Mill Pond Capital, LLC, a shareholder holding approximately 3% of Rayonier Advanced Materials Inc. (NYSE: RYAM), has sent a letter to the company's board of directors urging a full sale of the company, according to a press release issued June 17, 2026.

Daniel Farb, managing member of Mill Pond Capital, said in the letter that RYAM's board rejected an unsolicited acquisition offer in November 2025 at $11 to $12 per share, which represented a premium of approximately 100% to the prevailing stock price at the time. Farb noted that the offer and the board's rejection were not disclosed by the company but instead surfaced through a securities filing made by the prospective buyer.

Farb's letter states that RYAM has reported a loss from continuing operations every year since 2019 and has cycled through three chief executive officers. A CEO appointed in January 2026 resigned after roughly 100 days, leaving the company without permanent leadership. The letter also notes that $1 invested in RYAM at its public launch in June 2014 is currently worth less than $0.25.

According to the letter, RYAM carries approximately $55 million to $60 million in annual corporate overhead, which Farb argues a strategic acquirer could reduce significantly. He wrote that RYAM's board members received over $1.3 million in total compensation in 2025, while collectively purchasing fewer than 80,000 shares in the open market during their tenures.

Farb stated that he first privately communicated his view to board chair Julie Dill in a letter dated May 8, 2026, and in a subsequent call, before making his position public. He wrote that the engagement produced only an assurance that the board is "working to do what is best for shareholders."

Mill Pond Capital's letter calls on the board to complete what it describes as an ongoing strategic review by selling the company to a strategic acquirer.