Company: STAA
Filing Date: 2025-11-04
Form Type: DFAN14A
Source: 0001104659-25-105834
Chunk: 12

Company: STAAR SURGICAL CO
Filing Date: 2025-11-04
Form: DFAN14A
Chunk 12
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2025 Broadwood is a serial activist investor with 10+ activist campaigns launched since 2019 2 In latest campaign, Broadwood has polluted the proposed merger between STAAR and Alcon by lobbying interested parties with hyperbole about the transaction value, process and (nonexistent) BoD conflicts Yunqi Capital Via 27% stake, Broadwood has significant influence over any proposed strategic transactions requiring a stockholder vote – yet has held its position for 20+ years. Stockholders should not expect any transaction to meet Broadwood’s woefully misguided and uninformed thesis of value If proposed merger is unsuccessful and the stock returns to pre - merger levels, Broadwood has a path to seize control of STAAR without paying any premium , rebasing its investment at the expense of other existing stockholders Shortly after transaction announced, Yunqi Capital sold its entire holding in STAAR at ~$27 / share 3 Over the balance of August, Yunqi has bought back a larger stake (~5% 4 ) in STAAR at ~$28 / share – a perplexing decision for a supposedly sophisticated investor given transaction risk On October 22, 2025, Broadwood issued a press release stating that it had notified the STAAR Board of its intention to call a Special Meeting of shareholders for the purpose of replacing several directors (presumably with replacements who share Broadwood’s philosophy and potential takeover strategy) On October 31, 2025, Yunqi issued a press release stating that it had notified the STAAR Board of the need to change the composition of the Board and presenting Yunqi’s own Christopher M. Wang as a Board candidate Example: ▪ Broadwood asserted a potential conflict of interest by STAAR Chairman Dr. Yeu – a widely respected eyecare expert and former president of the American Society of Cataract and Refractive Surgery ▪ Dr. Yeu’s consulting activity across many companies (incl. J&J, B&L and Zeiss) is public record, is evidence of her expertise, and was known when Broadwood voted for her as a Director ▪ In Aug ’25 STAAR BoD rightfully determined no conflict existed

16 Broadwood Capital’s history as an activist leads to underwhelming returns 1 – potentially explaining its desire to rebase STAAR TSR 2 relative to S&P500 Investment duration (years) Company (105%) 21.1 STAAR (815%) 21.6 Lineage / BioTime Company Liquidated 11.3 Comarco (395%)