Airgain shares surge 17.77% intraday as O'Connell group pushes for sale citing undervaluation.

Airgain Inc. (AIRG) surged 17.77% intraday following the filing of a Schedule 13D by Timothy O'Connell, Haluk L. Bayraktar, and Emre Aciksoz, who disclosed a 7.9% stake in the company. The group cited Airgain’s undervaluation and called for a formal sale process, estimating potential shareholder value of $11–$13 per share. The investors criticized the board’s failure to create lasting value since the 2016 IPO and signaled intent to push for strategic alternatives, including director replacements if necessary. The announcement, combined with a specific price target and the involvement of high-profile figures like Baykar Technologies’ CEO, likely fueled speculative buying and optimism about a potential takeover or restructuring. The filing’s emphasis on unlocking value through a sale directly aligned with the stock’s sharp intraday rally.