<SEC-DOCUMENT>0001193125-24-274914.txt : 20241211
<SEC-HEADER>0001193125-24-274914.hdr.sgml : 20241211
<ACCEPTANCE-DATETIME>20241211085225
ACCESSION NUMBER:		0001193125-24-274914
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241211
DATE AS OF CHANGE:		20241211

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIM ImmunoTech Inc.
		CENTRAL INDEX KEY:			0000946644
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				520845822
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-27072
		FILM NUMBER:		241540274

	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
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		C/O T&M PARTNERS
		STREET 2:		790 N. WATER ST. #2175
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>d859055ddfan14a.htm
<DESCRIPTION>DFAN14A
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<HTML><HEAD>
<TITLE>DFAN14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:3.0pt;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:10pt; font-family:Times New Roman" ALIGN="center"><B>(Rule <FONT STYLE="white-space:nowrap">14a-101)</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; 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:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; 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:10pt; 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:10pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&#8195;) </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&#8194;&#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&#8194;&#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>
<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">&#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>
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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"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">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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<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">Definitive Proxy Statement </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">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<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 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">Soliciting Material Under Rule <FONT STYLE="white-space:nowrap">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:10pt; font-family:Times New Roman" ALIGN="center"><B>PAUL W. SWEENEY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WILLIAM
A. CARTER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; 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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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<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 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">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;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">Ted D. Kellner, Todd Deutsch, Robert L. Chioini and Paul W. Sweeney (the &#147;Kellner Group&#148;) have
filed a definitive proxy statement (the &#147;Proxy Statement&#148;) and accompanying<B> GOLD</B> proxy card with the Securities and Exchange Commission (&#147;SEC&#148;) to be used to solicit votes for their election to the Board of Directors of
AIM Immunotech Inc., a Delaware corporation (the &#147;Company&#148; or &#147;AIM&#148;), at the 2024 Annual Meeting of Stockholders scheduled to be held on December&nbsp;17, 2024 (the &#147;Annual Meeting&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;11, 2024, the Kellner Group issued the press release that appears below and expects to distribute copies to stockholders by mail and
electronically: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIM&#146;s Clinical Strategy under Incumbent Board Has Totally Failed </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Incumbent Board&#146;s Claims of Progress Are Not Credible or Supported by Data </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>AIM Maintains Relationship with CRO <FONT STYLE="white-space:nowrap">Co-Founded</FONT> by a Convicted Felon Who Deceived Investors about
the Timeline and Status of Regulatory Submissions to the U.S. FDA </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>According to ISS &#150; &#147;<U>The lack of transparency
gives the impression that the company&#146;s pipeline is more advanced and that the company is more involved than it actually is</U>&#148;<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kellner Group Urges Stockholders of AIM Immunotech to Vote the <U>Gold</U> Card </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Kellner Group Owns 5.04% of Outstanding Shares and is Fully Aligned with Stockholders </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York, December&nbsp;11, 2024: Ted Kellner, as the nominating stockholder and a nominee, together with his other nominees, Todd Deutsch, Robert
L. Chioini and Paul W. Sweeney (collectively, the &#147;Kellner Group,&#148; &#147;we&#148; or &#147;us&#148; and, as nominees, the &#147;Kellner Group Nominees&#148;) today issue the following press release in connection with their efforts to bring
accountability to the entrenched, incumbent Board of Directors of AIM Immunotech Inc. (NYSE American: AIM). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>AIM&#146;s Clinical Strategy under the
Incumbent Board is Aimless and Flawed and has Resulted in Failure </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AIM&#146;s strategy under the incumbent Board is all talk and no substance. It
involves touting numerous diseases Ampligen could potentially treat, but no clear focus or clearly communicated goals and timelines. The strategy is also characterized by shifting focuses, from ME/CFS until 2013, then to Ebola in 2014 when U.S.
cases were in the news, then <FONT STYLE="white-space:nowrap">COVID-19</FONT> in 2020<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> before moving on to Long COVID, and then back to
oncology.<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> Press releases are issued with &#147;positive&#148; news, often based on very preliminary data or old recycled data, with no clear follow-through on next steps and timelines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AIM&#146;s filings mention double-digit studies and potential indications, but these are mostly small, third party studies over which AIM has limited
involvement.<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> Without direct investment from AIM and control over the study to drive it forward with appropriate urgency and ownership of the data, little progress is made. Relying on third-party
clinicians to research Ampligen on their own time may result in journal publications and press releases, but it is not a formula for successful FDA approvals, licensing or commercialization that will benefit stockholders. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Permission to use quotations from ISS was neither sought nor obtained. Emphasis added. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the Company&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the
Securities and Exchange Commission on each of February&nbsp;11, 2020, February&nbsp;18, 2020, March&nbsp;9, 2020, March&nbsp;26, 2020, April&nbsp;6, 2020 and April&nbsp;16, 2020. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year
ended December&nbsp;31, 2023, filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on April&nbsp;1, 2024 (the &#147;2023 Annual Report&#148;). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the Company&#146;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K&nbsp;for</FONT> the
fiscal year ended December&nbsp;31, 2020, filed with the SEC on March&nbsp;31, 2021 (the &#147;2020 Annual Report&#148;), the Company&#146;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K&nbsp;for</FONT> the fiscal year ended
December&nbsp;31, 2021, filed with the SEC on March&nbsp;31, 2022 (the &#147;2021 Annual Report&#148;), the Company&#146;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K&nbsp;for</FONT> the fiscal year ended December&nbsp;31, 2022,
filed with the SEC on March&nbsp;31, 2023 (the &#147;2022 Annual Report&#148;), and the 2023 Annual Report. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>AIM has not dedicated its own resources to design and execute clinical trials on the most promising
indications for Ampligen &#150; the results clearly show that. There has been no sense of urgency and no transparency with stockholders about its progress. The incumbent Board has utterly failed &#150; demonstrated by no FDA approvals, no license
deals and no commercialization.</U> </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The Incumbent Board&#146;s Claims About Clinical Progress Cannot be Trusted </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The incumbent Board continues to mislead stockholders by telling them that clinical breakthroughs are right around the corner, but this is not at all the case
and the reality is much different. AIM&#146;s SEC filings do not provide any clear timelines or paths to approvals.<SUP STYLE="font-size:75%; vertical-align:top">5</SUP> They do not even mention any planned Phase 3 studies and it is not clear when
ongoing Phase 1 and 2 studies will be completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Leading independent proxy advisory firm Institutional Shareholder Services Inc. (&#147;ISS&#148;) took
note of the <B><U>incumbent Board&#146;s failures and lack of transparency</U></B>, stating the following:<SUP STYLE="font-size:75%; vertical-align:top">6</SUP> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Since Equels and Mitchell became CEO and chairman in 2016, the company <B><U>has failed to demonstrate
progress</U></B> on the most advanced opportunities that it had at that time, instead pivoting to other prospects at various points in time, and appears to have <B><U>not brought a single project to completion for at least 10 years</U></B>.&#148;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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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">&#147;[T]here needs to be evidence that the board and management have the expertise and sense of urgency to
advance the company&#146;s potential products and the skills to manage the company&#146;s resources . . . In this case, despite having a promising product with &#147;multiple shots on goal,&#148; <B><U>Equel[s] and the board&#146;s <FONT
STYLE="white-space:nowrap">value-add</FONT> in advancing it to a stage that could benefit shareholders is unclear</U></B>.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;In addition, while the bubbles indicating the stages of trials appear to show a number of projects in Phase
2, during engagement with ISS, the CEO indicated that was not the case. For example, Duripanc is in Phase 1. <B><U>The lack of transparency gives the impression that the company&#146;s pipeline is more advanced and that the company is more involved
than it actually is</U></B>.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;In addition to <B><U>destroying shareholder value and failing to provide any evidence that it could be
successful in generating a successful outcome</U></B> in any of Ampligen&#146;s listed potential indications, <B><U>the board has demonstrated a staggering disregard for shareholder feedback</U></B> . . .&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;In selecting which incumbents to replace, <B><U>Equels appears to be the most directly responsible for the
company&#146;s failings</U></B> since his appointment at CEO.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<B><U>There is no question that for shareholders to have any hope of not losing
100</U></B><B><U></U></B><B><U>&nbsp;percent of their investment, significant change is needed</U></B>.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>A Closer Look at
AIM&#146;s Clinical Programs and Lack of Funds Reveals that AIM is a Long Way from Conducting or Completing a Clinical Trial and Nowhere Near FDA Approval, Licensing or Commercialization </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On average, most properly run clinical development companies complete multiple studies from Phase 1 to Phase 3 that can result in an FDA approval decision in
approximately ten years. Equels and the incumbent AIM Board have been touting their clinical success and progress along with great potential value creation right around the corner for approximately nine years. The following programs below that AIM
has identified as significant or recently promoted show the exact opposite of adequate progress, successful outcomes and transparent communication to shareholders: </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the 2020 Annual Report, the 2021 Annual Report, the 2022 Annual Report and the 2023 Annual Report.
</P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Permission to use quotations from ISS was neither sought nor obtained. Emphasis added.
</P></TD></TR></TABLE>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Pancreatic Cancer <FONT STYLE="white-space:nowrap">(AMP-270)</FONT></I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Phase 2)<SUP STYLE="font-size:75%; vertical-align:top">7</SUP>:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Announced it would commence in 2022, but had to submit revised protocol
to FDA in 2024.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Estimated start date of December 2024 is approximately
<FONT STYLE="white-space:nowrap">two-year</FONT> delay, and not expected to be completed until 2028.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Only $141,000 spent on program in nine months ended September&nbsp;30, 2024.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;<B><I>&#8195;&#8194;&#8202;Takeaway:
Significantly delayed with no explanation provided or clear timeline on next steps.</I></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Long COVID <FONT STYLE="white-space:nowrap">(AMP-518)</FONT></I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Phase 1/2)<SUP STYLE="font-size:75%; vertical-align:top">8</SUP>:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Small trial completed in 2023; topline results announced in February 2024
and additional analysis in September 2024.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;But program appears essentially dormant, with only $27,000 spent on it in the third quarter
of 2024.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;AIM says
it plans a <FONT STYLE="white-space:nowrap">follow-up</FONT> trial focused on moderate or worse category, but no details or timeline provided.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;<B><I>&#8195;&#8194;&#8202;Takeaway: A year after completion, and still no visibility on next
steps.</I></B></P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Advanced Recurrent Ovarian Cancer</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(with Pembromizulab) (Phase 2)<SUP STYLE="font-size:75%; vertical-align:top">9</SUP>:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Third party study. Limited AIM involvement.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Study initiated in
2019 and for over four years AIM has been repeating verbatim that enrollment has commenced and numerous patients have commenced treatment.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Not clear how many of expected 45 patients have been enrolled and/or treated.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Interim data released
as far back as 2022; additional topline data released in 2024 and not expected to be completed until 2026.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;<B><I>&#8195;&#8194;&#8202;Takeaway: Study has been going on for years, but still no visibility on timeline or
next steps.</I></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Advanced Recurrent Ovarian Cancer</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Intraperitoneal) (Phase 1/2)<SUP STYLE="font-size:75%; vertical-align:top">10</SUP>:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Third party study. Limited AIM involvement.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Study initially
submitted in 2015 with estimated completion in 2020 and planned enrollment of 40.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Now, estimated completion in 2026 with enrollment of only 25.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Phase 1 completed in
2022, yet no activity for almost two years until Phase 2 just recently started enrolling.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;<B><I>&#8195;&#8194;&#8202;Takeaway: Significantly delayed and downsized with no clear plan for
completion.</I></B></P></TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sources: https://clinicaltrials.gov/study/NCT05494697;
<U><FONT STYLE="white-space:nowrap">https://aimimmuno.com/immuno-oncology-2/</FONT></U> (listing start date of January 2023); From <FONT STYLE="white-space:nowrap">10-Q</FONT> for quarter ended September&nbsp;30, 2024 (&#147;Third Quarter 2024 <FONT
STYLE="white-space:nowrap">10-Q&#148;).</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sources: <U>https://clinicaltrials.gov/study/NCT0559241</U>8; Third Quarter 2024
<FONT STYLE="white-space:nowrap">10-Q.</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">9</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sources: <U>https://clinicaltrials.gov/study/NCT03734692</U>; Third Quarter 2024 10-Q; Form 10-Q for quarter
ended June 30, 2020; Investor Presentation filed by AIM as additional definitive proxy soliciting materials on November 22, 2024 (&#147;AIM Presentation&#148;). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">10</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sources: <U>https://clinicaltrials.gov/study/NCT02432378</U>; Third Quarter 2024 10-Q. </P></TD></TR></TABLE>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Pancreatic Cancer (DURIPANC)</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Phase 1b/2)</I><I><SUP STYLE="font-size:75%; vertical-align:top">11</SUP></I><I>:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Third party study. Limited AIM involvement.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Collaboration
agreement signed ~ two years ago, but trial only recently highlighted in AIM filings.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Still does not even appear in AIM&#146;s list of immuno-oncology programs on its
website.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;AIM touts
this as an active collaboration with AstraZeneca, yet AIM&#146;s &#147;limited responsibilities are limited to providing Ampligen.&#148;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;AIM had zero expense related to this project in the third quarter of 2024.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;AIM also agreed to
give the research hospital $200,000 in the form of an unrestricted grant, so not necessarily even used to advance the study.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Now says expected to be completed in 2027.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Results to date
extremely preliminary &#150; only three patients reached <FONT STYLE="white-space:nowrap">six-month</FONT> stability assessment timepoint and not yet able to report on progression free survival.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;<B><I>&#8195;&#8194;&#8202;Takeaway: Very
early</I></B><B> </B><B><I>&#150; only commenced in 2024 and just a handful of patients treated. Although depicted as Phase 2 by AIM, it is actually Phase 1 (as noted above).</I></B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Early-Stage Triple Negative Breast</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Cancer (Phase 1)<SUP STYLE="font-size:75%; vertical-align:top">12</SUP>:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Third party study. Limited AIM involvement.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Study completed in
2022, but AIM just issued press release announcing publication of data in November 2024.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Initially submitted in 2019 with 42 patients, only 9 ever enrolled.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;<B><I>&#8195;&#8194;&#8202;Takeaway: Small,
significantly downsized study with no recent activity or visibility on next steps.</I></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Myalgic encephalomyelitis/chronic</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>fatigue syndrome (&#147;ME/CFS&#148;) <SUP STYLE="font-size:75%; vertical-align:top">13</SUP>:</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;AIM cites positive Phase 3 for treatment completed in U.S.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;But this happened in
2013, with the FDA requiring an additional clinical trial and other actions.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;AIM has been saying for years (often using the exact same language verbatim) that it plans
a comprehensive follow-through and is working on a response to the FDA.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;<B><I>&#8195;&#8194;&#8202;Takeaway: After over a decade, no progress or clarity on next steps (if
any).</I></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><I>CFS in Argentina<SUP STYLE="font-size:75%; vertical-align:top">14</SUP>:</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;Ampligen is actually approved for treatment of CFS in Argentina.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;But this approval was
received in 2016, and still no commercial launch or revenues.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;AIM attributed to delay to <FONT STYLE="white-space:nowrap">COVID-19</FONT> for some time,
but now it is just &#147;internal processes&#148; at Argentina regulatory authorities.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;<B><I>&#8195;&#8194;&#8202;Takeaway: No clear communication or sense of urgency to commercialize and generate
sales eight years after approval.</I></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>AIM&#146;s Company-Sponsored Trials are being run by a Third Party Contract Research Organization (CRO) <FONT
STYLE="white-space:nowrap">Co-Founded</FONT> by a Convicted Felon Who Deceived Investors about the Timeline and Status of a Clients Regulatory Submissions to the U.S. Food and Drug Administration (FDA) </I></B></P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">11</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sources: <U>https://clinicaltrials.gov/study/NCT05927142</U>; <U>https://aimimmuno.com/immuno-oncology-2/;
Third</U> Quarter 2024 10-Q; AIM Presentation. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">12</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sources: <U>https://clinicaltrials.gov/study/NCT04081389</U>; Third Quarter 2024 10-Q;
https://aimimmuno.com/aim-immunotech-announces-publication-of-breast-cancer-data-from-roswell-park-comprehensive-cancer-center-in-the-journal-for-immunotherapy-of-cancer/. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">13</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">AIM Presentation (slide 7); Third Quarter 2024 10-Q; see also for example 2020 Annual Report.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">14</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">AIM Presentation (slide 7); Third Quarter 2024 10-Q; 2021 10-K. </P></TD></TR></TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The only two trials noted above that would be company-sponsored trials are
<FONT STYLE="white-space:nowrap">AMP-270</FONT> and <FONT STYLE="white-space:nowrap">AMP-518,</FONT> but one is significantly delayed and the other has been completed for a year with no visibility on next steps. Spending on these trials has been
extremely limited in recent periods and it does not appear that AIM has the funding to continue them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The are also both being run by Amarex, AIM&#146;s
contract research organization (&#147;CRO&#148;).<SUP STYLE="font-size:75%; vertical-align:top">15</SUP> The <FONT STYLE="white-space:nowrap">co-founder</FONT> and, until recently, CEO of Amarex, Kazem Kazempour, was recently convicted of securities
fraud and wire fraud in a criminal trial. The former CEO of Amarex&#146;s former client, Cytodyn Inc., was also convicted of securities fraud, wire fraud and insider trading. These convictions related to false and misleading statements about the
timeline and status of Cytodyn&#146;s regulatory submissions to the FDA and related trading activities.<SUP STYLE="font-size:75%; vertical-align:top">16</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Equels and the AIM Board have continued to pay Amarex in the past few years. Kazempour himself was quoted in several AIM press releases in recent years
promoting purported clinical progress.<SUP STYLE="font-size:75%; vertical-align:top"> </SUP><SUP STYLE="font-size:75%; vertical-align:top">17</SUP> In one of these releases, Kazempour was quoted as saying there was every hope to dose the first
patient in the <FONT STYLE="white-space:nowrap">AMP-270</FONT> study before the end of 2022. As noted above, AIM had to submit a revised protocol to the FDA and two years later, this has still not occurred. Amarex itself recently settled claims from
Cytodyn by agreeing to payments and credits totaling approximately $25.0&nbsp;million.<SUP STYLE="font-size:75%; vertical-align:top">18</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
parallels between AIM&#146;s situation and the activity at Cytodyn are extremely concerning to us. It appears that AIM and Cytodyn are the only two U.S. public companies to disclose a relationship with Amarex in the past year.<SUP
STYLE="font-size:75%; vertical-align:top">19</SUP>&nbsp;The incumbent Board has not done anything to dispel these concerns. The incumbent Board and Mr.&nbsp;Equels have never provided an adequate explanation to stockholders of the appropriateness of
this ongoing relationship with a troubled CRO or of the former close working relationship with a convicted felon, its <FONT STYLE="white-space:nowrap">co-founder.</FONT> AIM has never commented on the impact to AIM&#146;s relationships with
regulators or whether Amarex&#146;s issues have contributed to the delays in these two trials, or why they even continue to remain committed to an organization that has had to pay millions of dollars in a settlement and has had their <FONT
STYLE="white-space:nowrap">co-founder</FONT> and former CEO convicted of crimes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The lack of transparency and accountability to stockholders about
these fundamentally important issues is unacceptable and is another reason why we do not believe any of the incumbent Board&#146;s claims about clinical progress can be trusted.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Rather than Invest in Ampligen, the Incumbent Board has Wasted Assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Most of the Ampligen trials that AIM describes are third-party studies that AIM does not control and does not significantly invest in. These third-party trials
move at their own pace with no sense of urgency and are not a recipe for regulatory approvals or commercialization or value creation for stockholders. This has been amply demonstrated during the long tenure of the incumbent Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AIM&#146;s failed strategy results in limited R&amp;D spending and the incumbent Board uses limited available funds instead on wasteful G&amp;A spending,
including excessive compensation and in recent years its egregious entrenchment campaign that has brought AIM to the brink of insolvency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consider that
AIM had $38.5&nbsp;million in cash at the end of 2020 after raising $53.9&nbsp;million that year from the proceeds of ATM sales, largely on the back of <FONT STYLE="white-space:nowrap">COVID-19</FONT> press releases issued that year that ultimately
did not lead to anything.<SUP STYLE="font-size:75%; vertical-align:top">20</SUP> While these ATM sales in such large volumes were tremendously dilutive to stockholders, if the incumbent Board had invested the proceeds into an aggressive clinical
program to advance Ampligen across multiple indications over the past four years, AIM could be in a better place today. But the incumbent Board did not do this. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">15</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">2023 Annual Report. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">16</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">https://www.justice.gov/opa/pr/federal-jury-maryland-convicted-two-men-yesterday-their-roles-scheme-lie-investors-cytodyn.</FONT></FONT></FONT></FONT></FONT> </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">17</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See, for example: <U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">https://aimimmuno.com/aim-immunotech-announces-commencement-of-phase-2-study-of-ampligen-for-the-treatment-of-pancreatic-cancer</FONT></FONT></FONT></FONT></FONT>
</FONT></FONT></FONT></FONT></FONT></FONT></FONT></U>/; and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">https://aimimmuno.com/aim-immunotech-announces-positive-progress-on-requested-fda-meeting-for-proposed-ampligen-clinical-trial-in-post-
</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">covid-19-cognitive-dysfunction/.</FONT></FONT> </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">18</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Refer to Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed by Cytodyn Inc. filed on
October&nbsp;15, 2024, pgs. 18, 26. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">19</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This is based on a search for the term &#147;Amarex&#148; in Forms <FONT STYLE="white-space:nowrap">10-K</FONT>
and <FONT STYLE="white-space:nowrap">20-F</FONT> filed in the past twelve months. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">20</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the 2020 Annual Report. </P></TD></TR></TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Instead, the AIM Board significantly increased G&amp;A spending from $8.7&nbsp;million in 2021 to
$21.1&nbsp;million in 2023.<SUP STYLE="font-size:75%; vertical-align:top">21</SUP> R&amp;D spending has been approximately half of G&amp;A spending in recent periods, a totally inappropriate mix for a clinical stage biotechnology company in our
view.<SUP STYLE="font-size:75%; vertical-align:top">22</SUP> AIM&#146;s personnel base is likewise out of balance, with only six of 28 employees involved in R&amp;D.<SUP STYLE="font-size:75%; vertical-align:top">23</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then the Board supercharged its waste by engaging in an outrageous self-interested entrenchment campaign, with an improper purpose in breach of its
fiduciary duties to stockholders, that we estimate has squandered approximately $15 to $20&nbsp;million in the past <FONT STYLE="white-space:nowrap">two-plus</FONT> years.<SUP STYLE="font-size:75%; vertical-align:top">24</SUP> And in addition to the
massive wasteful spending of Company cash, all they have to show for it is a serious lack of funds to operate and the Delaware Supreme Court ruling that they breached their fiduciary duty of loyalty to AIM stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The end result is that AIM has not progressed its clinical program and no longer has the funds to do so. There is substantial doubt about AIM&#146;s ability
to continue as a going concern, AIM does not comply with the minimum equity standards of the NYSE American and it is functionally insolvent.<SUP STYLE="font-size:75%; vertical-align:top">25</SUP> <B><U>The incumbent Board put AIM in this very dire
position.</U></B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The Kellner Group Nominees have a Plan to Finally Start Creating Value for Stockholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Kellner Group&#146;s plan for AIM is designed to deliver measurable progress and stockholder value while maintaining fiscal discipline. With the same, or
even less, financial resources that the incumbent Board has squandered, the Kellner Group will reallocate funds from wasteful General&nbsp;&amp; Administrative (G&amp;A) expenses to critical Research&nbsp;&amp; Development (R&amp;D) initiatives. By
prioritizing advanced Company-sponsored trials for Ampligen in high-potential indications, the Kellner Group will focus AIM&#146;s efforts on achieving actionable regulatory milestones and eventual commercialization. This disciplined approach will
yield a targeted clinical strategy, stronger governance, and efficient use of stockholder capital to achieve meaningful progress. We will be transparent with stockholders and hold ourselves accountable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Importantly, the Kellner Group can stabilize AIM and ensure that it has the financial resources to continue to function in order to implement this plan.
It&nbsp;will be imperative for AIM to raise significant financing in a sustainable way given the tremendous damage the incumbent Board has caused to the Company&#146;s financial condition.&nbsp;The incumbent Board simply does not&nbsp;have the
credibility, skills, networks or resources to raise the capital that AIM needs.</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">21</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the definitive proxy statement filed by the Kellner Group with the SEC on November&nbsp;6, 2024 (the
&#147;Proxy Statement&#148;), pg. 14. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">22</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the Proxy Statement, pg. 14. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">23</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the 2023 Annual Report. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">24</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents Kellner Group estimate based on increase in Company&#146;s G&amp;A expense from 2021 to 2023 and
explanations provided as disclosed in AIM&#146;s Annual Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K&nbsp;for</FONT> past two years, together with continued elevated G&amp;A expenses in 2024 to date as disclosed AIM&#146;s most recent
Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q.</FONT></P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">25</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See the Condensed Consolidated Balance Sheets included in the Company&#146;s Quarterly Report on <FONT
STYLE="white-space:nowrap">Form&nbsp;10-Q&nbsp;for</FONT> the quarter ended September&nbsp;30, 2024 filed with the SEC on November&nbsp;14, 2024. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Collectively, the Kellner Group Nominees have raised over $1.0&nbsp;billion in investment capital in the
past. The Kellner Group has the resources and networks to successfully raise funds and provide the necessary runway to implement its plan and finally start creating value for stockholders by investing in Ampligen. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>AIM cannot afford to continue on its current trajectory of delays, wasteful spending, and a lack of transparency. </U><U>The Kellner Group offers the
focused leadership, financial discipline, clinical expertise and credibility needed to turn AIM around and deliver value for stockholders.</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE KELLNER GROUP URGES ALL STOCKHOLDERS TO VOTE ON THE<U>&nbsp;GOLD</U>&nbsp;PROXY CARD </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TODAY TO ELECT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TED D.
KELLNER, TODD DEUTSCH, ROBERT L. CHIOINI AND PAUL SWEENEY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>If you have any questions, require assistance in voting
your</I><B><I>&nbsp;GOLD</I></B><I></I><B><I></I></B><I>&nbsp;proxy card, or need copies of the Kellner Group&#146;s proxy materials, please contact Okapi Partners at the phone numbers or email address listed below. Please also visit
<U>https://okapivote.com/AIM/</U> for additional information. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contact: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Okapi Partners LLC </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1212 Avenue of the Americas, 17th
Floor, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stockholders may <FONT
STYLE="white-space:nowrap">call&nbsp;toll-free:&nbsp;(844)&nbsp;343-2621</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banks and
<FONT STYLE="white-space:nowrap">brokers&nbsp;call:&nbsp;(212)&nbsp;297-0720</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: info@okapipartners.com </P>
<P STYLE="margin-top:18pt; 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 has filed a definitive proxy statement and associated<B></B><B>&nbsp;GOLD</B>&nbsp;proxy card 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. Details regarding the Kellner Group nominees are included in its proxy
statement. </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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding the identity of participants in the Kellner Group&#146;s solicitation, and their
direct or indirect interests, by security holdings or otherwise, is set forth in the Kellner Group&#146;s proxy statement and additional proxy materials filed with the SEC. Stockholders can obtain a copy of the proxy statement, and any amendments or
supplements thereto and other documents filed by the Kellner Group with the SEC for no charge at the SEC&#146;s website at www.sec.gov. Copies will also be available at no charge at the following website: https://www.okapivote.com/AIM. Investors can
also contact Okapi Partners LLC at the telephone number or email address set for the above. </P>
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