Altai Capital Management's Open Letter to OraSure Technologies Board

Altai Capital Management, a significant shareholder in OraSure Technologies, has issued an open letter to the Board of Directors expressing concerns over the company's chronic underperformance, lack of "skin in the game" from independent directors, and a "pay without performance" compensation structure for the CEO. Altai highlights the company's declining share price, poor strategic investment choices (such as in Sapphiros and Sherlock Biosciences), and underutilized manufacturing capacity. The firm criticizes the Board's compensation, which they deem excessive given the company's financial results. Altai proposes a strategic review, including the potential sale of the company, and reiterates its intention to nominate Rishi Bajaj and John Bertrand for election at the Annual Meeting, citing their track records of delivering results and aligning executive compensation with shareholder value. The letter details Altai's valuation analysis suggesting the company could be worth significantly more in a sale. Altai urges the Board to consider a settlement or face a proxy contest.