ADW Capital Partners, L.P. → COMPASS DIVERSIFIED HOLDINGS CODI-PA

Item 4 is hereby amended and supplemented as follows: "On July 16, 2026, ADW Capital Partners, L.P. delivered an open letter to the Issuer's board of directors (the "July Letter"). In the July Letter, ADW Capital Partners, L.P. called for the Issuer to immediately commence a strategic review process and orderly liquidation of the Issuer to preserve value for shareholders. The July Letter included ADW Capital Partners, L.P.'s financial analysis that the Issuer could achieve value in excess of $50 to $60 dollars per share through a sequencing of asset sales to streamline the Issuer in addition to share repurchases. The foregoing description of the July Letter is qualified in its entirety by the full text of the July Letter, which is attached hereto as Exhibit 99.4 and incorporated herein by reference."