The Sonic Fund II, L.P. Issues Statement to Adverum Stockholders
Sonic Fund II, L.P. owns about 6.8% of Adverum Biotechnologies, Inc. (NASDAQ: ADVM) and expresses concerns about stockholder impressions regarding management's potential resignation if Sonic's nominees join the Board. Sonic urges stockholders to disregard these fears unless publicly clarified by Adverum's management. The Fund emphasizes the importance of fiduciary duties under Delaware law and advocates for its independent nominees to work collaboratively with existing Board members to enhance stockholder value and improve patient care.
- Sonic Fund II, L.P. has a significant stake of approximately 6.8% in Adverum, indicating potential influence over company direction.
- Sonic's independent nominees promise to work constructively to maximize stockholder value.
- Uncertainties surrounding management's future may create instability and affect stockholder confidence.
The Sonic Fund II, L.P. (“Sonic”), which beneficially owns approximately
“It has come to our attention that one or more Adverum stockholders were left with the impression, following discussions with Adverum’s representatives, that Adverum’s management is prepared to resign if Sonic’s three nominees are elected to the Board. Sonic believes that all stockholders are entitled to discount that fear to zero unless Adverum makes public disclosure to all stockholders addressing management’s actual plans. We remind stockholders that Delaware law imposes fiduciary responsibilities on corporate officers, and hope that stockholders will see through any last-ditch tactic to thwart an improved Board. If elected, our fully independent nominees are each committed to working collaboratively and constructively with the rest of the Board and management from day one – with the sole goals of maximizing stockholder value and delivering critical patient care.”
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210511006123/en/
FAQ
What is the percentage of stock owned by Sonic Fund II in Adverum Biotechnologies?
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