Comtech Up as Former Longtime CEO Kornberg and Ex-CEO Porcelain Pursue Board Changes

Dow Jones

Sep 24, 2024

By Josh Beckerman

Comtech Telecommunications shares rose after two former chief executives announced a board-slate nomination and called for the company to explore strategic alternatives for its 911 Public Safety business.

The stock was up 22% to $4.62 Monday and is down about 45% this year.

Michael Porcelain, who was CEO from January 2022 to August 2022, said in a securities filing Friday that the eight nominees included Fred Kornberg, who was CEO for most of the time period between 1976 through 2021.

Porcelain and Kornberg said in a press release Monday that, collectively, the nominees own about a 7.6% stake in the company. They said Comtech should conduct a "thorough and transparent search" for an external CEO and assess its capital structure and financing.

Comtech said Monday that it "noted the director nominations" and that stockholders aren't required to take any action at this time.

Comtech's operations include terrestrial and wireless network products, 9-1-1 emergency services and satellite and space communications technologies.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 23, 2024 14:50 ET (18:50 GMT)

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