STAAR Surgical's stock plummeted 5.02% during intraday trading on Wednesday, as tensions escalate over a proposed takeover by Swiss eyecare firm Alcon. The sharp decline comes as Broadwood Partners, STAAR's largest shareholder with a 27.5% stake, announced its intention to call a special meeting to remove several directors from the company's board.

Broadwood Partners, led by founder and president Neal Bradsher, has been actively opposing Alcon's $1.5 billion acquisition offer, stating that it undervalues STAAR Surgical and fails to reflect the company's recent financial improvements. The investment firm argues that the board has not fully assessed alternative options and has lost the confidence of shareholders. "New directors are needed to properly steward the Company and restore shareholder trust," Bradsher stated.

The move by Broadwood Partners comes just a day before shareholders are scheduled to vote on the proposed deal. Adding to the pressure, at least two other investors, Yunqi Capital and Defender Capital, which together own 6.5% of STAAR's shares, have also objected to the proposal. With nearly 34% of outstanding shares now in opposition, and proxy advisory firm Institutional Shareholder Services recommending rejection of the offer, the outcome of Thursday's vote remains uncertain, leaving investors on edge.