Indaba issues letter to ON24’s board on capital returns, governance

Indaba Capital Management , which is the second largest shareholder of ON24, Inc. ON24" with an ownership interest of nearly 9% of the Company’s outstanding shares, today issued an open letter to the Company’s Board of Directors . "As you know, Indaba is ON24’s second largest shareholder. We are strong proponents of ON24 enacting a meaningful capital return program, a plan to achieve profitability and corporate governance enhancements. We believe these actions are necessary in light of the Company’s approximately 80% share price decline over the past two years. Unfortunately, the need for change at ON24 is evidenced by much more than just objectively terrible shareholder returns. ON24 has a classified Board, long serving directors, no shareholder representative in the boardroom and a history of excessive spending and questionable capital allocation under Co-Founder and Chief Executive Officer Sharat Sharan. These apparent issues are all the more concerning when taking into account that ON24 had a hoard of cash, cash equivalents and marketable securities on its balance sheet as of the end of its last reporting period."