<SEC-DOCUMENT>0000897069-22-000340.txt : 20220520
<SEC-HEADER>0000897069-22-000340.hdr.sgml : 20220520
<ACCEPTANCE-DATETIME>20220520134139
ACCESSION NUMBER:		0000897069-22-000340
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220520
DATE AS OF CHANGE:		20220520

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:		22946815

	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>cmw432.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;">Check the appropriate box:</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="ze5f3a50a257745649f22a70446d9f3b3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </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="z6e96a7dbc1fa4c23928df365db9ca137" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </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="zdf1226d2b2ea44d184e2f2f8307b3b9f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <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="z36a4c4be4908485ba8ccfa6ff649c3ae" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <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="z02634671744f420994ae65dfc1765210" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <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>
    <table cellspacing="0" cellpadding="0" id="z543f6c66ea884b7baf7468a422a9638b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <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="za78ab8be50ea417cb54386a6f377ec55" 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;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Amount Previously Paid:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z5050c3258cc34bf792230baae7dc0789" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </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="ze24b7c7d7646439aa198aa601fc321f0" 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;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Filing Party:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z72d6af7a1975444fb2ee6d32f3fee8ec" 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;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Date Filed:</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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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 reporting that ISS and Glass Lewis recommend American Vanguard Stockholders vote FOR all three of Cruiser Capital&#8217;s nominees on
        the BLUE proxy card.&#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>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: center; font-weight: bold;">Both Leading Proxy Advisory Firms &#8211; ISS and Glass Lewis &#8211; Recommend American Vanguard Stockholders Vote FOR All Three of Cruiser
      Capital&#8217;s Nominees on the BLUE Proxy Card</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">ISS Believes Cruiser Has Made a &#8220;Compelling Case for Change on the Basis of Concerns with Operational Performance, Corporate Governance,
      and AVD's Ability to Capitalize on Industry Tailwinds&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">ISS Notes American Vanguard&#8217;s &#8220;Inability to Execute has Translated into TSR Underperformance&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">Concludes That AVD&#8217;s Messaging on Refreshment &#8220;Demonstrates a Lack of Respect for Shareholders&#8221; and That Approach to Investor
      Communication Has Been &#8220;Fundamentally Flawed&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">Determines Cruiser Has Put Forward Nominees &#8220;Suited for the Specific Challenges of This Situation&#8221; and Has &#8220;Targeted the Incumbents
      Appropriately&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">Encourages Stockholders to Follow ISS and Glass Lewis&#8217;s Recommendation and Vote on the <font style="font-weight: bold;"><u>BLUE</u></font> Proxy Card to Elect Cruiser&#8217;s Three Nominees</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">NEW YORK &#8211; </font>May 20, 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 announced
      that both leading proxy advisory firms Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis &amp; Co. (&#8220;Glass Lewis&#8221;) have recommended that stockholders vote for <font style="font-weight: bold;">ALL</font> of Cruiser&#8217;s three director candidates by voting on the <font style="font-weight: bold;"><u>BLUE</u></font> proxy card at the June 1, 2022, Annual
      Meeting of Stockholders (the &#8220;2022 Annual Meeting&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In making its report to support Cruiser&#8217;s case for change, ISS notes the following:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbc7241b0f54c44829340a7b3c8933559" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 8pt; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 8pt;">&#8220;[Cruiser Capital] has made a compelling case for the addition of all three dissident nominees. Patrick Gottschalk, Mark
                Bassett, and Keith Rosenbloom should collectively assist in addressing concerns with <font style="font-weight: bold;">operational performance, corporate governance, and AVD's
                  ability to capitalize on industry tailwinds.&#8221;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbe39d274b7ee432e8bd415484d649ffe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;Ultimately, AVD suffers from two fundamental issues: <font style="font-weight: bold;">an inability to execute, and deficient corporate governance</font>.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7f7d4872aa614efcb4dc74d642aa1167" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;Top-line growth has not been accompanied by meaningful progress elsewhere on the income statement, which is particularly concerning given AVD's
                M&amp;A strategy. <font style="font-weight: bold;">Coupled with deficiencies in board refreshment, this inability to execute has translated into TSR underperformance</font>.
                These and other concerns make it challenging for investors to embrace the go-forward plan articulated by the board&#8230;&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0d5d26eb49c84cf1913ada74c22ce7bc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;(I)n this case there is no reason to postpone necessary refreshment when there are qualified replacements on the ballot.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">ISS also criticizes AVD&#8217;s performance for stockholders and lack of consistency around discussing returns:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z82e514afb25a474b9b75726f8e1d1e40" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;(T)he board's messaging suggests that a comparison to a specialty chemicals index may not be entirely appropriate &#8211; <font style="font-weight: bold;">this is concerning</font>, as AVD has historically referenced specialty chemicals indices in important public disclosures.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-bottom: 8pt;"><br>
      <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div style="text-indent: 36pt; margin-bottom: 6pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Permission to quote ISS or Glass Lewis was neither sought nor obtained. Emphases added.</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">1</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div>
      <table cellspacing="0" cellpadding="0" id="z6f8c84e0792f4d88843894b944f4741f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;Importantly, AVD share price increased 4.3 percent on April 19, 2022, outperforming peers by 4.4 percentage points. This one-day reaction
                suggests the <font style="font-weight: bold;">dissident's campaign was welcomed by the market</font>.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7841be1090fa4bc5ad5cda13eb5933fd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;During engagement with ISS, the board was not able to clearly articulate why May 2015 approximated the trough in the downcycle&#8230;However, the
                seven-year lookback presented by the board actually underscores the directionally-negative trend in absolute TSR and performance relative to peers, in that <font style="font-weight: bold;">AVD has fared progressively worse as time has progressed</font>.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf8974959919949008c64eeb93326f75d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;(C)omparison of AVD to the board's own selected peers reveals <font style="font-weight: bold;">troubling underperformance</font> that has been directionally-negative. There are also <font style="font-weight: bold;">concerns about the board's
                  communication strategy</font> in this area, reflected in mixed messaging relating to the appropriateness of industry comparators, as well as in an insufficiently-supported attempt to present a seven-year lookback as the most appropriate
                measurement period.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">ISS takes issue with AVD&#8217;s operational mismanagement and capital allocation:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6f59d54567da4b0fbf490471aa3417dc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;The [operational] story&#8230; is one of a company that is growing, but that has impediments or inefficiencies in the cost structure. When this
                snapshot is extended to encompass the most recent downcycle, it becomes clear that the full story is <font style="font-weight: bold;">more dire than the abridged version
                  suggests</font>.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf15fd45c7bb5445187fbcad90419f459" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;The <font style="font-weight: bold;">inability to recover since the market
                  turnaround is particularly concerning</font> given AVD's M&amp;A strategy during the downcycle, which included at least a dozen acquisitions.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z536dba2c590e47628ed2171210df627f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;AVD has successfully grown revenue over the past decade, but the top line has come at the <font style="font-weight: bold;">expense of progress elsewhere on the income statement</font>. For instance, adjusted EBITDA has declined, which has in turn halved the adjusted EBITDA margin. <font style="font-weight: bold;">This is a particularly concerning state of affairs</font>, seeing that AVD has spent over $200 million on acquisitions since the downcycle started.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6e4cb143418f4ad9aeec7895edf9c45b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;<font style="font-weight: bold;">(S)hareholders may have a hard time buying into
                  the growth story</font> that is now being articulated to the market, particularly since approximately 65 percent of long-term revenue growth is projected to derive from businesses that are still in their infancies. Ultimately, after
                suffering through the downcycle, which continued to grip AVD into 2021, shareholders are likely wary of aspirational messaging. At this point, <font style="font-weight: bold;">further
                  board refreshment is likely necessary for shareholders to develop comfort with any go-forward plan</font>.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">ISS highlights AVD&#8217;s inadequate board refreshment initiatives and flawed approach to shareholder engagement:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zebd39cfe1abd48d38ec3b3dfc09a532f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;The most concerning aspect of AVD's board refreshment is that it d<font style="font-weight: bold;">oes not appear to be proactive</font>&#8230;until apparently pressured to action by external factors, the board was content with the status quo&#8230;<font style="font-weight: bold;">the board should have been more proactive in adapting to changes</font>, particularly when TSR and operational performance over the period are taken into consideration.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z9fc9e40e0fa445528d6b042f712ba7ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;(T)he proxy statement indicates that AVD has refined corporate governance structures and processes to replace long-tenured directors. This
                appears to be a reference, at least in part, to the director retirement policy. This policy provides that no director shall serve after turning 75 years of age without the consent of a majority of the other directors. <font style="font-weight: bold;">It is challenging to not interpret this policy as a means for the board to have its cake and eat it.</font>&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><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">2</font></div>
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    <div>
      <table cellspacing="0" cellpadding="0" id="z5d074f8daf9e4a82b3d89ff16f0fb4ef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;Historically, AVD has not necessarily been a model of corporate governance best practices, but neither have shareholders been burdened with
                significant controversies. However, a closer examination reveals that the <font style="font-weight: bold;">board refreshment has not been proactive and that the board's pattern
                  of communicating with shareholders is fundamentally flawed</font>.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3cb6de619ac9485d8e9781047873759d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;The messaging surrounding refreshment, and by extension this proxy contest, <font style="font-weight: bold;">has also been problematic</font>&#8230;Messaging like this demonstrates a <font style="font-weight: bold;">lack of respect for shareholders</font>,
                making it hard to place one's faith in AVD to execute on the optimistic go-forward plan and projections&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">In reaching its conclusion, ISS notes:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z158b892bd842464386a226f250d7e0c2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;While management failed to execute, the board failed to evolve appropriately. Board refreshment over the past decade was neither proactive nor
                adequate&#8230; The inability to execute and the parallel concerns with board composition and refreshment likely <font style="font-weight: bold;">contributed to the significant and
                  directionally-negative TSR underperformance</font> experienced by shareholders over the past several years.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc75d99b51ab54eec9bb17d3bee1b89bd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;The board is asking shareholders to have faith in a go-forward plan with a growth element that relies heavily on business lines still in their
                infancies. Performance and governance over the past decade provide shareholders with <font style="font-weight: bold;">little reason to have faith in this proposition</font>.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5632414f651b40b3a8b0c3b9460b4977" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;This is also a cyclical industry, and AVD has not even managed to fully recover from the most recent downcycle. Given that AVD must make hay
                while the sun shines, there is a <font style="font-weight: bold;">sense of urgency underpinning the case for change</font>&#8230;shareholders <font style="font-weight: bold;">do not have the luxury of time</font>.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8a9a2c92ffa04d288b1250a1a34829a9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;[Cruiser Capital] has not only nominated a slate that is suited for the specific challenges of this situation, but has <font style="font-weight: bold;">targeted the incumbents appropriately</font>. The three targeted incumbents arguably bear the most responsibility for AVD's state of affairs, not just because they
                are the longest-tenured independent directors, but because of their responsibilities on the board.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Glass Lewis also expressed support for the Cruiser nominees:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb20700bbfba74fb8bb0dc0c1eb7bfe41" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;We believe the collective expertise of Messrs. Basset, Gottschalk and Rosenbloom speaks directly to observed weaknesses at AVD: <font style="font-weight: bold;">the board has not, in our view, convincingly demonstrated it is capable</font> of consistently generating shareholder value, efficiently managing
                costs, identifying, securing and integrating key strategic opportunities or reliably driving profitable growth in the absence of exogenous black swan events, <font style="font-weight: bold;">nor does it appear the board is well prepared to address its own deficiencies,</font> including very weak succession planning, opaque or incomplete investor communication and a <font style="font-weight: bold;">negligible commitment to true board refreshment</font>. We thus believe election of the full Dissident slate represents a <font style="font-weight: bold;">fairly low risk, high reward outcome for unaffiliated investors here.&#8221;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Charles J. Rose of Cruiser Capital Advisors stated: &#8220;We appreciate that both ISS and Glass Lewis recognize independent voices are needed on the American
      Vanguard Board. It&#8217;s clear that the status quo of underperformance and weak corporate governance cannot continue, and our nominees, Dr. Mark Bassett, Pat Gottschalk and Keith M. Rosenbloom look forward to the opportunity to work with the Board to
      improve American Vanguard&#8217;s value proposition for all of its stakeholders.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For more information, please visit: https://www.okapivote.com/americanvanguard/.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">Cruiser encourages stockholders to follow the recommendations of both Glass Lewis and ISS and vote today on the <font style="font-weight: bold;"><u>BLUE</u></font> proxy card to help Elevate AVD.</div>
    <div style="text-align: justify;"> <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>
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    </div>
    <div><br>
    </div>
    <div style="text-align: center;">If you have questions, require assistance in voting your <font style="font-weight: bold;"><u>BLUE</u></font>
      Proxy card, or need additional copies of these proxy materials, please contact Okapi Partners, our proxy solicitors, at the following address, telephone number or email address listed below:</div>
    <div><br>
    </div>
    <div style="background-color: #FEFEFE;">
      <div style="text-align: center; margin-bottom: 18pt;">Okapi Partners LLC<br>
        1212 Avenue of the Americas, 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160;Floor<br>
        New York, New York 10036<br>
        (212) 297-0720</div>
      <div style="text-align: center; margin-bottom: 18pt;">Stockholders and All Others Call Toll-Free: (855) 305-0856</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">Investors Looking to Vote the Blue Card May Contact:</div>
    <div><br>
    </div>
    <div>
      <div>Okapi Partners</div>
      <div>Jason Alexander / Bruce Goldfarb</div>
      <div>Info@Okapipartners.com</div>
      <div><br>
      </div>
      <div>Cruiser Capital Advisors</div>
      <div>Keith M. Rosenbloom</div>
      <div><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-weight: bold;">About Cruiser Capital Advisors</div>
    <div style="text-align: justify;">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="font-weight: bold;">Important Information</div>
    <div style="text-align: justify;">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>
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    <div style="font-weight: bold;">Participants in Solicitation</div>
    <div style="text-align: justify;">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-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
    <div style="text-align: justify;">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>
    <br>
  </div>
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