Cannell Capital LLC sends a letter to VIA Optronics President Dr. Heiko Frank

Cannell Capital LLC sends a letter to VIA Optronics President Dr. Heiko Frank

Alta, Wyoming–(Newsfile Corp. – November 6, 2023) – J. Carlo Cannell, Managing Member of Cannell Capital LLC, sent the following letter to the Chairman of the Board of Directors of VIA Optronics AG Dr. Heiko Frank on Monday, October 30, 2023.

Below is a copy of Mr. Cannell’s letter to Dr. Frank.

October 30, 2023

Mr. Heiko Frank CHM
Chairman of the Supervisory Board
Via Optronics AG
18 Siebold Street
90411 Nuremberg
Deutschland

Dear Heiko,

Thank you for your time on October 18, 2023, during which we brainstormed ways to restore some value to the affected shareholders of VIA Optronics AG (“VIAO”).(1) What methods may include:

  1. File Form 15 with the SEC to ignore public offering expenses;(2)

  2. Appointment of an advisor whose remit may include the sale of VIAO; And

  3. Update the Supervisory Board to (a) include Chuck Gilman; and (2) the resignation of directors who did not purchase shares on their own checkbook and did not take decisive action to stop the massive value destruction resulting from VIAO’s chronic inability to file its financial statements or hold its annual general meeting in a timely manner – delay upon delay upon delay.

Please remember that Chuck has tremendous experience in the mechanics of making a company “go away.” Chuck was a major shareholder in Collins Industries that went dark and then generated huge returns for shareholders after dark.

Please also remember that we were largely in agreement about the harm done to VIAO and how to repair that harm. I hope that your meetings with advisors in New York City, which were partly the purpose of your visit, will be fruitful. But as you may also remember from our conversation on October 18, two weeks later I said I would start a campaign for the benefit of all shareholders, which is (unfortunately) the most likely:

  1. Pointing out in public press releases the errors made not only by VIAO but also by its Supervisory Board which ultimately bears responsibility for not acting sooner and with greater deliberation to replace those responsible for its late filings; And

  2. Demand the appointment of a credible advisor.

The two-week “grace” period ends this Wednesday. If you have some actions to report, and some evidence that you take your job and responsibility seriously, then I suppose it’s time to do so.

Your own reputation is at risk. Please take action now.

Best Regards,

sincerely,

/s/

J. Carlo Canel
Managing Director

contact information

Stephen C. Wagstaff
Chief Financial Officer
1-307-733-2284
scw@cannellcap.com


(1) VIAO has returned (80%) over the past two years compared to a decline of (29%) for the Russell 2000.

(2) As we’ve discussed, the cost of being a public company is an unacceptable percentage of market capitalization – about 18-29% in fact given your own estimates that the cost of staying public is $5-8 million per year. We accept the fact that to file Form 15, a company may need to change its headquarters from Germany to Delaware or another state in the USA.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186421

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