Voce Capital sent a letter to the board of directors of Harmonic calling for immediate action to address "the company’s inefficient capital structure and flawed capital allocation processes." Voce’s letter to the Harmonic Board states: "(A)s we have expressed in these previous meetings, we have significant concerns that we believe the company does not fully appreciate nor is it moving rapidly enough to address. These include the most urgent issue, its bloated balance sheet and inefficient capital structure." Voce argues that Harmonic should deploy at least half of its current cash balance to repurchase immediately a significant number of shares outstanding through a tender offer, in addition to maintaining the company’s recently announced open market repurchase plan. Voce’s letter concludes that it is considering nominating directors at the upcoming annual meeting of Harmonic shareholders.