Company: STAA
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001213900-25-119309
Chunk: 10

Company: STAAR SURGICAL CO
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 10
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 as a miracle cure for all its failures. But in our view, the transaction continues to suffer from the same flaws that we and other shareholders have been highlighting for four months:

| ● | The                                                                                              
 process remains flawed, with the go-shop overseen by the same directors, with the                
 same deep and longstanding connections to Alcon, and the same misaligned incentives to favor     
 the certainty of a signed agreement with Alcon due to their egregious golden parachute payments. 
 In our view, the go-shop was neither designed, nor was likely, to produce the best available     
 offer and the highest price for STAAR. And it certainly does not cure the litany of procedural   
 failures and missteps that have marked this misbegotten transaction from the start. The go-shop  
 is lipstick on a pig.                                                                            |

| ● | The                                                                                              
 timing remains suboptimal, given that consumer confidence in China, STAAR’s                      
 largest and most important market, was temporarily depressed but is now improving. The strategic 
 alarmism in the Company’s proxy solicitation materials has – unnecessarily and                   
 unjustifiably, in our view – painted a dour view of STAAR’s recent progress and                  
 long-term opportunities. We believe STAAR is poised for continued recovery, with ample cash,     
 robust demand, new products ready to be launched, and cost savings opportunities to drive        
 future profitability. If management’s own projections are achieved, STAAR will become            
 one of the most profitable medical technology companies in the world, and two consecutive        
 quarters of improving financial results indicate that the Company is on a path toward achieving  
 those targets.                                                                                   |

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| ● | The                                                                                             
 price remains inadequate, unchanged from the $28 per share that Alcon offered in                
 August 2025, when STAAR’s stock price, revenue, and gross margins were near their nadir         
 due to temporary (and since resolved) execution issues in the Company’s key China market.       
 During the four months since the transaction was announced, STAAR has delivered two consecutive 
 quarters of solid revenue growth and margin improvement, demonstrating that the Company is      
 on the path to swift revenue growth and high profitability that its own projections indicate.   
 Additionally, valuation multiples across the sector have expanded by a full turn.               
 Yet, Alcon’s offer remains unchanged, anchored to the price STAAR was trading at when           
 temporary investor pessimism resulting from the Company’s challenges was at its peak.           |

Nothing has changed, and we