AstroNova, Inc. publicly stated that Samir Patel and Askeladden Capital Management LLC failed to participate in good faith efforts to find a collaborative and amicable solution to the ongoing proxy contest. The company accused Patel of violating an agreement to keep the content of their conversations confidential by publishing selected portions of the discussions.
AstroNova asserted that Patel failed to offer any proposal for settlement, demonstrating a lack of understanding regarding corporate governance. The company reiterated its strategy for the Product Identification segment, which focuses on entering and developing leadership positions in emerging digital color direct-to-package and direct-to-media printing sectors.
The company criticized Patel's actions as disruptive and not conducive to improving shareholder value, stating that his lack of understanding of AstroNova's business makes him unsuitable to serve on its Board of Directors. This public exchange signals a significant escalation of the proxy fight and a breakdown in attempts to resolve the dispute amicably.
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