On May 21, 2024, Standard BioTools Inc. filed a definitive proxy statement soliciting proxies and urged shareholders to vote against the shareholder proposal submitted by Madryn Asset Management, which requests the Board to take all necessary steps to eliminate its classified structure and require that all directors be elected on an annual basis. This proposal will be considered at the company?s annual general meeting of shareholders scheduled for June 27, 2024. The company also stated that Madryn had notified them of its intention to nominate two nominees, Avinash Amin and Kurtis J. Wolf, to stand for election as directors at the Annual Meeting, opposing the Board's recommended nominees, Troy Cox and Fenel M. Eloi.

The Board does not endorse any Madryn nominees and recommends that shareholders vote for the election of its two recommended nominees. Furthermore, the company recommended that shareholders vote against the declassification proposal at the 2024 annual meeting.