Prescience Point Capital Managing Says MiMedx Shareholders Have Spoken: Voiced Their Desire With regard to Change
Notes that a Majority of the particular Non-Affiliated, Non-Institutional Gives you Voted Against the particular Re-Election of Incumbent Directors, and Towards Approval of Business Settlement
Demands Leadership Immediately Address Massive Divergence Between the particular Share Price and even Underlying Value
Marriage vows to Continue The Efforts to Maintain MiMedx Leadership Liable
BATON ROUGE, La., June 14, 2022 /PRNewswire/ -- Prescience Point Capital Managing LLC ("Prescience Point"), a research-focused, catalyst-driven investment firm that beneficially owns around 6. 7% associated with the outstanding standard stock of MiMedx Group, Inc. ("MDXG" or the "Company") (NASDAQ: MDXG), nowadays issued an start letter to shareholders commenting on the particular results of you can actually annual meeting associated with shareholders, held upon June 7, 2022:
Dear Fellow MiMedx Shareholders:
MiMedx features attempted to set a confident spin upon the voting outcomes of its current annual meeting, but a more thorough and objective research in the results paints a far various picture and reflects widespread discontent within the Company's aktionr base. We inspire all MiMedx shareholders to review the results, as tabulated with the independent Inspector of Elections and filed in a Kind 8-K with typically the Securities and Change Commission.
An research of the results reveals that, as the MiMedx's proposals had been approved, the results were heavily altered with the votes involving parties affiliated together with the MiMedx Panel and other Company insiders including EW Healthcare Partners ("EW"), who collectively personal almost 23% regarding MDXG's outstanding normal stock. The outcomes were further skewed by votes involving institutional shareholders, typically the majority of to whom automatically vote in-line with the tips of proxy advisors Glass-Lewis and ISS. In the future correct contested election, we would have an opportunity to present our case to the particular proxy advisors and even gain the help in the institutional buyer vote.
Rather as compared to resounding acceptance, while implied with the Organization, the non-affiliated, non-institutional vote reflected widespread shareholder discontent using the misguided proper decision-making, value-destructive procedures, and excessive exec compensation practices in the Board and administration. Fully 21. 6 million and 19. 1 million gives you were voted KEEP / ABSTAIN against the re-election of Wayne Bierman and Phyllis Gardner, respectively, plus 30. 8 mil shares were identified AGAINST the full-time compensation or so-called "say-on-pay" proposal. Prescience Point estimates that approximately 56% and 49% of the shares voted simply by non-affiliated, non-institutional cases voted WITHHOLD and ABSTAIN up against the re-election of James Bierman and Phyllis Gardner, respectively, and 79% voted AGAINST the Board-approved "say-on-pay" proposal.
The particular shareholder base features spoken, and the information is clear: The worth destruction, and reprehensible track record associated with excessive compensation plus self-dealing under the current Board and supervision, enabled by EW, its Board designee Martin Sutter, plus Chairwoman Dr . Michael. Kathleen Behrens, can not be suffered for much extended. We are aspirant that the unaffiliated shareholders' response in order to our requires modification will function as a catalyst to push superior performance, accountability, governance and compensation techniques at the Business. We also wish the Board and even management will pay attention to the call associated with innumerable shareholders plus show confidence within MiMedx by purchasing gives on the available market.
As thorough in our Might 31st presentation, many of us continue to think that MiMedx will be a highly-valuable, nevertheless grossly mismanaged organization that could be worth multiples regarding its current value if only the particular Board and managing would focus a lot more on the investors rather than them selves. The current Plank and management have shown nothing but ignore and even contempt for the Company's individual or retail shareholders, as shown in the recent Wall Street Journal content in which CFO Pete Carlson required a swipe from MDXG's retail investors by stating, "Individual investors? sometimes place pressure on typically the stock unrelated to the company, by way of example when selling gives to fund some sort of home purchase or cover medical expenditures, " and, "With institutions, there's significantly less noise about individual financial situations due to the fact it's part of a new broader portfolio. inches
As demonstrated by the results associated with the election, as well as latest letters of disapproval sent by many large shareholders, the particular MiMedx shareholder bottom appears to be unified in the discompose with the status quo. The divide and conquer, and smoke and mirrors tactics that the Panel and management possess used in the past can no longer function. Ifprescience pointgoes on down its existing misguided path, shareholders will have an opportunity to take again control over the Firm at next year's annual shareholder meeting, where four Panel seats will be upwards for election.
We are appreciative of almost all the shareholders which voiced their disapproval and voted in opposition to MiMedx's incumbent candidates and compensation package. We will tightly monitor the Business to make certain the Panel and management carry on to implement the changes we need pushed for inside our campaign, and even, if necessary, will require further actions to ensure the Company is definitely on the right path to generating value for every the shareholders. When the just way to understand the promise associated with MiMedx is to refresh the Table and replace BOSS Timothy Wright plus Chairwoman Dr. Mirielle. Kathleen Behrens, well then you will lead that effort.
Respectfully,
Eiad Asbahi, Founder
Supposition Point Capital Managing
Palinode
This stuff does not make up an offer to sell or an application of an provide to buy any of the investments described herein in a state to any kind of person. In improvement, the discussions and even opinions in this particular push release are with regard to general information just and are not necessarily intended to provide investment advice. All assertions a part of this hit release that are not plainly historical in nature or that actually depend on future events are "forward-looking statements, " which can be not guarantees associated with future performance or results, and typically the words "anticipate, very well "believe, " "expect, " "potential, " "could, " "opportunity, " "estimate, inch and similar expressions are often intended to be able to identify forward-looking statements. The projected effects and statements contained in this pr release that are not really historical facts are structured on current anticipation, speak only since the date of the press release and involve risks that may cause typically the actual results to be able to be materially diverse. Certain information involved in this substance is based in data obtained from sources considered to be reliable. No rendering is made with respect to be able to the accuracy or perhaps completeness of this kind of data, and virtually any analyses provided to be able to assist the person receiving this presentation throughout evaluating the matters described herein could possibly be based on summary assessments and assumptions and might use one particular among alternative methodologies that produce diverse results. Accordingly, virtually any analyses should also certainly not be viewed because factual and also should not always be trusted as a good accurate prediction involving future results.prescience pointare unaudited estimates and subject to revision without notice. Prescience Point disclaims any obligation to be able to update the details herein and reserves the right to change any of its opinions expressed herein from any time since it deems appropriate. Past performance is usually not indicative regarding future results.
About Prescience Point Funds Management
Prescience Level Capital Management is a private investment office manager that employs forensic investigative techniques to unearth significant mispricing in global markets. It specializes within extensive investigations associated with difficult-to-analyze public companies in order in order to uncover significant components of the organization of which have been unnoticed or ignored simply by others.
Prescience Point manages private funds for its customers and principals in addition to takes positions each long and quick in support of its research. Prescience Point invests across a wide-ranging set of equities that it feels have abnormally huge disparities between just what their underlying businesses are intrinsically really worth and what their very own securities sell intended for. The firm was founded by investor Eiad Asbahi inside 2009 and will be headquartered in Pioche Rouge, LA. Supposition Point Capital Managing is a registered purchase advisor with typically the State of Louisiana. Follow @PresciencePoint.
SOURCE Prescience Point Capital Management
Demands Leadership Immediately Address Massive Divergence Between the particular Share Price and even Underlying Value
Marriage vows to Continue The Efforts to Maintain MiMedx Leadership Liable
BATON ROUGE, La., June 14, 2022 /PRNewswire/ -- Prescience Point Capital Managing LLC ("Prescience Point"), a research-focused, catalyst-driven investment firm that beneficially owns around 6. 7% associated with the outstanding standard stock of MiMedx Group, Inc. ("MDXG" or the "Company") (NASDAQ: MDXG), nowadays issued an start letter to shareholders commenting on the particular results of you can actually annual meeting associated with shareholders, held upon June 7, 2022:
Dear Fellow MiMedx Shareholders:
MiMedx features attempted to set a confident spin upon the voting outcomes of its current annual meeting, but a more thorough and objective research in the results paints a far various picture and reflects widespread discontent within the Company's aktionr base. We inspire all MiMedx shareholders to review the results, as tabulated with the independent Inspector of Elections and filed in a Kind 8-K with typically the Securities and Change Commission.
An research of the results reveals that, as the MiMedx's proposals had been approved, the results were heavily altered with the votes involving parties affiliated together with the MiMedx Panel and other Company insiders including EW Healthcare Partners ("EW"), who collectively personal almost 23% regarding MDXG's outstanding normal stock. The outcomes were further skewed by votes involving institutional shareholders, typically the majority of to whom automatically vote in-line with the tips of proxy advisors Glass-Lewis and ISS. In the future correct contested election, we would have an opportunity to present our case to the particular proxy advisors and even gain the help in the institutional buyer vote.
Rather as compared to resounding acceptance, while implied with the Organization, the non-affiliated, non-institutional vote reflected widespread shareholder discontent using the misguided proper decision-making, value-destructive procedures, and excessive exec compensation practices in the Board and administration. Fully 21. 6 million and 19. 1 million gives you were voted KEEP / ABSTAIN against the re-election of Wayne Bierman and Phyllis Gardner, respectively, plus 30. 8 mil shares were identified AGAINST the full-time compensation or so-called "say-on-pay" proposal. Prescience Point estimates that approximately 56% and 49% of the shares voted simply by non-affiliated, non-institutional cases voted WITHHOLD and ABSTAIN up against the re-election of James Bierman and Phyllis Gardner, respectively, and 79% voted AGAINST the Board-approved "say-on-pay" proposal.
The particular shareholder base features spoken, and the information is clear: The worth destruction, and reprehensible track record associated with excessive compensation plus self-dealing under the current Board and supervision, enabled by EW, its Board designee Martin Sutter, plus Chairwoman Dr . Michael. Kathleen Behrens, can not be suffered for much extended. We are aspirant that the unaffiliated shareholders' response in order to our requires modification will function as a catalyst to push superior performance, accountability, governance and compensation techniques at the Business. We also wish the Board and even management will pay attention to the call associated with innumerable shareholders plus show confidence within MiMedx by purchasing gives on the available market.
As thorough in our Might 31st presentation, many of us continue to think that MiMedx will be a highly-valuable, nevertheless grossly mismanaged organization that could be worth multiples regarding its current value if only the particular Board and managing would focus a lot more on the investors rather than them selves. The current Plank and management have shown nothing but ignore and even contempt for the Company's individual or retail shareholders, as shown in the recent Wall Street Journal content in which CFO Pete Carlson required a swipe from MDXG's retail investors by stating, "Individual investors? sometimes place pressure on typically the stock unrelated to the company, by way of example when selling gives to fund some sort of home purchase or cover medical expenditures, " and, "With institutions, there's significantly less noise about individual financial situations due to the fact it's part of a new broader portfolio. inches
As demonstrated by the results associated with the election, as well as latest letters of disapproval sent by many large shareholders, the particular MiMedx shareholder bottom appears to be unified in the discompose with the status quo. The divide and conquer, and smoke and mirrors tactics that the Panel and management possess used in the past can no longer function. Ifprescience pointgoes on down its existing misguided path, shareholders will have an opportunity to take again control over the Firm at next year's annual shareholder meeting, where four Panel seats will be upwards for election.
We are appreciative of almost all the shareholders which voiced their disapproval and voted in opposition to MiMedx's incumbent candidates and compensation package. We will tightly monitor the Business to make certain the Panel and management carry on to implement the changes we need pushed for inside our campaign, and even, if necessary, will require further actions to ensure the Company is definitely on the right path to generating value for every the shareholders. When the just way to understand the promise associated with MiMedx is to refresh the Table and replace BOSS Timothy Wright plus Chairwoman Dr. Mirielle. Kathleen Behrens, well then you will lead that effort.
Respectfully,
Eiad Asbahi, Founder
Supposition Point Capital Managing
Palinode
This stuff does not make up an offer to sell or an application of an provide to buy any of the investments described herein in a state to any kind of person. In improvement, the discussions and even opinions in this particular push release are with regard to general information just and are not necessarily intended to provide investment advice. All assertions a part of this hit release that are not plainly historical in nature or that actually depend on future events are "forward-looking statements, " which can be not guarantees associated with future performance or results, and typically the words "anticipate, very well "believe, " "expect, " "potential, " "could, " "opportunity, " "estimate, inch and similar expressions are often intended to be able to identify forward-looking statements. The projected effects and statements contained in this pr release that are not really historical facts are structured on current anticipation, speak only since the date of the press release and involve risks that may cause typically the actual results to be able to be materially diverse. Certain information involved in this substance is based in data obtained from sources considered to be reliable. No rendering is made with respect to be able to the accuracy or perhaps completeness of this kind of data, and virtually any analyses provided to be able to assist the person receiving this presentation throughout evaluating the matters described herein could possibly be based on summary assessments and assumptions and might use one particular among alternative methodologies that produce diverse results. Accordingly, virtually any analyses should also certainly not be viewed because factual and also should not always be trusted as a good accurate prediction involving future results.prescience pointare unaudited estimates and subject to revision without notice. Prescience Point disclaims any obligation to be able to update the details herein and reserves the right to change any of its opinions expressed herein from any time since it deems appropriate. Past performance is usually not indicative regarding future results.
About Prescience Point Funds Management
Prescience Level Capital Management is a private investment office manager that employs forensic investigative techniques to unearth significant mispricing in global markets. It specializes within extensive investigations associated with difficult-to-analyze public companies in order in order to uncover significant components of the organization of which have been unnoticed or ignored simply by others.
Prescience Point manages private funds for its customers and principals in addition to takes positions each long and quick in support of its research. Prescience Point invests across a wide-ranging set of equities that it feels have abnormally huge disparities between just what their underlying businesses are intrinsically really worth and what their very own securities sell intended for. The firm was founded by investor Eiad Asbahi inside 2009 and will be headquartered in Pioche Rouge, LA. Supposition Point Capital Managing is a registered purchase advisor with typically the State of Louisiana. Follow @PresciencePoint.
SOURCE Prescience Point Capital Management
