Key facts
- Shah Capital is stepping back from its activist role with Novavax.
- The investor has restructured into a family office, Himanshu Shah Family Office LLC.
- Shah Capital reported beneficial ownership of about 6.39% of Novavax shares.
- Shah Capital Fund LLC sold 2.87 million Novavax shares on October 5 at about $11.35 each.
- Himanshu Shah previously advocated for reducing Novavax's management team and board.
- Novavax's board acknowledged valuable feedback and alignment on initiatives from Shah Capital.
Shah Capital, a significant shareholder in Novavax, announced on Friday, October 11, 2024, that it is stepping back from its activist role. The investor has restructured into a family office, Himanshu Shah Family Office LLC, and will no longer seek to influence the vaccine maker's control. Shah Capital reported beneficial ownership of approximately 6.39% of Novavax's shares. The firm's fund sold 2.87 million shares on October 5 at an average price of about $11.35 each. Himanshu Shah, founder of Shah Capital, also reported beneficial ownership of about 6.46% of the company. Previously, Shah Capital had been vocal in its criticism of Novavax's leadership, calling for a reduction in the management team and board and advocating for new directors to improve shareholder value. The company's board had acknowledged receiving valuable feedback and support from Shah Capital.