# EDGAR Filing Document

**Accession Number:** 0001688152
**File Stem:** 0000905148-25-002790
**Filing Date:** 2025-8
**Character Count:** 25806
**Document Hash:** a197a80ef9ed3552e6f603eb7558a8d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-002790.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0000905148-25-002790

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DallasNews Corp
- **CENTRAL INDEX KEY:** 0001413898
- **STANDARD INDUSTRIAL CLASSIFICATION:** NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 383765318
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84504
- **FILM NUMBER:** 251200278

**BUSINESS ADDRESS:**
- **STREET 1:** 1954 COMMERCE STREET
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-977-7342

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 224866
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75222-4866

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A. H. Belo Corp
- **DATE OF NAME CHANGE:** 20210628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DallasNews Corp
- **DATE OF NAME CHANGE:** 20210625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A. H. Belo Corp
- **DATE OF NAME CHANGE:** 20130206
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MNG Enterprises, Inc.
- **CENTRAL INDEX KEY:** 0001688152

**ORGANIZATION NAME:**
- **EIN:** 814140550
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 101 W. COLFAX AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 214-969-2831

**MAIL ADDRESS:**
- **STREET 1:** 101 W. COLFAX AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

## Exhibit 99.6

#### EXHIBIT 99.6

MNG Enterprises, Inc.

5990 Washington Street

Denver, CO 80216

August 11, 2025

#### PRIVATE AND CONFIDENTIAL

#### VIA EMAIL

Board of Directors

DallasNews Corporation

c/o the Secretary

P. O. Box 224866

Dallas, TX 75222-4866

Dear Members of the Board of Directors,

On behalf of MNG Enterprises, Inc. and its affiliates ("<u>MNG,</u>" "<u>we</u>," "<u>us</u>," and "<u>our</u>"), we are pleased to submit an enhanced offer (the "<u>Enhanced Proposal</u>") to acquire all of the issued and outstanding shares of Common Stock of DallasNews Corporation ("<u>DallasNews</u>") that we do not already own for **$17.50 per share in cash.** Our Enhanced Proposal is $2.50 per share more than Hearst's revised, yet inferior, offer of $15.00 per share, representing a whopping 16.7% premium to Hearst's revised offer under the Agreement and Plan of Merger, dated as of July 9, 2025, among Hearst Media West, LLC ("<u>Hearst</u>"), DallasNews, and the other parties thereto, as amended on July 27, 2025 (the "<u>Existing Agreement</u>").

Our Enhanced Proposal represents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a **299%+ premium** to the undisturbed closing price of $4.39 per share on July 9, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an **18.3% premium** to the closing price of $14.80 per share on August 8, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a **$1.00 per share increase** over our initial offer of $16.50 per share submitted to DallasNews on July 22, 2025 (the "<u>Original Proposal</u>").

We are perplexed by your refusal to have a single discussion with us in the weeks since our Original Proposal was submitted. Both our Original Proposal and Enhanced Proposal offer substantially more economic value to your shareholders, and – unlike Hearst – we are offering to continue publishing the beloved print edition of *The Dallas Morning News*. Our Enhanced Proposal is therefore better for DallasNews' shareholders and the readers of *The Dallas Morning News* alike.

As important, despite your assertions to the contrary, Robert Decherd's opposition to the Original Proposal does not prevent you from engaging with us. The Existing Agreement does *not* require that a competing proposal constitute a Superior Proposal in order to justify engagement. Rather, you can engage when a proposal is *reasonably likely to lead to* a Superior Proposal – as our proposals clearly have been since the beginning. That standard exists precisely because a third-party proposal, particularly one made without access to non-public information like ours, can only evolve through diligence, negotiation, and refinement. We remain confident that a constructive dialogue will address the concerns Mr. Decherd has raised and will result in a better outcome for DallasNews, *The Dallas Morning News* and its readers.

Our Original Proposal was clearly the best offer available to the shareholders to whom you owe a fiduciary duty (even in light of Hearst's increased offer) and warranted good-faith engagement. Today, we are submitting this Enhanced Proposal to further demonstrate our commitment to a transaction between MNG and DallasNews. We have consistently indicated our belief that diligence could uncover additional value drivers that may support an even higher valuation than $16.50. Our Enhanced Proposal of $17.50 reflects that belief.

***We are putting more money on the table because we believe in the Dallas Morning News*. *You should not summarily dismiss an offer that is clearly better for Dallas News' shareholders and the readers of The Dallas Morning News alike.***

Indeed, earlier this year, Sonoma Media Investments sold its portfolio of six newspapers to us rather than Hearst specifically because of confidence in our commitment to local journalism, saying:

"We wanted, and sought, an experienced owner with a proven track record of successfully running news operations in competitive markets for the benefit of the communities they serve…. MediaNews Group is run by a talented management team with decades of experience in local news, an important factor in our decision."

Nowhere is quality journalism more important than at the local, community level. That's why MNG manages our titles as a network of news groups and individual publications with autonomy bestowed on local leadership teams to make decisions based on what's best for the unique communities they serve. We ensure maximum resources are available for newsrooms by maintaining centralized corporate teams that efficiently provide business and support services (such as product, technology, finance and human resources). Our local management teams have more freedom and flexibility to serve their local constituencies than newspapers operated by peers such as Hearst.

For decades, our leadership team has managed the acquisition of dozens of properties, many of which would no longer exist without our success at sustaining them. We have implemented an innovative and effective strategy focused on print and digital subscriptions as the primary focus of our business. While other newspaper groups abandon print to focus primarily on digital subscriptions, we remain committed to both platforms because of the continuing value that both provide to our readers.

We have tremendous respect for *The Dallas Morning News* and its nearly 140 years of excellence in journalism and service to the people of North Texas, as well as for its talented team of journalists. We welcome a discussion around the future operations of *The Dallas Morning News* in order to address Mr. Decherd's concerns.

However, by not engaging with us, it is impossible for you to know whether that's even possible, breaching any basic concept of a duty of care.

Our Enhanced Proposal remains a non-binding expression of interest only and does not constitute an offer capable of acceptance. We reserve the right to withdraw or modify this Enhanced Proposal at any time. This Enhanced Proposal (i) does not constitute a legally binding obligation, and, other than any confidentiality agreement that we may enter into in connection with further discussions of our Enhanced Proposal, there will be no legally binding agreement between us and DallasNews regarding this Enhanced Proposal or the potential transaction contemplated by this Enhanced Proposal, unless and until we enter into definitive documentation, (ii) is not intended to provide a basis for detrimental reliance or create any liability, whether arising in tort or at law, and (iii) is subject in all respects to the completion of our due diligence to our satisfaction in our sole discretion and the negotiation and execution of definitive documentation. Our Enhanced Proposal is not, and is not intended to be, a solicitation of a proxy or vote with respect to any securities of DallasNews or any other securities, or an offer to purchase or a solicitation of an offer to sell any securities of DallasNews or any other securities.

We are confident that our offer is best not just for DallasNews and *The Dallas Morning News*, but also for the people of North Texas, and we look forward to discussing further what we can provide to *The Dallas Morning News* and how we would ensure its future across platforms for its longtime, loyal audience, now and into the future. We are unique among newspaper owners and operators in that we have the scale and experience to ensure *The Dallas Morning News* continues to thrive for the benefit of your readers who depend on trusted local journalism to inform and enrich their lives.

We look forward to speaking with you.

Sincerely, <br>

MNG ENTERPRISES, INC.

By: <u>_______/s/ R. Joseph Fuchs_____________</u>

Name: R. Joseph Fuchs

Title: Chairman of the Board of Directors

By: <u>_______/s/ Guy Gilmore_______________</u>

Name: Guy Gilmore

Title: Chief Operating Officer

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**DallasNews Corp**

*(Name of Issuer)*

**Series A Common Stock, $0.01 par value**

*(Title of Class of Securities)*

**235050101**

*(CUSIP Number)*

**Guy Gilmore**<br>MNG Enterprises, Inc.<br>5990 Washington Street<br>Denver CO 80216<br>(303) 954-6450

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/11/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Strategic Investment Opportunities LLC** | Name of reporting person<br>**Strategic Investment Opportunities LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock (as defined herein) reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MNG Enterprises, Inc.** | Name of reporting person<br>**MNG Enterprises, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MNG Investment Holdings LLC** | Name of reporting person<br>**MNG Investment Holdings LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Freeman Heath** | Name of reporting person<br>**Freeman Heath** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Alden Global Capital LLC** | Name of reporting person<br>**Alden Global Capital LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Series A Common Stock, $0.01 par value

**(b) Name of Issuer:**
DallasNews Corp

**(c) Address of Issuer's Principal Executive Offices:**
P.O. Box 224866, Dallas, TX, 75222-4866

Pursuant to Rule 13d-2 of the Securities Exchange Act of 1934, as amended, this Amendment No. 2 to the Schedule 13D ("Amendment No. 2") amends certain items of the Schedule 13D filed with the Securities and Exchange Commission (the "Commission") on July 22, 2025 (the "Original Schedule 13D"), as amended and supplemented by Amendment No. 1 filed with the Commission on July 31, 2025 (collectively, the "Schedule 13D"), relating to the Series A Common Stock, par value $0.01 per share (the "Series A Common Stock"), of DallasNews Corporation (the "Issuer").  All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.  Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

On August 11, 2025, MNG delivered a letter to the Board (the "Enhanced Proposal Letter") setting forth the terms of its enhanced offer (the "Enhanced Proposal") to acquire all of the issued and outstanding shares of the Issuer's Common Stock not already owned by MNG for $17.50 per share in cash, which represents a $1.00 per share increase over its initial Proposal of $16.50 per share.
  
The foregoing description of the Enhanced Proposal Letter is qualified in its entirety by reference to the full text of the Enhanced Proposal Letter, a copy of which is included as Exhibit 99.6 to this Schedule 13D and is incorporated by reference in its entirety.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:

As of the date hereof, the Reporting Persons may be deemed to beneficially own 470,000 shares of Series A Common Stock, or approximately 9.9% of the Series A Common Stock outstanding.  The percentage of Series A Common Stock reported as beneficially owned by the Reporting Persons is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

**(b)**
—

**(c)**
—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Strategic Investment Opportunities LLC

**Signature:** /s/ Guy Gilmore

**Name/Title:** Guy Gilmore, Chief Operating Officer of MNG Enterprises, Inc., sole member of MNG Investment Holdings LLC, its managing member

**Date:** 08/11/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MNG Enterprises, Inc.

**Signature:** /s/ Guy Gilmore

**Name/Title:** Guy Gilmore, Chief Operating Officer

**Date:** 08/11/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MNG Investment Holdings LLC

**Signature:** /s/ Guy Gilmore

**Name/Title:** Guy Gilmore, Chief Operating Officer of MNG Enterprises, Inc., its sole member

**Date:** 08/11/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Freeman Heath

**Signature:** /s/ Heath Freeman

**Name/Title:** Freeman Heath

**Date:** 08/11/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Alden Global Capital LLC

**Signature:** /s/ Heath Freeman

**Name/Title:** Heath Freeman, President

**Date:** 08/11/2025