SCHEDULE: Altai Capital Discloses 5.13% Stake in OraSure Technologies

Altai Capital Management and its affiliates have disclosed a 5.13% beneficial ownership stake in OraSure Technologies Inc., acquired for investment purposes.

Summary

• Altai Capital Management, L.P., Altai Capital Management, LLC, and Rishi Bajaj (collectively, "Reporting Persons") have acquired a beneficial ownership of 3,748,836 shares of OraSure Technologies Inc. common stock.
• This stake represents 5.13% of the company's outstanding common stock, based on 73,136,987 shares outstanding as of July 31, 2025.
• The Reporting Persons invested approximately $11,461,291, including brokerage commissions, to acquire these shares.
• The acquisition was made for investment purposes, as the Reporting Persons believe OraSure Technologies Inc. represents an attractive investment opportunity.
• The Reporting Persons intend to engage in discussions with OraSure's management and board regarding business, capital structure, corporate governance, board composition, and strategic alternatives to increase shareholder value.

Sentiment

Score: 7

Explanation: The filing indicates a belief in the company's attractive investment opportunity by a sophisticated investor, with an intent to engage in discussions to enhance shareholder value. This suggests a positive outlook on the potential for improvement or realization of value, though the outcome of such engagement is uncertain.

Positives

• A significant institutional investor, Altai Capital Management, views OraSure Technologies Inc. as an "attractive investment opportunity."
• The investor group intends to engage with management and the board to explore strategies for increasing shareholder value, which could lead to positive changes.

Risks

• The Reporting Persons may dispose of some or all of their beneficially owned securities in the future, which could exert downward pressure on the Issuer's stock price.
• The Reporting Persons may propose changes to the Issuer's operations, governance, or capitalization, which could lead to strategic shifts or internal disagreements.

Future Outlook

The Reporting Persons intend to continuously review their investment and may engage in discussions with OraSure's management and board regarding various strategic matters, including business operations, capital structure, corporate governance, and board composition. Depending on market conditions and the Issuer's performance, they may acquire additional securities, dispose of existing holdings, or enter into financial instruments to adjust their economic exposure.

Industry Context

This filing indicates an activist investor taking a significant stake in OraSure Technologies Inc., a common occurrence in the healthcare and diagnostics industry where companies may be seen as undervalued or in need of strategic redirection. Such investments often signal a belief that the company's assets or operations are not being fully optimized, potentially leading to increased scrutiny on management and strategic decisions.

Legal Proceedings

• None of the Reporting Persons have been convicted in a criminal proceeding or been a party to a civil proceeding related to federal or state securities laws in the last five years.

Stakeholder Impact

• Shareholders: Potential for increased shareholder value if Altai Capital's engagement leads to positive strategic changes. Conversely, uncertainty regarding future actions of a significant activist investor.
• Management/Board: Increased scrutiny and potential pressure to consider strategic alternatives and governance changes.
• Employees: Potential for strategic shifts or operational changes that could impact employees, depending on the outcome of investor engagement.

Next Steps

• Reporting Persons expect to continue engaging in discussions with OraSure's management, board, and other stakeholders regarding the Issuer's business, capital structure, corporate governance, and strategic direction.
• Reporting Persons may acquire additional shares or dispose of existing shares, or enter into financial instruments, based on their ongoing review of the investment.

Key Dates

Recommendation

This Schedule 13D filing indicates a significant stake taken by an activist investor, Altai Capital Management, who believes OraSure Technologies Inc. represents an "attractive investment opportunity" and intends to engage with management and the board to enhance shareholder value. While this could be a catalyst for positive change and value realization, the outcome of such engagement is uncertain. Investors should hold to observe the developments from this activist involvement and assess the company's response and any proposed strategic shifts before making further investment decisions.

Keywords

OraSure Technologies Inc., Altai Capital Management, Schedule 13D, Activist Investor, Shareholder Value, Corporate Governance, Investment Opportunity, Common Stock, OSUR