On April 28, 2023, Star Equity Fund, LP announced its nomination of 2 director candidates for election to Gyrodyne, LLC's board of directors at the Company's 2023 annual meeting of shareholders. Star Equity Fund expressed its view that significant change to the Board is needed now to create value for all shareholders and its nominees will act in the best interests of all shareholders. Star Equity Fund added that its nominees, if elected, intend to push the Board to terminate the Bonus Plan and replace it with a standard stock-based plan approved by shareholders.

In addition, Star Equity stated that it intends to file a preliminary proxy statement and accompanying its proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of its slate of qualified director nominees at the 2023 annual meeting of shareholders of the Company.