Company Announcements

Issues Letter Outlining Company’s Failure to Deliver Value to Shareholders

LOS ANGELES--(BUSINESS WIRE)--Dec. 17, 2025-- Altai Capital Management, L.P. (“Altai”), one of the largest shareholders and beneficial owners of approximately 5.2% of the outstanding common stock of OraSure Technologies, Inc. (“OraSure” or the “Company”) (NASDAQ: OSUR), today announced that it has delivered a letter notifying the OraSure Board of Directors (the “Board”) of Altai’s intention to nominate two highly-qualified candidates, John Bertrand, CEO of Digital Diagnostics, and Rishi Bajaj, President and CIO of Altai, for election to the Board at the upcoming 2026 Annual Meeting of Stockholders.

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The intention to nominate these candidates comes in response to OraSure’s significant share price underperformance driven by poor strategic and capital allocation decisions and the Board’s refusal to consider alternative strategies for value creation. As long-term shareholders motivated to drive change, Altai believes these candidates would bring valuable expertise and shareholder perspective that the Board currently lacks.

The letter outlines the Company’s underperformance due to poor execution by management and the Board, including:

• Failure to successfully turn around the Company’s core product segments in the midst of Covid-19 windfall revenue winding down.
• Repeated ill-timed, venture-like investments in failing, subscale and/or unprofitable companies.
• Continued ineffective cash deployment with no tangible return on the horizon, squandering 25% of the Company’s cash and equivalents since 2023 while quarterly revenue (excluding Covid-19 products) has declined over 20% in the same time frame.

The full text of the letter can be found here.

About Altai Capital Management

Altai Capital Management is a technology-focused investment firm founded in 2009 by Rishi Bajaj. Altai makes long-term investments across a diverse range of financial instruments, including debt, private equity, venture capital, and publicly traded securities. To learn more, visit www.altai.com.

Disclaimers

This press release and the opinions herein are for general information only, and are not intended to be, nor should they be construed as, an offer to sell or a solicitation of an offer to buy any security, a recommendation to purchase or sell any security, or legal, financial, tax, investment, or other advice.

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Media Contact:
ASC Advisors
Taylor Ingraham / Max Rayden
tingraham@ascadvisors.com/ mrayden@ascadvisors.com

Source: Altai Capital Management, L.P.