Radoff and Torok urge Sesen Bio board to hold a stockholder vote soon

Bradley Radoff and Michael Torok who own approximately 8.4% of the outstanding common stock of Sesen Bio issued the following open letter to the Company’s Board of Directors regarding the proposed merger with Carisma Therapeutics."The Investor Group remains adamantly opposed to Sesen Bio’s proposed merger with Carisma. Last week’s announcement of amended merger terms and yesterday’s press release only reinforce our view that you are an inexperienced, misaligned Board that appears blindly committed to an ill-conceived transaction. It is equal parts ironic and frightening to us that you believe offering Sesen Bio up as a merger partner to a cash-starved, overvalued private company reflects a robust review of strategic alternatives. Moreover, it is confounding that you still deem the transaction to be in stockholders’ best interest, particularly in light of the poor market reaction and your collective lack of ownership of Sesen Bio shares. We urge the Board to stop wasting corporate resources and hold a stockholder vote as soon as possible. We view the vote on the pending merger as a referendum on your stewardship, meaning we expect all Board members who continue to support the deal to resign if the transaction is voted down by stockholders."