Slide 1: The Urgent Case for Change at AIM ImmunoTech Inc.
The Urgent Case for Change at AIM ImmunoTech Inc. The Kellner Group
Slide 2: Important Information and Participants in the Solicitation
Important Information and Participants in the Solicitation The Kellner Group has filed a definitive proxy statement and associated GOLD proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of its slate of highly-qualified director nominees at th
Slide 3: The Kellner Group - Who We Are
The Kellner Group - Who We Are The Kellner Group is comprised of Ted D. Kellner, Todd Deutsch, Robert L. Chioini and Paul W. Sweeney, each highly qualified, independent nominees. Together, the beneficial ownership of the Kellner Group is 3,211,100 shares, or approximately 5.04% of outstanding shares
Slide 4: Overview of AIM ImmunoTech Inc.
Overview of AIM ImmunoTech Inc. AIM (NYSE American: AIM) is an immuno-pharma company focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders, and viral diseases, including COVID-19. The Company’s lead product, Ampligen® (rintatolimod) is an immuno
Slide 5: Urgent Board Change is Needed - AIM is Plagued by Key Issues
Urgent Board Change is Needed - AIM is Plagued by 4 Key Issues Value Destruction and Financial Mismanagement Current Strategy is Aimless and Fundamentally Flawed Self-Interested Entrenchment Efforts, Improper Purpose Misaligned and Excessive Compensation Since Mr. Equels, Dr. Mitchell and Mr. Appelr
Slide 6: New Board Needed Now, or Years of Value Destruction Will Continue
New Board Needed Now, or We can Only Expect the Years of Value Destruction by the AIM Board to Continue On February 25, 2016, the day that Mr. Equels assumed the role of CEO, AIM’s stock closed at $87.15. Seven months later, the day that the three incumbent directors – Mr. Equels, Dr. Mitchell and M
Slide 7: Company has Suffered Significant Net Losses Under the Incumbent AIM Board
Company has Suffered Significant Net losses Under the Incumbent AIM Board Net losses, totaling over $120M have occurred from 2016 through June 30, 2024, and have been accelerating, going from $9.5 million in 2019 to $28.9 million in 2023. G&A spending is excessive and increasing, driven largely by e
Slide 8: Dilutive and Damaging Financing Transactions by AIM Board
Dilutive and Damaging Financing Transactions by AIM Board AIM’s financial condition and lack of prospects have resulted in a series of increasingly desperate financing transactions that are extremely dilutive and detrimental to existing stockholders. Consider the financing transactions that AIM has
Slide 9: The Board's Aimless and Flawed Strategy
The Board’s Aimless and Flawed Strategy Since 1987, AIM has stated it has been focused on preclinical and clinical activities with respect to Ampligen since 1987. Yet, 37 years later, Ampligen has not been approved for sale in the United States nor generated any meaningful revenues. Under the incumb
Slide 10: Wasteful Spending on Board Entrenchment Efforts
Wasteful Spending on Board Entrenchment Efforts The entrenched Board undertook a significant effort in March 2023 to radically change the advance notice bylaws and make them substantially more burdensome and ambiguous than before. The Delaware Supreme Court eventually ruled that these amended bylaws
Slide 11: AIM's Misaligned and Excessive Compensation
AIM’s Misaligned and Excessive Compensation Director and executive compensation from 2016 through 2023 has totaled approximately $21.5 million (based on amounts included in summary compensation tables for executives and director compensation tables for directors in SEC filings), compared to over $10
Slide 12: AIM Repeatedly Ignores Say-on-Pay Votes and Misleads Stockholders
AIM Repeatedly Ignores Say-on-Pay Votes and Misleads Stockholders Source: Company filings Say-on-Pay Results AIM’s Lack of Response In October 2020, AIM saw deteriorating say-on-pay results, with 43% of votes cast against the proposal, more the double the negative feedback from the prior year. Yet j
Slide 13: AIM Board Lacks Relevant Skills, Experience and is Not Independent
Former President of BioFlorida Hand-selected by Mr. Equels without any independent search and rubber-stamped by Dr. Mitchell and Mr. Appelrouth No prior public board experience Since appointed to the Board in the spring of 2023: AIM has continued its outrageous entrenchment efforts Denied Mr. Kellne
Slide 14: Kellner Nominees are Highly-Qualified, Independent and Have the Skill Set to Fix AIM
Kellner Nominees are Highly-Qualified, Independent and Have the Skill Set and Experience to Fix AIM Ted D. Kellner Retired Founder, CEO, PM and investment manager of Fiduciary Management, which currently manages ~$16 billion. Additional key skills, experiences, and attributes Ted brings to the Board
Slide 15: Kellner Nominees are Highly-Qualified, Independent and Have the Skill Set to Fix AIM
Kellner Nominees are Highly-Qualified, Independent and Have the Skill Set and Experience to Fix AIM Robert L. Chioini Managing Member of Bright Rock Holdings LLC, a Life Science consultancy business helping biotech companies succeed. Additional key skills, experiences, and attributes Rob brings to t
Slide 16: The Kellner Group's Plan will Begin Immediately
The Kellner Group’s Plan will Begin Immediately Review of Financing and Investor Communications Review Management and Practices Summary of the Full Board Strategic Review of the Most Important Issues Plaguing AIM Today Review of Governance & Executive Compensation Review of excessive G&A spending an
Slide 17: Our Plan to Fix AIM and Enhance Stockholder Value
Our Plan to Fix AIM and Enhance Stockholder Value Review Management and Practices Focus on the most promising indications for Ampligen and invest resources into those efforts Under the incumbent Board, AIM has pursued numerous and varied potential indications for Ampligen without communicating a cle
Slide 18: Our Plan to Fix AIM and Enhance Stockholder Value (continued)
Our Plan to Fix AIM and Enhance Stockholder Value (continued) We believe the incumbent Board has burned bridges with the investment community through its gross waste, inadequate performance and lack of transparency and accountability to stockholders. It is absolutely necessary for AIM to attract lon
Slide 19: Additional Governance and Compensation Commitments
Additional Governance and Compensation Commitments Governance Improve corporate governance structures and board composition. Identify an additional independent director to potentially add to the Board, with a focus on finding a candidate with no past history with AIM, with scientific or other releva
Slide 20: Plan Timeline
Plan Timeline Full Board Strategic Review Q1 Q2 Q3 Q4 Begin Review of Ampligen Begin the review of various indications Begin to work with current staff supplemented by additional experts in the area of oncology, and clinical development and design to create clinical plans Focus on effective and targ
Slide 21: Do not Be Fooled – Nothing Will Change Unless You Vote For The Kellner Group
Do not Be Fooled – Nothing Will Change Unless You Vote For The Kellner Group The incumbent Board wants you to believe that it is addressing your concerns and success is right around the corner; they want you to focus on meaningless headlines and believe there is real progress being made The truth is
Slide 22: Contact Okapi Partners
Contact Okapi Partners Okapi Partners LLC Stockholders may call toll-free: (844) 343-2621 Banks and brokers call: (212) 297-0720 Email: info@okapipartners.com
Slide 23: APPENDIX A | The Truth to AIM's Misleading Narratives
APPENDIX A | The Truth to AIM’s Misleading Narratives The Activist Group Includes Criminals and Individuals Who Have Attempted to Mislead AIM Shareholders for Years Our Board and Management Team are Driving Significant Momentum Our Well-Qualified Board Has the Right Experience to Drive AIM Forward M
Slide 24: Clinical Trial Status
Clinical Trial Status Locally Advanced Pancreatic Adenocarcinoma (Phase 2 AMP-270)** Significantly delayed – the FDA cleared the trial in March 2022 and AIM just recently amended and resubmitted the study protocol to the FDA in October 2024 to expand inclusion criteria and treatment arms. AIM hasn’t