2023-06-06 11:51:23 ET
Quotient Technology (NYSE: NYSE: QUOT ), the parent of Coupons.com, rose 7.3% after announcing a plan to refresh its board in connection with a cooperation agreement with activist investor Engaged Capital.
The company will nominate Kate W. Vanek and Tracey Figurelli to stand for election at the company's annual meeting, according to a statement on Monday. In addition, David Oppenheimer, Jody Gessow, and Lorraine Hariton will not stand for re-election, and Allison Hawkins and Eric Higgs will resign as of the annual meeting.
With the changes, the board will now be reduced to seven directors, six of whom will be independent, according to Quotient.
"We are grateful for the collaborative dialogue we’ve had with Quotient’s Board and new management team and look forward to seeing them capitalize on the value of the company's assets," Glenn W. Welling, Founder and Chief Investment Officer of Engaged Capital, said in the statement.
Engaged Capital has been involved with Quotient ( QUOT ) since 2021 and had two of its nominees added to the board last May. Engaged took a stake in the company in November 2021 and pushed for the Coupons.com owner to make changes.
Reuters reported in early March that Quotient ( QUOT ) was exploring options, including a sale.
Pursuant to the cooperation agreement, Engaged Capital has agreed to the customary standstill and vote support agreements.
More on Quotient
- Quotient Technology: From Coupons To Automatic Tools, Looks Undervalued
- Coupons.com-owner Quotient targeted by activist Engaged Capital
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Coupons.com owner Quotient gains amid cooperation agreement with Engaged Capital