Kellner Group isses letter to stockholders of AIM ImmunoTech

Ted Kellner, as the nominating stockholder and a nominee, together with his other nominees, Todd Deutsch, Robert L. Chioini and Paul W. Sweeney, collectively, the Kellner Group, issue the following public letter to stockholders in connection with their efforts to bring accountability to the entrenched, incumbent Board of Directors of AIM Immunotech (AIM). “We, the Kellner Group, are issuing this public letter to balance the information filed by the incumbent Board of AIM ImmunoTech and correct their materially false and misleading statements. Since Mr. Equels became CEO and directors Mitchell and Appelrouth joined the Board in 2016, AIM’s stock price has plummeted by over 99%. This is a crucial fact for stockholders to consider in the upcoming election of directors at the 2024 Annual Meeting…. Mr. Equels and other members of the incumbent Board have already been found by the Delaware Supreme Court to have breached their fiduciary duty of loyalty to AIM’s stockholders. Further, Appelrouth, Mitchell and Equels and certain of their legal counsel have been sanctioned for frivolous actions to avoid competition for their seats, to the tune of hundreds of thousands of dollars.4 Apparently undeterred, we view this disclosure as a clear violation of the incumbent Board’s duty of candor under Delaware law and a flouting of its obligations under the federal securities laws. If the incumbent Board cannot acknowledge the tremendous destruction of stockholder value under their watch, they cannot be trusted to turn AIM around. We urge stockholders to consider the incumbent Board’s honesty and credibility.”