Activist Group Demands Immediate Resignation of Seer Director Meeta Gulyani
SEER sits 25% above its 52-week low of $1.55 on light trading volume (0.1× avg).
Summary
Radoff-JEC Group, owning 7.7% of Seer, has issued an open letter demanding director Meeta Gulyani resign immediately. The letter criticizes her lack of public company board experience, her departure from Merck KGaA in 2023, the 90% share price decline during her tenure, and her failure to purchase any shares. It also highlights her passive role on the two-member Special Committee evaluating CEO Omid Farokhzad's take-private proposal. This escalates the ongoing proxy contest and directly targets a key independent director, potentially influencing the Special Committee's independence and the upcoming shareholder vote. The demand adds pressure on the board ahead of the annual meeting, where ISS has already recommended two Radoff-JEC nominees.
At the time of this announcement, SEER was trading at $1.93 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $107.4M. The 52-week trading range was $1.55 to $2.41. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: BusinessWire.