Indaba Issues Letter to the Board of Directors of Benefitfocus Regarding Recent Governance Lapses
Benefitfocus, Inc. (BNFT)
Last benefitfocus, inc. earnings: 3/3 04:05 pm
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US:NASDAQ Investor Relations:
investor.benefitfocus.com
Company Research
Source: Business Wire
SAN FRANCISCO--(BUSINESS WIRE)--Indaba Capital Management, L.P. (together with its affiliates, “Indaba” or “we”), which beneficially owns approximately 9.9% of the outstanding common shares of Benefitfocus, Inc. (NASDAQ: BNFT) (“Benefitfocus” or the “Company”), and approximately 22.9% of the outstanding issue of the Company’s 1.25% convertible senior notes, today issued the below open letter to the Company’s Board of Directors (the “Board”):May 13, 2021The Board of DirectorsBenefitfocus, Inc.100 Benefitfocus WayCharleston, South Carolina 29492Dear Members of the Board of Directors,Indaba Capital is a major holder of the common shares and convertible senior notes issued by Benefitfocus. The Board is well aware of our concerns regarding the Company’s troublesome governance, concerning related party transactions, poor succession planning and weak financial results. The Board is also aware that we recently made a concerted effort to reach a good faith settlement that provided for Inda
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