Company: DVAX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049536
Chunk: 193

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part II, Item 1A
Chunk 193
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 of our certificate of incorporation and bylaws may delay or prevent a change in control, discourage bids at a premium over the market price of our common stock and adversely affect the market price of our common stock and the voting or other rights of the holders of our common stock. These provisions include:

•authorizing our Board of Directors to issue additional preferred stock with voting rights to be determined by the Board of Directors;

•limiting the persons who can call special meetings of stockholders;

•prohibiting stockholder actions by written consent;

•a classified Board of Directors pursuant to which our directors are currently elected for staggered  terms (until our 2026 Annual Meeting of Stockholders, at and after which directors will be elected to one-year terms);

•providing that a supermajority vote of our stockholders is required for amendment to certain provisions of our certificate of incorporation and bylaws; and

•establishing advance notice requirements for nominations for election to our Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.

Actions of activist stockholders against us have been and could be disruptive and costly, cause uncertainty about the strategic direction of our business, result in litigation, divert management’s and the Board of Director’s attention and resources, and have an adverse effect on our business and stock price.* 

From time to time, we may be subject to proposals by activist stockholders urging us to take certain corporate actions or to nominate certain individuals to our Board of Directors. For example, we were recently engaged in a proxy contest in connection with our 2025 Annual Meeting of Stockholders. Stakeholder perception of our performance or stock price may attract future stockholder activism. Future activist stockholder matters, including any proxy contest and/or potential related litigation, could have a material adverse effect on us for the following reasons:

•Such stockholders may attempt to effect changes in our governance and strategic direction or to acquire control over the Board of Directors or our company;

•While we welcome the opinions of all stockholders, responding to proxy contests and related litigation by activist stockholders could be costly and time-consuming, and could disrupt our operations, and divert the attention of our Board of Directors, management team and other employees away from their regular duties and the pursuit of business opportunities to enhance stockholder value;

•Perceived uncertainties as to our future direction and control, our ability to execute on our strategy, or changes to the composition of our Board of Directors or senior management team arising from a proxy contest could lead to the perception