One of Rakon's major shareholders fears the company may disappear from the NZX if rumoured private equity interest in the electronic components maker proves correct.
The Australian Financial Review's "Street Talk" said this week that "opportunistic tyrekickers" were looking at Rakon, whose share price has averaged just 26.4c over the last five years.
The paper speculated that Australian buyout firm Anchorage Capital Partners - the same company behind the ill-fated float of Dick Smith - could be interested in Rakon.
Mike Daniel, who has 9.3 million shares, or 4.2 per cent, of Rakon, said the market had ignored Rakon's potential, particularly now that it makes componentry for 5G communications networks.
"I suppose it will be another one that drifts away from the NZX because it's an unloved, unattended, a small cap, and brokers don't follow it," he said.
"The people that do a little bit of research on these things - like private equity - I'm sure will be having a look at it," he said.
Rakon, which once specialised in making components for mobile phones, fell from grace when the market became commoditised.
Daniel says it is now on the brink of a boom in 5G - network technology that offers very high internet speeds.
In Rakon's latest interim result, the company's revenue came to $56.9m, up from $53.3m a year earlier, while its net profit fell to $1.3m from $2m.
The company said in its first half commentary that 5G demand was starting to generate revenue.
In its annual report, the company said the roll-out of 5G "continues to be our biggest opportunity and challenge".
Rakon is a global high technology company that designs and manufactures world leading frequency control solutions.
The company's products can be found in satellites and navigation devices.
Rakon listed on the NZX in 2006 at $1.60 and shot to $5.45 a year later.
Daniel said Rakon could soon join the ranks of other NZX stocks like Abano, whose directors this month agreed to a scheme of arrangement for Australia-based private equity firm, BGH Capital and the Ontario Teachers' Pension Plan Board to take the company over.