Altai Capital Management Issues Letter to OraSure Board Outlining Five-Pillar Case for Change in Response to Significant and Continued Underperformance
Calls on Company to Reach a Fair Settlement that Appoints Altai Nominees Rishi Bajaj and John Bertrand to the Board
Altai Capital Management, L.P. ("Altai"), one of the largest shareholders and the beneficial owners of approximately 5% of the outstanding common stock of OraSure Technologies, Inc. ("OraSure" or the "Company") (NASDAQ:OSUR), today announced that it has delivered a letter to the OraSure Board of Directors (the "Board") outlining a five-pillar case for why change is necessary to preserve and deliver value for its investors.
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In the letter, Altai calls on the OraSure Board to reach a fair settlement that results in the appointment of Altai's highly-qualified director nominees, Rishi Bajaj and John Bertrand, to the Board.
Highlights of the letter, which can be found in full here, include:
- Chronic Underperformance. OraSure's share price has dramatically underperformed comparable companies and broader indices over both five- and ten-year periods. Recent underperformance has been driven by repeated operational and strategic failures under the current management team—failures that occurred on the Board's watch. Despite this track record, the Company continues to burn cash pursuing speculative diagnostics investments to the detriment of shareholders.
- A Board Without Skin in the Game. Independent directors collectively own less than 1% of shares outstanding yet collect over $250,000 each per year in compensation. They bear little financial risk for decisions that have destroyed shareholder value. Shareholders who face the very real risk of losing money on their investment deserve a larger voice on the Board.
- Pay Without Performance. Over 90% of CEO Carrie Eglinton Manner's compensation is not tied to share price performance. She has earned an estimated $15 million over her tenure while shareholders have lost 60% of their investment since 2023. Her incentives are plainly misaligned with shareholder interests.
- The Imperative for a Strategic Review. OraSure must evaluate a sale of the entire business alongside its current plan. We will represent and advocate for all shareholder interests in this process upon our appointment to the Board to ensure that the outcome delivers the best possible returns to shareholders.
- Nominees With a Track Record of Results. Rishi Bajaj led ContextLogic's transformation from a company burning $80 million of cash per quarter to one that completed a $907.5 million acquisition, producing a share price increase of over 120%. John Bertrand built the company behind the first FDA-cleared autonomous AI diagnostic solution in healthcare. Both nominees will seek to align their compensation directly with shareholder returns.
As previously announced, Altai has formally nominated Rishi Bajaj and John Bertrand for election at the 2026 Annual Meeting of Shareholders.
About Altai Capital Management
Altai Capital Management is a technology-focused investment firm founded in 2009 by Rishi Bajaj. Altai Capital makes long-term investments across a diverse range of financial instruments, including debt, private equity, venture capital, and publicly traded securities. To learn more, visit www.altai.com
Disclaimers
This press release and the opinions herein are for general information only, and are not intended to be, nor should they be construed as, an offer to sell or a solicitation of an offer to buy any security, a recommendation to purchase or sell any security, or legal, financial, tax, investment, or other advice.
Altai Capital Management, L.P., Altai Capital Management, LLC, Altai Capital Osprey, LLC, Rishi Bajaj and John Bertrand (collectively, the "Participants") intend to file with the SEC a definitive proxy statement and accompanying form of proxy to be used in connection with the solicitation of proxies from the stockholders of OraSure Technologies, Inc. Stockholders are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying proxy card will be furnished to OraSure Technologies, Inc. stockholders and will be, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/.
Information about the Participants and a description of their direct or indirect interests, by security holdings or otherwise, is contained in Exhibit 1 to the Schedule 14A filed by the Participants with the SEC on March 17, 2026. This document is available free of charge from the source indicated above.
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Media Contact:
ASC Advisors
Taylor Ingraham / Max Rayden
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