SCHEDULE: Starboard Value Exits Alight, Inc. Stake

Starboard Value LP and its affiliates have fully divested their entire stake in Alight, Inc., ceasing to beneficially own any securities as of December 3, 2025.

Summary

• Starboard Value LP and its affiliated entities, including Starboard Value and Opportunity Master Fund Ltd, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity Master Fund L LP, and Starboard X Master Fund Ltd, have fully exited their investment in Alight, Inc.
• The reporting persons no longer beneficially own any securities of Alight, Inc.
• They ceased to beneficially own more than 5% of the outstanding shares as of December 3, 2025.
• Transactions involved the sale of common stock across multiple dates from November 26, 2025, to December 5, 2025, at prices ranging from $2.0300 to $2.4220 per share.
• A total of approximately 43 million shares were sold by the various Starboard entities during this period.

Sentiment

Score: 3

Explanation: The complete divestment by a prominent activist investor like Starboard Value is generally a negative signal, indicating a lack of confidence or a conclusion that further value creation is unlikely from their perspective. The sales occurred at declining prices, reinforcing a negative sentiment.

Negatives

• A significant activist investor, Starboard Value, has completely divested its stake in Alight, Inc., which could be interpreted negatively by the market.
• The sales occurred over a period of declining stock prices, from a high of $2.4220 to a low of $2.0300, indicating a potential lack of confidence in future appreciation.

Risks

• The complete divestment by a prominent activist investor like Starboard Value could signal a lack of confidence in Alight, Inc.'s future performance or strategic direction.
• Increased selling pressure on the stock due to the large volume of shares offloaded by Starboard Value.
• Potential negative market sentiment and investor uncertainty regarding Alight, Inc.'s prospects following the exit of a major shareholder known for driving change.

Future Outlook

NA

Industry Context

The exit of a significant activist investor like Starboard Value from a company like Alight, Inc. (a cloud-based human capital and business solutions provider) could be viewed as a signal regarding the company's strategic direction or valuation. Activist exits can sometimes precede periods of underperformance if the market perceives the activist's departure as a loss of a catalyst for change or value creation.

Comparison to Industry Standards

• The complete divestment by an activist fund like Starboard Value is a notable event, as such funds typically engage for specific strategic or operational changes. Their exit suggests either the successful completion of their objectives, a change in investment thesis, or a lack of conviction in the company's future prospects.
• Compared to other activist campaigns, a full exit without a clear public statement of success or failure can leave investors speculating on the underlying reasons, unlike cases where an activist declares victory or concedes defeat.

Stakeholder Impact

• Shareholders: May experience increased selling pressure and negative sentiment due to the exit of a major institutional investor. Uncertainty regarding the company's future direction without activist oversight could also impact shareholder confidence.
• Management: Could face increased scrutiny from remaining investors regarding strategic direction and performance, especially if Starboard's exit is perceived as a vote of no confidence.

Key Dates

Recommendation

The complete divestment by a significant activist investor like Starboard Value, particularly when executed over a period of declining share prices, typically signals a lack of conviction in the company's future prospects or an inability to effect desired changes. This action removes a potential catalyst for value creation and can lead to negative market sentiment and increased selling pressure, suggesting a "sell" recommendation for investors.

Keywords

Alight Inc., Starboard Value, Schedule 13D, Divestment, Share Sale, Activist Investor, Common Stock, Institutional Ownership, SEC Filing, Investment Exit