Believes Board Should Quickly Resolve its Disagreement
Board’s Actions Have Resulted in Cutera and its Products to be Severely Undervalued
NEW YORK, April 11, 2023--(BUSINESS WIRE)--Pura Vida Investments, LLC ("Pura Vida"), a Delaware limited liability company with beneficial ownership of approximately 7% of the common stock of Cutera, Inc. (Nasdaq: CUTR) ("Cutera" or the "Company"), today issued the following statement following the public turmoil amongst Cutera’s Board of Directors (the "Board").
"As significant stockholders, we are deeply troubled that the Board is at war with itself, with the CEO and Chairman, and certain board members each retaining counsel to advance their agendas," said Efrem Kamen, Managing Member of Pura Vida. "We find it particularly appalling that the members of the Board who formed a special committee are expending stockholders’ capital to avoid a vote on their tenure. Worse yet, the Board’s behavior and unfortunate missteps have led the Company to become severely undervalued, especially given the robust AviClear product cycle. We believe other stockholders share our concern.
"We urge the Board to quickly resolve their disagreement and move the Company forward with an orderly CEO succession process involving a nationally-recognized search firm during which the current CEO should remain at the helm. In the event they do not, there is a simple remedy: adding new, highly-qualified directors to the Board, who will put the best interests of the Company and its stockholders first. As Cutera’s 2023 deadline to nominate candidates for election has now passed, we call upon the Board to immediately take action to extend the deadline for director nominations so that stockholders, the true owners of the Company, can engage in this process.
"Should the Board fail to take such action or resolve its current dispute, we are prepared to execute alternative steps to maximize value for all stockholders. We have also identified a world-class CEO and high-quality independent directors, who together can help the Company transition to its next phase of success."
Cadwalader, Wickersham & Taft LLP is serving as legal advisors to Pura Vida.
About Pura Vida Investments, LLC
Pura Vida, based in New York City, is an SEC-registered investment advisor.
This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this material are for general information only, and are not intended to provide investment advice. All statements contained in this material that are not clearly historical in nature or that necessarily depend on future events are "forward-looking statements," which are not guarantees of future performance or results, and the words "anticipate," "believe," "expect," "potential," "could," "opportunity," "estimate," and similar expressions are generally intended to identify forward-looking statements.
The statements contained in this material that are not historical facts are based on current expectations, speak only as of the date of this material and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results.
Pura Vida disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate.
THIS IS NOT A PROXY SOLICITATION. Pura Vida is not asking for your proxy card and will not accept your proxy card. Please DO NOT send us your proxy card. Executed proxy cards should be returned according to the Company’s instructions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230411005910/en/
Gasthalter & Co.
Jonathan Gasthalter/Amanda Shpiner