Core Viewpoint - Concerned Vaxart Stockholders are urging fellow stockholders to vote against the proposed reverse stock split at the upcoming special meeting, citing a pattern of the Board disregarding stockholder interests and making value-destructive capital allocation decisions [1][2]. Group 1: Board Accountability - The Concerned Vaxart Stockholders collectively own over 2.5 million shares and are demanding accountability from the Board, which has ignored stockholder votes in the past [1]. - At the 2025 Annual Meeting, four out of six directors did not receive majority support for re-election, and stockholders overwhelmingly opposed the reverse stock split [2]. - Despite stockholder discontent, all six directors remain on the Board and are seeking approval for a reverse stock split again, less than three months after the previous rejection [2]. Group 2: Threat to Stockholder Rights - The Board's historical behavior is seen as a direct threat to stockholder rights and jeopardizes the value of investments [3]. - There is skepticism regarding whether the reverse stock split, if approved, will be executed in a manner that benefits stockholders [3]. - Vaxart has conducted three discounted equity offerings in recent years, undermining stockholder value, including one after a significant funding announcement [3]. Group 3: Contradictory Actions - The Board has previously discussed pursuing non-dilutive funding, but subsequent capital raises have contradicted this commitment, raising concerns about the Board's dedication to protecting stockholder interests [4]. - The Concerned Vaxart Stockholders emphasize the need for stockholders to act now to defend their investments in the company's vaccination technology [5].
Concerned Vaxart Stockholders Unite to Oppose Vaxart's Latest Reverse Stock Split and Defend Stockholder Rights