Radoff-JEC Group files proxy statement to elect directors at SEER

The Radoff-JEC Group, which owns approximately 7.8% of Seer Inc. (NASDAQ: SEER), filed a preliminary proxy statement to nominate three directors for election at the company's 2026 annual meeting. The group seeks to replace current board members with Howard H. Berman, Joshua S. Horowitz and Luis E. Rinaldini.

The activist investor group has made three acquisition proposals for Seer since April, most recently offering $2.40 per share in cash plus a contingent value right allowing shareholders to receive 80% of net proceeds from asset sales. The group states this represents a 42% premium to the unaffected share price of $1.69.

Seer's board rejected all three proposals without engaging in discussions, according to the Radoff-JEC Group. In a May 21 press release, Seer's board stated the proposals "significantly undervalue Seer and fail to reflect the value of Seer's long-term growth prospects."

The biotechnology company reported $2.8 million in revenue for the first quarter of 2026, representing a 33.3% decline year-over-year and the lowest first-quarter revenue since 2021. Seer projected 3% revenue growth for 2026 and burned approximately $16 million in cash during the most recent quarter.

Bradley L. Radoff and Michael Torok lead the investor group, with Radoff beneficially owning 2,610,232 shares and Torok owning 1,667,296 shares through various entities. The group argues Seer's management has delivered a negative 97% total shareholder return since the company's December 2020 initial public offering.

The preliminary proxy materials are available through the Securities and Exchange Commission. The annual meeting date has not been announced.

You May Also Be Interested In

• SpaceX prices historic IPO at $135/share in largest ever new listing
• ChowChow Cloud addresses unusual trading activity in shares
• UBS Upgrades Bosch Ltd (BOS:IN) to Buy