Company: STAA
Filing Date: 2025-09-16
Form Type: DEFM14A
Source: 0001193125-25-204396
Chunk: 94

Company: STAAR SURGICAL CO
Filing Date: 2025-09-16
Form: DEFM14A
Chunk 94
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’s common stock. Based on the Projections, Citi calculated the estimated present value of unlevered free cash flows that STAAR was forecasted to generate during the fiscal years ending December 31, 2025 through
December 31, 2030. Citi calculated a range of illustrative terminal values for STAAR as of December 31, 2030 by applying a selected range of revenue exit multiples of 2.5x to 6.5x to an estimate of STAAR revenue in the terminal year based
on the Projections. The unlevered free cash flows and the range of terminal values were then discounted to present values, as of June 27, 2025, using mid-year discounting convention and discount rates
ranging from 13.4% to 14.6%, to derive ranges of implied enterprise value for STAAR. To the range of implied enterprise values it derived for STAAR, Citi added STAAR’s net cash of $185 million as of June 27, 2025, and added a range
of present values of STAAR’s tax benefits from Federal net operating losses carry forwards, and divided the results by the diluted common stock share count of STAAR calculated using the treasury stock method, based on equity information as of
July 30, 2025 as provided by STAAR management. The range of present values of STAAR’s tax benefits from Federal net operating losses carry forwards was calculated by discounting to present values, as of June 27, 2025, estimates of
STAAR’s tax benefits from Federal net operating losses carry forwards, as provided in the Projections, using mid-year discounting convention and discount rates ranging from 13.4% to 14.6%. This analysis
indicated an approximate implied per share equity value reference range for STAAR of $17.70 to $37.50, as compared to the closing share price of the STAAR common stock as of August 1, 2025, of $17.76, and the Merger Consideration of $28.00.

Certain Additional Informational

Citi observed certain other information with respect to STAAR that was not considered part of its financial analyses with respect to its
opinion, but was noted for reference purposes only, including the following:

52-WeekTrading Range

Citi reviewed the historical closing share prices of STAAR common stock for the 52-week period ended
August 1, 2025. Citi