Askeladden Capital urges AstroNova shareholders to vote for its nominees

In a letter, Askeladden founder Samir Patel said, in part, “I write to you as the portfolio manager of Askeladden Capital which on behalf of our clients is AstroNova’s (ALOT) largest shareholder, owning approximately 9.2% of the shares outstanding. We have owned 5% or more of AstroNova since 2020. Over recent years, we have become increasingly concerned about the company’s strategic direction and execution. After many attempts to engage with the company failed – and results worsened – we decided the best way to improve the company’s performance was to nominate five candidates for election to AstroNova’s Board of Directors at this year’s Annual Meeting on July 9, 2025. We recently published our detailed plan , based on our research dating back to 2016. Since March, we have deepened and broadened our research by conducting over 25 interviews with 18 relevant experts, including multiple print-industry executives who have reached out to us to offer their perspectives and assistance with setting AstroNova on the path to fulfilling its potential…We continue to identify and speak to additional experts and follow up with additional questions for several of those to whom we have spoken. Today, we would like to share some of our key research findings with other AstroNova shareholders. While certain interviews occurred via private, unrecorded conversations, many were, with participants’ permission, recorded and transcribed through subscription platforms Tegus/Alphasense and In Practise. Therefore, the analysis we present here relies on and extensively cites these verifiable third-party transcripts. We encourage shareholders to review these source materials in their entirety, come to their own conclusions, and consider conducting their own interviews…We believe the upcoming Annual Meeting provides shareholders with a chance to take back control of their company. We believe that after the many strategic missteps we have discussed, shareholders should hold both Mr. Woods and the Board that has enabled him accountable.”