Radoff-JEC Group Slams Seer Board, CEO Over Rejected Bid, Citing 'Value Destruction'
SEER sits 20% above its 52-week low of $1.65.
Summary
The Radoff-JEC Group has issued a strong response to Seer, Inc.'s board, following the unanimous rejection of their improved $2.35 per share acquisition proposal. This marks a significant escalation in the activist campaign, coming just two days after Seer's board rejected the offer. The Radoff-JEC Group heavily criticized CEO Omid Farokhzad, M.D., accusing him of "chronic financial underperformance and stockholder value destruction" across multiple companies, including Seer, where the stock has declined over 90% since its IPO while he sold over $103 million in shares. They urged Seer's independent directors to reevaluate the proposal before its May 2nd expiration and reaffirmed their commitment to electing three new independent directors at the upcoming Annual Meeting to initiate a credible strategic review. This public attack and continued pressure could force Seer's board to engage or face a proxy fight, creating significant uncertainty and potential volatility for the stock. Investors will be watching for any further engagement or the outcome of the May 2nd deadline.
At the time of this announcement, SEER was trading at $1.98 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $108.9M. The 52-week trading range was $1.65 to $2.41. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.