- Wireless communications technologies developer Comtech Telecommunications (NASDAQ:CMTL) has confirmed the receipt of a letter (dated June 14, 2021) from activist Outerbridge Capital Management.
- Earlier this week, Comtech shares climbed 5.5% after Outerbridge Capital Management urged the company to explore strategic alternatives, including a sale.
- In the letter addressed to Comtech's board, Outerbridge's Chief Investment Officer Rory Wallace wrote, "The Company should immediately retain a financial advisor to conduct a fulsome, clear-eyed, and dispassionate review of strategic alternatives."
- Outerbridge and its affiliates own over 1% of Comtech's outstanding shares.
- Comtech has now confirmed the receipt of the letter, adding that it is open to feedback from its shareholders.
- Shares down -1.14% after hours.
- Press Release.