<SEC-DOCUMENT>0001214659-24-008023.txt : 20240501
<SEC-HEADER>0001214659-24-008023.hdr.sgml : 20240501
<ACCEPTANCE-DATETIME>20240501171050
ACCESSION NUMBER:		0001214659-24-008023
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240501
DATE AS OF CHANGE:		20240501

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAFTECH INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0000931148
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				272496053
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13888
		FILM NUMBER:		24904041

	BUSINESS ADDRESS:	
		STREET 1:		982 KEYNOTE CIRCLE
		CITY:			BROOKLYN HEIGHTS
		STATE:			OH
		ZIP:			44131
		BUSINESS PHONE:		2166762000

	MAIL ADDRESS:	
		STREET 1:		982 KEYNOTE CIRCLE
		CITY:			BROOKLYN HEIGHTS
		STATE:			OH
		ZIP:			44131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UCAR INTERNATIONAL INC
		DATE OF NAME CHANGE:	19941011

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Undavia Nilesh
		CENTRAL INDEX KEY:			0001944761
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		155 E BOCA RATON RD UNIT 416
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33432
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>z51241dfan14a.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, D.C. 20549</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
Proxy Statement Pursuant to Section 14(a)<BR>
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No. )</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&yacute;</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">Check the appropriate box:</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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Definitive Proxy Statement</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&yacute;</FONT></TD><TD>Definitive Additional Materials</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting Material Pursuant to &sect;240.14a-12</TD></TR></TABLE>

<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 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: center; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 24pt; font-variant: small-caps"><B>GrafTech International Ltd.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Nilesh Undavia (The &ldquo;Undavia Group&rdquo;)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
  </TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check all boxes that apply):</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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&yacute;</FONT></TD><TD>No fee required</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee paid previously with preliminary materials</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 1, 2024, <FONT STYLE="color: #293849; background-color: white">Nilesh
Undavia issued</FONT> a press release, a copy of which is filed herewith as <U>Exhibit 1</U>.</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; text-indent: 0in"><B><U>Additional Information and Where to Find It</U></B></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; text-align: justify">Mr. Undavia and certain family trusts
(collectively, the &ldquo;Undavia Group&rdquo;) are participants in the solicitation of proxies from shareholders of GrafTech
International Ltd. (the &ldquo;Company&rdquo;) in favor of Mr. Undavia&rsquo;s nomination for the Company&rsquo;s Board of Directors
at the Company&rsquo;s 2024 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;). On April 2, 2024, the Undavia Group
filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) its definitive proxy statement and accompanying <B>BLUE</B>
universal proxy card in connection with its solicitation of proxies from the shareholders of the Company for the Annual Meeting. <B>ALL
SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE
ACCOMPANYING <U>BLUE</U> UNIVERSAL PROXY CARD AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY THE UNDAVIA GROUP, AS
THEY CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE UNDAVIA GROUP AND ITS DIRECT OR INDIRECT
INTERESTS IN THE COMPANY, BY SECURITY HOLDINGS OR OTHERWISE</B>. Investors and security holders may obtain copies of the definitive
proxy statement, <B>BLUE</B> universal proxy card and other documents filed with the SEC by the Undavia Group free of charge through
the website maintained by the SEC at http://www.sec.gov/. Copies of the definitive proxy statement and accompanying <B>BLUE</B>
universal proxy card filed with the SEC by the Undavia Group are also available free of charge by accessing the website at
https://www.icomproxy.com/EAF.</P>

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

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

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1</B></P>

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Glass Lewis Says Nilesh Undavia Makes Persuasive
Case for GrafTech Board Change</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Independent Proxy Firm Calls Out Board&rsquo;s
Questionable Stewardship of Shareholder Value, Lack of Oversight and Limited Accountability</I></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"><I>Recommends Investors Vote the <B>BLUE</B> Universal
Proxy Card <B>FOR</B> Mr. Undavia as a Shareholder Representative</I></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; text-align: justify">BOCA RATON, Fla., May 01, 2024 (GLOBE
NEWSIRE)  -- Nilesh Undavia, one of the largest shareholders of GrafTech International Ltd. (NYSE: EAF)
(&ldquo;GrafTech&rdquo; or the &ldquo;Company&rdquo;), today announced that Glass, Lewis &amp; Co., LLC (&ldquo;Glass Lewis&rdquo;),
a leading independent proxy advisory firm, recommends the Company&rsquo;s shareholders vote <B>FOR</B> the election of Nilesh
Undavia to the Company&rsquo;s board of directors (the &ldquo;Board&rdquo;) on the <B>BLUE</B> universal proxy card at the
Company&rsquo;s 2024 Annual Meeting of Shareholders (&ldquo;Annual Meeting&rdquo;) to be held on May 9, 2024.</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; text-align: justify">Having carefully evaluated all relevant information
regarding the situation at GrafTech, Glass Lewis concluded, in its report published on April 29, 2024, that <B>&ldquo;the [B]oard's questionable
stewardship of shareholder value and disconcerting effort to take accountability for several key operational missteps&rdquo; make a &ldquo;persuasive
case for change&rdquo; and &ldquo;serve as adequate cause to advance the election of a shareholder advocate to the [B]oard.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></B></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">Regarding our nominee, Nilesh Undavia, Glass Lewis says:</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 0pt 0.5in; text-align: justify">&ldquo;Mr. Undavia, most notably, is
a significant shareholder, owning approximately 5.9% of the Company's issued and outstanding share capital. In contrast, the incumbent
[B]oard as a whole currently owns less than 1% of the Company's issued and outstanding share capital, <B>thus echoing a lack of shareholder
representation in the [B]oard's current membership</B>. Given what we consider to be the [B]oard's questionable stewardship of shareholder
value and disconcerting effort to take accountability for several key operational missteps, <B>we believe Mr. Undavia's advocacy on behalf
of other GrafTech investors could be valuable</B> relative to maintenance of the status quo.&rdquo;</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; text-align: justify">While GrafTech has sought to blame its financial
performance on external headwinds and a cyclical industry, Glass Lewis &ldquo;questions whether GrafTech&rsquo;s observed operational
impediments &mdash; at least one of which (Monterrey) appears to be self-inflicted &mdash; adequately off-set perceived underperformance.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, Glass Lewis notes:</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 0pt 0.5in; text-align: justify"><B><U>Value Destruction</U></B>: &ldquo;[W]e
consider the [B]oard has not adequately addressed significant declines in shareholder value following GrafTech's IPO, nor do we find sufficient
recognition of the Company's lackluster financial performance relative to its direct competitors&hellip;&rdquo;</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Customers</U>:</B> &ldquo;[W]hile
demand for UHP graphite electrodes has been stable, <B>the Company has not been able to retain customers over time, contributing to progressive
declines in market share</B>. In this regard, while we acknowledge the presence of increased competitive pressure, <B>we find the [B]oard
affords investors an incomplete rationale in relation to the scale of decline suffered by GrafTech relative to peers</B>&hellip;. In this
regard, we believe the Dissident persuasively argues that <B>GrafTech failed to effectively offset losses in LTA-based revenue through
spot sales, contributing to significant erosion in the Company's market share.</B>&hellip; While we appreciate the need to remediate those
relationships, we are concerned <B>the [B]oard is seemingly disinclined to accept responsibility for consequences associated with the
LTAs.</B> In this regard, we note that while the [B]board has undergone significant turnover since the LTAs were negotiated between the
last quarter of 2017 and early 2019&hellip; director and nominee Anthony R. Taccone, and director and chair of the audit committee Michael
Dumas were also serving as directors at the time some of those LTAs were negotiated&hellip;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Monterrey Facility</U>:</B> &ldquo;[W]e
believe it is worth noting <B>the [B]oard has taken what we consider to be a comparably taciturn approach to discussing the temporary
closure of the Monterrey facility in 2022</B>. In particular, while we appreciate the Company's prompt response in ensuring the Monterrey
facility re-opened in less than 60 days, the [B]oard has not, in our view, adequately addressed the Dissident's assertion that <B>the
[B]oard and the Company's management were ultimately to blame for poor management of environmental risk and associated lack of regulatory
compliance</B>. Further, this lack of oversight has even more relevance when considering that, when the suspension occurred, the Monterrey
facility &mdash; which at the time was the only facility owned by the Company producing connecting pins, a necessary component of the
Company's graphite electrodes &mdash; had a vital role in the Company's chain of production. As a result, and as disclosed by the Company
in its definitive proxy statement for the upcoming general meeting, <B>the Monterrey facility suspension, coupled with significantly higher
costs, caused the Company's net sales to decrease by $660.8 million, corresponding to a 52% decrease for 2022</B>.&rdquo;</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 0pt 0.5in; text-align: justify"><B><U>Financial Underperformance</U></B>:
&ldquo;While we acknowledge it is not possible to independently quantify the impact of each operational impediment, the Dissident argues,
we believe persuasively, that <B>increasingly weak financial performance reported by GrafTech is directly attributable to the Company's
failure to efficiently and effectively manage the foregoing issues</B>, including those that appear to fall within the responsibility
of management and the [B]oard (e.g. closure of the Monterrey facility). As a result, GrafTech appears to have underperformed its closest
peers over a range of standard time frames.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are gratified by the endorsement of Glass Lewis
and the support we have received from other independent analysts and fellow shareholders. The Board seems content with blaming cyclical
and macroeconomic challenges instead of correcting past mistakes and devising a comprehensive strategy to regain market share and generate
growth. Shareholders have an opportunity in this election to either push for change or revert to the status quo and hope for the best.
<B>We urge shareholders to follow Glass Lewis&rsquo;s recommendation by voting <U>TODAY</U> on the <U>BLUE</U> universal proxy card <U>FOR</U>
Nilesh Undavia</B>.</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"></P>

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<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; text-align: justify"><B>Additional Information and Where to Find It</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Undavia and certain family trusts (collectively,
the &ldquo;Undavia Group&rdquo;) are participants in the solicitation of proxies from shareholders of the Company in favor of Mr. Undavia&rsquo;s
nomination for the Board at the Annual Meeting. On April 2, 2024, the Undavia Group filed with the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) its definitive proxy statement and accompanying <B>BLUE</B> universal proxy card in connection with its solicitation
of proxies from the shareholders of the Company for the Annual Meeting. <B>ALL SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE
PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING BLUE UNIVERSAL PROXY CARD AND OTHER DOCUMENTS RELATED
TO THE SOLICITATION OF PROXIES BY THE UNDAVIA GROUP, AS THEY CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO
THE UNDAVIA GROUP AND ITS DIRECT OR INDIRECT INTERESTS IN THE COMPANY, BY SECURITY HOLDINGS OR OTHERWISE.</B> Investors and security holders
may obtain copies of the definitive proxy statement, <B>BLUE</B> universal proxy card and other documents filed with the SEC by the Undavia
Group free of charge through the website maintained by the SEC at http://www.sec.gov/. Copies of the
definitive proxy statement and accompanying <B>BLUE</B> universal proxy card filed with the SEC by the Undavia Group are also available
free of charge by accessing the website at https://www.icomproxy.com/EAF.</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"><B>Contact:</B></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"><B>Nilesh Undavia</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(617) 763-8191</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"><B>InvestorCom LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19 Old Kings Highway S. &ndash; Suite 130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Darien, CT 06820</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toll Free (877) 972-0090</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banks and Brokers call collect (203) 972-9300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">info@investor-com.com</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">&nbsp;</P>

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<I>Permission to use quotations from the Glass Lewis report was neither sought nor obtained. Emphases added.</I></P>

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