As Novavax announced the results of its 2026 annual general meeting, its largest investor, activist investor Shah Capital, sharply criticized the outcome, pointing to significant opposition from shareholders on several proposals. Executive compensation faced particularly strong resistance, while approximately 38% to 41% of votes cast opposed each of the three Class I directors seeking re-election.
“While the resolutions were ultimately passed, Shah Capital believes the results demonstrate an exceptional level of shareholder dissatisfaction with Novavax’s performance and its leadership,” the activist investor said in a statement. The results came despite recommendations from independent proxy advisory firms supporting the company’s proposals.
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“Today’s vote is truly a wake-up call for Novavax’s leadership. Shareholders are clearly infuriated by a leadership team that has overseen weak execution, excessive administrative and consulting costs, and the destruction of shareholder value,” Shah Capital Founder and CIO Himanshu Shah wrote in a statement emailed to The American Bazaar, commenting on the annual general meeting.
“Shah Capital believes the 2026 AGM vote results are fully consistent with its repeated warnings and calls for change at Novavax, including a smaller board with greater accountability, a more pragmatic business strategy, a lower cost base, and the immediate repurchase of its extremely undervalued shares,” he added.
Novavax, Inc. is a biotechnology company focused on developing and commercializing vaccines, with a primary emphasis on recombinant nanoparticle-based vaccines and adjuvants. The company targets infectious diseases and related public health threats, positioning itself within the global biopharmaceutical and vaccine markets. Novavax is relying on the rollout of a COVID-flu combination vaccine for future profitability.