Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 14

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 14
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2023
through a Schedule 13G filing with the SEC; amended its Schedule 13G filing on February 14, 2024 to disclose a 5.49% position in the Company;
and then between February and September 13, 2024 continued to build a position in the Company prior to filing a Schedule 13D, which
accumulations included reaching a 8.33% position in the Company as of June 30, 2024 (as disclosed on a Schedule 13F filed with the SEC
on August 14, 2024) and acquiring an additional 0.70% stake between August 5 and September 13, 2024.

Prior to August 2024, representatives of the Company
met regularly with Brett Erkman, a managing director at Deep Track Capital, LP, in connection with Deep Track’s active monitoring
of its investment in the Company. The interactions between Deep Track and the Company during this period included meetings following the
release of quarterly financial results, as well as at investor conferences and other investor events, during which representatives of
Deep Track and the Company’s management generally discussed the Company’s performance and management responded to Deep Track’s
questions.

The Board and the Company’s management, along with the Company’s financial advisor Goldman Sachs & Co. (“Goldman Sachs”),
routinely discuss capital allocation alternatives, including, among other things, liability management and returning capital
to stockholders, along with other strategic alternatives to enhance stockholder value.

On February 15, 2024, the Board held a
meeting at which the Board reviewed the Company’s capital allocation strategy with the Company’s management. At
such meeting, the Board and the Company’s management discussed various capital allocation pathways including, among
other topics, liability management and the possibility of a return of excess capital to the Company’s stockholders
during the second half of the year. Additionally, the Board and the Company’s management reviewed the Company’s updated operating plans which provided additional
clarity on the Company’s projected capital needs and available cash.

On August 7, 2024, the Company engaged an executive
search firm that had assisted in prior Board refreshment efforts to assist the Board in its ongoing refreshment process, including to
identify potential director candidates with vaccine research and development expertise.

On August 18, 2024, Mr. Erkman sent an email to Ryan
Spencer, the Chief Executive Officer of the Company, expressing Deep Track’s views