Quipt Home Medical Corp. announced it has entered into a cooperation agreement with David Kanen, Philotimo Fund, LP, and Kanen Wealth Management, LLC (collectively, Kanen). Under the agreement, Kanen has agreed to withdraw its notice of intent to solicit proxies for director candidates at the upcoming 2025 annual general meeting.
As part of the agreement, Quipt's Board of Directors has granted Kanen certain Board access rights, contingent on Kanen maintaining at least 3.5% beneficial ownership of the Company's outstanding shares. These rights include quarterly discussions with the Chairman or another non-executive director.
The Company also agreed to establish a new committee of the Board to review and provide non-binding recommendations related to Kanen’s suggestions on corporate governance and operations. Kanen, in turn, agreed to a customary standstill and voting commitment.
This resolution removes the immediate threat of a proxy contest, allowing the company to focus on its strategic growth plans. The agreement signifies a move towards constructive engagement with a significant shareholder.
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