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Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI), a biotechnology company with a market capitalization of $871 million, announced Monday that three members of its board of directors—Benjamin Daverman, Jessica Hopfield, PhD, and Murali Prahalad, PhD—voluntarily resigned, effective at the close of business on October 21. According to InvestingPro analysis, the company’s stock has shown strong momentum with a 61% return over the past six months, despite challenging market conditions. The company stated the move is part of its effort to rationalize the size of its board and reduce administrative costs. This cost-cutting initiative comes as the company faces profitability challenges, with negative earnings reported in the last twelve months.
With these departures, the board has reduced its number of directors from eleven to eight, effective Monday. According to the company, the resignations were not related to any disagreement with management, the board, or any of its committees regarding the company’s operations, policies, or practices.
Following the resignations, the board made new committee appointments. R. Andrew Eckert was named chair of the Nominating, Governance and Risk Committee and appointed as a member of the Audit Committee. Gregory T. Lucier was appointed as a member of the Nominating, Governance and Risk Committee.
In connection with their departure, the board accelerated the vesting of all unvested restricted stock unit awards held by the three resigning directors, effective as of the date of resignation.
The information in this article is based on a statement from a Securities and Exchange Commission filing.
In other recent news, Maravai LifeSciences Holdings Inc. reported its second-quarter 2025 earnings, revealing a net loss per share of $0.08, which slightly missed the forecasted loss of $0.07. The company’s revenue also fell short of expectations, coming in at $47.4 million, compared to a forecast of $47.61 million. Despite these figures, Stifel has reiterated its Buy rating on the company with a price target of $5.00, following the earnings report. The company’s Nucleic Acid Production and Biologics Safety Testing segments performed as expected, although the adjusted EBITDA was slightly below consensus estimates. These recent developments highlight the company’s challenges in meeting financial projections.
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