Company: DVAX
Filing Date: 2025-04-04
Form Type: DEFA14A
Source: 0000930413-25-001154
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-04
Form: DEFA14A
Chunk 1
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 to reach an amicable       
 resolution, which included nearly 20 exchanges with Deep Track, interviewing all three          
 candidates Deep Track made available and offering four settlement proposals. Each of            
 the Board’s settlement proposals included Board change – including adding                       
 multiple independent Deep Track candidates in the Company’s last offer –                        
 and having incumbent directors step down in a methodical way. In response, Deep Track           
 either changed its demands, summarily rejected the proposals or did not respond.                |
| ○ | On                                                                                              
 multiple occasions, Deep Track reiterated that any settlement must afford Deep Track            
 the opportunity to gain majority control of the Board at the 2026 Annual Meeting and            
 must include Brett Erkman, Deep Track’s fund representative, whom the Board interviewed         
 and found unqualified to serve as a director based on a lack of relevant skills and experience. |

As the Board’s actions have demonstrated, Dynavax is open to
the addition of qualified directors who have independent perspective and would help guide the Company’s value creation strategy.The Board believes Deep Track’s nearsighted plan runs counter to the long-term interests of the Company’s investors.
The Dynavax Board remains unwavering in its commitment to act in the best interests of the Company and all stockholders, not only
those of Deep Track.

The Company looks forward to continued engagement with stockholders
and in the coming weeks will provide stockholders with additional information as the 2025 Annual Meeting approaches.

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Goldman Sachs & Co. LLC is serving as financial advisor to Dynavax
and Cooley LLP is serving as legal counsel.

About Dynavax

Dynavax is a commercial-stage biopharmaceutical company developing
and commercializing innovative vaccines to help protect the world against infectious diseases. The Company has two commercial
products, HEPLISAV-B vaccine [Hepatitis B Vaccine (Recombinant), Adjuvanted], which is approved in the U.S., the
European Union and the United Kingdom for the prevention of infection caused by all known subtypes of hepatitis B virus in adults
18 years of age and older, and CpG 1018 adjuvant, currently used in HEPLISAV-B and multiple adjuvanted COVID-19
vaccines. For more information about our marketed products and development pipeline, visit www.dynavax.com.

Forward-Looking Statements

This press release contains “forward-looking” statements
within the meaning of Section 27A of the Securities Act of 1933