|Bid||0.00 x 800|
|Ask||0.00 x 1200|
|Day's Range||23.03 - 24.25|
|52 Week Range||10.88 - 33.33|
|Beta (5Y Monthly)||0.59|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 23, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||31.67|
Activist investment firm Legion Partners Asset Management on Thursday nominated four directors to OneSpan's board after having publicly pushed the cybersecurity firm to improve its stock performance and sell assets. Legion, which owns roughly 6.8% of the stock and has been an investor since 2018, said in a letter that the board has failed to adequately correct the company's low share price and has made only incremental changes to the board. "We believe more substantive change is necessary," Legion wrote to other shareholders on Thursday.
Legion Partners Asset Management, LLC, which, together with its affiliates (collectively, "Legion Partners"), beneficially owns 2,773,946 shares of common stock of OneSpan Inc. ("OneSpan" or the "Company") (Nasdaq: OSPN), representing approximately 6.8% of the outstanding stock, today issued an open letter to stockholders. In the letter, Legion Partners announced it has nominated four highly-qualified independent directors for election to the Company’s Board of Directors (the "Board") at the Company’s 2021 annual meeting of stockholders: Sarika Garg, Sagar Gupta, Michael J. McConnell and Rinki Sethi. Legion Partners also outlined its concerns with the Company’s persistent and significant valuation discount to its peers, poor corporate governance, and misguided capital allocation, and detailed its belief that the Company should undergo a comprehensive strategic review that could return significant value to stockholders.
Hello, everyone, and thank you for joining the OneSpan Fourth Quarter and Full Year 2020 Earnings Conference Call. Joining me on the call today are, Scott Clements, OneSpan's Chief Executive Officer; and Mark Hoyt, our Chief Financial Officer.