Jul. 30 at 9:27 PM
$VXRT
Rise Up
Here’s the reasons for adding paper ballots, all advantages for Vaxart:
1. Reach shareholders who didn’t vote.
2. Allows companies to include advocacy materials in their proxy mailings. This is huge, since shareholders will not see the retail perspective.
3. Paper ballots create a physical audit trail. This can be used to prove procedural fairness.
4. Vote dilution or confusion: Paper ballots can delay voting clarity, especially if they’re returned close to the meeting date. This can create confusion about vote tallies or make it harder for shareholders to coordinate.
5. Overwhelm the system: If Vaxart anticipates close results or legal resistance, introducing another layer (paper) can create logistical noise that benefits them — especially if they control the tabulation process closely.
6. Offset highly engaged anti-RS retail voters.
7. Boost "default yes" votes from disengaged holders.
8. Stall or obscure fast-moving online vote counts until the final tally.
Paper ballots (or digital proxies) can include:
• Letters from the CEO or board encouraging a YES vote
• Q&A sections or graphics explaining why the RS is needed
• Risk warnings if the proposal is not approved (e.g., delisting)
JJ: Historically, what is the percentage of additional votes tabulated by adding paper ballots?
A: "When paper proxy materials are mailed, retail participation can increase by 5–15 percentage points.
Some studies show up to a 30–40% increase in relative turnout.
Broadridge Financial Solutions, which handles many proxy votes, has published data showing "full set” mailings (including paper ballots) boost participation — especially among older or less tech-savvy investors.
According to a 2018 SEC report on proxy process reform, physical mailings were found to increase voting by 6–10% among certain shareholder segments."
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There isn’t ONE WORD in the 8K filing about brokers who don’t support votes OTC. This seems like a huge material omission.
I asked chat: “Given Vaxart is currently suspended, but may be delisted, and the potential impact of this event on shareholders who own through brokers who do not support delisted companies, could Vaxart have committed SEC violations by not providing shareholders this information?”
✅ Yes, because:
1. Voting rights are fundamental to shareholder value and governance.
2. Losing access to your shares or vote due to broker limitations is not a technicality — it could swing the vote outcome.
3. The timing is not coincidental: delisting before a controversial vote could disenfranchise a known group (retail holders).
4. If Vaxart knows this is a likely risk and fails to disclose it, that could be seen as a material omission under Rule 14a-9 (SEC anti-fraud rule for proxy solicitations).
5. Adding paper proxy ballots for the first time in Vaxart’s 4th reverse split (RS) vote might raise eyebrows.
SEC Rule 14a-9:
“No solicitation shall be made by means of any proxy statement ... containing any statement which ... omits to state any material fact necessary in order to make the statements therein not false or misleading.”
In this case, failing to tell shareholders they might not be able to vote because of delisting-related broker issues — despite having set the vote after the potential delisting — could be seen as misleading and a violation of SEC disclosure rules.
*The key issue is intentional or negligent omission of information that would affect a shareholder’s decision or ability to participate.
*This is especially concerning given this is their 4th attempt at a reverse split, and retail opposition is well-documented.
JJ: Btw, what if shareholders using brokers who don’t support companies traded OTC vote against the reverse split before Vaxart is actually delisted? Once delisted, with their votes still count?
Chat: Yes.
JJ: They’re pulling out all the stops. This is wearing some of us down. I see posts where folks are tired of all the BS and don’t want to contact the media or the SEC.
How will these folks feel when they lose 95% of their shares?
We don’t need a reverse split.
We have sentinel data coming. And Avian going into P1. And possible Avian funding. And Noro P2 is supposed to start the second half of this year. Even if it starts by EOY, we’ll have 60-day data by March. And the possibility of Gates re-upping on second gen Noro breastfeeding trial. P2 valuations are 2-10x higher than P1.
This is the final countdown. We either lose up to 95% of our shares or we don’t. This is no time to get complacent.
Last week, I posted that we had the votes, but we could now be the underdog, as they now have several advantages this time around. We need to be even more proactive than before.
Like I said the other day, I’ve never had to work so hard to keep what’s already mine.
This is the time to stand up.
I’m fighting like hell.
Who’s with me?
