KVH Industries Issues Letter to Shareholders and Files Definitive Proxy
Business is Emerging from COVID-19 Pandemic with Significant Momentum
Company’s Two New Independent Director Candidates –
Believes VIEX Nominees Are Not the Right Fit for the Board Given Troubling
Urges Shareholders to Vote for KVH’s Highly Qualified Candidates on the BLUE Proxy Card
The full text of the letter is available at: https://protectkvh.com/wp-content/uploads/2021/05/KVH-Shareholder-Letter-May-17.pdf.
The letter highlights the following:
- KVH is executing on a focused, long-term strategy to deliver value for shareholders and recently reported a 16% increase in revenue for the first quarter over the same period last year.
- The Company has emerged from the challenges of the COVID-19 pandemic with significant momentum – outperforming many competitors and peers: KVH’s stock price is up 73% over the past year and 28% year-to-date,1 exceeding the returns of key indices including the S&P 500, Russell 2000, Russell 3000, and the Nasdaq.
- KVH has nominated two new highly qualified independent director candidates –
Cielo Hernandezand Cathy-Ann Martine-Dolecki– both of whom have valuable experience as leaders in industries directly relevant to KVH’s business.
- The nominees put forth by activist investor
VIEX Capitaldo not have relevant experience and appear to have no plan and little knowledge of KVH’s businesses. One of the nominees, VIEX’s founder and managing member Eric Singer, has a troubling track record. He has served on the boards of 12 public companies in the last decade; each one of those companies underperformed the S&P 500 and the Russell 3000 during his tenure.2 Worse, Mr. Singerhas the rare distinction of having been found by the Delaware Chancery Courtof having breached his fiduciary duty of loyalty to public company shareholders by purposefully withholding material information from his fellow directors about the intentions of a bidder in order to further his “divergent” interests.3
The Board strongly encourages shareholders to vote for its two exceptional and high-integrity nominees,
For additional information, please visit www.ProtectKVH.com.
KVH is a registered trademark of
Additional Information and Where to Find It
The Company has filed a definitive proxy statement and a form of associated BLUE proxy card with the
Certain Information Regarding Participants
The Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company’s stockholders in connection with the matters to be considered at the Company’s 2021 Annual Meeting of Stockholders. Information about the Company’s directors and executive officers is available in the Definitive Proxy Statement filed with the
Certain statements in this communication constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” “will,” “should,” “would,” “may” and “could” or similar words or expressions are generally forward-looking in nature and not historical facts. Any statements that refer to outlook, expectations or other characterizations of future events, circumstances or results are also forward-looking statements. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are specified in the Company’s Annual Report on Form 10-K for the year ended
1 As of market close on
2 Companies include: A10 Networks, Inc., Immersion Corporation, Quantum Corporation,
3 In re