Ted D. Kellner, Todd Deutsch and Robert L. Chioini (the Kellner Group) have filed a definitive
proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (SEC) to be used to solicit votes for their election to the Board of Directors of AIM Immunotech Inc., a Delaware corporation
(the Company or AIM), at the 2023 Annual Meeting of Stockholders scheduled to be held on December 1, 2023.
November 16, 2023, the Kellner Group issued the press release that appears below and began mailing copies to AIM stockholders.
Kellner Group Urges Stockholders of AIM Immunotech to Vote Gold Card Now for Desperately Needed Change
Entrenched AIM Board Escalates Unconscionable Waste of Corporate Assets and Hostility to Stockholders
Stockholders Urged to Act Now Before the Boards Reckless Spending and Self-Interested Behavior
Irreversibly Damage the Company
Stockholders Should Not Be Distracted by False and Misleading Statements by AIM
Kellner Group Owns 6.5% of Outstanding Shares, is Fully Aligned with Stockholders and Brings Skills,
Experience and Credibility Necessary for AIM to be Successful
New York, New York, November 16, 2023: Ted D. Kellner, Todd Deutsch and Robert L. Chioini (collectively, the Kellner Group) today issue the
following statement in connection with their efforts to bring accountability to the entrenched, incumbent Board of Directors of AIM Immunotech Inc. (NYSE American: AIM) and create value for stockholders. The Kellner Group is convinced that they have
the experience to make AIM successful and that an immediate change in directors on the AIM board at this years annual meeting is absolutely necessary.
AIM Boards Entrenchment Efforts and Wasteful Spending Have Reached Shocking New Levels
The current, entrenched AIM Board of William Mitchell, Stewart Appelrouth, Nancy Bryan and Tom Equels estimates it will spend an astonishing
$7.8 million in connection with its proxy solicitation and the ongoing Delaware litigation this year. Last year, AIMs legal and public relations expenses increased by approximately $5.0 million (thats
just the increase, not even the absolute amount) as it waged legal attacks on AIM stockholders and other individuals just to prevent stockholders from a simple vote in a fair election. Together with other entrenchment efforts this year (such as
the oppressively burdensome advance notice bylaw amendments and renewed effort to pursue the Florida litigation against AIMs largest stockholders and others), we estimate AIMs incumbent Board has recklessly spent almost
$15.0 million in the past two years on their self-interested campaign to avoid any accountability to stockholders. The fact that these corporate assets are wasted for the purpose of preventing a basic vote on who represents
stockholders on the Board is unconscionable and a complete abdication of fiduciary duties and an attack on fundamental stockholder rights.
Stockholders should not let the incumbent Board mislead them this egregious wasteful spending is an intentional strategy by the Board to
entrench itself at all costs just so that it can keep enriching itself at stockholder expense.