Company: DVAX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001029142-25-000117
Chunk: 54

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 3
Chunk 54
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 not provide the full benefits anticipated.*

In November 2024, our Board of Directors authorized a share repurchase program (the "Repurchase Program") to repurchase up to $200.0 million worth of our common stock. As of June 30, 2025, we have completed all repurchases of our common stock under the Repurchase Program. The Repurchase Program may not provide the full benefits anticipated, and it may not prove to be the best use of our cash.

The anti-takeover provisions of our certificate of incorporation, our bylaws, and Delaware law may prevent or frustrate a change in control, even if an acquisition would be beneficial to our stockholders, which could affect our stock price adversely and prevent attempts by our stockholders to replace or remove our current management.*

Provisions of our certificate of incorporation and bylaws may delay or prevent a change in control, discourage bids at a premium over the market price of our common stock and adversely affect the market price of our common stock and the voting or other rights of the holders of our common stock. These provisions include:

•authorizing our Board of Directors to issue additional preferred stock with voting rights to be determined by the Board of Directors;

•limiting the persons who can call special meetings of stockholders;

•prohibiting stockholder actions by written consent;

•a classified Board of Directors pursuant to which our directors are currently elected for staggered  terms (until our 2026 Annual Meeting of Stockholders, at and after which directors will be elected to one-year terms);

•providing that a supermajority vote of our stockholders is required for amendment to certain provisions of our certificate of incorporation and bylaws; and

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•establishing advance notice requirements for nominations for election to our Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.

Actions of activist stockholders against us have been and could be disruptive and costly, cause uncertainty about the strategic direction of our business, result in litigation, divert management’s and the Board of Director’s attention and resources, and have an adverse effect on our business and stock price.* 

From time to time, we may be subject to proposals by activist stockholders urging us to take certain corporate actions or to nominate certain individuals to our Board of Directors. For example, we were recently engaged in a proxy contest in connection with our 2025 Annual Meeting of Stockholders. Future activist stockholder matters, including any proxy contest and/or potential related litigation, could have a