Activist investor Sachem Head Capital Management has revealed it owns a 9.4% stake in Olin and intends to nominate four directors to the US chemical company’s board at the annual meeting of shareholders. One of the nominees is Sachem Head managing partner Scott Ferguson.

Sachem Head said in a filing to the US Securities and Exchange Commission that is believes Olin’s common stock is undervalued and an attractive investment. The New York-based firm added that it has engaged and will continue to engage with Olin’s management, board and shareholders on issues that “may relate to the business, management, operations (including cost structure), assets, capitalization, financial condition, strategic plans, governance, board composition, and the future of [Olin].”

Olin confirmed it has been in discussions with Sachem Head and said it plans to continue the talks, adding that it will review and consider the investor’s proposed nominees. The three other nominees are Sachem Head analyst William Barnes Hauptfuhrer, former banker Wendy Lane and investor Alexander Nomitch.

The Clayton, Missouri-headquartered manufacturer of chlor-alkali, vinyls and ammunition, posted net losses of $77.2 million and $11.3 million for the fourth quarter of 2019 and full year 2019 respectively. Its share price has dropped nearly 28% over the past year, according to Reuters.

Olin, which currently has 12 directors on its board, has not yet announced the date of its annual meeting.