** Shares of Covid-19 vaccine maker Novavax rise 3.5% to $4.43 premarket
** U.S.-based hedge fund Shah Capital recommends appointment of two new independent directors, Suresh Katta and Venkat Peri, to Novavax board
** Shah Capital, which owns approximately 6.7% of the outstanding common stock of Novavax, says low share price reflects the board and management's failure to capitalize on NVAX's many significant competitive advantages and address opportunities in the total market
** "We welcome the perspectives of our shareholders and value their input on our strategy," NVAX said in a statement
** NVAX, one of the most shorted stocks on the Nasdaq, is now trading near its record low
** Up to last close, stock lost more than 53% in the past 12 months
(Reporting by Mariam Sunny in Bengaluru)
((Mariam.ESunny@thomsonreuters.com;))
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