On March 15, 2022, Engine Capital LP announced that it has withdrawn its nomination of candidates for election to Blucora, Inc.'s Board of Directors at the upcoming annual meeting of shareholders. Engine Capital expressed its view that the recent appointments of Kanayalal A. Kotecha and J. Richard Leaman represent a step in the right direction, especially given the publicly articulated concerns about the Company's strategy and corporate structure. Engine Capital stated that while it is disappointed with the Board's years long resistance to adding a shareholder representative with financial expertise, it is hopeful that the addition of J. Richard Leaman as a director would help address the Company's failed ‘synergy-focused' strategy, excessive corporate overhead and sustained underperformance.

Engine Capital added that it expects J. Richard Leaman would quickly identify that the Company trades at a significant discount to the sum-of-the-parts and recognize the need to consider steps to close the valuation gap. Engine Capital stated that it intends to continue engaging with the Board and absent enhanced value creation in 2022, Engine Capital may seek meaningful change at the Company's 2023 annual meeting of shareholders.