OneSpan [NASDAQ: OSPN] Inks Agreement with Legion Partners Holdings

OneSpan Inc. [NASDAQ: OSPN] disclosed that it has inked an agreement with Legion Partners Holdings. Legion Partners Holdings holds nearly 6.9% of the outstanding stock of OneSpan. In accordance with its holdings, two independent director nominees of Legion will be appointed to the OneSpan Board of Directors following the 2021 Annual Meeting of Stockholders.

The two independent directors are Sarika Garg and Michael McConnell. The Annual Meeting is planned to be held on June 9, 2021. OneSpan director Matthew Moog has disclosed he will not stand for re-election at the Annual Meeting. Mr. Fox has also decided to resign as Chairman and leave his position from the Board by September 30, 2021. Jean K. Holley will leave the position from the Board at or before the 2022 annual meeting.

Shares of OneSpan surged +1.27% as it gained +0.33 during the trading session of Friday. The firm has recorded a price of $26.37. In the past 52-week of the trading session, the share of the firm went up to $17.85 from its 52-weeks low range and $33.33 from its 52-weeks high range, respectively. OneSpan Inc has a total market capitalization of $1.05 billion at the time of writing.

Furthermore, the two new directors, OneSpan and Legion have inked a cooperation deal, including expected halt and voting promises. A copy of the deal will be comprised as an exhibit to the firm’s Current Report on Form 8-K to be submitted with the SEC.