Item 4 — Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following paragraph: Since the date of the Original Schedule 13D, the Reporting Person acquired or received an aggregate of 888,332 additional Common Shares through a combination of equity awards granted by the Issuer and purchases made in a private placement. These shares were obtained as part of the Reporting Person's ongoing investment in the Issuer, reflecting both their participation in the Issuer's equity compensation plans and their strategic decision to increase their ownership through a private placement. The Reporting Person's acquisition aligns with standard investment objectives and demonstrates their continued support for the Issuer's growth and strategic initiatives. The Reporting Person's ownership percentage of the Issuer's Common Shares has decreased due to the Issuer's issuance of additional shares. The additional shares were issued on December 30, 2024, as part of the consummation of the Merger, pursuant to which the Issuer acquired Renaissance Holdings LLC and its assets, including 15 handy-size bulk vessels, by issuing 18,059,342 shares to SSI. The Reporting Person intends to review their investment in the Issuer on a continuing basis. Any actions the Reporting Person might undertake may be made at any time and from time to time without prior notice and will be dependent upon the Reporting Person's review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations, and prospects; price levels of the Issuer's securities; general market, industry, and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments.