Iridex alleges stealth proxy campaign by Novel; Novel discloses 39% stake after belated 13D filing

IRIDEX CORP

All five director nominees elected despite 'withhold' campaign targeting Huss and Shuda; plurality standard applied.
Board alleges Novel and a 'Group of 17' coordinated withhold campaign, violating SEC proxy rules.
Novel amended Schedule 13D on July 13, 2026, disclosing 6.7M shares (39% of common, 29.9% fully diluted).
Company investigating whether Novel's purchases included March 27, 2026, 30% drop before conversion price reset proposal.
Novel offered to change its vote if one targeted director resigned and investigation ended; Board rejected.

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