Altai Capital Management, which owns approximately 5% of OraSure Technologies Inc. (NASDAQ: OSUR), delivered a letter to the company's board outlining what it calls a "five-pillar case for change" and requesting the appointment of two director nominees.

The investment firm nominated Rishi Bajaj and John Bertrand for election at OraSure's 2026 annual shareholder meeting, according to a press release statement. Altai seeks what it terms a "fair settlement" that would place both nominees on the board.

In its letter, Altai cited several concerns about OraSure's performance and governance. The firm stated that OraSure's share price has underperformed comparable companies and broader market indices over five- and ten-year periods. Altai also noted that independent directors collectively own less than 1% of outstanding shares while receiving over $250,000 annually in compensation.

The investment firm highlighted CEO compensation structure, stating that over 90% of CEO Carrie Eglinton Manner's compensation is not tied to share price performance. Altai estimated that Manner has earned $15 million during her tenure while shareholders have lost 60% of their investment since 2023.

Altai called for OraSure to conduct a strategic review that would evaluate a potential sale of the entire business alongside current plans. The firm stated it would advocate for shareholder interests in such a process if its nominees are appointed to the board.

Bajaj previously led ContextLogic's transformation and oversaw a $907.5 million acquisition that resulted in a share price increase of over 120%, according to the release. Bertrand was involved in developing what Altai described as the first FDA-cleared autonomous AI diagnostic solution in healthcare.

Altai Capital Management is a technology-focused investment firm founded in 2009 that makes investments across debt, private equity, venture capital, and publicly traded securities.