On April 3, 2023, Turtle Beach Corporation announced that on March 31, 2023, it has confirmed the receipt of Toro 18 Holdings Llc's nomination of Eric Singer and William C. Martin as director candidates to the Company's board of directors for election at the Company's upcoming 2023 annual meeting of stockholders and the Company further agreed to permit Toro 18 to deliver one or more supplements to the Nomination until April 15, 2023, to provide the full information concerning the Nomination and its nominees, as required under the Company's bylaws, and include the nomination of additional candidates and this accommodation was apparently provided by the Company in order to facilitate settlement discussions between Toro 18 and the Company. However, based on Toro 18' engagement with the Board to date, it appears that the Board does not want to engage in good faith to reach a mutually agreeable path forward to generate and enhance value for all stockholders. In particular, the Company has failed to provide any substantive response to Toro 18' settlement proposal, which was delivered over a week ago upon the Company's request to make a proposal.

Rather, the CEO, lead independent director and Chair of the Nominating and Governance Committee seem intent to continue the status quo and based on a call with them, Toro 18 now has a sense of who may need to be targeted by Toro 18 at the 2023 Annual Meeting, absent more meaningful engagement. Toro 18 had proposed the addition of just 2 nominees to the Board, the reduction of the size of the Board to 6 directors by the 2023 Annual Meeting and the formation of a strategic review committee. In particular, the Toro 18 noted the benefit of reducing the size of the Board, as Toro 18 believes that a smaller board can be nimbler and more cost-effective.

In addition, Toro 18 expressed that the Board shouldn't waste stockholder capital on yet another proxy fight in 2023 and stockholders who are equally enraged with this waste of stockholder capital are welcome to share their views with the Board.