On January 21, 2020, Verso Corporation filed a definitive proxy statement soliciting proxies and urged the shareholders to vote for the Pixelle Transaction and for all 7 of the Company’s director nominees. The Company announced that on January 18, 2020, in an effort to mitigate the Atlas/Blue Wolf proxy contest expenses and to secure stockholder approval of the Pixelle Transaction, the Company’s Board proposed to withdraw the nominations of Jay Shuster and Steven D. Scheiwe and to nominate Atlas/Blue Wolf’s nominees, Sean T. Erwin and Jeffrey E. Kirt. In return, the Company requested that Atlas/Blue Wolf withdraw the nomination of Timothy Lowe, consistent with ISS’s recommendation to withhold for Timothy Lowe, terminate all litigation and vote for the Pixelle Transaction. In response, on January 19, 2020, Atlas/Blue Wolf rejected the Company’s January 18, 2020, settlement proposal. On January 20, 2020, the Company stated that it attempted once again to settle the Atlas/Blue Wolf proxy contest by reiterating its proposal to withdraw the nominations of Messrs. Shuster and Scheiwe and requested that Atlas/Blue Wolf withdraw the nomination of Lowe, terminate all litigation and vote for the Pixelle Transaction.