SCHEDULE: Altai Capital Seeks Board Seats, Declassification at OraSure

Altai Capital Management, holding a 5.21% stake in OraSure Technologies, has nominated two directors and proposed board declassification for the 2026 Annual Meeting.

Summary

• Altai Capital Management, L.P., Altai Capital Management, LLC, and Rishi Bajaj collectively beneficially own 3,740,836 shares of OraSure Technologies Inc. common stock.
• This represents 5.21% of the outstanding common stock.
• On January 15, 2026, Altai Capital (referred to as Osprey in the filing) submitted a notice to OraSure Technologies Inc.
• The notice outlines an intention to nominate Mr. Bajaj and John Bertrand to the Issuer's Board of Directors.
• Altai Capital also intends to present a proposal requesting the Board to take steps to declassify itself, ensuring all directors are elected annually.
• These actions are planned for the Issuer's 2026 Annual Meeting of Stockholders.
• The reporting persons intend to solicit proxies from stockholders to support the election of their nominees and the declassification proposal.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. While it indicates potential conflict, shareholder activism often aims to unlock value and improve governance, which can be seen as a positive long-term catalyst. The immediate impact is uncertainty.

Positives

• Activist investor engagement could lead to enhanced corporate governance and potentially improved shareholder value.
• The proposal for board declassification aligns with best practices for corporate governance, increasing accountability to shareholders.

Negatives

• Potential for a proxy contest, which can be costly and distracting for management.
• Uncertainty regarding the outcome of the nominations and declassification proposal.

Risks

• A proxy contest could divert management's attention and resources from core business operations.
• Disagreements between the activist investor and current management/board could create instability.
• The outcome of the proposals is not guaranteed, potentially leading to continued dissatisfaction among some shareholders if they fail.

Future Outlook

The reporting persons intend to solicit proxies from stockholders for the election of their nominees and the adoption of the declassification proposal at the Issuer's 2026 Annual Meeting of Stockholders.

Industry Context

Shareholder activism, particularly regarding corporate governance and board composition, is a recurring theme across various industries. Investors often push for changes like board declassification to enhance accountability and responsiveness to shareholder interests.

Corporate Governance

Stakeholder Impact

• Shareholders: Potential for increased shareholder influence and improved corporate governance, but also potential for short-term volatility due to a proxy contest.
• Board of Directors: Current board members may face challenges to their positions and governance structure.
• Management: May experience increased scrutiny and pressure to perform, potentially diverting focus during a proxy contest.

Next Steps

• Solicit proxies from OraSure Technologies Inc. stockholders for the 2026 Annual Meeting.
• Present the nomination of Mr. Bajaj and John Bertrand for election to the Board.
• Present the proposal for board declassification at the 2026 Annual Meeting.

Key Dates

Recommendation

The filing indicates an activist investor's intent to influence corporate governance and board composition. While such activism can be a catalyst for value creation, the immediate future involves uncertainty surrounding a potential proxy contest. Investors should hold to observe the outcome of the 2026 Annual Meeting and the company's response to these proposals before making further investment decisions.

Keywords

OraSure Technologies, Altai Capital Management, Rishi Bajaj, John Bertrand, Schedule 13D, Activist Investor, Proxy Contest, Board Nomination, Corporate Governance, Board Declassification, Shareholder Activism, ORASURE TECHNOLOGIES INC