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The Radoff-JEC Group Responds to Seer, Inc.'s Rejection of April 24th Acquisition Proposal

SEER
  • The Radoff-JEC Group, representing 7.6% of Seer, Inc. shares, issued a statement urging the Board to reevaluate its non-binding acquisition proposal of $2.35 per share in cash plus a contingent value right, which expires on May 2, 2026.
  • The group criticized the Board's rejection of the improved offer as evidence that the Board & CEO Omid Farokhzad are not acting in the best interests of stockholders & have a record of chronic financial underperformance.
  • The Radoff-JEC Group claims its proposal offers a 39% premium to Seer's unaffected stock price & provides immediate cash, while the Board's reliance on the company's platform value was dismissed as a misunderstanding of the contingent value right.
  • The group alleges CEO Farokhzad has destroyed over $1 billion in investor capital across five companies including Seer, with share prices declining more than 90% or companies going bankrupt, while Farokhzad personally sold over $103 million in Seer shares.
  • Specific allegations against Seer under Farokhzad include a share price decline of over 90% since its IPO, cumulative reported losses exceeding $465 million, & virtually no revenue growth over the past half-decade.
  • The Radoff-JEC Group intends to nominate three independent directors for the 2026 Annual Meeting to hold the incumbent Board accountable & oversee a strategic review: Howard H. Berman, Joshua S. Horowitz, & Luis E. Rinaldini.
  • The group plans to file a preliminary proxy statement with the SEC to solicit votes for its director slate & advises stockholders to review the materials on the SEC website.
  • Current beneficial ownership by the Radoff-JEC Group participants includes approximately 2.6 million shares held by Bradley Radoff & affiliates, & approximately 1.7 million shares held by Michael Torok & affiliates.