Novavax Shareholder Shah Capital to Step Back From Activist Role

3-line summary

• Shah Capital said Friday it no longer seeks to influence control of Novavax, as the firm restructures its investment organization into a family office; Shah Capital filed to voluntarily withdraw its SEC registration as an investment adviser, with the newly formed Himanshu Shah Family Office LLC to manage investments going forward.
• Shah Capital's beneficial holding stands at 10.54 million shares (about 6.39%), while founder, CEO/CIO Himanshu Shah's personal beneficial holding is 10.66 million shares (about 6.46%); per LSEG data, Shah is Novavax's second-largest shareholder.
• A recent filing showed Shah Capital Fund LLC sold 2.8 million shares at an average price of about $11.35 on October 5. The article did not provide further detail on the reason for the activist withdrawal beyond the shift to a family office.

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