[DEFA14A] AstroNova, Inc. Additional Proxy Soliciting Materials
AstroNova has issued a letter to shareholders addressing an ongoing proxy contest with activist investor Samir Patel ahead of its July 9, 2025 Annual Meeting. The Board acknowledges shared concerns and highlights recent actions taken to improve shareholder value, including:
- Appointment of new CFO Tom DeByle in June 2024
- Hiring of Jorik Ittmann to strengthen Product Identification segment leadership
- Restructuring of operating structure for improved segment autonomy
- Implementation of new compensation program focused on working capital management and EPS
The Board addresses challenges with the MTEX acquisition, acknowledging implementation issues while defending its strategic value. The company urges shareholders to vote "FOR" its six director nominees on the WHITE proxy card, rejecting Patel's attempt at board control. The Board attempted settlement discussions with Patel, but reports these were unsuccessful due to his unwillingness to collaborate.
AstroNova ha inviato una lettera agli azionisti riguardante una contestazione in corso con l'investitore attivista Samir Patel, in vista dell'Assemblea Annuale del 9 luglio 2025. Il Consiglio riconosce le preoccupazioni comuni e sottolinea le azioni recenti intraprese per aumentare il valore per gli azionisti, tra cui:
- Nomina del nuovo CFO Tom DeByle nel giugno 2024
- Assunzione di Jorik Ittmann per rafforzare la leadership del segmento Product Identification
- Ristrutturazione della struttura operativa per migliorare l'autonomia dei segmenti
- Implementazione di un nuovo programma di compensi focalizzato sulla gestione del capitale circolante e sull'EPS
Il Consiglio affronta le difficoltà legate all'acquisizione di MTEX, riconoscendo problemi nell'implementazione ma difendendo il valore strategico. L'azienda invita gli azionisti a votare "A FAVORE" dei sei candidati al consiglio sulla scheda proxy BIANCA, respingendo il tentativo di controllo del consiglio da parte di Patel. Il Consiglio ha cercato un accordo con Patel, ma segnala che le trattative non hanno avuto successo a causa della sua indisponibilità a collaborare.
AstroNova ha enviado una carta a los accionistas abordando una disputa en curso con el inversor activista Samir Patel antes de su Junta Anual del 9 de julio de 2025. La Junta reconoce las preocupaciones compartidas y destaca las acciones recientes tomadas para mejorar el valor para los accionistas, incluyendo:
- Nombramiento del nuevo CFO Tom DeByle en junio de 2024
- Contratación de Jorik Ittmann para fortalecer el liderazgo del segmento de Identificación de Productos
- Reestructuración de la estructura operativa para mejorar la autonomía de los segmentos
- Implementación de un nuevo programa de compensación enfocado en la gestión del capital de trabajo y el EPS
La Junta aborda los desafíos con la adquisición de MTEX, reconociendo problemas en la implementación pero defendiendo su valor estratégico. La compañía insta a los accionistas a votar "A FAVOR" de sus seis nominados para el directorio en la tarjeta proxy BLANCA, rechazando el intento de Patel de controlar el consejo. La Junta intentó negociaciones de conciliación con Patel, pero informa que no tuvieron éxito debido a su falta de disposición para colaborar.
AstroNova는 2025년 7월 9일 연례 주주총회를 앞두고 행동주의 투자자 Samir Patel과 진행 중인 대리투표 분쟁에 대해 주주들에게 서한을 발송했습니다. 이사회는 공통된 우려를 인정하며 주주 가치를 향상시키기 위해 최근 취한 조치를 강조합니다. 주요 내용은 다음과 같습니다:
- 2024년 6월 신임 CFO Tom DeByle 임명
- 제품 식별 부문 리더십 강화를 위한 Jorik Ittmann 채용
- 부문 자율성 향상을 위한 운영 구조 개편
- 운전자본 관리 및 주당순이익(EPS)에 초점을 맞춘 새로운 보상 프로그램 도입
이사회는 MTEX 인수와 관련된 어려움을 인정하며 실행 문제를 시인하는 동시에 전략적 가치를 옹호합니다. 회사는 주주들에게 흰색 대리투표 용지에 있는 6명의 이사 후보에 대해 "찬성" 투표를 요청하며 Patel의 이사회 장악 시도를 거부할 것을 권고합니다. 이사회는 Patel과 합의 논의를 시도했으나, 그의 협력 거부로 인해 실패했다고 보고합니다.
AstroNova a adressé une lettre aux actionnaires concernant un conflit de procuration en cours avec l'investisseur activiste Samir Patel avant son Assemblée Générale Annuelle du 9 juillet 2025. Le Conseil reconnaît les préoccupations communes et met en avant les actions récentes prises pour améliorer la valeur pour les actionnaires, notamment :
- Nomination du nouveau CFO Tom DeByle en juin 2024
- Recrutement de Jorik Ittmann pour renforcer la direction du segment Identification des Produits
- Restructuration de la structure opérationnelle pour une meilleure autonomie des segments
- Mise en place d'un nouveau programme de rémunération axé sur la gestion du fonds de roulement et le BPA
Le Conseil aborde les défis liés à l'acquisition de MTEX, reconnaissant des problèmes de mise en œuvre tout en défendant sa valeur stratégique. L'entreprise invite les actionnaires à voter "POUR" ses six candidats au conseil d'administration sur la carte de procuration BLANCHE, rejetant la tentative de prise de contrôle du conseil par Patel. Le Conseil a tenté des discussions de règlement avec Patel, mais indique qu'elles ont échoué en raison de son refus de collaborer.
AstroNova hat einen Brief an die Aktionäre herausgegeben, der einen laufenden Stellvertreterstreit mit dem aktivistischen Investor Samir Patel vor der Hauptversammlung am 9. Juli 2025 anspricht. Der Vorstand erkennt gemeinsame Bedenken an und hebt kürzlich ergriffene Maßnahmen zur Steigerung des Aktionärswerts hervor, darunter:
- Ernennung des neuen CFO Tom DeByle im Juni 2024
- Einstellung von Jorik Ittmann zur Stärkung der Führung im Produktidentifikationssegment
- Umstrukturierung der operativen Struktur zur Verbesserung der Segmentautonomie
- Einführung eines neuen Vergütungsprogramms mit Fokus auf das Working Capital Management und das Ergebnis je Aktie (EPS)
Der Vorstand geht auf Herausforderungen bei der MTEX-Akquisition ein, erkennt Umsetzungsprobleme an, verteidigt jedoch deren strategischen Wert. Das Unternehmen fordert die Aktionäre auf, für seine sechs Direktorkandidaten auf der WEISSEN Stimmkarte zu stimmen und Patel's Versuch der Übernahme der Kontrolle des Vorstands abzulehnen. Der Vorstand hat Vergleichsgespräche mit Patel geführt, berichtet jedoch, dass diese aufgrund seiner mangelnden Kooperationsbereitschaft erfolglos blieben.
- New CFO Tom DeByle appointed in June 2024 to strengthen accounting and finance operations
- Strategic leadership enhancement with Jorik Ittmann joining as Product Identification segment head in September 2024
- Implementation of restructured compensation program focusing on working capital management, cash generation, and EPS growth
- Operating structure realignment to improve segment-level autonomy and decision-making efficiency
- Acknowledgment of problematic MTEX acquisition performance requiring significant restructuring
- Ongoing proxy contest with activist investor Samir Patel indicating governance tensions
- Significant decline in shareholder value since the MTEX acquisition
- Failed settlement negotiations with activist investor, suggesting continued corporate governance challenges ahead
Insights
AstroNova faces a proxy contest with activist investor Samir Patel, who seeks board control while the company defends its improvement initiatives.
This DEFA14A filing reveals an intensifying proxy contest between AstroNova and activist investor Samir Patel of Askeladden Capital. The company is defending against what it characterizes as an attempt to gain board control "without a takeover premium" ahead of the July 9th shareholder meeting.
The letter from Lead Independent Director Richard Warzala acknowledges performance issues, particularly related to the MTEX acquisition, while emphasizing that corrective actions were already underway before the activist campaign began. The board highlights several governance-focused initiatives implemented to address shareholder concerns, including:
1. Strengthening the executive team with a new CFO (June 2024) and Product Identification segment leader (September 2024)
2. Realigning the operating structure to improve segment-level autonomy and decision-making
3. Restructuring executive compensation to emphasize working capital management, cash generation, and earnings per share
From a governance perspective, the proxy contest presents shareholders with competing visions for corporate oversight. The board's assertion that they attempted settlement negotiations that were rejected by Patel is noteworthy, as proxy contests typically cost $1-3 million and create operational distractions. The situation illustrates classic governance tensions surrounding board oversight of acquisitions and accountability for corporate performance.
This contested election represents a critical inflection point for AstroNova's governance structure. Regardless of outcome, such contests often result in enhanced responsiveness to shareholder concerns and greater scrutiny of strategic decisions – both positive governance developments even when costly in the short term.
AstroNova ha inviato una lettera agli azionisti riguardante una contestazione in corso con l'investitore attivista Samir Patel, in vista dell'Assemblea Annuale del 9 luglio 2025. Il Consiglio riconosce le preoccupazioni comuni e sottolinea le azioni recenti intraprese per aumentare il valore per gli azionisti, tra cui:
- Nomina del nuovo CFO Tom DeByle nel giugno 2024
- Assunzione di Jorik Ittmann per rafforzare la leadership del segmento Product Identification
- Ristrutturazione della struttura operativa per migliorare l'autonomia dei segmenti
- Implementazione di un nuovo programma di compensi focalizzato sulla gestione del capitale circolante e sull'EPS
Il Consiglio affronta le difficoltà legate all'acquisizione di MTEX, riconoscendo problemi nell'implementazione ma difendendo il valore strategico. L'azienda invita gli azionisti a votare "A FAVORE" dei sei candidati al consiglio sulla scheda proxy BIANCA, respingendo il tentativo di controllo del consiglio da parte di Patel. Il Consiglio ha cercato un accordo con Patel, ma segnala che le trattative non hanno avuto successo a causa della sua indisponibilità a collaborare.
AstroNova ha enviado una carta a los accionistas abordando una disputa en curso con el inversor activista Samir Patel antes de su Junta Anual del 9 de julio de 2025. La Junta reconoce las preocupaciones compartidas y destaca las acciones recientes tomadas para mejorar el valor para los accionistas, incluyendo:
- Nombramiento del nuevo CFO Tom DeByle en junio de 2024
- Contratación de Jorik Ittmann para fortalecer el liderazgo del segmento de Identificación de Productos
- Reestructuración de la estructura operativa para mejorar la autonomía de los segmentos
- Implementación de un nuevo programa de compensación enfocado en la gestión del capital de trabajo y el EPS
La Junta aborda los desafíos con la adquisición de MTEX, reconociendo problemas en la implementación pero defendiendo su valor estratégico. La compañía insta a los accionistas a votar "A FAVOR" de sus seis nominados para el directorio en la tarjeta proxy BLANCA, rechazando el intento de Patel de controlar el consejo. La Junta intentó negociaciones de conciliación con Patel, pero informa que no tuvieron éxito debido a su falta de disposición para colaborar.
AstroNova는 2025년 7월 9일 연례 주주총회를 앞두고 행동주의 투자자 Samir Patel과 진행 중인 대리투표 분쟁에 대해 주주들에게 서한을 발송했습니다. 이사회는 공통된 우려를 인정하며 주주 가치를 향상시키기 위해 최근 취한 조치를 강조합니다. 주요 내용은 다음과 같습니다:
- 2024년 6월 신임 CFO Tom DeByle 임명
- 제품 식별 부문 리더십 강화를 위한 Jorik Ittmann 채용
- 부문 자율성 향상을 위한 운영 구조 개편
- 운전자본 관리 및 주당순이익(EPS)에 초점을 맞춘 새로운 보상 프로그램 도입
이사회는 MTEX 인수와 관련된 어려움을 인정하며 실행 문제를 시인하는 동시에 전략적 가치를 옹호합니다. 회사는 주주들에게 흰색 대리투표 용지에 있는 6명의 이사 후보에 대해 "찬성" 투표를 요청하며 Patel의 이사회 장악 시도를 거부할 것을 권고합니다. 이사회는 Patel과 합의 논의를 시도했으나, 그의 협력 거부로 인해 실패했다고 보고합니다.
AstroNova a adressé une lettre aux actionnaires concernant un conflit de procuration en cours avec l'investisseur activiste Samir Patel avant son Assemblée Générale Annuelle du 9 juillet 2025. Le Conseil reconnaît les préoccupations communes et met en avant les actions récentes prises pour améliorer la valeur pour les actionnaires, notamment :
- Nomination du nouveau CFO Tom DeByle en juin 2024
- Recrutement de Jorik Ittmann pour renforcer la direction du segment Identification des Produits
- Restructuration de la structure opérationnelle pour une meilleure autonomie des segments
- Mise en place d'un nouveau programme de rémunération axé sur la gestion du fonds de roulement et le BPA
Le Conseil aborde les défis liés à l'acquisition de MTEX, reconnaissant des problèmes de mise en œuvre tout en défendant sa valeur stratégique. L'entreprise invite les actionnaires à voter "POUR" ses six candidats au conseil d'administration sur la carte de procuration BLANCHE, rejetant la tentative de prise de contrôle du conseil par Patel. Le Conseil a tenté des discussions de règlement avec Patel, mais indique qu'elles ont échoué en raison de son refus de collaborer.
AstroNova hat einen Brief an die Aktionäre herausgegeben, der einen laufenden Stellvertreterstreit mit dem aktivistischen Investor Samir Patel vor der Hauptversammlung am 9. Juli 2025 anspricht. Der Vorstand erkennt gemeinsame Bedenken an und hebt kürzlich ergriffene Maßnahmen zur Steigerung des Aktionärswerts hervor, darunter:
- Ernennung des neuen CFO Tom DeByle im Juni 2024
- Einstellung von Jorik Ittmann zur Stärkung der Führung im Produktidentifikationssegment
- Umstrukturierung der operativen Struktur zur Verbesserung der Segmentautonomie
- Einführung eines neuen Vergütungsprogramms mit Fokus auf das Working Capital Management und das Ergebnis je Aktie (EPS)
Der Vorstand geht auf Herausforderungen bei der MTEX-Akquisition ein, erkennt Umsetzungsprobleme an, verteidigt jedoch deren strategischen Wert. Das Unternehmen fordert die Aktionäre auf, für seine sechs Direktorkandidaten auf der WEISSEN Stimmkarte zu stimmen und Patel's Versuch der Übernahme der Kontrolle des Vorstands abzulehnen. Der Vorstand hat Vergleichsgespräche mit Patel geführt, berichtet jedoch, dass diese aufgrund seiner mangelnden Kooperationsbereitschaft erfolglos blieben.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☐ | Definitive Proxy Statement |
| ☒ | Definitive Additional Materials |
| ☐ | Soliciting Material Pursuant to §240.14a-12 |
ASTRONOVA, INC.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
| ☒ | No fee required. |
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
|
|
News Release |
FOR IMMEDIATE RELEASE
AstroNova Letter to Shareholders
Highlights Board’s Commitment to Shareholder Value
AstroNova’s Board remains committed to delivering shareholder value; believes current strategy will drive growth, profitability and long-term value
AstroNova’s Board shares many of Samir Patel’s concerns; the Board and management began actively addressing many of these issues long before Samir commenced his proxy contest
AstroNova’s Board believes a reasonable settlement is best for shareholders and attempted a collaborative and amicable approach to resolve an ill-advised proxy contest that proposes a takeover of the Company without a takeover premium to shareholders
Samir Patel today wholeheartedly rejected our effort to find a collaborative solution as he had suggested he was open to — his response was that the Board needed to do things his way or he will continue the proxy fight
WEST WARWICK, R.I., June 24, 2025 — AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in data visualization technology, has published a letter to shareholders outlining shared concerns with Samir Patel and actions that have already been taken to address these issues. Additional information regarding the Company and its progress can be found in the investor presentation that was filed with the U.S. Securities and Exchange Commission (“SEC”) in connection with its upcoming Annual Meeting of Shareholders scheduled to be held on Wednesday, July 9, 2025. The presentation can be found at the Company’s website: https://investors.astronovainc.com/investors/protect-your-investment/.
Dear Fellow Shareholders,
I am Richard S. Warzala, Lead Independent Director of AstroNova. I write to you today to assure you that your Board of Directors shares many of Samir’s concerns. This Board has directed a number of actions that are already making AstroNova better. Importantly, as a governing body, the Board has an obligation to all of its shareholders to act in their best interests. This often means undertaking actions which, for the benefit of the Company and its shareholders, are not aired in public. We all agree that the MTEX acquisition, which has meaningful strategic value, did not go as planned despite a due diligence process that included the engagement of accountants, legal counsel and other professionals in Europe and, specifically, Portugal and the U.S. Acquisitions don’t always go as planned and when that happens, the key to success is developing a corrective action plan to recover as quickly as possible. In addition to completely restructuring the acquisition, we enhanced the operation with key local resources and leveraged the very capable AstroNova team to drive change almost immediately following the closing.
Further actions taken by the Board and management to improve value included:
| • | We measurably enhanced our accounting and finance department with the addition of our new CFO in June 2024. We found Tom DeByle through a search that was started in the fall of 2023. |
| • | We have greatly strengthened the leadership in our Product Identification segment. Jorik Ittmann joined us in September last year as a result of a search that had begun earlier in 2024. He has excellent experience in growing print manufacturing businesses, and we are excited about the many changes he has already made in that segment. |
AstroNova Inc. | 600 East Greenwich Avenue | West Warwick, RI 02893 | 401.828.4000
AstroNova Letter to Shareholders Highlights Board’s Commitment to Shareholder Value
Page 2 of 3
June 24, 2025
| • | We also realigned the operating structure of AstroNova for improved autonomy and ownership for each segment. This change has already been demonstrated with a greater sense of urgency to execute change through improved decision making at the segment level. |
| • | We recently restructured the compensation program to drive greater focus by the leadership on working capital management, cash generation and earnings per share in addition to revenue growth. |
We also have been disappointed in the decline in shareholder value, especially since the acquisition, but believe the Company is on track to return share value to levels seen prior to the pandemic when we had realized returns of nearly 90% over 5 years. We also believe that a reasonable settlement is best for our shareholders and are quite open to a collaborative and amicable approach. We engaged with Samir for this exact purpose, but despite discussions, Samir was not open to collaboration as he indicated he would be. This is a serious disappointment.
We welcome having conversations with any shareholder and appreciate your investment and patience.
With kind regards,
Richard S. Warzala
Lead Independent Director, AstroNova, Inc.
We ask Shareholders to Vote “FOR” AstroNova’s six highly qualified director nominees on the WHITE universal proxy card TODAY
We, the Board of Directors of AstroNova, Inc. (the “Company” or “AstroNova”), urge shareholders to protect their investment by voting the WHITE proxy card for only AstroNova’s six nominees and not the Samir Patel and Askeladden Capital Management LLC (“Askeladden”) nominees.
The 2025 Annual Meeting of Shareholders of AstroNova will be held at the offices of Foley Hoag LLP, Seaport West, 155 Seaport Boulevard, Boston, Massachusetts on Wednesday, July 9, 2025, and all shareholders of record as of the close of business on May 15, 2025, are entitled to vote at the meeting.
Shareholders with any questions about how to vote their shares may call the Company’s proxy solicitor, Alliance Advisors, toll-free at 1-844-202-6164.
About AstroNova
AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes and services a broad range of products that acquire, store, analyze, and present data in multiple formats. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its replacement products.
The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Data acquisition systems are used in research and development, flight testing, missile and rocket telemetry, production monitoring, power, and maintenance applications.
For more information please visit: https://astronovainc.com/.
AstroNova Inc. | 600 East Greenwich Avenue | West Warwick, RI 02893 | 401.828.4000
AstroNova Letter to Shareholders Highlights Board’s Commitment to Shareholder Value
Page 3 of 3
June 24, 2025
Forward-Looking Statements
Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but rather reflect AstroNova’s current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning AstroNova’s anticipated performance, involve risks, uncertainties and other factors, some of which are beyond AstroNova’s control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to (i) the risk that our recent leadership changes and enhancements to our incentive compensation programs will not lead to the improved results we expect; and (ii) those factors set forth in AstroNova’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent filings AstroNova makes with the Securities and Exchange Commission. AstroNova undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.
Important Additional Information
In connection with its 2025 Annual Meeting of Shareholders, AstroNova has filed a definitive proxy statement with the SEC and caused it to be mailed, together with an annual report and proxy card, to each of our shareholders. The proxy statement and a copy of the other materials that we file with the SEC from time to time, including our Annual Report on Form 10-K, as amended, for the fiscal year ended January 31, 2025, may be obtained free of charge via the Internet at www.sec.gov and through the Investor Relations page of our corporate website, https://investors.astronovainc.com/investors/financial-reports/annual-reports-and-proxy/default.aspx. In addition, investors and security holders may obtain free copies of the proxy statement, the annual report and other proxy materials by directing a written request to ALOTproxy@allianceadvisors.com.
The proxy statement and other relevant materials we have made or will make available contain important information about the director nominees and the other matters to be voted upon by shareholders at the 2025 Annual Meeting of Shareholders. AstroNova urges shareholders to read the proxy statement, and any other relevant materials we make available, before making any decision with respect to the matters to be voted upon at the 2025 Annual Meeting of Shareholders, including the election of directors.
###
Investor/Media Contact:
Deborah Pawlowski, IRC, Alliance Advisors
Email: dpawlowski@allianceadvisors.com
Phone: 716.843.3908
AstroNova Inc. | 600 East Greenwich Avenue | West Warwick, RI 02893 | 401.828.4000
FAQ
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