Dye & Durham Co-Founder Ronnie Wahi Intends to Reconstitute the Company's Board and Seek a Sale of the Business

Core Viewpoint - The current board led by Engine Capital is failing to engage with potential acquirers, resulting in significant shareholder value destruction, and a new board is needed to maximize value through a sale of the entire business [1][5][6] Group 1: Board Performance and Strategy - Since Engine Capital took control in December 2024, the company has experienced a nearly 70% decline in share price, severe revenue deterioration, and increased spending, leading to a default on its debt [2][3] - The company has cycled through four CEOs and three CFOs in less than a year, indicating a pattern of mismanagement and failed leadership [2][3] Group 2: Shareholder Engagement and Value Maximization - Mr. Wahi has made multiple attempts to engage constructively with the board regarding critical issues, but these efforts have been unsuccessful, leading to a loss of shareholder confidence [3][6] - There is ongoing interest from qualified buyers at a significant premium to the current share price, but the board is not engaging with these potential acquirers [4][5] Group 3: Proposed Changes and Future Actions - Mr. Wahi intends to nominate qualified individuals to reconstitute the board at the upcoming annual meeting, with a focus on maximizing shareholder value through a full sale of the company [5][6] - The new board members will also seek to reverse any asset sales made prior to their election [5]