Hallador Alternative Assets Fund, LLC → AMERICAN OUTDOOR BRANDS, INC. AOUT

The Reporting Persons acquired the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer, through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. On August 4, 2026, Kevin Leary, a Reporting Person and the Chief Executive Officer and a Managing Director of HIA, was appointed to the Board of Directors of the Issuer (the "Board"). Mr. Leary will serve as an independent director and has been appointed to the Compensation Committee and the Nominations and Corporate Governance Committee of the Board. Mr. Leary will receive compensation for his service as a director consistent with the Issuer's director compensation program. There are no arrangements or understandings between Mr. Leary and any other person pursuant to which Mr. Leary was selected as a director. The Reporting Persons intend to continue to review their investment in the Issuer on an ongoing basis. The Reporting Persons have previously engaged in discussions with management, the Board and other stockholders and expect that they may continue to engage in such discussions concerning the business, operations, management, Board composition, strategy, capital allocation and future plans of the Issuer. Except as described herein, the Reporting Persons do not currently have any plans or proposals that relate to or would result in any of the matters set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Depending on various factors, including, without limitation, the Issuer's financial position and business strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, purchasing additional Shares or selling some or all of their Shares, engaging in discussions with management, the Board, other stockholders and other relevant parties concerning the business, operations, management, Board composition, strategy, capital allocation and future performance of the Issuer, seeking additional Board representation, encouraging the Issuer to pursue one or more strategic transactions, or otherwise changing their intentions with respect to any and all matters referred to in Item 4 of Schedule 13D. The Reporting Persons remain open and available to consider various transactions and strategies that could potentially enhance stockholder value.