Company: DVAX
Filing Date: 2025-05-12
Form Type: DEFA14A
Source: 0000930413-25-001704
Chunk: 23

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DEFA14A
Chunk 23
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 capital requirements of our investment opportunities evolve The Reality Deep Track’s Claims 32 |

ibdroot \ projects \ IBD - NY \ dilates2022 \ 698484_1 \ Presentations \ 24. 2025.02.XX Fight Deck \ FINAL - to share with Cooley \ Dynavax Investor Presentation (May - 2025)_Print.pptx © Copyright DYNAVAX 2025 Correcting Deep Track’s False and Misleading Claims (2/2) Dynavax should have used cash to pay down its convertible debt rather than refinance it in March 2025 The Board believed driving growth in HEPLISAV - B, advancing our vaccine pipeline, and pursuing strategic opportunities to accelerate growth were a superior use of capital than retiring the convertible notes The exchange lowered our cost of capital, achieved attractive refinancing at favorable terms (50bps lower coupon vs. 2026 notes; ~$5 increase in conversion price) and opportunistically reduced shares outstanding Dynavax maintains a very modest leverage profile compared to commercial - stage peers, and debt remains at the low end of the range (gross and net debt as % of market cap) The Board is not interested in a constructive resolution and has adopted aggressive defense tactics such as the appointment of two ‘hand - picked’ directors Dynavax has proactively and extensively refreshed the Board since our strategic pivot in 2019. Our most recent search process began in August 2024, prior to Deep Track’s initial 13D in September, and our two newest directors, Mr. Emini and Ms. Silvernail, possess vaccine expertise and financial experience that are critical to the company’s present needs Deep Track first indicated its intent to replace directors in mid - November 2024 and only shared the names of its candidates in January 2025; the Board nonetheless conducted thorough interviews of these candidates and made sincere attempts to reach a settlement with offers that included the appointment of as many as two of Deep Track’s independent nominees At the 2025 annual meeting, Dynavax has proposed to begin declassifying the board and allow the shareholder rights plan to expire, providing shareholders with an unfettered vote on our current strategy Deep Track has been willing to compromise Deep Track has been inflexible in its demands to keep Dynavax as a single product company and strip it of its cash. This assigns zero value to the core competence we have built, increases business risk and destroys our ability to create future value All of Deep Track’s settlement offers other than their last one would have afforded