Company: STAA
Filing Date: 2025-12-11
Form Type: PX14A6G
Source: 0001213900-25-120342
Chunk: 4

Company: STAAR SURGICAL CO
Filing Date: 2025-12-11
Form: PX14A6G
Chunk 4
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 a year ago.

We also reject arguments made by STAAR and Alcon to the effect that
a price of $30.75 offers a “generous” premium. We take note of Alcon’s observation that its revised offer price now
represents a 74% premium to STAAR’s 90-day volume-weighted average price (VWAP) and a 66% premium to the closing price of STAAR
common stock on August 4, 2025.

But, as we have also noted before, we struggle to understand how the
Board can genuinely view the stated premium as compelling for shareholders, given that business cycles clearly impacting the Company last
substantially longer than 90 or even 180 days. In prior earnings disclosures, the Company consistently acknowledged working through cyclical
challenges, such as excess inventory and macroeconomic trends in China. Most recently, STAAR’s third quarter results show there
is solid and accelerating demand for its ICL technology in China and globally, and they indicate that the challenges of the past year
reflect temporary headwinds, not structural weaknesses.

It was never the Company’s expectation, prior to the merger announcement,
that these challenges and other headwinds would be resolved within one, two or even three quarters. Although a 74% premium to a 90-day
VWAP may appear compelling when viewed in isolation, this figure is being presented without the fuller context of the Company’s
long-term trajectory – context the Company itself has emphasized many times.

We will continue to vote our shares AGAINST the amended merger agreement
and urge all shareholders to do the same.

Sincerely,

Christopher M. Wang

Founder and Chief Investment Officer

Yunqi Capital Limited

About Yunqi Capital

Yunqi Capital is a Hong Kong headquartered investment manager with
over US$250 million in assets under management. The firm deploys a fundamental long-short equity strategy, with a concentrated portfolio,
that is primarily invested in the equity securities of companies with a significant China connection. Yunqi Capital is led by CIO Chris
Wang, an experienced portfolio manager with a strong track record of generating attractive returns on capital, controlling portfolio risk
and managing investment teams.

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