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  "documentTitle": "Legion One Span Presentation May 2021",
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  "presentationDate": "2021-05-01 00:00:00",
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      "kind": "callout",
      "text": "We believe there are a range of options for unlocking the value of all OneSpan segments, many of which could minimize operational disruptions and maintain synergies between Software and Hardware",
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      "text": "Improve Financial Disclosures – the Company should immediately begin providing segment-level gross and operating margins between Hardware and Software – this would better enable public markets investors to conduct an SOTP valuation analysis, which in turn may avoid the need for any strategic action on Hardware\nExplore Strategic Partnerships – we believe that there are a range of strategic partnership ideas that could potentially maximize Hardware’s value and revenue opportunity\nExplore Alternative Paths Toward Monetizing Hardware – while an outright asset sale could be considered, another alternative could be the sale of the economic rights of Hardware, where nothing “on the ground” would change, merely the cash flows generated from the Hardware segment would be remitted to the new owner (less any management fee or profit share paid to OneSpan)",
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      "text": "The Board has characterized Legion’s plan as solely focused on an asset sale of Hardware – as we have stated privately and publicly, there are multiple paths towards achieving full and fair value for stockholders",
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      "text": "Source: SEC Filings, Legion Partners’ Estimates",
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      "kind": "title",
      "text": "The Board is Misrepresenting Legion’s Plan to Unlock Value",
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