<SEC-DOCUMENT>0000950103-25-002085.txt : 20250218
<SEC-HEADER>0000950103-25-002085.hdr.sgml : 20250218
<ACCEPTANCE-DATETIME>20250218070154
ACCESSION NUMBER:		0000950103-25-002085
CONFORMED SUBMISSION TYPE:	SC14D9C
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250218
DATE AS OF CHANGE:		20250218

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC14D9C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86092
		FILM NUMBER:		25632700

	BUSINESS ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC14D9C

	BUSINESS ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC14D9C
<SEQUENCE>1
<FILENAME>dp225006_sc14d9c.htm
<DESCRIPTION>FORM SC14D9C
<TEXT>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14D-9&nbsp;</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14d-101)&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Solicitation/Recommendation Statement </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under Section 14(d)(4) of the Securities Exchange
Act of 1934 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Subject Company) </B></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Persons Filing Statement) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares, par value $1.50 per share </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Title of Class of Securities) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L00849106 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(CUSIP Number of Class of Securities) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Manuela Lamellari</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vertigo Naos Building, 6, Rue Eug&egrave;ne
Ruppert</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L - 2453 Luxembourg</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: +352.2644.9372</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, and telephone numbers of person
authorized to receive notices and communications </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>on behalf of the persons filing statement</B>)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>With copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maurice Blanco</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>James Dougherty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>450 Lexington Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 450-4000</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="width: 97%; font-size: 12pt"><FONT STYLE="font-size: 10pt">Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule 14D-9 filing relates solely to preliminary communications
concerning the proposal by Tether Investments S.A. de C.V. (&ldquo;Tether&rdquo;) to acquire outstanding Common Shares of Adecoagro S.A
(the &ldquo;Company&rdquo;) through a tender offer that would result in Tether holding 51% of the outstanding Common Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule 14D-9 filing consists of the following communication
listed below related to the proposed tender offer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Press Release dated February 18, 2025 titled &ldquo;Adecoagro Announces Receipt of Unsolicited Proposal&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>No Offer or Solicitation; Additional Information
and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #404040">The tender offer referenced in this communication
has not yet commenced.&nbsp;&nbsp;This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation
of an offer to sell securities.&nbsp;&nbsp;The solicitation and offer to buy the Company&rsquo;s securities will only be made pursuant
to an Offer to Purchase and related tender offer materials.&nbsp;&nbsp;At the time the tender offer is commenced, Tether will be required
to file a tender offer statement on Schedule TO and thereafter the Company will file a Solicitation/Recommendation Statement on Schedule
14D-9 with the SEC with respect to the tender offer.&nbsp;&nbsp;<B>THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED
LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL
CONTAIN IMPORTANT INFORMATION.&nbsp;&nbsp;THE COMPANY&rsquo;S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF THE COMPANY&rsquo;S SECURITIES SHOULD CONSIDER BEFORE MAKING
ANY DECISION REGARDING TENDERING THEIR SECURITIES.</B>&nbsp;&nbsp;These materials will be made available to the Company&rsquo;s stockholders
at no expense to them.&nbsp;&nbsp;The tender offer materials and the Solicitation/Recommendation Statement will be made available for
free at the SEC's website at </FONT><FONT STYLE="color: #404040">www.sec.gov</FONT><FONT STYLE="color: #404040">.&nbsp;&nbsp;Copies
of the documents filed by the Company with the SEC by will be available free of charge on the Company&rsquo;s internet website at </FONT><FONT STYLE="color: blue"><U>www.adecoagro.com
</U></FONT><FONT STYLE="color: #404040">or by contacting the Company&rsquo;s investor relations department at </FONT><FONT STYLE="color: #3D98C6">ir@adecoagro.com</FONT><FONT STYLE="color: #404040">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">This release contains information that may constitute
forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the fact that they do not relate strictly to historic or current facts and often use words such as &ldquo;anticipate,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;will likely result,&rdquo; &ldquo;outlook,&rdquo; &ldquo;project&rdquo;
and other words and expressions of similar meaning. Investors are cautioned not to place undue reliance on forward-looking statements.
Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors,
including, but not limited to, those set forth in the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s Form 20-F for the fiscal
year ended December 31, 2023 and subsequent filings with the SEC. The Company may not succeed in addressing these and other risks. Consequently,
all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. In addition, the
forward-looking statements included in this press release represent the Company&rsquo;s views as of the date of this press release and
these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically
disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied
upon as representing the Company&rsquo;s views as of any date subsequent to the date of this release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">The Company, its directors, certain of its officers,
and other employees may be deemed to be &ldquo;participants&rdquo; (as defined in Section 14(a) of the Exchange Act of 1934, as amended)
in respect of the proposed transaction. Information about the names of the Company&rsquo;s directors and officers, their respective interests
in the Company by security holdings or otherwise, and their respective compensation is set forth in the Company&rsquo;s Form 20-F for
the fiscal year ended December 31, 2023 which was filed with the SEC on April 26, 2024, and any other relevant documents filed with the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>


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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #404040">Adecoagro Announces Receipt of
Unsolicited Proposal</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">LUXEMBOURG, February 18, 2025/PRNewswire/ -- Adecoagro
S.A. (NYSE: AGRO) (the &ldquo;Company&rdquo;), a leading sustainable production company in South America, announces its Board of Directors
received an unsolicited non-binding proposal from Tether Investments S.A. de C.V. (&ldquo;Tether&rdquo;) on February 14, 2025 to acquire
outstanding Common Shares of the Company at a price of $12.41 per Common Share through a tender offer that would result in Tether collectively
holding 51% of the outstanding Common Shares of the Company. Tether is already a shareholder of the Company, holding approximately 19.4%
of its outstanding Common Shares according to Tether&rsquo;s last public filing on Schedule 13D dated November 14, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">The Board of Directors held a meeting on February 16,
2025 to discuss the terms and conditions of the proposal and decided to engage legal and financial advisors to further assist the Board
in its evaluation of the proposal and whether it is in the best interests of all shareholders and the Company.&nbsp;&nbsp;The Board of
Directors will respond in due course.&nbsp;&nbsp;The Company&rsquo;s shareholders are not required to take any action at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>About Adecoagro:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">Adecoagro is a leading sustainable production company
in South America. Adecoagro owns 210.4 thousand hectares of farmland, and several industrial facilities spread across the most productive
regions of Argentina, Brazil and Uruguay, where it produces over 2.8 million tons of agricultural products and over 1 million MWh of renewable
electricity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">For questions please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">Victoria Cabello</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>IR Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #404040"><B>Email: </B></FONT><FONT STYLE="color: #3D98C6">ir@adecoagro.com
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>No Offer or Solicitation; Additional Information
and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #404040">The tender offer referenced in this communication
has not yet commenced.&nbsp;&nbsp;This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation
of an offer to sell securities.&nbsp;&nbsp;The solicitation and offer to buy the Company&rsquo;s securities will only be made pursuant
to an Offer to Purchase and related tender offer materials.&nbsp;&nbsp;At the time the tender offer is commenced, Tether will be required
to file a tender offer statement on Schedule TO and thereafter the Company will file a Solicitation/Recommendation Statement on Schedule
14D-9 with the SEC with respect to the tender offer.&nbsp;&nbsp;<B>THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED
LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL
CONTAIN IMPORTANT INFORMATION.&nbsp;&nbsp;THE COMPANY&rsquo;S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF THE COMPANY&rsquo;S SECURITIES SHOULD CONSIDER BEFORE MAKING
ANY DECISION REGARDING TENDERING THEIR SECURITIES.</B>&nbsp;&nbsp;These materials will be made available to the Company&rsquo;s stockholders
at no expense to them.&nbsp;&nbsp;The tender offer materials and the Solicitation/Recommendation Statement will be made available for
free at the SEC's website at www.sec.gov.&nbsp;&nbsp;Copies of the documents filed by the Company with the SEC by will be available free
of charge on the Company&rsquo;s internet website at </FONT><FONT STYLE="color: Blue"><U>www.adecoagro.com</U></FONT> <FONT STYLE="color: #404040">or
by contacting the Company&rsquo;s investor relations department at </FONT><FONT STYLE="color: #3D98C6">ir@adecoagro.com</FONT><FONT STYLE="color: #404040">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">This release contains information that may constitute
forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the fact that they do not relate strictly to historic or current facts and often use words such as &ldquo;anticipate,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;will likely result,&rdquo; &ldquo;outlook,&rdquo; &ldquo;project&rdquo;
and other words and expressions of similar meaning. Investors are cautioned not to place undue reliance on forward-looking statements.
Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors,
including, but not limited to, those set forth in the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s Form 20-F for the fiscal
year ended December 31, 2023 and subsequent filings with the SEC. The Company may not succeed in addressing these and other risks. Consequently,
all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. In addition, the
forward-looking statements included in this press release represent the Company&rsquo;s views as of the date of this press release and
these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically
disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied
upon as representing the Company&rsquo;s views as of any date subsequent to the date of this release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">The Company, its directors, certain of its officers,
and other employees may be deemed to be &ldquo;participants&rdquo; (as defined in Section 14(a) of the Exchange Act of 1934, as amended)
in respect of the proposed transaction. Information about the names of the Company&rsquo;s directors and officers, their respective interests
in the Company by security holdings or otherwise, and their respective compensation is set forth in the Company&rsquo;s Form 20-F for
the fiscal year ended December 31, 2023 which was filed with the SEC on April 26, 2024, and any other relevant documents filed with the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>


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