Biosciences (NASDAQ: AKYA).
The agreement, part of a broader merger deal, allows Akoya to sell convertible notes to Quanterix until July 2025, even if the merger is terminated. Kent Lake criticizes this as a 'backdoor financing' arrangement, highlighting that Akoya faces a 'near-term liquidity crisis' and arguing that Quanterix shareholders will be left with 'high-risk subordinated distressed debt'.
Kent Lake claims the Board violated fiduciary duties by not providing comprehensive disclosures on the bridge financing terms and lacking a fairness opinion. They urge shareholders to vote AGAINST both merger-related proposals.
Kent Lake, detentore di circa il 7,5% delle azioni di Quanterix (NASDAQ: QTRX), ha espresso una forte opposizione all'accordo recente di 30 milioni di dollari in note convertibili con Akoya Biosciences (NASDAQ: AKYA).
L'accordo, parte di un'operazione di fusione più ampia, consente ad Akoya di vendere note convertibili a Quanterix fino a luglio 2025, anche se la fusione viene annullata. Kent Lake critica questa situazione come un accordo di 'finanziamento di emergenza', sottolineando che Akoya affronta una 'crisi di liquidità a breve termine' e sostenendo che gli azionisti di Quanterix si troveranno a gestire 'debiti subordinati distressed ad alto rischio'.
Kent Lake afferma che il Consiglio ha violato i doveri fiduciari non fornendo divulgazioni complete sui termini del finanziamento ponte e mancando di un'opinione di equità. Esortano gli azionisti a votare CONTRO entrambe le proposte relative alla fusione.
Kent Lake, que posee aproximadamente el 7.5% de las acciones de Quanterix (NASDAQ: QTRX), ha expresado una fuerte oposición al reciente acuerdo de 30 millones de dólares en notas convertibles con Akoya Biosciences (NASDAQ: AKYA).
El acuerdo, parte de un trato de fusión más amplio, permite a Akoya vender notas convertibles a Quanterix hasta julio de 2025, incluso si la fusión se cancela. Kent Lake critica esto como un acuerdo de 'financiamiento encubierto', destacando que Akoya enfrenta una 'crisis de liquidez a corto plazo' y argumentando que los accionistas de Quanterix quedarán con 'deuda subordinada distressed de alto riesgo'.
Kent Lake afirma que la Junta violó sus deberes fiduciarios al no proporcionar divulgaciones completas sobre los términos del financiamiento puente y carecer de una opinión de equidad. Instan a los accionistas a votar EN CONTRA de ambas propuestas relacionadas con la fusión.
Kent Lake는 Quanterix (NASDAQ: QTRX) 주식의 약 7.5%를 보유하고 있으며, Akoya Biosciences (NASDAQ: AKYA)와의 최근 3천만 달러 전환사채 계약에 강력히 반대하고 있습니다.
이 계약은 더 넓은 합병 거래의 일환으로, 합병이 종료되더라도 Akoya가 Quanterix에 전환사채를 판매할 수 있도록 허용합니다. Kent Lake는 이를 '우회 자금 조달'로 비판하며, Akoya가 '단기 유동성 위기'에 직면하고 있고 Quanterix의 주주들이 '고위험의 하위 distressed 채무'를 안게 될 것이라고 주장합니다.
Kent Lake는 이사회가 다리 자금 조달 조건에 대한 포괄적인 공시를 제공하지 않고 공정성 의견이 결여되어 있어 신탁 의무를 위반했다고 주장합니다. 그들은 주주들에게 합병 관련 두 제안에 대해 반대 투표를 할 것을 촉구합니다.
Kent Lake, détenant environ 7,5 % des actions de Quanterix (NASDAQ: QTRX), a exprimé une forte opposition à l'accord récent de 30 millions de dollars en obligations convertibles avec Akoya Biosciences (NASDAQ: AKYA).
L'accord, qui fait partie d'une opération de fusion plus large, permet à Akoya de vendre des obligations convertibles à Quanterix jusqu'en juillet 2025, même si la fusion est annulée. Kent Lake critique cela comme un arrangement de 'financement de secours', soulignant qu'Akoya fait face à une 'crise de liquidité à court terme' et soutenant que les actionnaires de Quanterix se retrouveront avec des 'dettes subordonnées distressed à haut risque'.
Kent Lake affirme que le Conseil a violé ses devoirs fiduciaires en ne fournissant pas de divulgations complètes sur les conditions du financement relais et en manquant d'un avis d'équité. Ils exhortent les actionnaires à voter CONTRE les deux propositions liées à la fusion.
Kent Lake, der etwa 7,5% der Aktien von Quanterix (NASDAQ: QTRX) hält, hat starke Einwände gegen die kürzliche Vereinbarung über 30 Millionen Dollar in wandelbaren Anleihen mit Akoya Biosciences (NASDAQ: AKYA) geäußert.
Die Vereinbarung, die Teil eines umfassenderen Fusionsgeschäfts ist, erlaubt es Akoya, bis Juli 2025 wandelbare Anleihen an Quanterix zu verkaufen, selbst wenn die Fusion beendet wird. Kent Lake kritisiert dies als 'Hintertür-Finanzierung' und hebt hervor, dass Akoya mit einer 'kurzfristigen Liquiditätskrise' konfrontiert ist und argumentiert, dass die Aktionäre von Quanterix mit 'hochriskanten nachrangigen notleidenden Schulden' zurückgelassen werden.
Kent Lake behauptet, dass der Vorstand seine Treuepflichten verletzt hat, indem er keine umfassenden Offenlegungen zu den Bedingungen der Brückenfinanzierung bereitgestellt und eine Fairness-Meinung vermisst hat. Sie fordern die Aktionäre auf, sowohl gegen die fusionbezogenen Vorschläge ABSTIMMEN zu.
- None.
- Quanterix commits $30M in bridge financing to financially troubled Akoya
- Bridge financing continues even if merger is terminated (until July 2025)
- Shareholders exposed to high-risk subordinated distressed debt
- Lack of comprehensive disclosures and fairness opinion on bridge financing terms
- Potential violation of Board's fiduciary duties
Insights
The announcement represents a significant development in Quanterix's proposed merger with Akoya Biosciences, with material implications for shareholders. Quanterix has formalized a Securities Purchase Agreement providing up to
This bridge financing arrangement is particularly controversial because Akoya can reportedly continue drawing on these funds until July 2025 even if the merger is terminated. This effectively creates a substantial financial commitment to Akoya regardless of the transaction's ultimate fate.
Kent Lake's characterization of Akoya as facing a "near-term liquidity crisis" raises serious questions about Akoya's financial stability and the strategic rationale for the merger. The financing terms appear to prioritize Akoya's immediate capital needs while potentially exposing Quanterix shareholders to subordinated debt risk without adequate disclosures regarding commercial reasonableness.
The absence of a fairness opinion specifically addressing these financing terms creates a governance concern. With Kent Lake actively encouraging shareholders to vote against both transaction-related proposals and nominating alternative board candidates, this represents a meaningful escalation in shareholder activism that could potentially derail the merger or force renegotiation of terms.
Disturbed that Quanterix Is Apparently Moving Forward with One of the Most Shareholder Unfriendly Aspects of Merger Agreement with Akoya
Encourages Shareholders to Vote AGAINST Both Proposals Related to Approval of the Transaction
RINCON,
Kent Lake has previously issued a public presentation detailing its opposition to the Company’s proposed transaction (the “Transaction”) with Akoya and has also nominated three highly qualified, independent candidates for election to the Quanterix Board of Directors (the “Board”).
Kent Lake’s statement follows:
“We are deeply disturbed that Quanterix is moving forward with one of the most egregious elements of the merger agreement with Akoya (the “Merger Agreement”). Quanterix is now poised to provide
As a result, Quanterix is now shoring up Akoya, which faces a near-term liquidity crisis, with
More broadly, we call on Quanterix to provide further disclosure about how Akoya’s desperate need for a bridge loan factored into the Board’s valuation of Akoya and, if Akoya truly needs such a loan, whether that calls into question the forecasts used by Quanterix to justify the Transaction.
This latest development is yet another unfortunate illustration of how the Transaction is not in the best interests of Quanterix shareholders and why they should vote AGAINST both proposals related to its approval.”
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 preliminary 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
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 2,924,903 shares of the Company’s Common Stock,
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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