Company: STAA
Filing Date: 2025-10-08
Form Type: DFAN14A
Source: 0001213900-25-097463
Chunk: 3

Company: STAAR SURGICAL CO
Filing Date: 2025-10-08
Form: DFAN14A
Chunk 3
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 filed with the SEC on September 16, 2025, at 44 and 62. |
| 4 | Id.                                                                                            
 at 45 and 61.                                                                                  |
| 5 | Source:                                                                                        
 STAAR press release filed with the SEC on October 6, 2025.                                     |

In our view, the combination of the new, strategically
pessimistic projections and the highly dubious cost-of-capital assumption allowed the Company’s financial advisor to engineer its
“fairness opinion” to justify the deal. That opinion purported to show that the agreed upon $28 per share was, very conveniently,
almost exactly at the midpoint of the “fair” value range.

Importantly, based on management’s initial
projections and STAAR’s actual cost of capital (as calculated by independent data providers Bloomberg, FactSet and Capital IQ),
STAAR’s “fair” value range is much, much higher, with a midpoint above $41 per share.

A more sophisticated board surely would have
objected to late, self-serving and unexplained changes to the Company’s financial model and to a weighted-average cost-of-capital
assumption that differed wildly from the easily verifiable (and widely available) metric. But as best as we can tell, only one of the
STAAR independent directors has ever been a director at a public company that underwent a sale process. Given their lack of M&A experience,
it is possible that this Board simply could not recognize the obvious process and calculation flaws.

But we should not ignore them.

The reality is that this Board failed to protect
us from a management team and financial advisor with misaligned incentives. We must now protect ourselves. It is critically important
that we reject this inadequate and manipulated sale to Alcon by voting “AGAINST” this proposed transaction.

After this proposed deal fails, it will fall
to us collectively as shareholders to identify and elect new directors who are able and dedicated to serving shareholder interests and
committed to appointing capable and experienced executives. We need a team that can help STAAR run a proper strategic alternatives process
and achieve the Company’s full potential. We are prepared to help.

Sincerely,

Neal C. Bradsher

Founder and President

Broadwood Capital, Inc., General Partner of Broadwood Partners, L.P.

About Broadwood

Broadwood Partners, L.P. is managed by Broadwood
Capital, Inc. Broadwood Capital is a private investment firm based in New York City. Neal C. Bradsher is the President of Broad