Comtech Sets the Record Straight Regarding Outerbridge’s Continued Misleading Claims

Outerbridge’s latest claims do not stand up to the facts; Exposes hedge fund’s misleading statements, material omissions, unqualified director nominees, and true agenda

Comtech’s Board has driven strong performance, transformative acquisition strategy, thoughtful Board refreshment, and access to critical new growth capital

Comtech strongly recommends stockholders vote “FOR” all of Comtech’s highly qualified and experienced director nominees on the BLUE proxy card

November 29, 2021 Comtech Telecommunications Corp. (NASDAQ: CMTL), a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies, today announced that it has filed supplemental investor information with the Securities and Exchange Commission (“SEC”) addressing factual inaccuracies and misleading statements Outerbridge Capital Management has made regarding Comtech’s performance, strategy, Board of Directors and management team. This supplemental information along with a full presentation by Comtech is available under the stockholder materials section of

In response to Outerbridge’s continued false and misleading statements, Comtech notes:

  • Outerbridge greatly misrepresents the facts of Comtech’s performance, revealing an ongoing inability to understand Comtech’s business. The November 22, 2021 “analysis” that Outerbridge filed with the SEC uses a peer set on which no informed shareholder or analyst would rely. Outerbridge cites companies whose market capitalizations, businesses, end markets, and financial profiles differ so radically from Comtech as to render comparisons at best irrelevant, and at worst self-serving and misleading. Further, this analysis cherry picks dates so as to completely ignore the announcements of major new contract wins and governance enhancements that were well underway before Comtech ever heard of Outerbridge.
  • Outerbridge glosses over its deceptive revolving door of Board candidates. In criticizing Comtech’s vetting process, Outerbridge conveniently omits that it failed to permit its initial nominees to follow Comtech’s standard evaluation process; then changed its entire director nominee slate; and then again refused to permit its nominees to participate in standard Board-selection due diligence.
  • Outerbridge’s director nominees are unfit to serve on Comtech’s Board. Wendi Carpenter offers no industry, accounting, or M&A expertise. Ms. Carpenter sits on the Board of only one company, SkyWater Technology, whose share price fell 36% following disappointing third quarter earnings in which the company reported a net loss and its principal accounting officer resigned without explanation. Comtech also discovered material omissions from Ms. Carpenter’s resume that mask a history of poor oversight, including chairing a now defunct credit card processing company and forming three small businesses that have been administratively dissolved due to failure to file required annual reports and registrations. Sidney Fuchs currently serves as Chairman of the Board of Eutelsat North America, a major competitor to many of Comtech’s largest customers, creating a material conflict of interest that would significantly damage key customer relationships and negatively impact prospective business opportunities. His industry background is in services – not products or software – and he also possesses no accounting or audit experience. Mr. Fuchs resigned his only position as CEO and director of a public company, ATS Corporation, just a few days after assuming the CEO role.
  • Outerbridge appears to have no value creation plan beyond writing public letters riddled with inaccuracies and misleading, unsubstantiated claims; wasting our Board’s time with an ever-changing selection of director candidates; and actively trading in and out of Comtech’s stock over the past several months while holding a substantial portion of their “ownership” position in short-dated options.

In stark contrast to Outerbridge, Comtech is in the process of executing its real, forward-facing plans to create shareholder value. Armed with new oversight and new capital, Comtech is poised to capitalize on a generational tech-renewal cycle in its core satellite communications and next-generation 911 markets. The presentation highlights that Comtech has:

  • Delivered strong shareholder returns: Through October 29, 2021, Comtech has delivered five-year total shareholder returns of 126.7%, outperforming the S&P 600 which returned 99.7%, the NASDAQ Telecommunications Index which returned 87.5%, and the appropriate peer set who returned 36.7%. This five-year period includes major announcements made by Comtech: (i) the fiscal 2021 refreshment of the Board including the appointment of our second female director; (ii) Comtech’s plan to declassify the Board; (iii) the impact of COVID-19 on Comtech’s full fiscal 2021 results and fiscal 2022 guidance; (iv) the announcement of the completion of the Board’s multi-year CEO succession plan; and (v) major contract award announcements related to NG-911 contracts and a new multi-year contract for our next-generation broadband satellite technology that can result in potential future orders aggregating hundreds of millions of dollars. Despite the indisputable impact of COVID-19 disruptions on its business, Comtech’s share price has also rebounded 84% from pandemic lows.1
  • Executed a transformative acquisition strategy that is producing results: Comtech’s 2016 acquisition of TeleCommunication Systems, Inc. facilitated entry into the 911 public safety market, provided access to blue chip customers, and generated meaningful recurring revenues through multi-year contracts. In the same breath that they refer to Comtech’s 911 public safety business as its “crown jewel,” they criticize the disciplined and thoughtful M&A strategy that built this business. Outerbridge cannot have it both ways.
  • Refreshed its Board with highly capable directors: Since 2020, Comtech’s Board has accelerated a deliberate director refreshment process that was initiated in 2015, resulting in the appointment of four qualified new directors, the planned retirement of three longstanding directors, and declassification as part of its commitment to strong governance. Comtech’s two directors standing for election demonstrate the strong mix of skills, experience, and diverse perspectives on the Board. Larry Waldman’s 35-plus years of experience in auditing and internal controls provide our Board critical expertise in complex global accounting. Judy Chambers was appointed to our Board in August 2021 following a multi-month evaluation process, adding extensive experience interfacing with regulatory authorities as it relates to major infrastructure projects and addressing the interests and concerns of institutional investors.
  • Secured new capital to fund next phase of growth and empowered the right leader: New CEO Mike Porcelain has the operational and executional expertise necessary to move Comtech forward, as evidenced by his ability to drive key, long-term contract wins and secure a $100 million investment following months of discussions. The proceeds of this investment provide the capital necessary to fund Comtech’s next phase of growth, including additional capital investments to service new next-generation 911 contracts and a new large satellite technology contract as well as attractive M&A opportunities. Leading financial and legal advisors thoroughly assessed the terms of this investment, which provide for an adjustment to the conversion price representing a 7% premium. Further, the investment agreement contains no voting obligations with respect to the election of directors.

康泰科技敦促股东支持他们的董事会,今天将蓝色的代理卡投给康泰科技的两位高素质的董事提名人Judy Chambers和Larry Waldman。请不要使用您可能从Outerbridge收到的任何白色代理卡进行返还或其他投票。


为确保您的股份得到代表,请按照蓝色代理卡上的简单说明,通过电话、互联网或在蓝色代理卡上签名、注明日期并将其放入所提供的邮资信封中进行投票。如果您是通过电子邮件收到这封信,您也可以按随附电子邮件中的蓝色"现在投票 "按钮进行投票。请不要理会您可能从外桥公司收到的任何白色代理卡。

If you have any questions or require any assistance with voting your shares, please call Comtech’s proxy solicitor, Innisfree M&A Incorporated:


或+1 (412) 232-3651 (从其他地点)







康泰科技已向美国证券交易委员会("SEC")提交并向公司股东邮寄了一份最终的代理声明,以及随附的 蓝色的代表卡和其他与公司2021财年股东大会("2021年股东大会")有关的相关文件。请本公司股东阅读代理声明、随附的蓝色代理卡和其他有关文件。 蓝色的代表委任书、随附的蓝色代表委任卡以及与公司2021年年度会议相关的、将提交给证券委员会的任何其他文件,或通过参考资料纳入代表委任书,因为它们将包含有关公司2021年年度会议及其相关方的重要信息。公司的股东可以在美国证券交易委员会的网站(或公司的网站(上免费获取提交给美国证券交易委员会的文件副本。


本公司、其董事和某些执行官是,以及本公司的某些其他管理层成员和员工可能被视为就2021年年会审议的事项向股东征集代表的 "参与者"。根据美国证券交易委员会的规则,被视为或可能被视为与本公司2021年年度会议有关的本公司股东征集活动的参与者的人,通过持有证券或其他方式在本公司的直接和间接利益的信息,载于本公司提交的与本公司2021年年度会议有关的最终代理声明和提交给美国证券交易委员会的其他相关文件。你也可以在本公司截至2021年7月31日的财政年度的10-K表年报、本公司和这些人向美国证券交易委员会提交的其他文件中找到有关本公司执行官员和董事的信息。


1资料来源:截至2021年10月29日,彭博社的市场数据。所选同行是拥有商业和政府客户的全球通信解决方案和服务提供商;仅限于市值低于100亿美元的实体。选定的同行包括Elbit, Gilat, KVH Industries, ST Engineering, 和Viasat。股东总回报假设股息按无风险利率再投资。


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