2023 Say-On-Pay Winners & Losers

by | Dec 26, 2023

2023 Say-On-Pay Winners & Losers

FYI: For a useful primer on Say-on-Pay you read the Boardroom Alpha Say-On-Pay FAQ. You can also see a listing of 2022 Say-on-Pay failures.

There was no shortage of Say-on-Pay issues again in 2023. As is usually the case, many of those companies that failed (or even lacked full support) on say-on-pay votes had poor stock price returns. For those that had the double issue of poor say-on-pay and tanking stock prices, 2024’s proxy season will be challenging and could result in material changes to the board and executive ranks. Below we highlight many of those that failed both on votes and returns, and the few that surprised on the upside after shareholders voiced their discontent.

List of 2023 Say-on-Pay Failures Whose Stock Price Tanked

When shareholders vote “NO” on Say-on-Pay, it’s usually a good indication that something is wrong at the company. Sometimes the issue is actually laser-focused on compensation amounts or structure (e.g. Netflix), but in many cases it is a vehicle for shareholders to let the board and executives know performance simply isn’t good enough. The list below shows companies where shareholders sent a strong message that things needed to change and shareholders ended up losing big in 2023.

Company Ticker % FOR Say-on-Pay YTD Stock Change
MULLEN AUTOMOTIVE INC MULN 72% -99.86
22ND CENTURY GROUP INC XXII 70% -98.62
FIBROGEN INC FGEN 69% -95.22
CANO HEALTH INC CANO 27% -95.05
NOVAN INC NOVNQ 76% -94.34
CARA THERAPEUTICS INC CARA 78% -93.89
SEELOS THERAPEUTICS INC SEEL 70% -92.46
LADRX CORP LADX 73% -92.27
NANOSTRING TECHNOLOGIES INC NSTG 37% -89.82
IBIO INC IBIO 64% -89.47
BIONANO GENOMICS INC BNGO 51% -88.26
LORDSTOWN MOTORS CORP RIDEQ 76% -87.02
CINEVERSE CORP CNVS 62% -86.31
VERU INC VERU 78% -86.19
AMC ENTERTAINMENT HOLDINGS INC AMC 48% -84.48
PALISADE BIO INC PALI 57% -84.35
DZS INC DZSI 57% -83.76
CASA SYSTEMS INC CASA 76% -83.44
EIGER BIOPHARMACEUTICALS INC EIGR 39% -83.39
RITE AID CORP RADCQ 60% -80.6
NOVOCURE LTD NVCR 67% -80.42
ARCIMOTO INC FUV 72% -77.81
XWELL INC XWEL 18% -77.57
SILK ROAD MEDICAL INC SILK 41% -76.62
VIRNETX HOLDING CORP VHC 65% -74.39
KARTOON STUDIOS INC TOON 64% -71.6
INOGEN INC INGN 72% -70.91
INOVIO PHARMACEUTICALS INC INO 64% -70.79
BIOCARDIA INC BCDA 66% -70.05
AKOUSTIS TECHNOLOGIES INC AKTS 73% -69.86
MERSANA THERAPEUTICS INC MRSN 77% -64.75
SMITH MICRO SOFTWARE INC SMSI 58% -64.02
OCUGEN INC OCGN 57% -64
ADTRAN HOLDINGS INC ADTN 46% -62.03
SALARIUS PHARMACEUTICALS INC SLRX 69% -61.97
DARIOHEALTH CORP DRIO 71% -61.61
BOWFLEX INC BFX 79% -61.35
NIKOLA CORP NKLA 70% -60.09
SELLAS LIFE SCIENCES GROUP INC SLS 60% -60
ESPERION THERAPEUTICS INC ESPR 73% -59.59
PLUS THERAPEUTICS INC PSTV 71% -58.94
LIPOCINE INC LPCN 69% -58.13
GOSSAMER BIO INC GOSS 66% -57.7
MICROBOT MEDICAL INC MBOT 58% -57.5
MEDICAL PROPERTIES TRUST INC MPW 77% -57.33
LEE ENTERPRISES INC LEE 67% -56.09
CO-DIAGNOSTICS INC CODX 58% -54.55
EXPRESS INC EXPR 74% -54.4
AYALA PHARMACEUTICALS INC ADXS 71% -53.33
TREVENA INC TRVN 50% -53.27
SPORTSMAN’S WAREHOUSE HOLDINGS INC SPWH 68% -53.24
KVH INDUSTRIES INC KVHI 74% -50.6
CHIMERIX INC CMRX 74% -50.21
VINCO VENTURES INC BBIG 66% -49.12
TELLURIAN INC TELL 60% -47.56
ALLOGENE THERAPEUTICS INC ALLO 68% -46.87
NEVRO CORP NVRO 28% -45.87
SAGE THERAPEUTICS INC SAGE 78% -41.37
SENSEONICS HOLDINGS INC SENS 78% -41.26
NABORS INDUSTRIES LTD NBR 40% -40.81
ALTIMMUNE INC ALT 76% -40.69
SLEEP NUMBER CORP SNBR 74% -40.18
GROWGENERATION CORP GRWG 50% -39.85
CALIX INC CALX 72% -37.35
COMPASS MINERALS INTERNATIONAL INC CMP 70% -36.69
ZOOMINFO TECHNOLOGIES INC ZI 76% -36.55
OPORTUN FINANCIAL CORP OPRT 69% -35.64
W&T OFFSHORE INC WTI 70% -34.71
WOLFSPEED INC WOLF 77% -33.9
FARMER BROTHERS CO FARM 67% -33.62
PIXELWORKS INC PXLW 69% -33.15
INTEVAC INC IVAC 58% -32.86
PAYCOM SOFTWARE INC PAYC 64% -32.51
RING ENERGY INC REI 74% -31.39
EAGLE BANCORP INC EGBN 57% -30.81
CONFORMIS INC CFMS 67% -30.67
ILLUMINA INC ILMN 14% -30.3
ZENTALIS PHARMACEUTICALS INC ZNTL 35% -30.22
MONTROSE ENVIRONMENTAL GROUP INC MEG 50% -29.93
SOUNDTHINKING INC SSTI 68% -29.93
AQUA METALS INC AQMS 69% -29.74
FORTE BIOSCIENCES INC FBRX 36% -29.72
CHERRY HILL MORTGAGE INVESTMENT CORP CHMI 58% -29.32
ANAPTYSBIO INC ANAB 68% -29.02
NEXTERA ENERGY INC NEE 78% -28.72
TITAN MACHINERY INC TITN 59% -27.98
BCB BANCORP INC BCBP 61% -27.39
YUM CHINA HOLDINGS INC YUMC 67% -26.29
CONAGRA BRANDS INC CAG 69% -26.19
CATO CORP CATO 78% -25.76
CREATIVE MEDIA & COMMUNITY TRUST CORP CMCT 76% -25.65
COMMUNITY HEALTHCARE TRUST INC CHCT 76% -25.52
VIRGIN GALACTIC HOLDINGS INC SPCE 63% -25.5
RELAY THERAPEUTICS INC RLAY 58% -25.27
BAXTER INTERNATIONAL INC BAX 78% -24.8
SAREPTA THERAPEUTICS INC SRPT 28% -24.27
AMARIN CORP PLC AMRN 74% -23.45
BARNES GROUP INC B 76% -22.23
SOUTHERN FIRST BANCSHARES INC SFST 66% -21.64
CUMULUS MEDIA INC CMLS 52% -21.52
VIRIDIAN THERAPEUTICS INC VRDN 65% -21.19
TECHTARGET INC TTGT 65% -21.11
TILRAY BRANDS INC TLRY 70% -20.36
WEIS MARKETS INC WMK 70% -20.36

List of 2023 Say-on-Pay Failures That Surprised on the Upside

While Say-on-Pay voting can often be an good indicator of future poor stock price performance, these companies managed to deliver winning stock returns in 2023 despite poor Say-on-Pay voting in 2023.

Company Ticker % FOR Say-on-Pay YTD Stock Change
RIOT PLATFORMS INC RIOT 55% 427.6
XPO INC XPO 49% 176.7
MARINUS PHARMACEUTICALS INC MRNS 58% 145.7
G III APPAREL GROUP LTD GIII 42% 140.2
FASTLY INC FSLY 47% 129.0
NEOGENOMICS INC NEO 52% 128.1
LIFEWAY FOODS INC LWAY 55% 127.8
PALO ALTO NETWORKS INC PANW 38% 115.4
BROADCOM INC AVGO 32% 102.7
HESKA CORP HSKA 28% 90.3
SERVICENOW INC NOW 41% 81.0
MONOLITHIC POWER SYSTEMS INC MPWR 57% 80.1
NATIONAL WESTERN LIFE GROUP INC NWLI 38% 78.3
SEAGEN INC SGEN 41% 77.7
SEAGEN INC SGEN 54% 77.7
EXPEDIA GROUP INC EXPE 57% 77.1
MDC HOLDINGS INC MDC 45% 69.9
NETFLIX INC NFLX 29% 65.0
CARDLYTICS INC CDLX 51% 62.2
DIGITALBRIDGE GROUP INC DBRG 43% 61.5
UNIVERSAL INSURANCE HOLDINGS INC UVE 54% 60.1
TRANSDIGM GROUP INC TDG 51% 59.9
CHINOOK THERAPEUTICS INC KDNY 56% 58.8
PLAYAGS INC AGS 36% 58.1
NEW RELIC INC NEWR 60% 54.9
UPBOUND GROUP INC UPBD 50% 53.3
TG THERAPEUTICS INC TGTX 37% 46.9
INGERSOLL RAND INC IR 59% 44.3
AXOS FINANCIAL INC AX 54% 43.5
VOYAGER THERAPEUTICS INC VYGR 50% 40.9
ALLY FINANCIAL INC ALLY 52% 40.5
HERITAGE-CRYSTAL CLEAN INC HCCI 58% 39.2
HERITAGE-CRYSTAL CLEAN INC HCCI 53% 39.2
LIFE STORAGE INC LSI 15% 38.3
UPWORK INC UPWK 56% 35.7
AMERICAN NATIONAL BANKSHARES INC AMNB 59% 35.3
RBC BEARINGS INC RBC 54% 34.9
WELLTOWER INC WELL 52% 34.4
APOLLO MEDICAL HOLDINGS INC AMEH 55% 34.2
LIVE NATION ENTERTAINMENT INC LYV 46% 32.8
RPT REALTY RPT 36% 30.6
SITIME CORP SITM 51% 29.7
ELEMENT SOLUTIONS INC ESI 45% 29.5
NECESSITY RETAIL REIT INC RTL 50% 27.9
SYNAPTICS INC SYNA 54% 27.5
CME GROUP INC CME 32% 26.9
AMERICAN EXPRESS CO AXP 54% 26.1
PROGYNY INC PGNY 33% 25.4
PRICESMART INC PSMT 49% 23.0
EQUIFAX INC EFX 43% 23.0
ALLEGIANT TRAVEL CO ALGT 58% 22.2
BLACK KNIGHT INC BKI 33% 22.2
WILLDAN GROUP INC WLDN 44% 21.6

* Data as of Dec 22, 2023

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