Activist investor Jana Partners has been pushing for a sale of Alkami Technology (NASDAQ:ALKT) for months. The fintech declared this week that it was not selling, sending shares to lows last seen in May 2023.
The hedge fund bought a stake in Alkami back in December and increased it to more than 10% in June, according to Bloomberg. At the end of the second quarter, Jana owned more than 6.74 million shares of Alkami.
At that time, Jana said Alkami should explore a sale, with multiple interested parties circling the company.
Months later, Alkami announced Wednesday that the board concluded it will not sell, a move it argues will maximize shareholder value.
"The Board unanimously determined that continuing to execute management’s long-range strategic plan as an independent, public company is in the best interests of the Company and its shareholders," the company said.
Alkami reaffirmed full-year guidance for revenue of $528 million to $531 million and adjusted EBITDA of $96 million to $98 million.
Alkami Shares Sink
News of the board’s decision sent Alkami shares lower on Wednesday. On Thursday, shares fell further, hitting new 52-week and three-year lows of $13.76. The stock now trades at its lowest level since May 2023.
The news hurts Jana’s stake, which has now gone from about a $122.3 million valuation at the end of the second quarter to $93.3 million at the time of writing.
This means Jana is now down over $29 million since the end of the second quarter on what was their sixth-largest position. The Alkami stake made up around 6.4% of the company’s assets in the second quarter.
Jana has not announced what it plans next for the company, which could include selling its stake after not getting the sale it wanted or pushing for changes to the company’s board of directors.
Photo: Elena Berd/Shutterstock
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