CINCINNATI, March 04, 2025 (GLOBE NEWSWIRE) — Quipt Home Medical Corp. (the “Company” or “Quipt“) (NASDAQ:QIPT, TSX:QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced that it has entered into a cooperation agreement (the “Agreement“) with David Kanen, Philotimo Fund, LP and Kanen Wealth Management, LLC (collectively with their affiliates, “Kanen“), under which Kanen has agreed to withdraw its notice of its intent to solicit proxies in support of four director candidates at the Company’s upcoming 2025 annual general meeting of shareholders in opposition to the director candidates recommended by the Company. As part of the Agreement, the Company’s Board of Directors (the “Board“) has granted Kanen certain Board access rights for as long as Kanen maintains aggregate beneficial ownership of at least 3.5% of the Company’s outstanding shares. These access rights include the right to request and conduct quarterly discussions with either the Chairman of the Board or another non-executive director designee of the Board.
Under the Agreement, the Company agreed to establish a new committee of the Board to review and provide analysis and non-binding recommendations to the Board pertaining to Kanen’s previously communicated recommendations related to corporate governance and other areas related to the Company’s operations.
“We want to thank Kanen for their constructive discussions and valuable insights,” stated Mark Greenberg, Lead Independent Director of the Board. “We appreciate the perspectives of all shareholders and welcome ongoing engagement as management executes on our strategic growth plans to drive long-term growth.”
David Kanen, President and CEO of Kanen commented: “We appreciate the Company’s willingness to engage with us and its commitment to maximizing value for Quipt shareholders. The formation of this Committee is an important step, and we look forward to working constructively with the Company to help unlock long-term value.”
Pursuant to the Agreement, Kanen has also agreed to a customary standstill, a voting commitment and other provisions. The full text of the Agreement will be filed as an exhibit to a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC“) and with the Canadian securities regulators.
Advisors
DLA Piper serves as the Company’s legal advisors in Canada and the United States. In addition, Vinson & Elkins L.L.P. and Goodmans LLP assisted …
