Impactive Capital’s campaign to overhaul the board at payments and information management company WEX may face delays after regulators flagged potential filing requirements that have yet to be met, according to a recent company disclosure according to Reuters.

The Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions have indicated the activist investor may need to submit applications tied to its proxy fight. WEX says those filings have not yet been made, raising the risk that Impactive’s efforts could be disrupted.

The hedge fund, which owns roughly 5% of WEX, has spent the past year building its case for change and has nominated four directors, including co-founder Lauren Taylor Wolfe, as part of a push to reshape the board and strategy.

WEX, which has a market value of around $5.3bn, warns that failure to secure the necessary regulatory approvals could have material consequences. In its filing, the company says any proxy votes gathered by Impactive could be invalidated if the required applications are not completed.

Impactive says it intends to comply with all relevant regulatory requests, adding that it remains focused on enhancing shareholder value.

No date has yet been set for WEX’s 2026 annual meeting, where shareholders will ultimately vote on the contested board seats.