Company: DVAX
Filing Date: 2025-04-22
Form Type: DFAN14A
Source: 0001193125-25-087436
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-22
Form: DFAN14A
Chunk 1
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’s Four Highly Qualified Director Nominees Greenwich, CT, April 21, 2025– Deep Track Capital, LP, (together with its affiliates, “Deep Track” or “we”), one of the largest shareholders of Dynavax Technologies Corporation (NASDAQ: DVAX) (“Dynavax”, “DVAX” or the “Company”), with ownership of approximately 14.53% of the Company’s outstanding shares, today announced that it has filed a definitive proxy statement in connection with its nomination of four highly qualified candidates for election to the Company’s Board of Directors (the “Board”) at the 2025 Annual Meeting of Stockholders (the “Annual Meeting”). Deep Track also sent a letter to shareholders. The full text of the letter follows: April 21, 2025 Dear Fellow Dynavax Shareholders, Deep Track Capital, LP (together with its affiliates, “Deep Track” or “we”) is one of the largest shareholders of Dynavax Technologies Corporation (“Dynavax”, “DVAX” or the “Company”), with ownership of approximately 14.53% of the Company’s outstanding shares. We manage approximately $4 billion on behalf of our investors – including many healthcare organizations and non-profits– and focus exclusively on the life sciences space and the development of novel therapies. Senior members of our team first purchased Dynavax shares nearly 15 years ago 1and we have continued to steadily build our position in the Company. We have high conviction in Dynavax’s long-term potential. The Company’s lead asset, Heplisav, is extremely valuable and is poised for many years of growth and cash generation. In fact, we believe that Heplisav’s value creation potential will only improve as it becomes further established in the marketplace and becomes the standard of care for hepatitis B vaccination in adults. Unfortunately, we believe that Dynavax is on the wrong track. Instead of focusing on growing Heplisav’s market position, the Company has pursued a years-long search for external assets to acquire. We tried to engage with the Company privately for many months to urge the Board to abandon its fruitless search for acquisition targets, return cash to shareholders through a share repurchase program, and focus exclusively on growing Heplisav – but were rebuffed. We are not a typical “activist” investor. We are a long-term shareholder that is deeply concerned that the Dynavax Board is leading the Company down a path of value destruction that will have negative consequences for all stakeholders. That is why we have taken the