Quanterix shareholder issues statement on Akoya Biosciences merger pact

Kent Lake, a holder of approximately 7.7% of the outstanding common stock of Quanterix (QTRX), issued the following statement regarding the company’s announcement of an amended merger agreement related to its proposed merger with Akoya Biosciences (AKYA): “Quanterix’s decision to press on with the Merger in the face of significant public shareholder opposition is bad enough. What is even more egregious is the fact that the Company will no longer provide shareholders with the opportunity to vote on the Merger. This shocking disenfranchisement indicates a blatant disregard for the will of shareholders and a complete lack of accountability on the part of the Company’s Board of Directors – especially since vote reports showed the proposal for the Merger losing by a nearly 3-1 margin. In its press release yesterday, Quanterix Chief Executive Officer Masoud Toloue stated that “the strategic merits of the transaction remain strong.” Unfortunately for Dr. Toloue, the steep decline in Quanterix’s stock price and enterprise value – which are down 48% and over 100%, respectively, since the Merger was announced, tell a different story.2 If the Company truly believes in the merits of the transaction, why is it afraid to let shareholders vote on it? We believe that it is no longer possible to trust a Board that negotiated such a value-destructive transaction in the first place and that has now decided to ignore the concerns of major shareholders. Quanterix’s directors have proven themselves unable to represent the best interests of shareholders. This situation makes the need for boardroom change even more pressing, and we will continue our efforts to elect the three highly qualified individuals we have nominated to the Board at this year’s Annual Meeting. We look forward to communicating further in the weeks to come.”