Item 4 — Purpose of Transaction
I am deeply dissatisfied with the Company's recent actions and the substantial dilution imposed on existing shareholders. The issuance of such a significant number of additional shares has materially diluted the ownership percentage of existing shareholders generally, including my own, despite the fact that existing shareholders continue to hold their shares. This is not simply an issue affecting my individual investment. The Company's actions have affected the ownership position of existing shareholders as a whole, and I believe shareholders deserve transparency regarding the circumstances surrounding these transactions, including the number of shares issued, the recipients or manner of distribution, the consideration received, and the purpose of the transactions. I am also particularly concerned about the trading activity on September 22, 2026. Publicly available market data reflects that more than 150 million shares traded that day, an extraordinarily high volume compared with approximately 199.8 million Class A shares reported outstanding as of September 22 on a pre-split basis. Despite this extraordinary trading volume, the share price remained depressed. This raises serious questions about the amount of shares being supplied into the market and whether the available supply substantially exceeded the underlying demand. Shareholders are not stupid, and we are paying close attention to what has occurred. The extraordinary trading volume, together with the continued depressed share price, warrants scrutiny of the circumstances surrounding that supply. We deserve answers and transparency. I do not accept the Company's treatment of existing shareholders or the extent of the dilution without scrutiny. I will continue to review the Company's filings, transactions, and trading activity and pursue all lawful avenues available to me as a shareholder. This isn't over. I will continue to advocate for shareholders and for transparency, accountability and fair treatment. I will also continue to pursue changes to the Company's Board of Directors and management, including seeking the replacement of the current Chief Executive Officer, through lawful shareholder and corporate-governance processes. I intend to continue pushing for meaningful change and will not stop simply because the Company's recent actions have changed the ownership structure.