Company: DVAX
Filing Date: 2025-06-04
Form Type: DFAN14A
Source: 0001193125-25-134728
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-06-04
Form: DFAN14A
Chunk 1
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, LP, (together with its affiliates, “Deep Track” or “we”), one of the largest shareholders of Dynavax Technologies Corporation (NASDAQ: DVAX) (“Dynavax”, “DVAX” or the “Company”), with ownership of approximately 14.82% of the Company’s outstanding shares, today announced that leading independent proxy advisory firm Glass, Lewis & Co. (“Glass Lewis”) has recommended shareholders support boardroom change by voting for the election of Deep Track director nominees Brett Erkman and Donald Santel to the Company’s Board of Directors (the “Board”) at the 2025 Annual Meeting of Shareholders (the “Annual Meeting”). Deep Track stated: “We are pleased that Glass Lewis has recognized the need for urgent change in the Dynavax boardroom by recommending shareholders support the election of Brett and Don. In its thoughtful and well-reasoned report, Glass Lewis aptly recognizes that the concerns we have raised around the Company’s strategic direction and capital allocation practices are valid issues that have likely contributed to reduced market confidence in Dynavax and share price underperformance. Notably, Glass Lewis recommends shareholders withhold their vote on Chairman Scott Myers, who is the architect of Dynavax’s current strategy. While we agree with Glass Lewis’s analysis, we believe that electing all four of our nominees – three of whom are independent of Deep Track – remains the best path forward to ensure that shareholders’ best interests are prioritized. If elected, each of our nominees stands ready to work collaboratively with the legacy directors and would bring an objective, open-minded and solutions-oriented perspective to the boardroom. We look forward to continuing to engage with our fellow investors around how our nominees can help unlock Dynavax’s full potential for all shareholders.” In its report, Glass Lewis supported Deep Track’s case for change, writing: 1

| • |     | “After evaluating the arguments presented by each side in this proxy contest, we believe that Deep Track                             
 has highlighted valid and critical questions regarding Dynavax’s strategic direction, capital allocation, and board responsiveness.” |

| 1 | Permission to quote Glass Lewis was neither sought nor received. Emphasis added. |

| • |     | “The Company’s TSR performance over the shorter and medium term has been far more muted, possibly 
 suggesting growing investor apathy regarding the Company’s strategy and outlook.”                 |

| • |     | “Perhaps most critically, we concur with Deep Track’s assertion that             
 Dynavax’s current capital allocation approach appears excessively conservative.” |

| • |