Onespan Inc Stock Price, News & Analysis

OneSpan Inc. (NASDAQ: OSPN), a leader in digital banking security, announced participation in several investor conferences. Key events include:

• Colliers 2021 Institutional Investor Conference on September 9, 2021, featuring John Bosshart and Joe Maxa.
• D.A. Davidson 20th Annual Software & Internet Virtual Conference on September 9, 2021, with Steven Worth.
• Jefferies Virtual Software Conference on September 15, 2021, with Steven Worth and Joe Maxa.
• Sidoti Fall 2021 Virtual Small Cap Investor Conference on September 22, 2021, with Joe Maxa.

OneSpan Inc. (NASDAQ: OSPN) reported a decline in revenue for Q2 2021, totaling $52.3 million, down 5% year-over-year. For the first half, revenue reached $103.1 million, a 7% decrease. The company also faced a GAAP operating loss of $8.9 million for Q2 and $18.2 million for the first half. Despite a growth of over 50% in e-signature and mobile security revenues, challenges persist with other solutions, leading to lower guidance for the full year.

The company anticipates total revenue between $205 million to $215 million, revising earlier expectations.

OneSpan (NASDAQ: OSPN) announced leadership changes aimed at bolstering strategic growth and enhancing business transformation. Steven Worth has been appointed Interim CEO following Scott Clements' resignation. Worth, who has significant experience within the company and the tech sector, aims to optimize operations and accelerate revenue growth. John Bosshart has taken on the role of Interim CFO. Additionally, Al Nietzel has become Chair of the Board, succeeding John N. Fox Jr., who has retired. The company seeks a permanent CEO with a focus on software and growth.

OneSpan Inc. (NASDAQ: OSPN) will release its second quarter 2021 financial results after the market closes on August 4, 2021. A conference call to discuss these results will take place at 4:30 p.m. ET on the same day. Investors can access the call via telephone or through a live webcast available on the OneSpan Investor Relations website. The conference call aims to provide insights into OneSpan's performance and strategies moving forward.

OneSpan Inc. (NASDAQ: OSPN) has entered into an agreement with Legion Partners Holdings, which owns approximately 6.9% of OneSpan's stock. As part of this agreement, Legion's nominees, Sarika Garg and Michael McConnell, will join OneSpan's Board after the 2021 Annual Meeting scheduled for June 9, 2021. This move follows the announcement of board retirements, including Chairman John N. Fox by September 30, 2021. The cooperation agreement also includes customary standstill and voting commitments, aiming to enhance shareholder value.

Legion Partners Asset Management, holding 2,790,121 shares (6.9% ownership) of OneSpan (OSPN), has nominated four independent director candidates for the 2021 Annual Meeting. The nominees—Sarika Garg, Rinki Sethi, Michael J. McConnell, and Sagar Gupta—are expected to bring substantial modern software and cybersecurity expertise to OneSpan's Board. Legion argues the current Board lacks relevant experience and has overseen underperformance. They advocate for financial transparency, improved governance, and strategic oversight to enhance shareholder value.

OneSpan (NASDAQ: OSPN), a leader in securing remote banking transactions, announces participation in three upcoming investor conferences. CEO Scott Clements and VP Joe Maxa will hold one-on-one meetings on June 1 and June 10, 2021, at the Cowen 49th Annual Technology, Media & Telecom Conference and Baird 2021 Global Consumer, Technology & Services Virtual Conference, respectively. Clements will present at both conferences. A webcast link for live presentations and archived replays will be available on the company's investor relations website.

OneSpan (NASDAQ: OSPN) has issued a letter to stockholders emphasizing the qualifications of its board of directors compared to nominees from Legion Partners Holdings. The company urges stockholders to support its nine director nominees in the upcoming annual meeting on June 9, 2021. Recently, OneSpan has incorporated six new board members with cloud and software expertise to aid in its transformation from an authentication business to a trusted identity solutions provider. The letter argues against Legion’s nominee experience, citing limited cloud exposure and lack of actionable strategies.

OneSpan (NASDAQ: OSPN) announced that Belfius Bank has integrated its Mobile Security Suite (MSS) into its mobile app, enhancing protection against cybercrime for 1.5 million users. MSS features biometric authentication and risk analysis to secure banking transactions. With the rise in mobile malware attacks, OneSpan's technology aims to improve app security without compromising user experience. Belfius focuses on customer satisfaction and offers a comprehensive financial app. OneSpan’s solutions are designed to combat digital fraud and comply with regulatory requirements, bolstering its status as a leader in securing digital banking.