Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 365

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 365
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 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 elected for staggered three 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.

Our limited duration stockholder rights plan also may have certain anti-takeover effects. Specifically, the rights issued pursuant to the plan will cause substantial dilution to a person or group that acquires beneficial ownership of more than a specified percentage of our outstanding common stock without the prior approval of our Board of Directors. Although the rights should not interfere with any merger or other business combination approved by the Board of Directors since the rights issued may be amended to permit such acquisition, or may be redeemed by us, the rights plan may deter certain parties from pursuing strategic transactions involving us, including potential acquisitions. In addition, we remain subject to the provisions of the Delaware corporation law that, in general, prohibit any business combination with a beneficial owner of 15% or more of our common stock for three years unless the holder’s acquisition of our stock was approved in advance by our Board of Directors.

Our business could be negatively affected as a result of the pending proxy contest or other actions by activist stockholders.* 

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A group of our stockholders, including Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd. and David Kroin, has notified us of its intention to nominate four candidates for election to our Board of Directors at the 2025 Annual Meeting of Stockholders and engage in a proxy contest in support of their candidates and in opposition to the Board of Directors’ four nominees. A proxy contest or other actions by activist stockholders 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 other actions by activist stockholders is likely