<SEC-DOCUMENT>0001214659-25-009679.txt : 20250627
<SEC-HEADER>0001214659-25-009679.hdr.sgml : 20250627
<ACCEPTANCE-DATETIME>20250627060308
ACCESSION NUMBER:		0001214659-25-009679
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250627
DATE AS OF CHANGE:		20250627

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AstroNova, Inc.
		CENTRAL INDEX KEY:			0000008146
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER PERIPHERAL EQUIPMENT, NEC [3577]
		ORGANIZATION NAME:           	06 Technology
		EIN:				050318215
		STATE OF INCORPORATION:			RI
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13200
		FILM NUMBER:		251082048

	BUSINESS ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893
		BUSINESS PHONE:		4018284000

	MAIL ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASTRO MED INC /NEW/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLAN TOL INDUSTRIES INC
		DATE OF NAME CHANGE:	19850220

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASKELADDEN CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001815572
		ORGANIZATION NAME:           	
		EIN:				810803834
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1452 HUGHES ROAD
		STREET 2:		SUITE 200 #582
		CITY:			GRAPEVINE
		STATE:			TX
		ZIP:			76051
		BUSINESS PHONE:		682-553-8302

	MAIL ADDRESS:	
		STREET 1:		1452 HUGHES ROAD
		STREET 2:		SUITE 200 #582
		CITY:			GRAPEVINE
		STATE:			TX
		ZIP:			76051
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Times New Roman; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Filed by the Registrant&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Filed by a Party other than the Registrant&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Soliciting Material Pursuant to Section 240.14a-12</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman; margin: 0pt 0; text-align: center"><B>AstroNova, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Samir Patel</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Askeladden Capital Management LLC</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Jeff Sands</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Shawn Kravetz</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Ryan Oviatt</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Boyd Roberts</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">(Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman">No fee required</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman">Fee paid previously with preliminary materials</FONT></TD></TR>
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    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
    14a-6(i)(1) and 0-11</P></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Samir Patel and Askeladden Capital Management
LLC issued the following news release containing an open letter to AstroNova shareholders:</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Leading Independent Proxy Advisor ISS Supports Compelling Case
for Change to AstroNova Board of Directors and Recommends Vote on the GOLD Askeladden Card</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ISS finds &ldquo;change at the Board level is warranted to improve
independence and oversight&rdquo; </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ISS observes &ldquo;pattern [&hellip;] in which outside forces
regularly affect results&rdquo; and &ldquo;questions about the management's credibility and ability to execute&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ISS on Board&rsquo;s recent claim that MTEX was a minor setback:
&ldquo;it is difficult to reconcile this sentiment with reality&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ISS states &ldquo;it was evident that [Samir Patel] has built
a thorough understanding of the business&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Askeladden encourages shareholders to vote for all five of our
nominees on the GOLD proxy card</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FORT WORTH, TX / ACCESS Newswire / June 27, 2025 /</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear AstroNova shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are pleased to announce that leading independent proxy advisory
firm Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;) has concluded that there is a compelling case for change at AstroNova.
Contrary to AstroNova&rsquo;s repeated and misleading ad-hominem attacks, ISS highlighted Askeladden&rsquo;s <I>&ldquo;thorough understanding
of the business.&rdquo; </I>In its report, ISS made the following observations*:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>On AstroNova&rsquo;s shareholder value destruction:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;[Total shareholder return] is disappointing in both an absolute
and a relative sense over all measurement periods. Importantly, TSR declined by over 50 percent over the 12 months through the unaffected
date [&hellip;] The extent of the value destruction demonstrates just how damaging the [MTEX] transaction has been to ALOT.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>On AstroNova&rsquo;s persistent execution issues:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;a pattern has emerged in which outside forces regularly
affect results. The company promises to fix these quickly, but generally fails to do so. [&hellip;] The value-destructive acquisition,
combined with the execution issues, as well as two announced restructuring programs announced less than two years apart, raise questions
about the management's credibility and ability to execute.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>On the lack of Board independence and refreshment:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Four out of the six directors have been on the board between
seven and 14 years, and have overseen ongoing execution issues since the pandemic, two restructurings, and the MTEX acquisition [&hellip;]
there are clear concerns with independence and the board's ability to effectively oversee management [&hellip;] the board appears to have
been hesitant to proactively self-refresh, and has at least three directors with prior professional ties to each other or the CEO.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>On the MTEX acquisition (emphasis ours):</B><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;The board positions the acquisition as a minor setback, and
has argued in its publicly released materials that acquisitions do not always go as planned. <B><U>It is difficult to reconcile this sentiment
with reality</U></B><U>, <B>as a $13.4 million impairment charge</B></U> within the first year of a cash transaction valued at $18.6 million,
alongside the discontinuation of 70 percent of the acquired company's products, <B><U>amounts to the type of failure that shareholders
do not expect a company to encounter in the ordinary course of M&amp;A</U></B>. This was a value-destructive acquisition that put the
company in a riskier financial position as its indebtedness more than doubled [&hellip;] With that said, cracks had started to emerge
even before the deal.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>On Askeladden nominees Jeff Sands and Samir Patel, for whom ISS
recommends voting FOR:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Samir Patel is the company's largest shareholder. During
engagement with ISS, it was evident that he has built a thorough understanding of the business over several years of investment. He would
provide a shareholder's perspective and independence.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;The most important challenge for the company will be turning
around its PI segment, which was set back by the failed acquisition of MTEX. Among the dissident nominees, Jeff Sands appears best suited
to enhance oversight of the restructuring given his background as a turnaround professional and other experience with multiple small companies.
Importantly, like Patel, he also offers much-needed independence.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>On incumbent directors Richard Warzala and Mitchell Quain, for whom
ISS recommends voting WITHHOLD:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&quot;Quain and&nbsp;Warzala&nbsp;are the incumbent directors most
responsible for the concerns underpinning the case for change. Quain is the longest tenured director, and he serves on all key committees.
Similarly,&nbsp;Warzala&nbsp;has been the lead independent director since 2020, and he has prior ties to the CEO, which further undermines
his independence.&quot;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conclusion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As validated by ISS&rsquo;s analysis and recommendation, Askeladden
has outlined a clear case for meaningful change at AstroNova. We encourage fellow shareholders and interested parties to visit&nbsp;askeladdencapital.com/astronova
for
additional information including Askeladden&rsquo;s published analysis, presentation, and definitive proxy materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We urge shareholders to vote to elect directors who truly care about
rapidly maximizing shareholder value. If you need assistance in voting the&nbsp;<B><U>GOLD</U></B>&nbsp;<B>proxy card</B>, please contact
InvestorCom at (877) 972-0090. If you would like to speak to me or any of our candidates, please don&rsquo;t hesitate to contact me directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samir Patel<BR>
samir@askeladdencapital.com<BR>
(682) 553-8302</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This filing, and future filings, will also be made available to shareholders
after dissemination on EDGAR via our website:&nbsp;https://www.askeladdencapital.com/astronova/ These documents will also be available
at no cost at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>*Permission to use quotations from the ISS report was neither sought
nor obtained.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Samir Patel, Askeladden Capital Management LLC,
Jeff Sands, Shawn Kravetz, Ryan Oviatt and Boyd Roberts (collectively the &quot;Participants&quot;) filed a definitive proxy statement
and accompanying proxy card with the SEC on May 20, 2025, as amended on May 21, 2025, to be used in soliciting proxies in connection
with the 2025 annual meeting of shareholders (the &quot;Annual Meeting&quot;) of AstroNova, Inc. (the &quot;Company&quot;). All shareholders
of the Company are advised to read the Proxy Statement and other documents related to the solicitation of proxies, each in connection
with the Annual Meeting, by the Participants, as they contain important information, including additional information related to the
Participants, including a description of their direct or indirect interests by security holdings or otherwise. The Proxy Statement and
an accompanying&nbsp;<B><U>GOLD</U></B>&nbsp;proxy card will be furnished to some or all of the Company's stockholders and is, along
with other relevant documents, available at no charge on the SEC website at&nbsp;http://www.sec.gov, or by contacting Samir Patel at
1452 Hughes Road, Suite 200 #582, Grapevine, TX, 76051.</P>

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