Ancora Releases Presentation Highlighting the Opportunity for Significant Near-Term Value Creation at Harmonic

Business Wire 18-Nov-2024 9:00 AM

Analysis Suggests Harmonic, Which Trades at ~$12, Can Drive Share Price Appreciation by Meeting 2026 Broadband Targets or Through a Sale Process That Could Deliver ~$20 Per Share

Contends There is a Clear Opportunity for Harmonic to Attract Interest from Well-Capitalized Acquirers, Such as Ciena Corporation

Fears Management's Poor Investor Communication Has Caused Harmonic to Trade at a Depressed Multiple Despite Strong Financials, Best-in-Class Products and Market-Leading Innovation

Urges Harmonic's Refreshed Board to Evaluate Company's Standalone Prospects Versus Viable Sale Options

Ancora Holdings Group, LLC (collectively with its affiliates, "Ancora"), a significant shareholder of Harmonic, Inc. ("Harmonic" or the "Company") (NASDAQ:HLIT), today released a presentation detailing what it believes is an opportunity for significant near-term value creation: "The Unrealized Value Creation Opportunity at Harmonic." Ancora plans to engage in a constructive and open dialogue with Harmonic to gauge the Board of Directors' willingness to evaluate the Company's standalone prospects versus a potentially value-maximizing sale to one of the many logical acquirers in the space. To ensure Harmonic's leadership understands all shareholders' views following a period of disappointing results, we hope our fellow investors provide feedback as soon as possible and well ahead of the Company filing its proxy statement for the 2025 Annual Meeting of Shareholders. We consider Harmonic to be a great underlying business, but believe the Company does not have infinite time to achieve its full potential.

About Ancora

Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.

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