07:40 AM EDT, 05/20/2024 (MT Newswires) -- Novavax ( NVAX ) stockholder Shah Capital said Monday it has decided to withdraw its proxy campaign against the reelection of directors at the company's annual meeting scheduled for June 13.

The investment firm, which owns about 8% of Novavax's ( NVAX ) shares, said it will continue to monitor Novavax's ( NVAX ) operations closely and reiterated that the company would benefit from adding a stockholder representative to the board.

Shares of Novavax ( NVAX ) were trading up at more than 1% in premarket activity Monday.

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