Latest news with #SamirPatel
Yahoo
6 days ago
- Business
- Yahoo
Askeladden Capital announces AstroNova ‘Town Hall' forum
Askeladden Capital founder Samir Patel said, in part, 'I write to you as the founder and portfolio manager of Askeladden Capital which is AstroNova's (ALOT) largest shareholder, owning approximately 9.2% of the company on behalf of our clients. In an effort to improve AstroNova's performance for the benefit of shareholders, employees, and all other stakeholders, we have nominated five highly qualified individuals for election to AstroNova's Board of Directors at the company's Annual Meeting, scheduled for July 9, 2025. We invite you to join an Investor Forum where shareholders, employees, and all other interested parties can interact directly with our nominees. After a brief introduction and panel discussion of approximately 20 minutes, we will open up the call for Q&A. We will conduct this 'town hall' style meeting virtually via Zoom at 11:00 AM Eastern Time on Thursday, June 12, 2025…Askeladden has researched AstroNova since 2016 and been a 5% shareholder since 2020. Since March, we have spoken to over 15 individuals, ranging from former employees to suppliers and other industry veterans, to deepen our understanding of the company. In the near future, we will share selected research findings with AstroNova shareholders. We believe AstroNova has many strengths, such as a large installed base and many talented employees. Unfortunately, we believe that these attractive qualities have been overwhelmed by poor governance and management by the incumbent Board, and CEO Greg Woods, which has harmed shareholders and employees alike. In FY2025, the company reported Adjusted EBITDA of $12.3 million, substantially below FY2024's $17.6 million and FY2025 original guidance of ~$21 million at the midpoint. The company's May 2024 acquisition of MTEX should have further enhanced profitability – instead, the CEO and Board's decision to spend $18.7 million in cash and assume additional debt to fund this acquisition harmed both shareholders and employees. The share price fell almost 50% over the ensuing year, while employees have faced layoffs. In FY2025, MTEX generated an operating loss of $16.9 million, including a goodwill impairment of $13.4 million, and the company subsequently discontinued 70% of MTEX's product portfolio. As a result of the lower earnings and increased debt due to the MTEX acquisition, the company breached its debt covenants and suffered an event of default under its credit facility during the quarter ended January 31, 2025. While CEO Greg Woods retains his job despite this self-inflicted debacle, many AstroNova employees were not so lucky: on March 20, 2025, the company announced 'the reduction of approximately 10% of the Company's global workforce, primarily in the PI segment.' Through no fault of their own, rather than enjoying the profit-sharing and career growth opportunities that a well-managed company should provide, 10% of AstroNova employees lost their jobs. Despite these missteps, incumbents appear to be doubling down on this failed strategy, and have refused to engage with Askeladden's efforts to improve the company's performance. We recently published a 20-page document including our specific, research-based plan for improving AstroNova's performance, as well as relevant background information on the company's performance and governance. We believe that our nominees have specific and relevant qualifications to address the current challenges faced by AstroNova.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on ALOT: Disclaimer & DisclosureReport an Issue AstroNova Files Proxy Materials Amid Activist Campaign AstroNova Announces Director Nominees for Shareholder Meeting AstroNova awarded $10M multi-year defense industry contract AstroNova Secures $10M Defense Contract Renewal AstroNova Terminates Employee Stock Purchase Plan Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
02-06-2025
- Business
- Miami Herald
Askeladden Capital Announces AstroNova 'Town Hall' Forum
All AstroNova Stakeholders Invited to Meet and Interact with Askeladden's Board Candidates Askeladden Nominees Have Specific and Relevant Expertise to Execute Askeladden's Plan to Maximize Value Transdigm's Recently Raised Bid for Aerospace Components Company Servotronics Highlights Potential to Unlock Value at AstroNova with Better Governance FORT WORTH, TX / ACCESS Newswire / June 2, 2025 / Dear AstroNova stakeholders: I write to you as the founder and portfolio manager of Askeladden Capital (collectively, "we,") which is AstroNova's largest shareholder, owning approximately 9.2% of the company on behalf of our clients. In an effort to improve AstroNova's performance for the benefit of shareholders, employees, and all other stakeholders, we have nominated five highly qualified individuals for election to AstroNova's Board of Directors at the company's Annual Meeting, scheduled for July 9, 2025. We invite you to join an Investor Forum where shareholders, employees, and all other interested parties can interact directly with our nominees. After a brief introduction and panel discussion of approximately 20 minutes, we will open up the call for Q&A. We will conduct this "town hall" style meeting virtually via Zoom at 11:00 AM Eastern Time (10:00 AM Central Time) on Thursday, June 12, 2025. You can register here : Please contact Samir Patel via samir@ if you have any trouble registering. Attendees will have the option to remain anonymous to all parties other than the host. Those who cannot attend live are also invited to email us with written questions that we will read and answer during the town hall as time permits. A recording of the call will subsequently be made available. We encourage candid and detailed questions - the more challenging the better - about our research, our plan, our nominees' backgrounds, and how we will work as a team to maximize the value of AstroNova for all. Please ask similar questions of the incumbents, then vote based on whose answers you find more compelling. Askeladden has researched AstroNova since 2016 and been a 5% shareholder since 2020. Since March, we have spoken to over 15 individuals, ranging from former employees to suppliers and other industry veterans, to deepen our understanding of the company. In the near future, we will share selected research findings with AstroNova shareholders. We believe AstroNova has many strengths, such as a large installed base and many talented employees. Unfortunately, we believe that these attractive qualities have been overwhelmed by poor governance and management by the incumbent Board, and CEO Greg Woods, which has harmed shareholders and employees alike. In FY2025, the company reported Adjusted EBITDA of $12.3 million, substantially below FY2024's $17.6 million and FY2025 original guidance of ~$21 million at the midpoint. [1] The company's May 2024 acquisition of MTEX should have further enhanced profitability - instead, the CEO and Board's decision to spend $18.7 million in cash and assume additional debt [2] to fund this acquisition harmed both shareholders and employees. The share price fell almost 50% over the ensuing year, [3] while employees have faced layoffs. [4] In FY2025, MTEX generated an operating loss of $16.9 million, including a goodwill impairment of $13.4 million, and the company subsequently discontinued 70% of MTEX's product portfolio. [5] [6] As a result of the lower earnings and increased debt due to the MTEX acquisition, the company breached its debt covenants and suffered an event of default under its credit facility during the quarter ended January 31, 2025 (thus forcing AstroNova to seek a waiver from its lender, which was subsequently granted). [7] While CEO Greg Woods retains his job despite this self-inflicted debacle, many AstroNova employees were not so lucky: on March 20, 2025, the company announced "the reduction of approximately 10% of the Company's global workforce, primarily in the PI [Product Identification] segment." [8] Through no fault of their own, rather than enjoying the profit-sharing and career growth opportunities that a well-managed company should provide, 10% of AstroNova employees lost their jobs. Despite these missteps, incumbents appear to be doubling down on this failed strategy, and have refused to engage with Askeladden's efforts to improve the company's performance. We recently published a 20-page document including our specific, research-based plan for improving AstroNova's performance, as well as relevant background information on the company's performance and governance. We believe that our nominees have specific and relevant qualifications to address the current challenges faced by AstroNova. Below is their biographical information. Shawn Kravetz. Mr. Kravetz has relevant experience as a change agent under similar circumstances. He joined the Board of Nevada Gold & Casinos, Inc. as a large shareholder frustrated by performance, including a recent acquisition. He served from 2016 until Nevada Gold was sold in 2019, including Chairman of the Corporate Governance and Nominating Committee. Mr. Kravetz was recently nominated for election to the Board of publicly traded Spruce Power Holding Corporation by the company's Nominating and Governance Committee. [9] Jeff Sands. As Mr. Sands discusses in his book, "Corporate Turnaround Artistry: Fix Any Business in 100 Days," he has successfully used techniques included in our plan to restore profitability at numerous businesses, including some merely weeks away from lender-forced liquidation. He has won the Turnaround Management Association "Turnaround of the Year" award three times. Mr. Sands has successfully worked with businesses such as a $100M supplier of aerospace components to Boeing (~2x the size of AstroNova's Aerospace segment), as well as complex and capital-intensive businesses such as steel and pharmaceuticals. Given AstroNova's significant recent decline in profitability and elevated inventory balances, Mr. Sands' experience in driving rapid cash flow improvement is extremely relevant. Mr. Sands has been involved in the sale of numerous private companies. Ryan Oviatt. Mr. Oviatt has extensive experience - as CFO, CEO, and Board Member of Profire - of managing an industrial products business for margin and cash flow in the highly cyclical energy market. Mr. Oviatt managed a team that used techniques such as automation of manual processes and key administrative functions, customer outreach, and performance-based incentive compensation programs designed to instill a sense of ownership throughout the company. Mr. Oviatt helped lead the successful sale of Profire to a strategic public-company buyer, CECO Environmental. After multiple rounds of negotiation, Profire successfully achieved a final offer price 27.5% higher than CECO's original offer, and an all-cash deal rather than the original offer of 75% cash and 25% stock. This final offer represented a 60.3% premium to Profire's volume-weighted average share price over the 30 days prior to the Board approving the merger. [10] Boyd Roberts. Mr. Roberts was the youngest member of the executive team at Franklin Covey (FC) and has integrated and substantially grown an acquired division, with ownership of full P&Ls and high employee net promoter scores. Mr. Roberts has extensive experience with Franklin Covey's customer-focused recurring-revenue business model. Mr. Roberts is fluent in Portuguese. His linguistic and cultural strengths uniquely qualify him to address the challenging MTEX acquisition, which we believe has suffered due to a cultural mismatch between the labor force at its facility in Porto in northern Portugal, and AstroNova's American business culture. [11] Samir Patel. As AstroNova's largest shareholder, who has researched the business since 2016, I am deeply familiar with the company's ongoing (flawed) strategy, contrary to the company's misleading assertion that the company will be damaged by a new Board "unacquainted with recent decision-making ." [12] I will ensure that AstroNova's operational and capital allocation decisions consistently maximize shareholder value. As a point of comparison on what AstroNova could potentially be worth with better governance, we note that Servotronics (SVT), a global designer and manufacturer of servo controls and other components for aerospace and defense applications, announced a merger with large aerospace manufacturer Transdigm (TDG) for $110 million in cash on May 19, 2025, and subsequently raised the offer price by ~22% from $38.50 to $47.00 after Servotronics received another offer from a competing bidder, suggesting significant interest in the business at that valuation. [13] Even the original offer price - let alone the subsequent increase - is almost identical to AstroNova's entire enterprise value as of May 20, 2025. [14] [15]At the original offer price, the all-cash transaction represented a 274% premium to Servotronics' share price at the prior close. For the fiscal year 2024, Servotronics generated $44.9 million in revenue with only $8.2 million in gross profit and less than $1 million in Adjusted EBITDA. [16] Meanwhile, for its FY2025 which ended a month later, AstroNova's Test and Measurement segment (subsequently renamed Aerospace) generated a slightly higher $48.9 million in revenues with a much higher $11.1 million in segment operating profit. It seems reasonable to assume that a buyer evaluating these two businesses side by side would assign a higher valuation to AstroNova Aerospace given its modestly higher revenues and substantially higher profits. In other words (and apart from any tax considerations), that would imply that if AstroNova Aerospace was sold at a similar value to Servotronics' original agreement - let alone the higher subsequent agreement raising the offer amount by over 20% - AstroNova could pay off all its debt and return cash to shareholders equivalent to roughly the current share price. Shareholders would then still own the entire Product Identification segment, with slightly over $100 million in annual revenues generated each of the past three fiscal years, which is clearly worth substantially more than the zero or even negative value implied if Servotronics' valuation is applied to AstroNova Aerospace. [17] While the Servotronics transaction is merely one data point, it demonstrates the potential value if AstroNova implements the strategy we have developed - which we recently presented in our public plan - rather than doubling down on a strategy promoted by the value-destroying incumbent CEO and Board. In the more than eleven years from February 1, 2014 (when Mr. Woods became CEO) through May 15, 2025 (the record date of this year's Annual Meeting), AstroNova shares have experienced a total return of negative 28%. [18] You can find further information about the upcoming board election, scheduled for July 9, 2025, at the AstroNova page on the Askeladden Capital website : These documents will also be available at no cost at . As stated previously, the "town hall" will occur virtually via Zoom at 11:00 AM Eastern Time (10:00 AM Central Time) on Thursday, June 12, 2025. You can register here : Please feel free to reach out to me with any questions or comments, at samir@ or (682) 553-8302. We look forward to earning your vote. Cordially, Samir Patel Founder and Portfolio Manager, Askeladden Capital Samir Patel, Askeladden Capital Management LLC, Jeff Sands, Shawn Kravetz, Ryan Oviatt and Boyd Roberts (collectively the "Participants") filed a definitive proxy statement and accompanying proxy card with the SEC on May 20, 2025, as amended on May 21, 2025, to be used in soliciting proxies in connection with the 2025 annual meeting of shareholders (the "Annual Meeting") of AstroNova, Inc. (the "Company"). All shareholders of the Company are advised to read the Proxy Statement and other documents related to the solicitation of proxies, each in connection with the Annual Meeting, by the Participants, as they contain important information, including additional information related to the Participants, including a description of their direct or indirect interests by security holdings or otherwise. The Proxy Statement and an accompanying GOLD proxy card will be furnished to some or all of the Company's stockholders and is, along with other relevant documents, available at no charge on the SEC website at or by contacting Samir Patel at 1452 Hughes Road, Suite 200 #582, Grapevine, TX, 76051. [1] Q4 FY2024 and Q4 FY2025 Earnings Release. [2] FY2025 Form 10-K filed April 15, 2025. [3] Stock price data from YCharts. [4] FY2025 Form 10-K, page 24. [5] AstroNova Form 10-K for FY2025. Impairment discussed on page 11; purchase price discussed on page 15. [6] MTEX Acquisition Announcement and Conference Call Transcript (May 9, 2024) and FY2025 Form 10-K filed April 15, 2025. [7] Form 8-K Earnings filed March 21, 2025. [8] FY2025 Form 10-K, page 24. [9] Spruce Power Holding Corp Definitive Proxy, page 10. [10] Profire Energy (PFIE) SC14D9 dated December 3, 2024. Section "Background of the Offer and the Merger" on pages 9 - 16. [11] "The American work culture focuses on ambition… in Portugal, there is a more collective approach to work and less pressure… [people] tend to place greater importance on personal well-being, family time, and life outside of work." LXUS (Corporate Relocation service provider.) [12] Letter accompanying AstroNova's definitive proxy statement, filed May 19, 2025. [13] "TransDigm raises offer price for Servotronics to $47/share." Seeking Alpha. May 29, 2025. [14] "Transdigm to Acquire Servotronics For About $110 million." Nasdaq. May 19, 2025. [15] Per data sources such as Seeking Alpha, ALOT shares closed at $9.12 on May 20, 2025. The company's recent definitive proxy statement, filed May 19, 2025, discloses a recent sharecount of approximately 7.6 million shares, for a market cap of approximately $69 million as of that date. AstroNova's Form 10-K filed April 15, 2025 discloses $20.9 million outstanding on the revolving credit facility, $6.1 million in current long-term debt, $0.6 million in short-term debt, and $19 million in long-term debt, for a total of $46.6 million in gross debt. The same Form 10-K disclosed $5 million of cash and equivalents, making net debt $41.6 million. The sum of $41 million and $69 million is approximately $110 million. [16] Form 10-K for Servotronics SVT filed March 17, 2025. [17] AstroNova Form 10-K for FY2025, filed April 15, 2025. Page 24. [18] Data from YChart Samir Patelsamir@ 553-8302 SOURCE: Askeladden Capital Management LLC
Associated Press
02-06-2025
- Business
- Associated Press
Askeladden Capital Announces AstroNova 'Town Hall' Forum
All AstroNova Stakeholders Invited to Meet and Interact with Askeladden's Board Candidates Askeladden Nominees Have Specific and Relevant Expertise to Execute Askeladden's Plan to Maximize Value Transdigm's Recently Raised Bid for Aerospace Components Company Servotronics Highlights Potential to Unlock Value at AstroNova with Better Governance FORT WORTH, TX / ACCESS Newswire / June 2, 2025 / Dear AstroNova stakeholders: I write to you as the founder and portfolio manager of Askeladden Capital (collectively, 'we,') which is AstroNova's largest shareholder, owning approximately 9.2% of the company on behalf of our clients. In an effort to improve AstroNova's performance for the benefit of shareholders, employees, and all other stakeholders, we have nominated five highly qualified individuals for election to AstroNova's Board of Directors at the company's Annual Meeting, scheduled for July 9, 2025. We invite you to join an Investor Forum where shareholders, employees, and all other interested parties can interact directly with our nominees. After a brief introduction and panel discussion of approximately 20 minutes, we will open up the call for Q&A. We will conduct this 'town hall' style meeting virtually via Zoom at 11:00 AM Eastern Time (10:00 AM Central Time) on Thursday, June 12, 2025. You can register here : Please contact Samir Patel via [email protected] if you have any trouble registering. Attendees will have the option to remain anonymous to all parties other than the host. Those who cannot attend live are also invited to email us with written questions that we will read and answer during the town hall as time permits. A recording of the call will subsequently be made available. We encourage candid and detailed questions - the more challenging the better - about our research, our plan, our nominees' backgrounds, and how we will work as a team to maximize the value of AstroNova for all. Please ask similar questions of the incumbents, then vote based on whose answers you find more compelling. Askeladden has researched AstroNova since 2016 and been a 5% shareholder since 2020. Since March, we have spoken to over 15 individuals, ranging from former employees to suppliers and other industry veterans, to deepen our understanding of the company. In the near future, we will share selected research findings with AstroNova shareholders. We believe AstroNova has many strengths, such as a large installed base and many talented employees. Unfortunately, we believe that these attractive qualities have been overwhelmed by poor governance and management by the incumbent Board, and CEO Greg Woods, which has harmed shareholders and employees alike. In FY2025, the company reported Adjusted EBITDA of $12.3 million, substantially below FY2024's $17.6 million and FY2025 original guidance of ~$21 million at the midpoint. [1] The company's May 2024 acquisition of MTEX should have further enhanced profitability - instead, the CEO and Board's decision to spend $18.7 million in cash and assume additional debt [2] to fund this acquisition harmed both shareholders and employees. The share price fell almost 50% over the ensuing year, [3] while employees have faced layoffs. [4] In FY2025, MTEX generated an operating loss of $16.9 million, including a goodwill impairment of $13.4 million, and the company subsequently discontinued 70% of MTEX's product portfolio. [5][6] As a result of the lower earnings and increased debt due to the MTEX acquisition, the company breached its debt covenants and suffered an event of default under its credit facility during the quarter ended January 31, 2025 (thus forcing AstroNova to seek a waiver from its lender, which was subsequently granted). [7] While CEO Greg Woods retains his job despite this self-inflicted debacle, many AstroNova employees were not so lucky: on March 20, 2025, the company announced 'the reduction of approximately 10% of the Company's global workforce, primarily in the PI [Product Identification] segment.' [8] Through no fault of their own, rather than enjoying the profit-sharing and career growth opportunities that a well-managed company should provide, 10% of AstroNova employees lost their jobs. Despite these missteps, incumbents appear to be doubling down on this failed strategy, and have refused to engage with Askeladden's efforts to improve the company's performance. We recently published a 20-page document including our specific, research-based plan for improving AstroNova's performance, as well as relevant background information on the company's performance and governance. We believe that our nominees have specific and relevant qualifications to address the current challenges faced by AstroNova. Below is their biographical information. Shawn Kravetz. Mr. Kravetz has relevant experience as a change agent under similar circumstances. He joined the Board of Nevada Gold & Casinos, Inc. as a large shareholder frustrated by performance, including a recent acquisition. He served from 2016 until Nevada Gold was sold in 2019, including Chairman of the Corporate Governance and Nominating Committee. Mr. Kravetz was recently nominated for election to the Board of publicly traded Spruce Power Holding Corporation by the company's Nominating and Governance Committee. [9] Jeff Sands. As Mr. Sands discusses in his book, 'Corporate Turnaround Artistry: Fix Any Business in 100 Days,' he has successfully used techniques included in our plan to restore profitability at numerous businesses, including some merely weeks away from lender-forced liquidation. He has won the Turnaround Management Association 'Turnaround of the Year' award three times. Mr. Sands has successfully worked with businesses such as a $100M supplier of aerospace components to Boeing (~2x the size of AstroNova's Aerospace segment), as well as complex and capital-intensive businesses such as steel and pharmaceuticals. Given AstroNova's significant recent decline in profitability and elevated inventory balances, Mr. Sands' experience in driving rapid cash flow improvement is extremely relevant. Mr. Sands has been involved in the sale of numerous private companies. Ryan Oviatt. Mr. Oviatt has extensive experience - as CFO, CEO, and Board Member of Profire - of managing an industrial products business for margin and cash flow in the highly cyclical energy market. Mr. Oviatt managed a team that used techniques such as automation of manual processes and key administrative functions, customer outreach, and performance-based incentive compensation programs designed to instill a sense of ownership throughout the company. Mr. Oviatt helped lead the successful sale of Profire to a strategic public-company buyer, CECO Environmental. After multiple rounds of negotiation, Profire successfully achieved a final offer price 27.5% higher than CECO's original offer, and an all-cash deal rather than the original offer of 75% cash and 25% stock. This final offer represented a 60.3% premium to Profire's volume-weighted average share price over the 30 days prior to the Board approving the merger. [10] Boyd Roberts. Mr. Roberts was the youngest member of the executive team at Franklin Covey (FC) and has integrated and substantially grown an acquired division, with ownership of full P&Ls and high employee net promoter scores. Mr. Roberts has extensive experience with Franklin Covey's customer-focused recurring-revenue business model. Mr. Roberts is fluent in Portuguese. His linguistic and cultural strengths uniquely qualify him to address the challenging MTEX acquisition, which we believe has suffered due to a cultural mismatch between the labor force at its facility in Porto in northern Portugal, and AstroNova's American business culture. [11] Samir Patel. As AstroNova's largest shareholder, who has researched the business since 2016, I am deeply familiar with the company's ongoing (flawed) strategy, contrary to the company's misleading assertion that the company will be damaged by a new Board 'unacquainted with recent decision-making .' [12] I will ensure that AstroNova's operational and capital allocation decisions consistently maximize shareholder value. As a point of comparison on what AstroNova could potentially be worth with better governance, we note that Servotronics (SVT), a global designer and manufacturer of servo controls and other components for aerospace and defense applications, announced a merger with large aerospace manufacturer Transdigm (TDG) for $110 million in cash on May 19, 2025, and subsequently raised the offer price by ~22% from $38.50 to $47.00 after Servotronics received another offer from a competing bidder, suggesting significant interest in the business at that valuation. [13] Even the original offer price - let alone the subsequent increase - is almost identical to AstroNova's entire enterprise value as of May 20, 2025. [14][15] At the original offer price, the all-cash transaction represented a 274% premium to Servotronics' share price at the prior close. For the fiscal year 2024, Servotronics generated $44.9 million in revenue with only $8.2 million in gross profit and less than $1 million in Adjusted EBITDA. [16] Meanwhile, for its FY2025 which ended a month later, AstroNova's Test and Measurement segment (subsequently renamed Aerospace) generated a slightly higher $48.9 million in revenues with a much higher $11.1 million in segment operating profit. It seems reasonable to assume that a buyer evaluating these two businesses side by side would assign a higher valuation to AstroNova Aerospace given its modestly higher revenues and substantially higher profits. In other words (and apart from any tax considerations), that would imply that if AstroNova Aerospace was sold at a similar value to Servotronics' original agreement - let alone the higher subsequent agreement raising the offer amount by over 20% - AstroNova could pay off all its debt and return cash to shareholders equivalent to roughly the current share price. Shareholders would then still own the entire Product Identification segment, with slightly over $100 million in annual revenues generated each of the past three fiscal years, which is clearly worth substantially more than the zero or even negative value implied if Servotronics' valuation is applied to AstroNova Aerospace. [17] While the Servotronics transaction is merely one data point, it demonstrates the potential value if AstroNova implements the strategy we have developed - which we recently presented in our public plan - rather than doubling down on a strategy promoted by the value-destroying incumbent CEO and Board. In the more than eleven years from February 1, 2014 (when Mr. Woods became CEO) through May 15, 2025 (the record date of this year's Annual Meeting), AstroNova shares have experienced a total return of negative 28%. [18] You can find further information about the upcoming board election, scheduled for July 9, 2025, at the AstroNova page on the Askeladden Capital website : These documents will also be available at no cost at . As stated previously, the 'town hall' will occur virtually via Zoom at 11:00 AM Eastern Time (10:00 AM Central Time) on Thursday, June 12, 2025. You can register here : Please feel free to reach out to me with any questions or comments, at [email protected] or (682) 553-8302. We look forward to earning your vote. Cordially, Samir Patel Founder and Portfolio Manager, Askeladden Capital Samir Patel, Askeladden Capital Management LLC, Jeff Sands, Shawn Kravetz, Ryan Oviatt and Boyd Roberts (collectively the 'Participants') filed a definitive proxy statement and accompanying proxy card with the SEC on May 20, 2025, as amended on May 21, 2025, to be used in soliciting proxies in connection with the 2025 annual meeting of shareholders (the 'Annual Meeting') of AstroNova, Inc. (the 'Company'). All shareholders of the Company are advised to read the Proxy Statement and other documents related to the solicitation of proxies, each in connection with the Annual Meeting, by the Participants, as they contain important information, including additional information related to the Participants, including a description of their direct or indirect interests by security holdings or otherwise. The Proxy Statement and an accompanying GOLD proxy card will be furnished to some or all of the Company's stockholders and is, along with other relevant documents, available at no charge on the SEC website at or by contacting Samir Patel at 1452 Hughes Road, Suite 200 #582, Grapevine, TX, 76051. [1] Q4 FY2024 and Q4 FY2025 Earnings Release. [2] FY2025 Form 10-K filed April 15, 2025. [3] Stock price data from YCharts. [4] FY2025 Form 10-K, page 24. [5] AstroNova Form 10-K for FY2025. Impairment discussed on page 11; purchase price discussed on page 15. [6] MTEX Acquisition Announcement and Conference Call Transcript (May 9, 2024) and FY2025 Form 10-K filed April 15, 2025. [7] Form 8-K Earnings filed March 21, 2025. [8] FY2025 Form 10-K, page 24. [9] Spruce Power Holding Corp Definitive Proxy, page 10. [10] Profire Energy (PFIE) SC14D9 dated December 3, 2024. Section 'Background of the Offer and the Merger' on pages 9 - 16. [11] 'The American work culture focuses on ambition… in Portugal, there is a more collective approach to work and less pressure… [people] tend to place greater importance on personal well-being, family time, and life outside of work.' LXUS (Corporate Relocation service provider.) [12] Letter accompanying AstroNova's definitive proxy statement, filed May 19, 2025. [13] 'TransDigm raises offer price for Servotronics to $47/share.' Seeking Alpha. May 29, 2025. [14] 'Transdigm to Acquire Servotronics For About $110 million.' Nasdaq. May 19, 2025. [15] Per data sources such as Seeking Alpha, ALOT shares closed at $9.12 on May 20, 2025. The company's recent definitive proxy statement, filed May 19, 2025, discloses a recent sharecount of approximately 7.6 million shares, for a market cap of approximately $69 million as of that date. AstroNova's Form 10-K filed April 15, 2025 discloses $20.9 million outstanding on the revolving credit facility, $6.1 million in current long-term debt, $0.6 million in short-term debt, and $19 million in long-term debt, for a total of $46.6 million in gross debt. The same Form 10-K disclosed $5 million of cash and equivalents, making net debt $41.6 million. The sum of $41 million and $69 million is approximately $110 million. [16] Form 10-K for Servotronics SVT filed March 17, 2025. [17] AstroNova Form 10-K for FY2025, filed April 15, 2025. Page 24. [18] Data from YChart Samir Patel [email protected] (682) 553-8302 SOURCE: Askeladden Capital Management LLC press release
Yahoo
06-05-2025
- Business
- Yahoo
CORRECTING and REPLACING AstroNova to Nominate Six Highly Qualified Directors for Election at 2025 Shareholder Meeting
WEST WARWICK, R.I., May 06, 2025--(BUSINESS WIRE)--Please note that a year referenced in one of the director biographies has been corrected from 2022 to 2002. The updated release reads: ASTRONOVA TO NOMINATE SIX HIGHLY QUALIFIED DIRECTORS FOR ELECTION AT 2025 SHAREHOLDER MEETING AstroNova Board brings a mix of highly relevant executive leadership and public company directorship experience as well as a breadth of knowledge in mergers and acquisitions, finance, capital markets and global operations Board adamantly rejects dissident nominees who bring no added value; activist's proposal introduces significant disruption to the continuity of oversight and governance which will delay execution of strategy to scale the business and deliver stronger earnings power AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in data visualization technology, today disclosed its slate of highly qualified director nominees for election at the 2025 Annual Meeting of Shareholders. In the coming days, the Company plans to file its preliminary proxy materials with the Securities and Exchange Commission and urges shareholders to DISCARD any proxy materials, including the GOLD card, they may receive from Samir Patel and Askeladden Capital Management LLC ("Askeladden"). The Board of Directors of AstroNova ("Board") has unanimously recommended that shareholders VOTE FOR Richard S. Warzala, Alexis P. Michas, Darius G. Nevin, Mitchell I. Quain, Yvonne E. Schlaeppi and Gregory A. Woods. AstroNova's Board is comprised of current and former executives, public company directors, investment managers, and capital markets advisors. The directors have significant experience in corporate governance, M&A, finance, sales & marketing, operations, legal, international business, and technology. Collectively, they bring a diverse mix of skills, professional experiences, and perspectives relevant to AstroNova's strategic objectives: Richard S. Warzala, Lead Independent Director, brings over 40 years of operational and leadership experience to the Board having successfully led the significant growth of industrial technologies businesses that served a broad variety of industries. Presently, he is the Chairman, President and Chief Executive of Allient Inc. (Nasdaq: ALNT), with an enterprise value of approximately $600 million. Under his leadership, Allient has grown revenue both organically and through acquisitions from $15 million in 2002 to over $530 million currently. As a proven leader, Mr. Warzala brings to the Board highly relevant and deep expertise in international business growth and development, strategic thinking and planning, mergers and acquisitions, technical product sales and marketing, operational excellence utilizing lean principles and corporate governance. Alexis Michas brings extensive M&A and capital markets expertise to the Board as the Founder and Managing Partner of Juniper Investment Company, as well as deep corporate governance experience through his service on other public and large private company boards. He has a proven track record of successful private equity management across a range of sectors and has highly relevant director experience as the Non-Executive Chair of the board of BorgWarner, Inc. Darius G. Nevin is a highly respected finance executive with more than 30 years of experience, including as the Chief Financial Officer of Protection One, Inc., a then publicly traded security monitoring company prior to its acquisition. He served as a director and chair of the audit committee on WCI Communities, Inc., then publicly traded and acquired in 2010, and is a director at Holdings. Mr. Nevin's deep financial expertise, history of overseeing successful IPOs and acquisitions, as well as his direct executive experience in turning around struggling businesses, make him qualified to serve on our Board. Mitchell Quain is a renowned financial leader who has advised and served on the Boards of some of the world's most prestigious organizations, including Carlyle Group, and has a long history of service as a public company director having served on several boards including MagneTek, Hardinge, Tecumseh Products, RBC Bearings (NYSE: RBC), Titan International (NYSE: TWI), and HEICO Corp. (NYSE: HEI), among others. His extensive background and global perspective on operations, capital allocation, and corporate strategy make him an invaluable member of the Board. Yvonne Schlaeppi brings a diverse background of legal, M&A, international strategy, and highly relevant senior leadership experience. Her years serving on public company boards, roles as the legal counsel to Global Enterprise Technologies and senior leader at Johnson Controls, and as corporate advisor to global corporations make her a valuable member of our Board. Gregory Woods has served as Chief Executive Officer of the Company since February 1, 2014, and as a director since January 2014. As CEO and former COO, he has led the Company during a transformational time, setting a path towards a global leadership position with diversified end markets, new capabilities and a clear path to growth and improved profitability ahead. The Board continually reviews the composition of its members' mix of skills and expertise and focuses on regular refreshment with directors who would be additive to the Company's strategic priorities. Recently, the Board was expanded from five to six members after the addition of seasoned finance executive Darius G. Nevin, former CFO of Protection One and current director at Holdings. His financial acumen, governance background, and leadership experiences make him an excellent addition to the Board. The Board is also majority independent with all members, with the exception of Gregory Woods, being independent. AstroNova Unanimously Rejects Unqualified Askeladden Nominees The Board does not endorse the director nominations of Jeff Sands, Shawn Kravetz, Ryan Oviatt, Boyd Roberts, and Samir Patel put forth by Patel and Askeladden. The Board does not believe the dissident nominees bring relevant experience or additive perspectives to the Board and recommends that shareholders do not vote for the nominees. In the coming days and weeks, AstroNova will provide shareholders with more information related to the Company's strategy to deliver long-term shareholder value, the strength of the Board and management team, and the potential for Askeladden's nominees to disrupt the strategic inflection point the Company is advancing to drive growth and measurably improve profitability. In the interim, AstroNova strongly urges shareholders to simply DISCARD and NOT vote using the GOLD proxy card sent by Patel and Askeladden and wait until they receive the Company's materials so they can make a fully informed decision before voting. About AstroNova AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes and services a broad range of products that acquire, store, analyze, and present data in multiple formats. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its replacement products. The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Data acquisition systems are used in research and development, flight testing, missile and rocket telemetry, production monitoring, power, and maintenance applications. For more information please visit: Forward-Looking Statements Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but rather reflect AstroNova's current expectations concerning future events and results. These statements may include the use of the words "believes," "expects," "intends," "plans," "anticipates," "likely," "continues," "may," "will," and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning AstroNova's anticipated performance, involve risks, uncertainties and other factors, some of which are beyond AstroNova's control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to (i) the customer is not obligated to order a minimum quantity of ToughWriter printers or ToughSwitch products under this contract, and the number of products ultimately ordered may be substantially less than expected; and (ii) those factors set forth in AstroNova's Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent filings AstroNova makes with the Securities and Exchange Commission. AstroNova undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release. Additional Information and Where to Find it AstroNova intends to file with the SEC a proxy statement on Schedule 14A with respect to its solicitation of proxies for AstroNova's 2025 Annual Meeting of Stockholders. This press release is not a substitute for any proxy statement or other document that AstroNova may file with the SEC in connection with any solicitation of proxies by AstroNova. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY ASTRONOVA AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION OF PROXIES. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by AstroNova free of charge through the website maintained by the SEC at Copies of the documents filed by AstroNova are also available free of charge by accessing AstroNova's website at Participants This press release is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, AstroNova, its directors and executive officers (as set forth below) may be deemed to be "participants" (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies in connection with the matters to be considered at AstroNova's 2025 Annual Meeting of Stockholders. Information about the compensation of AstroNova's named executive officers and non-employee directors is set forth in the sections entitled "Compensation of Directors" and "Executive Compensation" in AstroNova's proxy statement on Schedule 14A for its 2024 Annual Meeting of Stockholders filed with the SEC on May 2, 2024 (the "2024 Proxy Statement"), commencing on pages 9 and 19, respectively, and available here. Information regarding the participants' holdings of AstroNova's securities can be found in the section entitled "Security Ownership of Directors and Officers" in the 2024 Proxy Statement commencing on page 12, and as reflected in the table below. If any filings are made by AstroNova or any of the participants with the SEC on Forms 3, 4, and 5 with respect to the participants' holdings of AstroNova's securities, AstroNova will provide updates to the table and such filings will be available on its website at or through the SEC's website at Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the section entitled "Security Ownership of Directors and Officers" of AstroNova's proxy statement on Schedule 14A and other materials to be filed with the SEC. Name (1) Ownership Date of Filing Filing Type Hyperlink Alexis P. Michas (Non-employee Director) 550,410 (2) March 25, 2025 Form 4 Darius G. Nevin (Non-employee Director) 765 April 1, 2025 Form 4 Mitchell I. Quain (Non-employee Director) 120,555 (3) March 25, 2025 Form 4 Yvonne E. Schlaeppi (Non-employee Director) 47,538.954 (4) March 25, 2025 Form 4 Richard S. Warzala (Non-employee Director) 70,385 (4) April 24, 2024 Form 4 Gregory A. Woods (President, Chief Executive Officer and Director) 356,110.5744 (5) April 24, 2025 Form 4 Thomas D. DeByle (Vice President, Chief Financial Officer and Treasurer) 1,845.2084 April 24, 2025 Form 4 (1) The business address for each of the individuals set forth in the tables above is c/o AstroNova, Inc., 600 E. Greenwich Avenue, West Warwick, Rhode Island 02893. (2) Mr. Michas, as a managing member of Juniper HF and Juniper Investment Company, may be deemed to own beneficially the 535,203 shares held by Juniper Fund and Juniper Investment Company. Mr. Michas disclaims beneficial ownership of such shares for all other purposes. (3) Includes 20,000 shares of AstroNova's common stock subject to stock options, which are currently exercisable. (4) Includes 10,000 shares of AstroNova's common stock subject to stock options, which are currently exercisable. (5) Includes 145,500 shares of AstroNova's common stock subject to stock options, which are currently exercisable and 4,655 shares of AstroNova's common stock underlying restricted stock units scheduled to vest within 60 days of the date hereof. View source version on Contacts Investor/Media Contact:Deborah Pawlowski, IRC, Alliance AdvisorsEmail: dpawlowski@ Phone: 716.843.3908
Business Wire
06-05-2025
- Business
- Business Wire
CORRECTING and REPLACING AstroNova to Nominate Six Highly Qualified Directors for Election at 2025 Shareholder Meeting
WEST WARWICK, R.I.--(BUSINESS WIRE)--Please note that a year referenced in one of the director biographies has been corrected from 2022 to 2002. The updated release reads: ASTRONOVA TO NOMINATE SIX HIGHLY QUALIFIED DIRECTORS FOR ELECTION AT 2025 SHAREHOLDER MEETING AstroNova Board brings a mix of highly relevant executive leadership and public company directorship experience as well as a breadth of knowledge in mergers and acquisitions, finance, capital markets and global operations Board adamantly rejects dissident nominees who bring no added value; activist's proposal introduces significant disruption to the continuity of oversight and governance which will delay execution of strategy to scale the business and deliver stronger earnings power AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in data visualization technology, today disclosed its slate of highly qualified director nominees for election at the 2025 Annual Meeting of Shareholders. In the coming days, the Company plans to file its preliminary proxy materials with the Securities and Exchange Commission and urges shareholders to DISCARD any proxy materials, including the GOLD card, they may receive from Samir Patel and Askeladden Capital Management LLC ('Askeladden'). The Board of Directors of AstroNova ('Board') has unanimously recommended that shareholders VOTE FOR Richard S. Warzala, Alexis P. Michas, Darius G. Nevin, Mitchell I. Quain, Yvonne E. Schlaeppi and Gregory A. Woods. AstroNova's Board is comprised of current and former executives, public company directors, investment managers, and capital markets advisors. The directors have significant experience in corporate governance, M&A, finance, sales & marketing, operations, legal, international business, and technology. Collectively, they bring a diverse mix of skills, professional experiences, and perspectives relevant to AstroNova's strategic objectives: Richard S. Warzala, Lead Independent Director, brings over 40 years of operational and leadership experience to the Board having successfully led the significant growth of industrial technologies businesses that served a broad variety of industries. Presently, he is the Chairman, President and Chief Executive of Allient Inc. (Nasdaq: ALNT), with an enterprise value of approximately $600 million. Under his leadership, Allient has grown revenue both organically and through acquisitions from $15 million in 2002 to over $530 million currently. As a proven leader, Mr. Warzala brings to the Board highly relevant and deep expertise in international business growth and development, strategic thinking and planning, mergers and acquisitions, technical product sales and marketing, operational excellence utilizing lean principles and corporate governance. Alexis Michas brings extensive M&A and capital markets expertise to the Board as the Founder and Managing Partner of Juniper Investment Company, as well as deep corporate governance experience through his service on other public and large private company boards. He has a proven track record of successful private equity management across a range of sectors and has highly relevant director experience as the Non-Executive Chair of the board of BorgWarner, Inc. Darius G. Nevin is a highly respected finance executive with more than 30 years of experience, including as the Chief Financial Officer of Protection One, Inc., a then publicly traded security monitoring company prior to its acquisition. He served as a director and chair of the audit committee on WCI Communities, Inc., then publicly traded and acquired in 2010, and is a director at Holdings. Mr. Nevin's deep financial expertise, history of overseeing successful IPOs and acquisitions, as well as his direct executive experience in turning around struggling businesses, make him qualified to serve on our Board. Mitchell Quain is a renowned financial leader who has advised and served on the Boards of some of the world's most prestigious organizations, including Carlyle Group, and has a long history of service as a public company director having served on several boards including MagneTek, Hardinge, Tecumseh Products, RBC Bearings (NYSE: RBC), Titan International (NYSE: TWI), and HEICO Corp. (NYSE: HEI), among others. His extensive background and global perspective on operations, capital allocation, and corporate strategy make him an invaluable member of the Board. Yvonne Schlaeppi brings a diverse background of legal, M&A, international strategy, and highly relevant senior leadership experience. Her years serving on public company boards, roles as the legal counsel to Global Enterprise Technologies and senior leader at Johnson Controls, and as corporate advisor to global corporations make her a valuable member of our Board. Gregory Woods has served as Chief Executive Officer of the Company since February 1, 2014, and as a director since January 2014. As CEO and former COO, he has led the Company during a transformational time, setting a path towards a global leadership position with diversified end markets, new capabilities and a clear path to growth and improved profitability ahead. The Board continually reviews the composition of its members' mix of skills and expertise and focuses on regular refreshment with directors who would be additive to the Company's strategic priorities. Recently, the Board was expanded from five to six members after the addition of seasoned finance executive Darius G. Nevin, former CFO of Protection One and current director at Holdings. His financial acumen, governance background, and leadership experiences make him an excellent addition to the Board. The Board is also majority independent with all members, with the exception of Gregory Woods, being independent. AstroNova Unanimously Rejects Unqualified Askeladden Nominees The Board does not endorse the director nominations of Jeff Sands, Shawn Kravetz, Ryan Oviatt, Boyd Roberts, and Samir Patel put forth by Patel and Askeladden. The Board does not believe the dissident nominees bring relevant experience or additive perspectives to the Board and recommends that shareholders do not vote for the nominees. In the coming days and weeks, AstroNova will provide shareholders with more information related to the Company's strategy to deliver long-term shareholder value, the strength of the Board and management team, and the potential for Askeladden's nominees to disrupt the strategic inflection point the Company is advancing to drive growth and measurably improve profitability. In the interim, AstroNova strongly urges shareholders to simply DISCARD and NOT vote using the GOLD proxy card sent by Patel and Askeladden and wait until they receive the Company's materials so they can make a fully informed decision before voting. About AstroNova AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes and services a broad range of products that acquire, store, analyze, and present data in multiple formats. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its replacement products. The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Data acquisition systems are used in research and development, flight testing, missile and rocket telemetry, production monitoring, power, and maintenance applications. For more information please visit: Forward-Looking Statements Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but rather reflect AstroNova's current expectations concerning future events and results. These statements may include the use of the words 'believes,' 'expects,' 'intends,' 'plans,' 'anticipates,' 'likely,' 'continues,' 'may,' 'will,' and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning AstroNova's anticipated performance, involve risks, uncertainties and other factors, some of which are beyond AstroNova's control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to (i) the customer is not obligated to order a minimum quantity of ToughWriter printers or ToughSwitch products under this contract, and the number of products ultimately ordered may be substantially less than expected; and (ii) those factors set forth in AstroNova's Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent filings AstroNova makes with the Securities and Exchange Commission. AstroNova undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release. Additional Information and Where to Find it AstroNova intends to file with the SEC a proxy statement on Schedule 14A with respect to its solicitation of proxies for AstroNova's 2025 Annual Meeting of Stockholders. This press release is not a substitute for any proxy statement or other document that AstroNova may file with the SEC in connection with any solicitation of proxies by AstroNova. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY ASTRONOVA AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION OF PROXIES. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by AstroNova free of charge through the website maintained by the SEC at Copies of the documents filed by AstroNova are also available free of charge by accessing AstroNova's website at Participants This press release is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, AstroNova, its directors and executive officers (as set forth below) may be deemed to be 'participants' (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies in connection with the matters to be considered at AstroNova's 2025 Annual Meeting of Stockholders. Information about the compensation of AstroNova's named executive officers and non-employee directors is set forth in the sections entitled 'Compensation of Directors' and 'Executive Compensation' in AstroNova's proxy statement on Schedule 14A for its 2024 Annual Meeting of Stockholders filed with the SEC on May 2, 2024 (the '2024 Proxy Statement'), commencing on pages 9 and 19, respectively, and available here. Information regarding the participants' holdings of AstroNova's securities can be found in the section entitled 'Security Ownership of Directors and Officers' in the 2024 Proxy Statement commencing on page 12, and as reflected in the table below. If any filings are made by AstroNova or any of the participants with the SEC on Forms 3, 4, and 5 with respect to the participants' holdings of AstroNova's securities, AstroNova will provide updates to the table and such filings will be available on its website at or through the SEC's website at Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the section entitled 'Security Ownership of Directors and Officers' of AstroNova's proxy statement on Schedule 14A and other materials to be filed with the SEC. (1) The business address for each of the individuals set forth in the tables above is c/o AstroNova, Inc., 600 E. Greenwich Avenue, West Warwick, Rhode Island 02893. (2) Mr. Michas, as a managing member of Juniper HF and Juniper Investment Company, may be deemed to own beneficially the 535,203 shares held by Juniper Fund and Juniper Investment Company. Mr. Michas disclaims beneficial ownership of such shares for all other purposes. (3) Includes 20,000 shares of AstroNova's common stock subject to stock options, which are currently exercisable. (4) Includes 10,000 shares of AstroNova's common stock subject to stock options, which are currently exercisable. (5) Includes 145,500 shares of AstroNova's common stock subject to stock options, which are currently exercisable and 4,655 shares of AstroNova's common stock underlying restricted stock units scheduled to vest within 60 days of the date hereof. Expand
