<SEC-DOCUMENT>0000897069-22-000319.txt : 20220517
<SEC-HEADER>0000897069-22-000319.hdr.sgml : 20220517
<ACCEPTANCE-DATETIME>20220517171314
ACCESSION NUMBER:		0000897069-22-000319
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220517
DATE AS OF CHANGE:		20220517

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN VANGUARD CORP
		CENTRAL INDEX KEY:			0000005981
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE CHEMICALS [2870]
		IRS NUMBER:				952588080
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13795
		FILM NUMBER:		22935768

	BUSINESS ADDRESS:	
		STREET 1:		4695 MACARTHUR COURT
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-260-1200

	MAIL ADDRESS:	
		STREET 1:		4695 MACARTHUR COURT
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AEROCON INC
		DATE OF NAME CHANGE:	19720620

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cruiser Capital Advisors, LLC
		CENTRAL INDEX KEY:			0001713506
		IRS NUMBER:				272711147
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		110 CENTRAL PARK SOUTH
		STREET 2:		17AB
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-829-5833

	MAIL ADDRESS:	
		STREET 1:		110 CENTRAL PARK SOUTH
		STREET 2:		17AB
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>cmw430.htm
<TEXT>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">(Amendment No. ____)</div>
    <div>Filed by the Registrant [&#160; ]</div>
    <div style="margin-bottom: 6pt;">Filed by a Party other than the Registrant [X]</div>
    <div style="margin-bottom: 6pt;"><u>Check the appropriate box:</u></div>
    <div>[&#160;&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Preliminary Proxy Statement</div>
    <div>[&#160;&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
    <div>[&#160;&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Definitive Proxy Statement</div>
    <div>[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Definitive Additional Materials</div>
    <div style="margin-bottom: 6pt;">[&#160;&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Soliciting Material under Rule 14a-12</div>
    <div style="text-align: center; margin-top: 6pt;"><u>AMERICAN VANGUARD CORPORATION</u></div>
    <div style="text-align: center;">(Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
    <div style="text-align: center;">Cruiser Capital Advisors, LLC</div>
    <div style="text-align: center;">Keith M. Rosenbloom</div>
    <div style="text-align: center;">Cruiser Capital Master Fund LP</div>
    <div style="text-align: center;">Metamorphosis VI LLC</div>
    <div style="text-align: center;">Patrick E. Gottschalk</div>
    <div style="text-align: center;"><u>Mark R. Bassett</u></div>
    <div style="text-align: center;">Name of Person(s) Filing Proxy Statement if other than the Registrant)</div>
    <div><br>
    </div>
    <div>Payment of Filing Fee (Check the appropriate box):</div>
    <div><br>
    </div>
    <div>[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>No fee required.</div>
    <div><br>
    </div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z64e079ed96554217a63818d8d9bde1d6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Title of each class of securities to which transaction applies:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zc28f76cfa4234845926d23832221d3ac" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Aggregate number of securities to which transaction applies:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb057db8ca1d14d6a82bdc100cac25079" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and
              state how it was determined):</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zdf1ed24956cf4e699d831ce152c58f6b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Proposed maximum aggregate value of transaction:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z06d9da0dcd49440e950a2577d84befb9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Total fee paid:</div>
          </td>
        </tr>

    </table>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fee paid previously with preliminary materials.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">[&#160; ]</td>
          <td style="width: auto; vertical-align: top;">
            <div>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&#160;
              Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7e21e68846be44eb97fa7c1cb7062aef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Amount Previously Paid:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z4e520aac13f544be8631b69c518ec318" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Form, Schedule or Registration Statement No.:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb01565d7e18d4ea88718946d1bafb726" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Filing Party:</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="zf9986216d7a14f09869691fccb42823b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Date Filed:</div>
          </td>
        </tr>

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    <div style="text-align: center; font-weight: bold;"><u>Cruiser Capital Master Fund LP</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Cruiser Capital Master Fund LP and its affiliates issued a press release today responding to the misleading claims
      of American Vanguard Corporation.&#160; The press release is attached hereto, and is being filed under Rule 14a-6 of the Securities Exchange Act of 1934, as amended.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Important Information</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Cruiser Capital Master Fund LP has
        nominated three individuals as nominees to the board of directors of American Vanguard Corporation (the &#8220;<u>Company</u>&#8221;) and is soliciting votes for the election of those individuals as members of the Company&#8217;s board of directors.&#160; The individuals that have been nominated are Keith M. Rosenbloom, Patrick E.
      Gottschalk and Mark R. Bassett (the &#8220;<u>Nominees</u>&#8221;).&#160; Cruiser Capital Master Fund LP is sending a definitive proxy statement, BLUE proxy card and related proxy materials to shareholders of the Company seeking their support of the Nominees at the
        Company&#8217;s 2022 Annual Meeting of Stockholders.&#160; <font style="font-weight: bold;">Stockholders are urged to read the definitive proxy statement and BLUE proxy card because they
        contain important information about the Nominees, the Company and related matters.&#160; </font>Stockholders may obtain a free copy of the definitive proxy statement and BLUE
        proxy card and other documents filed with the Securities and Exchange Commission (&#8220;<u>SEC</u>&#8221;) by Cruiser Capital Master Fund LP and its affiliates (the &#8220;<u>Cruiser Capital Parties</u>&#8221;) at the SEC&#8217;s web site at www.sec.gov.&#160; The definitive proxy statement and other related SEC documents filed with the SEC by the Cruiser Capital Parties may also be obtained free of charge from the Cruiser Capital
        Parties, upon request.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Participants in Solicitation</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following persons may be deemed to be participants in the solicitation from the Company&#8217;s shareholders of
      proxies in favor of the Nominees (the &#8220;<u>Participants</u>&#8221;): Cruiser Capital Advisors, LLC, Keith M. Rosenbloom, Cruiser Capital Master Fund LP, Metamorphosis VI
      LLC, Patrick E. Gottschalk and Mark R. Bassett.&#160; The Participants may have interests in the solicitation, including as a result of holding shares of the Company&#8217;s common stock.&#160; <font style="font-weight: bold;">Information regarding the Participants and their interests may be found in the definitive proxy statement the Participants filed with the SEC on May 9, 2022, which is incorporated herein by reference.</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
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    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Cruiser Capital Responds to American Vanguard&#8217;s Continued Campaign of Personal Attacks and Misleading Claims</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-style: italic;">Believes Stockholders Will Easily See Through the Company&#8217;s Attempt to Distract from Its Track Record of Chronic
      Underperformance and Poor Corporate Governance</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-style: italic;">Latest Misrepresentations Follow Continuous Shifting of Peers and Indices, and Perfunctory Interview Process for
      Cruiser&#8217;s Objectively Qualified and Highly Motivated Director Nominees</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-style: italic;">Recent Opaque Margin Disclosures Are Troubling and Raise More Questions About the Company&#8217;s Operations</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-style: italic;">Encourages Stockholders to Put a Stop to AVD&#8217;s Games by Voting on the <font style="font-weight: bold;"><u>BLUE</u></font> Proxy Card to Elect Cruiser&#8217;s Three Nominees</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">NEW YORK &#8211; </font>May 17, 2022 &#8211;
      Cruiser Capital Master Fund LP and its affiliates (&#8220;Cruiser Capital,&#8221; or &#8220;Cruiser&#8221;), a top ten shareholder of American Vanguard Corporation (NYSE: AVD) (&#8220;American Vanguard,&#8221; &#8220;AVD&#8221; or the &#8220;Company&#8221;), owning approximately 2.5% of AVD&#8217;s outstanding
      shares, today issued the following statement:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;We are disappointed that the Board of Directors (the &#8220;Board&#8221;) of American Vanguard continues to issue fictious ad
      hominem attacks against Cruiser Capital and our highly regarded and motivated director nominees, Dr. Mark Bassett, Pat Gottschalk and Keith Rosenbloom. In our view, these tactics are nothing more than a transparent attempt to distract stockholders
      from what really matters: under its long-tenured Board, AVD&#8217;s total shareholder return has underperformed its peers during any relevant time period and its stock price is lower than it was a decade ago. This type of behavior reinforces why a
      reconstituted Board with new independent voices is so desperately needed for American Vanguard to reach its potential.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">Unfortunately, this latest round of false statements and unsubstantiated claims continues a pattern. Ever since
      AVD&#8217;s perfunctory nominee interview process that was then distorted to serve as campaign spin, it has been clear that the individuals in charge of the Board care more about preserving their jobs than disclosing the facts to investors.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">We hope the Company does better research on its investments and acquisitions than it does on its campaign
      materials. For the record, in a desperate attempt to discredit Cruiser Capital, AVD published data from a free database Cruiser had never heard of &#8211; or reported its returns to &#8211; despite this site having no way to accurately measure our true
      performance. Rather than using a modicum of diligence, the Company published inaccurate information. The reality is that Cruiser&#8217;s returns over the past year are positive, not negative; and the lifetime returns are materially positive. Further,
      personal comments made about Pat Gottschalk and Mark Bassett are factually incorrect and contradict AVD&#8217;s own proxy filing.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">In our view, the Board&#8217;s willingness to continuously move the goal posts when it comes to measuring <u>its own</u> performance is indicative of the same problem. In the most glaring example to date, the Company recently created a brand-new index of cherry-picked &#8220;peers&#8221;
      in an attempt to claim outperformance in some form. Instead of admitting there is an issue or responding constructively to any of our factual observations, AVD seems insistent on doing anything possible to ignore the simple facts: the Company has not
      delivered for stockholders across any reasonable time period, peer group or index:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
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    <table cellspacing="0" cellpadding="0" id="ze1960ee7b88b4424a4d54ca94a2bc1c5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">Total Return</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);"> <br>
            </div>
          </td>
          <td style="width: 14.05%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">FMC</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">Corporation</div>
          </td>
          <td style="width: 14.06%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">UPL Limited</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);"> <br>
            </div>
          </td>
          <td style="width: 14.06%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">Russell 2000</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);"> <br>
            </div>
          </td>
          <td style="width: 14.05%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">S&amp;P Mid Cap Specialty Chem Index</div>
          </td>
          <td style="width: 14.06%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">S&amp;P 500</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);"> <br>
            </div>
          </td>
          <td style="width: 14.06%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">American </div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(0, 176, 240); color: rgb(0, 0, 0);">Vanguard AVD</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">1 Year</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle;">
            <div style="text-align: center;">18.0%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">25.2%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">-10.1%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle;">
            <div style="text-align: center;">-6.9%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">10.9%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-21.0%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">3 Year</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle;">
            <div style="text-align: center;">61.6%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">30.1%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">32.9%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle;">
            <div style="text-align: center;">13.4%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">60.8%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-9.3%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">5 Year</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle;">
            <div style="text-align: center;">150.5%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">64.7%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">51.3%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle;">
            <div style="text-align: center;">18.3%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">94.2%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">8.3%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">7 Year</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle;">
            <div style="text-align: center;">149.0%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">179.5%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">75.9%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle;">
            <div style="text-align: center;">45.3%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle;">
            <div style="text-align: center;">131.8%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">65.1%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">10 Year</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">222.6%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">801.9%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">180.3%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.05%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">165.6%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">278.5%</div>
          </td>
          <td nowrap="nowrap" style="width: 14.06%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-7.7%</div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FEFEFE;">
      <div style="font-size: 8pt; font-style: italic;">Returns as of March 7, 2022, the day Cruiser Capital Master Fund LP submitted its notice of intent to nominate directors to the Company.</div>
    </div>
    <div style="background-color: #FEFEFE;">
      <div style="margin-bottom: 18pt; font-size: 8pt; font-style: italic;">Source: FactSet.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">What we found most interesting &#8211; and most concerning &#8211; was that yesterday AVD disclosed that its Board has
      &#8220;Overseen acquisitions that have led to $222 million in sales, $33 million in EBITDA and an EBITDA margin of 15%.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Following AVD&#8217;s pattern of opaque and selective financial disclosure, they don&#8217;t disclose what timeframe this is for. If
      accurate, this means that the rest of the portfolio is now generating either a 7% FYE a 9% LTM EBITDA margin. This raises more substantive questions about the Company&#8217;s operations. As seems to be the case with too many of AVD&#8217;s disclosures, they
      share the &#8220;good things&#8221; and then let stockholders figure out the rest.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt; font-style: italic;">AVD&#8217;s Claim in May 16, 2022 Press Release</div>
    <table cellspacing="0" cellpadding="0" id="z413d7fd197e548b2ab58b38ce3534cba" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(0, 176, 240);">LTM</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(0, 176, 240);">Press Release</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(0, 176, 240);">AVD Results</div>
          </td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(0, 176, 240);">Rest of AVD</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">Sales</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">222</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">590</div>
          </td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">368</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">EBITDA</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">33</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">65.8</div>
          </td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">32.8</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">Margin %</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">15%</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">11%</div>
          </td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">9%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">At FYE 2021</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">Sales</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">222</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">557</div>
          </td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">335</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">EBITDA</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">33</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">56.8</div>
          </td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">23.8</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 22.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">Margin %</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">15%</div>
          </td>
          <td nowrap="nowrap" style="width: 25.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">10%</div>
          </td>
          <td nowrap="nowrap" style="width: 25.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">7%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">Cruiser nominees Mark Bassett and Pat Gottschalk are particularly accomplished former CEOs of large, complex
      specialty chemical businesses. Each has a deep understanding of the business processes that can improve AVD&#8217;s operations. Keith Rosenbloom is laser-focused on improving AVD&#8217;s corporate governance and making the Board accountable to stockholders. The
      Company&#8217;s continued stated objections to them border on the absurd, including a bizarre &#8211; and otherwise easily clarified &#8211; claim that these professionals &#8220;do not want to serve.&#8221; In contrast, the three directors we seek to replace have been paid over
      $6.3 million to deliver sub-par returns and are now fighting dirty to preserve their positions rather than look out for the best interests of stockholders.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><br>
      <hr noshade="noshade" align="left" style="text-align: left; background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 6pt; font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;https://www.businesswire.com/news/home/20220516005902/en/American-Vanguard-Highlights-Strong-Performance-Robust-Growth-Outlook-and-Highly-Qualified-Board-of-Directors.</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">Normally a board focused on creating value for all shareholders would embrace the opportunity to bring
      accomplished, motivated executives into leadership. Yet AVD is so intent on keeping out independent voices who can challenge management and focus on creating shareholder value they keep contradicting themselves. Consider this latest contradiction:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-style: italic;">&#8220;Cruiser&#8217;s
        benchmarking of American Vanguard&#8217;s total shareholder return (&#8220;TSR&#8221;) against Specialty Chemicals&#160;</font><font style="font-weight: bold; font-style: italic;">demonstrates confusion and a
        lack of understanding</font><font style="font-style: italic;">&#160;of our fundamental attributes and business drivers as we are more comparable to small-cap agricultural inputs companies.&#8221;
      </font>And yet, for the past 15 consecutive years it is <u>AVD&#8217;s Board itself</u> who has benchmarked its own performance against those same Specialty Chemical
      Indices.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">We hope that the Board will stop playing games by making highly selective and often misleading disclosures, stop
      wasting management time and stockholder money and get on with the serious business of letting accomplished, independent directors help make the Company worth much more for all of its stakeholders.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">For more information, we encourage you to review Cruiser&#8217;s investor presentations from May 12 and May 16, or its investor letter from May 11.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">We urge stockholders to vote today on the <font style="font-weight: bold;"><u>BLUE</u></font> proxy card to help elevate AVD.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Investor Contact:</div>
    <div><br>
    </div>
    <div>
      <div style="font-size: 12pt;">Okapi Partners</div>
      <div style="font-size: 12pt;">Jason Alexander / Bruce Goldfarb</div>
      <div style="font-size: 12pt;">Info@Okapipartners.com</div>
      <div><br>
      </div>
      <div style="font-size: 12pt;">Cruiser Capital Advisors</div>
      <div style="font-size: 12pt;">Keith M. Rosenbloom</div>
      <div style="font-size: 12pt;"><u>ElevateAVD@CruiserCap.com</u><u>&#160;</u></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Media Contact:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Longacre Square Partners</div>
    <div style="text-align: justify;">Dan Zacchei / Miller Winston</div>
    <div style="text-align: justify;">DZacchei@longacresquare.com / MWinston@longacresquare.com</div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">About Cruiser Capital Advisors</div>
    <div style="text-align: justify; font-size: 12pt;">Cruiser Capital Advisors, LLC is an investment management firm that concentrates its investments in companies it believes trade at public market values
      substantially different from intrinsic value. Cruiser often utilizes a constructivist approach to collaborate with management teams to help drive stockholder value. Cruiser may be contacted at Info@Cruisercap.com</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Important Information</div>
    <div style="text-align: justify; font-size: 12pt;">Cruiser has nominated three individuals as nominees to the board of directors of American Vanguard Corporation, a Delaware corporation (the &#8220;Company&#8221;), and
      intends to solicit votes for the election of those individuals as members of the Company&#8217;s board of directors. The individuals that have been nominated are Keith M. Rosenbloom, Patrick E. Gottschalk and Mark R. Bassett (the &#8220;Nominees&#8221;). Cruiser
      Capital Master Fund LP is sending a definitive proxy statement, BLUE proxy card and related proxy materials to shareholders of the Company seeking their support of the Nominees at the Company&#8217;s 2022 313 Annual Meeting of Stockholders. <font style="font-weight: bold;">Stockholders are urged to read the definitive proxy statement and BLUE proxy card, because they contain important information about the Nominees, the Company
        and related matters. </font>Stockholders may obtain a free copy of the definitive proxy statement and BLUE proxy card and other documents filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) by Cruiser Capital and its affiliates (the &#8220;Cruiser
      Capital Parties&#8221;) at the SEC&#8217;s web site at www.sec.gov. The definitive proxy statement and other related SEC documents filed with the SEC by the Cruiser Capital Parties may also be obtained free of charge from the Cruiser Capital Parties, upon
      request.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Participants in Solicitation</div>
    <div style="text-align: justify; font-size: 12pt;">The following persons may be deemed to be participants in the planned solicitation from the Company&#8217;s shareholders of proxies in favor of the Nominees (the
      &#8220;Participants&#8221;): Cruiser Capital Advisors, LLC, Keith M. Rosenbloom, Cruiser Capital Master Fund LP, Metamorphosis VI LLC, Patrick E. Gottschalk and Mark R. Bassett who own some or all of their shares through accounts managed by Cruiser Capital
      Advisors, LLC. The Participants may have interests in the solicitation, including as a result of holding shares of the Company&#8217;s common stock. <font style="font-weight: bold;">Information
        regarding the Participants and</font>&#160;<font style="font-weight: bold;">their interests may be found in the definitive proxy statement the Participants filed with the SEC on</font>&#160;<font style="font-weight: bold;">May 9, 2022, which is incorporated herein by reference.</font></div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
    <div style="text-align: justify; font-size: 12pt;">These materials may contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily
      depend on future events are forward-looking, and the words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;potential,&#8221; &#8220;opportunity,&#8221; &#8220;estimate,&#8221; &#8220;plan&#8221; and similar expressions are generally intended to identify forward-looking statements. The projected results
      and statements contained in these materials that are not historical facts are based on current expectations and speak only as of the date of such materials, and involve risks, uncertainties and other factors that may cause actual results, performance
      or achievements to be materially different from any future results, performance or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other
      things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Cruiser Capital Parties.&#160; Although the Cruiser
      Capital Parties believe that the assumptions underlying the projected results or forward-looking statements included in these materials are reasonable as of the date of such materials, any of the assumptions could be inaccurate and therefore, there
      can be no assurance that the projected results or forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the projected results and forward-looking statements included herein, the
      inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such projected results and forward-looking statements will be achieved. The Cruiser
      Capital Parties will not undertake and specifically decline any obligation 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 projected results or statements or to reflect the occurrence of anticipated or unanticipated events.</div>
    <br>
  </div>
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