<SEC-DOCUMENT>0001839882-23-004632.txt : 20230224
<SEC-HEADER>0001839882-23-004632.hdr.sgml : 20230224
<ACCEPTANCE-DATETIME>20230224133312
ACCESSION NUMBER:		0001839882-23-004632
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230224
DATE AS OF CHANGE:		20230224

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROADWIND, INC.
		CENTRAL INDEX KEY:			0001120370
		STANDARD INDUSTRIAL CLASSIFICATION:	NONFERROUS FOUNDRIES (CASTINGS) [3360]
		IRS NUMBER:				880409160
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34278
		FILM NUMBER:		23665484

	BUSINESS ADDRESS:	
		STREET 1:		3240 S. CENTRAL AVENUE
		CITY:			CICERO
		STATE:			IL
		ZIP:			60804
		BUSINESS PHONE:		708-780-4800

	MAIL ADDRESS:	
		STREET 1:		3240 S. CENTRAL AVENUE
		CITY:			CICERO
		STATE:			IL
		ZIP:			60804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADWIND ENERGY, INC.
		DATE OF NAME CHANGE:	20080304

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TOWER TECH HOLDINGS INC.
		DATE OF NAME CHANGE:	20060210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKFOOT ENTERPRISES INC
		DATE OF NAME CHANGE:	20000726

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WM Argyle Fund, LLC
		CENTRAL INDEX KEY:			0001924978
		IRS NUMBER:				881704339
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		635 FLORENCE DRIVE
		CITY:			ELM GROVE
		STATE:			WI
		ZIP:			53122
		BUSINESS PHONE:		262-705-3180

	MAIL ADDRESS:	
		STREET 1:		635 FLORENCE DRIVE
		CITY:			ELM GROVE
		STATE:			WI
		ZIP:			53122
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>wmargyle_dfan14a-022423.htm
<DESCRIPTION>SOLICITING MATERIAL
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">UNITED STATES</FONT></P>

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COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">SCHEDULE 14A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Rule&nbsp;14a-101)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">INFORMATION REQUIRED
IN PROXY STATEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">SCHEDULE 14A INFORMATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Exchange Act of 1934</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Filed by a party other than the registrant&nbsp;&nbsp;&#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12px"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Preliminary proxy statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt"><B>Confidential, for use of the
Commission only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Definitive proxy statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Definitive additional materials</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9746;</TD><TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to
Section&nbsp;240.14a-12</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">BROADWIND,
    INC.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name
    of Registrant as Specified in Its Charter)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
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    <TD STYLE="font-size: 10pt; width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">WM ARGYLE FUND,
    LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">JAY DOUGLAS ARMBURGER</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">KENNETH H. BERGMAN</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">RYAN BOGENSCHNEIDER</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">CHRISTINE M. CANDELA</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">KRISTINA A. HARRINGTON</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">JAMES M. ROBINSON
    IV</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name
    of Person(s) Filing Proxy Statement, if Other Than the Registrant)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-size: 10pt">Payment of filing fee (Check the appropriate
box):</FONT></P>

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<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9746;</TD><TD><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary
materials.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit
required by Item 25(b) per Exchange Act Rules&nbsp;14a&#45;6(i)(1) and 0&#45;11.</FONT></TD>
</TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WM Argyle Fund, LLC,
together with the other participants named herein (collectively, the &quot;Argyle Group&quot;), intends to file a preliminary proxy statement
and accompanying GREEN universal proxy card with the Securities and Exchange Commission (&quot;SEC&quot;) to be used to solicit votes
for the election of its slate of highly-qualified, independent director nominees at the 2023 annual meeting of stockholders of Broadwind,
Inc., a Delaware corporation.&#9;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On February&nbsp;24,
2023, the Argyle Group issued the following press release:</FONT></P>

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

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>WM Argyle Fund Issues Statement on Credit Default
by Broadwind Inc.</B></FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Milwaukee, WI &#8211; February 24, 2023 &#8211;
WM Argyle Fund, LLC, an investment fund which recently announced its nomination of six highly qualified, independent director candidates
to the Board of Directors of Broadwind, Inc. (NASDAQ: BWEN) (&#8220;Broadwind&#8221; or the &#8220;Company&#8221;), today commented on
a Form 8-K filed by the Company with the Securities and Exchange Commission on February 14<SUP>th</SUP>, 2023. In the Form 8-K, the Company
disclosed that it amended a Credit Agreement after failing to meet the lender&#8217;s minimum EBITDA threshold of $2.5 million for the
twelve month period ended December&nbsp;31, 2022, which created an event of default under the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The filing indicates the Company&#8217;s EBITDA
projections in August, when it entered into the Credit Agreement, did not last four months. We find it hard to believe the Company would
knowingly agree to debt covenants it could not meet, which therefore suggests its projected financial performance declined in Q4. We
find the loan default and the reductions in Q1 and Q2 2023 quarterly EBITDA covenants in the amended loan agreement to be indefensible
for management and the Board.</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">We are asking that management and the Board publicly
explain to stockholders how this happened and what they are planning to do to address the causes for this default. Getting loan waivers
is only a bandage to cover the much greater wound the Company is facing in credibility with lenders and shareholders.</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">We hope last week&#8217;s filing is not a prelude
to reporting further declines in its Q4 operating performance or future guidance. Broadwind has great potential, but stockholders deserve
a board that will hold management accountable for its repeated failure to achieve growth and profitability.</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>About WM Argyle Fund</B></FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">WM Argyle Fund, LLC is an investment fund specifically
created to invest in Broadwind. We believe the Company has been underperforming due to strategic errors, operational inefficiencies,
and inattentive governance. We are looking to ensure the long-term performance of the Company by reconstituting the Board with new members.
For more information, visit: <FONT STYLE="color: Blue"><U>www.BWEN2023.com</U></FONT></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Contacts: </B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0; background-color: white; color: #1D2228"><FONT STYLE="font-size: 10pt"><B>Investors</B>:</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt; color: #1D2228">InvestorCom<BR>
John Glenn Grau, 203-972-9300<BR>
</FONT><FONT STYLE="font-size: 10pt; color: #0F69FF"><U>info@investor-com.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0; background-color: white; color: #1D2228"><FONT STYLE="font-size: 10pt"><B>Media</B>:</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt; color: #1D2228">Mahony
Partners<BR>
Richard Mahony, 917-257-6811<BR>
</FONT><FONT STYLE="font-size: 10pt; color: #0F69FF"><U>info@mahonypartners.com</U></FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0 0 0.25in; background-color: #FEFEFE; color: #444444"><FONT STYLE="font-size: 10pt"><B>Important
Information</B></FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0 0 0.25in; background-color: #FEFEFE"><FONT STYLE="font-size: 10pt">WM Argyle Fund,
LLC, <FONT STYLE="color: #444444">Jay Douglas Armburger, Ryan Bogenschneider, Kenneth H. Bergman, Christine M. Candela, Kristina A. Harrington,
and James M. Robinson IV</FONT> (collectively, the &#8220;Participants&#8221;) intend to file with the Securities and Exchange Commission
(the &#8220;SEC&#8221;) a definitive proxy statement and accompanying form of GREEN universal proxy card to be used in connection with
the solicitation of proxies from the stockholders of Broadwind, Inc. (the &#8220;Company&#8221;). All stockholders of the Company are
advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they
become available, as they will contain important information, including additional information related to the Participants. The definitive
proxy statement and an accompanying GREEN universal proxy card will be furnished to some or all of the Company&#8217;s stockholders and
will be, along with other relevant documents, available at no charge on the SEC website at <FONT STYLE="color: Blue"><U>http://www.sec.gov/</U></FONT>.</FONT></P>

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0 0 0.25in; background-color: #FEFEFE"><FONT STYLE="font-size: 10pt">Information
about the Participants and a description of their direct or indirect interests by security holdings is contained in a Schedule 14A filed
by the Participants with the SEC on January&nbsp;18, 2023. This document is available free of charge from the source indicated above.&nbsp;</FONT></P>

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

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