David Hall remains the beneficial owner of 52.2 percent of the outstanding common stock of the company, which was taken public by way of acquisition by a SPAC vehicle in 2020.
The letter declares that the current board and management team "are fostering an anti-stockholder culture from the top."
The letter states the board increased current CEO Anand Gopolan's compensation despite knowing the company would miss its 2020 stated projections and then censured and removed Hall and chief marketing officer Marta Hall from the board without reasonable justification.
Hall calls for a refresh of the Velodyne Lidar management team and the addition of Eric Singer to the board.
Velodyne Lidar responded with a press release calling the assertions from David and Marta Hall and Eric Singer "baseless."
The company's press release lays out a defense of the company's financial performance since it merged with Graf Industrial Corp. and other dealings including its censure and removal from post of David and Marta Hall. It also states that Eric Singer would be unduly influenced by Halls because of compensation by way of shares and cash
Related links and articles :