MILWAUKEE, March 21, 2023 (GLOBE NEWSWIRE) -- WM Argyle Fund, LLC (the “Fund”), an investment fund created to invest in and revitalize Broadwind, Inc. (NASDAQ: BWEN) (“Broadwind” or the “Company”), today announced that it has filed preliminary proxy materials with the SEC proposing the election of its nominees to the Broadwind Board of Directors (the "Broadwind Board") at the 2023 Annual Meeting of Stockholders.
On January 18, 2023, the Fund announced its intention to nominate six new directors to the Broadwind Board, stating its belief that Broadwind had demonstrated chronic underperformance, made value-destroying strategic errors, and granted excessive compensation to its top executives. The Fund also stated its view that Broadwind has exceptional potential to create value for the benefit all shareholders in the years ahead with a reconstituted Broadwind Board and strategy for renewal.
Since that time, many shareholders have expressed support and encouragement for the Fund’s efforts, welcoming the opportunity to bring fresh leadership, insight and experience to the Broadwind Board. Shareholders also acknowledged the value of continuity and institutional knowledge as the Broadwind Board develops a strategy to reinvigorate the Company and achieve sustained profitability. Accordingly, based on such feedback, the Fund has reduced the number of its proposed nominees to three nominees for election to the six-member Broadwind Board, consisting of the following: Christine Candela, James Robinson and Ryan Bogenschneider.
The Fund believes its nominees are highly qualified and possesses the right mix of skills and experience to ensure that the Broadwind Board takes the right steps to provide accountability and enhance shareholder value.
While the Fund remains open to working with the Company to find a resolution that is in the best interests of stockholders, it will continue to engage with fellow stockholders and present more information on its nominees in the weeks ahead.
About WM Argyle Fund
WM Argyle Fund, LLC, which owns 207,200 of the outstanding common shares of Broadwind, Inc., is an investment fund specifically created to invest in Broadwind. We believe the Company has been underperforming due to strategic errors, operational inefficiencies, and inattentive governance. We are looking to ensure the long-term performance of the Company by reconstituting the Broadwind Board with new members. For more information, visit: www.BWEN2023.com
WM Argyle Fund, LLC, Jay Douglas Armburger, Ryan Bogenschneider, Christine M. Candela and James M. Robinson IV (collectively, the “Participants”) intend to file with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of GREEN universal proxy card to be used in connection with the solicitation of proxies from the stockholders of Broadwind, Inc. (the “Company”). All stockholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying GREEN universal proxy card will be furnished to some or all of the Company’s stockholders and will be, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/. In addition, the Participants in this Proxy Solicitation will provide copies of the proxy statement without charge, when available, upon request. Requests for copies should be directed to the Participants proxy solicitor.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the preliminary proxy statement filed by the Participants with the SEC on March 21, 2023. This document is available free of charge from the source indicated above.
John Glenn Grau, 203-972-9300
Richard Mahony, 917-257-6811