Sinovac Board of Directors Unanimously Rejects an Unsolicited Partial Tender Offer - Seite 2

In the course of its deliberations, the Board of Directors also considered the following material risks and other countervailing factors related to the Tender Offer that previously had been identified and discussed by the Company’s management and its Board of Directors:

1. Trading of the Company’s common shares on NASDAQ has been halted since February 22, 2019 in order to facilitate the orderly distribution of the exchange shares pursuant to the rights agreement (the “Rights Agreement”), and in light of the ongoing litigation concerning the Rights Agreement, there can be no assurance when or if this halt will be lifted;
2. The ongoing litigation concerning the exchange of shares and the Rights Agreement could have a material adverse effect on the results of the Company’s operations and it’s financial condition; and
3. The Company has not been able to hold an annual meeting of shareholders since February 2018 due to the ongoing litigation concerning the exchange of shares and the Rights Agreement, and may not be able to hold an annual meeting of shareholders before the final determination of such litigation.

The foregoing discussion of the information and factors considered by the Board of Directors in reaching its conclusions and recommendations is not exhaustive, but rather includes the material reasons and factors considered by the Board of Directors. In light of the wide variety of reasons and factors considered above, the Board of Directors has determined that the Tender Offer is not advisable and is not in the best interests of the Company or the Shareholders.

Additional Information

The full basis for the Board’s unanimous recommendation is set forth in Sinovac’ Schedule 14D-9 filed on January 18, 2024 with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the Schedule 14D-9 may also be obtained on the Company’s website at www.sinovac.com or by contacting Helen Yang at [phone] or via email at [e-mail].

About SINOVAC

Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of biomedical products that protect against human infectious diseases.

SINOVAC’s product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, mumps, etc.

The COVID-19 vaccine, CoronaVac, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive, is an innovative vaccine under "Category 1 Preventative Biological Products" and commercialized in China in 2016. In 2022, SINOVAC’s Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO.