Company: STAA
Filing Date: 2025-10-08
Form Type: DFAN14A
Source: 0001213900-25-097463
Chunk: 6

Company: STAAR SURGICAL CO
Filing Date: 2025-10-08
Form: DFAN14A
Chunk 6
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Glass Lewis stated in its report: “Investors
would be better served scuppering the current arrangement in favor of either a full process reset or … the unadulterated pursuit
of the Company’s standalone potential.”

Broadwood urges all shareholders to protect the
long-term value of their investment by voting the GREEN Proxy Card “AGAINST” STAAR’s proposed sale
to Alcon.

In making its recommendation, Glass Lewis agreed
with Broadwood’s core assertion that the Proposed Merger comes at the wrong time, followed the wrong process, and is at the wrong price.

The Wrong Time

| ● | “Management’s projections –                                                                                                      
 disclosed in STAAR’s [proxy statement] and characterized by representatives of the Company as reflecting a ‘dramatic turnaround’ 
 during our engagement – codify clear expectations around an operational rebound as early as 2026… [W]e struggle                  
 to see the proposed transaction as an imminently necessary alternative to STAAR’s standalone recovery …”                         |

| 1 | Permission to use quotes neither sought nor obtained. Emphasis 
 added.                                                         |

| ● | “…STAAR floated the current deal                                                                                         
 one day prior to 2Q25 results containing new information relating to the Company’s standalone performance and prospects. 
 This methodology expressly preempted the market’s ability to separately reappraise STAAR’s standalone value, while also  
 limiting the board’s ability to leverage any re-rating to create negotiating friction with Alcon.”                       |

| ● | “…[T]he board’s election                                                                                                                
 to execute and announce the current deal just prior to 2Q25 results necessarily blunted price discovery reflective of STAAR’s           
 most recent standalone operating performance. Given the degree to which STAAR’s metrics exceeded expectations, we find it comparatively 
 difficult to see how this tack clearly aligns with maximizing value.”                                                                   |

| ● | “…STAAR is financially stable                                                                                                             
 and, by its own accounting, anticipates a material and relatively near-term return to growth across several fundamental metrics. Our      
 own review thus puts us in a difficult position to suggest unaffiliated investors have been afforded sufficiently compelling quantitative 
 cause to cede exposure to that upside in exchange for a one-time cash-out.”                                                               |

The Wrong Process

| ● | “We do not see persuasive cause for                                                                                             
 investors to conclude the board’s review was at all thorough or proactive, and believe available information raises substantial 
 and credible questions regarding timing, cadence and transparency.”                                                             |

|