Group of CytoDyn Stockholders Warns Stockholders of Board’s Continued Value Destruction and Failures

Rhea-AI Summary

A group of long-time stockholders of CytoDyn Inc. (OTC: CYDY) has criticized the company's current leadership for their destructive public relations campaign and inability to secure FDA approval for Leronlimab. They argue that these actions have damaged the company's value and credibility, urging fellow shareholders to vote for their five experienced director nominees using the WHITE proxy card. The group claims their leadership will implement strategies to restore value and generate revenue while emphasizing the importance of shareholder votes.

Positive

• The group of stockholders has proposed five experienced director nominees to improve company management.
• The nominees plan to implement a strategic plan aimed at obtaining FDA approval for Leronlimab, which could generate revenue.

Negative

• Current leadership's actions have damaged the company's value and credibility.
• Previous failures to secure FDA approval and missed deadlines have hindered growth.

Board and Management Team Have Initiated a Misguided, Deceptive Public Relations Campaign That Has Further Damaged Company’s Value and Credibility

Urges Stockholders to Vote on the WHITE Proxy Card Today to Elect Group’s Five Highly Experienced Director Nominees to Effect Sorely Needed Change and Begin to Generate Much-Needed Revenue

NEW YORK--(BUSINESS WIRE)-- A group of long-time stockholders (the “Group”) of CytoDyn Inc. (“CYDY” or the “Company”) (OTC: CYDY) that has nominated five highly experienced director candidates to serve on the Company’s Board of Directors today released a letter to fellow stockholders outlining recent ill-advised actions and announcements made by CYDY’s current leadership that have further destroyed the Company’s value and damaged its credibility.

The letter outlines CYDY leadership’s previous unwillingness to work collaboratively and constructively with experts to secure FDA approval for Leronlimab, and their greater concern with clinging to their positions and outsized compensation packages at the expense of shareholders. It also highlights the recent value destructive public relations campaign initiated by current Board and management, designed to distract stockholders from its history of failures and missed deadlines, which has only further impeded CYDY’s efforts to secure FDA approval for Leronlimab.

The letter emphasizes that if elected, the Group’s nominees will work collaboratively with others to implement a strategic plan designed to obtain FDA approval. This plan, which will be shared with all stockholders shortly, should generate much-needed revenue in the near term, help restore CYDY’s credibility, and enhance long-term value for all stockholders.

The full text of the Group’s letter to CYDY stockholders can be accessed at: www.advancingll.com/lettertwo.

All CYDY shareholders are reminded that your vote is extremely important, no matter how many shares you own and despite CYDY leadership’s efforts to suppress your vote. The value of your investment is at risk. Help enable CYDY to achieve its incredible potential by voting the WHITE proxy card to elect our five independent director nominees today.

Important Information

Paul Rosenbaum, Jeffrey Beaty, Arthur Wilmes, Thomas Errico, M.D., Bruce Patterson, M.D., Peter Staats, M.D., Melissa Yeager and CCTV Proxy Group, LLC (collectively the “Participants”) have filed a definitive proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (the “SEC”) to be used in connection with the solicitation of proxies from the stockholders of CytoDyn Inc. (the “Company”). All stockholders are advised to read the definitive proxy statement and other documents related to the solicitation of proxies. The definitive proxy statement and an accompanying proxy card is available at no charge on the SEC’s website at http://www.sec.gov/. In addition, the Participants will provide copies of the proxy statement, without charge, upon request. Requests for copies should be directed to the Participants’ Proxy Solicitor, Okapi Partners LLC, by calling (844) 202-7428.

Disclaimer

This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any jurisdiction to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “may,” “could,” and similar expressions are generally intended to identify forward-looking statements. Forward looking statements contained in this release are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data. The Participants disclaim any obligation to update the information herein and reserve the right to change any of their opinions expressed herein at any time as it deems appropriate.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210902005463/en/

Media

Mark Semer/Sam Cohen

Gasthalter & Co.

(212) 257-4170

cydy@gasthalter.com

Investors

Bruce Goldfarb/Chuck Garske

Okapi Partners

(212) 297-0720

info@okapipartners.com

Source: Gasthalter & Co. on behalf of CytoDyn Inc. shareholders

FAQ

What is the current situation with CytoDyn Inc. and its leadership?

A group of stockholders has criticized the current leadership for damaging the company's credibility and value.

Who are the nominees for CytoDyn's Board of Directors?

The group has nominated five experienced candidates to improve company management.

What is the purpose of the WHITE proxy card for CYDY shareholders?

The WHITE proxy card is used for voting to elect the group's independent director nominees.

How has CytoDyn's current leadership affected its share value?

Current leadership's actions have further damaged the company's credibility and stock value.

What is the group's plan for CytoDyn if they are elected?

The group plans to implement strategies to secure FDA approval and generate revenue.