The second-largest shareholder of Israel-based contactless and NFC vendor On Track Innovations is keeping up the pressure as he and his allies wage a battle for control of the company against its board and co-founder, Oded Bashan.
American investor Jerry Ivy, who is backed by veterans of successful proxy fights at a number of other, mostly American, companies, is seeking to take control of the board of OTI, a struggling company that hasn’t turned a profit in its 22-year history.
Ivy and his backers so far have convinced OTI shareholders to vote down three board candidates endorsed by Bashan, who is also the company’s chairman and CEO, at a meeting Nov. 9. The company’s largest shareholder, Marc Silk, was believed to have joined in the vote against the company-backed board candidates.