Timothy Stabosz

Question 1

Timothy Stabosz's questions to Adicet Bio (ACET) leadership • Q1 2019

Nov 9, 2018

Question

Timothy Stabosz, a private investor, sought reassurance regarding bank support for the ongoing strategic alternatives process, the status of the company's dividend, the future trend of failure-to-supply penalties, and whether the seven-month duration of the strategic review should be seen as a negative indicator.

Answer

CFO Becky Roof affirmed that the successful negotiation of a recent waiver is a strong indication of the banks' support for the company. President and CEO Bill Kennally stated that the board will decide on the dividend in December but expects consistency with historical payments. He also confirmed that failure-to-supply penalties are expected to continue trending lower and become non-material. Regarding the strategic review, he advised against interpreting the timeline as either a positive or negative sign.

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Question 2

Timothy Stabosz's questions to Adicet Bio (ACET) leadership • Q4 2018

Sep 28, 2018

Question

Timothy Stabosz asked for commentary on the stability and future performance of the Performance Chemicals and Pharmaceutical Intermediates divisions, given their importance to the company's value. He also pressed for details on the 'breakup ability' of the businesses. In a follow-up, he questioned the rationale for maintaining a $0.01 dividend and asked if any undisclosed material news could explain the recent stock price decline beyond the S&P 600 delisting.

Answer

President and CEO William Kennally expressed high confidence in the stable cash contributions from the chemicals and ingredients businesses, citing strong sourcing and strategic focus. While declining to comment on specifics of a potential breakup, he confirmed the company is 'well in control' of the analysis. Regarding the dividend, Kennally and Interim CFO Rebecca Roof noted it reflects a commitment to shareholders and that bank approval signals confidence. Roof also confirmed there was no undisclosed material information causing the stock's decline.