Irenic Capital Management acquired 1,263,663 shares of Integer Holdings during the fourth quarter, establishing a new position valued at $99.11 million by quarter-end.

Integer’s share price has fallen over 30% in the past year, providing Irenic a lower-cost entry point for its newly established position.

The sizable purchase may reflect Irenic’s confidence in Integer’s recovery prospects and could draw attention from other investors to the undervalued stock.