- Stock trades significantly below its net cash per share.

- The board is arguably in breach of their fiduciary responsibility to protect shareholder value. Operating any capital raise at current price is grossly irresponsible and against shareholders best interests.

-The board must immediately cancel their at-the-market program, and begin a process of returning substantial cash to shareholders in order to halt this egregious value destruction.

NEW YORK, NY / ACCESSWIRE / March 8, 2024 / On March 4, 2024, Ryan Siegal of RS Fund Management LLC filed a Schedule 13D/A which included a letter to the Board of Directors of Neurometrix, Inc. (NASDAQ: NURO). The letter states that given where the stock is trading and with a review in progress, the Board must exercise their duty and authority to stop raising capital - immediately. This strategy is an indefensible, unjustified, stripping of shareholder value for purposes of paying the CEO, management, and directors: placing their interests ahead of shareholders. Ryan also argues for returning capital immediately, as a first step toward a liquidation: the best option for shareholders.

The Board of Directors should know better, given that they include:

Bradley M. Fluegel: Wharton School, University of Pennsylvania, Lecturer

David E. Goodman: California MD

Nancy E. Katz: 2010 Bayer Senior VP

David Van Avermaete: 2004 Johnson and Johnson Lifescan President

A full copy of the letter can be found below:

CONTACT:
Ryan Siegal

March 4, 2024

To the Board of Directors of NeuroMetrix:

As of December 31, 2023, the company, NeuroMetrix had approximately $18.0 million of net cash and approximately 1.5 million shares outstanding, which equates to approximately $12.00 of net cash per share. The stock trades at ~$4.00. The company has a surplus of cash, well beyond operations for the indefinite future (including the conclusion of their strategic review).

We believe the only correct business decisions are below to advance shareholder value.

It is abundantly clear to us that it would be in shareholders' best interests if you were to immediately liquidate the company. As the company, in our view, has no legitimate prospects for positive returns in any of its business lines (and if they did/do, we still think those would be better sold to the highest bidder: for a CVR or inconsequential cash value)

We believe shareholders would overwhelmingly support our suggestion to immediately liquidate, as well as the above two swift actions, and to begin a process of returning all proceeds to shareholders- the clearest way to maximize shareholder value.

We hope you will accept our advice and immediately announce an immediate cancellation of capital raising plan, a return of capital or liquidation without us having to take additional public action. If you have any questions, please do not hesitate to contact us.

Sincerely,

Ryan Siegal

RS FUND LP

SOURCE: RS Fund Management LLC