On August 23, 2021, Turtle Beach Corporation issued its response on behalf of its board of directors to misleading statements by Donerail Group. The Company stated that its board is committed to acting in the best interests of the Company and its shareholders to maximize long-term value. Consistent with this commitment, members of the board and management team have held numerous discussions with Donerail over the past several months to hear its views with respect to the Company.

The Company does not normally comment on private communications with individual shareholders, but believes this response is necessary to address Donerail's false statements and provide its shareholders accurate information about Donerail's proposal. Donerail's acquisition proposal by its terms remains preliminary, contingent, subject to due diligence and financing, and is therefore not binding. Nonetheless, at the Company's instruction, its financial advisor Bank of America sought to engage with Donerail constructively over the past few months so that Company could review its acquisition proposal in greater detail.

The Company also conveyed to Donerail that the Board had concerns regarding Donerail's ability to consummate a transaction and its financing sources, and that it did not view Donerail's proposed acquisition price to be sufficient. Still, the Company was willing to continue to evaluate the proposal in an effort to achieve a higher offer price.