Everbridge Fights To Stop Chairman's Ouster

By John Honovich, Published May 09, 2022, 04:20pm EDT (Info+)

Everbridge's crisis is deepening, starting with the abrupt departure of its CEO and now centering around a fight to oust Everbridge's Chairman by an activist investor.

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Inside this note, we examine why Everbridge's Chairman is in the crosshairs and why this fight could be a precursor to sell off Everbridge.

Stock ********

*** ****** ***, ********** ***** *** trading ** $***+, *** ** ** under $**, *** **** **% *****, after **** ****:

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Fixing **********

**********, ********** *************** ******* **** ** *** *********** problems *** *** * **** ** place ** **** ******* ****, ********* hiring * *** ***, ******* ************, and ******* ** ****** ********* *** numerous ********* ** **** **** *** last *** *****.

Not **** ******, **** ******

*******, ******** ******** ****** ******** ******** ******* *** ********** ** sell ****** ***, ******* ** **** longer **** ** ********, ********* ******* Chairman ******** ** ********, ********** ****:

*** ******** ******** **** * ********* sponsor ***** *** $** *** ***** to ******* **********, ** *.** **/*****, which ** ********** **** ********* ********* of ****** ******* ***** ** **** as ****** ******** ************. ** ******* a ********* ******** **** *** *** potential ** ***** **** ******* *** cost ********* ***** ******* ** **** higher *****.

***** **** *** ***** ***** ** down ******* ** *** **** * months, *** *********** **** * ****-*** would ******* ****** ***** *** *********.

Don't **** *** * ***** *******, **** ******

*** ********* *****, ***** ********** ********* the ****, ****** ******* ** *** campaign ******* *** ************ ** *** vote *** * ***** *******:

** **** ** ** ******** *** stockholders ** **** *** ******** *** Board * ***** ******* **** *** status *** ** ************, ********** ** light ** *** ***** *********** ** the ******* *** *** ********* ********** opportunities **** *** ***** ** ***** of **********.**** ** *** ** ****** ** WITHHOLD ******* *** **** ******* ********* at *** **** ****** ******* ** Stockholders (*** "****** *******") ********* *** May **, ****: ******** ***** *********, Bruns *******, ******* *’***** *** **** Mathy.** *** ****, ***** ********** *** part ** *** ******* ** ******* and *********** ********** **** ******** ****** Everbridge *****.

**** ******* ******* *********** *** **** ******** *** **** than * ****** *** *** *** nearly * *****:

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******** *** **** ******** **** ***** fire *** *** ***** ********** **** where ** *** ***** * ****** of ****** ********** **********.

*******, ********** *** *** **** ****.********** *********** ******'* ******, ********* *** *********** with ******, *.*.:

******’* **** *********** ********* *** **** an ********* **** ** *** *******. We ******* ******’* ******** ** ******* the ********** ** ********** **** ******* its ****** ******** ** ****** *** directors, ***** ** ***** ** ******** well ***** *** ******* *** ********* its ********** *** ******** ** *** upcoming ****** *******, *** *** ******* to ******* *** *** ****** ********* are ******** ** **** * ****-**** sale * ******** **********. *** ***** believes **********’* ******* ******* **** ******* long-term *********** ***** *** **** ******* for ******’* ******** **** ******* *** Company **** ********* ** *****-********* *********** from * ******** ** ********, ** well ** ****** ***********.

No **** *** ********, **** ************* *********** ********

*****,****** ********* * ***** ************** ************* *********** ******** (***) *********** to "************ "********" ******* *** ******** Jaime ********* *** ***** ** *** Nominating *** ********* ********** ********* ***** Grayson." ****** **** ********* * ****** of ******** ******** **** ***' ******:

  • "[…] *** ***** ********* ** *** value *********** ** ****demands ************** ** *** ***** for what happened."
  • "The *** ****** ****** [**] **** ******* – the failure to assess the CEO's incentives and potential flight risk in the face of a declining growth environment, and a lack of oversight of management's progress in integrating recent acquisitions – suggest * **** ** ***** ** *** ***** *****."
  • "***** **** *** ******** ******* ** bear ****** ************** *** ***** ******, the ********* *** **** * ********** argument ****support ** *** ********* *** ***** [*****] *********."
  • "*** ****** ****** ** ***** ***** as * ****** ** ********* ** a *** *********a **** ** ********** ******** ** ****** ** *** *****, a responsibility that would fall to the chair of the nominating and corporate governance committee."

** ***** **** *** ****** *** departure *** **** *** *** ****** atypical **** * *** ****** ***** with ** **** ****** *** **********. Worse, ** ****** ***** **********, **** was **** ** ** ******** ***** of ********** ******* **********.

********** ** ************ ********* ***** *** ISS ****** *** ******'* ********, **** just * *** ***** *****,********** ****** *** *** ***** ************ **** *********** *** ****** *** argue ******* ***' ************** ******* *** Chair:

** ******** ******** **** ******** ** ISS’s ******, ******* *** ************** ** withhold **** ******** *********... ******. ********* [Chair] *** ******* *** ******** ** the ***********, ********* *** ********* ** the *********** *** ********* *********** ********* underway ** ******* *********** ***** *** improve ***********.

**** ********** ******* ****** ** *********** its ********** ** *********:

*** ***** ** **** ******* ******* on ************* ******* ************ **** ****** leadership *** *** *********. *** ********, 50% ** *** ****** ********** *** from ******** ** ********** ******* *********** and **% *** *****, ***** **% of *** ********* *** *****. *** Nominating *** ********* ********** ********* *** initiated * ******* ** ******** *** appoint * ******** *** ** ******** and/or ********** ******* ***** ** *** 2023 ****** ******* ** ************.

**** ** ***. *** ********* ********** faces ** **** *** ***** ** down **%, *** ***** ***** ***** member's *********, ******, ** ********.

Vote *******

** ** *** **** **** *** voting ******* **** **, ****** ******** voting ******* *** ***** ** **** to **. *******, ****** *** *** 4% ***, ***** *** *** ******, there **** ********* ** ******** ******* the *****, ** * ****** *** leader ** ********* ********** (*** ***** was ********** *** ******** ** ****).

**********'* ***** ***** (**** ******* **% today) ** ******* ** ****** *** puts **** ******** ** **********, ****** again, ** *** *** ******* ***** how ************ **** ****.

Outlook *** *****

**** *****, *** ******* ** ******** for **********'* *****. **** ** ********** has *** ***** *** *** ********, the ****** ********* ***** ***** *** the ****** ********* **** ****** *** made ***** **** **** ****** *** Board ** * **** ********* ********.

***, ** ******** ** ******, *** Board, *** ************ *** ******** *** Everbridge ** **** ******** *** *** only ******* * ******* **** *** not *** ***** ******* **** ********* are ******* *****, ** ***** ** the *****'* ********* ****.

** ***** ****** ********* ***** ** happen ** ** **** ** **** for ********** ** ****** *** ** turn ****** ******, ***** ** **** pressure.

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