Valneva Announces the Availability of Documentation for its Extraordinary General Meeting including Planned Changes to its Future Board of Directors

Saint-Herblain (France), November 15, 2023 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, today announced the availability of documentation for its Extraordinary General Meeting (“General Meeting” or “EGM”) which will be held on December 20, 2023 at 2:00 p.m. CET at the Radisson Blu Hotel, 6 place Aristide Briand, 44000 Nantes, France.

As announced in June 2023¹, during this EGM, shareholders will notably vote on the Supervisory Board’s recommendation to transition from the Company’s current two-tier governance model, which includes a Supervisory Board and a Management Board, to a one-tier model led by a Board of Directors.

As part of the proposed changes, three current Supervisory Board members will not join the future Board of Directors, Ms. Johanna Pattenier, Ms. Sharon Tetlow and Mr. Frederic Grimaud, current Chairman of the Supervisory Board.

“It has been a huge endeavor as well as a real pleasure to be part of the Valneva journey to build an innovative and recognized new player in the vaccine industry. After ten years of chairmanship, I feel it is time for me to step aside, and the change in governance model provides a good opportunity to do this. As shareholders of Valneva, Groupe Grimaud and I will continue to follow the Company’s progress, especially as its two lead programs against chikungunya and Lyme disease are reaching important catalysts. I wish Valneva every success in the future,” said Frederic Grimaud, Valneva’s Chairman of the Board and Groupe Grimaud’s President and Chief Executive Officer.

The future Board of Directors is expected to elect a new chairperson during its constitutional post EGM meeting. The Company also intends to propose additional, complementary Board of Directors members to its shareholders at its Annual General Meeting in June 2024.

Thomas Lingelbach, Chief Executive Officer of Valneva, commented, “As Valneva continues to grow, we believe that adopting a governance model that is more common in our industry will allow us to further improve the effectiveness and efficiency of the Company leadership. I would like to thank Frederic for his commitment as a co-founder of Valneva and his dedication over the past ten years, as well as Johanna and Sharon for their valuable support since 2020.”