MKT Capital Applauds Aurinia Pharmaceuticals’ Management Transition

Believes the Board’s Decision to Remove CEO Peter Greenleaf and Install Kevin Tang as CEO Validates Multi-Year Shareholder Campaign

Commends New Leadership’s Commitment to Shareholder Alignment Through Zero CEO Compensation

Expects Aurinia to Enter New Chapter of Disciplined Capital Allocation and Value Creation

CAYMAN ISLANDS--(BUSINESS WIRE)--MKT Capital Ltd. (together with its affiliates, “MKT Capital” or “we”), a significant long-term shareholder of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (“Aurinia” or the “Company”), today issued the following statement in response to the Company’s announcement that Kevin Tang has been appointed Chief Executive Officer, effective immediately.

Antoine Khalife, Founder of MKT Capital, stated:

“Today marks a watershed moment for Aurinia shareholders. Since 2019, we have tirelessly advocated for accountability, disciplined capital allocation, and genuine alignment between management and the true owners of this Company – its shareholders. The Board’s decision to remove CEO Peter Greenleaf and his executive team, and to install Chair Kevin Tang as CEO, represents a complete validation of the concerns we have raised for nearly three years.

“We are particularly encouraged that Mr. Tang has elected to receive zero compensation – no salary, no bonuses, no equity awards. This stands in stark contrast to the previous regime, where CEO Greenleaf received approximately $26 million in payouts from 2019 to 2022 while shareholders suffered devastating losses and a negative 18% total return over three years. The new leadership team’s modest compensation structure, with base salaries of $300,000 for both the new CFO and COO, signals a refreshing return to fiscal discipline.

“We commend the Board for finally heeding the will of shareholders. In 2023, our successful withhold campaign led to the removal of Chairman George Milne and Compensation Committee Chair Joseph Hagan. In 2024, shareholders withheld majority support from Mr. Greenleaf for the first time. Today, the Board has completed what shareholders have demanded: a complete transformation of Aurinia’s leadership.

“The changes implemented under Mr. Tang’s chairmanship – reducing the size of the Board from nine to six members, discontinuing non-core R&D programs generating over $50 million in annual savings, launching a $150 million share repurchase program, and eliminating time-based RSUs in favor of performance-based awards – were exactly the reforms we called for. Today’s management overhaul completes this transformation.

“We believe Aurinia now has the right leadership to unlock the full potential of LUPKYNIS and maximize value for all shareholders. We intend to remain long-term, supportive shareholders and look forward to Aurinia’s new chapter of disciplined execution and shareholder value creation.

“We extend our sincere best wishes to Mr. Tang and the new Aurinia management team as they pursue the continued commercial success of LUPKYNIS, advance the development of AUR200, and responsibly steward shareholder capital. We are confident that under this new leadership, Aurinia’s resources will be deployed wisely and in the best interests of all shareholders.”

Background
MKT Capital has been a significant shareholder of Aurinia since 2019. Over the past three years, MKT Capital has engaged in constructive activism to improve corporate governance and shareholder alignment at the Company, including:

• April 2023: Launched public campaign calling for removal of Chairman George Milne, CEO Peter Greenleaf, and Compensation Committee Chair Joseph Hagan, citing egregious executive compensation and shareholder value destruction.
• May 2023: Successful withhold campaign resulted in Chairman Milne and Director Hagan receiving less than majority support; both subsequently resigned.
• July 2023: Company initiated strategic review process following shareholder pressure.
• September 2024: Kevin Tang appointed to the Board and subsequently named Chairman.
• April 2025: MKT Capital announced intention to withhold support for CEO Greenleaf at 2025 Annual Meeting.
• March 2026: CEO Greenleaf and executive team depart (March 20); Kevin Tang appointed CEO with zero compensation (March 23).

About MKT Capital Ltd.
Founded by Antoine Khalife, MKT Capital Ltd. is an independent investment firm based in the Cayman Islands, focused on unlocking value across public companies. MKT Capital takes an active approach to investing and has a proven track record of constructive engagement with portfolio company management teams and boards of directors.