Business
Both Leading Proxy Advisory Firms, ISS and Glass Lewis, Recommend Stockholders Vote “FOR” All of Broadwind’s Nominees on the Company’s WHITE Proxy Card
ISS states WM Argyle’s campaign critique “amounts to a one-dimensional observation” and “fails to establish a cohesive argument” CICERO, Ill., May 15, 2023
About this update from Broadwind, Inc.
[{"type":"text","content":"ISS states WM Argyle’s campaign critique “amounts to a one-dimensional observation” and “fails to establish a cohesive argument”\nCICERO, Ill., May 15, 2023 (GLOBE NEWSWIRE) -- Broadwind, Inc. (Nasdaq: BWEN) (“Broadwind” or the “Company”) today announced that leading proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”), have both recommended Broadwind stockholders vote on the Company’s WHITE proxy card in favor of all seven of Broadwind’s director nominees, as well as all other management proposals, at the upcoming 2023 annual meeting of stockholders scheduled to be held on May 23, 2023 (the “2023 Annual Meeting”). In its report, ISS1 notes the following: “BWEN has already booked its first win in this new environment, announcing the largest tower order in company history in January. The market has reacted positively to the order, operational performance has since been promising, and the analyst community has expressed a generally favorable outlook for BWEN’s prospects.”“[T]he dissident has presented a critique that amounts to a one-dimensional observation of historical underperformance. The critique overlooks recent developments (or is unconvincing in explaining why they are not important), emphasizes legacy deficiencies that are detached from the present state of affairs, and generally fails to establish a cohesive argument.”“The dissident has not made a compelling case for change. As such, votes FOR all seven management nominees are recommended.” In its report, Glass Lewis2 notes the following: “[W]e believe the future appears bright at the Company, evidenced not least by the recently announced Tower Order, with management and research analysts expecting strong performance and a return to profitability in 2023 and continuing through 2024.”“[T]he Company Nominees are the most suitable candidates to lead Broadwind through what appears to be the beginning of an emergence from the industry downturn in the wake of the pandemic.”“[W]e share the same primary concern as the Company that none of the Dissident Nominees have backgrounds in clean technologies or energy transition manufacturing, nor have they served as a senior executive or director of a public company.” “Broadwind welcomes the favorable recommendations from ISS and Glass Lewis following deep analysis of the Company,” stat...