<SEC-DOCUMENT>0001193125-25-121025.txt : 20250516
<SEC-HEADER>0001193125-25-121025.hdr.sgml : 20250516
<ACCEPTANCE-DATETIME>20250515191106
ACCESSION NUMBER:		0001193125-25-121025
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250516
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNAVAX TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0001029142
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				330728374
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34207
		FILM NUMBER:		25956495

	BUSINESS ADDRESS:	
		STREET 1:		2100 POWELL STREET
		STREET 2:		SUITE 720
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608
		BUSINESS PHONE:		5108485100

	MAIL ADDRESS:	
		STREET 1:		2100 POWELL STREET
		STREET 2:		SUITE 720
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Deep Track Capital, LP
		CENTRAL INDEX KEY:			0001856083
		ORGANIZATION NAME:           	
		EIN:				853360885
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		200 GREENWICH AVENUE
		STREET 2:		3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2034090812

	MAIL ADDRESS:	
		STREET 1:		200 GREENWICH AVENUE
		STREET 2:		3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
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<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>d947604ddfan14a.htm
<DESCRIPTION>DFAN14A
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<TITLE>DFAN14A</TITLE>
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<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule <FONT
STYLE="white-space:nowrap">14A-101)</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other
than the Registrant&#8194;&#9746; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material Pursuant to <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Dynavax Technologies Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEEP TRACK BIOTECHNOLOGY MASTER FUND, LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEEP TRACK CAPITAL, LP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DAVID KROIN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BRETT A.
ERKMAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JEFFREY S. FARROW </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MICHAEL MULLETTE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DONALD
J. SANTEL </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table below per Exchange Act Rules <FONT STYLE="white-space:nowrap">14a-6(i)(4)</FONT> and <FONT
STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track Capital, LP, a Delaware limited partnership (&#147;Deep Track&#148;), together with the other
participants named herein (collectively the &#147;Participants&#148;), issued the following press release (the &#147;Press Release&#148;) and open letter to shareholders (the &#147;Shareholder Letter,&#148; and, together with the Press Release, the
&#147;Materials&#148;) related to Dynavax Technologies Corporation, a Delaware corporation (the &#147;Company&#148;). Deep Track or its fellow Participants may disseminate the Materials or portions thereof from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Deep Track Capital Issues Letter to Fellow Dynavax Technologies </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Shareholders Detailing Critical Issues in Advance of Annual Meeting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Cites Evidence That the Company is Not Living Up to Its Potential, As Demonstrated By 26% <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Year-To-</FONT></FONT> </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Date Share Price Decline, Underperformance Versus Benchmarks, Precipitous 11% Drop
Post-First </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Quarter Earnings and Fresh <FONT STYLE="white-space:nowrap">52-Week</FONT> Low </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Highlights Concerns About Dynavax&#146;s Apparent Contentment Regarding Heplisav&#146;s Slowing Market </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Growth Expressed on Recent Earnings Call </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Believes Directors with Shareholder-Aligned Perspective, Vaccine Commercialization Expertise and </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Capital Allocation Experience are Essential to Critically Evaluate the Company&#146;s Strategy and Realize </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>the Full Value of Heplisav </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Urges Shareholders to Vote </I><B><I><U>FOR</U></I></B><I> Deep Track&#146;s Four Highly Qualified Director Nominees </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Greenwich, CT, May</B><B></B><B>&nbsp;15, 2025</B> &#150; Deep Track Capital, LP, (together with its affiliates, &#147;Deep Track&#148; or &#147;we&#148;),
one of the largest shareholders of Dynavax Technologies Corporation (NASDAQ: DVAX) (&#147;Dynavax&#148;, &#147;DVAX&#148; or the &#147;Company&#148;), with ownership of approximately 14.82% of the Company&#146;s outstanding shares, today issued a
letter to shareholders in connection with its nomination of four highly qualified candidates for election to the Company&#146;s Board of Directors (the &#147;Board&#148;) at the 2025 Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The full text of the letter follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;15, 2025
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Fellow Dynavax Shareholders, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track is one of
the largest shareholders of Dynavax, with ownership of approximately 14.82% of the Company&#146;s outstanding shares. We manage approximately $4&nbsp;billion on behalf of our investors &#150; which include many healthcare organizations and <FONT
STYLE="white-space:nowrap">non-profits</FONT> &#150; and focus exclusively on the life sciences space and the development of novel therapies. We believe deeply in Dynavax&#146;s long-term value opportunity, and our only goal is to see it succeed for
the benefit of all shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Disappointingly, the Company has made numerous false and misleading statements about our intent and effort to add four
independent, unquestionably qualified directors to the Board. We stand by all our analyses and assertions to date and believe it is more critical than ever to focus on the core issues facing Dynavax investors today: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Last week&#146;s earnings report starkly illustrates Heplisav&#146;s slowing market share growth.
</B>First-quarter 2025 market share of 43% was up only two percentage points from 1Q24 and <B><U>down</U></B> from 4Q24, yet management said they were &#147;very comfortable&#148; with and &#147;very proud&#148; of this result and noted the strategy
is going &#147;exactly how we had planned.&#148;<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> The market&#146;s reaction suggested otherwise, as Dynavax stock traded down 11% the next
day.<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> As highlighted in our <U>investor</U> </P></TD></TR></TABLE><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax 1Q25 earnings call recorded May&nbsp;6, 2025. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Share price calculated market close May&nbsp;6, 2025 through market close May&nbsp;7, 2025.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<U>presentation</U>, Heplisav market share was not on track to hit management&#146;s goal of at least 60% by 2030, and has fallen even further off track with last week&#146;s update. The first
quarter results underscore our concerns that increasing distractions from the still-unproductive multi-year search for inorganic growth opportunities and a growing portfolio of high-risk vaccine projects are drawing valuable management attention
away from Heplisav, the Company&#146;s crown jewel. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Dynavax failed to achieve the Board&#146;s own market share and sales targets for Heplisav in 2024 &#150; but
the Company did not pivot in its strategy. </B>As disclosed in the Company&#146;s proxy statement, the Board set targets for Heplisav to achieve 47% market share by the fourth quarter of 2024 and U.S. sales of $275&nbsp;million for 2024.<SUP
STYLE="font-size:75%; vertical-align:top">3</SUP> Neither of these goals &#150; which were the most heavily weighted and not &#147;stretch&#148; goals &#150; were met. While that alone is of concern, even more troubling is that <B><U>nothing seems
to have changed as a result</U></B>. There is no evidence of any shift in strategy or reallocation of resources to address this critical problem. The Board refreshment announced in January<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> would
have been an opportune time to add vaccine commercialization expertise, but disappointingly, neither of the two directors chosen by the Board has any relevant background in this critical area. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>The Company&#146;s share price does not reflect optimism about the future.</B> The reality is Dynavax&#146;s
underperformance has been a persistent problem, despite the Company&#146;s attempts to obfuscate this fact. <B><U>Its shares are down 26% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date,</FONT></FONT> substantially
underperforming both of the Company&#146;s benchmarks</U></B>, including the longstanding Nasdaq Biotechnology Index that Dynavax has used for years as well as the S&amp;P Biotechnology Select Industry Index that it introduced just two weeks ago.<SUP
STYLE="font-size:75%; vertical-align:top">5</SUP> The enterprise value to Heplisav TTM ratio has now fallen to less than 2.7x,<SUP STYLE="font-size:75%; vertical-align:top">6</SUP> and we believe the fresh
<FONT STYLE="white-space:nowrap">52-week</FONT> low set just this week signals a crisis of confidence regarding the Company&#146;s <FONT STYLE="white-space:nowrap">go-forward</FONT> strategy. We want Dynavax to deliver on its significant potential,
but that will not happen as long as the Board remains committed to its current strategy and ignores that it is destroying value. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>We are seeking to protect the best interests of all shareholders &#150; </B><B><U>not</U></B><B> control the
Company. </B>Our goal is to preserve the long-term value of Dynavax&#146;s assets &#150; and to ensure that the Board&#146;s composition is aligned with this aim. That is why we urged the Company to improve its governance by balancing its lopsided
director classes &#150; given only two directors are up for election in 2026,<SUP STYLE="font-size:75%; vertical-align:top">7</SUP> one of whom is the CEO &#150; and to <FONT STYLE="white-space:nowrap">de-classify</FONT> the Board in an expedient
manner. The Board&#146;s rejection of these proposals exposes its focus on entrenchment. Any argument that Deep Track was insistent on &#147;control&#148; is clearly refuted by the fact that we proposed a settlement with a <FONT
STYLE="white-space:nowrap">two-year</FONT> standstill. Additionally, we believe the Board&#146;s own adamant refusal to accept shareholder representation in the boardroom makes it plainly obvious who is truly after &#147;control&#148; at Dynavax.
</P></TD></TR></TABLE><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax definitive proxy statement filed April&nbsp;17, 2025. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax press release published January&nbsp;27, 2025 and <FONT STYLE="white-space:nowrap">8-K</FONT> filed
January&nbsp;29, 2025. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Source: Bloomberg. DVAX total share return from December&nbsp;31, 2024 through market close May&nbsp;14, 2025
was <FONT STYLE="white-space:nowrap">-26.4%,</FONT> below <FONT STYLE="white-space:nowrap">-8.9%</FONT> for the Nasdaq Biotechnology Index and <FONT STYLE="white-space:nowrap">-15.2%</FONT> for the S&amp;P Biotechnology Select Industry Index on the
same dates. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Source: FactSet, enterprise value as of May&nbsp;14, 2025 was $757.53&nbsp;million. Trailing twelve-month
revenues were $285.5&nbsp;million, aggregated from Dynavax financial results reported on May&nbsp;6, 2025; February&nbsp;20, 2025; November&nbsp;7, 2024; and August&nbsp;6, 2024. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax 2025 proxy statement filed April&nbsp;17, 2025, identifies Daniel L. Kisner and Ryan Spencer as the
only Class&nbsp;II directors continuing in office until the 2026 annual meeting. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Shareholders deserve a voice in the Dynavax boardroom.</B> Not one of the Board members up for election this
year has purchased a single share of DVAX stock on the open market. Given that a meaningful proportion of their compensation is in the form of stock options, these directors appear to have misjudged the market&#146;s level of risk tolerance when
evaluating strategic and capital allocation decisions. Last week&#146;s announcement on the initiation of a pandemic flu vaccine program is only the latest troubling example of the Company&#146;s scattershot strategy.<SUP
STYLE="font-size:75%; vertical-align:top">8</SUP> It is wholly unclear why the Company believes dusting off the playbook that didn&#146;t work <I>20 years ago</I><SUP STYLE="font-size:75%; vertical-align:top">9</SUP> is the best risk-adjusted
opportunity they have today. Additionally, we find it concerning that the Board continues to protect its own interests by relying on false statements and distortions. For example, the Company recently claimed Deep Track insisted Dynavax &#147;return
all cash to stockholders.&#148;<SUP STYLE="font-size:75%; vertical-align:top">10</SUP> On the contrary, we want the Company to invest in the best risk-adjusted opportunities available at any given point in time. <B><U>The fact that Dynavax is
resorting to such baseless accusations shines a spotlight on their lack of data-driven arguments</U></B>. The bottom line is this: the current directors have taken their collective eye off the ball and Dynavax&#146;s stock has reacted accordingly.
Objective, investor-aligned perspectives are needed to ensure that shareholders&#146; interests are once again prioritized when evaluating capital allocation and strategic decisions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Deep Track&#146;s director candidates would bring valuable experience, independence and investor perspective
to the Dynavax Board. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Brett Erkman</B> brings a long-term shareholder perspective on capital allocation, investor communications,
capital markets and best practices of other publicly traded biotechnology companies. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Jeffrey Farrow</B> brings experience in biopharma finance, a functional expertise in evaluating optimal
capital allocation, is a qualified audit expert, and has a deep understanding of the regulatory environment in the pharmaceutical industry and knowledge of the drug development process. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Donald Santel</B> brings prior CEO experience from two public companies, prior board leadership experience,
and a demonstrated independent approach to advocating for shareholders&#146; best interests. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Michael Mullette</B> brings highly relevant industry experience derived from overseeing commercialization of
the Moderna <FONT STYLE="white-space:nowrap">COVID-19</FONT> vaccine (one of the most successful vaccine launches in history), as well as a deep understanding of the biotechnology business risks and extensive <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> operational experience from his nearly two decades at Sanofi.
</P></TD></TR></TABLE><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax 1Q25 press release filed May&nbsp;6, 2025. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">9</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax press release filed May&nbsp;9, 2005. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">10</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax Schedule 14A filed May&nbsp;12, 2025.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are deeply concerned that the Dynavax Board is leading the Company down a path of value destruction. If
elected, Deep Track&#146;s nominees are prepared to critically evaluate the Company&#146;s strategy and help ensure it is on the best trajectory for all stakeholders, while working collaboratively with the rest of the Board in pursuit of this goal.
We encourage you to make your voice heard at the upcoming Annual Meeting by voting for meaningful, shareholder-driven change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information,
including details on how to vote Deep Track&#146;s <U>WHITE</U> proxy card, please visit <U>www.RefocusDVAX.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regards, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Kroin </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Founder and Chief Investment Officer, Deep Track
Capital LP </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EVERY VOTE MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Your vote is important, no matter how many shares of Common Stock you own. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">If you have any questions, require assistance in voting your <U>WHITE</U> proxy card, or need additional copies </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">of Deep Track&#146;s proxy materials, please visit <U>www.RefocusDVAX.com</U> or contact our proxy solicitor, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Innisfree M&amp;A Incorporated (&#147;Innisfree&#148;), using the contact information provided here: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Innisfree M&amp;A Incorporated </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">501 Madison Avenue, 20<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, New York 10022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Stockholders call toll-free (877) <FONT STYLE="white-space:nowrap">687-1865</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Deep Track Capital </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track Capital is a
Greenwich, Connecticut-based investment firm focused exclusively on the life sciences industry. We develop long term partnerships with management teams of leading innovative public and <FONT STYLE="white-space:nowrap">pre-IPO</FONT> biotechnology
companies. In addition to capital, we seek to invest our time and expertise, while leveraging our network for the benefit of our partners. We aim to lead transactions while building large syndicates, and also to invest in rounds led by other
qualified investors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Contact </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innisfree
M&amp;A Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scott Winter / Gabrielle Wolf </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-750-5833</FONT></FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Longacre Square Partners </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>deeptrack@longacresquare.com
</U></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information herein contains &#147;forward-looking statements.&#148; Specific forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts and include, without limitation, words such as &#147;may,&#148; &#147;will,&#148; &#147;expects,&#148; &#147;believes,&#148; &#147;anticipates,&#148; &#147;plans,&#148; &#147;estimates,&#148;
&#147;projects,&#148; &#147;potential,&#148; &#147;targets,&#148; &#147;forecasts,&#148; &#147;seeks,&#148; &#147;could,&#148; &#147;should&#148; or the negative of such terms or other variations on such terms or comparable terminology. Similarly,
statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be
proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Deep Track Capital, LP (&#147;Deep Track&#148;) or any of the other participants in the proxy solicitation described herein prove
to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward looking statements should not be regarded as a representation by Deep Track that the future plans, estimates or expectations
contemplated will ever be achieved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements and information included herein may have been sourced from third parties. Deep Track does not make
any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained
from such third parties. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or
forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep
Track and the other Participants (as defined below) have filed a definitive proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission (the &#147;SEC&#148;) to be used to solicit proxies for, among other
matters, the election of its slate of director nominees at the 2025 annual stockholders meeting (the &#147;2025 Annual Meeting&#148;) of Dynavax Technologies Corporation, a Delaware corporation (&#147;DVAX&#148;). Shortly after filing its definitive
proxy statement with the SEC, Deep Track furnished the definitive proxy statement and accompanying WHITE universal proxy card to some or all of the stockholders entitled to vote at the 2025 Annual Meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The participants in the proxy solicitation are Deep Track, Deep Track Biotechnology Master Fund, Ltd. (the &#147;Record Stockholder&#148;), David Kroin (all
of the foregoing persons, collectively, the &#147;Deep Track Parties&#148;), Brett A. Erkman, Jeffrey S. Farrow, Michael Mullette and Donald J. Santel (such individuals, collectively with the Deep Track Parties, the &#147;Participants&#148;). As of
the date hereof, the Deep Track Parties beneficially own an aggregate of 17,791,486 shares (the &#147;Deep Track Shares&#148;) of the common stock, par value $0.001 per share, of DVAX (the &#147;Common Stock&#148;). The Deep Track Shares
collectively represent approximately 14.53% of the outstanding shares of Common Stock based on 122,411,685 shares of Common Stock outstanding as of the record date for the 2025 Annual Meeting as reported in DVAX&#146;s Definitive Proxy Statement
filed with the SEC on April&nbsp;17, 2025. Each of the Deep Track Parties may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Deep Track Shares. As of the
date hereof, none of the other Participants beneficially own any shares of Common Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IMPORTANT INFORMATION AND WHERE TO FIND IT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DEEP TRACK STRONGLY ADVISES ALL STOCKHOLDERS OF DVAX TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT, AND OTHER
PROXY MATERIALS FILED BY DEEP TRACK WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&#146;S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT, WHEN FILED, AND OTHER
RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE BY DIRECTING A REQUEST TO THE PARTICIPANTS&#146; PROXY SOLICITOR, INNISFREE M&amp;A INCORPORATED, 501 MADISON AVENUE, 20th FLOOR, NEW YORK, NY 10022 (STOCKHOLDERS CAN CALL TOLL-FREE: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(877)-687-1865).</FONT></FONT> </P>
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