ISS Recommends AIM ImmunoTech Shareholders Vote “FOR” Company Nominees Nancy K. Bryan and Dr. William M. Mitchell
ISS has recommended AIM ImmunoTech shareholders vote FOR Company nominees Nancy K. Bryan and Dr. William M. Mitchell at the upcoming 2024 Annual Meeting.
ISS found the Activist Group's plan , with only one nominee having relevant life sciences expertise, and highlighted concerns about nominee Robert L. Chioini's track record and connections to securities law felons, recommending against his and nominee Todd A. Deutsch's election.
AIM highlighted a $15 million+ investment partnership between activist nominees Ted Kellner and Paul Sweeney, questioning their independence. The Company urged shareholders to vote for all four incumbent candidates on the WHITE proxy card.
Dr. William M. Mitchell emphasized the Company's ability to secure funding for clinical trials and the expertise of the Board members, particularly Tom Equels and Stewart Appelrouth. AIM remains focused on high-value indications like pancreatic cancer to create long-term value.
ISS ha raccomandato agli azionisti di AIM ImmunoTech di votare PER i candidati della Società, Nancy K. Bryan e Dr. William M. Mitchell, nel prossimo incontro annuale del 2024.
ISS ha riscontrato che il piano del Gruppo Attivista, con solo un candidato con esperienza pertinente nelle scienze della vita, presenta delle preoccupazioni riguardo al curriculum di Robert L. Chioini e le sue connessioni con criminali in materia di legge sui titoli, suggerendo di non votare per lui e per il candidato Todd A. Deutsch.
AIM ha evidenziato una partnership di investimento di oltre 15 milioni di dollari tra i candidati attivisti Ted Kellner e Paul Sweeney, mettendo in dubbio la loro indipendenza. La Società ha esortato gli azionisti a votare per tutti e quattro i candidati in carica sulla scheda bianca.
Dr. William M. Mitchell ha sottolineato la capacità della Società di garantire finanziamenti per studi clinici e l'esperienza dei membri del Consiglio, in particolare Tom Equels e Stewart Appelrouth. AIM rimane concentrata su indicazioni di alto valore come il cancro pancreatico per creare valore a lungo termine.
ISS ha recomendado a los accionistas de AIM ImmunoTech que voten POR los candidatos de la Compañía, Nancy K. Bryan y Dr. William M. Mitchell, en la próxima Junta Anual de 2024.
ISS encontró que el plan del Grupo Activista, con solo un candidato que tiene experiencia relevante en ciencias de la vida, plantea preocupaciones sobre el historial de Robert L. Chioini y sus conexiones con delincuentes de la ley de valores, recomendando no votar por él ni por el candidato Todd A. Deutsch.
AIM destacó una asociación de inversión de más de 15 millones de dólares entre los candidatos activistas Ted Kellner y Paul Sweeney, cuestionando su independencia. La Compañía instó a los accionistas a votar por los cuatro candidatos en funciones en la boleta blanca.
Dr. William M. Mitchell enfatizó la capacidad de la Compañía para asegurar financiamiento para ensayos clínicos y la experiencia de los miembros de la Junta, en particular Tom Equels y Stewart Appelrouth. AIM sigue enfocada en indicaciones de alto valor como el cáncer pancreático para crear valor a largo plazo.
ISS는 AIM ImmunoTech 주주들에게 오는 2024년 연례 회의에서 회사 후보인 Nancy K. Bryan와 Dr. William M. Mitchell에게 찬성 투표할 것을 권장했습니다.
ISS는 행동주의 그룹의 계획이 한 명의 후보만이 관련 생명 과학 전문 지식을 갖고 있다고 밝혔고, Robert L. Chioini 후보의 경력과 증권법 범죄자와의 연결에 대한 우려를 강조하며 그의 선출과 Todd A. Deutsch 후보의 선출에 반대하는 권고를 했습니다.
AIM은 행동주의 후보인 Ted Kellner와 Paul Sweeney 간의 1500만 달러 이상의 투자 파트너십을 강조하며 그들의 독립성에 의문을 제기했습니다. 회사는 주주들에게 흰색 위임장에 있는 네 명의 현직 후보 모두에게 투표할 것을 촉구했습니다.
Dr. William M. Mitchell는 임상 시험을 위한 자금을 확보하는 회사의 능력과 이사회의 구성원들, 특히 Tom Equels와 Stewart Appelrouth의 전문성을 강조했습니다. AIM은 장기 가치를 창출하기 위해 췌장암과 같은 고부가가치 적응증에 집중하고 있습니다.
ISS a recommandé aux actionnaires de AIM ImmunoTech de voter POUR les candidats de la Société, Nancy K. Bryan et Dr. William M. Mitchell, lors de la prochaine Assemblée Générale annuelle de 2024.
ISS a constaté que le plan du Groupe Activiste, ne comptant qu'un seul candidat ayant une expertise pertinente en sciences de la vie, soulève des inquiétudes concernant le parcours de Robert L. Chioini et ses liens avec des criminels en matière de droit des valeurs mobilières, recommandant de voter contre lui et contre le candidat Todd A. Deutsch.
AIM a souligné un partenariat d'investissement de plus de 15 millions de dollars entre les candidats activistes Ted Kellner et Paul Sweeney, remettant en question leur indépendance. La Société a exhorté les actionnaires à voter pour les quatre candidats en fonction sur la carte de vote BLANCHE.
Dr. William M. Mitchell a souligné la capacité de la Société à obtenir des financements pour des essais cliniques et l'expertise des membres du Conseil, en particulier Tom Equels et Stewart Appelrouth. AIM reste concentrée sur des indications de grande valeur comme le cancer du pancréas pour créer une valeur à long terme.
ISS hat den Aktionären von AIM ImmunoTech empfohlen, bei der bevorstehenden Hauptversammlung 2024 FÜR die Kandidaten des Unternehmens, Nancy K. Bryan und Dr. William M. Mitchell, zu stimmen.
ISS stellte fest, dass der Plan der Aktivistengruppe nur einen Kandidaten mit relevanter Erfahrung in den Lebenswissenschaften hat und äußerte Bedenken hinsichtlich der Erfolgsbilanz von Robert L. Chioini und dessen Verbindungen zu Verbrechern im Wertpapierrecht, und empfahl gegen seine und die Wahl von Todd A. Deutsch.
AIM hob eine Investitionspartnerschaft von über 15 Millionen Dollar zwischen den Aktivistenkandidaten Ted Kellner und Paul Sweeney hervor und stellte deren Unabhängigkeit in Frage. Das Unternehmen forderte die Aktionäre auf, für alle vier amtierenden Kandidaten auf der WEISSEN Vollmacht zu stimmen.
Dr. William M. Mitchell betonte die Fähigkeit des Unternehmens, Mittel für klinische Studien zu sichern, sowie die Expertise der Vorstandsmitglieder, insbesondere Tom Equels und Stewart Appelrouth. AIM bleibt auf hochkarätige Indikationen wie Bauchspeicheldrüsenkrebs konzentriert, um langfristigen Wert zu schaffen.
- ISS recommends voting for Company nominees Nancy K. Bryan and Dr. William M. Mitchell.
- AIM secures funding for clinical trials from third parties like Merck and AstraZeneca.
- Company highlights $15 million+ investment partnership between Ted Kellner and Paul Sweeney.
- ISS flags concerns about Activist Group nominee Robert L. Chioini's track record and connections to securities law felons.
- ISS recommends against the election of Activist Group nominee Todd A. Deutsch.
- Activist Group demands $8 million in expense reimbursement for prior failed litigation.
Insights
The ISS recommendation against the activist group's board control bid represents a significant development in this proxy contest. The advisory firm's concerns about nominee Robert Chioini's track record and connections to securities law felons raise serious governance red flags. The undisclosed
The activist group's demand for
This proxy contest has significant implications for AIM's strategic direction and capital allocation. The company's focus on government and industry-funded clinical trials, including partnerships with Merck and AstraZeneca, represents a capital-efficient approach to drug development. This strategy helps preserve the company's cash resources, important given its small
The activist group's "" plan and the concerning backgrounds of some nominees create uncertainty around the company's future direction. The undisclosed financial ties between nominees raise questions about independent oversight. Given AIM's early-stage biotech status, maintaining board stability and relevant expertise appears important for advancing its clinical programs and potentially unlocking shareholder value.
ISS Finds That Activist Group’s Plan is “Limited” and Does Not Justify Control of the Board
ISS Notes Activist Group Nominee Robert L. Chioini “Does Not Appear to Be an Appropriate Choice for the AIM Board” Given His Track Record at Rockwell Medical and Ties to Securities Law Felons
ISS Also Recommends Against Election of Activist Group Nominee Todd A. Deutsch
AIM Highlights
Company Urges Shareholders to Safeguard AIM by Voting “FOR” ALL Four of the Board’s Incumbent Candidates on the WHITE Universal Proxy Card and Discarding Any Proxy Materials Received from the Activist Group
In reaching its recommendation against giving the activist investors’ (the “Activist Group”) nominees control of the AIM Board of Directors (the “Board”), ISS noted the following: 1
- “…the [Activist Group] plan is limited, only one of its nominees has relevant life sciences expertise, and half of its slate has apparent ties to individuals with concerning backgrounds.”
ISS flags specific concerns with Activist Group nominee Robert L. Chioini and recommends shareholders vote AGAINST Mr. Chioini and fellow nominee Todd A. Deutsch:
- “Given Chioini's track record at [Rockwell Medical] and his connections to [securities law felons] Tudor and Xirinachs, he does not appear to be an appropriate choice for the AIM [B]oard.”
Finally, ISS concludes that a solution along the lines of AIM’s settlement proposal to the Activist Group represents a reasonable compromise:
- “Perhaps the [C]ompany's suggestion that the [B]oard be expanded with two or more additional independent directors mutually agreed by both sides would be the most logical solution.”
Unfortunately, the Activist Group has consistently demanded upwards of
AIM notes that ISS did not appear to take into account the extensive financial interconnections between Ted D. Kellner and Paul W. Sweeney that the Company had recently highlighted. It is essential that investors are aware of the following:
- In a glowing testimonial, Mr. Kellner proclaims himself as the “largest investor in almost every deal”2 put together by PS Capital Partners, the private equity firm co-founded by Mr. Sweeney.
- The fact that Mr. Kellner is apparently the largest investor in almost all of Mr. Sweeney’s deals is not disclosed in the Activist Group’s definitive proxy statement,3 preventing the Board and investors from making an informed decision about the Activist Group’s nominees.
- We believe this reflects the same pattern seen from the Activist Group in prior years – repeated attempts to obfuscate the group’s interconnections and mislead AIM shareholders.
Dr. William M. Mitchell, Chairman of the Board, stated:
“We are grateful ISS recommended in favor of electing two of our nominees, Nancy Bryan and myself, while highlighting our leadership experience and expertise in the life sciences industry. In not recommending turning over control of the Board to the Activist Group, ISS notes that the Activist Group’s proposed plan for AIM is not sufficiently detailed and also takes into account the Activist Group’s connections to securities law felons.
“However, we disagree with several of ISS’s conclusions. First, AIM’s ability to garner government funding and industry grants for clinical trials is beneficial because it allows the Company to avoid paying out of pocket for these trials. That third parties such as Merck and AstraZeneca are willing to fund these clinical trials demonstrates that major industry organizations recognize Ampligen’s potential.
“Second, both Tom Equels and Stewart Appelrouth bring expertise to the Board that is critical to the success of AIM, and we strongly urge shareholders to vote for their reelection. As CEO, Mr. Equels has extensive familiarity with Ampligen. He was responsible for the focus on pancreatic ductal cancer and the initiation of the first clinical trial development in
“We firmly believe the Board has the right experience and backgrounds to continue overseeing its strategy to create long-term value for patients and shareholders. Our Board members remain committed to supporting clinical development programs in areas with critical unmet needs, especially in the high-value pancreatic cancer space, to unlock the potential of Ampligen and deliver significant long-term value for all shareholders.
“We look forward to continuing to engage with AIM shareholders in advance of the Annual Meeting.”
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/.
1 Permission to quote ISS neither sought nor obtained. Emphasis added.
2 See PS Capital Partners’ Testimonials Page available at: https://pscapitalpartners.com/testimonials/.
3 See Definitive Proxy Statement filed by the Activist Group with the
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Investor Contact:
JTC Team, LLC
Jenene Thomas
908-824-0775
AIM@jtcir.com
Media Contact:
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Joe Germani / Miller Winston
AIM@longacresquare.com
Source: AIM ImmunoTech Inc.
FAQ
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