<SEC-DOCUMENT>0000897069-22-000342.txt : 20220520
<SEC-HEADER>0000897069-22-000342.hdr.sgml : 20220520
<ACCEPTANCE-DATETIME>20220520134355
ACCESSION NUMBER:		0000897069-22-000342
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:		22946838

	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
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<FILENAME>cmw433.htm
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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="z7f2877f981ff4e489d9d63453ac9718b" 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="z333396c9d8c54a0ba3fab74e1589884c" 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="zb5c08a4b68444ba9a80f17ba74a2c403" 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="z3b23b1ad40cf40f5b1bf22adf47a69a5" 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="zc98de965861541de88d76dc34ee6d259" 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;">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="za45f817a461c479a8ba8c1bfa684ef87" 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>Amount Previously Paid:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zf9f763e6b5da4814805b89369f615a91" 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;">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="z56dcc23e60b34bfd9c5026e386dcf44f" 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="zb39735a47a494b88b23fcfb4cbcfb21d" 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;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Date Filed:</div>
          </td>
        </tr>

    </table>
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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 Glass Lewis recommended 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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    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Glass Lewis Recommends 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;">Leading Independent Proxy Advisory Firm Confirms the Case for Change at American Vanguard, Calling Election of the Full Cruiser Slate a
      &#8220;Low Risk, High Reward Outcome&#8221; for Investors</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">Glass Lewis Calls AVD&#8217;s Defense &#8220;Intrinsically Weak&#8221; and Highlights Company&#8217;s &#8220;Trend of Very Poor Shareholder Returns, Deteriorating
      Operational Metrics, Ballooning Expenses, Poor Investor Communication and an Alarmingly Stagnant Boardroom&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">Notes that the Board&#8217;s TSR Argument is Effectively the &#8220;Lynchpin&#8221; of Company&#8217;s Defense and that the Company&#8217;s Case &#8220;Ultimately Holds a
      Limited Degree of Water&#8221; Given that Over the Past Decade AVD Has Created &#8220;Essentially No Value&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">Encourages Stockholders to Follow 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 19, 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 leading proxy advisory firm Glass, Lewis &amp; Co. (&#8220;Glass Lewis&#8221;) has 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 its report, Glass Lewis writes that, &#8220;(W)e believe CCA (Cruiser Capital Advisors) has ultimately presented investors with a compelling case for change,
      and has nominated individuals well suited to addressing what appear to be AVD&#8217;s most significant operational and governance failings.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Specifically, Glass Lewis highlights AVD&#8217;s chronic underperformance and stagnant shareholder returns:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbd17b07f779f4a6b848c32a832fc4fd3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;(W)e are inclined to suggest <font style="font-weight: bold;">one side (Cruiser)
                  presents a much more comprehensive and persuasive case</font>, owing in no small part to the fact that AVD rests its returns methodology on a rather narrow and tenuous precipice: the board&#8217;s rebuke advances what appears to be a completely
                novel peer set, focuses heavily on a single measurement window tied to periodic lows, eschews long-utilized benchmarks and incorporates an entirely new performance barometer, <font style="font-weight: bold;">all in the somewhat strained service</font> of suggesting AVD has compellingly weathered obstructive industry headwinds.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbd0d5b139d1e47f78d1675ef408a9ed5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;Our own review suggests <font style="font-weight: bold;">the board&#8217;s TSR
                  position</font>, which is arguably the linchpin for the remainder of its defense,<font style="font-weight: bold;"> ultimately holds a limited degree of water here.</font>&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z42c39ff456b749f8a455058e65fdd125" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;First, over the long haul, <font style="font-weight: bold;">the evident absolute
                  and relative narrative is not, in our view, disputable:</font>&#160;<font style="font-weight: bold;">across the last decade, AVD has created essentially no value</font>, a result
                which may have been tenable had relevant benchmarks generated similar or worse returns&#8230;&#160;Here, it is worth acknowledging the incumbent candidates targeted by
                CCA have each served on the board for at least twelve years, and thus seem to <font style="font-weight: bold;">share fairly direct responsibility for these observable returns.</font>&#8221;</div>
            </td>
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      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7fd8e67b2fbe4c0ca55c00e28d72b858" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <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;Taken collectively, we believe <font style="font-weight: bold;">the sum of
                  available data strongly suggests AVD has persistently generated subpar value for investors relative to peers and applicable benchmarks across a variety of pre-contest time periods</font>, and further find the board&#8217;s defense is overly
                reliant on a narrow, low context trading trough and a recently manufactured peer set which fundamentally departs from the board&#8217;s long-established methodologies.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Glass Lewis shares Cruiser&#8217;s concerns about AVD&#8217;s operational issues, capital allocation policies and declining EBITDA margins:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z59a0b496a65a44deaed16a2f67a64d35" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;(W)e believe <font style="font-weight: bold;">CCA is again much more successful
                  in asking pointed questions than management is in answering them</font>. In particular, we believe the Dissident&#8217;s foundational point here -i.e. that AVD has failed to reliably generate strong earnings growth, despite nearly doubling
                revenues over the last decade &#8211; <font style="font-weight: bold;">is not subject to meaningful dispute.</font>&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><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 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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              <div style="text-align: justify;">&#8220;All else held equal, we agree that investors have been presented with <font style="font-weight: bold;">limited disclosure</font> from the board, which, in turn, directly contributes to <font style="font-weight: bold;">fairly disconcerting
                  transactional math</font>.&#8221;</div>
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      </table>
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              <div style="text-align: justify;">&#8220;Coupled with observed trends in <font style="font-weight: bold;">AVD&#8217;s
                  ballooning cost profile</font>, this dynamic hardly seems to suggest the board has been particularly efficient or effective at integrating new acquisitions in a manner that consistently and durably translates into improved earnings.
                Instead, data seems to suggest <font style="font-weight: bold;">prior operations have withered on the vine</font>, with AVD offsetting stagnant revenues through serial bolt-on
                acquisitions which thereafter seem to function with few cost management objectives in mind.&#8221;</div>
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      </table>
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      <table cellspacing="0" cellpadding="0" id="z53209bd416bd417bb58d283ce0088ba5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="text-align: justify;">&#8220;(W)e believe CCA presents a <font style="font-weight: bold;">persuasive case to
                  suggest AVD&#8217;s legacy operational architecture and growth-by-acquisition methodology have together persistently failed to translate into attractive margins, improved earnings or, as previously discussed, compelling shareholder returns</font>.&#8221;</div>
            </td>
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      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Glass Lewis criticizes AVD&#8217;s corporate governance policies and weak approach to Board refreshment:</div>
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              <div style="text-align: justify;">&#8220;(W)e would not suggest the board has gone particularly far out of its way to embrace dynamism or <font style="font-weight: bold;">prepare adequately for change.&#8221;</font></div>
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              <div style="text-align: justify;">&#8220;Nowhere is this more evident than with respect to the <font style="font-weight: bold;">board&#8217;s age-based retirement non-policy</font>, which, as noted by CCA, has essentially compelled Messrs. Erlich and lngulli to repeatedly submit resignations, the subsequent acceptance of which has thereafter been subject to a
                &#8220;close evaluation&#8221; which has consistently facilitated their continued service.&#8221;</div>
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      </table>
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    <div><br>
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              <div style="text-align: justify;">&#8220;As a result of this <font style="font-weight: bold;">unnecessarily confusing
                  framework</font> and what we consider a <font style="font-weight: bold;">very weak approach to refreshment</font>, AVD has effectively onboarded just two new directors over
                nearly a decade, while also signaling that Messrs. Erlich and lngulli may, in lieu of a clearly communicated process designed to timely attract credible new directors, continue to serve indefinitely. We believe this <font style="font-weight: bold;">observably stagnant architecture courts increasing transition risk, functionally precludes the cultivation of fresh perspectives and likely contributes to the current
                  board&#8217;s apparently entrenched belief that the Company is performing well, despite a panoply of factors which suggest otherwise</font>.&#8221;</div>
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      </table>
    </div>
    <div><br>
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    <div style="text-align: justify;">In supporting the election of Cruiser&#8217;s nominees to the AVD Board, Glass Lewis states:</div>
    <div><br>
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              <div style="text-align: justify;">&#8220;Shifting to CCA's short slate, we find what appears to be a <font style="font-weight: bold;">suitably qualified selection of candidates</font> credibly prepared to address the concerns identified within the Dissident's materials.&#8221;</div>
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    <div><br>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;Regarding the individual Cruiser nominees, Glass Lewis notes, &#8220;Mr. Basset appears to have an extensive operational background in the chemicals
                industry&#8230;Mr. Gottschalk appears to have an extensive operational background in the chemicals industry; and Keith Rosenbloom is the co-founder of CCA, and brings extensive experience as a shareholder advocate.&#8221;</div>
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      </table>
    </div>
    <div><br>
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    <div>
      <table cellspacing="0" cellpadding="0" id="z71693a1e2f854f66b5dfeff9aa74c762" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <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>
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      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Cruiser Capital stated: &#8220;We&#8217;re very pleased Glass Lewis shares our conclusion that change is needed in the American Vanguard boardroom. Stockholders
      deserve more than the decade-long underperformance and stagnant stock price that has been overseen by the entrenched AVD Board. Cruiser&#8217;s nominees, Mark Bassett, Pat Gottschalk and Keith Rosenbloom will bring the skills and experience necessary to
      enhance corporate governance practices, address operational inefficiencies and increase transparency to unlock American Vanguard&#8217;s significant potential for all its stakeholders.&#8221;</div>
    <div style="text-align: justify;"> <br>
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    </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 Glass Lewis&#8217;s recommendation and 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>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>
    <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 style="text-align: justify;"><font style="font-weight: bold;"> <br>
      </font></div>
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    <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>
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