UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
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Check the appropriate box:
o Preliminary proxy statement
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BROADWIND, INC. |
(Name of Registrant as Specified in Its Charter) |
WM ARGYLE FUND, LLC JAY DOUGLAS ARMBURGER RYAN BOGENSCHNEIDER CHRISTINE M. CANDELA JAMES M. ROBINSON IV |
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) |
Payment of filing fee (Check the appropriate box):
x | No fee required. |
o | Fee paid previously with preliminary materials. |
o | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
On April 21, 2023, WM Argyle Fund, LLC issued the following press release:
WM Argyle Asks Broadwind to Disclose Profitability Guidance, Too
Milwaukee, WI – April 21, 2023 – WM Argyle Fund, LLC (“WM Argyle” or the “Fund”), one of the largest investors in Broadwind, Inc. (NASDAQ: BWEN) (“Broadwind” or the “Company”), today responded to Broadwind’s pre-announcement of first quarter 2023 results and full-year revenue and adjusted EBITDA guidance.
Throughout its history, Broadwind has made a habit of producing revenue
that never turns into profits. We believe Broadwind is repeating this pattern again. It announced a
marginal increase in its guidance for full-year revenue and adjusted EBITDA but said nothing about net income. Revenue without profit
is meaningless. If the Company is truly confident in its ability to execute and deliver value for shareholders, it should issue
guidance for 2023 net income, as well.
Broadwind’s announcement reinforces our conviction that the execution risk under the current Board is simply too great. Shareholders should demand change and vote the GREEN proxy card to support WM Argyle’s director nominees.
About WM Argyle Fund
WM Argyle Fund, LLC, which owns 207,200 of the outstanding common shares of Broadwind, Inc., is an investment fund specifically created to invest in Broadwind. We believe the Company has been underperforming due to strategic errors, operational inefficiencies, and inattentive governance. We are looking to ensure the long-term performance of the Company by reconstituting the Broadwind Board with new members.
Important Information
WM Argyle Fund, LLC, Jay Douglas Armburger, Ryan Bogenschneider, Christine M. Candela and James M. Robinson IV (collectively, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of GREEN universal proxy card to be used in connection with the solicitation of proxies from the stockholders of Broadwind, Inc. (the “Company”). Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive proxy statement filed by the Participants with the SEC. All stockholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying GREEN universal proxy card will be furnished to some or all of the Company’s stockholders and are, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/.
Contacts:
Investors
InvestorCom LLC
John Glenn Grau, 203-972-9300
info@investor-com.com
Media
Mahony Partners
Richard Mahony, 917-257-6811
info@mahonypartners.com
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