AstroNova (ALOT) investor relations material

Executive summary

• A special shareholder meeting is scheduled for August 25, 2026, to vote on a proposed merger with Orion Merger Parent, Inc., making the company a wholly owned subsidiary of affiliates managed by Arcline Investment Management LP.

• Multiple shareholder lawsuits and demand letters allege the proxy statement is materially incomplete or misleading, but the company denies these claims and has issued supplemental disclosures to address concerns and avoid litigation delays.

• Supplemental disclosures clarify the engagement of advisors, outreach to potential acquirors, and the fairness opinion process, including details on confidentiality agreements and board deliberations.

• The merger consideration of $29.00 per share represents significant premiums over recent trading prices and is supported by financial analyses comparing it to historical trading, precedent transactions, and discounted cash flow valuations.

• Forward-looking statements highlight risks such as shareholder approval, regulatory challenges, and potential litigation that could impact the merger's completion.

Voting matters and shareholder proposals

• Shareholders will vote on the approval of the merger agreement and related transactions at a special virtual meeting.

• The board unanimously recommends shareholders vote in favor of the merger, citing fairness and best interests.

Board of directors and corporate governance

• The board, with input from advisors, evaluated multiple acquisition proposals and unanimously approved the merger agreement after reviewing financial analyses and fiduciary duties.

• No management team member engaged in post-closing employment or compensation discussions with the acquiror prior to the merger agreement.