<SEC-DOCUMENT>0001193125-23-221677.txt : 20230828
<SEC-HEADER>0001193125-23-221677.hdr.sgml : 20230828
<ACCEPTANCE-DATETIME>20230828125251
ACCESSION NUMBER:		0001193125-23-221677
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230828
DATE AS OF CHANGE:		20230828

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIM ImmunoTech Inc.
		CENTRAL INDEX KEY:			0000946644
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				520845822
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-27072
		FILM NUMBER:		231213212

	BUSINESS ADDRESS:	
		STREET 1:		2117 SW HIGHWAY 484
		CITY:			OCALA
		STATE:			FL
		ZIP:			32801
		BUSINESS PHONE:		352-448-7797

	MAIL ADDRESS:	
		STREET 1:		2117 SW HIGHWAY 484
		CITY:			OCALA
		STATE:			FL
		ZIP:			32801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEMISPHERX BIOPHARMA INC
		DATE OF NAME CHANGE:	19950614

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KELLNER TED D
		CENTRAL INDEX KEY:			0001187524

	FILING VALUES:
		FORM TYPE:		DFAN14A
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>d531631ddfan14a.htm
<DESCRIPTION>DFAN14A
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(Rule&nbsp;14a-101)</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN PROXY STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp; ) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted
<FONT STYLE="white-space:nowrap">by&nbsp;Rule&nbsp;14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material <FONT STYLE="white-space:nowrap">Under&nbsp;Rule&nbsp;14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>AIM IMMUNOTECH INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TED D. KELLNER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TODD
DEUTSCH </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ROBERT L. CHIOINI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Act&nbsp;Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11</FONT></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>KELLNER GROUP TO PROCEED WITH AIM DIRECTOR NOMINATIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND PROXY SOLICITATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Kellner Files Complaint in Delaware Court of Chancery to Enforce Stockholder Rights </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Stockholders Should Not Be Distracted by Misleading Statements by AIM </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Kellner Group Nominees Have Skills, Experience and Credibility Necessary for AIM to be Successful </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Entrenched AIM Board Continues to Waste Corporate Cash and Resources in Attempt to Avoid Accountability to Stockholders </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Ted D. Kellner, Todd Deutsch and Robert L. Chioini (collectively, the &#147;Kellner Group&#148;) issue the following statement on August&nbsp;28, 2023:
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, on August 4<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>, Mr.&nbsp;Kellner delivered a notice (the
&#147;Notice&#148;) of his intent to nominate himself, Mr.&nbsp;Deutsch and Mr.&nbsp;Chioini to the Board of Directors (the &#147;Board&#148;) of AIM ImmunoTech Inc. (&#147;AIM&#148; or the &#147;Company&#148;) for election at the 2023 Annual
Meeting of Stockholders. The Notice was truthful, detailed and overinclusive, with over 20 pages of substantive responses to the requirements of the Company&#146;s bylaws (and totaled 162 pages when including the attached required consents,
agreements and director&nbsp;&amp; officer questionnaires mandated by AIM). The Notice included all information material and relevant to the AIM Board. A copy of the Notice will be included as an exhibit to a Schedule 13D amendment to be filed by
Mr.&nbsp;Kellner and Mr.&nbsp;Deutsch. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AIM&#146;s rejection of the Notice is not surprising because Board members Equels, Mitchell and Appelrouth amended
the advance notice provisions of the Company&#146;s bylaws on March&nbsp;28, 2023 to make them substantially more burdensome and ambiguous, and to include provisions specifically targeted at the Kellner Group and others like them who seek to bring
accountability to the Board. The clear purpose, in our view, was to provide pretext to deny any nomination, no matter the disclosure provided. We believe the adoption of the amended bylaws, and the way they were applied to reject the Notice, are
clearly improper. Therefore, on August 25<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>, Mr.&nbsp;Kellner filed a complaint in the Delaware Court of Chancery seeking declarations that the bylaw amendments are unlawful, that the application
of the bylaw amendments by the Board to reject the Notice is unlawful and/or inequitable and that the applicable directors breached their fiduciary duties in adopting the bylaw amendments and rejecting the Notice. Mr.&nbsp;Kellner also filed a
motion for expedited proceedings and will seek a trial on the merits prior to the 2023 Annual Meeting of Stockholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We urge AIM stockholders to
disregard communications by AIM and its Board with respect to these matters because we believe these communications are designed to mislead and distract from the Board&#146;s numerous failures. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Despite claiming careful deliberation and taking almost three weeks to reject the Notice, on August 7<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP>, just days after the Notice was received, AIM made a filing in the already twice-dismissed Section&nbsp;13(d) action it commenced in the U.S. District Court for the Middle District of Florida
attempting to revive that action by baselessly alleging deficient and misleading statements by the Kellner Group in relation to the nomination efforts.<B> </B> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">AIM also repeatedly claims to be open to constructive engagement with stockholders and to value their input, but
the Board has made clear that it will not allow stockholders any say at all on who represents them. <B>And the Board has made no attempt to engage in any dialogue whatsoever with the Kellner Group, despite Mr.&nbsp;Kellner and Mr.&nbsp;Deutsch each
being long-term stockholders and collectively owning 6.5% of outstanding AIM stock &#150; the largest stockholder or group of stockholders in the Company.</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The statement by Equels that the Kellner Group&#146;s nomination efforts are motived by a desire for
reimbursement of expenses is another attempt to mislead stockholders. The idea that Mr.&nbsp;Kellner and Mr.&nbsp;Deutsch - who have invested over $7&nbsp;million in AIM, will bear the vast majority of the expense for the nomination effort and have
no responsibility for expenses incurred in connection with the 2022 nomination effort (which, for the avoidance of doubt, they were not involved in) - are motivated by desire to obtain reimbursement for expenses is nonsense on its face and, in our
view, cannot possibly represent a genuine belief. There is no basis to suggest that they are motivated by anything other than their desire to create value for stockholders as long-term, significant investors who have witnessed years of value
destruction, inadequate performance, ineptitude, excessive compensation and malfeasance under the watch of Equels, Mitchell and Appelrouth.<B> </B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These are just examples of a pattern and practice of a lack of transparency and what we believe are intentional attempts to mislead and distract stockholders.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The case for significant change in the AIM Board is simple: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">During Equels&#146;s seven-plus year tenure as CEO, the AIM stock price has declined by more than 99% (on a
split-adjusted basis). Since Equels, Mitchell and Appelrouth took control of the Board, the AIM stock price is also down 99%. <B>To put it another way, if a stockholder invested $1,000 in AIM on the date Equels became CEO, that stockholder would
have less than $10 today, close to a total loss.</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Clinical progress with the Company&#146;s lead candidate, Ampligen, is woefully inadequate. While AIM has
continued to tout all the different diseases Ampligen can treat, the reality is that AIM has spent very little of their cash on advancing company sponsored clinical trials. As a result, the company remains a long way away from any realistic chance
of approvals and commercialization due to a lack of focus, urgency and expertise in advancing clinical programs during the seven years that Equels, Mitchell and Appelrouth have controlled the Board. During this time, the Company has suffered massive
net losses, totaling almost $90&nbsp;million from 2016 through 2022. <B>Based on this track record, we do not believe that this Board can be trusted to oversee a successful clinical program through approvals and commercialization</B>.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Against this backdrop of abysmal performance, Mitchell and Appelrouth have approved egregious compensation for
Equels. His reported compensation of almost $6&nbsp;million over the last three years is clearly excessive for a company with a market capitalization stuck at around $30&nbsp;million and that has suffered a 99% decline in stock price under
Equels&#146;s watch. In turn, Equels supports compensation for Mitchell and Appelrouth that is also completely out of step with director compensation at similarly situated companies. <B>The result has been three straight failed <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">say-on-pay</FONT></FONT> votes, with approval rates in the last two years in the 16% range being among the absolute worst of the worst in the entire universe of U.S. public companies
conducting these votes &#150; in the 99<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> percentile (in a negative case).</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>There has been utter failure to attract the institutional investors necessary to support clinical programs
through regulatory approval and commercialization, destroying stockholder value in the meantime</B>. Mr.&nbsp;Kellner and Mr.&nbsp;Deutsch are collectively the Company&#146;s largest stockholder or group of stockholders with ownership of 6.5%. It
has been years since any other stockholder or group disclosed a 5% ownership interest. Without any long-term investor interest, the Company has relied on dumping massive amounts of stock into the market through ATM programs, creating a significant
overhang on the stock price and diluting existing stockholders. This situation is not due to a lack of promise for Ampligen. Rather, it is based on years of mismanagement, poor corporate governance, inadequate performance and a lack of credibility
on the part of the Board. The Board continues to waste resources, attack stockholders and resist all accountability, and we believe it is clear that institutional healthcare investors simply do not trust this Board with their money.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For AIM to have any chance of success, change in the Board is needed. We do not believe stockholders (and
potential stockholders, importantly) have any faith in the incumbent Board&#146;s abilities or motivations. This was evident in the voting results at last year&#146;s annual meeting. Beyond the atrocious <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">say-on-pay</FONT></FONT> results noted above, the two outside directors &#150; Mitchell and Appelrouth &#150; received &#147;FOR&#148; votes from less than 10% of outstanding shares and almost twice as many
&#147;WITHOLD&#148; votes as &#147;FOR&#148; votes. Equels received &#147;FOR&#148; votes from only approximately 16% of outstanding shares. Despite this rebuke which amounts to a vote of no confidence from the Company&#146;s stockholders, it is
apparent to us that the Board has not, and will not, meaningfully change its ways. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We believe AIM will only have a chance to be successful when it has
a Board with the discipline and expertise necessary to oversee a successful long-term clinical and commercialization program and that can serve as a respected steward of investor capital. Collectively, the Kellner Group nominees would bring a wealth
of business, financial, clinical trial, life sciences and governance experience and much needed credibility to the Board.</B> Biographical information for each of Mr.&nbsp;Kellner, Mr.&nbsp;Deutsch and Mr.&nbsp;Chioini is set forth below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Biographies of Kellner Group Nominees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Ted D. Kellner</B>, age 77, currently manages his personal and family investments after retiring in 2017 from his career as a portfolio
manager at Fiduciary Management, Inc., an investment management firm that he founded in 1980. Fiduciary Management, Inc. currently manages approximately $14&nbsp;billion in assets, pension and profit-sharing trusts, Taft-Hartley and public funds,
endowments and personal trusts throughout the United States. He is also the Executive Chairman and Treasurer of Fiduciary Real Estate Development Inc., a business founded by Mr.&nbsp;Kellner in 1984 that owns and manages over $1.8&nbsp;billion in
multi-family residential units. Mr.&nbsp;Kellner previously served as a director of Metavante Technologies, Inc., a then publicly-traded company that provided banking and payments technologies to financial services firms, from 2007 to 2009, and
Marshall&nbsp;&amp; Ilsley Corporation, a then publicly-traded bank and financial holding company, from 2000 to 2011. He also served as a director of American Family Mutual Insurance Company from 2001 to 2018, and currently serves on the board of
the Kelben Foundation, a family foundation focused on education and health programs. In addition, Mr.&nbsp;Kellner has received the Chartered Financial Analyst designation from the CFA Institute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Todd Deutsch</B>, age 51, is a private investor and entrepreneur. Since 2012, Mr.&nbsp;Deutsch has managed his family office. From 2009 to
2012, Mr.&nbsp;Deutsch was the Portfolio Manager/Principal at Bascom Hill Partners, a wealth management services company. Prior to running his family office and Bascom Hill Partners, Mr.&nbsp;Deutsch spent 20 years as a trader with Goldman Sachs and
various hedge funds. Mr.&nbsp;Deutsch has been a member of the Esquire Financial Holdings, Inc., a publicly-traded financial holding company, board of directors since 2015 and serves on its Compensation Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Robert L. Chioini</B>, age 59, is the Managing Member of Bright Rock Holdings, LLC, a consultancy business founded by Mr.&nbsp;Chioini in
2019 that helps pharmaceutical drug and medical device companies successfully grow their businesses by providing financing, public listing, management, operations, licensing, clinical drug development, medical device development and corporate
governance assistance, among other things. Mr.&nbsp;Chioini served as the Chief Executive Officer and a director of SQI
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Diagnostics,&nbsp;Inc.&nbsp;(OTCQX-US:&nbsp;SQIDF/TSX-V:&nbsp;SQD)&nbsp;from</FONT></FONT> 2020 to 2021, a publicly-traded, vertically integrated diagnostic medical device company
servicing the U.S. and Canadian diagnostic healthcare markets, where he provided executive leadership and revamped the business leading to a 200% increase in company valuation to a $155&nbsp;million market capitalization. Mr.&nbsp;Chioini served as
Chairman of the Board&nbsp;and Chief Executive Officer of Rockwell Medical, Inc. (NASDAQ: RMTI) (&#147;Rockwell&#148;), a publicly-traded pharmaceutical drug and medical device company that Mr.&nbsp;Chioini founded, from 1995 to 2018, where he
provided executive leadership and built the business into a successful, publicly traded, vertically integrated company with four manufacturing plants, five distribution facilities and 330 employees servicing the U.S. and global dialysis healthcare
markets becoming the 2<SUP STYLE="font-size:75%; vertical-align:top">nd</SUP>&nbsp;largest dialysate supplier in U.S. that reached $980&nbsp;million in valuation in 2015. At Rockwell, Mr.&nbsp;Chioini obtained 14 new U.S. FDA medical device <FONT
STYLE="white-space:nowrap">approvals,&nbsp;assembled&nbsp;top-level&nbsp;clinical&nbsp;talent</FONT> and successfully raised over $150&nbsp;million to fund and execute successful human clinical studies for drug development and obtained four new U.S.
FDA <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">drug&nbsp;approvals&nbsp;(3-NDA,&nbsp;1-ANDA).&nbsp;In&nbsp;addition,</FONT></FONT> he managed global business development for Rockwell and secured multiple exclusive license
agreements to commercialize products internationally that realized in aggregate approximately $100&nbsp;million in upfront cash payments and milestone payments, plus ongoing sales royalties, drug purchases, profit split and equity purchase, with
companies like Baxter International, Inc. and Wanbang Biopharmaceutical (a subsidiary of Shanghai Fosun Pharmaceutical Group Co., Ltd.). Mr.&nbsp;Chioini was responsible for leading all operations and strategic direction for Rockwell with full
accountability for bottom-line factors. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Information and Participants in the Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Kellner Group intends to file a proxy statement with the Securities and Exchange Commission (&#147;SEC&#148;) to be used to solicit votes for the election
of its slate of highly-qualified director nominees at the upcoming annual meeting of stockholders of AIM. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE KELLNER GROUP STRONGLY ADVISES ALL
STOCKHOLDERS OF AIM TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&#146;S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
participants in the proxy solicitation are each member of the Kellner Group (collectively, the &#147;Participants&#148;). As of the date hereof, Mr.&nbsp;Kellner is the record owner of 1,000 shares of the Company&#146;s common stock (&#147;Common
Stock&#148;) and the beneficial owner of 1,443,000 shares of Common Stock and Mr.&nbsp;Deutsch is the beneficial owner of 1,716,100 shares of Common Stock. Mr.&nbsp;Chioini does not own any shares of Common Stock. Together, the beneficial ownership
of the Kellner Group is 3,159,100 shares of Common Stock, or approximately 6.5% of outstanding shares based on 48,670,427 shares of outstanding shares as of August&nbsp;11, 2023 as reported in the Company&#146;s Quarterly Report on Form <FONT
STYLE="white-space:nowrap">10-Q.</FONT> ADDITIONAL INFORMATION CAN BE OBTAINED BY REVIEWING THE SCHEDULE 13D AND AMENDMENTS THERETO FILED WITH THE SEC BY MR. KELLNER AND MR. DEUTSCH, AVAILABLE AT NO CHARGE ON THE SEC&#146;S WEB SITE AT
HTTP://WWW.SEC.GOV. </P>
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