# EDGAR Filing Document

**Accession Number:** 0001383838
**File Stem:** 0001398344-26-006235
**Filing Date:** 2026-4
**Character Count:** 18646
**Document Hash:** 3fb711c0059f033c552186402f9e89ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-006235.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001398344-26-006235

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260408

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOVAVAX INC
- **CENTRAL INDEX KEY:** 0001000694
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 222816046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-48948
- **FILM NUMBER:** 26846383

**BUSINESS ADDRESS:**
- **STREET 1:** 21 FIRSTFIELD RD
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **BUSINESS PHONE:** 240-268-2000

**MAIL ADDRESS:**
- **STREET 1:** 21 FIRSTFIELD RD
- **CITY:** GAITHERSBURG
- **STATE:** MD
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHAH CAPITAL MANAGEMENT
- **CENTRAL INDEX KEY:** 0001383838

**ORGANIZATION NAME:**
- **EIN:** 201804775
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2301 SUGAR BUSH RD
- **STREET 2:** SUITE 510
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27612
- **BUSINESS PHONE:** 919 719 6360

**MAIL ADDRESS:**
- **STREET 1:** 2301 SUGAR BUSH RD
- **STREET 2:** SUITE 510
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27612

## Exhibit 99.1

![](fp0098293-1_01.jpg)

---

| |
|:---|
| Himanshu H. Shah |
| Managing Partner and Chief Investment Officer |
| **S** **HAH CAPITAL OPPORTUNITY FUND LP** |

---

April 8, 2026

Board of Directors of Novavax Inc.

21 Firstfield Rd.

Gaithersburg, MD 20878

**Notice of Intention to VOTE AGAINST Board Nominees and Executive Compensation – Shah Capital Open Letter** 

As a large and long-term 9% shareholder, we are writing to formally notify you of our intent to vote **AGAINST** the re-election of board nominees and **AGAINST** the executive compensation package at the upcoming 2026 Annual Meeting. Your tenure has overseen a DESTRUCTION of shareholder value - a direct result of chronic operational shortcomings and failures on fiduciary duty.

**Value Destruction (2023–2026)**

---

| | | | |
|:---|:---|:---|:---|
| | **January 1, 2023** | **March 31, 2026** | **Decline** |
| **Share Price** | $11 | $8 | -27% |
| **Shares Outstanding** | 83 million | 163 million | 96% Dilution |
| **Cash & Equivalents** | $1.35 Billion | $750 million as of 12/31/25 | -45% |

---

Source: LSEG

**Sanofi Partnership Not Benefiting Novavax Yet**

For Nuvaxovid to achieve only ~1% share or ~$22 million revenues in 2025 is completely unfathomable and frankly unacceptable for the best-in-class covid vaccine on efficacy and safety which is non-mRNA. This is after spending billions of dollars and **continuing massive R&D expenses, combined non-GAAP $620 million in 2024-25**, to mainly support the annual strain change. Also, we are both surprised and frustrated with Sanofi's continued delay of Phase 3 launch of Covid/Influenza combo even with better clinical results compared to competition for a lucrative ~$5+ billion combo vaccine category.

**NOT enough Cost-cutting and Pessimistic 2026 Revenue Forecast**

Management has failed to implement aggressive cost-cutting measures necessary to achieve consistent profitability. For example, there is no justification for a top-heavy roster of senior executives and/or an eight-member Board to manage a largely passive stream of royalty and partnership revenues. We are also surprised by lower Nuvaxovid sales projections even with the BLA. Nuvaxovid's **target US market share should be over 30%** not ~10% in 2026.

2301 Sugar Bush Rd \| Suite 510 \| Raleigh, NC 27612 \| 919-719-6360 \| shahcapital.com

**Untimely Dilutive CB and Balance Sheet Inertia**

Shah Capital is still at loss for the unfortunate and ill-advised convertible bond extension and $50 million principal increase in outstanding CB in August 2025. Also, Board's cash hoarding while equity massively underperforms is not prudence but a **lack of strategic conviction**.

**Low Institutional Credibility** 

With a strong pipeline consisting of Covid-Influenza Combo (CIC), Shingles, and C-Diff, to name a few along with exciting oncology potential in pre-clinical, why the equity **short interest is so elevated at ~30% of float or 48 million shares** even with Sanofi and Pfizer partnership agreements?

It is noticeably clear that the current equity valuation of Novavax shows that its **leadership is pursuing tenures and not shareholder value**. Therefore, it is imperative that Novavax leadership follows through on Shah Capital's path for success below.

**Cost Discipline and Consistent Profitability**

Novavax has spent in R&D alone $1.35 billion in 2023-25 with only ~$1.3 billion current market capitalization. Irrespective of leadership claim of being lean, there are still numerous ways to reduce cost **without impairing Novavax's leading vaccine science** as the heavy lifting is already complete. Frankly, leadership must guide maximum profitability with combined SG&A and R&D expense spending under $100 million for 2027 plus GAVI/UK combined ~$100 million liability. It is heartening to see UK liability scheduled to be over by 6/30/27 and GAVI by end of 2028.

**Retire outstanding $225M Convertible bond and/or Opportunistic Equity Buyback**

To regain shareholder credibility and reduce extremely high short interest, Novavax must retire the outstanding convertible debt with cash on hand at the earliest, showing **confidence in its superior science** and positive future. The company can also opportunistically buy back 10-20 million shares.

**Governance Changes**

The current senior management team should be reduced by 30% to reflect Novavax's new royalty and partnership business model. The board size should also be reduced to five from eight including electing new members with emphasis on pragmatic entrepreneurial experience to turn Novavax into an equity success story.

**Conclusion**

Even with superior respiratory vaccine science, Novavax **equity has declined 27% in last 3 years and 95% in the last 5 years**. Still, Shah Capital is not instigating a proxy fight as it will be in minority against an entrenched eight-member board. We are hoping all the shareholders of Novavax completely dissent to bring this tenure driven dogmatic leadership to truly listen and follow pragmatism. **Shah Capital also urges both ISS and Glass Lewis to deeply review our research and conclusions** before reaching their "In Favor" proxy recommendation keeping in mind the significant dissent of shareholders in 2025 even with your in-favor recommendation.

2301 Sugar Bush Rd \| Suite 510 \| Raleigh, NC 27612 \| 919-719-6360 \| shahcapital.com

Ideally, we would like to see a **like-minded strategic long-term investor taking 10-20% ownership position to reshape Novavax entirely.**

Sincerely,

/s/ Himanshu H. Shah

Himanshu H. Shah

2301 Sugar Bush Rd \| Suite 510 \| Raleigh, NC 27612 \| 919-719-6360 \| shahcapital.com

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 6)**

**NOVAVAX, INC.**

*(Name of Issuer)*

**Common Stock, Par Value $0.01 per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Himanshu H. Shah**<br>2301 Sugar Bush Road<br>Suite 510<br>Raleigh NC 27612<br>(919) 719-6360

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**04/08/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shah Capital Management** | Name of reporting person<br>**Shah Capital Management** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NORTH CAROLINA** | Citizenship or place of organization<br>**NORTH CAROLINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**14719738.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**14719738.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14719738.00** | Aggregate amount beneficially owned by each reporting person<br>**14719738.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.03%** | Percent of class represented by amount in Row (11)<br>**9.03%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shah Capital Opportunity Fund LP** | Name of reporting person<br>**Shah Capital Opportunity Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**14000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**14000000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14000000.00** | Aggregate amount beneficially owned by each reporting person<br>**14000000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.59%** | Percent of class represented by amount in Row (11)<br>**8.59%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Himanshu H. Shah** | Name of reporting person<br>**Himanshu H. Shah** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**125359.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**14719738.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**125359.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**14719738.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14845097.00** | Aggregate amount beneficially owned by each reporting person<br>**14845097.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.11%** | Percent of class represented by amount in Row (11)<br>**9.11%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, Par Value $0.01 per share

**(b) Name of Issuer:**
NOVAVAX, INC.

**(c) Address of Issuer's Principal Executive Offices:**
700 QUINCE ORCHARD ROAD, GAITHERSBURG, MD, 20878

The following constitutes Amendment No. 6 to the Schedule 13D filed by the undersigned (the "Amendment No. 6"). This Amendment No. 6 amends the Schedule 13D as specifically set forth herein.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended to add the following:

On April 8, 2026, the Reporting Persons sent a letter (the "Shah Capital Open Letter") to the board of directors of the Issuer (the "Board") declaring a notice of intention to vote against Board Nominees and Executive Compensation.  The letter outlines a multitude of reasons including, but not limited to: (i) value destruction; (ii) pessimistic 2026 Revenue forecast; (iii) low institutional credibility; (iv) cost discipline and consistent profitability; (v) and necessary governance changes.  The foregoing description of the Shah Capital Open Letter does not purport to be complete and is qualified in its entirety to the Shah Capital Open Letter, which is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Items 5(a)-(c) are hereby amended and restated to read as follows:

The aggregate percentage of the shares of Common Stock reported owned by each person named herein is based upon 162.9M shares outstanding as of February 16, 2026.

(i) - Shah Capital Management
14,719,738; 9.03%

(ii) - Shah Capital Opportunity Fund LP
14,000,000; 8.59%

(iii) - Himanshu H. Shah
14,845,097; 9.11%

**(b)**
(i) - Shah Capital Management
Sole Voting Power - 0
Shared Voting Power - 14,719,738
Sole Dispositive Power - 0
Shared Dispositive Power - 14,719,738

(ii) - Shah Capital Opportunity Fund LP
Sole Voting Power - 0
Shared Voting Power - 14,000,000
Sole Dispositive Power - 0
Shared Dispositive Power - 14,000,000

(iii) - Himanshu H. Shah
Sole Voting Power - 125,359
Shared Voting Power - 14,719,738
Sole Dispositive Power - 125,359
Shared Dispositive Power - 14,719,738

As of the date hereof, Shah Opportunity directly beneficially owns 14,000,000 shares of Common Stock. As the investment manager of Shah Opportunity and the Shah Managed Accounts, Shah Capital Management may be deemed to beneficially own 14,719,738 shares of Common Stock beneficially owned in the aggregate by Shah Opportunity and held in the Shah Managed Accounts. As of the date hereof, Mr. Shah directly beneficially owns 125,359 shares of Common Stock, which are held in the Mr. Shah Managed Account. As the President and Chief Investment Officer of Shah Capital Management, Mr. Shah may be deemed to beneficially own the 14,719,738 shares of Common Stock beneficially owned in the aggregate by Shah Opportunity and held in the Shah Managed Accounts, which in addition to the 125,359 shares of Common Stock he beneficially owns directly, constitutes an aggregate of 14,845,097 shares of Common Stock that Mr. Shah may be deemed to beneficially own.

**(c)**
Transactions in the Shares of the Issuer Since the Filing of Amendment No. 4 to the Schedule 13D:

There were no transactions in the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Other than as described in this Statement, to the knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any other persons with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shah Capital Management

**Signature:** /s/ Himanshu H. Shah

**Name/Title:** Himanshu H. Shah, President and Chief Investment Officer

**Date:** 04/08/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shah Capital Opportunity Fund LP

**Signature:** /s/ Himanshu H. Shah

**Name/Title:** Himanshu H. Shah, Managing Member

**Date:** 04/08/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Himanshu H. Shah

**Signature:** /s/ Himanshu H. Shah

**Name/Title:** Himanshu H. Shah

**Date:** 04/08/2026