Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 18

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 18
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 announced increased long-term commercial opportunity for HEPLISAV-B,
the discontinuation of the Company’s Tdap-1018 vaccine program and the authorization of a $200.0 million share repurchase program
(the “Share Repurchase Program”). This press release stated the Company’s belief that the Share Repurchase Program would
benefit the Company’s stockholders while also preserving financial flexibility to make the investments required to deliver on the
Company’s strategy to maximize the HEPLISAV-B opportunity, advance the Company’s research pipeline, and pursue external opportunities
to expand the Company’s portfolio with strategically aligned assets. The closing share price of the Company’s common stock
on November 8, 2024, increased 8.2% over the closing share price of the prior day.

On November 11, 2024, the Company announced entry into
an Accelerated Share Repurchase transaction agreement to repurchase $100.0 million of shares of Company common stock pursuant to the Share
Repurchase Program.

Later on November 11, 2024, the Company held its regular
post-earnings release call with a representative of Deep Track. During such call, the representative of Deep Track did not seek to discuss
the Rights Plan or the matters referenced in Deep Track’s Schedule 13D filings.

On November 14, 2024, Deep Track sent a letter to the
Board (“November 14 Letter”), expressing Deep Track’s views regarding capital allocation strategy for
the Company. Despite Deep Track’s earlier suggestions that it had no intention of creating a confrontational situation, the letter
went on to express concern that the existing Board members would not execute Deep Track’s strategy and proposed replacing three
existing Board members with three Deep Track director candidates, who were described as a senior member of Deep Track and two biotechnology
executives. The letter further noted that if the Board failed to engage constructively with Deep Track, Deep Track was prepared to nominate
a slate of director candidates at the Annual Meeting. The letter did not specify which directors Deep Track would seek to replace in a
settlement, nor did it raise any concerns about the Company’s classified board or the recently adopted Rights Plan. The letter also
reiterated that Deep Track was not criticizing the Company’s operational execution.

On November 21, 2024, the Board met with the Company’s management and several advisors including Goldman Sachs and Cooley (collectively, the “Advisor
Team”) to discuss
the recent communications from Deep Track and