325 CAPITAL LLC → MultiSensor AI Holdings, Inc. MSAIW

Item 4 is hereby amended to add the following: On November 4, 2025, the Issuer and certain of the Reporting Persons executed an Amendment No. 1 to Securities Purchase Agreement (the "Amendment") to the 2025 Purchase Agreement (as defined in Amendment No. 3 to the Schedule 13D). Pursuant to the Amendment, the 2025 Purchase Agreement was amended to provide that the Issuer is not prohibited under the 2025 Purchase Agreement from offering and selling up to $14.5 million in Shares or Share equivalents (including pre-funded warrants) at a price per Share, or Share equivalent, to equal or exceed $1.35, with such offering to close within five Business Days of the date of the Amendment (the "Offering"), and none of the Investors (as defined in Amendment No. 3 to the Schedule 13D), including the Reporting Persons, as applicable, shall have a right to participate in the Offering pursuant to the 2025 Purchase Agreement. The foregoing description of the Amendment does not purport to be complete and is subject to and is qualified in its entirety by reference to the full text of a form of the Amendment, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein. The Offering closed on November 5, 2025, and in connection with the closing of the Offering, the Issuer issued 4,595,000 Shares and pre-funded warrants to purchase 6,100,000 Shares to the purchaser.