On April 21, 2022, Carl C. Icahn issued a letter to the stockholders of Southwest Gas Holdings, Inc. In the letter, Carl C. Icahn stated that he would not participate (that is, he will not be a bidder) in the purported ‘strategic review' process run by either the incumbent board or the new and improved board. Carl C. Icahn added that his only interest is to replace the incumbent board of directors and thus enhance value for all stockholders.