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DocuSign (NASDAQ:DOCU) quickly rose 2.7% amid some activist speculation after an 8-K filing Friday.
DocuSign on Friday disclosed that one executive, Stephen Shute, the company's president of worldwide field operations, amended a severance/change in control agreement with the company, Dealreporter highlighted in its "morning flash" column on Monday.
The amendment as well as some bylaw changes earlier this month may be a sign that the company may be concerned that an activist may target it, according to Dealreporter, which said DocuSign (DOCU) is creeping higher on the activist watchlist.
The disclosures come after a report last month that private equity firms have cooled their interest in the online signature services company. Talks between DocuSign (DOCU) and Bain Capital and Hellman & Friedman stalled, Reuters reported.
After reports that the DocuSign (DOCU) takeover stalled, the company said it will cut its headcount by roughly 6%, or 400 employees, with the majority of cuts coming in sales and marketing.
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