Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 17

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 17
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% ownership interest in the Company.

On October 27, 2024, the Board held a
meeting with the Company’s management, Goldman Sachs and Cooley to discuss the potential adoption of a stockholder rights
plan in light of the risks posed to the Company and its stockholders by the recent rapid accumulation of the Company’s
common stock by Deep Track.

On October 29, 2024, the Company announced that the
Board had adopted a limited duration rights plan (the “Rights Plan”) in response to the recent rapid accumulations of stock
by Deep Track. The announcement press release noted that the Rights Plan was intended to protect the investment of Dynavax stockholders
during a period in which Dynavax believes shares of the Company do not reflect the inherent value of the business or its long-term growth
potential, and that the Rights Plan should reduce the likelihood that any person or group gains control of Dynavax through open market
accumulation without paying all stockholders an appropriate control premium or without providing the Board sufficient opportunity to make
informed judgments and take actions that are in the best interests of all stockholders. The announcement noted that, as of the date of
the announcement, the Company intended to submit the Rights Plan to a vote of the Company’s stockholders at the Annual Meeting,
and that the Rights Plan would expire on the day following the certification of the voting results for the Annual Meeting, unless the
Company’s stockholders ratify the Rights Plan at or prior to the Annual Meeting, which case the Rights Plan would continue in effect
until October 28, 2025, unless the preferred share repurchase rights thereunder are earlier redeemed or exchanged by the Company.

On October 30, 2024, the Board held a
meeting with the Company’s management, Goldman Sachs and Cooley to further discuss, among other matters,
the Company’s corporate and capital allocation strategies, such as liability management alternatives with respect to
the then-outstanding Convertible Senior Notes due 2026, and to consider authorizing a $200.0 million share repurchase program
that would enable a return of excess capital to the Company’s stockholders and preserve the Company’s ability to
execute on its strategic plan.

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Following the close of market on November 7, 2024, the
Company issued a press release announcing earnings for the quarter ended September 30, 2024, which included financial guidance for fiscal
year 2024 reflecting an expectation to achieve full-year profitability and