<SEC-DOCUMENT>0001193125-25-264665.txt : 20251104
<SEC-HEADER>0001193125-25-264665.hdr.sgml : 20251104
<ACCEPTANCE-DATETIME>20251104160543
ACCESSION NUMBER:		0001193125-25-264665
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251104
DATE AS OF CHANGE:		20251104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DENNY'S Corp
		CENTRAL INDEX KEY:			0000852772
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				133487402
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18051
		FILM NUMBER:		251448923

	BUSINESS ADDRESS:	
		STREET 1:		203 EAST MAIN STREET
		CITY:			SPARTANBURG
		STATE:			SC
		ZIP:			29319
		BUSINESS PHONE:		8645978000

	MAIL ADDRESS:	
		STREET 1:		203 EAST MAIN STREET
		CITY:			SPARTANBURG
		STATE:			SC
		ZIP:			29319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DENNYS CORP
		DATE OF NAME CHANGE:	20020801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANTICA RESTAURANT GROUP INC
		DATE OF NAME CHANGE:	19980107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAGSTAR COMPANIES INC
		DATE OF NAME CHANGE:	19930722
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d60652ddefa14a.htm
<DESCRIPTION>DEFA14A
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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>Proxy
Statement Pursuant to Section&nbsp;14(a)&nbsp;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&nbsp;Act&nbsp;of&nbsp;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;&#9746; </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;&#9744; </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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<TR style = "page-break-inside:avoid">
<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">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><FONT STYLE="white-space:nowrap">Confidential,&nbsp;for&nbsp;Use&nbsp;of&nbsp;the&nbsp;Commission&nbsp;Only&nbsp;(as&nbsp;permitted&nbsp;
by&nbsp;Rule&nbsp;14a-6(e)(2))</FONT> </B></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%">
<TR style = "page-break-inside:avoid">
<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>
<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">&#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 Additional Materials </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"><FONT STYLE="white-space:nowrap">Soliciting&nbsp;Material&nbsp;under&nbsp;&#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>DENNY&#8217;S 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>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of
Person(s)&nbsp;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 all boxes that apply): </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%">
<TR style = "page-break-inside:avoid">
<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">No fee required </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%">
<TR style = "page-break-inside:avoid">
<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">Fee paid previously with preliminary materials </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%">
<TR style = "page-break-inside:avoid">
<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">Fee computed on table in exhibit required by Item&nbsp;25(b)&nbsp;per Exchange&nbsp;Act Rules <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">14a-6(i)(1)&nbsp;and&nbsp;0-11</FONT></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Important Information </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following communications relate to the proposed acquisition of Denny&#8217;s Corporation, a Delaware corporation (the &#8220;Company&#8221;) by Sparkle
Topco Corp., a Delaware corporation (&#8220;Buyer&#8221;), which is controlled by funds managed by affiliates of TriArtisan Capital Advisors LLC. The Company entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) with
Buyer and Sparkle Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Buyer (&#8220;Merger Sub&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November&nbsp;4, 2025,
the Company distributed to its franchise partners the below email which included an email from TriArtisan Capital Advisors LLC discussing the proposed transaction. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Franchise Partners, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a follow up on my note from
yesterday regarding our announcement that Denny&#8217;s has entered into an agreement to be acquired by an investor group, I&#8217;m pleased to share the below note from TriArtisan Capital Group&#8217;s cofounder, Rohit Manocha. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">They are writing on behalf of the TriArtisan team, as well as Treville and Yadav Enterprises, to introduce themselves and express their excitement for our
bright future ahead. I hope you will take a few moments to read it and learn more about these parties and why they are a great fit to help drive our next phase of success. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kelli Valade </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Executive Officer </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Denny&#8217;s
Franchisees, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">I am writing to you following Kelli&#8217;s recent announcement regarding the upcoming investment in Denny&#8217;s by
TriArtisan Capital Advisors, Treville Capital Group and Yadav Enterprises. More details regarding the upcoming transaction are set forth at the end of this letter. I also wanted to use this opportunity to introduce ourselves. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Let us start by sharing our background. TriArtisan and its predecessor entities were formed back in 2002, and over the past 20+ years have
invested across multiple industries, including Retail&nbsp;&amp; Consumer, Industrial, Media and others. We take a long-term view to our investments and have deep experience with full-service, global dining and entertainment concepts, including ones
with franchise models. At each of our portfolio companies, we partner with management teams and work closely with them to support and provide resources to execute a system-wide strategic plan that drives growth and creates value. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We&#8217;re pleased to be partnering with Treville Capital, as well as Anil Yadav and Yadav
Enterprises. Treville is an alternative asset manager that leverages its platform and deep sector expertise to provide customized solutions for companies. Many of you already know Anil Yadav, as Yadav Enterprises has an incredible <FONT
STYLE="white-space:nowrap">30-plus-year</FONT> track record as an owner-operator of restaurants across a variety of concepts. As one of the largest Denny&#8217;s franchisees, Yadav Enterprises is deeply committed to the Denny&#8217;s mission and
understands the perspectives of franchisees. We couldn&#8217;t be more pleased to embark on this journey together with you all. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Franchisees are integral to our success, and we look forward to supporting the growth of your businesses. As we have with our other
investments, we will provide resources and work closely with Anil, Kelli and the rest of the management team to support franchisees, execute growth initiatives and facilitate the company&#8217;s next phase. We will also continue to build on the
collaborative relationship between Denny&#8217;s and the Denny&#8217;s Franchisee Association following transaction close. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As Kelli
mentioned to you all earlier, there&#8217;s some work to be done to complete the transaction, which we expect will occur in the first quarter of 2026. Until then, we&#8217;ll be working with the team to continue planning for closing and beyond. We
look forward to meeting with the Denny&#8217;s team and franchisees in the coming weeks. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We are confident in our bright future together
and are excited about the opportunities we have to build on the amazing work you all do every day to serve Denny&#8217;s guests. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Rohit Manocha </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Co-Founder,</FONT> TriArtisan Capital Advisors </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information Regarding the Proposed Transaction and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the proposed transaction between Denny&#8217;s Corporation and TriArtisan Capital Advisors LLC, Denny&#8217;s Corporation will file with the
Securities and Exchange Commission (the &#8220;SEC&#8221;) a proxy statement on Schedule 14A relating to a special meeting of its stockholders. Additionally, Denny&#8217;s Corporation may file other relevant materials with the SEC in connection
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with the proposed transaction. INVESTORS AND SECURITYHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS FILED OR THAT WILL BE FILED WITH THE SEC, AS
WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE MATERIALS AND DOCUMENTS INCORPORATED BY REFERENCE THEREIN, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION AND RELATED MATTERS. A definitive Proxy Statement will be sent to the Company&#8217;s stockholders. Investors and securityholders will be able to obtain the Proxy Statement free of charge from the SEC&#8217;s website or from the Company.
The documents filed by the Company with the SEC may be obtained free of charge on the Company&#8217;s website at the Investor Relations section of https://investor.dennys.com/overview/default.aspx or at the SEC&#8217;s website at www.sec.gov. These
documents may also be obtained free of charge from the Company by requesting them from Investor Relations by email at ir@dennys.com, or by telephone at 877.784.7167. This document shall not constitute an offer to sell or the solicitation of an offer
to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering
of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the
Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Denny&#8217;s Corporation and certain of its directors and executive officers may be deemed to be participants in the solicitation of
proxies from the stockholders of Denny&#8217;s Corporation in respect of the proposed transaction and any other matters to be voted on at the special meeting. Information about TriArtisan Capital Advisors LLC&#8217;s directors and executive
officers, including a description of their direct interests, by security holdings or otherwise, will be included in the proxy statement (when available). Information about Denny&#8217;s Corporation and its directors and executive officers can be
found in (i)&nbsp;Denny&#8217;s Corporation&#8217;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;25, 2024, which was filed with the SEC on February&nbsp;24, 2025, (ii) Denny&#8217;s
Corporation&#8217;s proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on April&nbsp;3, 2025, and (iii)&nbsp;Denny&#8217;s Corporation&#8217;s other filings with the SEC, including any statements of beneficial
ownership on Form 3, Form 4 or Form 5, which may be obtained free of charge on EDGAR at www.sec.gov and the Denny&#8217;s Corporation website at <FONT STYLE="white-space:nowrap">https://investor.dennys.com/financials/sec-filings/default.aspx.</FONT>
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Offer or Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication shall
not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section&nbsp;10 of the Securities Act of 1933, as amended.
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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">This document contains forward-looking statements, including statements regarding the proposed transaction. From time to time, oral or written forward-looking
statements may also be included in other information released to the public. These forward-looking statements are intended to provide management&#8217;s current expectations or plans for our future operating and financial performance, based on
assumptions currently believed to be valid. Forward-looking statements often contain words such as &#8220;may,&#8221; &#8220;can,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;expects,&#8221;
&#8220;anticipates,&#8221; &#8220;estimates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;seeks,&#8221; &#8220;will,&#8221; &#8220;is likely to,&#8221; &#8220;scheduled,&#8221; &#8220;positioned to,&#8221;
&#8220;continue,&#8221; &#8220;forecast,&#8221; &#8220;aim,&#8221; &#8220;goal,&#8221; &#8220;target,&#8221; &#8220;predicting,&#8221; &#8220;projection,&#8221; &#8220;potential&#8221; or similar expressions, although not all forward-looking
statements contain these words. Forward-looking statements may include references to goals, plans, strategies, objectives, projected costs or savings, anticipated future performance, results, events or transactions of the Company and the expected
timing of the proposed transaction and other statements that are not strictly historical in nature. These forward-looking statements are based on management&#8217;s current expectations, forecasts and assumptions and could ultimately prove
inaccurate. This means the forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to:
uncertainties as to the timing of the proposed transaction; uncertainties as to how many of the Company&#8217;s stockholders will vote in favor of the proposed transaction including the possibility that the Company&#8217;s stockholders may not
approve the proposed transaction; the possibility that competing offers will be made; the ability to receive the required consents and regulatory approvals for the proposed transaction and to satisfy the other conditions to the closing of the
transaction on a timely basis or at all; the risk that, prior to the completion of the transaction, the Company&#8217;s business and its relationships with employees, collaborators, vendors and other business partners could experience significant
disruption due to transaction-related uncertainty; the risk that stockholder litigation in connection with the transaction may result in significant costs of defense, indemnification and liability; negative effects of the announcement of the
transaction on the market price of Company Shares and/or on the Company&#8217;s business, financial condition, results of operations and financial performance; and the ability of the Company to retain and hire key personnel; and the risks and
uncertainties pertaining to the Company&#8217;s business, including those detailed under &#8220;Risk Factors&#8221; and elsewhere in the Company&#8217;s public periodic filings with the SEC. There can be no assurance that the proposed transaction or
any other transaction described above will in fact be consummated in the manner described or at all. Stockholders, potential investors and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and
are cautioned not to place undue reliance on the forward-looking statements. It is not possible to anticipate or foresee all risks and uncertainties, and investors should not consider any list of risks and uncertainties to be exhaustive or complete.
For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, please see the Company&#8217;s statements and reports on Forms
<FONT STYLE="white-space:nowrap">10-K,</FONT> <FONT STYLE="white-space:nowrap">10-Q</FONT> and <FONT STYLE="white-space:nowrap">8-K</FONT> filed with or furnished to the SEC and other written statements made by the Company from time to time. The
forward-looking information herein is given as of this date only and is qualified in its entirety by this cautionary statement, and the Company undertakes no obligation to revise or update it. </P>
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