Broadwood continues to urge Staar shareholders to vote against Alcon transaction

Broadwood Partners, which owns 30.2% of Staar Surgical’s (STAA) outstanding common stock, continues to oppose the proposed sale of the company to Alcon (ALC) and issued the following statement: “STAAR spent months trying to convince the Company’s shareholders that the Board had run a proper sale process and achieved a fair buyout price from Alcon. The Board also claimed that the executives’ compensation packages were reasonable and had not created a misalignment of interests with STAAR shareholders. It is more evident than ever that none of these claims were true and that this Board has been wrong more often than it has been right… We do not seek – and have never sought – control of STAAR, but we are large owners and are enthusiastic about continuing to own our share of the business as it turns the corner after some self-inflicted wounds in 2024. We believe STAAR has a bright future as an independent company. In fact, if the Company achieves management’s own projections, STAAR will be one of the most profitable medical technology companies in the world. Based on this fact, we believe the Company is worth substantially more than $30.75 per share. We have no confidence in this deeply conflicted Board or the process it has overseen, nor do we believe the Board has maximized value for shareholders.”