{"id":50134,"date":"2022-10-27T00:01:41","date_gmt":"2022-10-26T22:01:41","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/aim-immunotech-board-issues-letter-to-shareholders\/"},"modified":"2022-10-27T00:01:41","modified_gmt":"2022-10-26T22:01:41","slug":"aim-immunotech-board-issues-letter-to-shareholders","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/aim-immunotech-board-issues-letter-to-shareholders\/","title":{"rendered":"AIM ImmunoTech Board Issues Letter to Shareholders"},"content":{"rendered":"
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\nCorrects the Record Regarding Activist Group\u2019s False and Misleading Statements<\/i>\n<\/p>\n

\nHighlights Evidence of Group\u2019s Scheme to Have Jorgl Serve as the \u201cFace of the Activist\u201d to Help Them \u201cGet Control\u201d Without Paying a Premium to All Shareholders<\/i>\n<\/p>\n

\nGroup Concealed that Its Campaign Was Orchestrated by One Convicted Felon and Financed by Another Criminal \u2013 Until Forced to Do So in Context of Litigation<\/i>\n<\/p>\n

\nUrges Shareholders to Continue to Support Company\u2019s Positive Momentum Towards Value Creation by Voting on the WHITE Proxy Card<\/span> to Re-Elect AIM\u2019s Current Directors<\/i>\n<\/p>\n

OCALA, Fla.–(BUSINESS WIRE)–The Board of Directors (\u201cBoard\u201d) of AIM ImmunoTech Inc. (NYSE: American AIM) (\u201cAIM\u201d or the \u201cCompany\u201d) today issued a letter to shareholders to correct the record around recent false and misleading statements made by Jonathan Jorgl and other members of an activist group, who have attempted to nominate two director candidates for election as directors at the Company\u2019s 2022 Annual Meeting of Shareholders and are seeking to take control of the Board.\n<\/p>\n

\nThe full text of the letter follows:\n<\/p>\n

\nOctober 26, 2022\n<\/p>\n

\nDear fellow shareholders:\n<\/p>\n

\nWe are writing to you today to set the record straight following the web of false and misleading statements made recently by a group of individuals that is trying to take control of the Board of Directors (the \u201cBoard\u201d) of AIM ImmunoTech (the \u201cActivist Group\u201d). Key facts that the Activist Group is concealing include:\n<\/p>\n

    \n
  1. \nThe fact that its campaign to gain control of AIM has been orchestrated by an individual \u2013 Franz Tudor \u2013 who has been convicted of insider trading and is being funded by another individual \u2013 Michael Xirinachs \u2013 who recently pled guilty to wire fraud<\/b>.\n<\/li>\n
  2. \nAfter Tudor determined to seek control via a proxy contest and selected the director nominees, he and his nominees searched for someone to buy AIM stock and serve as the \u201cface\u201d of the effort<\/b> because the Activist Group wanted to hide the involvement of criminals (i.e., Tudor and Xirinachs).\n<\/li>\n
  3. \nThe Activist Group intends to potentially acquire AIM, merge it with another company or sell all or part of the Company<\/b>.\n<\/li>\n<\/ol>\n

    \nGiven that these facts only came out in the context of expedited litigation in which the Activist Group tried to prevent and evade discovery, shareholders should ask themselves what else this group may be hiding.\n<\/p>\n

    \nAs you may know, our 2022 Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) is scheduled to be held on November 3, 2022. Jonathan Jorgl, the \u201cface\u201d of the Activist Group, who personally owns only 1,000 shares of AIM and purchased them in late June 2022, has attempted to nominate two director candidates \u2013 Robert Chioini and Michael Rice \u2013 for election to the Board at the Annual Meeting. If these two individuals were elected, they would control the Board and the Company.\n<\/p>\n

    \nShareholders have the right to nominate director candidates for election to the Board, but are required to comply with AIM\u2019s bylaws. Like many companies, AIM has bylaw provisions in place to ensure that shareholders nominating director candidates present sufficient information for the Board to assess the nominations and to allow other investors to make informed decisions when they vote. In this case, the Activist Group did not provide this required information and, alarmingly, appears to have concealed myriad facts about its actions, funding, associates and intentions.<\/b>\n<\/p>\n

    \nAfter careful deliberation, the Board unanimously determined that these nominations did not comply with AIM\u2019s bylaws and were invalid. Jorgl is attempting to fight this determination in a case currently pending before the Delaware Court of Chancery. On October 5, 2022, the Delaware Court held a hearing on Jorgl\u2019s request for a preliminary injunction. The Court has not yet ruled, but the Company anticipates that the Court will be issuing its decision in advance of the Annual Meeting. Unless the result of the Delaware litigation is that the nominations are valid, all proxies submitted by the Activist Group at the Annual Meeting will be disregarded.\n<\/p>\n

    \nThe Activist Group has cherry-picked and distorted information from the litigation discovery and has attempted to create a smokescreen to hide its true intentions. The Company believes the Activist Group is spreading misinformation about the Company, its directors and its progress, including through numerous misleading StockTwits posts by Tudor under his handle \u201cbeaufordb\u201d (which he conceded during a deposition belongs to him). It is important that shareholders understand the truth and are not misled by those who do not share their interests.\n<\/p>\n

    \nFortunately for all shareholders, a great deal of information has come to light as a result of the Activist Group\u2019s lawsuit against the Company. These facts reveal the true picture:<\/b>\n<\/p>\n