AstroNova Accused of Undermining Negotiations by Askeladden Capital

Askeladden Capital Management has accused AstroNova's board of breaching confidentiality and misrepresenting private negotiations. The accusation follows a public announcement by AstroNova, which Askeladden claims mischaracterized ongoing discussions regarding a proxy contest. According to Askeladden, these talks were initially intended to find a collaborative solution.

Askeladden also criticized a proposal from AstroNova's CEO, which it described as one-sided, offering no board representation or leadership changes. The proxy contest participants, led by Samir Patel, expressed their disappointment in AstroNova’s decision to prioritize entrenchment over addressing shareholder concerns. They further criticized the board for its reluctance to make substantial changes, such as exploring strategic alternatives or refreshing leadership.

Shareholders are advised to read related documents and are encouraged to consider the proxy contest's future implications, as Askeladden suggests voting for directors dedicated to maximizing shareholder value.