
Proposal Provides Stockholders $2.55 per Share in Cash, a 51% Premium to the Unaffected Share Price and 29% Premium to the Current Share Price, as Well as Potential Additional Value from the Sale of Seer’s Assets via a

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Proposal Provides Stockholders $2.55 per Share in Cash, a 51% Premium to the Unaffected Share Price and 29% Premium to the Current Share Price, as Well as Potential Additional Value from the Sale of Seer’s Assets via a Contingent Value Right</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Urges Seer’s Two-Member Special Committee to Conduct an Auction and Avoid Further Value Destruction Under the Leadership of Chairman and CEO Omid Farokhzad, M.D.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok, who collectively own approximately 7.7% of the outstanding shares of Seer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SEER">SEER</a>) (the "Company"), today submitted the following improved non-binding proposal to acquire the Company – their fourth such proposal – for $2.55 per share in cash plus a contingent value right.

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
&#x2A;&#x2A;&#x2A;

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignr">
July 28, 2026

</p><p xmlns="http://www.w3.org/1999/xhtml">
Seer, Inc.
<br xmlns="http://www.w3.org/1999/xhtml"></br>3800 Bridge Parkway, Suite 102
<br xmlns="http://www.w3.org/1999/xhtml"></br>Redwood City, California 94065
<br xmlns="http://www.w3.org/1999/xhtml"></br>Attn: Special Committee

</p><p xmlns="http://www.w3.org/1999/xhtml">
Dear Members of the Special Committee,

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the "Radoff-JEC Group" or "we") are significant stockholders of Seer, Inc. ("Seer" or the "Company"), collectively owning approximately 7.7% of the Company’s outstanding shares.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We are pleased to submit this further improved, non-binding proposal to acquire 100% of the equity of the Company for $2.55 per share in cash (the "Acquisition"), which represents an immediate 51% premium to the Company’s unaffected share price and a 29% premium to the current share price,<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> plus a contingent value right ("CVR") representing the right for stockholders to receive 85% of the net proceeds received from any license, sale or other disposition of Seer’s business and assets, including PrognomiQ.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We would aim to make all payments under the CVR within six to 12 months of the completion of the Acquisition.

</p><p xmlns="http://www.w3.org/1999/xhtml">
To be clear, our offer is not speculative or contingent. Our offer does not undervalue Seer or seek to drain Seer of its cash. In fact, the structure of our proposal is designed to ensure that stockholders receive full and fair value for their investment in Seer by way of a CVR providing the proceeds from an open auction process for the Company’s business and assets.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We believe our proposal offers stockholders many valuable things that the Board’s current strategy does not, including: certainty, accountability and a realistic framework for maximizing remaining value. Furthermore, our proposal does not subject stockholders to continued value destruction under the leadership of Chairman and CEO Omid Farokhzad, M.D.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Based upon our analysis, Dr. Farokhzad has destroyed more than $1 billion in investor capital across Seer, BIND Therapeutics, Selecta Biosciences, Tarveda Therapeutics and Senti Biosciences. We kindly request the Special Committee, and the Board as a whole, to consider Dr. Farokhzad’s track record at Seer and across other companies as it evaluates subjecting stockholders to continued losses and cash burn while pursuing his failed strategy.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We urge the Special Committee to fulfill its fiduciary obligations by engaging seriously with us regarding our proposal and by providing stockholders with a transparent evaluation process. Entrenchment and continued adherence to a failed operating strategy are not acceptable to stockholders. It is also not an option to accept an inferior buyout offer from Dr. Farokhzad.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Our improved offer, which is subject to limited confirmatory due diligence, does not expire until August 10, 2026 – we urge the Special Committee and its independent financial advisor to immediately engage with us and negotiate a transaction that will benefit all stockholders. We are ready to move forward and close expeditiously – once again, our proposal is not subject to any financing conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Sincerely,

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok

</p><table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" class="bwtablemarginb bwblockalignl">
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0" rowspan="1" colspan="1"><p xmlns="http://www.w3.org/1999/xhtml">
_____________________________
<br xmlns="http://www.w3.org/1999/xhtml"></br><sup xmlns="http://www.w3.org/1999/xhtml">1</sup> Unaffected price calculated as of close on April 10, 2026, the trading day immediately prior to the Radoff-JEC Group’s submission of its initial non-binding proposal to acquire the Company. Current share price as of close on July 27, 2026.

</p>

</td>

</tr>
</table><p xmlns="http://www.w3.org/1999/xhtml">
 

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260728198047r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260728198047/en/" rel="nofollow">https://www.businesswire.com/news/home/20260728198047/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Greg Lempel
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:greg@fondrenlp.com" shape="rect">greg@fondrenlp.com</a>

</p>

SEER

Radoff-JEC Group Submits Further Improved Proposal to Acquire Seer, Inc.

Radoff-JEC submits $2.55 cash offer plus CVR for Seer, seeks auction

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Proposal Provides Stockholders $2.55 per Share in Cash, a 51% Premium to the Unaffected Share Price and 29% Premium to the Current Share Price, as Well as Potential Additional Value from the Sale of Seer’s Assets via a</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Two activist investors, together owning about 7.7% of Seer, propose a $2.55 per share cash offer plus an 85% CVR on net asset proceeds including PrognomiQ. They urge Seer’s Special Committee to run an open auction to maximize value and avoid ongoing cash burn under current leadership.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Radoff-JEC Group offers Seer $2.55/ share cash plus CVR.</li><li>Premium: 51% vs unaffected price; 29% vs current price.</li><li>Proposal non-binding; seeks open auction under Seer&#039;s Special Committee.</li><li>CVR: 85% of net proceeds from asset licenses/sales.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Seer, Inc. (SEER)</strong>: Subject to potential acquisition; premium implies near-term upside and CVR exposure.</li><li><strong>Radoff-JEC Group (N/A)</strong>: Proposers own ~7.7% of Seer and push for an open auction.</li><li><strong>PrognomiQ (N/A)</strong>: Asset base referenced in CVR; CVR proceeds could include this asset.</li><li><strong>Omid Farokhzad (N/A)</strong>: CEO criticized by bidders; narrative of value destruction.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. The news centers on a structured buyout proposal and a process to potentially unlock value via an auction, fitting M&amp;A dynamics and corporate governance considerations.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Renewed buyout chatter could spark a near-term SEER rally.</li><li>Auction process may re-rate SEER toward asset-sale proceeds.</li><li>CVR adds upside but ties payout to asset monetization.</li><li>Bid expiration August 10, 2026 concentrates near-term catalysts.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Offer: $2.55 per share in cash plus CVR.</li><li>Premium: 51% vs unaffected price; 29% vs current price.</li><li>CVR: 85% of net proceeds from licenses/sales, including PrognomiQ.</li><li>Expiration: August 10, 2026.</li><li>Radoff-Torok own ~7.7% of Seer.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Near-term bullish if the auction progresses; monitor committee engagement and CVR realization through 6–12 months post-close.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Proposal Provides Stockholders $2.55 per Share in Cash, a 51% Premium to the Unaffected Share Price and 29% Premium to the Current Share Price, as Well as Potential Additional Value from the Sale of Seer’s Assets via a Contingent Value Right</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Urges Seer’s Two-Member Special Committee to Conduct an Auction and Avoid Further Value Destruction Under the Leadership of Chairman and CEO Omid Farokhzad, M.D.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok, who collectively own approximately 7.7% of the outstanding shares of Seer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SEER">SEER</a>) (the "Company"), today submitted the following improved non-binding proposal to acquire the Company – their fourth such proposal – for $2.55 per share in cash plus a contingent value right.

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
&#x2A;&#x2A;&#x2A;

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignr">
July 28, 2026

</p><p xmlns="http://www.w3.org/1999/xhtml">
Seer, Inc.
<br xmlns="http://www.w3.org/1999/xhtml"></br>3800 Bridge Parkway, Suite 102
<br xmlns="http://www.w3.org/1999/xhtml"></br>Redwood City, California 94065
<br xmlns="http://www.w3.org/1999/xhtml"></br>Attn: Special Committee

</p><p xmlns="http://www.w3.org/1999/xhtml">
Dear Members of the Special Committee,

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the "Radoff-JEC Group" or "we") are significant stockholders of Seer, Inc. ("Seer" or the "Company"), collectively owning approximately 7.7% of the Company’s outstanding shares.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We are pleased to submit this further improved, non-binding proposal to acquire 100% of the equity of the Company for $2.55 per share in cash (the "Acquisition"), which represents an immediate 51% premium to the Company’s unaffected share price and a 29% premium to the current share price,<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> plus a contingent value right ("CVR") representing the right for stockholders to receive 85% of the net proceeds received from any license, sale or other disposition of Seer’s business and assets, including PrognomiQ.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We would aim to make all payments under the CVR within six to 12 months of the completion of the Acquisition.

</p><p xmlns="http://www.w3.org/1999/xhtml">
To be clear, our offer is not speculative or contingent. Our offer does not undervalue Seer or seek to drain Seer of its cash. In fact, the structure of our proposal is designed to ensure that stockholders receive full and fair value for their investment in Seer by way of a CVR providing the proceeds from an open auction process for the Company’s business and assets.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We believe our proposal offers stockholders many valuable things that the Board’s current strategy does not, including: certainty, accountability and a realistic framework for maximizing remaining value. Furthermore, our proposal does not subject stockholders to continued value destruction under the leadership of Chairman and CEO Omid Farokhzad, M.D.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Based upon our analysis, Dr. Farokhzad has destroyed more than $1 billion in investor capital across Seer, BIND Therapeutics, Selecta Biosciences, Tarveda Therapeutics and Senti Biosciences. We kindly request the Special Committee, and the Board as a whole, to consider Dr. Farokhzad’s track record at Seer and across other companies as it evaluates subjecting stockholders to continued losses and cash burn while pursuing his failed strategy.

</p><p xmlns="http://www.w3.org/1999/xhtml">
We urge the Special Committee to fulfill its fiduciary obligations by engaging seriously with us regarding our proposal and by providing stockholders with a transparent evaluation process. Entrenchment and continued adherence to a failed operating strategy are not acceptable to stockholders. It is also not an option to accept an inferior buyout offer from Dr. Farokhzad.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Our improved offer, which is subject to limited confirmatory due diligence, does not expire until August 10, 2026 – we urge the Special Committee and its independent financial advisor to immediately engage with us and negotiate a transaction that will benefit all stockholders. We are ready to move forward and close expeditiously – once again, our proposal is not subject to any financing conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Sincerely,

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bradley L. Radoff and Michael Torok

</p><table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" class="bwtablemarginb bwblockalignl">
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0" rowspan="1" colspan="1"><p xmlns="http://www.w3.org/1999/xhtml">
_____________________________
<br xmlns="http://www.w3.org/1999/xhtml"></br><sup xmlns="http://www.w3.org/1999/xhtml">1</sup> Unaffected price calculated as of close on April 10, 2026, the trading day immediately prior to the Radoff-JEC Group’s submission of its initial non-binding proposal to acquire the Company. Current share price as of close on July 27, 2026.

</p>

</td>

</tr>
</table><p xmlns="http://www.w3.org/1999/xhtml">
 

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260728198047r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260728198047/en/" rel="nofollow">https://www.businesswire.com/news/home/20260728198047/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Greg Lempel
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:greg@fondrenlp.com" shape="rect">greg@fondrenlp.com</a>

</p>

Two activist investors, together owning about 7.7% of Seer, propose a $2.55 per share cash offer plus an 85% CVR on net asset proceeds including PrognomiQ. They urge Seer’s Special Committee to run an open auction to maximize value and avoid ongoing cash burn under current leadership.

News insight

Radoff-JEC Group Submits Further Improved Proposal to Acquire Seer, Inc.

AI summary

Sentiment rationale

Key facts

M&A