Shah Capital Issues Activist Presentation to Novavax Board Amid Slight Ownership Decrease

Shah Capital Management, alongside Shah Capital Opportunity Fund LP and Himanshu H. Shah, filed a Schedule 13D/A on May 15, 2026, regarding their holdings in Novavax, Inc. (NVAX). As of the event date on May 14, 2026, Shah Capital Management reported beneficial ownership of 14,714,705 shares, representing approximately 8.95% of the company, a slight decrease from the previously reported 9.03%. The filing includes an activist component, as the Reporting Persons sent a presentation titled 'Elevating Novavax' to the Board of Directors. This presentation critiques current leadership for marketing failures, an underwhelming partnership with Sanofi, capital market mismanagement, and self-enrichment at the expense of shareholder value. While no specific stock transactions occurred since the previous amendment, the filing highlights significant shareholder dissatisfaction and active engagement with the issuer's board to address perceived operational and strategic deficiencies. Himanshu H. Shah, the firm's President and CIO, maintains a total beneficial ownership of 9.03% when including direct holdings.