MKT Capital Pleased with Aurinia's Commencement of a Strategic Review Process
MKT Capital Ltd. (together with its affiliates, "MKT Capital" or "we"), the beneficial owner of approximately 4.2% of the outstanding common shares of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) ("Aurinia" or the "Company"), today commented on the Company's decision to initiate a review of strategic alternatives, including a potential value-maximizing sale, following MKT Capital's successful withhold campaign at the Company's 2023 Annual General Meeting of Shareholders.
Antoine Khalife, founder of MKT Capital, commented:
"We are pleased Aurinia has embraced our feedback and initiated a review of strategic alternatives. As previously noted, we believe a critical mass of shareholders share our view that Aurinia should pursue a value-maximizing sale, especially given the Company's strong intrinsic value and seemingly robust interest from potential acquirers. We are supportive of a reconstituted Board running a comprehensive process, which considers the long-term potential of the LUPKYNIS drug, to maximize value for all shareholders.
Now that the Board has finally accepted the resignations of two influential directors following our successful withhold campaign, Aurinia should invite investor input on who will fill the vacancies. MKT Capital has identified a highly qualified director candidate to fill one of the vacancies and we look forward to privately engaging with the Board regarding the candidacy as part of the director search process. From our perspective, it is imperative there are shareholder-designated directors in the boardroom to help oversee a credible, comprehensive strategic review to maximize shareholder value.
After seeing the Board respect the will of shareholders, we are confident that meaningful value creation is on the horizon. As a long-term, significant investor in Aurinia, we plan to continue to monitor the situation closely. That said, given these recent positive developments, we intend to give the reconstituted Board an opportunity to deliver value for shareholders and will lend our support however possible."
About MKT Capital Ltd.
Founded in 2012 by Antoine Khalife, MKT Capital Ltd. is an investment management firm which aims to deliver optimal risk-adjusted returns for its investors. For more information, contact [email protected].
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