Company: DVAX
Filing Date: 2025-03-10
Form Type: DFAN14A
Source: 0001193125-25-050430
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-03-10
Form: DFAN14A
Chunk 1
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 Refreshed Board to Drive Critical Strategic Improvements and Protect the Long-Term Interests of Shareholders Greenwich, CT, March 10, 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 14.34% of the Company’s outstanding shares, today sent a letter to the Company’s Board of Directors (the “Board”) related to Deep Track’s nomination of four highly qualified candidates for election to the Company’s Board of Directors (the “Board”) at the 2025 Annual Meeting of Shareholders (the “Annual Meeting”). The full text of the letter follows: March 10, 2025 Dear Members of the Dynavax Board, As you are aware, 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 14.34% of the Company’s outstanding shares. We are writing today to convey the following:

| 1) | An update on the reactions we have received thus far from other shareholders to our public letter announcing                                                                 
 our nomination of four director candidates for election to the Company’s Board of Directors (the “Board”) at the 2025 Annual Meeting of Stockholders (the “Annual Meeting”); |

| 2) | Our disappointment that the Board seems uninterested in reaching a constructive resolution with us, and instead                           
 has chosen to deploy petty defensive tactics that are straight out of the most aggressive edition of the “Activism Defense 101” playbook; |

| 3) | Concern that you have chosen to double down on a questionable unsophisticated corporate finance strategy with 
 last week’s convertible debt issuance, especially so close to the Annual Meeting; and                         |

| 4) | Clarification that our campaign is in no way about taking “control” of the Board – as you 
 falsely stated in your response to our nominations.                                       |

Please consider the following points as you determine next steps in your engagement with us: Other Shareholders Have Expressed Alignment with Our Position Since our public letter on February 19 th, we have received messages of support from a number of significant Dynavax shareholders who believe our recommended course of action is not only reasonable, but optimal for