Airgain, Inc.
A maker of wireless connectivity gear, Airgain designs embedded antennas, 5G smart repeaters (Lighthouse), embedded modems (NimbeLink), and vehicle gateways like AirgainConnect Fleet for consumer, automotive, and industrial devices. Based in San Diego, the company took the Airgain name in 2004 when it refocused on antennas alone — pairing "air" for the waves and "gain," the engineering term for how well an antenna converts signals into radio waves.
The Reporting Persons acquired the shares of Common Stock because they believe the shares are materially undervalued and represent an attractive investment opportunity. The Reporting Persons believe that the Issuer's Board of Directors (the "Board") has been highly ineffective at creating any sustainable shareholder value since the shares of Common Stock have become publicly traded on August 12, 2016 (the "IPO"). To illustrate, as of March 18, 2026, the Issuer's stock price has declined more than 50% from its IPO price of $8.00 per share, with no dividends or distributions paid to shareholders in the Issuer's entire public-company history. Further, the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, leaves shareholders at serious risk of even further value degradation. The Reporting Persons believe the Issuer's business is significantly more valuable to a strategic acquirer than its current public market valuation. The Reporting Persons estimate that the Issuer's shareholders could receive approximately $11 to $13 per share in a sale of the Issuer. This sale valuation estimate is based on the Issuer's consensus analyst forecasted sales of approximately $56 million for fiscal year 2026, gross margins averaging approximately 44% on its products, a conservative two-times multiple of revenues valuation by a strategic acquirer for its core antenna business, and an incremental valuation of at least $25 million for its recently launched Lighthouse product. The Reporting Persons do not have confidence that the Issuer's current Board will engage an investment bank in a timely manner to run a formal strategic alternatives review process. The Reporting Persons intend to engage with the Issuer's management and Board regarding these views and may seek to replace current members of the Board with candidates committed to an expedited return of shareholder capital through a sale of the Issuer or other value-maximizing transaction. The Reporting Persons expect to engage with other shareholders of the Issuer regarding their proposed plans. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate.
The Reporting Persons acquired the shares of Common Stock because they believe the shares are materially undervalued and represent an attractive investment opportunity. The Reporting Persons believe that the Issuer's Board of Directors (the "Board") has been highly ineffective at creating any sustainable shareholder value since the shares of Common Stock have become publicly traded on August 12, 2016 (the "IPO"). To illustrate, as of March 18, 2026, the Issuer's stock price has declined more than 50% from its IPO price of $8.00 per share, with no dividends or distributions paid to shareholders in the Issuer's entire public-company history. Further, the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, leaves shareholders at serious risk of even further value degradation. The Reporting Persons believe the Issuer's business is significantly more valuable to a strategic acquirer than its current public market valuation. The Reporting Persons estimate that the Issuer's shareholders could receive approximately $11 to $13 per share in a sale of the Issuer. This sale valuation estimate is based on the Issuer's consensus analyst forecasted sales of approximately $56 million for fiscal year 2026, gross margins averaging approximately 44% on its products, a conservative two-times multiple of revenues valuation by a strategic acquirer for its core antenna business, and an incremental valuation of at least $25 million for its recently launched Lighthouse product. The Reporting Persons do not have confidence that the Issuer's current Board will engage an investment bank in a timely manner to run a formal strategic alternatives review process. The Reporting Persons intend to engage with the Issuer's management and Board regarding these views and may seek to replace current members of the Board with candidates committed to an expedited return of shareholder capital through a sale of the Issuer or other value-maximizing transaction. The Reporting Persons expect to engage with other shareholders of the Issuer regarding their proposed plans. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate.
The Reporting Persons acquired the shares of Common Stock because they believe the shares are materially undervalued and represent an attractive investment opportunity. The Reporting Persons believe that the Issuer's Board of Directors (the "Board") has been highly ineffective at creating any sustainable shareholder value since the shares of Common Stock have become publicly traded on August 12, 2016 (the "IPO"). To illustrate, as of March 18, 2026, the Issuer's stock price has declined more than 50% from its IPO price of $8.00 per share, with no dividends or distributions paid to shareholders in the Issuer's entire public-company history. Further, the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, leaves shareholders at serious risk of even further value degradation. The Reporting Persons believe the Issuer's business is significantly more valuable to a strategic acquirer than its current public market valuation. The Reporting Persons estimate that the Issuer's shareholders could receive approximately $11 to $13 per share in a sale of the Issuer. This sale valuation estimate is based on the Issuer's consensus analyst forecasted sales of approximately $56 million for fiscal year 2026, gross margins averaging approximately 44% on its products, a conservative two-times multiple of revenues valuation by a strategic acquirer for its core antenna business, and an incremental valuation of at least $25 million for its recently launched Lighthouse product. The Reporting Persons do not have confidence that the Issuer's current Board will engage an investment bank in a timely manner to run a formal strategic alternatives review process. The Reporting Persons intend to engage with the Issuer's management and Board regarding these views and may seek to replace current members of the Board with candidates committed to an expedited return of shareholder capital through a sale of the Issuer or other value-maximizing transaction. The Reporting Persons expect to engage with other shareholders of the Issuer regarding their proposed plans. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate.
| Holder | Schedule | % of class | Shares | Filed |
|---|---|---|---|---|
| Jacob Suen | 13G/APassive | 6.6% | 883.5K | May 15, 2026 |
| Haluk L. Bayraktar | 13DActivist | 3.3% | 398.0K | Mar 19, 2026 |
The Reporting Persons acquired the shares of Common Stock because they believe the shares are materially undervalued and represent an attractive investment opportunity. The Reporting Persons believe that the Issuer's Board of Directors (the "Board") has been highly ineffective at creating any sustainable shareholder value since the shares of Common Stock have become publicly traded on August 12, 2016 (the "IPO"). To illustrate, as of March 18, 2026, the Issuer's stock price has declined more than 50% from its IPO price of $8.00 per share, with no dividends or distributions paid to shareholders in the Issuer's entire public-company history. Further, the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, leaves shareholders at serious risk of even further value degradation. The Reporting Persons believe the Issuer's business is significantly more valuable to a strategic acquirer than its current public market valuation. The Reporting Persons estimate that the Issuer's shareholders could receive approximately $11 to $13 per share in a sale of the Issuer. This sale valuation estimate is based on the Issuer's consensus analyst forecasted sales of approximately $56 million for fiscal year 2026, gross margins averaging approximately 44% on its products, a conservative two-times multiple of revenues valuation by a strategic acquirer for its core antenna business, and an incremental valuation of at least $25 million for its recently launched Lighthouse product. The Reporting Persons do not have confidence that the Issuer's current Board will engage an investment bank in a timely manner to run a formal strategic alternatives review process. The Reporting Persons intend to engage with the Issuer's management and Board regarding these views and may seek to replace current members of the Board with candidates committed to an expedited return of shareholder capital through a sale of the Issuer or other value-maximizing transaction. The Reporting Persons expect to engage with other shareholders of the Issuer regarding their proposed plans. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate. | ||||
| Timothy O'Connell | 13DActivist | 2.7% | 332.1K | Mar 19, 2026 |
The Reporting Persons acquired the shares of Common Stock because they believe the shares are materially undervalued and represent an attractive investment opportunity. The Reporting Persons believe that the Issuer's Board of Directors (the "Board") has been highly ineffective at creating any sustainable shareholder value since the shares of Common Stock have become publicly traded on August 12, 2016 (the "IPO"). To illustrate, as of March 18, 2026, the Issuer's stock price has declined more than 50% from its IPO price of $8.00 per share, with no dividends or distributions paid to shareholders in the Issuer's entire public-company history. Further, the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, leaves shareholders at serious risk of even further value degradation. The Reporting Persons believe the Issuer's business is significantly more valuable to a strategic acquirer than its current public market valuation. The Reporting Persons estimate that the Issuer's shareholders could receive approximately $11 to $13 per share in a sale of the Issuer. This sale valuation estimate is based on the Issuer's consensus analyst forecasted sales of approximately $56 million for fiscal year 2026, gross margins averaging approximately 44% on its products, a conservative two-times multiple of revenues valuation by a strategic acquirer for its core antenna business, and an incremental valuation of at least $25 million for its recently launched Lighthouse product. The Reporting Persons do not have confidence that the Issuer's current Board will engage an investment bank in a timely manner to run a formal strategic alternatives review process. The Reporting Persons intend to engage with the Issuer's management and Board regarding these views and may seek to replace current members of the Board with candidates committed to an expedited return of shareholder capital through a sale of the Issuer or other value-maximizing transaction. The Reporting Persons expect to engage with other shareholders of the Issuer regarding their proposed plans. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate. | ||||
| Emre Aciksoz | 13DActivist | 1.9% | 230.2K | Mar 19, 2026 |
The Reporting Persons acquired the shares of Common Stock because they believe the shares are materially undervalued and represent an attractive investment opportunity. The Reporting Persons believe that the Issuer's Board of Directors (the "Board") has been highly ineffective at creating any sustainable shareholder value since the shares of Common Stock have become publicly traded on August 12, 2016 (the "IPO"). To illustrate, as of March 18, 2026, the Issuer's stock price has declined more than 50% from its IPO price of $8.00 per share, with no dividends or distributions paid to shareholders in the Issuer's entire public-company history. Further, the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, leaves shareholders at serious risk of even further value degradation. The Reporting Persons believe the Issuer's business is significantly more valuable to a strategic acquirer than its current public market valuation. The Reporting Persons estimate that the Issuer's shareholders could receive approximately $11 to $13 per share in a sale of the Issuer. This sale valuation estimate is based on the Issuer's consensus analyst forecasted sales of approximately $56 million for fiscal year 2026, gross margins averaging approximately 44% on its products, a conservative two-times multiple of revenues valuation by a strategic acquirer for its core antenna business, and an incremental valuation of at least $25 million for its recently launched Lighthouse product. The Reporting Persons do not have confidence that the Issuer's current Board will engage an investment bank in a timely manner to run a formal strategic alternatives review process. The Reporting Persons intend to engage with the Issuer's management and Board regarding these views and may seek to replace current members of the Board with candidates committed to an expedited return of shareholder capital through a sale of the Issuer or other value-maximizing transaction. The Reporting Persons expect to engage with other shareholders of the Issuer regarding their proposed plans. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate. | ||||
| BLAIR WILLIAM & CO/IL | 13G/APassive | 6% | 716.4K | Nov 14, 2025 |
| First Eagle Investment Management, LLC | 13G/APassive | 4.8% | 559.2K | May 14, 2025 |