AIM ImmunoTech Refutes Activist Group’s False and Misleading Claims
AIM ImmunoTech has issued a statement refuting claims made by an activist investor group regarding their attempt to take control of the company's Board of Directors at the upcoming 2024 Annual Meeting. The company specifically addresses the activist group's false claim about AIM's historical share price, stating that contrary to the group's assertion of $87.15 on February 25, 2016, the stock was actually trading at $0.16 as of March 15, 2016.
The Delaware Court of Chancery has previously found that the activist group made multiple misleading statements and omissions in their 2022 and 2023 nomination notices. The company urges shareholders to vote 'FOR' all four incumbent Board candidates.
AIM ImmunoTech ha rilasciato una dichiarazione in cui smentisce le affermazioni fatte da un gruppo di investitori attivisti riguardo al loro tentativo di prendere il controllo del Consiglio di Amministrazione dell'azienda durante la prossima Assemblea Annuale del 2024. L'azienda affronta specificamente la falsa affermazione del gruppo attivista riguardo al prezzo storico delle azioni di AIM, dichiarando che, contrariamente all'asserzione del gruppo riguardo a $87,15 il 25 febbraio 2016, le azioni erano effettivamente scambiate a $0,16 al 15 marzo 2016.
La Corte di Cancelleria del Delaware ha già riscontrato che il gruppo attivista ha fatto più dichiarazioni fuorvianti e omissioni nei loro avvisi di nomina del 2022 e 2023. L'azienda esorta gli azionisti a votare 'PER' tutti e quattro i candidati del Consiglio in carica.
AIM ImmunoTech ha emitido un comunicado refutando las afirmaciones hechas por un grupo de inversores activistas respecto a su intento de tomar el control de la Junta Directiva de la empresa en la próxima Junta Anual de 2024. La empresa aborda específicamente la falsa afirmación del grupo activista sobre el precio histórico de las acciones de AIM, declarando que, contrariamente a la afirmación del grupo de $87.15 el 25 de febrero de 2016, las acciones realmente se cotizaban a $0.16 a partir del 15 de marzo de 2016.
El Tribunal de Cancillería de Delaware previamente ha encontrado que el grupo activista hizo múltiples declaraciones engañosas y omisiones en sus avisos de nominación de 2022 y 2023. La empresa insta a los accionistas a votar 'A FAVOR' de los cuatro candidatos actuales de la Junta.
AIM ImmunoTech는 2024년 정기 주주총회에서 회사 이사회를 장악하려는 활동가 투자자 그룹의 주장에 대해 반박하는 성명을 발표했습니다. 회사는 AIM의 역사적인 주가에 관한 활동가 그룹의 잘못된 주장을 구체적으로 다루며, 2016년 2월 25일의 $87.15라는 주장과 달리 2016년 3월 15일 현재 주가는 실제로 $0.16이었다고 밝혔습니다.
델라웨어 챈서리 법원은 이전에 활동가 그룹이 2022년 및 2023년의 지명 통지서에서 여러 건의 오해의 소지가 있는 진술 및 누락을 했다고 판결했습니다. 회사는 주주들에게 현직 이사회 후보자 4명 모두에게 '찬성' 투표를 하도록 독려하고 있습니다.
AIM ImmunoTech a publié un communiqué démentant les allégations d'un groupe d'investisseurs activistes concernant leur tentative de prendre le contrôle du conseil d'administration de l'entreprise lors de la prochaine assemblée générale annuelle de 2024. La société traite spécifiquement la fausse affirmation du groupe activiste concernant le prix historique des actions d'AIM, déclarant qu'en opposition à l'affirmation du groupe de $87,15 le 25 février 2016, l'action était en réalité cotée à $0,16 au 15 mars 2016.
La Cour de Chancellerie du Delaware a précédemment constaté que le groupe activiste avait fait plusieurs déclarations trompeuses et omissions dans leurs avis de nomination de 2022 et 2023. La société appelle les actionnaires à voter 'POUR' les quatre candidats actuels du conseil.
AIM ImmunoTech hat eine Erklärung veröffentlicht, die die von einer aktivistischen Investorengruppe geäußerten Ansprüche zurückweist, die Kontrolle über den Vorstand des Unternehmens bei der kommenden Hauptversammlung 2024 zu übernehmen. Das Unternehmen bezieht sich konkret auf die falsche Behauptung der aktivistischen Gruppe über den historischen Aktienkurs von AIM und erklärt, dass die Aktie am 25. Februar 2016, entgegen der Behauptung der Gruppe von $87,15, tatsächlich am 15. März 2016 bei $0,16 gehandelt wurde.
Das Delaware Court of Chancery hat zuvor festgestellt, dass die aktivistische Gruppe in ihren Nominierungsmitteilungen 2022 und 2023 mehrfach irreführende Aussagen und Unterlassungen gemacht hat. Das Unternehmen ruft die Aktionäre auf, für alle vier amtierenden Vorstandsmitglieder zu stimmen.
- None.
- Stock trading at low price levels ($0.16 in March 2016)
- Company received NYSE American non-compliance notice for low stock price
- Small market capitalization of approximately $13 million
- Management acknowledges unhappiness with stock price performance
Insights
The ongoing proxy battle between AIM ImmunoTech and an activist group reveals serious governance concerns. The Delaware Court of Chancery's findings demonstrate multiple instances of misleading statements and omissions by the activist investors, including false disclosures about historical share prices, concealment of key participants and misrepresentation of board nominees' track records.
The activist group's demand for
This proxy contest highlights the importance of accurate disclosures in corporate governance matters and the potential impact of activist interventions on small-cap companies' resources.
Sets Record Straight on Mischaracterization of AIM’s Historical Share Price
Reminds AIM Shareholders of Activist Group’s Numerous Lies, Omissions and Misrepresentations in Multi-Year Effort to Take Control of the Board
Urges Shareholders to Safeguard AIM by Voting “FOR” ALL Four of the Board’s Incumbent Candidates and Discarding Any Proxy Materials Received from the Activist Group
Since 2016, the Board and management team have worked to overcome multiple obstacles, refocus the Company’s clinical development programs to high-value indications, improve its financial condition and lay the foundation for long-term shareholder value creation. To be clear, the Board and management are unhappy with the Company’s stock price performance – but they are doing everything possible to continue the significant momentum with Ampligen – which is ultimately what will create long-term value for all shareholders.
Unfortunately, the Activist Group has accused AIM of lying about its historical share price. The Activist Group, however, is the one who is lying by claiming in its proxy statement: “On February 25, 2016, the day that Mr. Equels assumed the role of CEO, AIM’s stock closed at
The truth is that AIM’s stock has never traded anywhere near such a price:
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Just 20 days after February 25, 2016, in a Form 8-K filed with the
U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2016 (the “March 2016 Form 8-K”), AIM confirmed that, “as of March 15, 2016, the closing price on the NYSE MKT was$0.16
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The March 2016 Form 8-K disclosed the Company’s receipt of written notice from the NYSE MKT LLC (n/k/a NYSE American) that the Company was not in compliance with the exchange’s continued listing standards because the Company’s common stock had been selling at what the NYSE American considers a “low selling price”3 – generally trading below
$0.20
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In the March 15, 2016 letter to AIM referenced above, the NYSE MKT LLC confirmed the stock was trading persistently at a low level by noting: “the price per share of the Company’s Common Stock has closed at or below
$0.20
The reality is that the Activist Group has lied repeatedly to shareholders. Consider the following instances where its members have been found by the
1. In 2023, the Activist Group’s 2023 nomination notice obscured the roles of Todd Deutsch, Franz Tudor and others in connection with the 2022 nomination effort and omitted important information regarding the Activist Group’s 2023 nomination effort.
- The Court noted, “Directors and stockholders would justifiably want to know whether a nomination is part of a broader scheme. Such information was withheld from or obfuscated in the Kellner Notice.”5
- The Court added, “The Kellner Notice states that before July 2023, ‘no decision was made [for any of Kellner, Deutsch or Chioini] to work together to advance potential nominations or otherwise take any action with respect to the Company.’ This statement is false.”6
2. The Activist Group also concealed key information related to their nominees’ governance track records on public boards in the 2023 nomination notice.
- The Court wrote, “The questionnaires required nominees to disclose any adverse recommendation from proxy advisory firms in connection with their service on other boards. Kellner, Deutsch, and Chioini each had prior ‘withhold’ recommendations that they neglected to disclose … [i]nstead, they each affirmatively checked ‘no.’ Those representations were untrue.”7
3. The Activist Group hid its true backers, Mr. Tudor and Michael Xirinachs, in the 2022 nomination notice.
- According to the Court, “Jorgl became an AIM stockholder solely to front a nomination and shield undisclosed persons behind the scenes. Those persons included two white collar criminals—one of whom had become increasingly hostile to AIM and had misrepresented himself as an AIM representative to third parties.”8
4. The 2022 notice also disguised the true motivations of the Activist Group.
- The Court wrote, “The evidence also indicates that [Messrs.] Tudor’s and Xirinachs’s actions went beyond loose discussions about the nominations. Their actions appear purposefully directed toward a shared goal of taking control of the Board. They were coordinated and constructed over a period of weeks.”9
Furthermore, the Court confirmed “The plaintiff’s group – not the Board – are ‘the ones engaging in manipulative conduct”10 by pursuing litigation against AIM. The
Following the Activist Group’s appeal, the Supreme Court of
We believe it is highly problematic for a company with a market capitalization of approximately
AIM encourages shareholders to vote “FOR” ALL four of the Board’s incumbent candidates – Stewart L. Appelrouth, Nancy K. Bryan, Thomas K. Equels and Dr. William M. Mitchell – in connection with the Annual Meeting, on the WHITE universal proxy card.
For more information on how to vote, visit: www.SafeguardAIM.com.
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About AIM ImmunoTech Inc.
AIM ImmunoTech Inc. is an immuno-pharma company focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders and viral diseases, including COVID-19. The Company’s lead product is a first-in-class investigational drug called Ampligen® (rintatolimod), a dsRNA and highly selective TLR3 agonist immuno-modulator with broad spectrum activity in clinical trials for globally important cancers, viral diseases and disorders of the immune system.
For more information, please visit aimimmuno.com and connect with the Company on X, LinkedIn, and Facebook.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “continue,” “believe,” “potential,” “upcoming” and other variations thereon and similar expressions (as well as other words or expressions referencing future events or circumstances) are intended to identify forward-looking statements. Many of these forward-looking statements involve a number of risks and uncertainties. Data, pre-clinical success and clinical success seen to date does not guarantee that Ampligen will be approved as a treatment or therapy for any diseases or conditions. The Company urges investors to consider specifically the various risk factors identified in its most recent Annual Report on Form 10-K, and any risk factors or cautionary statements included in any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, filed with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Among other things, for those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA. The Company does not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof.
Important Additional Information
The Company, its directors and executive officers, Peter W. Rodino, III and Robert Dickey, IV, are deemed to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting. The Company filed its definitive proxy statement (the “Definitive Proxy Statement”) and a WHITE universal proxy card with the SEC on November 4, 2024 in connection with such solicitation of proxies from the Company’s stockholders. STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH DEFINITIVE PROXY STATEMENT, ACCOMPANYING WHITE UNIVERSAL PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING. The Definitive Proxy Statement contains information regarding the identity of the participants, and their direct and indirect interests, by security holdings or otherwise, in the Company’s securities and can be found in the section titled “Principal Stockholders” of the Definitive Proxy Statement and available here. Information regarding subsequent changes to their holdings of the Company’s securities can be found in the SEC filings on Forms 3, 4, and 5, which are available on the Company’s website available here or through the SEC’s website at www.sec.gov. Stockholders will be able to obtain the Definitive Proxy Statement, any amendments or supplements thereto and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Company’s website at https://aimimmuno.com/sec-filings/.
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1 The Activist Group’s Definitive Proxy Statement.
2 See the March 2016 Form 8-K, filed with the SEC on March 16, 2016 (emphasis added).
3 See id.; see also the NYSE American Company Guide.
4 See id. (emphasis added).
5 See December 28, 2023, Opinion of the
6 See id. (emphasis added).
7 See id. (emphasis added).
8 See id. (emphasis added).
9 Jorgl v. AIM ImmunoTech Inc. et al., 2022 WL 16543834, at *32 (Del. Ch. Oct. 28, 2022). (emphasis added).
10 See December 28, 2023, Opinion of the
11 July 29, 2024, Order on Motion for Reargument of the Delaware Supreme Court.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241127594943/en/
Investor Contact:
JTC Team, LLC
Jenene Thomas
908-824-0775
AIM@jtcir.com
Media Contact:
Longacre Square Partners
Joe Germani / Miller Winston
AIM@longacresquare.com
Source: AIM ImmunoTech Inc.
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