Item 4 — Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following at the end thereof: Deng Shufen was appointed as an authorized signatory of D&D on May 20, 2026. By virtue of such appointment and the other arrangements described herein, the Reporting Persons may be deemed to have become a group within the meaning of Rule 13d-5(b)(1) under the Act on that date. Dai Siqi has, since the date ERM acquired its interest in D&D, been the sole shareholder and sole director of ERM and an authorized signatory of D&D. By virtue of such positions, Dai Siqi has shared voting and dispositive power with respect to the securities of the Issuer beneficially owned by ERM and D&D since such date. In connection with the formation of a group with the other Reporting Persons on May 20, 2026 and on review of the prior Schedule 13D filings, the Reporting Persons have determined to identify Dai Siqi as a Reporting Person in this Amendment going forward. ERM acquired the shares purchased in the December 2024 private placement, D&D acquired the shares purchased from the Whitebox Sellers pursuant to the Whitebox PSA, and D&D acquired the units purchased in the Issuer's December 2025 underwritten public offering, in each case for investment purposes and in connection with the transactions relating to the amendment and restructuring of the Issuer's senior secured financing arrangements and the Issuer's capital-raising and NYSE American listing. As a result of these acquisitions, the Reporting Persons beneficially own, in the aggregate, more than 50% of the outstanding Common Stock. In May 2026, D&D entered into the Pledge Agreements and Issuer Control Agreements described in Item 6. The purpose of those agreements is to pledge certain shares of Common Stock owned by D&D as collateral to secure payment and performance obligations of third parties under separate transactions unrelated to the Issuer. The Reporting Persons did not enter into the Pledge Agreements or the Issuer Control Agreements with any present plan or proposal to dispose of, or to cause the disposition of, any shares of Common Stock or to effect any of the actions described in paragraphs (a) through (j) of Item 4 of Schedule 13D. The pledged shares remain owned of record and beneficially by D&D, and D&D retains voting and dispositive power with respect to such shares (shared with ERM as described in Item 5) unless and until an event of default occurs and is continuing and the applicable secured party delivers a notice of exclusive control under the applicable Issuer Control Agreement. The Reporting Persons may from time to time engage in discussions with the Issuer and its management, board of directors, lenders, stockholders and other third parties concerning financing, capitalization, strategic transactions, corporate governance and related matters. Except as set forth in this Item 4 and elsewhere in this Amendment, the Reporting Persons have no present plans or proposals which relate to or would result in any of the matters set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D, although they may, depending on prevailing conditions, acquire additional securities of the Issuer or dispose of securities of the Issuer. The Whitebox Sellers from whom D&D acquired Common Stock were affiliates of lenders under the Issuer's senior secured financing arrangements, and that purchase was made concurrently with, and in connection with, the amendment of those arrangements. The Reporting Persons hold board nomination rights under the Shareholders Agreement, dated May 25, 2023 (as amended), as described in the Schedule 13D and the Issuer's public filings. Except as described in this Amendment and in the Schedule 13D, the Reporting Persons have no agreements, arrangements or understandings with the Issuer's lenders or their affiliates with respect to the securities of the Issuer.