CYDY - Activist investor group pushing for CytoDyn board overhaul

FangXiaNuo/E+ via Getty Images A group of activist investors led by Paul Rosenbaum is pushing for a slate of new board member at CytoDyn (CYDY), citing poor stewardship by current management of the company's lead asset, leronlimab. Last week, Rosenbaum, along with Jeffrey Beaty and Arthur Wilmes, sent a letter to shareholders outlining their concerns. Paul Rosenbaum's group, which includes 28 retail investors, own 7.68% of outstanding CytoDyn shares. The investors say that CytoDyn is deeply undervalued and "as a result of [current management] mismanagement, the Company continually posts sizeable losses despite the tremendous potential of leronlimab." The letter says the investors have tried to work with the company over thew past seven years, but they have been rebuffed by management. Rosenbaum has proposed new directors for the board, including himself. Leronlimab is under investigation as a treatment for HIV, breast cancer, solid tumors, NASH, and COVID-19. In May, CytoDyn shares

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Activist investor group pushing for CytoDyn board overhaul