Concerned Vaxart Stockholders Urge Fellow Stockholders to Vote “AGAINST” Reverse Stock Split and Demand Board Accountability

By: Daniel Houle, Concerned Stockholder of Vaxart, Inc. via GlobeNewswire

September 02, 2025 at 09:00 AM EDT

ATLANTA, Sept. 02, 2025 (GLOBE NEWSWIRE) -- Richard John Burgess, Daniel P. Houle, Michael Patrick Kelley, Marc Eustace Pereira, Patrice Raffy, Benjamin Sauv, Matthew M. Wallace, MD and David Whitney (collectively, the “Concerned Vaxart Stockholders”), who collectively beneficially own more than 2.5 million shares of Vaxart, Inc. (OTC: VXRT) (“Vaxart” or the “Company”) today urged fellow stockholders to vote “AGAINST” the Company’s proposed reverse stock split at the upcoming special meeting of stockholders scheduled to be held on September 5, 2025 (the “Special Meeting”).

Despite clear and repeated stockholder opposition, the Company’s board of directors (the “Board”) is once again seeking stockholder approval for a reverse stock split. At the Company’s June 13, 2025 annual meeting of stockholders (the “2025 Annual Meeting”), stockholders emphatically rejected a reverse stock split proposal and withheld support from a majority of the Board, including Chairman Dr. Michael Finney. Nevertheless, the full Board remains in place and is once again advancing a reverse stock split proposal, disregarding the will of stockholders.

At the 2025 Annual Meeting, stockholders decisively rejected the reverse stock split proposal, with a clear majority of 59.1% voting “AGAINST.” In addition, four of the six directors on the ballot failed to secure majority support:

Dr. Michael Finney (Chairman): 51.5% “WITHHELD” (58,278,600 votes) vs. 48.5% “FOR” (54,978,926 votes)
Steven Lo (CEO): 50.5% “WITHHELD” (57,202,309 votes) vs. 49.5% “FOR” (56,055,217 votes)
Dr. David Wheadon: 59% “WITHHELD” (66,780,752 votes) vs. 41% “FOR” (46,476,774 votes)
Dr. Elaine Heron: 50.9% “WITHHELD” (57,683,960 votes) vs. 49.1% “FOR” (55,573,566 votes)

These numbers, which represent the voice of stockholders, speak volumes. Stockholders have repeatedly expressed a lack of confidence in the Board. Yet, the Board continues to act unilaterally, ignore the will of the Company’s investors and insists on pursuing what we view as a value-destructive course of action. We are concerned that a reverse stock split at this time would only reduce liquidity, increase volatility and potentially mask deeper structural issues. We believe this proposal is not in the best interest of long-term stockholders.

It is time for stockholders to unite and demand accountability. The Concerned Vaxart Stockholders urge all fellow stockholders to vote “AGAINST” the reverse stock split proposal at the upcoming Special Meeting.

Sincerely,

The Concerned Vaxart Stockholders

THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. THE CONCERNED VAXART STOCKHOLDERS ARE NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. THE CONCERNED VAXART STOCKHOLDERS ARE NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

Contact Information
Daniel Houle
lloyd19791@gmail.com
(518) 222-3132