Braemar hotels & resorts announces rejection of materially deficient director nomination notice from blackwells capital

Board unanimously rejected recent director nomination notice from blackwells due to false statements and material omissions in violation of sec rules and the company's bylaws  files complaint to prevent blackwells from launching an illegal proxy solicitation and spreading confusion and misinformation among braemar's shareholders  complaint details blackwells' plan to take control of the board – in spite of having invested only $20,000 in braemar – in order to sell the company below its intrinsic value to blackwells and its affiliates  braemar remains committed to acting in the best interests of all shareholders to maximize value dallas , march 25, 2024 /prnewswire/ -- braemar hotels & resorts inc. (nyse: bhr) ("braemar" or the "company") today announced that on march 10, 2024, it received a notice (the "nomination notice") from activist investor blackwells capital llc ("blackwells") seeking to nominate four individuals for election to the company's eight-person board of directors (the "board") at the 2024 annual meeting of stockholders (the "annual meeting"). the board has unanimously determined that the blackwells nomination notice is invalid due to numerous deficiencies, most notably a failure to disclose the fund's true objectives – which braemar believes include an underhanded attempt to effectuate a takeover of the company without paying an adequate price.
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