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Broadwind Confirms Receipt of WM Argyle Fund’s Notice of Intent to Nominate Directors at the 2023 Annual Meeting
--No Action Required by Stockholders-- CICERO, Ill., Jan. 19, 2023 (GLOBE NEWSWIRE) -- Broadwind, Inc. (NASDAQ: BWEN, “Broadwind” or the “Company”), a
About this update from Broadwind, Inc.
[{"type":"text","content":"--No Action Required by Stockholders--\nCICERO, Ill., Jan. 19, 2023 (GLOBE NEWSWIRE) -- Broadwind, Inc. (NASDAQ: BWEN, “Broadwind” or the “Company”), a diversified precision manufacturer of specialized components and solutions serving global markets, today confirmed receipt of notice from WM Argyle Fund LLC (the “Fund”), which allegedly owns approximately 1.0% of the Company’s outstanding common stock valued at approximately $1.2 million, of its purported intent to nominate six individuals for election to the Company’s Board of Directors (the “Board”) at the Company’s 2023 annual meeting of stockholders (the “2023 Annual Meeting”). The Board will consider the Fund’s proposed nominees in due course and review the Fund’s notice for compliance with its established procedures under the Company’s bylaws and applicable law. The Board will present its recommendations in the Company’s definitive proxy statement, which will be filed with the Securities and Exchange Commission (the “SEC”) and made available to all stockholders entitled to vote at the 2023 Annual Meeting. The Company has engaged with the Fund, as it would with any stockholder, and is disappointed that the Fund has chosen to initiate a costly and disruptive proxy contest, particularly given the Company’s recent track record of value creation. Broadwind believes that the Fund’s attempt to take over Broadwind’s full Board represents a disguised attempt to seize control of the Company without paying a premium. However, Broadwind remains committed to maintaining an open dialogue while continuing to represent the best interests of all stockholders. The Board is currently comprised of six highly qualified directors with proven track records. Equipped with expertise across a wide range of disciplines and industries, the Board also possesses a deep knowledge of the Company’s business and the industries in which it operates. Through ongoing refreshment, the average tenure of the current Board is less than seven years. Moreover, 80% of the Company’s directors are independent, ensuring objectivity and proper representation of all stockholder interests. Under the leadership of the current Board and management team, the Company has created significant value for stockholders. On a trailing three-year basis, Broadwind’s stock price has increased approximately 250% and, in 2022, the Compan...