Business
Broadwind Sends Letter to Shareholders Clarifying Attempts by WM Argyle to Mislead Shareholders
Broadwind Sets the Record Straight Regarding WM Argyle’s False Narratives and Mischaracterizations Board Urges Shareholders to Vote on the WHITE Proxy Card
About this update from Broadwind, Inc.
[{"type":"text","content":"Broadwind Sets the Record Straight Regarding WM Argyle’s False Narratives and Mischaracterizations Board Urges Shareholders to Vote on the WHITE Proxy Card “FOR” Broadwind’s Director Nominees CICERO, Ill., May 09, 2023 (GLOBE NEWSWIRE) -- Broadwind, Inc. (Nasdaq: BWEN, or the “Company”), has sent a letter to shareholders in connection with its upcoming annual meeting, which is scheduled to be held on May 23, 2023 (the “2023 Annual Meeting”). The full text of the letter follows. May 9, 2023 Dear Shareholder, You have likely received proxy vote solicitation materials from WM Argyle Fund, LLC (“WM Argyle”), an activist hedge fund that owns 1% of Broadwind, Inc.’s (“Broadwind” or the “Company”) outstanding common stock. Our Board of Directors (the “Board”) urges you not to sign, return or vote any proxy card sent to you by WM Argyle, and instead recommends you vote to support Broadwind’s directors on the Company’s WHITE proxy card. Broadwind strongly believes that WM Argyle’s opportunistic campaign for Board representation puts shareholder value at risk. Unfortunately, WM Argyle dismisses the hard work Broadwind employees have done to position the Company for success – efforts that are working, as shown by our recent strong stock price performance and key strategic wins. We believe shareholders should be very concerned that WM Argyle is manipulating facts about the directors and officers of Broadwind to hide WM Argyle’s candidates’ total lack of qualifications to serve on the Board. Here are just a few examples of WM Argyle’s materially false and misleading statements. We encourage shareholders to see these statements for what we believe they are: the blatant efforts of an unqualified opportunistic hedge fund seeking to deceive its fellow investors for personal gain. WM Argyle claims that its candidate Ryan Bogenschneider’s experience includes “working with the BWEN board in 2016.” This is false. Broadwind never hired Mr. Bogenschneider in any capacity. He submitted a self-enriching consulting proposal with demands for fees and stock, which the Board rejected due to his lack of qualifications and credibility. He has not worked at any company in over a decade other than WM Argyle, where he is “CEO” of a fund with no employees that only owns Broadwind stock, and his own private consulting firm that lacks a website and known client lis...