Ann: Notice of Meeting of Stockholders on 10 April 2024, page-15

Several recent actions by UBI's management raise concerns for shareholders.

Capital Raise Timing: The timing of the capital raise announcement relative to FDA approval and the CEO's exercise of stock options merits clarification.

Discounted Share Issuance: The significant discount offered to institutional investors during the capital raise following FDA approval warrants a full explanation. Shareholders deserve to understand the rationale behind this decision, especially considering the positive impact of FDA approval on the company's prospects.

Capital Raise Partner Selection: The selection of a capital raise partner with close ties to a major UBI shareholder and a director with a significant holding in UBI requires careful scrutiny. This potential conflict of interest necessitates transparency regarding the selection process and justification for the chosen partner.

Communication and Transparency: A lack of transparency regarding the nature and timing of recent discussions with the FDA, as well as the absence of a clear record date for the capital raise, are concerning. Timely and clear communication with shareholders is essential for informed decision-making.

These concerns highlight the critical importance of management actions that demonstrably prioritize long-term shareholder value. Shareholders have a right to expect clear communication and a compelling rationale behind decisions, especially those that may have a significant dilutive effect.

To better serve shareholder value, the capital raise could have been done at a premium to institution investors as they already received FDA approval, cancel capital raise 20c free option attachment as it fix a low ball options for no reason as FDA approval is already obtained, allow all shareholder to vote on decision making process not just that bought on or before 14th March.