Dynavax Adopts Limited-Duration Stockholder Rights Plan
Dynavax Technologies (DVAX) has implemented a -duration stockholder rights plan in response to Deep Track Capital's recent accumulation of 13.6% of company stock. The plan grants stockholders one preferred share purchase right per common share as of November 8, 2024. Rights become exercisable if any entity acquires 15% ownership (18% for passive institutional investors), allowing holders to purchase additional shares at $52.00. The plan aims to protect stockholder value and prevent control acquisition without appropriate premium. The Rights Plan will be submitted for stockholder vote at the 2025 Annual Meeting and will expire thereafter unless ratified, in which case it continues until October 28, 2025.
Dynavax Technologies (DVAX) ha implementato un piano di diritti per gli azionisti della durata di - in risposta all'accumulo recente da parte di Deep Track Capital del 13,6% delle azioni della società. Il piano concede agli azionisti un diritto di acquisto di azioni privilegiate per ogni azione ordinaria a partire dall'8 novembre 2024. I diritti diventano esercitabili se un'entità acquisisce il 15% della proprietà (18% per gli investitori istituzionali passivi), consentendo ai detentori di acquistare ulteriori azioni a $52,00. Il piano mira a proteggere il valore per gli azionisti e a prevenire l'acquisizione di controllo senza un adeguato premio. Il Piano dei Diritti sarà sottoposto al voto degli azionisti nell'Assemblea Annuale del 2025 e scadrà successivamente a meno che non venga ratificato, nel qual caso continuerà fino al 28 ottobre 2025.
Dynavax Technologies (DVAX) ha implementado un plan de derechos para accionistas de duración - en respuesta a la acumulación reciente por parte de Deep Track Capital del 13.6% de las acciones de la empresa. El plan otorga a los accionistas un derecho de compra de acciones preferentes por cada acción común a partir del 8 de noviembre de 2024. Los derechos se pueden ejercer si alguna entidad adquiere el 15% de propiedad (18% para inversores institucionales pasivos), permitiendo a los poseedores comprar acciones adicionales a $52.00. El objetivo del plan es proteger el valor de los accionistas y prevenir la adquisición de control sin una prima adecuada. El Plan de Derechos se someterá a votación de los accionistas en la Junta Anual de 2025 y expirará posteriormente a menos que sea ratificado, en cuyo caso continuará hasta el 28 de octubre de 2025.
다이나벡스 테크놀로지스 (DVAX)는 딥 트랙 캐피탈이 회사 주식의 13.6%를 최근에 매입한 것에 대한 대응으로 -기간 주주 권리 계획을 시행했습니다. 이 계획은 2024년 11월 8일부터 보통주 1주당 1개의 우선주 매수 권리를 주주에게 부여합니다. 어떤 실체가 15%의 소유권을 취득하면(수동적 기관 투자자의 경우 18%) 권리가 행사 가능해지며, 보유자는 $52.00에 추가 주식을 매수할 수 있습니다. 이 계획은 주주 가치를 보호하고 적절한 프리미엄 없이 지배권 취득을 방지하는 것을 목표로 합니다. 권리 계획은 2025년 정기 주주 총회에서 주주 투표를 받을 것이며, 이후에는 비준되지 않는 한 만료됩니다. 비준될 경우 2025년 10월 28일까지 계속됩니다.
Dynavax Technologies (DVAX) a mis en œuvre un plan de droits des actionnaires d'une durée de - en réponse à l'accumulation récente de 13,6% des actions de la société par Deep Track Capital. Le plan accorde aux actionnaires un droit d'achat d'une action privilégiée par action ordinaire à partir du 8 novembre 2024. Les droits deviennent exerçables si une entité acquiert 15% de propriété (18% pour les investisseurs institutionnels passifs), permettant aux détenteurs d'acheter des actions supplémentaires à 52,00 $. Le plan vise à protéger la valeur des actionnaires et à prévenir une acquisition de contrôle sans prime appropriée. Le plan de droits sera soumis au vote des actionnaires lors de l'assemblée générale annuelle de 2025 et expirera ensuite, sauf s'il est ratifié, auquel cas il continuera jusqu'au 28 octobre 2025.
Dynavax Technologies (DVAX) hat als Reaktion auf die jüngste Ansammlung von 13,6% der Unternehmensaktien durch Deep Track Capital einen -Dauer-Aktionärsrechteplan eingeführt. Der Plan gewährt den Aktionären ab dem 8. November 2024 ein Recht auf den Kauf einer bevorzugten Aktie pro Stammaktie. Die Rechte werden ausübbar, wenn ein Unternehmen 15% Eigentum erwirbt (18% für passive institutionelle Investoren), was den Inhabern erlaubt, zusätzliche Aktien zu einem Preis von 52,00 $ zu erwerben. Ziel des Plans ist es, den Wert der Aktionäre zu schützen und eine Kontrolle ohne angemessene Prämie zu verhindern. Der Rechteplan wird zur Abstimmung auf der Hauptversammlung 2025 vorgelegt und läuft danach ab, es sei denn, er wird ratifiziert, in diesem Fall läuft er bis zum 28. Oktober 2025 weiter.
- Implementation of protective measures against hostile takeover attempts
- Stockholders maintain right to vote on the Rights Plan at 2025 Annual Meeting
- Rapid accumulation of shares by Deep Track Capital (13.6% ownership) suggesting potential takeover threat
- Board's assessment that current share price doesn't reflect company's inherent value
Insights
This adoption of a poison pill defense mechanism represents a significant protective measure against potential hostile takeover attempts. The plan's trigger threshold at
The plan's structure, including the grandfather provision and stockholder approval requirement, balances shareholder protection with corporate governance best practices. The absence of dead-hand provisions and the duration until the 2025 Annual Meeting demonstrate a measured approach to takeover defense while maintaining board flexibility for potential value-creating transactions.
This defensive measure signals potential corporate control dynamics that could impact shareholder value. Deep Track Capital's rapid accumulation near the
The timing and structure indicate the board believes current market valuation doesn't reflect intrinsic value. However, the temporary nature and stockholder approval requirement demonstrate good governance. Investors should monitor Deep Track's future moves and potential strategic alternatives that could emerge from this situation.
The Dynavax Board adopted the Rights Plan in response to the recent rapid accumulations of stock by Deep Track Capital, which recently disclosed in a Schedule 13D/A filing its ownership of
The Rights Plan, which is similar to other plans adopted by publicly held companies, does not contain any dead-hand, slow-hand, no-hand or similar feature that limits the ability of a future Board to redeem the rights. The Rights Plan does not limit the Board's ability to engage in discussions or pursue transactions it believes are in the best interests of all stockholders.
In connection with the adoption of the Rights Plan, the Board declared a dividend of one preferred share purchase right (a "Right") for each outstanding share of Dynavax's common stock as of the close of business on November 8, 2024, the record date. Under the Rights Plan, the Rights generally would become exercisable only if a person or group acquires beneficial ownership of
Dynavax intends to submit the Rights Plan to a vote of its stockholders at its 2025 Annual Meeting. The Rights Plan will expire on the day following the certification of the voting results for Dynavax's 2025 Annual Meeting, unless Dynavax's stockholders ratify the Rights Plan at or prior to such meeting, in which case the Rights Plan will continue in effect until October 28, 2025, unless the Rights are earlier redeemed or exchanged by Dynavax.
Additional details regarding the Rights Plan are contained in a Form 8-K that will be filed by the Company with the
About Dynavax
Dynavax is a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines to help protect the world against infectious diseases. The Company has two commercial products, HEPLISAV-B® vaccine [Hepatitis B Vaccine (Recombinant), Adjuvanted], which is approved in the
Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to a number of risks and uncertainties. All statements that are not historical facts are forward-looking statements. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "will," "may," "plan," "project," "potential," "seek," "should," "think," "toward," "will," "would" and similar expressions, or the negatives thereof, or they may use future dates. Forward-looking statements made in this document include statements regarding the intended benefits of the Rights Plan and Dynavax's long-term prospects. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including, the risk that actual demand for our products may differ from our expectations, risks relating to our ability to commercialize and supply HEPLISAV-B, risks related to the timing of completion and results of current clinical studies, risks related to the development and pre-clinical and clinical testing of vaccines containing CpG 1018 adjuvant, as well as other risks detailed in the "Risk Factors" section of our Quarterly Report on Form 10-Q for the three months ended June 30, 2024 and periodic filings made thereafter, as well as discussions of potential risks, uncertainties and other important factors in our other filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, are qualified in their entirety by this cautionary statement and we undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. Information on Dynavax's website at www.dynavax.com is not incorporated by reference in our current periodic reports with the SEC.
For Investors/Media:
Paul Cox
pcox@dynavax.com
510-665-0499
Dan Moore / Tali Epstein
Collected Strategies
Dynavax-CS@collectedstrategies.com
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SOURCE Dynavax Technologies
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