Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFA14A
Source: 0000930413-25-001275
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFA14A
Chunk 1
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 14, 2025, will be entitled to vote at the meeting. Dynavax’s definitive
proxy materials are available on the investor relations section of the Company’s website at https://investors.dynavax.com/.

In conjunction with the definitive proxy filing, Dynavax is
mailing a letter to the Company’s stockholders. Highlights from the letter include:

| · | Dynavax is executing                                                                       
 a clear strategy that is generating record results and delivering strong returns for       
 stockholders. Dynavax is a commercially successful vaccine company that has generated      
 total stockholder returns of 267% over the past five years1. In addition to                
 growing HEPLISAV-B®, the Company is executing a disciplined capital allocation             
 framework that balances strategic investment and return of capital to stockholders through 
 the Company’s $200 million share repurchase program.                                       |

| · | Dynavax has a highly-qualified Board that has been programmatically and meaningfully refreshed. Dynavax’s director                  
 nominees – Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun – are vastly superior to Deep Track’s                     
 candidates and are best positioned to advance Dynavax’s strategy. The Board has also implemented corporate governance enhancements, 
 including seeking stockholder approval to declassify the Board.                                                                     |

| · | Dynavax has sincerely attempted to reach a settlement, however, Deep Track is seeking Board seats to effectuate its self-serving, 
 value destructive plan. Deep Track is fixated on taking control of the Board at the 2026 Annual Meeting and installing its        
 unqualified fund principal to impose its flawed plan that jeopardizes a strong platform in exchange for a near-term payoff at a   
 considerably lower value.                                                                                                         |

The full text of the letter being mailed to stockholders follows:

Dear Fellow Stockholder,

Based on Dynavax stock price between March 31,
2020, and March 31, 2025.

| Page 1 of 8 |

Your vote at our Annual Meeting on June 11, 2025,
will be critically important this year. Deep Track Capital, a hedge fund, is attempting to replace four of our independent directors,
including our Chairman, in pursuit of a short-term strategy that puts the value of your investment in Dynavax at risk.

We urge you to vote “FOR” Dynavax’s
four highly qualified director nominees on the GOLD universal proxy card today for the following reasons:

| 1. | Dynavax’s strategy is working. We have generated total stockholder returns of 267