Anson Funds Comments on Recent Events at Twilio
04 Avril 2024 - 3:00PM
Business Wire
Clarifies that Continued Engagement with Twilio
Board This Week Led to Critical Governance Changes, Including
Departure of Longtime Director Byron Deeter
Intends to Continue to Hold Twilio Board
Publicly Accountable Going Forward to Protect the Best Interests of
All Stockholders
Anson Funds Management LP and Anson Advisors Inc., the
co-investment advisers of certain investment funds (collectively,
“Anson Funds”), and significant stockholders of Twilio Inc. (NYSE:
TWLO) (“Twilio” or the “Company”), today commented on recent
actions taken by Twilio’s Board of Directors (the “Board”).
Sagar Gupta, Portfolio Manager and Head of Active Engagement at
Anson Funds, stated:
“Following discussions between Anson Funds and the Company’s
representatives that were ongoing through yesterday evening,
Twilio’s Board issued a press release last night announcing the
departure of long-tenured director Byron Deeter and a proposal to
declassify the Board. These changes were based on Anson Funds’
recommendations and came only after our insistence to the Board
that further actions were needed to position the Company and its
stockholders for success following the announcement of an agreement
with a new stockholder on April 1, 2024. While this agreement
represented incremental positive change, in our view it was not
enough to prevent the continued entrenchment of the Board and
ensure an end to Twilio’s persistent underperformance.
During Anson Funds’ engagement with Twilio, the Company
repeatedly rejected our proposals for governance improvements, the
departure of directors with significant conflicts of interest and
little relevance, and stockholder representation on the Board. Only
under intense pressure from Anson Funds have Twilio’s directors
taken steps to address these issues, highlighting the exceptional
level of dysfunction within Twilio’s boardroom.
While we are pleased that our engagement has led to significant
change – including the long overdue departure of Founder and Former
CEO Jeff Lawson in January – proper alignment and oversight
continue to be desperately needed to maximize long-term value. On
behalf of all Twilio stockholders, we plan to hold the entire Board
accountable in the public realm going forward. This scrutiny will
be focused on all matters regarding strategy, operations, corporate
governance, and capital allocation, including preventing further
related-party transactions involving Bessemer Venture Partners,
which in the past have been to the detriment of Twilio
stockholders. This issue remains relevant despite Mr. Deeter’s
departure given the continued directorship of another Bessemer
partner, Board Chair Jeff Epstein.”
About Anson Funds
Anson Funds is a privately held alternative asset manager with
US$1.8 billion in assets. Led by Chief Investment Officer Moez
Kassam, the firm was founded in 2007 with offices in Toronto and
Dallas.
Important Information
Anson Funds Management LP, Anson Advisors Inc., Anson
Investments Master Fund LP, AIMF GP LLC, Anson East Master Fund LP,
AEMF GP LLC, Anson North Star Tactical Equity Fund LP, ANSF GP LLC,
Anson Management GP LLC, Moez Kassam, Tony Moore, Amin Nathoo and
Sagar Gupta (collectively, the “Participants”) intend to file a
definitive proxy statement and accompanying form of proxy card with
the Securities and Exchange Commission (the “SEC”) to be used in
connection with the 2024 Annual Meeting of Stockholders of Twilio
Inc. (the “Company”). Stockholders of the Company are advised to
read the definitive proxy statement and other documents related to
the solicitation of proxies with respect to the Company by the
Participants as they become available because they will contain
important information. They will be made available at no charge on
the SEC’s website, https://www.sec.gov/. Information about the
Participants and a description of their direct or indirect
interests by security holdings or otherwise can be found in Exhibit
1 of the Schedule 14A filed by Anson Funds Management LP with the
SEC on April 4, 2024.
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