# EDGAR Filing Document

**Accession Number:** 0001603652
**File Stem:** 0001193125-26-128957
**Filing Date:** 2026-3
**Character Count:** 567756
**Document Hash:** 1ce7bf7fed9c597e5c41d7e8c509caaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-128957.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001193125-26-128957

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Urgent.ly Inc.
- **CENTRAL INDEX KEY:** 0001603652
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 462848640
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41841
- **FILM NUMBER:** 26807187

**BUSINESS ADDRESS:**
- **STREET 1:** 44927 GEORGE WASHINGTON BLVD.
- **STREET 2:** SUITE 265, OFFICE 209
- **CITY:** ASHBURN
- **STATE:** VA
- **ZIP:** 20147
- **BUSINESS PHONE:** 571-350-3600

**MAIL ADDRESS:**
- **STREET 1:** 44927 GEORGE WASHINGTON BLVD.
- **STREET 2:** SUITE 265, OFFICE 209
- **CITY:** ASHBURN
- **STATE:** VA
- **ZIP:** 20147

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K

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 **(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the** fiscal year **ended** December 31**,** 2025

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO** 

**Commission File Number** 001-41841

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URGENT.LY INC.

**(Exact name of Registrant as specified in its Charter)**

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| | |
|:---|:---|
| Delaware | 46-2848640 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 44927 George Washington Blvd**,** Suite 265, Office 209<br>Ashburn**,** VA | 20147 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**571**)** 350-3600

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.001 per share | ULYX | **OTCQB** |

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Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ |  |  |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the common stock held by non-affiliates of the registrant, based on the closing price of the shares of common stock on The Nasdaq Stock Market on June 30, 2025 (the last business day of the registrant's most recently completed second fiscal quarter), was approximately $7.8 million. Shares of the registrant's common stock held by each executive officer, director, and beneficial owner of more than 10% of the outstanding common stock have been excluded because such persons may be deemed affiliates. This calculation does not reflect a determination that certain persons are affiliates of the registrant for any other purpose.

The number of shares of registrant's common stock outstanding as of March 25, 2026 was 2,196,934.

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**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** |  |  |
| &nbsp;&nbsp;Item 1. | [<u>Business</u>](#item_1_business) | 1 |
| &nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 9 |
| &nbsp;&nbsp;Item 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments) | 43 |
| &nbsp;&nbsp;Item 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 43 |
| &nbsp;&nbsp;Item 2. | [<u>Properties</u>](#item_2_properties) | 44 |
| &nbsp;&nbsp;Item 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings) | 44 |
| &nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 44 |
| **PART II** |  |  |
| &nbsp;&nbsp;Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrants_common) | 45 |
| &nbsp;&nbsp;Item 6. | [<u>\[Reserved\]</u>](#item_6_selected_financial_data) | 45 |
| &nbsp;&nbsp;Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion) | 46 |
| &nbsp;&nbsp;Item 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_and_qualitative) | 57 |
| &nbsp;&nbsp;Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8_financial_statements) | 57 |
| &nbsp;&nbsp;Item 9. | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_and_disagreements) | 57 |
| &nbsp;&nbsp;Item 9A. | [<u>Controls and Procedures</u>](#item_9a_controls_and_procedures) | 58 |
| &nbsp;&nbsp;Item 9B. | [<u>Other Information</u>](#item_9b_other_information) | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c_disclosure_regarding_foreign) | 59 |
| **PART III** |  |  |
| &nbsp;&nbsp;Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10_directors_executive_officers) | 60 |
| &nbsp;&nbsp;Item 11. | [<u>Executive Compensation</u>](#item_11_exec_comp) | 65 |
| &nbsp;&nbsp;Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item_12_security_ownership) | 70 |
| &nbsp;&nbsp;Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13_certain_relationships) | 72 |
| &nbsp;&nbsp;Item 14. | [<u>Principal Accounting Fees and Services</u>](#item_14_accounting_fees) | 73 |
| **PART IV** |  |  |
| &nbsp;&nbsp;Item 15. | [<u>Exhibits, Financial Statement Schedules</u>](#item_15_exhibits_financial_statement) | 74 |
| &nbsp;&nbsp;Item 16. | [<u>Form 10-K Summary</u>](#item_16_form_10_k_summary) | 76 |

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i

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K contains or may contain "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"), which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking terms such as "may," "will," "could," "should," "would," "plan," "potential," "intend," "anticipate," "project," "predict," "target," "believe," "continue," "estimate" or "expect" or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements contained in this Annual Report on Form 10-K include statements related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations related to the Agreement and Plan of Merger, dated as of March 13, 2026 (the "Merger Agreement"), among us, Agero, Inc., a Nevada corporation ("Parent"), and Medford Hawk, Inc., a Delaware corporation and a wholly owned subsidiary of Parent, ("Purchaser"), including regarding the ability of the parties to complete the transactions contemplated by the Merger Agreement, the ability of the parties to satisfy the conditions to the consummation of the cash tender offer contemplated by the Merger Agreement (the "Offer") and the other conditions set forth in the Merger Agreement, the possibility of any termination of the Merger Agreement, our ability to retain key Customer Partners and personnel, the expected timetable for completing the transactions contemplated by the Merger Agreement, our and Parent's beliefs and expectations and statements about the benefits sought to be achieved by Parent's proposed acquisition of us and the potential effects of the acquisition on both us and Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to acquire and retain new enterprise customers (our "Customer Partners"), and to do so in a cost-effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our competitive position in the mobility assistance industry and our ability to maintain and grow our market position against current and future competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•technological advances in, and the impact of artificial intelligence ("AI") on, the mobility assistance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our history of losses and expectations regarding operating losses for the foreseeable future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our need for additional capital, and the availability of such additional capital on acceptable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our substantial dependence on a limited number of Customer Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our failure or the failure of our third-party service providers to protect our website, networks and systems against cybersecurity incidents, or otherwise to protect our confidential information or that of the vehicle owners and operators who are the end users of our platform (our "Consumers"), Customer Partners and the mobile repair, towing and maintenance service professionals participating on our platform (our "Service Providers");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our reliance on Amazon Web Services ("AWS") to deliver our platform to Consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Customer Partners' willingness to renew their service contracts with us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Customer Partners' willingness to expand their use of our platform beyond their current roadside solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•optimizing and operating our network of Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to develop and maintain an effective system of internal controls and procedures and accurately report our financial results in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the sustainability of our growth rates and future growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to address the service requirements of current and future Consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expansion into new roadside assistance solutions, Customer Partners and Service Providers, technologies and geographic regions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding our future prospects in light of our limited operating history and evolving business model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the length and variability of our sales cycle with regard to Customer Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations regarding our pricing model for our platform's offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability or the ability of Service Providers to meet labor needs;

ii

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse economic conditions or reduced automotive usage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to hire and retain highly skilled and key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to accurately forecast demand for mobility assistance services and appropriately plan our expenses in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding the impact of weather events, natural disasters and other events beyond our control on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to comply with the terms of our existing debt obligations and any new debt obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our history of defaulting on certain financial, reporting and other covenants under our outstanding loan agreements and our ability to obtain compliance waivers with respect to such covenant defaults in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to refinance our existing debt facilities or enter into a new debt facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to reduce our operating expenses and, in the long term, bring operating expense fluctuations into alignment with targeted investments in growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our reliance on unpatented proprietary technology, trade secrets, processes and know-how;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to protect our intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to comply with laws and regulations relating to privacy, data protection, cybersecurity, advertising and consumer protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the potential liquidity and trading of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the lack of an active trading market for our securities.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Annual Report on Form 10-K.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Annual Report on Form 10-K primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcomes of the events described in these forward-looking statements are subject to risks, uncertainties and other factors, including those described in the section titled "Risk Factors" in this Annual Report on Form 10-K and in other filings we may make from time to time with the Securities and Exchange Commission (the "SEC"). Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Annual Report on Form 10-K. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Annual Report on Form 10-K relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this Annual Report on Form 10-K or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Annual Report on Form 10-K, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

iii

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**PART I**

**Item 1. Business.**

*Unless the context otherwise requires, all references in this section to the "Company," "Urgently," "we," "us," or "our" refer to (a) the business of Urgent.ly Inc. and its subsidiaries prior to the October 19, 2023 merger with Otonomo Technologies Ltd. or (b) Urgent.ly Inc. together with its consolidated subsidiaries, after the consummation of that merger.*

**Overview**

We are a leading connected mobility assistance software platform, matching vehicle owners and operators with service professionals who deliver traditional roadside assistance, proactive maintenance and repair services. The traditional experience of a vehicle breakdown is often stressful and inconvenient for stranded drivers, compounded by processes that lack transparency and lead to long wait times. We offer an innovative alternative to this traditional experience, leveraging our digitally native software platform to match supply and demand in our network and deliver exceptional mobility assistance experiences at scale.

At the time of our founding in 2013, we were an early technology innovator in the roadside assistance industry, offering a software platform to individual drivers enabling a digitized alternative for obtaining roadside assistance on a direct-to-consumer basis. However, we quickly discovered a significant opportunity to work with enterprise customers and offer bundled services to their fleet and retail consumers. We have since focused on developing the business-to-business ("B2B") and business-to-business-to-consumer ("B2B2C") mobility assistance markets.

Our ecosystem participants include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Customer Partners*. Our Customer Partners include original equipment manufacturers ("OEMs"), insurance companies, ride-hailing services, rental car companies and fleet operators. Our Customer Partners offer roadside assistance as a service to their customers, our end-users or Consumers, and typically partner with third parties to fulfill these services. The Urgently platform is the B2B and B2B2C white label or co-branded platform that enables our Customer Partners to provide roadside assistance to Consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Service Providers*. Our Service Providers include experienced service professionals who provide roadside assistance. Services include, but are not limited to, repair, maintenance, towing, mobile repair, jump starts, lockouts and related services to keep people and vehicles moving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Consumers*. Our Consumers are vehicle owners/operators or individuals driving vehicles that need assistance. Consumers are the ultimate recipients of the roadside assistance from our Service Providers.

Since our founding we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•become a recognized market leader in the roadside assistance space with a track record of growth and innovation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•facilitated approximately 7.2 million service requests as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•established our North American Service Provider Partner network, which was comprised of approximately 13,500 Service Providers as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•established a scalable service platform achieving a monthly post-service consumer satisfaction score ("CSAT") average of 4.6 out of 5 stars in 2025.

**Proposed Agreement and Plan of Merger**

On March 13, 2026, we entered into the Merger Agreement with Parent and Purchaser. The Merger Agreement provides for, among other things: (i) the acquisition of all of our issued and outstanding shares (the "Shares") of common stock, par value $0.001 per share (the "Common Stock"), by Purchaser through the Offer by Purchaser, for a price per share of $5.50 (the "Offer Price"), payable in cash at closing, without interest and subject to any required withholding of taxes, and after satisfaction of outstanding indebtedness; and (ii) after the completion of the Offer, the satisfaction or waiver of certain conditions set forth in the Merger Agreement and in accordance with the General Corporation Law of the State of Delaware, as amended (the "DGCL"), the merger of Purchaser with and into us (the "Merger") with us surviving the Merger as a wholly-owned subsidiary of Parent, without a meeting or vote of our stockholders.

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The board of directors of the Company has approved the Merger and recommends that the Company's stockholders tender their Shares in the Offer. The closing of the Merger is subject to the tender of at least a majority of the then-outstanding Company Shares and other customary closing conditions.

We anticipate that the Offer and the Merger contemplated under the Merger Agreement will be consummated in the first half of 2026. However, there can be no assurance that the Offer and the Merger contemplated by the Merger Agreement will be completed.

If the Merger is effected, our obligation to file periodic reports under the Exchange Act will terminate, and we will be privately held.

**Nasdaq Delisting**

On March 16, 2026, the Nasdaq Hearings Panel notified the Company of the Panel's determination that the Company's securities would be delisted from the Nasdaq Stock Market LLC ("Nasdaq"). Trading of the Company's securities on Nasdaq was suspended at the open of trading on March 18, 2026. The delisting will become effective 10 days after Nasdaq files a Form 25 Notification of Delisting with the SEC. The Company's Common Stock is traded on the OTCQB Venture Market ("OTCQB") market under the symbol "ULYX".

**Industry Overview and Our Market Opportunity**

Traditional roadside assistance and the broader mobility assistance sector are undergoing a transformation, driven by the convergence of technological innovation, electrification, connectivity, autonomous and new forms of mobility. The roadside assistance industry has historically been dominated by legacy providers who have not capitalized on the optimization benefits available from technological advancements including the widespread adoption of GPS, mapping and mobile phones. As a result, the roadside assistance industry has faced various pre-digital challenges:

***High Consumer frustration driven by lack of data and transparency*.** A vehicle breakdown is already a stressful experience for stranded drivers. That distress is often compounded by anachronistic legacy roadside processes that provide sub-optimized Service Provider routing and job processing, leading to long wait times, non-standard service and opaque experiences. However, as digitization has improved Consumer experiences in other sectors, Consumers have become accustomed to data-driven benefits like real-time updates with visual cues and estimates on arrivals.

***Fragmentation of supply*.** There is not a single dominant Service Provider network in North America. The roadside service market has traditionally been comprised of small owner-operators that concentrate on serving limited geographic areas. We believe digital coordination and aggregation of many independent providers is essential to the creation of a reliable, scalable network of Service Providers.

***Inefficient matching of supply with demand*.** The management of any network of Service Providers across geographies, vehicle types and service types is complex and can be impacted by a variety of operational factors. Roadside assistance industry participants have traditionally relied upon high-touch call center interactions between the stranded driver, the dispatcher and the Service Provider. To reduce downtime in service vehicles and mismatched jobs, machine learning algorithms and data science engines can efficiently optimize across a multitude of stakeholder-related, environmental, geographic and other exogenous variables.

***Inability to adequately service new mobility modes.*** Mobility is expanding to include more connected, electric, shared and eventually autonomous vehicles. As a result, the roadside assistance industry will need to adapt to meet mobility assistance needs. A technologically-enabled platform can offer the ability to proactively diagnose a wide spectrum of breakdown problems and match those to service networks at scale.

The market for roadside assistance is primarily driven by two key factors: vehicle miles traveled ("VMT") and the size of the car parc (i.e., total number of vehicles on the road). Other than a temporary COVID-19 related decrease in 2020, the national VMT has increased every year since 2011 (U.S. Energy Information Administration (Jan. 2024)). Other factors impacting the demand for roadside or mobility assistance include vehicle age, inclement weather and the type of vehicle driven, as well as the vehicle's technological capabilities, including whether the vehicle is an electric vehicle ("EV"), a connected vehicle or an autonomous vehicle ("AV"). The global vehicle roadside assistance market is currently valued at $25 billion (Vehicle and Roadside Market, FactMR (2023)), and it is estimated that the broader mobility economy—encompassing transport infrastructure, vehicle manufacturing, vehicle-related services, transportation services and enabling services—will grow to more than $100 billion by 2030 (Ptolemus Consulting Group, May 2022).

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Additionally, while mobility assistance is still rapidly evolving, several trends indicate that the needs of the sector will evolve beyond the services offered by traditional roadside assistance. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***EVs have different needs.*** Broken down EVs cannot be towed by traditional towing trucks and instead require specialized flatbed trucks for roadside assistance services. Similarly, mobile charging is a new service specific to EVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Connected Vehicles unlock value-added proactive and preventive forms of assistance*.** For connected vehicles, vehicle health, service needs, and potential problems can be algorithmically detected and service preemptively dispatched. That could lead to an increase in software service and subscription opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***AVs and other new forms of mobility demand new mobility assistance services.*** While AVs may reduce the chances of accidents caused by human error, they will still be susceptible to the same mechanical breakdowns and other roadside events as traditional vehicles but will require specialized mobility assistance.

**Our Solutions**

Our platform dynamically matches stranded drivers with service professionals, enabled by proprietary technology, algorithms and data ecosystems to address a growing end-to-end roadside and mobility assistance market. The key capabilities of our mobility assistance platform include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Real-time tracking, connecting the Customer Partner, Consumer, Service Provider and repair facility via digital and analog communication channels from dispatch to final disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Live job management and actionable data from dispatch to completion, both on a per-job basis and in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Multi-channel Consumer and Service Provider accessibility, including a fully digitized experience via our mobile application, live customer support representatives, and a SaaS software layer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Broad mobility assistance capabilities, including towing solutions, mobile repair services (e.g., flat tire, jump start, lockout, fuel delivery, electric vehicle charging, tire and battery replacement), collision and impound-related towing and onward mobility services that enable a Consumer to continue their journey following a roadside event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Real-time, yield-based pricing for roadside assistance services—including tire changes, battery jump starts, auto lockouts, fuel delivery and towing—which provides dynamic, reliably predictive job prices and optimizes dispatching.

**Our Platform**

Our solutions are delivered through a three-tier architected software platform, including: (1) an intuitive, digital front-end interface, (2) a data-processing middle tier driven by optimization and pricing algorithms, and (3) a back-end featuring a comprehensive operations platform, with data connectivity to our Customer Partners and network of Service Providers. Each of the elements of our platform relies upon and fuels a powerful data ecosystem containing proprietary and/or proprietarily-aggregated data generated from our internal system and external sources.

Our platform collects raw data from many sources, including telematic sources that provide statistical vehicle information, vehicular error codes, GPS vehicle information and platform usage data. We have distributed computing to process data and provide early collision detection, dead battery detection, early repair detection and provide discounts for safe driving. Connected vehicle data also supports optimization of mobility assistance, vehicle quality, customer intervention and service.

Our proprietary technology, machine learning and data analytics models optimize our supply models, calibrate our pricing, streamline our operational processes and enable a better experience for Consumers and Service Providers alike. We generate and aggregate a significant amount of data relating to demand (e.g., customer and service event data), supply (e.g., service network data) and the broader marketplace (e.g., pricing, weather and traffic data). This aggregation and cross-section of data continuously informs and updates our machine learning algorithms.

Our data-processing middle tier uses AI and machine learning to analyze historical transactions and automate future marketplace decisions including pricing, routing and optimizing service delivery, leveraging real-time data and predictive analytics. With algorithms that forecast demand by service type and at a regional or local level, we can optimize pricing based on a variety of variables that bring efficiency to the network.

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**Benefits of Our Platform**

The combination of our technological investments, our partnerships and our service network have resulted in an integrated platform that we believe would be difficult to replicate. Our platform applies digital solutions to the legacy roadside assistance market and the emerging mobility assistance market, increasing efficiency, transparency and safety to create exceptional assistance experiences. We believe our platform benefits from a technology and data-driven intelligence advantage, including algorithmic machine-learning-enabled pricing and scheduling functions. In an industry that has historically relied on intuition and basic industry-wide data to drive strategy and decision-making, we offer an AI and machine learning-based approach. The benefits we provide across our ecosystem support our continued growth. We believe the comprehensiveness of our asset-light, scalable platform, which we built strategically to both define and expand the mobility assistance ecosystem, will enable us to effectively address the industry's historical challenges, as well as capitalize on future automotive needs that may arise through continued innovation across mobility and technology.

Our platform is designed to provide our Customer Partners with real-time, detailed information about Consumers' service needs and experiences, and to provide those Consumers with exceptional service. A breakdown event can cause reputational harm if roadside assistance is offered but not provided on an efficient and reliable basis. Further, we believe there is a benefit to Customer Partners having real-time access to breakdown event information. Among other efficiencies, our platform optimizes "dispatch time," or the time required to connect a Consumer with a Service Provider. By reducing dispatch time, our platform enables our Customer Partners to offer minimal disruption to the Consumer in the event of a breakdown event, thereby turning a potential source of reputational harm into a value-creating opportunity.

We offer our Service Providers the opportunity for increased service event volume and revenue, service event transparency and relationships built upon mutual respect. We send targeted, digital service requests to Service Providers in the geographical vicinity of a breakdown event, significantly reducing the Service Provider's travel time and helping to optimize Service Providers' fleets and revenue. Our platform also provides many of our Service Providers with real-time visibility into the location and capabilities of their service vehicles. We also offer electronic, hassle-free payment infrastructure to remit per-job fees on a transparent schedule. We believe that by offering our Service Providers these digitized benefits, we help to bolster their performance and the success of our platform.

**Our Growth Strategies**

We believe the emerging ecosystem encompassing our digital platform, our service network and our diverse base of Customer Partners presents significant opportunities for future growth. Leveraging the power of the network effect, our growth strategy is to continue to expand our foundational fast-growing B2B offerings, expand beyond reactive assistance and develop our services capabilities for connected vehicles, launch a B2C offering, and continue expanding into new geographies.

***Win new logos and increase wallet share for existing revenue streams.*** We employ a "land and expand" strategy, where we win new Customer Partners and grow revenue over time by acquiring additional service event volume and building complementary products. For example, our relationship with one premier European OEM began in 2018. Then, in 2019 we integrated our technology platform into the OEM's dealer service systems to enhance the customer service experience for the OEM's Consumers and expanded our partnership to include a B2B subscription service for Consumers whose vehicles were aging out of their new-car warranties. In 2020, we were rewarded with an early contract renewal and territory expansions to cover North America. In 2024, we signed another renewal to continue to power the automotive OEM's warranty-based roadside assistance program in the U.S., Canada and Mexico as well as its post-warranty roadside assistance membership plans in the U.S.

In recent years, we have expanded into additional adjacent markets that have mobility assistance needs, including ride-hailing and fleet businesses. The rise of independent contractor drivers as part of ride-hailing, food delivery and last-mile delivery services has created a pool of vehicles with a higher-than-average VMT and whose operators' and owners' income from providing these services depends on getting their vehicle back in operation quickly.

We believe connected vehicle assistance services will help unlock the revenue generating potential of preventive and proactive maintenance services to complement our current reactive assistance capabilities. Our platform supports the connection of vehicle telematics, in partnership with OEMs, to enable the transfer of important information used to automate roadside service and provide customer and dealers insights. The mobility sector has reached an inflection point, bridging such historically siloed industries as insurance, logistics, collision, vehicle sales and services. For example, crash detection technology has not only enabled faster response time by emergency services, but it can also reduce expense and processing time for insurance companies as the First Notice or Loss ("FNOL") process can be initiated the moment an accident is detected. We plan to explore revenue-generating potential in new use cases, continuing our track record of innovation and execution.

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***Launch B2C subscription offering.*** Our internal studies indicate that younger demographics are receptive to purchasing mobility assistance subscriptions from technology companies, and that they are particularly interested in programs that provide the premium service we currently provide for our Customer Partners. As a result, we believe offering our services directly to Consumers in a B2C subscription revenue model is a potential area for future growth.

***Expand into new geographies.*** While we currently offer our platform solutions in North America, our existing Customer Partners have asked us to bring our incident-based capabilities to their Consumers in international markets, including Europe and South America. These markets are fragmented, and we believe we have the potential to become a leading player in these markets by leveraging our existing relationships and acquiring local competitors that have existing Service Provider networks.

**Our Ecosystem Participants**

In recent years, nearly all our revenue is derived from incidents through transaction and service fees. We earn incident revenue when one of our Customer Partners sends us a roadside assistance service request for a Consumer's breakdown event and we complete the service. We connect Customer Partners' Consumers who need roadside assistance to nearby Service Providers, who then provide roadside assistance for the breakdown event.

***Customer Partners***

Our Customer Partners drive the demand for our services. Customer Partners choose us because we deliver exceptional assistance experiences. We believe that our success in retaining existing Customer Partners reinforces the attractiveness of our solution and our focus on delivering exceptional Consumer experiences.

We typically enter into multi-year, non-exclusive contracts with Customer Partners to provide mobility assistance and data on a per-service request basis to their Consumers. The initial terms of our contracts with Customer Partners vary in length, but are often between three and five years and in some cases automatically renew for one or more periods of 12 months. Our contracts with Customer Partners are also typically terminable on 90 days' advance written notice by the Customer Partner. We do not generally include guaranteed volume or revenue achievement during the term of the contract, and our Customer Partners have no obligation to renew their contract following expiration.

We have a broad base of Customer Partners, including automotive OEMs, automotive insurers and fleet companies. As of December 31, 2025, we had 58 active Customer Partners in North America, with our top three Customer Partners representing 58% of our revenue in 2025. As of December 31, 2024, we had 49 active Customer Partners in North America.

*Automotive OEMs*

We currently have partnerships with many of the largest global OEMs to provide roadside assistance to customer cars under warranty in North America. We are currently the sole third-party source of roadside assistance services for many OEMs which is possible because of the breadth and reliability of our technological capabilities and scale to service their customers throughout the United States.

*Automotive Insurers*

Automotive insurance companies bundle our roadside assistance services to their Consumers with car insurance. Unlike OEMs, insurance companies typically have multiple Service Providers for their Consumers.

*Fleets*

Our fleet customers include car rental firms and ride-hailing companies. Large rental companies offer roadside assistance to their Consumers as an add-on service offering. Ride-hailing companies provide our service to their top-performing drivers as an additional benefit to their platform and to help reduce downtime due to vehicle distress.

***Service Providers***

The roadside Service Provider market has traditionally included principally small and medium-sized businesses ("SMBs") that concentrate on serving limited geographic areas. As of December 31, 2025 and 2024, we had active contracts with 13,510 and 13,712 Service Providers, respectively, to provide our Customer Partners with national roadside service coverage.

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We contract with SMBs as independent contractors on a non-exclusive basis. SMBs often contract with multiple motor clubs and other roadside service aggregators, and will choose which jobs to take based on a number of factors including the rates offered, the usability of the interface and the support services offered. We believe that our software and future data investments can help bring scalable solutions to the fragmented SMB market, ultimately to the benefit of these smaller providers.

**Competition**

The markets in which we compete are competitive and characterized by rapid changes in technology, vehicle requirements, Customer Partner requirements, Service Provider network capabilities, and industry standards, in part driven by the shift to mobility assistance. A number of companies have developed or are developing products and services that compete with some or all of our products or have functionalities similar to those of our solution. However, many of these competing products and services do not offer algorithmically-enabled roadside assistance solutions focused on exceptional Consumer experiences.

We primarily compete with legacy roadside assistance providers, including large motor clubs, smaller and emerging providers of roadside assistance services, and technologically-driven platforms offering mobility assistance services. We expect competition to increase as other established and emerging companies enter our market, as customer requirements evolve, and as new offerings and technologies are introduced into the automotive, roadside assistance and adjacent markets. These competitive offerings may be complimentary as Customer Partners make our solution available alongside competitors.

We believe the primary factors of competition in our markets include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• platform functionality, including dispatch agility, flexibility and performance at scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consistency of Consumer experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consumer safety, transparency, and security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•algorithmic dispatching to ensure the best provider for every service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•rich data and analytics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Service Provider response time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•digital engagement paths;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ability to address a variety of evolving Customer Partner and Consumer needs, requirements and use cases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brand awareness and reputation.

We believe we compete favorably on these factors.

We plan to continue to innovate and evolve our platform and technology to provide exceptional Consumer experiences. However, we could face significant risks to our business, financial condition and results of operations as a result of competition. For additional information, see the section titled "*Risk Factors—Risks Related to Our Business and Industry—We face significant competition in the mobility assistance industry and may be unsuccessful in maintaining and growing our market position against current and future competitors.*"

**Our Team**

Our leadership team brings decades of experience to drive our continued growth. The executive team has considerable strategy, business development, and financial leadership experience at other prominent public and private technology businesses.

As of December 31, 2025, we had 157 full-time remote employees, including 31 engaged in customer support and operations, 70 employees engaged in research and development, and product development, 16 employees in sales, partner engagement and marketing and 40 employees in general management, administration and finance. We had approximately 179 personnel employed through contracts with outsourced staffing providers, primarily to provide call center services. None of our employees are represented by labor unions, and we consider our relations with our employees to be in good standing.

**Research and Development**

Technology and data science are foundational to our sales, operations, product strategy, partner engagement and strategic decision making. We have assembled a team of engineers, data scientists, designers and product managers whose expertise spans a broad

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range of technical areas to build our proprietary technology to support our platform and the day-to-day operations of our business. Our ability to compete in our industry depends in part on continued innovation through continued research and development activities.

**Sales and Partner Management**

Our Sales and Partner Management department focuses on retaining our current Customer Partners and developing new Customer Partner opportunities. The Partner Management team optimizes program performance across key operational and financial metrics using the full suite of Urgently products and solutions, focusing on value-enhancing Customer Partner integrations. Efforts include focus on product market fit, onboarding requirements, and ultimately developing good relationships with our Customer Partners by delivering exceptional quality which leads to retention and expansion of program revenue. The Partner Management team maintains a multi-level engagement strategy for each Customer Partner, including daily/weekly/monthly touchpoints with day to day program owners and key leadership.

**Service Provider Network Management**

Our Network Management team builds and manages our network of Service Providers in alignment with the Urgently mission and brand. The Network Management team's primary responsibility is to ensure that our network of Service Providers is appropriately sized for the volume of events generated through our Customer Partners. The Network Management team also drives digital engagement within our network of Service Providers, which ultimately provides a highly efficient and quality Consumer experience, and market engagement and management through data-driven performance dashboards, Service Provider training and proactive outreach, among others.

**Our Culture**

As an organization, we define ourselves by our commitment to outstanding leadership, innovative solutions, and domain expertise. Our team members pride themselves on using their diverse talents to invent new solutions, meet new demands, and offer the most effective mobility assistance service in the industry. With each person's active involvement, creativity, and ideas, we continuously drive towards achieving our goals, together.

Our core values are a shared set of beliefs and commitments about how we all behave at work and partner together. They embody our culture and serve as a guidepost for our decision making. Overall, they are our compass as to how we are always moving forward, together. Our six core values are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*We are of service*. Our primary purpose is to be of assistance. We are devoted to our customers, partners, and service providers and are obsessed with delivering stellar service and value to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Humility*. We deeply value the critical role we get to play in our customers' lives at challenging times and are grateful they and our partners trust us with this responsibility. We humbly work to earn their trust every day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Diversity*. We value diverse backgrounds and experiences and believe they improve our business results and culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Respect*. We value our people as the foundation for our success and respect each other as colleagues. We assume positive intent and are honest and respectful in our work together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Curiosity*. We embrace the courage to try new things that expand our expertise and improve our outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Accountability*. We strive for excellence in everything we do and hold ourselves accountable to every outcome.

We believe that our corporate culture and our relationships with our employees meaningfully contribute to our success. We strive to empower, engage, and celebrate diversity, authenticity and inclusion – regardless of gender, race, ethnicity, identity, age, religion or culture. Our goal is to maximize the impact of the Urgently team by attracting, engaging, and retaining the most talented, dedicated, and passionate people. Our success will require inclusive collaboration.

**Our Intellectual Property**

Our success depends, in part, upon our ability to protect our intellectual property rights with respect to our technology, inventions, improvements, proprietary rights and other assets. We rely on a combination of copyright, trademark and trade secret laws in the United States and other jurisdictions, as well as confidentiality and other contractual restrictions to protect our proprietary rights, including our proprietary technology, software, know-how and brand. However, intellectual property laws and contractual restrictions provide only limited protection. For example, we do not have any issued patents related to our products, technology,

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processes and systems, and we rely upon unpatented trade secrets, confidential know-how and confidentiality agreements to protect such proprietary rights. We require our employees, consultants and other third parties to enter into confidentiality and proprietary rights agreements and we control and monitor access to our software, proprietary technology and documents and other confidential information. Our policy is to require all employees and independent contractors to sign agreements assigning to us any inventions, trade secrets, developments, processes and other intellectual property generated by them on our behalf and under which they agree to protect our confidential information.

We also have registered domain names for websites that we use in our business, including www.geturgently.com. Information contained on, or accessible through, our website does not constitute part of this Annual Report on Form 10-K and inclusions of our website address in this Annual Report on Form 10-K are inactive textual references only. You should not consider information contained on our website to be part of this Annual Report on Form 10-K or in deciding whether to purchase shares of Common Stock.

We cannot assure you that the steps taken by us will prevent misappropriation of our technology. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our offerings or obtain and use information that we regard as proprietary. Policing unauthorized use of our technology is difficult and time consuming. Third parties may independently develop the same or similar proprietary information or may otherwise gain access to our proprietary information. The laws, procedures, and restrictions on which we rely may provide only limited protection, and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed, or misappropriated. In addition, the laws of some foreign countries do not protect our proprietary rights to the same extent as the laws of the United States, and many foreign countries do not enforce these laws as diligently as government agencies and private parties in the United States. From time to time, third parties may assert claims of infringement, misappropriation, and other violations of intellectual property against us, our customers, or our channel partners, with whom our agreements may obligate us to indemnify against these claims. See the section titled "*Risk Factors—Risks Related to Our Business and Industry—Legal and Regulatory Risks—Our inability or failure to protect our intellectual property rights, or any claim that we have infringed upon third-party intellectual property rights, could have a negative impact on operating results*" for additional information.

**Compliance with Government Regulation**

We are subject to a number of U.S. federal and state and foreign laws and regulations that involve matters central to our business. These laws and regulations may involve privacy, data protection, security, rights of publicity, content regulation, intellectual property, competition, consumer protection, credit card processing, taxation, anti-bribery, anti-money laundering and corruption, economic or other trade prohibitions or sanctions or securities law compliance or other subjects. Many of these laws and regulations are still evolving and being tested in courts and could be interpreted and applied in a manner that is inconsistent from country to country or state to state and inconsistent with our current policies and practices and in ways that could harm our business. In addition, the application and interpretation of these laws and regulations often are uncertain, particularly in the new and rapidly evolving industry in which we operate. The costs of complying with these laws and regulations are high and likely to increase in the future, particularly as the degree of regulation increases, our business grows and our geographic scope expands. Further, the impact of these laws and regulations may disproportionately affect our business in comparison to our peers in the technology sector that have greater resources. Any failure on our part to comply with these laws and regulations may subject us to significant liabilities or penalties, or otherwise adversely affect our business, financial condition or operating results.

We are also subject to U.S. federal and state and foreign laws and regulations regarding privacy and data protection, including with respect to the storage, sharing, use, processing, transfer, disclosure, and protection of personal data. For example, the California Consumer Privacy Act (the "CCPA") went into effect on January 1, 2020. The CCPA requires covered companies to, among other things, provide new disclosures to California consumers, and afford such consumers new abilities to opt-out of the sale of personal information. Additionally, the California Privacy Rights Act (the "CPRA") went into effect on January 1, 2023 and, among other things, gives California residents the ability to limit the use of their sensitive information, provides for penalties for CPRA violations concerning California residents under the age of 16, and establishes a new agency to implement and enforce the law. The CPRA significantly modified the CCPA, potentially resulting in further uncertainty and requiring us to incur additional costs and expenses in an effort to comply. The CCPA has prompted similar legislative developments in other states. For example, Virginia, Colorado, Utah and Connecticut have adopted legislation similar to the CCPA that became effective in 2023, Texas, Montana, Oregon and Florida have adopted such legislation that became effective in 2024, Delaware, Iowa, Maryland, Minnesota, Nebraska, New Hampshire, New Jersey and Tennessee have adopted such legislation that became effective in 2025, and Indiana, Kentucky and Rhode Island have adopted such legislation that became effective in 2026. Some states also have proposed, and in certain cases enacted, legislation addressing particular subject matter such as biometric information. Broad federal privacy legislation has also been proposed. The potential effects of new and evolving legislation relating to privacy, data security, and data protection are far-reaching, create the potential for a patchwork of overlapping but different laws, and may require us to modify practices and policies, incur substantial costs and expenses in an effort to comply, or restrict our operations.

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We take a variety of technical and organizational security measures and other measures designed to protect our data, including data pertaining to our employees, Customer Partners, Service Providers and Consumers. Despite measures we put in place, we may be unable to anticipate or prevent unauthorized access to such data.

Non-compliance with any applicable laws and regulations could result in penalties or significant legal liability. Further, even the perception of such noncompliance may result in reputational damage, and our business may be seriously harmed. Although we take reasonable efforts to comply with all applicable laws and regulations, there can be no assurance that we will not be subject to regulatory action, including fines, in the event of an incident. We or our Service Providers could be adversely affected if legislation or regulations are expanded to require changes in our or our Service Providers' business practices or if governing jurisdictions interpret or implement their legislation or regulations in ways that negatively affect our or our Service Providers' business, results of operations or financial condition.

For additional information, please see the section titled "*Risk Factors—Legal and Regulatory Risks—Failure to comply with laws and regulations relating to privacy, data protection, cybersecurity, advertising and consumer protection, or the expansion of current or the enactment of new laws or regulations relating to such matters, could adversely affect our business, financial condition and results of operations.*"

**Corporate Information**

Incorporated in 2013, we have devoted substantial capital resources to development and we have incurred losses since inception.

Our headquarters and principal executive offices are located at 44927 George Washington Blvd, Suite 265, Office 209, Ashburn, VA 20147, telephone (571) 350-3600. Our website address is: www.geturgently.com. The contents of our website are not deemed to be incorporated by reference into this Annual Report on Form 10-K.

**Available Information**

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are filed with the SEC. Such reports and other information filed by us with the SEC are available free of charge on our website at https://investors.geturgently.com when such reports are available on the SEC's website. The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov. The information contained on the websites referenced in this Annual Report on Form 10-K is not incorporated by reference into this filing. Further, our references to website URLs are intended to be inactive textual references only.

We announce material information to the public through filings with the SEC, the investor relations page on our website, press releases, public conference calls and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD. We encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

**Item 1A. Risk Factors.**

**Risk Factor Summary**

Our business is subject to numerous risks and uncertainties that you should fully consider before investing in our Company, as fully described below. The following is a summary of the principal risks we face:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Offer and the Merger are subject to a number of conditions beyond our control. Failure to complete the Offer and the Merger within the expected time frame, or at all, could have a material adverse effect on our business, operating results, financial condition and our share price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Merger Agreement contains provisions that could discourage a potential competing acquirer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stockholder litigation could prevent or delay the consummation of the Offer and the Merger or otherwise negatively impact our business, operating results and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may become involved in securities class action litigation that could divert management's attention and harm our business, and insurance coverage may not be sufficient to cover all costs and damages;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our executive officers and directors may have interests in the Offer and the Merger that are different from, or in addition to, those of our stockholders generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•While the Offer and the Merger are pending, we are subject to business uncertainties and contractual restrictions that could disrupt our business, and the Offer and the Merger may impair our ability to attract and retain qualified employees or retain and maintain relationships with our Service Providers and Customer Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have incurred, and will continue to incur, direct and indirect costs as a result of the Offer and the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we are not able to complete the Offer and the Merger, we will likely pursue other strategic alternatives. We may not be successful in identifying and implementing any strategic business combination or other transaction, in which case we will evaluate restructurings or dissolution and any strategic transaction that we may consummate in the future could have negative consequences. There can be no assurance that the terms of any such other transaction will be favorable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to consummate the Offer and the Merger or complete another strategic transaction or our dissolution and liquidation depends on our ability to retain our employees and engage other advisors and consultants required to consummate such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we fail to retain existing Customer Partners and acquire new Customer Partners, or fail to do so in a cost-effective manner, we may be unable to improve margins and achieve profitability and our business, financial condition and results of operations may be adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We face significant competition in the roadside assistance and mobility assistance industries and may be unsuccessful in maintaining and growing our market position against current and future competitors, which could adversely affect our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a history of losses and may continue to generate operating losses for the foreseeable future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may require additional capital, which may not be available on acceptable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are substantially dependent on a limited number of Customer Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If Customer Partners terminate or do not renew their service contracts with us or reduce their use of our platform, our revenue will decline and our business, operating results and financial condition could be adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our failure or the failure of our third-party service providers to protect our website, networks and systems against cybersecurity incidents, or otherwise to protect our confidential information or that of our Consumers, Customer Partners and Service Providers, could damage our reputation and brand and adversely affect our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we are unable to successfully implement AI on our platform, our business, financial condition and results of operations could be adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If Customer Partners do not expand their use of our platform beyond their current roadside solutions, our ability to grow our business, financial condition and results of operations could be adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We face risks related to successfully optimizing and operating our network of Service Providers and call center operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the years ended December 31, 2025 and 2024, our independent registered public accounting firm included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have identified material weaknesses in our internal controls over financial reporting. If we are unable to remediate these material weaknesses, or if we experience additional material weaknesses in the future or otherwise are unable to develop and maintain an effective system of internal controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our stock price, business and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our historical growth rates may not be sustainable or indicative of our future growth and we may not be able to successfully manage the challenges to our future growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we are unable to address the service requirements of EVs, our business, financial condition and results of operations could be adversely affected;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failure to offer high-quality Consumer support may harm our relationships with Consumers and Customer Partners, and could adversely affect our reputation, brand, business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our expansion into new roadside assistance solutions, Customer Partners and Service Providers, technologies and geographic regions subjects us to additional risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to provide connected vehicle services will depend on our ability to access data from external providers at reasonable terms and prices. Our data providers might restrict the use of, or refuse to license, data, which could lead to our inability to access certain data or provide certain services and, as a result, materially and adversely affect our operating results and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our limited operating history and evolving business model make it difficult to evaluate our future prospects and the risks and challenges we may encounter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a rapidly evolving business model, which, in a similarly rapidly evolving industry, subjects us to increased risks that could adversely affect our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our sales cycle with Customer Partners may be lengthy and variable, which may make it difficult for us to forecast revenue and other operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may need to change our pricing model for our platform's offerings, which in turn could adversely affect our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We and our Service Providers may face difficulties in meeting labor needs, which could adversely impact our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adverse economic conditions or reduced automotive usage may adversely affect our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may be unable to accurately forecast demand for mobility assistance services and appropriately plan our expenses in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The terms of our existing Loan Agreements require us to meet certain operating and financial covenants and place restrictions on our operating and financial flexibility. If we raise additional capital through debt financing, the terms of any new debt could further restrict our ability to operate our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have in the past defaulted on certain financial, reporting and other covenants under our outstanding loan agreements. While we have to date been successful in obtaining compliance waivers with respect to such covenant defaults, we may not be able to do so in the future on terms advantageous to us or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We rely on unpatented proprietary technology, trade secrets, processes and know-how;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our securities have been delisted from Nasdaq, which has limited and may continue to limit investors' ability to make transactions in our securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An active trading market for our securities may never develop and investors may find it difficult to buy and sell our shares, which would further adversely affect the liquidity and price of our securities.

**Risks Related to the Offer and the Merger**

***The Offer and the Merger are subject to a number of conditions beyond our control. Failure to complete the Offer and the Merger within the expected time frame, or at all, could have a material adverse effect on our business, operating results, financial condition and our share price.***

On March 13, 2026, we entered into the Merger Agreement with Parent and Purchaser, pursuant to which, and upon the terms and subject to the conditions of, Purchaser will commence the Offer. After the completion of the Offer, the satisfaction or waiver of certain conditions set forth in the Merger Agreement and in accordance with the DGCL, Purchaser will be merged with and into us, with us continuing as the surviving corporation and as a wholly owned subsidiary of Parent, and pursuant to the Merger, each share of Common Stock that is not validly tendered and irrevocably accepted for purchase pursuant to the Offer, except as provided in the Merger Agreement, will be converted in the Merger into the right to receive an amount equal to the Merger Consideration (as defined in the Merger Agreement). Purchaser's obligation to accept shares of Common Stock tendered in the Offer is subject to conditions, including: (i) that prior to the expiration of the Offer, at least a majority of the then-outstanding Common Stock will be validly tendered and not validly withdrawn in accordance with the terms of the Offer; (ii) no Governmental Authority (as defined in the Merger Agreement) shall have enacted, issued or promulgated any law that is in effect as of immediately prior to the expiration of the Offer or issued or granted any orders or injunction that is in effect as of immediately prior to the expiration of the Offer, in

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each case, which has the effect of restraining, enjoining or otherwise prohibiting the consummation of the Transactions; (iii) the accuracy of the representations and warranties made by us in the Merger Agreement, subject to specified materiality qualifications; and (iv) compliance by us with its covenants under the Merger Agreement in all material respects. The obligations of Parent and Purchaser to consummate the Offer and the Merger under the Merger Agreement are not subject to a financing condition.

We cannot predict whether or when the conditions to the Offer will be satisfied. If one or more of these conditions are not satisfied, and as a result, we do not complete the Offer and the Merger, we would remain liable for significant transaction costs, and the focus of our management would have been diverted from seeking other potential strategic opportunities, in each case without realizing any benefits of the Offer and the Merger. Certain costs associated with the Offer and the Merger have already been incurred or may be payable even if the Offer and the Merger are not consummated. Finally, any disruptions to our business resulting from the announcement and pendency of the Offer and the Merger, including any adverse changes in our relationships with our Customer Partners, Service Providers and employees, could continue or accelerate in the event that we fail to consummate the Offer and the Merger.

Our share price may also fluctuate significantly based on announcements by Parent, other third parties, or us regarding the Offer and the Merger or based on market perceptions of the likelihood of the satisfaction of the Minimum Condition (as defined in the Merger Agreement) or other conditions to the consummation of the Offer and the Merger. Such announcements may lead to perceptions in the market that the Offer and the Merger may not be completed, which could cause our share price to fluctuate or decline. Other factors outside of our control, such as a governmental entity enacting a legal restraint or prohibition that prevents or prohibits the Offer or the Merger, could cause us not to satisfy the closing condition relating to the absence of such legal restraints (the "Legal Restraint Condition") and thus the Offer and the Merger would not be consummated.

If we do not consummate the Offer and the Merger, the price of our Common Stock may decline significantly from the current market price, which may reflect a market assumption that the Offer and the Merger will be consummated. Any of these events could have a material adverse effect on our business, operating results and financial condition and could cause a decline in the price of our Common Stock.

***The Merger Agreement contains provisions that could discourage a potential competing acquirer.***

The Merger Agreement provides that, upon the terms and subject to the conditions thereof, we and our representatives cannot directly or indirectly solicit, initiate, propose or knowingly induce or knowingly encourage, facilitate or assist discussions with third parties regarding other proposals to acquire or combine with us and we are subject to restrictions on our ability to respond to any such proposal. In the event that we receive an acquisition proposal from a third party, we must notify Parent of such proposal and negotiate in good faith with Parent prior to terminating the Merger Agreement or effecting a change in the recommendation of our board of directors and the Transaction Committee of our board of directors (the "Transaction Committee") to our stockholders with respect to the Offer and the Merger. The Merger Agreement also contains certain termination rights for Parent and us and further provides that, upon termination of the Merger Agreement under specified circumstances, including certain terminations in connection with an alternative business combination transaction as permitted by the terms of the Merger Agreement, we will be required to pay Parent a termination fee of $3.0 million. These provisions could discourage a potential third-party acquirer that might have an interest in acquiring all or a significant portion of us from considering or proposing that acquisition, even if it were prepared to pay consideration with a higher per share cash or market value than the market value proposed to be received or realized in the transaction. These provisions also might result in a potential third-party acquirer proposing to pay a lower price to our stockholders than it might otherwise have proposed to pay due to the added expense of the termination fee that may become payable in certain circumstances. If the Merger Agreement is terminated and we determine to seek another business combination, we may not be able to negotiate a transaction with another party on terms comparable to, or better than, the terms of the Offer and the Merger.

***Stockholder litigation could prevent or delay the consummation of the Offer and the Merger or otherwise negatively impact our business, operating results and financial condition.***

We may incur additional costs in connection with the defense or settlement of any future stockholder litigation in connection with the Offer and the Merger. Any such future litigation may adversely affect our ability to complete the Offer and the Merger. We could incur significant costs in connection with any such litigation, including costs associated with the indemnification of our directors and officers. Furthermore, one of the conditions to the consummation of the Offer and the Merger is the Legal Restraint Condition. Consequently, if a plaintiff were to secure injunctive or other relief prohibiting, delaying or otherwise adversely affecting our ability to complete the consummation of the Offer and the Merger, then such injunctive or other relief may prevent the consummation of the Offer or the Merger within the expected time frames or at all.

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***We may become involved in securities class action litigation that could divert management's attention and harm our business, and insurance coverage may not be sufficient to cover all costs and damages.***

In the past, securities class action litigation has often followed certain significant business transactions not involving the Company, such as the sale of a company or announcement of any other strategic transaction, or the announcement of negative events. These events may also result in investigations by the SEC. We may be subject to such litigation or investigation even if no wrongdoing has occurred. Litigation and investigations are usually expensive and divert management's attention and resources, which could adversely affect our business and cash resources and our ability to consummate the Offer and the Merger within the expected time frames or at all, or to consummate any alternative strategic transaction, and could adversely impact the ultimate value our stockholders receive in any such transaction.

***Our executive officers and directors may have interests in the Offer and the Merger that are different from, or in addition to, those of our stockholders generally.***

Our executive officers and directors may have interests in the Offer and the Merger that are different from, or are in addition to, those of our stockholders generally, including the acceleration of equity awards in connection with the Merger, severance payments and retention bonuses.

***While the Offer and the Merger are pending, we are subject to business uncertainties and contractual restrictions that could disrupt our business, and the Offer and the Merger may impair our ability to attract and retain qualified employees or retain and maintain relationships with our Service Providers and Customer Partners.***

Whether or not the Offer and the Merger are consummated, the Offer and the Merger may disrupt our current plans and operations, which could have an adverse effect on our business and financial results. The pendency of the Offer and the Merger may also divert management's attention and our resources from ongoing business and operations and our employees. Other key personnel may have uncertainties about the effect of the Offer and the Merger, and the uncertainties may impact our ability to retain key personnel while the Offer and the Merger are pending or in the event that we are unable to consummate the Offer or the Merger within the expected time frames or at all. If key personnel depart because of such uncertainties, our business and results of operations may be adversely affected.

Upon announcement of the Offer and the Merger, our Customer Partners may terminate, may not renew, or may otherwise materially change their agreements with us. Any changes to our agreements with our Customer Partners could result in the Offer and the Merger not being consummated. Further, our business and results of operations may be adversely affected by changes to our agreements with our Customer Partners.

In addition, pending consummation of the Offer and the Merger, the Merger Agreement generally requires us to operate in the ordinary course of business consistent with past practice, and restricts us from taking certain actions with respect to our business and financial affairs without Parent's consent. Such restrictions will be in place until either the Offer and the Merger are consummated or the Merger Agreement is terminated. These restrictions could restrict our ability to, or prevent us from, pursuing attractive business opportunities (if any) that arise prior to the consummation of the Offer and the Merger. For these and other reasons, the pendency of the Offer and the Merger could adversely affect our business, operating results and financial condition.

***We have incurred, and will continue to incur, direct and indirect costs as a result of the Offer and the Merger.***

We have incurred, and will continue to incur, significant costs and expenses, including fees for professional services and other transaction costs, in connection with the Offer and the Merger, including costs that we may not currently expect. We must pay substantially all of these costs and expenses whether or not the transaction is completed. If the Merger Agreement is terminated under certain circumstances specified in the Merger Agreement, including in connection with the Company's entry into an agreement with respect to a Superior Proposal (as defined in the Merger Agreement), the Company will be required to pay Parent a termination fee of $3.0 million. There are a number of factors beyond our control that could affect the total amount or the timing of these costs and expenses.

***If we are not able to complete the Offer and the Merger, we will likely pursue other strategic alternatives. We may not be successful in identifying and implementing any strategic business combination or other transaction, in which case we will evaluate restructurings or dissolution, and any strategic transaction that we may consummate in the future could have negative consequences. There can be no assurance that the terms of any such other transaction will be favorable.***

We have undertaken a comprehensive assessment of strategic alternatives to maximize stockholder value. Upon the unanimous recommendation of the Transaction Committee, the board of directors determined that the terms of the Offer, the Merger and the

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other transactions contemplated under the Merger Agreement are fair to and in the best interests of the Company and the stockholders, approved the execution of the Merger Agreement and, subject to the terms and conditions of the Merger Agreement, recommended that the stockholders accept the Offer and tender their shares of Common Stock pursuant to the Offer.

If we are not able to consummate the Offer and the Merger and decide to evaluate other strategic alternatives such as another strategic transaction, there can be no assurance that this review process will result in us pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms or at all. If we are unable to pursue such a transaction, we will evaluate restructurings or dissolution. The process of evaluating other strategic alternatives may be time-consuming and complex, and we may incur significant costs related to this evaluation, such as for financial advisors, as well as legal and accounting fees and expenses and other related charges, in addition to those we have already incurred in connection with the Offer and the Merger. We may also incur additional unanticipated expenses in connection with this process. A considerable portion of these costs will be incurred regardless of whether any alternative strategic transaction is pursued or completed. Any such expenses will decrease the remaining cash available for use in our business and may diminish or delay any future distributions to our stockholders.

In addition, if we are not able to complete the Offer and the Merger and are required to pursue another strategic alternative, including restructurings or dissolution such alternative transaction may yield unexpected results that adversely affect our business and decrease the remaining cash available for use in our business or the execution of our business strategy. There can be no assurances that any particular course of action, business arrangement or transaction, or series of transactions, will be pursued, successfully consummated, lead to increased stockholder value, or achieve its anticipated results. Any failure of such potential transaction to achieve its anticipated results could significantly impair our ability to enter into any future strategic transactions and may significantly diminish or delay any future distributions to our stockholders.

***Our ability to consummate the Offer and the Merger or complete another strategic transaction or our dissolution and liquidation depends on our ability to retain our employees and engage other advisors and consultants required to consummate such transactions.***

Our cash conservation activities may yield unintended consequences, such as attrition beyond our planned reduction in workforce, decline in employee productivity and reduced employee morale, which may cause remaining employees to seek alternative employment. Our ability to successfully consummate the Offer and the Merger or complete another strategic transaction or our dissolution and liquidation depends in large part on our ability to retain certain of our remaining personnel, the loss of whose services may adversely impact our ability to consummate such transaction, and engage other advisors and consultants. Due to our limited employee resources, we may not be able to effectively manage our operations or recruit and retain qualified personnel, which may result in weaknesses in our operations, risks that we may not be able to comply with legal and regulatory requirements.

**Risks Related to Our Business and Industry** 

***If we fail to retain existing Customer Partners and acquire new Customer Partners, or fail to do so in a cost-effective manner, we may be unable to improve margins and achieve profitability and our business, financial condition and results of operations may be adversely affected.*** 

Our success depends on our ability to retain existing Customer Partners and acquire new Customer Partners and to do so in a cost-effective manner. Our ability to grow our revenue depends on our ability to maintain relationships with current Customer Partners and attract new Customer Partners. We may be unsuccessful in future attempts to establish and maintain relationships with Customer Partners, including as a result of the price of our services, our financial position, Customer Partners' perception of our ability to provide our services at scale and changes in strategy by our existing Customer Partners with respect to the services they offer their customers, among others. If we are unable to maintain relationships with current Customer Partners and attract new Customer Partners, our business, results of operations and financial condition would be significantly harmed, and we may fail to capture a material portion of the mobility services assistance market opportunity.

In order to expand our Customer Partners base, we must appeal to, and acquire, new Customer Partners, some of which have historically purchased their roadside assistance from legacy roadside service providers, our digital competitors, other third-party mobility assistance service providers, or our Service Providers directly. We have made significant investments related to Customer Partner acquisition and expect to continue to spend significant capital to acquire additional Customer Partners. We cannot assure you that the total revenue from any new Customer Partners that we acquire will ultimately exceed the cost of acquiring those Customer Partners. If we fail to deliver and market a robust product and service selection that matches Consumer preferences, or if our existing and potential Customer Partners do not perceive the products and services we offer to be of high value and quality, we may be unable to retain our existing Customer Partners or acquire new Customer Partners. If we are unable to retain or acquire Customer Partners who subscribe to services offered on our platform in volumes sufficient to grow our business, we may be unable to generate the scale necessary to achieve operational efficiency and drive beneficial network effects with our Service Providers.

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Consequently, our prices may increase, or may not decrease to levels sufficient to generate Customer Partners interest, and total revenue may decrease and margins and profitability may decline or not improve. As a result, our business, financial condition and results of operations could be adversely affected.

***We face significant competition in the roadside assistance and mobility assistance industries and may be unsuccessful in maintaining and growing our market position against current and future competitors, which could adversely affect our business, financial condition and results of operations.*** 

The market for roadside assistance and the growing market for mobility assistance is highly competitive, rapidly evolving and fragmented, and is subject to rapid changes, including as a result of technological developments, vehicle requirements, Customer Partner requirements, Service Provider network capabilities, and industry standards. If we fail to keep up with such rapid changes and the evolving needs of our ecosystem participants, or if we fail to otherwise positively differentiate our product offerings or platform experience from our competitors, our business, financial condition and results of operations could be adversely affected.

We primarily compete with legacy roadside assistance providers, including large motor clubs, smaller and emerging providers of roadside assistance services, and technologically-driven platforms offering mobility assistance services. A number of companies have developed or are developing products and services that compete with some or all of our products or have functionalities similar to those of our platform.

Our competitors may also engage in more extensive research and development efforts, undertake more far-reaching marketing campaigns, or adopt more aggressive partnerships and pricing strategies, including but not limited to predatory pricing policies and the provision of substantial discounts. These factors may allow our competitors to build or maintain larger customer bases, derive greater revenue and profits from their existing customer base, retain and acquire customers at lower costs, or respond more quickly than we can to new or emerging technologies and changes in Consumer preferences or habits.

In addition, we currently compete and may compete in the future for partnerships with large OEM, fleet management, automotive insurance, ride hailing and other companies in the automotive industry. We believe that companies in the automotive and adjacent industries with a combination of technical expertise, brand recognition and financial resources may pose a significant threat of developing competing mobility assistance capabilities. Our competitors may also be better capitalized or better positioned to acquire, invest in or partner with other recognized brands. Additionally, some of our competitors offer competing services, and they may devote greater resources than we have available, have a more accelerated time frame for deployment and leverage their existing customer base and proprietary technologies to provide services or a user experience that Consumers may view as superior.

If we are unable to offer, develop and innovate new features, technology, products and services, or if we are unable to monetize new features and services in a timely manner, we may lose our position in the market. Our ability to maintain our competitive advantage depends on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•platform functionality, including dispatch agility, flexibility and performance at scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consistency of Consumer experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consumer safety, transparency, and security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•algorithmic dispatching to ensure the best Service Provider for each job;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•rich data and analytics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Service Provider response time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•digital engagement paths;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Customer Partner acquisition and retention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to address a variety of evolving Customer Partner and Consumer needs, requirements and use cases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brand awareness and reputation.

Adverse developments with respect to one or more of the foregoing factors could adversely affect our business, financial condition and results of operations.

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***We have a history of losses and may continue to generate operating losses for the foreseeable future.*** 

We incurred operating losses of $8.9 million and $27.2 million during the fiscal years ended December 31, 2025 and 2024, respectively, and, as of December 31, 2025, we had an accumulated deficit of $219.2 million. We expect our losses to continue as we continue to make investments to grow our business and operate as a public company. We expect to incur significant additional legal, accounting and other expenses as a newly public company and as we invest in expanding our general and administrative infrastructure. We have invested, and expect to continue to invest, substantial financial and other resources in developing our platform, including expanding platform offerings, broadening our service provider network, developing or acquiring new platform features and services, including our merger with Otonomo and expenses associated with integrating Otonomo's legacy business into our platform, expanding into new markets and geographies, and increasing sales efforts. These expenditures make achieving and maintaining profitability more difficult, and these efforts may also be more costly than we expect and may not result in increased revenue or growth in our business. Any failure to increase revenue sufficiently to keep pace with investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow on a consistent basis. As a result, we can provide no assurance as to whether or when we will achieve profitability, and we may be unable to continue as a going concern. As a result, the value of our Common Stock could decline significantly and you could lose some or all of your investment. See "*Risk Factors—Risks Related to Our Business and Industry—For the years ended December 31, 2025 and 2024, our independent registered public accounting firm included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements*."

***We may require additional capital, which may not be available on acceptable terms or at all.***

We cannot guarantee that our business will generate sufficient cash flow from operations to fund our capital investment requirements or other liquidity needs. To support our growing business, we must have sufficient capital to continue to make significant investments in our platform and scale our ability to support our customers. We intend to continue to make investments to support our business and may require additional funds. In particular, we may seek additional funding to support ongoing operations, to undertake capital expenditures or to undertake any acquisitions or other merger transactions. We cannot be certain that additional financing will be available to us on favorable terms, or at all. Accordingly, we may need to engage in additional equity or debt financings to secure additional funds. If we raise additional equity financing, our stockholders may experience significant dilution of their ownership interests and the market price of our Common Stock could decline. Additionally, any new equity securities we issue could have rights, preferences and privileges superior to those of holders of Common Stock. If we engage in additional debt financing, the holders of such debt may have payment priority over the holders of Common Stock, and we may be required to accept terms that restrict our operations or our ability to incur additional indebtedness or to take other actions that would otherwise be in the interests of the debt holders. This could also make it difficult for us to obtain additional capital and to pursue business opportunities. Any of the above could adversely affect our business, financial condition and results of operations. Additionally, if we are unable to obtain adequate financing on satisfactory terms when required, our ability to continue to support our business growth and respond to business challenges could be significantly limited, which could adversely affect our business, financial condition and results of operations.

Disruptions or declines in the global capital markets and/or a decline in our financial performance, outlook, or credit ratings (or other factors of creditworthiness) could cause us to incur higher borrowing costs and experience greater difficulty accessing public and private markets for debt. There can be no assurance that our liquidity will not be affected by changes in the financial markets and the global economy or that our capital resources will at all times be sufficient to satisfy our liquidity needs. Our inability to raise financing, on reasonable terms or at all, may adversely affect our ability to fund operations, meet contractual commitments, make future investments or desirable acquisitions, or respond to competitive challenges and may have a material adverse effect upon our business, financial condition, results of operations or prospects.

***We are substantially dependent on a limited number of Customer Partners.*** 

Our customer base is concentrated with our top Customer Partners representing 56% and 49% of our revenue for the years ended December 31, 2025 and 2024, respectively, with two Customer Partners each accounting for over 10% of our revenue for the years ended December 31, 2025 and 2024, respectively. Most of our significant Customer Partners are able to terminate their agreements with us for convenience on limited notice. Additionally, most of our agreements with Customer Partners are non-exclusive and do not generally include guaranteed volume or revenue achievement during the contract period. If we were to lose any other significant Customer Partners, or experience further reduced volume from any of our significant Customer Partners, our business, financial condition and results of operations could be adversely affected. Our reliance upon a limited number of Customer Partners may also be exacerbated by factors beyond our control, including the consolidation of Customer Partners, changes in the mandates for technologies or solutions provided by Customer Partners to Consumers, changes in demand for our solutions, selection by our Customer Partners of our competitors, Customer Partner bankruptcies, pricing competition or changes in strategy by our existing Customer Partners with respect to the services they offer their customers. For example, in October 2024, we were informed that a

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Customer Partner, a top five global OEM that accounted for less than 5% of our revenue in 2024, shifted strategy and would no longer provide mobile technical support using our software resulting in a contract winddown in December 2024. Any of the factors above may result in increased dependence on fewer Customer Partners, which could adversely affect our business, financial condition and results of operations.

If we were to lose any of our significant Customer Partners, or experience reduced volume from any of our significant Customer Partners, revenue could decline and our business and results of operations could be materially and adversely affected. These negative effects could be exacerbated by consolidation of Customer Partners, changes in the mandates for technologies or solutions provided by Customer Partners to Consumers, changes in demand for our solutions, selection by our Customer Partners of our competitors, Customer Partner bankruptcies or pricing competition, any one of which may result in even fewer Customer Partners accounting for a large percentage of our revenue.

***If Customer Partners terminate or do not renew their service contracts with us or reduce their use of our platform, our revenue will decline and our business, operating results and financial condition could be adversely affected.*** 

The initial terms of our service contracts with Customer Partners are typically three years, often on a non-exclusive basis, and are terminable by either party on 90 days' advance written notice, including for convenience. Our service contracts with Customer Partners also do not generally include guaranteed volume or revenue achievement during the contract period, and our Customer Partners have no obligation to renew their contract following expiration. In some cases, the contracts automatically renew (with each party having the option to elect not to renew), but in circumstances where that is not the case, our Customer Partners may unilaterally elect not to renew, may seek to renew for lower service pricing or for shorter contract lengths, or may choose to renew for the same or fewer roadside solutions over time. See "*We are substantially dependent on a limited number of Customer Partners*.***" above. As a result, there can be no assurance that our existing Customer Partners will maintain or renew our service contracts, or that future service contracts with existing Customer Partners will include the same package of roadside solutions. Even if Customer Partners do not terminate their agreements, there can be no assurance that Customer Partners will not reduce their use of our platform, which could negatively impact our business and results of operations.

Our renewal rates may decline or fluctuate as a result of a number of factors, including, among others, leadership changes within our Customer Partners resulting in loss of sponsorship, limited Customer Partner resources, Customer Partner bankruptcies, pricing changes by us or our competitors, Consumer satisfaction with our platform, procurement or budgetary decisions and changes in strategy by our existing Customer Partners with respect to the services they offer their customers. Deteriorating general economic conditions including, among other things, inflationary pressure, supply chain challenges, including as a result of the imposition of higher tariffs on imports from various countries as well as retaliatory tariffs imposed by other countries, and the impacts of increased interest rates, impact the affordability of buying a car for the average Consumer. Any reduction in vehicular sales may negatively impact Customer Partners' financial condition and their willingness to renew or maintain contracts with us. If we were to lose Customer Partners as a result of Customer Partner insolvency or other factors beyond our control, our revenue could decline and our business and results of operations could be materially and adversely affected.

Additionally, OEMs and other Customer Partners typically require potential mobility assistance providers to participate in a competitive request for proposal ("RFP") process at the end of each contract term. If we fail to consistently win renewals of existing Customer Partner business, our business, financial condition and results of operations could be materially and adversely affected.

To the extent our base of Customer Partners grows in the future, contract renewals, including the selection of additional roadside solutions, by renewing Customer Partners will become an increasingly important part of our results. If our Customer Partners terminate or do not renew their service contracts, or decrease the amount they spend, revenue will decline and our business will be harmed.

***Our failure or the failure of our third-party service providers to protect our website, networks and systems against cybersecurity incidents, or otherwise to protect our confidential information or that of our Consumers, Customer Partners and Service Providers, could damage our reputation and brand and adversely affect our business, financial condition and results of operations.*** 

Our business involves the collection, storage, transmission and other processing of certain personal data and other sensitive and proprietary data of our Customer Partners, Service Providers and Consumers. Additionally, we maintain sensitive and proprietary information relating to our business, such as our own proprietary information and personal data relating to our employees. Although we, and the third parties on which we rely, have developed systems and processes that are designed to protect the personal data of our Customer Partners, Service Providers and Consumers that utilize our platform and our other proprietary and confidential information, protect our systems, prevent data loss, and prevent other security breaches and security incidents, we cannot

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guarantee that such systems and processes have been or will be effective. The IT and infrastructure used in our business may be vulnerable to breakdowns, disruptions and cyberattacks or security breaches and incidents from various sources, including technological errors as well as inadvertent or intentional actions by our employees, contractors and/or other third parties, or from cyber-attacks by malicious third parties (including supply chain cyber-attacks or the deployment of harmful malware, ransomware, denial-of-service attacks, social engineering and other means to affect service reliability and threaten the confidentiality, integrity and availability of information), which may compromise our system infrastructure or lead to the loss, destruction, alteration, disclosure, unavailability, or dissemination of, prevention of access to, or damage or unauthorized access to or other processing of, our data (including trade secrets or other confidential information, intellectual property, proprietary business information, and personal information) or data that is processed or maintained on our behalf, including personal data and other sensitive and proprietary data of our Customer Partners, Service Providers, Consumers, employees' personal data, or other sensitive and proprietary data, accessible through those systems. Employee error, malfeasance, or other errors in the storage, use, or transmission of any of these types of data could result in an actual or perceived privacy violation or security breach or other security incident. Although we have policies restricting access to personal information we store, these policies may not be effective in all cases. Geopolitical conflicts and other events may increase the cybersecurity risks we and our Service Providers face. We also have incorporated, and may continue to incorporate, AI technologies into our platform and otherwise in our business, which may result in security incidents or otherwise increase cybersecurity risks. Further, AI technologies may be used in connection with certain cybersecurity attacks, resulting in heightened risks of security breaches and incidents.

Any privacy violation, or any disruption or security breach, or other incident, could interrupt our operations, result in our platform being disrupted or unavailable, result in loss of or improper access to, prevention of access to, or acquisition, modification, unavailability, disclosure, or other processing of, data, and result in fraudulent transfer of funds. Further, any such incident or other matter, or the perception it has occurred, could harm our reputation, brand, and competitive position, damage our relationships with third-party partners, and result in claims, demands and litigation, regulatory investigations and proceedings, and significant legal, regulatory and financial exposure, including ongoing monitoring by regulators, and any such incidents or any perception that our security measures are inadequate could lead to loss of Customer Partner, Service Provider or Consumer confidence in, or decreased use of, our platform, any of which could adversely affect our business, financial condition and results of operations.

Any actual or perceived privacy violation, security breach or other security incident impacting any entities with which we share or disclose data or that otherwise process data on our behalf (including, for example, our third-party technology providers and our Service Providers) could have similar effects. Further, any cyberattacks or actual or perceived privacy violations or security breaches or other incidents directed at, or suffered by, our competitors could reduce confidence in the industry as a whole and, as a result, reduce confidence in us. We also expect to incur significant costs in an effort to detect and prevent security breaches and other privacy- and security-related incidents, and we may face increased costs and requirements to expend substantial resources in the event of an actual or perceived privacy violation or security breach or incident.

Additionally, defending against claims or litigation based on any security breach or incident, regardless of their merit, could be costly and divert management's attention. We cannot be certain that our insurance coverage will be adequate for data handling or data security costs or liabilities actually incurred, that insurance will continue to be available to us on commercially reasonable terms or at all, or that any insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have an adverse effect on our reputation, brand, business, financial condition, and results of operations.

***If we are unable to successfully implement AI on our platform, our business, financial condition and results of operations could be adversely affected.***

We have incorporated and may continue to incorporate additional AI technology into our platform and otherwise within our business, and AI technology may become more important to our operations or to our future growth over time. We expect to rely on AI to help drive future growth in our business, but there can be no assurance that we will realize the desired or anticipated benefits from our use of AI technology or at all. We may also fail to properly implement or market our use of AI technology. Our competitors or other third parties may incorporate AI technology into their products, offerings, and solutions more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations. Additionally, our use of AI technology may expose us to additional claims, demands and proceedings by private parties and regulatory authorities and subject us to legal liability as well as brand and reputational harm. For example, if the outputs that our AI technology produces are or are alleged to be deficient, inaccurate, or biased, or if such outputs or their development or deployment, including the collection, use, or other processing of data used to train or create such AI technology, are held or alleged to infringe upon or to have misappropriated third-party intellectual property rights or to violate applicable laws, regulations, or other actual or asserted legal obligations to which we are or may become subject, our business, operating results, financial condition, and growth prospects could be adversely affected. The legal, regulatory, and policy environments around AI technology are evolving rapidly,

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and we may become subject to new and evolving legal and other obligations. For example, in the EU, the Artificial Intelligence Act imposes a regulatory framework for the companies' development and use of AI systems, and numerous state laws have been proposed, and in certain cases enacted, in the United States regulating aspects of the development and use of AI systems. These and other developments may require us to make significant changes to our use of AI technology, including by limiting or restricting our use of AI technology, and which may require us to make significant changes to our policies and practices, which may necessitate expenditure of significant time, expense, and other resources, the use of AI technology also presents emerging ethical issues that could harm our reputation and business if our use of AI technology becomes controversial.

***We rely on AWS to deliver our platform to Consumers, and any disruption of, or interference with, our use of AWS could adversely affect our business, financial condition and results of operations.*** 

Our Consumers need to be able to access our platform at any time, without interruption or degradation of performance. Our platform depends, in part, on the virtual cloud infrastructure hosted by AWS. Although we have disaster recovery plans that utilize multiple AWS locations, any incident affecting their infrastructure that may be caused by fire, flood, severe storm, earthquake or other natural disasters, power loss, telecommunications failures, cyber-attacks, terrorist or other attacks, and other similar events beyond our control, could adversely affect our cloud-native platform. Additionally, AWS may experience threats or attacks from computer malware, ransomware, viruses, social engineering (including phishing attacks), denial of service or other attacks, employee theft or misuse and general hacking have become more prevalent, particularly against cloud-native services and vendors of security solutions. Any of these security incidents could result in unauthorized access to, damage to, disablement or encryption of, use or misuse of, disclosure of, modification of, loss or destruction of, or other unauthorized processing of our data or Consumers' data or disrupt our ability to provide our platform or service. A prolonged AWS service disruption affecting our cloud-native platform for any of the foregoing reasons could interrupt or degrade the performance of our platform and adversely impact our ability to serve Consumers and could damage our reputation with current and potential Customer Partners and Consumers, expose us to liability, result in substantial costs for remediation, cause us to lose Customer Partners, or otherwise harm our business, financial condition, or results of operations. We may also incur significant costs for using alternative hosting sources or taking other actions in preparation for, or in reaction to, events that damage the AWS services we use.

We have entered into AWS's standard 12-month contract. In the event that our AWS contract is terminated, or there is a lapse of service, elimination of AWS services or features that we utilize, or damage to such facilities, we could experience interruptions in access to our platform as well as significant delays and additional expense in arranging for or creating new facilities or re-architecting our platform for deployment on a different cloud infrastructure service provider, which would adversely affect our business, financial condition, and results of operations.

***If Customer Partners do not expand their use of our platform beyond their current roadside solutions, our ability to grow our business, financial condition and results of operations could be adversely affected.*** 

Our ability to grow our business depends in part on our ability to encourage current and future Customer Partners to subscribe to higher priced services, expand into packages with more extensive features, or to purchase greater capacity. If we fail to achieve market acceptance of our pricing and new features, or if a competitor establishes a more widely adopted, less expensive platform, our business, financial condition and results of operations could be adversely affected.

***We face risks related to successfully optimizing and operating our network of Service Providers and call center operations.*** 

Our failures to adequately forecast Consumer demand or otherwise optimize and operate our network of Service Providers successfully could result in excess or insufficient Service Provider availability, increased costs and impairment charges, any of which could adversely affect our business, financial condition and results of operations. As we continue to add Service Provider capability and offer new services with different requirements, our network of Service Providers will become increasingly complex and challenging to operate. There can be no assurance that we will be able to operate our network effectively.

Our ability to optimize and operate our Service Provider network may also be limited by the working capital deficit that we have maintained since inception. If we are unable to pay our Service Providers in a timely fashion for completed jobs as a result of the mismatch between the billing cycles for our Customer Partners and Service Providers, we may lose participation by Service Providers on our platform, which could adversely affect our business, financial condition and results of operations.

During periods of high Consumer demand, or in geographical regions with fewer participating Service Providers, we may be required to fulfill requests from Consumers by leaving our network of Service Providers to source roadside assistance. Leaving our network of Service Providers is both time consuming and costly because an out-of-network job is sourced by our call centers, and we absorb any incremental out-of-network costs resulting from pricing negotiations with the prospective roadside assistance

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provider. We are also unable to implement our typical screening criteria and procedures when sourcing out-of-network roadside assistance providers, which may expose us to additional risks.

We are also dependent on digital dispatch vendors to connect Service Providers with requesting Consumers. Our agreements with these vendors are non-exclusive and subject to renewal by the vendor. Digital dispatch vendors could decide to stop working with us, modify their agreement terms in a cost prohibitive manner during renewal negotiations or enter into exclusive or more favorable relationships with our competitors. In addition, acquisitions of digital dispatch vendors by competitors could result in a reduction in our volume capacity and/or geographic reach, as these vendors may no longer facilitate the connection of our Service Providers to Consumers. The loss of any digital dispatch vendors would affect our ability to process service requests, and if we are unable to replace these vendors for any reason, our revenue could decline and our business, financial condition and results of operations could be adversely affected.

In addition, we may be unable to adequately staff our customer support call centers as the business expands. Currently, our customer support call centers are located in Canada, Colombia, Jamaica and the United States. During periods of limited platform outages our call centers have had to manually dispatch Service Providers. In the future, our call centers may be unable to handle manually dispatching Service Providers in an efficient and cost-effective way, which could impact Customer Partner and Consumer satisfaction levels with our services. Also, as we grow, optimizing call center operations may become both more challenging and more expensive. Any reduction in Customer Partner or Consumer satisfaction levels with our services as a result of our call center operations could adversely affect our business, financial condition and results of operations.

***For the years ended December 31, 2025 and 2024, our independent registered public accounting firm included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements.*** 

The report from our independent registered public accounting firm for the years ended December 31, 2025 and 2024 included an explanatory paragraph stating that we have incurred losses from operations since inception, have a net capital deficiency and are dependent on debt and equity financing to fund operating shortfalls, raising substantial doubt about our ability to continue as a going concern. Our audited financial statements for the years ended December 31, 2025 and 2024 do not include any adjustments that may result from the outcome of this uncertainty.

Future reports from our independent registered public accounting firm could contain statements expressing substantial doubt about our ability to continue as a going concern. If there remains substantial doubt about our ability to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding to us on commercially reasonable terms, or at all, and our business may be harmed. If we are unable to continue as a going concern, we may have to liquidate our assets and may receive less than the value at which those assets are carried on our audited financial statements, and it is likely that investors would lose part or all of their investment.

***We have identified material weaknesses in our internal controls over financial reporting. If we are unable to remediate these material weaknesses, or if we experience additional material weaknesses in the future or otherwise are unable to develop and maintain an effective system of internal controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our stock price, business and operating results.*** 

Effective internal controls over financial reporting is necessary for us to provide reliable financial reports in a timely manner. Our management is responsible for establishing and maintaining adequate internal control over financial reporting and for evaluating and reporting on the effectiveness of our system of internal control. As a public company, we are required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting on an annual basis. This assessment includes disclosure of any material weaknesses identified by our management in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. In addition, our independent registered public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting in our first annual report required to be filed with the SEC following the date we are no longer an emerging growth company. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed, or operating. Any failure to maintain effective disclosure controls and internal control over financial reporting could adversely affect our business, financial condition and results of operations, and could cause a decline in the market price of our Common Stock.

In connection with our year-end assessment of internal control over financial reporting, we determined that, as of December 31, 2025, we did not maintain effective internal control over reporting because of previously-identified material weaknesses related to

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(i) the design and maintenance of effective control over IT general controls for information systems and user privileges related to the applications relevant to the preparation of our consolidated financial statements and (ii) a lack of evidence of segregation of duties within the accounting and finance function. For further discussion of the material weaknesses identified and our remedial efforts, see Item 9A, "Controls and Procedures" of this Annual Report on Form 10-K. These material weaknesses could result in material misstatements of our financial statement account balances or disclosures of our annual or interim financial statements that would not be prevented or detected.

In order to address the previously-identified material weakness related to the design and maintenance of effective control over IT general controls relevant to the preparation of our consolidated financial statements, management is in the process of implementing a remediation plan. Additionally, in order to address the previously-identified material weakness related to segregation of duties within the accounting and finance function, we have increased resources within our finance department, including expanding our accounting, control and compliance functions to develop and implement continued improvements and enhancements to address the overall deficiencies that led to this material weakness. Our management believes that these actions will enable us to address this material weakness that was identified and maintain a properly designed and effective system of internal control over financial reporting and provide appropriate segregation of duties. However, there can be no assurance as to when these material weaknesses will be remediated or that additional material weaknesses will not arise in the future. Additionally, remediation measures may be time consuming and costly and there is no assurance that our initiatives will ultimately have the intended effects.

We plan to continue to assess our internal controls and procedures and intend to take further action as necessary or appropriate to address any other matters we identify. We cannot assure you that the measures we have taken to date and may take in the future, will be sufficient to remediate the control deficiencies that led to our material weaknesses in internal control over financial reporting or that these measures will prevent or avoid potential future material weaknesses. The effectiveness of our internal control over financial reporting is subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the possibility of human error and the risk of fraud. If we are unable to remediate our current material weaknesses or any material weaknesses in the future, our ability to record, process and report financial information accurately, and to prepare financial statements within the time periods specified by the forms of the SEC, could be adversely affected which, in turn, may adversely affect our reputation and business and the market price of our Common Stock. In addition, to comply with the requirements of being a reporting company under the Exchange Act, the Sarbanes-Oxley Act and any complex accounting rules in the future, we may need to upgrade our legacy information technology systems, implement additional financial and management controls, reporting systems and procedures, and hire additional accounting and finance staff. Any failure to develop or maintain effective controls, or any difficulties encountered in their implementation or improvement, could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any such failures could result in litigation or regulatory actions by the SEC or other regulatory authorities, loss of investor confidence, delisting of our securities and harm to our reputation and financial condition, or diversion of financial and management resources from the operation of our business.

In addition, it is possible that control deficiencies could be identified in the future by our management or our independent registered public accounting firm or may occur without being identified. Such a failure could result in regulatory scrutiny and cause investors to lose confidence in our reported financial condition, lead to a default under future indebtedness and otherwise have a material adverse effect on our business, financial condition, cash flow or results of operations.

***Our historical growth rates may not be sustainable or indicative of our future growth and we may not be able to successfully manage the challenges to our future growth.*** 

Our historical growth rates may not be sustainable or indicative of our future rate of growth. Our results of operations also may fluctuate from period to period as a result of a number of factors, many of which are outside of our control and may be difficult to predict. Our business is subject to seasonality and generally experiences lower engagement on the platform, and correspondingly lower revenue, during the spring and fall. Our sales cycle for new engagements and contract renewals can vary substantially from Customer Partner to Customer Partner. Our limited experience marketing and selling in the B2B and B2B2C mobility assistance markets may affect our ability to predict the length of our sales cycle or the anticipated size of potential engagements. We believe that our growth in total revenue will depend upon, among other factors, our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attract new Customer Partners, Service Providers and Consumers who purchase products and services from us at the same rate and of the same type as our existing customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•retain current Customer Partners, Service Providers and Consumers who continue to purchase products and services from us at rates and in a manner consistent with their prior purchasing behavior;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•build existing and new Customer Partner, Service Provider and Consumer trust in us and otherwise maintain our reputation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establish brand recognition with Consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establish ourselves as a default platform for the provision of mobile assistance services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•encourage Customer Partners to expand the categories of products and services they purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into new joint ventures and attract new Customer Partners and Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide a superior Consumer experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•respond to changes in Consumer access to and use of the internet and mobile devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•react to challenges from existing and new competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•develop a scalable, high-performance technology and Service Provider network infrastructure that can efficiently and reliably handle increased demand, as well as the deployment of new features and the sale of new products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide roadside assistance in a timely way and in accordance with Customer Partner, Service Provider and Consumer expectations, which may change over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•respond to macroeconomic trends and their impact on Consumer spending patterns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•hire, integrate and retain talented personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•leverage technological and operational efficiencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•invest in the infrastructure underlying our connected services platform, including with respect to data protection and cybersecurity.

Our ability to improve margins and achieve profitability will also depend on the factors described above. We cannot provide assurance that we will be able to successfully manage any of the foregoing challenges to future growth. Any of these factors could cause total revenue growth to decline and may adversely affect margins and profitability. Failure to manage total revenue growth or improve margins could adversely affect our business, financial condition and results of operations. You should not rely on our historical rate of total revenue growth as an indication of our future performance.

***If we are unable to address the service requirements of EVs, our business, financial condition and results of operations could be adversely affected.*** 

As demand for EVs grows and EVs continue to gain market share in the automotive industry, our business, financial condition and results of operations could be adversely affected if our Service Provider network is unable to meet the demand for EV-capable assistance. Service requirements for EVs are different than service requirements for traditional internal combustion engines or hybrid vehicles, and necessitate specialized skills, including high voltage training and servicing techniques. Additionally, EVs cannot be towed by traditional towing rigs, and instead must be retrieved by flatbed trucks. There can be no assurance that our Service Providers will be able to satisfactorily address the service requirements of Consumers with EVs, or that we and our Service Providers will have sufficient resources, experience or capacity to meet these service requirements in a timely manner, including as the volume of EVs on the road increases.

***Failure to offer high-quality Consumer support may harm our relationships with Consumers and Customer Partners, and could adversely affect our reputation, brand, business, financial condition and results of operations.***

Our ability to attract and retain Customer Partners, Service Providers and Consumers is dependent in part on the ease of use and reliability of our offerings, including our ability to provide high-quality Consumer support. Users of our platform depend on our support organization to resolve issues relating to platform offerings, including, among others, being overcharged for collision assistance, leaving a personal item in a towing service's vehicle or reporting a safety incident. Our ability to provide effective and timely support is largely dependent on our ability to attract and retain reliable Service Providers to our platform and otherwise maintain our Consumer support team, including individuals who are qualified to support Consumers and are sufficiently knowledgeable regarding our offerings, as well as our ability to maintain our call center functionality. As we continue to grow our business and improve our offerings, we will face challenges related to providing quality support services at scale. Any failure to provide efficient user support, or a market perception that we do not maintain high-quality support, could adversely affect our reputation, brand, business, financial condition and results of operations.

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***Our expansion into new roadside assistance solutions, Customer Partners and Service Providers, technologies and geographic regions subjects us to additional risks.*** 

Our growth strategy involves investments in new product and service offerings, new technologies and expanded geographic reach. We may have limited or no experience in certain of these offerings, technologies and geographic regions, and as a result, our activities may not meet our expectations, and we may not be successful enough in these newer activities to recoup our investments in them. These offerings can present new and difficult logistical and technological challenges, which may frustrate our Customer Partners, Service Providers and Consumers, harm our business relationships and result in a loss of revenue and business opportunities. Such challenges may also subject us to claims if Customer Partners, Service Providers or Consumers experience service disruptions or failures or other quality issues. Additionally, there can be no assurance that we will be successful in geographic expansion or that such expansion will efficiently increase our subscriber growth or improve the experience for our Customer Partners, Service Providers and Consumers.

In addition, our introduction of new products, services or software, the expansion of our business into certain jurisdictions or highly regulated industries, and any acquisitions of other businesses that operate in highly regulated industries may subject us to additional laws, regulations or other government or regulatory scrutiny. Many of these laws and regulations were adopted prior to the advent of our industry and related technologies and, as a result, do not contemplate or address the unique issues faced by roadside and mobility assistance providers. For example, we contract with our Service Providers, which are independent contractor entities, to dispatch service professionals that provide roadside assistance services to Consumers. Nevertheless, and although the Service Provider entities commit to complying with applicable laws, we could be subject to litigation claims from the individual employees of our Service Providers. We have previously been the subject of threatened litigation, notwithstanding that we do not employ individuals as Service Providers, and we expect these types of claims to increase as we expand to new jurisdictions and the laws relating to the use of independent contractors evolve in the jurisdictions in which we operate.

Additional requirements may also arise related to processing of payments, the collection and storage of data and systems infrastructure design, all of which could increase the costs associated with our offerings.

The expansion of our business—including by increasing the number of Customer Partners and Service Providers, expanding the variety of roadside assistance solutions offered (e.g., the expectation that the increased demand for flatbed trucks that are required to tow EVs will outpace supply of such trucks), and improving the technologies used to power our platform—requires substantial capital expenditures. Our ability to fund our expansion is dependent upon the timing and extent of spending on research and development, as well as other growth initiatives. Failure to realize the benefits of investments in these areas of our business and geographic reach could result in the value of those investments being written down or written off.

***Our ability to provide connected vehicle services will depend on our ability to access data from external providers at reasonable terms and prices. Our data providers might restrict the use of, or refuse to license, data, which could lead to our inability to access certain data or provide certain services and, as a result, materially and adversely affect our operating results and financial condition.*** 

Any connected vehicle offerings will rely extensively upon vehicle data from a variety of external providers. These data providers could increase restrictions on the use of such data, increase the price they charge for data, or refuse altogether to license the data to us. In addition, during the term of any data supply contract, providers may fail to adhere to our data quality control standards or fail to deliver data. Several states have proposed or enacted laws relating to the "right to repair" certain devices or hardware, and we anticipate that new laws addressing these matters may continue to be proposed and enacted, with uncertainty regarding their interpretation and enforcement. Certain of these laws may create uncertainty regarding rights to access, use, retain, and otherwise process data, including vehicle data, and impose, or be argued to impose, relevant limitations or restrictions on us or other companies. Any such limitations and restrictions potentially could impede our business and operations, require us to change our policies and practices, and materially adversely impact our ability to provide services to our Customer Partners and Consumers. Further, although no single individual data provider is material to our business, if a number of providers collectively representing a significant amount of data that we use for one or more of our services were to impose additional contractual restrictions on our use of or access to data, fail to adhere to our quality-control standards, repeatedly fail to deliver data or refuse to provide data, now or in the future, our ability to provide those services to Customer Partners and Consumers could be adversely impacted, which could adversely affect our business, financial condition and results of operations.

***Our issuance of additional shares of Common Stock in connection with financings, acquisitions, investments, or otherwise will dilute all other common stockholders.*** 

We expect to issue additional shares of Common Stock in the future that will result in dilution to all other common stockholders. We may also raise capital through equity financings in the future. As part of our business strategy, we may acquire or make

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investments in complementary companies, products or technologies and issue equity securities to pay for any such acquisition or investment. Any such issuances of additional shares of Common Stock may cause common stockholders to experience significant dilution of their ownership interests and the per share value of Common Stock to decline.

**Risks Relating to Our Operations** 

***Our limited operating history and evolving business model make it difficult to evaluate our future prospects and the risks and challenges we may encounter.*** 

We have been focused on the roadside and mobility assistance markets since our founding in 2013, and we continue to develop our operating strategy as our business has evolved. Our relatively limited operating history, especially with respect to the development of B2B and B2B2C mobility assistance markets, which we launched in 2016, may make it difficult to evaluate our current business and future prospects. The markets for our platform are in relatively early stages of development, and it is uncertain whether these markets will grow, and if they do grow, how rapidly they will grow, how much they will grow, or whether our platform will be widely adopted and whether we can scale to capture growth in these markets. We have encountered and will continue to encounter risks and difficulties frequently experienced by growing companies in rapidly changing industries such as the roadside and mobility assistance industries, including our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accurately forecast our revenue and plan our operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attract new and retain existing Customer Partners and Service Providers in a cost-effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•successfully compete with current and future competitors, some of whom may offer competing products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•successfully expand our business in existing markets and enter adjacent markets and new geographies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•successfully execute strategic acquisitions and partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•develop a scalable, high-performance technology infrastructure that can efficiently and reliably handle increased demand, as well as the deployment of new features and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comply with existing and new laws and regulations applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•anticipate and respond to macroeconomic changes and changes in the markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establish and maintain our brand and reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adapt to rapidly evolving trends in the ways Customer Partners, Service Providers and Consumers interact with technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•effectively manage our growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•avoid interruptions or disruptions on our platform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•hire, integrate and retain key personnel, especially in light of the anticipated Offer and Merger.

If we fail to address the risks and difficulties we face, including those associated with the challenges listed above as well as those described elsewhere in this "Risk Factors" section, our business, financial condition and results of operations could be adversely affected. Further, because we have limited historical financial data and operate in a rapidly evolving market, any predictions about future revenue and expenses may not be as accurate as they would be if we had a longer operating history or operated in a more predictable market. We have encountered in the past, and will encounter in the future, risks and uncertainties frequently experienced by growing companies with limited operating histories in rapidly changing industries. If our assumptions regarding these risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we do not address these risks successfully, our results of operations could differ materially from our expectations and our business, financial condition and results of operations could be adversely affected.

***We have a rapidly evolving business model, which, in a similarly rapidly evolving industry, subjects us to increased risks that could adversely affect our business, financial condition and results of operations.*** 

We have a rapidly evolving business model, which may be volatile in a rapidly evolving industry. As the automotive industry evolves and EVs and connected vehicles gain market share, the mobility assistance industry must similarly grow and adapt to the growing capabilities of automotives, including with data driven solutions, to meet these new and complex technological needs and demands as they arise. In order to stay current with the automotive industry, our business model may need to evolve as well. From time to time, we may modify aspects of our business relating to our models and strategies. We cannot offer any assurance that these

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or any other modifications will be successful or will not result in harm to our business. We may not be able to manage growth effectively, which could damage our reputation and adversely affect our business, financial condition and results of operations.

We cannot provide any assurance that we will successfully identify all emerging trends and growth opportunities in the mobility assistance industry, and we may fail to capture these opportunities. Such failures could adversely affect our business, financial condition and results of operations. While we expect that there will be a move to subscription offerings to support Consumer desire for data driven solutions, there is no guarantee that will occur and Consumer appetite for additional data driven solutions may fail to gain traction.

***Our sales cycle with Customer Partners may be lengthy and variable, which may make it difficult for us to forecast revenue and other operating results.*** 

As a function of our business model, the collection cycle for most of our Customer Partners is lengthy and can vary by Customer Partner. In contrast, we generally pay our Service Providers within several days of completing a job. If we are unable to pay our Service Providers in a timely manner for completed jobs as a result of the mismatch between the billing cycles for Customer Partners and Service Providers, we may lose participation by Service Providers on our platform. Additionally, Customer Partner contract renewal is not guaranteed, and the RFP process required by many Customer Partners is lengthy, often spanning months. As a result of these factors, we may experience fluctuations in total revenue on a period-to-period basis which may make it difficult for us to forecast revenue and other operating results.

***We may need to change our pricing model for our platform's offerings, which in turn could adversely affect our business, financial condition and results of operations.*** 

As the mobility assistance industry continues to mature, and as new competitors introduce competitive applications or services, we may be unable to attract new Customer Partners or Service Providers at the same price or based on the same pricing models we have historically used, or for contract lengths consistent with our historical averages. In addition, as we develop and roll out new products and services, or improve existing ones, we will need to develop pricing and contract models for these products that appeal to Customer Partners and Service Providers over time, and we may not be successful in doing so. Pricing and contract length decisions may also impact the rate of subscription and overall subscription mix among our products, which could adversely impact our total revenue. Competition may also require us to make substantial price concessions, especially as larger and more established industry participants with more financial resources introduce competing services. Our business, financial condition and results of operations may be adversely affected by any of the foregoing, and we may have increased difficulty achieving or maintaining profitability.

***We and our Service Providers may face difficulties in meeting labor needs, which could adversely impact our business, financial condition and results of operations.*** 

We and our Service Providers are heavily dependent upon our respective labor workforces. Our employee compensation packages are designed to provide benefits commensurate with the level of expected service. However, we face the challenge of filling many positions at wage scales that are appropriate to the industry and competitive factors. We also face other risks in meeting labor needs, including competition for qualified personnel and overall unemployment levels. Changes in any of these factors, including a shortage of available workforce, could interfere with our ability to provide adequate customer service and could result in increasing labor costs. If we suffer attrition and shortages with respect to certain of our customer service personnel, such as our call centers or Service Providers, our ability to maintain compliance with our service level commitments to our Customer Partners may be impacted, and our business, financial condition and results of operations could be adversely affected.

Currently, none of our employees are represented by a union. However, our employees have the right under the National Labor Relations Act to choose union representation. If all or a significant number of our employees become unionized and the terms of any collective bargaining agreement were significantly different from current compensation arrangements, it could increase our costs and adversely impact our profitability. Moreover, if a significant number of employees participate in labor unions, it could put us at increased risk of labor strikes and disruption of our operations or adversely affect our growth and results of operations. We could face future union organization efforts or elections, which could lead to additional costs, distract management or otherwise harm our business.

***Adverse economic conditions or reduced automotive usage may adversely affect our business, financial condition and results of operations.*** 

Our business, financial condition and results of operations depend significantly on worldwide macroeconomic conditions and their impact on demand for mobility assistance. Recessionary economic cycles, higher interest rates, volatile fuel and energy costs,

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inflation, levels of unemployment, decreases in discretionary consumer spending, conditions in the new and used automotive markets, access to credit, consumer debt levels, unsettled financial markets and other economic factors could dramatically reduce automotive activity and demand for mobility assistance.

Economic factors such as increased commodity prices, tariff increases, inflation, higher costs of labor, insurance and healthcare, and changes in or interpretations of other laws, regulations and taxes may also increase our cost of sales, mobility assistance costs and administrative costs, and otherwise adversely affect our business, financial condition and results of operations. Any significant increases in costs may affect our Service Providers and Customer Partners, and therefore our business, disproportionately to that of our competitors. In addition, negative national or global economic conditions may materially and adversely affect our Customer Partners' and Service Providers' financial performance, liquidity and access to capital. Customer Partners may be unable to maintain their inventories, production levels, product quality and/or services, which could cause them to raise prices, terminate or reduce their service contracts with us, lower automotive production levels or cease their operations.

In addition, various market trends we anticipate may not develop, or may not develop at the speed which we expect, which could result in costs and capacity outpacing demand.

***The loss of key senior management personnel or the failure to hire and retain highly skilled and other key personnel could adversely affect our business, financial condition and results of operations.*** 

We depend on the continued services and performance of our senior management team, key technical employees and other key personnel. Although we have entered into employment agreements with certain senior management team members, each of them may terminate their employment at any time or be unable to perform the services we require in the future. Third parties may also attempt to encourage our senior management team or other key employees to leave for other employment. The loss of one or more of the members of our senior management team or other key personnel for any reason could disrupt our operations, create uncertainty among investors, adversely impact employee retention and morale and significantly harm our business.

We also rely on other highly skilled personnel who may have critical but inadequately documented business knowledge. Competition for qualified personnel in the logistics, technology and automobile industries has historically been intense, particularly for software engineers, computer scientists, other technical staff and marketing and brand managers. The loss of any executive officers or other key employees, especially in light of the anticipated Offer and Merger, or the inability to hire, train, retain and manage qualified personnel could adversely affect our business, financial condition and results of operations.

Additionally, for our hourly employees, including those in our call centers, wages have increased with the rise in inflation. This increase in the cost of hiring hourly employees, or our inability or unwillingness to keep up with rising wages, could result in a labor shortage that makes it difficult for us to operate our business and to provide the high level of service to which Customer Partners and Consumers have become accustomed, which could harm our reputation and adversely affect our business, financial condition and results of operations.

***Our management team has limited experience managing a public company.*** 

Most of our management team has limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage their new roles and responsibilities and may not be fully integrated as a team due to their short tenure with us. In addition, our transition to being a public company subjects us to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These obligations and constituents require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and operating results.

***We may be unable to accurately forecast demand for mobility assistance services and appropriately plan our expenses in the future.*** 

We depend on our Service Provider network, and their digital acceptance of Consumers' job requests, to provide mobility assistance services that adequately meet Customer Partners' and Consumers' needs. Occasionally, we replace or end relationships with Service Providers, and could face logistical difficulties that could adversely affect the provision of mobile assistance services. In addition, we could incur costs and expend resources in connection with such changes and fail to add a new Service Provider that can meet a high-quality standard of service. If we experience significant increases in demand, or need to replace existing Service Providers, there can be no assurance that our Service Providers would allocate sufficient capacity to us in order to meet our requirements. Additionally, Service Providers' unwillingness to digitally accept a job, either as a result of the fee generated on our

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platform by our pricing model or for any other reason, and any performance problems or other difficulties experienced by Service Providers or by our platform could negatively impact operating results and Consumer experience.

Any service delays or disruptions caused by, among other things, increases in fuel prices, inclement weather or natural disasters, labor activism, health epidemics, bioterrorism, wars and other armed conflicts or catastrophic events or systems failures, or delays or disruptions caused by our Service Providers' internal operational capabilities, including as a result of changes in trade and immigration policies, may affect our ability to fulfill our contractual commitments to Customer Partners. For example, adverse weather conditions typically cause reductions in Service Provider capacity. These events may in the future disrupt our ability to source sufficient Service Providers to meet Consumer demand, which could adversely affect our business, financial condition and results of operations.

***Weather events, natural disasters and other events beyond our control could adversely affect our business.*** 

Our business and operations, and the business and operations of our Customer Partners and Service Providers, could be materially and adversely affected in the event of earthquakes, floods, fires, inclement weather, other weather events, telecommunications failures, blackouts, or other power losses, break-ins, acts of terrorism, wars and other armed conflicts, including Hamas' attack against Israel and the ensuing war, political or geopolitical crises, public health crises, pandemics or endemics, or other catastrophic events. Our business would be especially adversely impacted if such events were to occur during peak automotive travel periods in the United States, particularly if such events were to prevent Service Providers from reaching Consumers.

Weather events have in the past had, and may continue to have, an adverse impact on our business and ability to complete requests for roadside assistance. We consider potential risks related to weather as part of our operations strategy and have business continuity and disaster recovery plans in place. However, they may not adequately protect us from serious disasters and adverse impacts, including the ability of our network of Service Providers to remain operational during such events. In addition, climate change events could have an impact on critical automotive infrastructure in the United States and internationally, which has the potential to disrupt our business, our Service Providers, or the business of our Customer Partners. During weather events we may be unable to maintain full operations in the affected area, and following such events we experience surges in demand that our network of Service Providers may be unable to meet. As a result, we may experience increased out-of-network costs during weather events to complete requests for roadside assistance, and in the future we may incur additional costs to bolster operations in often-impacted areas.

We have operations all over North America, and our operations in California, Texas and Florida have historically been exposed to extreme weather events. For example, our network of Service Providers in California has been impacted during the historic wildfires in 2025, during which Service Providers could not access Consumers in need of roadside assistance and after which there was a surge in demand relating to abandoned cars. In addition, in 2021 our network of Service Providers in Texas was unable to meet Consumer demand for roadside assistance during a significant power outage caused by a winter storm. The recent trends in hurricanes over the Gulf Coast has increased the volume of totaled vehicles, and we are often unable to meet the surges in demand for roadside and mobility assistance that follow such extreme weather events.

We are also limited, from time to time, in our ability to complete Consumer requests as a result of restrictions placed on certain roadways in the United States, which prohibit non-police vehicles from responding to requests for roadside assistance. Any disruptions as a result of the foregoing could adversely affect our business, financial condition and results of operations.

***If we fail to cost-effectively attract and retain Service Providers, our business, financial condition and results of operations could be adversely affected.*** 

Our continued growth depends in part on our ability to both cost-effectively attract and retain Service Providers who satisfy screening criteria and procedures and increase the use of the platform by existing Service Providers. To attract and retain Service Providers, our Service Provider network management team reaches out directly via the telephone, digital marketing and by attending conferences and tow shows. If we do not continue to attract and provide Service Providers with the flexibility and efficiency of our platform, including our digital accept offering, compelling opportunities to earn income and other incentive programs that are comparable or superior to those of competitors, we may fail to attract new Service Providers or retain existing Service Providers or increase their use of our platform. Additionally, if Customer Partners and Consumers choose to use competing offerings, we may lack sufficient opportunities for Service Providers to earn income, which may reduce the perceived utility of our platform and impact our ability to attract and retain Service Providers.

In addition, changes in certain laws and regulations, including immigration, motor vehicle safety and labor and employment laws, may result in a decrease in the pool of Service Providers, which may result in increased competition for Service Providers or higher costs of recruitment and engagement. Other factors outside of our control, such as increases in the price of gasoline, vehicles or

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insurance, may also reduce the number of Service Providers that utilize our platform or the use of our platform by Service Providers. Our agreements are non-exclusive, and Service Providers may choose not to use our platform regularly or at all. If we fail to attract Service Providers or retain existing Service Providers, if we fail to increase the use of our platform by existing Service Providers, or if Service Providers terminate their agreements with us, we may not be able to meet the demand of Customer Partners and Consumers and our business, financial condition and results of operations could be adversely affected.

***We may seek to grow our business through acquisitions of, or investments in, new or complementary businesses, facilities, technologies or products, or through strategic alliances, and the failure to manage these acquisitions, investments or strategic alliances, or to effectively integrate them with our existing business, could have a material adverse effect.*** 

From time to time we will consider opportunities to acquire or make investments in Customer Partners, Service Providers, businesses, facilities, technologies or offerings, or enter into strategic alliances that may enhance our capabilities, expand our Customer Partner and Service Provider network, complement current products or expand the breadth of our markets. Acquisitions, investments and other strategic alliances involve numerous risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of the value of investments and alliances in businesses with which we partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•problems integrating the acquired products, services, business, facilities or technologies, including issues maintaining uniform standards, procedures, controls and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unanticipated costs associated with acquisitions, investments or strategic alliances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the assumption of the liabilities and exposure to unforeseen liabilities of acquired companies, including liabilities for failure to comply with regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential divestitures or other requirements imposed by antitrust regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•diversion of management's attention from other Service Providers, Customer Partners, products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse effects on existing business relationships with Customer Partners and Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the need to obtain additional required regulatory approvals, licenses and permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•conflicts of interest with respect to our equity interests in investors and partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with entering new markets in which we may have limited or no experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential loss of key employees of acquired businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased legal and accounting compliance costs.

Our ability to successfully grow through strategic transactions depends upon our ability to identify, negotiate, complete and integrate suitable target products, businesses, facilities and technologies and to obtain any necessary financing. These efforts could be expensive and time-consuming and may disrupt our ongoing business and prevent management from focusing on our operations, and while we employ several different methodologies to assess potential business opportunities, the new businesses may not meet or exceed our expectations. If we are unable to identify suitable acquisitions or strategic relationships, or if we are unable to integrate any acquired businesses, facilities, technologies, products and services effectively, our business, financial condition and results of operations could be adversely affected.

***Our insurance coverage may not be adequate.*** 

We believe we maintain insurance customary for businesses of our size and type. However, there are losses we may incur that cannot be insured against or that we believe are not economically reasonable to insure, and there can be no assurance that we can obtain or maintain adequate insurance coverage for the risks we face. Such losses could have a material adverse effect on our business, financial condition and results of operations.

***Parties with whom we do business may be subject to insolvency risks or may otherwise become unable or unwilling to perform their obligations.*** 

We are a party to contracts, transactions and business relationships with various third parties, particularly Customer Partners, Service Providers and lenders, pursuant to which such third parties have performance, payment and other obligations to us. In some cases, we depend upon third parties to provide essential products, services or other benefits, including with respect to software development and support, logistics, other agreements for goods and services in order to operate our business in the ordinary course, extensions of credit, credit card accounts and other vital matters. Economic, industry and market conditions could result in

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increased risks to us associated with the potential financial distress or insolvency of such third parties. If any of these third parties were to become subject to bankruptcy, receivership or similar proceedings, our rights and benefits in relation to our contracts, transactions and business relationships with such third parties could be terminated, modified in a manner adverse to us, or otherwise impaired. We cannot make any assurances that we would be able to arrange for alternate or replacement contracts, transactions or business relationships on terms as favorable as existing contracts, transactions or business relationships, if at all. Our inability to do so could adversely affect our business, financial condition and results of operations.

***Our international operations subject us to additional costs and risks, which could adversely affect our business, financial condition and results of operations.*** 

We have a limited history of marketing, selling, and supporting our platform internationally, and generate nearly all of our revenue in the United States. Our growth strategy depends, in part, on continued international operations.

Additionally, international sales and operations are subject to a number of risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•greater difficulty in enforcing contracts and managing collections in countries where our recourse may be more limited, as well as longer collection periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•higher costs of doing business internationally, including costs incurred in establishing and maintaining office space and equipment for international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•differing labor regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•challenges inherent to efficiently recruiting and retaining talented and capable employees in foreign countries and maintaining company culture and employee programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in exchange rates between the U.S. dollar and foreign currencies in markets where we do business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•management communication and integration problems resulting from language and cultural differences and geographic dispersion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with language localization of our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with trade restrictions and foreign legal requirements, including any importation, certification, and localization of our platform that may be required in foreign countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•greater risk of unexpected changes in regulatory requirements, tariffs and tax laws, trade laws, export quotas, customs duties, treaties, and other trade restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of compliance with foreign laws and regulations and the risks and costs of non-compliance with such laws and regulations, including, but not limited to data privacy, data protection, and data security regulations, particularly in the EU;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks relating to the implementation of exchange controls, including restrictions promulgated by the OFAC, and other similar trade protection regulations and measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•heightened risk of unfair or corrupt business practices in certain geographies and of improper or fraudulent sales arrangements that may impact our financial condition and result in restatements of, or irregularities in, financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the uncertainty of protection for intellectual property rights in some countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic and political conditions in these foreign markets, including political and economic instability in certain regions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign exchange controls or tax regulations that might prevent us from repatriating cash earned outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with securing and complying with debt agreements relative to such foreign operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•double taxation of our international earnings and potentially adverse tax consequences due to changes in the tax laws of the United States or the foreign jurisdictions in which we operate.

These and other factors could harm our ability to generate revenue outside of the United States and, consequently, adversely affect our business, financial condition and results of operations.

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***Failure to comply with anti-bribery and anti-corruption laws, anti-money laundering laws, and similar laws, could subject us to penalties and other adverse consequences.*** 

We are subject to the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA"), the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the United Kingdom Bribery Act 2010, and other anti-bribery and anti-corruption laws and anti-money laundering laws, including in countries outside of the United States where we conduct activities. Anti-corruption and anti-bribery laws have been enforced aggressively in recent years and are interpreted broadly to generally prohibit companies, their employees, agents, representatives, business partners, and third-party intermediaries from authorizing, offering, or providing, directly or indirectly, improper payments or benefits to recipients in the public or private sector.

We sometimes leverage third parties to sell our products and conduct our business abroad. We, our employees, agents, representatives, business partners and third-party intermediaries may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities and we may be held liable for the corrupt or other illegal activities of these employees, agents, representatives, business partners or third-party intermediaries even if we do not explicitly authorize such activities.

We cannot assure you that all of our employees, agents, representatives, business partners or third-party intermediaries will not take actions in violation of applicable law for which we may be ultimately held responsible. As we increase international sales and business, our risks under these laws may increase.

These laws also require that we keep accurate books and records and maintain internal controls and compliance procedures designed to prevent any such actions. While we have policies and procedures to address compliance with such laws, we cannot assure you that none of our employees, agents, representatives, business partners or third-party intermediaries will take actions in violation of our policies and applicable law, for which we may be ultimately held responsible.

Any allegations or violation of the FCPA or other applicable anti-bribery or anti-corruption laws and anti-money laundering laws could result in whistleblower complaints, sanctions, settlements, prosecution, enforcement actions, fines, damages, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions, or suspension or debarment from government contracts, all of which may have an adverse effect on our reputation, business, results of operations, and prospects. Responding to any investigation or action will likely result in a materially significant diversion of management's attention and resources and significant defense costs and other professional fees.

***Our ability to use net operating loss ("NOL") carryforwards and other tax attributes may be limited due to prior and potential future ownership changes.*** 

We have incurred significant net losses during our history and our ability to become profitable in the near future is uncertain. To the extent that we continue to generate taxable losses, unused losses will carry forward to offset future taxable income, if any, until such unused losses expire (if at all). As of December 31, 2025, we had approximately $161.6 million, $115.8 million and $210.4 million of federal, state and foreign NOLs, respectively.

Our NOL carryforwards are subject to review and possible adjustment by the IRS and state tax authorities. In addition, in general, under Sections 382 and 383 of the Internal Revenue Code of 1896, as amended (the "Code"), a corporation that undergoes an "ownership change" is subject to limitations on its ability to utilize its pre-change NOLs or tax credits to offset future taxable income or taxes. For these purposes, an ownership change generally occurs where the aggregate stock ownership of one or more stockholders or groups of stockholders who own at least 5% of a corporation's stock increases their ownership by more than 50 percentage points over their lowest ownership percentage within a specified testing period. We have undergone ownership changes in the past, which may limit our ability to utilize NOLs or credits under Sections 382 and 383 of the Code. In addition, future changes in our stock ownership, many of which are outside of our control, could result in an ownership change under Sections 382 and 383 of the Code. Our NOLs or credits may also be impaired under state law. Accordingly, we believe that it is more-likely-than-not that our NOLs or credits will expire unutilized, and we have recorded a full valuation allowance against the related deferred tax assets as of December 31, 2025.

If our ability to use our historical NOLs or credits is materially limited due to prior or potential future ownership changes, it would harm our future operating results by effectively increasing our future tax obligations. Sections 382 and 383 of the Code would apply to all net operating loss and tax credit carryforwards, whether the carryforward period is indefinite or not. If we earn taxable income, such limitations could result in increased future tax liability to us, and our future cash flows could be adversely affected.

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**Legal and Regulatory Risks** 

***The terms of our existing Loan Agreements require us to meet certain operating and financial covenants and place restrictions on our operating and financial flexibility. If we raise additional capital through debt financing, the terms of any new debt could further restrict our ability to operate our business.*** 

We are party to a secured asset based revolving credit facility pursuant to a Credit, Security and Guaranty Agreement (the "MidCap Credit Agreement") with MidCap Funding IV Trust, as agent, and the lenders party thereto (the "Second Lien Lenders") and a secured term loan facility pursuant to a Loan and Security Agreement with Alter Domus (US) LLC, as agent, and the lenders party thereto (the "Second Lien Loan Agreement" and, together with the MidCap Credit Agreement, the "Loan Agreements"). As of December 31, 2025, we had an aggregate principal amount of revolving loans equal to $13.3 million outstanding under the MidCap Credit Agreement. As of December 31, 2025, we had an aggregate principal amount of term loans equal to $46.9 million outstanding under the Second Lien Loan Agreement.

Our payment obligations under the Loan Agreements reduce cash available to fund working capital, product development and general corporate needs. Under the MidCap Credit Agreement, outstanding revolving loans accrue interest at an adjusted term SOFR rate (subject to a 1.00% interest rate floor), plus a margin of 4.50%. Under the Second Lien Loan Agreement, outstanding term loans accrue interest at a fixed rate of 13.0% per annum.

Our obligations under each Loan Agreement are secured by substantially all of our assets and the assets of certain of our material subsidiaries. The security interest granted over such assets could limit our ability to obtain additional debt financing. In addition, the Loan Agreements contain certain specified affirmative and negative covenants restricting our activities, including limitations on our ability to make dispositions; consummate mergers or acquisitions; incur indebtedness or liens; pay dividends, redeem stock or make other distributions; make certain investments; and engage in certain other business transactions.

The Loan Agreements contain a financial covenant requiring minimum liquidity of at least $5.0 million as of December 31, 2025. The MidCap Credit Agreement contains a fixed charge coverage ratio covenant, triggered upon the occurrence of certain events. The covenants in each Loan Agreement may be difficult to comply with, and the failure to comply could result in the acceleration of our obligations under such Loan Agreement, and, if such acceleration were to occur, it would materially and adversely affect our business, financial condition and results of operations. Our ability to make scheduled payments or to refinance such debt obligations depends on numerous factors, including the amount of our cash balances and our actual and projected financial and operating performance. We may not have sufficient funds, and may be unable to arrange for a refinancing or additional financing, to pay the amounts due under the Loan Agreements. The obligations under the Loan Agreements are subject to acceleration upon the occurrence of specified events of default, including payment default, change in control, bankruptcy, insolvency, certain defaults under other material debt agreements (including a cross-default to each other Loan Agreement) and certain other specified events. If for any reason we become unable to service our debt obligations under either Loan Agreement, or any new debt obligations that we may enter into from time to time, holders of Common Stock would be exposed to the risk that their holdings could be lost in an event of a default under such debt obligations and a foreclosure and sale of our assets for an amount that is less than the outstanding debt. Our outstanding indebtedness and any future indebtedness, combined with our other financial obligations, could increase our vulnerability to adverse changes in general economic, industry and market conditions, limit our flexibility in planning for, or reacting to, changes in our business and the industry and impose a competitive disadvantage compared to our competitors.

On March 13, 2026, we entered into an Amendment to the MidCap Credit Agreement (the "MidCap Amendment") to, among other things, (i) temporarily reduce the Minimum Liquidity Amount (as defined in the MidCap Credit Agreement), from $5,000,000 to $2,000,000 until the earliest of the consummation of the Merger, (b) the date of occurrence of any Event of Default (as defined in the MidCap Credit Agreement) and (c) July 31, 2026. The maturity date under the MidCap Credit Agreement is the earlier of (a) February 26, 2028 or (b) 120 days prior to the maturity of the Second Lien Loan Agreement. Upon the effectiveness of the MidCap Amendment and the Ninth Amendment (as defined below), the MidCap Credit Agreement will mature on July 31, 2026. The MidCap Amendment also provides for a $250,000 amendment fee, payable in five equal installments.

On March 13, 2026, we also entered into the Ninth Amendment to the Second Lien Loan Agreement (the "Ninth Amendment") to, among other things, (i) temporarily reduce the Minimum Liquidity Amount (as defined in the Ninth Amendment), from $5,000,000 to $2,000,000 until the earliest of (a) July 31, 2026, (b) the date on which the Merger Agreement is amended, terminated or otherwise modified in a manner materially adverse to the Company or the Second Lien Lenders and (c) the date of occurrence of Event of Default, (as defined in the Second Lien Loan Agreement), (ii) extend the maturity date thereunder from July 31, 2026 to November 28, 2026 and (iii) provide for the payment of an amendment fee in an amount of 2% of the aggregate outstanding principal of the Second Lien Term Loan (the "Second Lien Amendment Fee"). Further, the Ninth Amendment provides for the waiver of (a) any interest accruing on the Second Lien Term Loan from March 31, 2026 until the date of repayment of the Second Lien Term Loan, and (b) the Second Lien Amendment Fee, subject to certain conditions.

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***We have in the past defaulted on certain financial, reporting and other covenants under our outstanding loan agreements. While we have to date been successful in obtaining compliance waivers with respect to such covenant defaults, we may not be able to do so in the future on terms advantageous to us or at all.*** 

The agreements governing our indebtedness include certain financial, reporting and other covenants that we must satisfy. In previous years, we have defaulted on certain covenants under our outstanding loan agreements and have received compliance waivers with respect to such covenant defaults from certain of our lenders. In addition, the convertible promissory notes issued by the Company in July 2022 ("2022 Convertible Notes" and such holders, the "2022 Convertible Noteholders") were not repaid on the maturity date of June 30, 2024 since, pursuant to their terms, they are subordinated to the Company's senior outstanding indebtedness and may not be repaid while the senior debt remains outstanding.

On March 12, 2026, we entered into an omnibus amendment (the "2022 Convertible Notes Amendment") with the 2022 Convertible Noteholders. Pursuant to the 2022 Convertible Notes Amendment and conditioned on the closing of the Merger on or before July 31, 2026, we have agreed to pay the 2022 Convertible Note Holders the aggregate principal amount of the 2022 Convertible Notes, plus all accrued and unpaid interest through March 31, 2026, such amount being equal to $6,600,325 in the aggregate, plus (i) an amendment fee equal to 2.0% of the aggregate principal amount of the series of 2022 Convertible Notes, such amount being equal to $85,145 in the aggregate (the "2022 Convertible Note Amendment Fee"), plus (ii) a closing fee of $1,000,000. In exchange, the 2022 Convertible Note Holders agreed (i) that all obligations under the 2022 Convertible Notes shall be paid in full, released and discharged, (ii) to forgive interest that would otherwise accrue on the 2022 Convertible Notes during the period between March 31, 2026, and July 31, 2026 and (iii) to waive a provision of the 2022 Convertible Notes requiring a premium to be paid in connection with a sale of the Company.

We cannot provide any assurance that the lenders under our outstanding loan agreements or any other indebtedness would provide us with a waiver or forbearance should we not be in compliance in the future. A failure to maintain compliance would cause the outstanding borrowings to be in default and therefore payable on demand, which could trigger cross-default provisions in other indebtedness agreements, potentially leading to further defaults or accelerations of payment obligations. These events could adversely impact our relationships with current and potential lenders, investors and other stakeholders, and affect our ability to raise additional capital, which would have a material adverse effect on us and our ability to continue as a going concern.

***Service Providers that have not complied with our insurance, licensure and other requirements may subject us to a number of risks.*** 

We are not able to control or predict the actions of platform users and third parties, either during their use of our platform or otherwise, and we may be unable to ensure or protect a safe environment for Service Providers and Consumers. Actions by Service Providers, Consumers and others may result in injuries, property damage or loss of life for such parties, or business interruption, brand and reputational damage and other significant liabilities for us. Although we administer certain qualification processes for users of our platform, including requiring background checks to be performed by Service Providers on their employees, these qualification processes and background checks may not expose all potentially relevant information and are limited in certain jurisdictions according to national and local laws, and Service Providers may fail to conduct such background checks adequately on their drivers/employees or disclose information that could be relevant to a determination of eligibility. In addition, we do not independently test Service Providers' employees' mobility assistance skills. Consequently, we have received in the past, and expect to continue to receive, complaints from Consumers, as well as actual or threatened legal action against us related to Service Provider conduct.

If Service Providers, or individuals impersonating Service Providers, engage in criminal activity, misconduct or inappropriate conduct or use our platform as a conduit for criminal activity, Consumers may not consider our products and offerings safe, and we may receive negative press coverage as a result of our business relationship with such Service Providers, which would adversely impact our brand, reputation and business. Furthermore, if Consumers engage in criminal activity or misconduct while using our platform, Customer Partners and Service Providers may be unwilling to continue using our platform. In addition, certain regions where we operate have high rates of violent crime, which has impacted Service Providers and Consumers in those regions. If other criminal, inappropriate or other negative incidents occur due to the conduct of platform users or third parties, our ability to attract Customer Partners, Service Providers and/or Consumers may be harmed, and our business, financial condition and results of operations could be adversely affected.

Public reporting or disclosure of reported safety information, including information about safety incidents reportedly occurring on or related to our platform, whether generated by us or third parties such as media or regulators, may also adversely affect our business, financial condition and results of operations.

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Further, we may be subject to claims of significant liability based on traffic accidents, deaths, injuries or other incidents that are caused by Service Providers, Consumers or third parties while using our platform, or even when Service Providers, Consumers or third parties are not actively using our platform. On a smaller scale, we may face litigation related to claims by Service Providers for the actions of Consumers or third parties. Our insurance policies may not cover all potential claims to which we are exposed and may not be adequate to indemnify us for all liability. These incidents may subject us to liability and negative publicity, which would increase our operating costs and adversely affect our business, operating results and future prospects.

***We rely on unpatented proprietary technology, trade secrets, processes and know-how.***

We rely on trade secret and confidentiality obligations to protect proprietary assets that may not be patentable or subject to other intellectual property protection or that we believe is best protected by means that do not require public disclosure.

We generally seek to protect our proprietary information by entering into confidentiality agreements, or consulting, services or employment agreements that contain non-disclosure and non-use provisions with employees, consultants, contractors and third parties.

However, we may fail to enter into the necessary agreements, and even if entered into, these agreements may be breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation of our proprietary information, may be limited as to the duration of protection and may not provide an adequate remedy in the event of unauthorized disclosure or use of proprietary information. We have limited control over the protection of trade secrets used by third party recipients and could lose future trade secret protection if any unauthorized disclosure of such information occurs. In addition, our proprietary information may otherwise become known or be independently developed by our competitors or other third parties. To the extent that employees, consultants, contractors, advisors and other third parties use intellectual property owned by others in their work for us, disputes may arise as to the rights in related or resulting know-how and inventions. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain protection for our proprietary information could harm our competitive position in the market, and adversely affect our business, financial condition and results of operations.

***Our inability or failure to protect our intellectual property rights, or any claim that we have infringed upon third-party intellectual property rights, could have a negative impact on operating results.*** 

Our business depends on intellectual property, the protection of which is critical to our success. We rely on a combination of intellectual property rights, including trade secrets, domain names and trademarks, to protect our competitive advantage, which offers only limited protection. The steps we take to protect our intellectual property, including physical, operational, and managerial protections of confidential information, contractual obligations of confidentiality, assignment agreements with employees and contractors and license agreements, require significant resources and may be inadequate. We will not be able to protect our competitive advantage if we are unable to establish, protect, maintain, or enforce our rights or if we do not detect or are unable to address unauthorized use of our intellectual property. We may be required to use significant resources to monitor and protect these rights. Despite our precautions, it may be possible for unauthorized third parties to copy portions or all of our platform and use information that we regard as proprietary to create services that compete with our platform. Some license provisions protecting against unauthorized use, copying, transfer, and disclosure of our proprietary information may be unenforceable under the laws of certain jurisdictions.

In addition, we have registered domain names for websites that we use in our business, such as www.geturgently.com and some other variations. Competitors may adopt service names or domain names similar to ours, thereby harming our ability to build brand identity and possibly leading to user confusion. In addition, our registered or unregistered trademarks or trade names could be declared generic, and there could be potential trade name or trademark infringement claims brought by owners of other trademarks that are similar to our trademarks. If our trademarks and trade names are not adequately protected, then we may not be able to build and maintain name recognition in markets of interest and our business may be adversely affected. Effective trademark protection may not be available or may not be sought in every country in which our products are made available, in every class of goods and services in which we operate, and contractual disputes may affect the use of marks governed by private contract. Litigation or proceedings before governmental authorities and administrative bodies in the United States and abroad may be necessary in the future to enforce intellectual property rights and to determine the validity and scope of our rights and the proprietary rights of others. Further, we may not timely or successfully apply for a patent or register our trademarks or otherwise secure rights in our intellectual property. We expect to continue to expand internationally and, in some foreign countries, the mechanisms to establish and enforce intellectual property rights may be inadequate to protect our technology, which could adversely affect our business, financial condition and results of operations.

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Additionally, we may from time to time be subject to opposition or similar proceedings with respect to applications for registrations of our intellectual property, including trademarks. While we aim to acquire adequate protection of our brand through trademark registrations in key markets, occasionally third parties may have already registered or otherwise acquired rights to identical or similar marks for services that also address our market. We rely on our brand and trademarks to identify our platform and to differentiate our platform and services from those of our competitors, and if we are unable to adequately protect our trademarks, third parties may use our brand names or trademarks similar to ours in a manner that may cause confusion in the market, which could decrease the value of our brand and adversely affect our business and competitive advantages.

Our intellectual property rights and the enforcement or defense of such rights may be affected by developments or uncertainty in laws and regulations relating to intellectual property rights. Moreover, many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets, and other intellectual property protection, which could make it difficult for us to stop the infringement, misappropriation, or other violation of our intellectual property or marketing of competing products in violation of our intellectual property rights generally.

Policing unauthorized use of our intellectual property and misappropriation of our technology and trade secrets is difficult and we may not always be aware of such unauthorized use or misappropriation. Despite our efforts to protect our intellectual property rights, unauthorized third parties may attempt to use, copy, or otherwise obtain and market or distribute our technology or otherwise develop services with the same or similar functionality as our platform. If our competitors infringe, misappropriate, or otherwise violate our intellectual property rights and we are not adequately protected, or if our competitors are able to develop a platform with the same or similar functionality as ours without infringing our intellectual property, our competitive advantage and results of operations could be harmed. Litigation brought to protect and enforce our intellectual property rights could be costly, time consuming, and distracting to management and could result in the impairment or loss of portions of our intellectual property. As a result, we may be aware of infringement by our competitors but may choose not to bring litigation to protect intellectual property rights due to the cost, time, and distraction of bringing such litigation.

Furthermore, if we do decide to bring litigation, our efforts to enforce intellectual property rights may be met with defenses, counterclaims, and countersuits challenging or opposing our right to use and otherwise exploit particular intellectual property, services, and technology or the enforceability of our intellectual property rights. Our inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion of our management's attention and resources, could delay further sales or the implementation of our solutions, impair the functionality of our platform, prevent or delay introductions of new or enhanced solutions, result in us substituting inferior or more costly technologies into our platform, or injure our reputation. Furthermore, many of our current and potential competitors may have the ability to dedicate substantially greater resources to developing and protecting their technology or intellectual property rights than we do.

The holders of patents and other intellectual property rights potentially relevant to our service offerings may make claims that we infringe, misappropriate, or otherwise violate their intellectual property rights. There can be no assurance that we will be successful in defending against these allegations or reaching a satisfactory business resolution. Any intellectual property claims, with or without merit, could be very time-consuming and expensive to settle or litigate, could cause us to incur significant expenses, pay substantial amounts in damages, ongoing royalty or license fees, or other payments, require us to cease making, licensing or using offerings that incorporate or use the challenged intellectual property, require us to re-engineer all or a portion of our business or require that we comply with other unfavorable terms. The costs of litigation are considerable, and such litigation may divert management and key personnel's attention and resources, which might seriously harm our business, financial condition and results of operations. Third parties making infringement claims may make it difficult for us to enter into royalty or license agreements which may not be available on commercially acceptable terms. Also, we may be unaware of intellectual property registrations or applications relating to our services that may give rise to potential infringement claims. There may also be technologies licensed to and relied on by us that are subject to infringement or other corresponding allegations or claims by third parties which may damage our ability to rely on such technologies.

Parties making infringement claims may be able to obtain substantial damages for the infringement and an injunction to prevent us from delivering services or using technology involving the allegedly infringing intellectual property. If, as a result of a successful infringement claim, we are required to develop non-infringing technology or rebrand our name or cease making, licensing or using products that have infringed a third party's intellectual property rights, all of these actions may be time-consuming and expensive. Protracted litigation could also result in existing or prospective Customer Partners deferring or limiting their purchase or use of our solutions until resolution of such litigation or could require us to indemnify our clients against infringement claims in certain instances. Any intellectual property claims or litigation in this area, whether or not we ultimately win or lose, could damage our reputation and materially adversely affect our business, financial condition and results of operations.

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***Our use of open source software may lead to possible litigation, negatively affect sales, compromise our proprietary rights and create liability.*** 

We often incorporate software licensed by third parties under so-called "open source" licenses, which may expose us to liability and have a material impact on our business and offerings. Use of open source software may entail greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties, indemnification, or other contractual protections regarding infringement claims or the quality of the code. In addition, the public availability of such software may make it easier for others to compromise our services. Although we monitor our use of open source software in an effort both to comply with the terms of the applicable open source licenses and to avoid subjecting software offerings to conditions we do not intend, the terms of many open source licenses have not been interpreted by courts in relevant jurisdictions, and there is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our clients' ability to use the software that we develop for them and operate their businesses as they intend. Moreover, we cannot assure you that our processes for controlling use of open source software in our products will be effective, and we may inadvertently use third-party open source software in a manner that exposes us to claims of non-compliance with the applicable terms of such license, including claims for infringement of intellectual property or for breach of contract. We may face claims challenging the ownership of open source software against companies that incorporate it into our products.

Additionally, some open source licenses contain requirements that we make available source code for modifications or derivative works we create based upon the type of open source software used. If we combine certain open source software with other software in a specific manner, we could, under open source licenses, be required to release the source code of our proprietary software to the public, including authorizing further modification and redistribution, or otherwise be limited in the licensing of such software. Additionally, if a third-party software provider has incorporated open source software into software that we license from such provider, we could be required to disclose source code that incorporates or is a modification of such licensed software. Disclosing proprietary source code could allow our clients' competitors to create similar products with lower development effort and time and ultimately could result in a loss of sales for our clients. Furthermore, if the license terms for the open source code change, we may be forced to re-engineer our software or incur additional costs.

***We may be involved from time to time in claims, lawsuits, government investigations and other proceedings that could adversely affect our business, financial condition, and results of operations.*** 

We may be involved in litigation matters from time to time, such as matters incidental to the ordinary course of our business, including intellectual property, privacy, commercial, services, transportation, employment, class action, whistleblower, accessibility, securities, tax, and other litigation and claims, and governmental and other regulatory investigations and proceedings. The number and significance of these disputes may increase as we grow larger, our businesses expand in scope and geographic reach, and our products and platform increase in complexity.

The outcome and impact of such claims, lawsuits, government investigations and other proceedings cannot be predicted with certainty. Such matters can be time-consuming, divert management's attention and resources, cause us to incur significant expenses or liability, or require us to change our business practices. In addition, the expense of litigation and the timing of these expenses from period to period are difficult to estimate, subject to change, and could adversely affect our financial condition and results of operations. Because of the potential risks, expenses, and uncertainties of litigation, we may, from time to time, settle disputes, even where we have meritorious claims or defenses, by agreeing to settlement agreements. Any of the foregoing could adversely affect our business, financial condition, and results of operations.

***Unanticipated changes in tax laws may affect future financial results.*** 

We are a U.S. corporation and thus are subject to U.S. corporate income tax on our worldwide operations. Our principal operations and certain potential customers are located in the United States, and as a result, we are subject to various U.S. federal, state and local taxes. New U.S. laws and policy relating to taxes may have an adverse effect on our business and future profitability. Further, existing U.S. tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to us.

In addition, the Organisation for Economic Co-operation and Development ("OECD") issued final action items or proposals related to its initiative to combat base erosion and profit shifting ("BEPS"). The OECD urged its members to adopt the proposals to counteract the effects of taxpayers' use of tax havens and preferential tax regimes globally. One BEPS proposal redefines a "permanent establishment" under treaty tax law, and changes how profits would be attributed to the permanent establishment. Some countries have incorporated the BEPS proposals into their laws, and other countries may follow suit, including the adoption of market-based, income sourcing provisions that assign a greater share of taxable income of a non-resident taxpayer to the country of a customer's location than do traditional "arm's length" income sourcing provisions. Some of the BEPS and related proposals, if

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enacted into law in the countries where we do business, could increase the burden and costs of our tax compliance. Moreover, such changes could increase the amount of taxes we incur in those jurisdictions, and in turn, increase our global effective tax rate.

***Our corporate structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would harm our results of operations.*** 

We generally conduct our international operations through wholly-owned subsidiaries and are or may be required to report our taxable income in various jurisdictions worldwide based upon our business operations in those jurisdictions. Our intercompany relationships are subject to complex transfer pricing regulations administered by taxing authorities in various jurisdictions. The amount of taxes we pay in different jurisdictions may depend on the application of the tax laws of the various jurisdictions, including the United States, to our international business activities, changes in tax rates, new or revised tax laws or interpretations of existing tax laws and policies, and our ability to operate our business in a manner consistent with our corporate structure and intercompany arrangements. The relevant taxing authorities may disagree with our determinations as to the income and expenses attributable to specific jurisdictions. If such a disagreement were to occur, and our position was not sustained, we could be required to pay additional taxes, interest and penalties, which could result in one-time tax charges, higher effective tax rates, reduced cash flows and lower overall profitability of our operations.

We are subject to federal, state, and local income, sales, and other taxes in the United States and income, withholding, transaction, and other taxes in numerous foreign jurisdictions. Significant judgment is required in evaluating our tax positions and our worldwide provision for taxes. During the ordinary course of business, there are many activities and transactions for which the ultimate tax determination may be uncertain. In addition, our tax obligations and effective tax rates could be adversely affected by changes in the relevant tax, accounting and other laws, regulations, principles and interpretations, including those relating to income tax nexus, by recognizing tax losses or lower than anticipated earnings in jurisdictions where we have lower statutory rates and higher than anticipated earnings in jurisdictions where we have higher statutory rates, by changes in foreign currency exchange rates, or by changes in the valuation of our deferred tax assets and liabilities. We may be audited in various jurisdictions, and such jurisdictions may assess additional taxes, sales taxes and value added taxes against us. Although we believe our tax estimates are reasonable, the final determination of any tax audits or litigation could be materially different from our historical tax provisions and accruals, which could have an adverse effect on our results of operations or cash flows in the period or periods for which a determination is made.

***Failure to comply with laws and regulations relating to privacy, data protection, cybersecurity, advertising and consumer protection, or the expansion of current or the enactment of new laws or regulations relating to such matters, could adversely affect our business, financial condition and results of operations.*** 

We rely on a variety of techniques when marketing to Customer Partners, and we are subject to various laws and regulations that govern such marketing and advertising practices. Additionally, our business relies on our ability to collect, receive, store, use, generate, transfer, disclose, make accessible, protect, share and otherwise process personal data and other sensitive information (such as personal data that identifies or is identifiable to actual or prospective customers, personnel or others), proprietary and confidential business information, trade secrets, intellectual property and sensitive third-party information. As a result, we are, or may become, subject to numerous federal, state, local and foreign data laws, regulations, industry standards, policies, contracts and other actual and asserted obligations relating to privacy, data protection and cybersecurity. For example, we are or may become subject to the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020, numerous other state laws, the Data Security Program administered by the U.S. Department of Justice, Executive Order 14117 and the implementing regulations at 28 C.F.R. Part 202 (concerning certain transfers of sensitive personal data to data to business partners located in China or with other specified links to China (and other designated countries)), the European Union General Data Protection Regulation, the UK Data Protection Act and UK General Data Protection Regulation, the Privacy and Electronic Communications Directive (2002/58/EC), and other national legislation relating to privacy, cybersecurity, data protection, marketing and advertising and consumer protection.

Laws and regulations relating to these matters are evolving and subject to potentially differing interpretations. These laws, regulations, and other actual and asserted obligations may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another or may conflict with other rules or our practices. We may publish privacy policies, notices and other documentation and statements regarding our collection, processing, use and disclosure of personal data and/or other data. Although we endeavor to comply with our published policies, notices, documentation, and statements, we may at times fail to do so or may be perceived to have failed to do so. Despite our efforts, we may not be successful in achieving compliance if our personnel, Customer Partners or Service Providers fail to comply with our policies and documentation. Although we endeavor to comply with our published policies and notices, other statements and documentation and all applicable laws and regulations, and certain other guidance, industry standards, policies, contracts and other actual and asserted obligations relating to privacy, data protection, cybersecurity, advertising and consumer protection, we may at times fail to do so or may be perceived to have failed to do so. If we

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fail, or are perceived to have failed, to address or comply with any actual or asserted obligations related to privacy, cybersecurity, data protection, marketing, advertising or consumer protection, we could face private claims, demands and litigation, including class action litigation; government enforcement actions and proceedings that could include investigations, fines, penalties, audits and inspections; additional reporting requirements and/or oversight; temporary or permanent bans on all or some processing of data; requirements to change the manner in which we process data; and orders to destroy or not use data. Any of these events could have a material adverse effect on our reputation, business or financial condition, and could lead to a loss of actual or prospective Customer Partners, Service Providers or Consumers; result in an inability to process data or to operate in certain jurisdictions; limit our ability to sell or distribute our products; or require us to revise or restructure our policies and other aspects of our operations, which we may be unable to do in a commercially reasonable manner or at all. Moreover, such claims or other proceedings, even if not resulting in liability, could be expensive and time-consuming to defend and could result in diversion of management's attention and adverse publicity that could harm our business or have other material adverse effects. We may also be contractually required to indemnify and hold harmless third parties from the costs or consequences relating to any such matter or to any actual or perceived unauthorized use, disclosure, or other processing of data that is stored or handled as part of operating our business.

In addition, various federal and state legislative and regulatory bodies, or self-regulatory organizations, may expand current laws or regulations, enact new laws or regulations or issue revised rules or guidance, regarding privacy, data protection, cybersecurity, consumer protection and advertising. Each of these laws and regulations, and any other such changes or new laws or regulations, or other actual or asserted obligations, including regulatory guidance and industry standards, could impose significant limitations, require changes to our business, impose fines and other penalties or restrict our use or storage of personal data and other data, which may increase our compliance expenses and make our business more costly or less efficient to conduct. Moreover, Customer Partners and Service Providers may stop or limit their sharing of data with us. Any such changes could compromise our ability to develop an adequate marketing strategy and pursue our growth strategy effectively, may hinder our research and development efforts, and otherwise limit and disrupt operations, which, in turn, could adversely affect our business, financial condition and results of operations.

***We are subject to governmental export and import control laws and regulations. Our failure to comply with these laws and regulations could materially and adversely affect our business, prospects, financial condition and results of operations.*** 

Our products and solutions are subject to export control and import laws and regulations, including the U.S. Export Administration Regulations, U.S. Customs regulations and various economic and trade sanctions regulations administered by the U.S. Treasury Department's Office of Foreign Assets Controls as well as similar controls established in the countries in which we do business. Export control laws and regulations and economic sanctions prohibit the shipment of certain products and services to embargoed or sanctioned countries, governments and persons. In addition, complying with export control and sanctions regulations for a particular geography may be time-consuming and result in the delay or loss of revenue opportunities. Exports of our products and technology must be made in compliance with these laws and regulations. If we fail to comply with these laws and regulations, we and certain of our employees could be subject to substantial civil or criminal penalties, including the possible loss of export or import privileges, fines, which may be imposed on us and responsible employees or managers and, in extreme cases, the incarceration of responsible employees or managers.

In addition, various countries regulate the import of certain encryption technology, including through import permit and license requirements, and have enacted laws that could limit our ability to distribute our products or could limit Consumers' ability to implement our products in those countries. Any change in export or import regulations, economic sanctions or related legislation, shift in the enforcement or scope of existing regulations or change in the countries, governments, persons or technologies targeted by such regulations could result in decreased use of our products by, or in our decreased ability to export or sell our products and solutions to, existing or potential end customers with international operations or create delays in the introduction of our products and solutions into international markets. Any decreased use of our products and solutions or limitation on our ability to export or sell products and solutions could adversely affect our business, financial condition, results of operations and prospects.

**Risks Related to Being a Public Company** 

***The requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract and retain qualified board members.*** 

We are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act and any rules promulgated thereunder, as well as the rules of OTCQB. The requirements of these rules and regulations increase legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal controls for financial reporting. In order to maintain and, if required, improve disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight are required, and, as a result, management's

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attention may be diverted from other business concerns. These rules and regulations can also make it more difficult to attract and retain qualified independent members to our board of directors (the "Board"). Additionally, these rules and regulations make it more difficult and more expensive to obtain director and officer liability insurance. We may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. The increased costs of compliance with public company reporting requirements and the potential failure to satisfy these requirements could adversely affect our business, financial condition or results of operations.

***We have incurred and will continue to incur increased costs and obligations as a result of being a public company.*** 

As a privately held company, we were not required to comply with certain corporate governance and financial reporting practices and policies required of a publicly traded company. As a publicly traded company, we have incurred and will continue to incur significant legal, accounting and other expenses that we were not required to incur in the recent past, particularly after we are no longer an "emerging growth company" as defined under the JOBS Act. In addition, new and changing laws, regulations and standards relating to corporate governance and public disclosure, including the Dodd Frank Wall Street Reform and Consumer Protection Act and the rules and regulations promulgated and to be promulgated thereunder, as well as under the Sarbanes-Oxley Act, the JOBS Act, and the rules and regulations of the SEC and national securities exchanges have created uncertainty for public companies and increased the costs and the time that the Board and management must devote to complying with these rules and regulations. We expect these rules and regulations to increase legal and financial compliance costs and lead to a diversion of management time and attention from revenue generating activities.

Furthermore, the need to establish the corporate infrastructure demanded of a public company may divert management's attention from implementing our growth strategy, which could prevent us from improving our business, results of operations and financial condition. We will need to rely on third party consultants or increase our headcount to address the additional obligations of being a public company, and our management team may not successfully or efficiently manage the transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. We have made, and will continue to make, changes to our internal controls and procedures for financial reporting and accounting systems to meet our reporting obligations as a publicly traded company. However, the measures taken by us may not be sufficient to satisfy our obligations as a publicly traded company.

***Changes in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments and results of operations.*** 

We are subject to laws, regulations and rules enacted by national, regional and local governments and OTCQB. In particular, we are required to comply with certain SEC, OTCQB and other legal or regulatory requirements. Compliance with, and monitoring of, applicable laws, regulations and rules may be difficult, time consuming and costly. Those laws, regulations or rules and their interpretation and application may also change from time to time and those changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws, regulations or rules, as interpreted and applied, could have a material adverse effect on our business and results of operations.

**Risks Related to Ownership of Our Securities** 

***Our securities have been delisted from Nasdaq, which has limited and may continue to limit investors' ability to make transactions in our securities.***

As previously disclosed, the trading of the Company's securities on Nasdaq was suspended at the open of trading on March 18, 2026. The delisting will become effective 10 days after Nasdaq files a Form 25 Notification of Delisting with the SEC. As of the date of this Annual Report, the Company's Common Stock is traded on the OTCQB under the symbol "ULYX."

We face adverse consequences as a result of our securities not being listed on a national securities exchange, including (i) a limited availability of market quotations for our securities, (ii) reduced liquidity for our securities, (iii) a possible determination that our Common Stock is a "penny stock" which would require brokers trading in our Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities, (iv) a limited amount of news and analyst coverage, if any, in the future; (v) a decreased ability to issue additional securities or otherwise obtain additional financing in the future; and (vi) a decreased ability of our securityholders to sell their securities in certain states.

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***An active trading market for our securities may never develop and investors may find it difficult to buy and sell our shares, which would further adversely affect the liquidity and price of our securities.***

Although our Common Stock is quoted on the over-the-counter market, such market is an unorganized, interdealer market which provides significantly less liquidity than Nasdaq or other national securities exchanges. Securities traded on the over-the-counter market are usually thinly traded, highly volatile, have fewer market makers and are not followed by analysts. Any significant trading volume in our Common Stock may not be sustained. These factors may have an adverse impact on the trading and price of our Common Stock. See "—*Our securities have been delisted from Nasdaq, which has limited and may continue to limit investors' ability to make transactions in our securities*" above for further discussion.

***Our stock price may be volatile and may decline regardless of our operating performance.*** 

The market price of our Common Stock may fluctuate significantly in response to numerous factors and may continue to fluctuate for these and other reasons, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual or anticipated fluctuations in revenue and results of operations of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the financial projections provided to the public, any changes in these projections or our failure to meet these projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure of securities analysts to maintain coverage of the Company, changes in financial estimates or ratings by any securities analysts who follow the Company or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•announcements by the Company or our competitors of significant technical innovations, acquisitions, strategic partnerships, joint ventures, results of operations or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in operating performance and stock market valuations of other retail or technology companies generally, or those in the roadside and mobility assistance industry in particular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•trading volume of Common Stock of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the inclusion, exclusion or removal of our Common Stock from any indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the Board or management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transactions in our Common Stock by directors, officers, affiliates and other major investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•lawsuits threatened or filed against the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in laws or regulations applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our capital structure, such as future issuances of debt or equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•short sales, hedging and other derivative transactions involving our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic conditions in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pandemics or other public health crises, including, but not limited to, the COVID-19 pandemic (including additional variants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other events or factors, including those resulting from war, incidents of terrorism or responses to these events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the other factors described in this "Risk Factors" section.

The stock market has recently experienced extreme price and volume fluctuations. The market prices of securities of companies have experienced fluctuations that often have been unrelated or disproportionate to their operating results. In the past, stockholders have sometimes instituted securities class action litigation against companies following periods of volatility in the market price of their securities. Any similar litigation against the Company could result in substantial costs, divert management's attention and resources, and harm our business, financial condition and results of operations.

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***We qualify as an "emerging growth company" within the meaning of the Securities Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Stock less attractive to investors and make it more difficult to compare our performance to the performance of other public companies.*** 

We qualify as an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act, as modified by the JOBS Act. As such, we are eligible for, and intend to take advantage of, certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as we continue to be an emerging growth company, including, but not limited to, (a) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, (b) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and (c) exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As a result, our stockholders may not have access to certain information they may deem important. We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which the market value of our shares of the Common Stock that are held by non-affiliates exceeds $700 million as of June 30 of that fiscal year, (ii) the last day of the fiscal year in which we have total annual gross revenue of $1.235 billion or more during such fiscal year (as indexed for inflation), (iii) the date on which we have issued more than $1 billion in non-convertible debt in the prior three-year period, or (iv) the last day of the fiscal year following the fifth anniversary of October 19, 2023. We cannot predict whether investors will find our securities less attractive because we rely on these exemptions. If some investors find our securities less attractive as a result of our reliance on these exemptions, the trading prices of the securities may be lower than they otherwise would be, there may be a less active trading market for the securities and the trading prices of the securities may be more volatile.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

As an emerging growth company, we also plan to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to obtain an assessment of the effectiveness of our internal controls over financial reporting from our independent registered public accounting firm pursuant to Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. We cannot predict if investors will find shares of our Common Stock less attractive because we rely on these exemptions. If some investors find shares of our Common Stock less attractive as a result, there may be a less active market for our shares of Common Stock and our share price may be more volatile.

***Future sales of shares by existing stockholders could cause our stock price to decline.*** 

If our stockholders sell or indicate an intention to sell substantial amounts of Common Stock in the public market, the trading price of the Common Stock could decline. In addition, shares underlying any options or RSUs will become eligible for sale if exercised or settled, as applicable, and to the extent permitted by the provisions of various vesting agreements and Rule 144 of the Securities Act. All the shares of Common Stock subject to stock options outstanding and reserved for issuance under our equity incentive plans are registered on the Registration Statement on Form S-8 under the Securities Act and such shares are eligible for sale in the public markets, subject to Rule 144 limitations applicable to affiliates. If these additional shares are sold, or if it is perceived that they will be sold in the public market, the trading price of the Common Stock could decline.

***If securities or industry analysts either do not publish research about us or publish inaccurate or unfavorable research about us, our business or our market, or if they change their recommendations regarding our Common Stock adversely, the trading price or trading volume of the Common Stock could decline.*** 

The trading market for our Common Stock is influenced in part by the research and reports that securities or industry analysts may publish about us, our business, our market or our competitors. If one or more of the analysts initiate research with an unfavorable

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rating or downgrade the Common Stock, provide a more favorable recommendation about our competitors, or publish inaccurate or unfavorable research about our business, the trading price of our Common Stock would likely decline. In addition, we currently expect that securities research analysts will establish and publish their own periodic projections for our business. These projections may vary widely and may not accurately predict the results actually achieved by us. Our stock price may decline if our actual results do not match the projections of these securities research analysts. While we expect research analyst coverage of us, if no analysts commence coverage of it, the trading price and volume for our Common Stock could be adversely affected. If any analyst who may cover us were to cease coverage or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the trading price or trading volume of our Common Stock to decline.

***Delaware law and provisions in our Charter and Bylaws could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our Common Stock.*** 

Our Charter and Bylaws contain provisions that could depress the trading price of our Common Stock by acting to discourage, delay, or prevent a change of control or changes in our management that our stockholders may deem advantageous. These provisions include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a classified board of directors such that not all members of the Board are elected at one time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the right of the Board to establish the number of directors and fill any vacancies and newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•director removal by stockholders solely for cause and with the affirmative vote of at least a majority of the voting power of the then-outstanding shares of capital stock entitled to vote generally in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"blank check" preferred stock that the Board could use to implement a stockholder rights plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the right of the Board to issue authorized but unissued Common Stock and Preferred Stock without stockholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no ability of the stockholders to call special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no right of the stockholders to act by written consent, which requires all stockholder actions to be taken at a meeting of the stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limitations on the liability of, and the provision of indemnification to, our directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the right of the Board to make, alter, or repeal our Bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•advance notice requirements for nominations for election to the Board or for proposing matters that can be acted upon by stockholders at annual stockholder meetings.

Any provision of our Charter or Bylaws that has the effect of delaying or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of Common Stock, and could also affect the price that some investors are willing to pay for Common Stock.

***Our Charter provides that the Court of Chancery of the state of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.*** 

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may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions, and there can be no assurance that such provisions will be enforced by a court in those other jurisdictions. If a court were to find the exclusive-forum provision contained in our Charter to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business.

***Our ability to timely raise capital in the future may be limited, or may be unavailable on acceptable terms, if at all. Our failure to raise capital when needed could harm our business, operating results and financial condition. Debt or equity issued to raise additional capital may reduce the value of our Common Stock.*** 

We cannot be certain when or if our operations will generate sufficient cash to fund our ongoing operations or the growth of our business. We currently intend to continue to make investments to support our current business and may require additional funds to respond to business challenges, develop new features or enhance our software, improve our operating infrastructure or acquire complementary businesses and technologies. Additional financing may not be available on favorable terms, if at all. If adequate funds are not available on acceptable terms, we may be unable to invest in future growth opportunities, which could harm our business, operating results and financial condition. If we incur additional debt, the new and existing debt holders could have rights senior to holders of Common Stock to make claims on our assets or cash flows. The terms of any additional debt could further restrict our operations. If we issue additional equity securities, stockholders will experience dilution, and the new equity securities could have rights senior to those of Common Stock. Because the decision to issue securities in the future offering will depend on numerous considerations, including factors beyond our control, we cannot predict or estimate the amount, timing or nature of any future issuances of debt or equity securities. As a result, stockholders will bear the risk of future issuances of debt or equity securities reducing the value of their Common Stock or diluting their interest, as applicable.

***We may issue additional shares of Common Stock or other equity securities without your approval, which would dilute your ownership interests and may depress the market price of our Common Stock.*** 

We may issue additional shares of Common Stock or other equity securities of equal or senior rank in the future in connection with, among other things, future acquisitions or repayment of outstanding indebtedness, without stockholder approval, in a number of circumstances.

Our issuance of additional shares of Common Stock or other equity securities of equal or senior rank would have the following effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•existing stockholders' proportionate ownership interest would decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount of cash available per share, including for payment of dividends (if any) in the future, may decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relative voting strength of each previously outstanding share of Common Stock may be diminished; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the market price of our Common Stock may decline.

***We do not intend to pay dividends for the foreseeable future.*** 

We intend to retain any future earnings to finance the operation and expansion of our business and do not expect to declare or pay any dividends in the foreseeable future. In addition, our Loan Agreements contain restrictions on our ability to pay dividends, and any additional debt incurred by the Company or any of our subsidiaries in the future may include similar restrictions. As a result, stockholders must rely on sales of their Common Stock after price appreciation as the only way to realize any future gains on their investment.

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**Item 1B. Unresolved Staff Comments.**

None.

**Item 1C. Cybersecurity.**

At Urgently, we understand the paramount importance of cybersecurity in safeguarding our operational integrity, customer information, and proprietary data. Our commitment to cybersecurity excellence involves a comprehensive approach to risk management and the continual enhancement of our cybersecurity protocols to address the dynamic nature of cyber threats.

**Board Oversight and Cybersecurity Governance** 

Our cybersecurity strategy is firmly anchored in a governance structure that emphasizes board oversight. The Board of Directors work to ensure our cybersecurity posture and cybersecurity risks are adequately evaluated and managed in alignment with our business objectives. To this end, the Board receives regular updates on our critical cybersecurity initiatives, risk management practices, and incident response measures. This oversight ensures that cybersecurity remains a top priority at the executive level and that strategic decisions reflect our commitment to safeguarding our digital assets.

The Board is supported by the Cybersecurity Risk Committee, a specialized group that includes senior executives and departmental representatives from IT, legal, human resources, and operations. This committee is charged with the development of cybersecurity policies, evaluation of defense mechanisms, and oversight of the company's response to cyber incidents.

Our Cybersecurity Risk Committee, led by our Chief Executive Officer, receives input from third party cybersecurity risk advisors that bring decades of experience in designing, implementing, and managing cyber security risk programs. They are experts in the assessment, identification, and management of cybersecurity risk. Our Cybersecurity Risk Committee members meet and collaborate regularly with our information technology and operations teams, stay abreast of industry trends and relevant regulations, and regularly inform management of various cybersecurity risks, trends, threats, and countermeasure techniques.

**Cybersecurity Risk Management Program**

Our Cybersecurity Risk Management Program is designed around the Center for Internet Security (CIS) Controls version 18. The CIS Controls offer a strategic framework that directs our implementation of effective cybersecurity defenses across 18 critical areas, ranging from asset management to data protection and network security.

A cornerstone of our cybersecurity governance is the annual performance of a comprehensive cybersecurity risk assessments performed by a third party cybersecurity advisory firm which helps us to design and implement our cybersecurity policies and procedures, as well as monitor and test our safeguards. The insights gained from these assessments inform the continuous refinement of our cybersecurity strategies and defense mechanisms. As a core component of our risk management process, all employees are required to participate in annual information security training.

We engage third parties annually to evaluate our information security posture, risks and third-party service provider solutions as part of our overall risk management activities. We maintain an inventory of vendors and third-party service providers and evaluate those service providers for cybersecurity risks annually at a minimum.

**Cybersecurity Incidents and Responses**

As of the date of this Annual Report on Form 10-K, we have not identified any risks from cybersecurity threats that have materially impacted our Company, our business operations, and our financial condition. Recognizing the potential impact of significant disruptions, we remain committed to fortify our systems against evolving threats. Any significant disruption to our ability to transact business could adversely affect our business performance as well as our reputation. For additional detail about the cybersecurity risks facing our Company, and whether they are reasonably likely to affect our Company, please see the discussion in Item 1A, "Risk Factors."

Our commitment to cybersecurity resilience includes an ongoing monitoring program and a well-defined incident response plan that provides guidelines for mitigating the impact of cyber threats. These processes are periodically reviewed and updated to address emerging threat intelligence and other matters.

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**Future Directions**

Looking ahead Urgently is dedicated to maintaining a vigilant stance against cyber threats. We will continue to invest in cutting-edge cybersecurity technologies, enhance our staff training programs, and foster collaborations with leading cybersecurity experts. Our board-driven, proactive approach to cybersecurity risk management is integral to our mission of delivering unparalleled value to our customers, employees, and shareholders, safeguarding our reputation, and ensuring the long-term success of our Company.

**Item 2. Properties.**

Our headquarters are located in Ashburn, Virginia, where we lease office space on a month to month basis.

We believe that our facilities meet our needs for the immediate future and expect that, should it be needed, additional space will be available to accommodate any future expansion of our operations.

**Item 3. Legal Proceedings.**

From time to time, we may become involved in actions, claims, suits and other legal proceedings arising in the ordinary course of our business, including assertions by third parties relating to breaches of contract, employment-related matters or intellectual property infringement as well as governmental and other regulatory investigations and proceedings. We are not currently a party to any actions, claims, suits or other legal proceedings the outcome of which, if determined adversely, would individually or in the aggregate have a material adverse effect on our business, financial condition or results of operations. Future litigation may be necessary to defend ourselves, our partners, and our customers by determining the scope, enforceability, and validity of third-party proprietary rights, or to establish our proprietary rights. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

**Item 4. Mine Safety Disclosures.**

Not applicable.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

***Market Information and Holders***

Our Common Stock was delisted from The Nasdaq Stock Market LLC on March 18, 2026. Concurrently, our Common Stock became quoted on the OTCQB. We continue to trade under the symbol "ULYX."

As of March 25, 2026, we had 47 holders of record of our common stock. The actual number of holders is greater than this number of record holders and includes holders who are beneficial owners but whose shares are held in street name by brokers and other nominees.

***Dividend Policy***

We have never declared or paid cash dividends on our capital stock and do not anticipate paying any cash dividends in the foreseeable future. We intend to retain all available funds and any future earnings for use in the operation of our business. Notwithstanding the foregoing, any determination to pay cash dividends will be at the discretion of the Board and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors the Board deems relevant.

***Issuer Purchases of Securities***

None.

**Item 6. [Reserved]**

Not applicable.

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K. The following discussion and analysis contains historical financial information and forward-looking statements regarding our expectations of future performance, liquidity and capital resources, our plans, estimates, beliefs and expectations that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated or implied in these forward-looking statements as a result of many factors, including those discussed in the sections titled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in this Annual Report on Form 10-K.*

*Unless the context otherwise requires, all references in this section to the "Company," "Urgently," "we," "us," or "our" refer to (a) the business of Urgent.ly Inc. and its subsidiaries prior to the October 19, 2023 merger with Otonomo Technologies Ltd. or (b) Urgent.ly Inc. together with its consolidated subsidiaries, after the consummation of that merger.*

**Proposed Agreement and Plan of Merger**

On March 13, 2026, we entered into the Merger Agreement with Parent and Purchaser. The Merger Agreement provides for, among other things: (i) the acquisition of all of our issued and outstanding Common Stock, by Parent through a cash tender offer by Purchaser, for the Offer Price, payable in cash at closing, without interest and subject to any required withholding of taxes, and after satisfaction of outstanding indebtedness; and (ii) after the completion of the Offer, the satisfaction or waiver of certain conditions set forth in the Merger Agreement and in accordance with the DGCL, the merger of Purchaser with and into us with us surviving the Merger as a wholly owned subsidiary of Parent, without a meeting or vote of our stockholders.

We anticipate that the Offer and the Merger contemplated under the Merger Agreement will be consummated in the first half of 2026. However, there can be no assurance that the Offer and the Merger contemplated by the Merger Agreement will be completed.

If the Merger is effected, our obligation to file periodic reports under the Exchange Act will terminate, and we will be privately held.

**Nasdaq Delisting**

Our Common Stock was suspended from The Nasdaq Stock Market LLC on March 18, 2026. Concurrently, our Common Stock became quoted on the OTCQB. We continue to trade under the symbol "ULYX."

**Overview** 

We are a leading connected mobility assistance software platform, matching vehicle owners and operators with service professionals who deliver traditional roadside assistance, proactive maintenance and repair services. The traditional experience of a vehicle breakdown is often stressful and inconvenient for stranded drivers, compounded by processes that lack transparency and lead to long wait times. We offer an innovative alternative to this traditional experience, leveraging our digitally native software platform to match supply and demand in our network and deliver exceptional mobility assistance experiences at scale.

We offer a digitally native software platform that combines location-based services, real-time data, AI and machine-to-machine communication to deliver quick, safe and innovative roadside assistance services for leading brands across the automotive and insurance industries, and other transportation-focused verticals. We collect signals from distressed vehicles and match those needs with local roadside assistance professionals to create a connected service network. Our platform enables our partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty. With 58 Customer Partners and more than 74,300 participating Service Provider vehicle drivers in our network as of December 31, 2025, we deliver innovative, transparent and exceptional connected mobility assistance experiences at scale.

We generate substantially all of our revenue from our Customer Partners, who contract with us to fulfill roadside assistance service requests for Consumers. We connect Consumers with nearby Service Providers who provide the requested roadside assistance. We enter into multi-year contracts with our Customer Partners, which are typically three years, and we generate revenue on a per-incident basis, including negotiated rates customized for each Customer Partner. We also generate revenue from Customer Partner membership programs, which are typically offered to Consumers through an out-of-warranty vehicle maintenance program or bundled with other subscription membership offerings, on a fixed fee basis. We recognize subscription revenue from our Customer Partner membership programs ratably over the term of service, which is typically one year. We also offer our platform as a SaaS solution to enable certain of our Customer Partners' roadside assistance services. We believe the integration of Otonomo's Mobility Platform has further enhanced the customer service experience for Consumers on our platform by improving data capabilities,

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features, and data ingest capacity. We recognize revenue from our SaaS offering ratably over the life of the contract, which is typically one to three years. We make payments to our Service Providers on a per-job basis, typically within three weeks from job completion.

Our Sales and Partner Management Department works closely with our Customer Partners to ensure that Consumers receive an exceptional assistance experience, and we have a strong track record in Customer Partner retention, Consumer satisfaction with our platform and the reliability of our service. Prospective Customer Partners typically engage us for a pilot program and enter into a multi-year contract once they are satisfied with our platform's performance. As Customer Partner contracts expire, we typically undergo a request-for-proposal process for each contract renewal. While we employ a targeted marketing program, many of our new Customer Partners are referred to us by satisfied existing Customer Partners.

**Key Factors Affecting Our Performance**

***New Customer Partner Acquisition***

Our ability to add and retain Customer Partners is a key factor in our ability to generate new revenue, grow existing accounts, improve margins and push towards profitability. We attract enterprises seeking frictionless, digital roadside assistance solutions for Consumers with our emphasis on a well-designed and easy-to-use interface. Due to the relative concentration of the mobility assistance market, new Customer Partner acquisition can result in significant expansion of our footprint within the market.

We believe the continued focus on exceptional Consumer experiences will continue to drive demand for our platform and broaden our number of Customer Partners. Historically, our ability to engage new Customer Partners has been limited primarily by our ability to effectively service the existing demand. However, as our Service Provider network grows and our support capabilities are streamlined and automated, we anticipate that our platform capabilities will also grow to meet the demands of new Customer Partners.

During 2025, we were successful in renewing four existing Customer Partners and launching four new Customer Partners in 2025, three of which were also signed in 2025. In addition, we continued the ramp of the new Customer Partner and Customer Partner expansion we announced and launched in late 2024. As we continue to cycle through the December 31, 2024 to December 31, 2025 year-over-year comparisons, our results continue to be impacted by one Customer Partner accounting for approximately 25% of our revenue in 2023 did not renew its agreement with us when the existing contract expired by its terms on January 31, 2024. Additionally, in October 2024, we were informed that another Customer Partner, a top five global OEM, shifted strategy and would no longer provide mobile technical support using our software resulting in a contract wind-down in December 2024. This Customer Partner accounted for less than 5% of our revenue in 2024.

***Continued Investment in Innovation***

Our success depends, in part, on our ability to sustain innovation and maintain a competitive advantage in the verticals in which we operate and expand to meet new and evolving needs in roadside and mobility assistance. We believe that the emerging need for mobility assistance is a transformational opportunity that will bridge historically siloed and fragmented industries including insurance, collision, vehicle sales and service, the automotive aftermarket and logistics. These market transformations are creating new opportunities for roadside assistance providers to extend services into adjacent markets to increase revenue opportunities. We believe that our platform is differentiated from other offerings and has broad applicability to a variety of use cases, and we will continue to invest in developing and enhancing platform features and functionality to further extend adoption of our platform. We expect to continue to invest in research and development efforts to broaden the functionality of our platform, improve the value of our offering to our Customer Partners, and incorporate additional offerings. We will also continue to evaluate from time to time, strategic opportunities to acquire or invest in businesses, offerings, technologies or talent that we believe could complement or expand our platform, enhance our technical capabilities, or otherwise provide potential growth opportunities.

***Investing in Business Growth*** 

Our ability to support our existing Customer Partners and engage with new Customer Partners is impacted by our ability to rapidly scale and expand. Historically, we have been resource constrained and unable to commit to technology improvements because of our incremental funding history. We are now focused on investing in our proprietary technology, machine learning and data analytics models in order to streamline and digitize the high-touch aspects of our operations. These investments will enable us to optimize our Service Provider supply models, calibrate Service Provider pricing and streamline our operational processes. Our ability to manage expenses, and to effectively invest our resources to enable a better Consumer experience, will impact our operating results and future profitability. We expect to continue reducing our operating expenses and, over the longer term, we anticipate fluctuations in operating expenses will align with targeted investments in growth.

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In 2025, we capitalized $5.4 million in costs associated with internal development of our technology platform and Customer Partner implementations and expect to invest approximately $5.0 to $6.0 million during 2026.

***Seasonality*** 

We experience seasonality in monetization on our platform. Historically, we generate higher levels of roadside assistance service requests during the summer and winter, when a greater proportion of Consumers are traveling for holidays. Seasonality can drive variances in both service event volume and service network costs.

We have also experienced increased roadside assistance service requests during periods of economic downturn. During these times Consumers may be less likely to allocate resources to vehicle maintenance, and we have observed that delaying vehicle maintenance typically increases the likelihood of a vehicle breakdown.

**Key Business Metrics** 

We regularly monitor a number of operating metrics, including the following key metrics, in order to measure our current performance and estimate our future performance.

***Consumer Ratings*** 

Exceptional Consumer service is a cornerstone of our business. We measure Consumer sentiment through a variety of surveys but primarily measure completed jobs on a 1-to-5-star scale, with 5 stars being the highest. We have historically averaged 4.5 out of 5 stars. We are proud of how highly Consumers rate their service experiences with us given the fact that no one aspires to have a breakdown. It's often stressful, nearly always unexpected, and often unsafe. Our aspirational goal is 100% Consumer satisfaction. We use Consumer ratings to improve the service experience by improving networks, technology, and training. For the years ended December 31, 2025 and 2024, our CSAT was 4.6 and 4.5, respectively.

***Number of Dispatches*** 

We believe that our ability to increase the number of dispatches is an indicator of our Customer Partner penetration, the growth of our business and potential future business opportunities. We define the number of dispatches as the number of completed service requests in a given period. As our Customer Partner base grows and usage of our platform expands, we do not expect to continue to grow at the same year-over-year rate. Additionally, we expect the number of dispatches to fluctuate as seasonality is reflected on a period-over-period basis, as the summer and winter months typically contain more Consumer travel and roadside assistance events.

For the years ended December 31, 2025 and 2024, we completed approximately 0.8 million and 0.9 million dispatches, respectively.

**Non-GAAP Financial Measures** 

In addition to our financial information presented in accordance with GAAP, we believe the following non-GAAP financial measures are useful to investors in evaluating our operating performance. We use the following non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that the non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. The non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as a tool for comparison. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliations of the non-GAAP financial measures to our most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

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***Non-GAAP Operating Expenses*** 

We define non-GAAP operating expenses as operating expenses, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs. We use non-GAAP operating expenses in conjunction with GAAP financial measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with the Board concerning our financial performance.

The following table provides a reconciliation of non-GAAP operating expenses to the most comparable GAAP measure, operating expenses, for each of the periods presented:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Operating expenses | $41649 | $58753 |
| &nbsp;&nbsp;Less: Depreciation and amortization expense | (4569) | (4227) |
| &nbsp;&nbsp;Less: Stock-based compensation expense | (1504) | (2359) |
| &nbsp;&nbsp;Less: Non-recurring transaction costs | (2068) | (1651) |
| &nbsp;&nbsp;Less: Restructuring costs | (465) | (1756) |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating expenses | $33043 | $48760 |

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***Non-GAAP Operating Loss***

We define non-GAAP operating loss as operating loss, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs. We use non-GAAP operating loss in conjunction with GAAP financial measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with the Board concerning our financial performance.

The following table provides a reconciliation of non-GAAP operating loss to the most comparable GAAP measure, operating loss, for each of the periods presented:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Operating loss | $(8873) | $(27194) |
| &nbsp;&nbsp;Add: Depreciation and amortization expense | 4569 | 4227 |
| &nbsp;&nbsp;Add: Stock-based compensation expense | 1504 | 2359 |
| &nbsp;&nbsp;Add: Non-recurring transaction costs | 2068 | 1651 |
| &nbsp;&nbsp;Add: Restructuring costs | 465 | 1756 |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating loss | $(267) | $(17201) |

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**Components of Results of Operations** 

***Revenue*** 

We generate substantially all of our revenues from roadside assistance services ("RAS") initiated through our software platform primarily in the United States and Canada. We contract with Customer Partners to provide the outsourced delivery for all or portions of their roadside assistance plans for Consumers. We manage the entire RAS process after receiving the initial motorist distress call or web-based request through final disposition. We currently operate under two different service models for our Customer Partners: (i) full-service outsourcing of RAS-flat rate and (ii) full-service outsourcing of RAS-claim cost pass-through.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Full-service outsourcing of RAS-flat rate*. In connection with our full-service flat-rate arrangements, we negotiate fixed rates with subcontract Service Providers and charge Customer Partners or Consumers fixed rates based on each service provided (per tow, per jump start, etc.) As a result, we record these revenues on a gross basis and the costs related are recorded as part of cost of service. We recognize these revenues over time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Full-service outsourcing of RAS-claim cost pass-through*. In connection with our full-service claim cost pass-through arrangements, we negotiate a flat dispatch fee directly with our Customer Partners which is combined with the variable cost of subcontracted services. We act as an agent in these transactions and record only the flat dispatch fee as revenue. We recognize these revenues over time.

For additional discussion related to our revenue, see Note 2 *"Summary of Significant Accounting Policies - Revenue Recognition"* and Note 4 "*Revenue"* to our audited consolidated financial statements for the years ended December 31, 2025 and 2024 contained in this Annual Report on Form 10-K.

***Cost of Revenue*** 

Cost of revenue, exclusive of depreciation and amortization, consists primarily of fees paid to Service Providers. Other costs included in cost of revenue are specifically the technology hosting and platform-related costs, certain personnel costs related to direct call center support to Consumers as part of platform authentication, and amortization of costs to fulfill.

***Gross Profit and Gross Margin***

Gross profit represents revenue less cost of revenue, and gross margin is gross profit expressed as a percentage of revenue. Our gross margin may fluctuate from period to period as our revenue fluctuates and has been and will continue to be affected by various factors, including seasonality, mix of services provided, Customer Partner pricing and Service Provider costs. We expect our gross profit to increase and our gross margin to increase modestly over the long term due to platform enhancements resulting in more cost effective and competitive Service Provider costs, although our gross margins could fluctuate from period to period depending on the interplay between the factors described above.

***Research and Development*** 

Research and development expenses primarily consist of compensation expenses, including equity-based compensation, for engineering, product development, product management and design employees, expenses associated with ongoing improvements to, and maintenance of, our platform offerings and other technology. Research and development expense also includes software expenses and technology consulting fees.

***Sales and Marketing*** 

Sales and marketing expenses primarily consist of compensation expenses, including equity-based compensation, in support of new business capture, Customer Partner management and marketing such as commissions, salaries, and related benefits. Sales and marketing expense also includes expenses associated with advertising, promotions of our services, Customer Partner advocacy management and brand-building.

***Operations and Support*** 

Operations and support expenses primarily consist of compensation expenses, including equity-based compensation, in support of customer support operations such as salaries, related benefits, contractors we use to manage customer support workload and related technology costs to support such operations. Operations and support expenses also include expenses associated with Service Provider network management.

***General and Administrative*** 

General and administrative expenses primarily consist of compensation expenses, including equity-based compensation and related benefits for our executive, finance, human resources, information technology, legal and other personnel performing administrative functions. General and administrative expense also includes corporate office rent expense, third-party professional fees, public company expenses and any other cost or expense incurred not deemed to be related to cost of revenue, sales and marketing expense, research and development expense, or operations and support expense.

***Depreciation and Amortization*** 

Depreciation and amortization expenses primarily consist of depreciation of capitalized property, equipment and software and amortization of acquired finite-lived intangible assets and capitalized software costs.

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***Other Income (Expense), net*** 

Other income (expense), net primarily includes the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest expense, which consists primarily of interest expense associated with our outstanding debt, including accretion of debt discount and lender fees and amortization of debt financing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest income, which consists primarily of interest earned on cash equivalents, short-term deposits and marketable securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Change in fair value of derivative liability, which represents gains or losses resulting from fluctuations in the fair value of embedded derivative liabilities associated with contingently issuable shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Change in fair value of accrued purchase consideration, which represents gains or losses resulting from fluctuations in the fair value of accrued purchase consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Loss on debt extinguishment, which represents gains or losses in connection with amendments to our debt agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Loss on divestiture, which represents the loss recognized in connection with the divestiture of Otonomo's wholly-owned subsidiary, The Floow Limited ("The Floow"), as part of our strategic effort to divest non-core assets and dedicate our resources to advancing our core business (the "Divestiture").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Income from equity method investment, which represents our 49% share of the net earnings of The Floow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other income (expense), net, which primarily represents foreign currency exchange gains and losses relating to the exchange rate differences arising from the settlement of transactions in foreign currencies other than our international subsidiaries' functional currency of the U.S. dollar.

***Income Tax Expense (Benefit)***

Income tax expense or benefit is related to the provision for federal, state and foreign taxes imposed upon our results of operations.

**Results of Operations** 

The following table is a summary of our consolidated statements of operations data for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Total revenue | $129194 | $142905 |
| Cost of revenue | 96418 | 111346 |
| &nbsp;&nbsp;Gross profit | 32776 | 31559 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Research and development | 7210 | 13932 |
| &nbsp;&nbsp;Sales and marketing | 2917 | 5870 |
| &nbsp;&nbsp;Operations and support | 9750 | 13436 |
| &nbsp;&nbsp;General and administrative | 17203 | 21288 |
| &nbsp;&nbsp;Depreciation and amortization | 4569 | 4227 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 41649 | 58753 |
| &nbsp;&nbsp;&nbsp;Operating loss | (8873) | (27194) |
| Other expense, net | (13439) | (15586) |
| &nbsp;&nbsp;Loss before income taxes | (22312) | (42780) |
| Provision for income taxes | (1885) | 1247 |
| &nbsp;&nbsp;Net loss | $(20427) | $(44027) |

---

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The following table is a summary of our consolidated statements of operations data expressed as a percentage of revenue for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Total revenue | 100% | 100% |
| Cost of revenue | 75% | 78% |
| &nbsp;&nbsp;Gross margin | 25% | 22% |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Research and development | 6% | 10% |
| &nbsp;&nbsp;Sales and marketing | 2% | 4% |
| &nbsp;&nbsp;Operations and support | 8% | 9% |
| &nbsp;&nbsp;General and administrative | 13% | 15% |
| &nbsp;&nbsp;Depreciation and amortization | 4% | 3% |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 32% | 41% |
| &nbsp;&nbsp;&nbsp;Operating loss | (7)% | (19)% |
| Other expense, net | (10)% | (11)% |
| &nbsp;&nbsp;Loss before income taxes | (17)% | (30)% |
| Provision for income taxes | (1)% | 1% |
| &nbsp;&nbsp;Net loss | (16)% | (31)% |

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***Comparison of the Years Ended December 31, 2025 and 2024***

***Revenue*** 

Revenue decreased by $13.7 million, or 10%, to $129.2 million in the year ended December 31, 2025 from $142.9 million in the year ended December 31, 2024. The decrease was primarily driven by a decrease in dispatch volumes resulting from the December 2024 contract wind down of the Customer Partner, a top five global OEM, that shifted strategy and would no longer provide mobile technical support using our software which accounted for a $6.4 million reduction in revenue, a reduction in Otonomo revenue of $4.8 million from the Divestiture, the decrease in dispatch volumes from the one non-renewal of one auto manufacturer Customer Partner accounting for $4.5 million in revenue, a reduction in dispatch volume from existing accounts accounting for a $1.5 million reduction in revenue, and a $0.5 million reduction in revenue resulting from the OEM partner who went out of business. This was offset by an increase in dispatch volumes from our new Customer Partner launches and expansions which accounted for a $2.6 million increase in revenue.

***Cost of Revenue*** 

Cost of revenue decreased by $14.9 million, or 13%, to $96.4 million in the year ended December 31, 2025 from $111.3 million in the year ended December 31, 2024. The decrease was primarily related to an overall decline in dispatch volume resulting in an $11.8 million reduction in Service Provider fees, a reduction of $1.8 million in Otonomo cost of revenue due to the Divestiture in late 2024, and a reduction in first call support and platform costs in the amount of $1.3 million.

***Gross Profit***

Our gross profit for the year ended December 31, 2025 was $32.8 million, or a 25% margin, compared to $31.6 million, or a 22% margin, for the year ended December 31, 2024. Despite the reduction in dispatch volume, the increase in gross profit was driven primarily by an overall increase in revenue per dispatch as well as a reduction in service provider costs per dispatch for the year ended December 31, 2025.

***Operating Expenses*** 

*Research and Development* 

Research and development expense decreased by $6.7 million, or 48%, to $7.2 million in the year ended December 31, 2025 from $13.9 million in the year ended December 31, 2024. The reduction was primarily driven by a reduction of $4.2 million in Otonomo research and development costs, a $2.9 million reduction in employee and employee related expenses, a $0.1 million reduction in IT infrastructure costs, offset by a $0.5 million change in software capitalization expense. There were 70 and 76 research and development employees as of December 31, 2025 and 2024, respectively.

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As a percentage of total revenue, research and development expense decreased by 4% to 6% in the year ended December 31, 2025 from 10% in the year ended December 31, 2024 due to the reduction of Otonomo research and development costs and the implementation of operational efficiencies across the Company.

*Sales and Marketing* 

Sales and marketing expense decreased by $3.0 million, or 50%, to $2.9 million in the year ended December 31, 2025 from $5.9 million in the year ended December 31, 2024. The reduction was primarily driven by the reduction of $2.5 million in Otonomo sales and marketing expense and a $0.5 million reduction in employee-related expenses. There were 16 and 18 sales and marketing employees as of December 31, 2025 and 2024, respectively.

As a percentage of total revenue, sales and marketing expense decreased by 2% to 2% in the year ended December 31, 2025 from 4% in the year ended December 31, 2024 due to the reduction of Otonomo sales and marketing costs and the implementation of operational efficiencies across the Company.

*Operations and Support* 

Operations and support expense decreased by $3.7 million, or 27%, to $9.8 million in the year ended December 31, 2025 from $13.4 million in the year ended December 31, 2024. The decrease was primarily related to the continued migration of a portion of customer support representative resources from the United States to business process organizations located in Canada, Colombia and Jamaica, resulting in a cost reduction of $3.1 million, a reduction of employee-related costs of $0.7 million, offset by a slight increase in other costs of service of $0.1 million. There were 31 and 40 operations and support employees as of December 31, 2025 and 2024, respectively, and 179 and 189 customer support representative full-time employees as of December 31, 2025 and 2024, respectively.

As a percentage of total revenue, operations and support expense decreased by 1% to 8% in the year ended December 31, 2025 from 9% in the year ended December 31, 2024. The decrease was primarily driven by continued workforce and process optimization initiatives.

*General and Administrative* 

General and administrative expense decreased by $4.1 million, or 19%, to $17.2 million in the year ended December 31, 2025 from $21.3 million in the year ended December 31, 2024. The decrease was primarily related to the reduction of $2.3 million in Otonomo related general and administrative expenses, a $0.8 million reduction in professional services expense, a reduction in sales tax of $0.8 million related to the one-time sale tax expense that resulted from a multi-year tax audit, a $0.6 million reduction in bad debt expense, a $0.5 million reduction in employee-related expenses associated with executive level restructuring, a $0.4 million reduction in rent expense, a $0.3 million reduction insurance costs, and a $0.3 million reduction in IT infrastructure costs. These expense reductions were offset by a $1.2 million increase in transaction related expenses, a $0.5 million increase in board fees and expenses, and a $0.2 million increase in service fees. There were 40 and 48 general and administrative employees as of December 31, 2025 and 2024, respectively.

As a percentage of total revenue, general and administrative expense decreased by 2% to 13% in the year ended December 31, 2025 from 15% in the year ended December 31, 2024. The decrease was primarily driven by the reduction of Otonomo general and administrative expenses, the decrease in merger related expenses, and the implementation of operational efficiencies across the Company.

*Depreciation and Amortization* 

Depreciation and amortization expense increased by $0.3 million, or 8%, to $4.6 million in the year ended December 31, 2025 from $4.2 million in the year ended December 31, 2024. The increase was primarily due to amortization of capitalized software costs.

***Other Income (Expense), net*** 

Other expense, net decreased by $2.1 million, or 14%, to $13.4 million in the year ended December 31, 2025 from $15.6 million in the year ended December 31, 2024 due primarily to: a $3.3 million loss on the Divestiture in the prior year; a $1.4 million loss on debt extinguishment in the prior year; a $0.6 million decrease in interest expense; and $0.2 million in income from our equity investment in The Floow in the current year. These net expense decreases were offset by: a $1.0 million decrease in interest

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income; additional expense of $1.7 million resulting from changes in the fair values of derivative and purchase consideration liabilities; and $0.6 million in other expense related to foreign currency losses.

***Income Tax Expense (Benefit)***

Income tax benefit of $1.9 million for the year ended December 31, 2025 was due primarily to the prior year true-up of income tax for one subsidiary. Income tax expense of $1.2 million for the year ended December 31, 2024 was due primarily to interest earned by one subsidiary on an intercompany loan.

**Liquidity and Capital Resources** 

Due to our history of recurring losses from operations, negative cash flows from operations, and our dependency on debt and equity financing to fund operating shortfalls, we believe that the current cash on hand may not be sufficient to fund operations beyond twelve months from the date of issuance of the consolidated financial statements, and management concluded that there is substantial doubt about our ability to continue as a going concern. Refer to Note 1 *"Organization"* of our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. In addition, our independent registered public accounting firm has included an explanatory paragraph in their audit report for the year ended December 31, 2025 as to the substantial doubt about our ability to continue as a going concern. Our consolidated financial statements have been prepared in accordance with GAAP, which contemplates that we will continue to operate as a going concern. Our consolidated financial statements do not contain any adjustments that might result if we are unable to continue as a going concern.

As of December 31, 2025, we had a total of $5.3 million in liquid assets consisting of cash, cash equivalents and restricted cash. Our principal sources of liquidity have historically consisted of financing activities, including proceeds from the issuance of preferred stock, borrowings under debt financing arrangements and credit facilities, and operating activities. As of December 31, 2025, our principal debt balance totaled $64.4 million with maturity dates through July 31, 2026.

In January 2025, we amended our Structural Loan Agreement and Second Lien Loan Agreement to extend the maturity dates thereunder to February 15, 2025 and March 17, 2025, respectively. In February 2025, we amended our Structural Loan Agreement and Second Lien Loan Agreement to extend the maturity dates thereunder to February 28, 2025 and March 31, 2025, respectively.

In February 2025, we entered into the MidCap Credit Agreement in an aggregate principal amount not to exceed the lesser of a $20.0 million commitment amount and the available borrowing base thereunder. The available revolving loans were used to fully repay the amount outstanding under the Structural Loan Agreement, and the remainder of the available revolving loans were used for working capital needs and for general corporate purposes.

In February 2025, we also entered into an eighth amendment to the Second Lien Loan Agreement (the "Eighth Amendment"), to, among other things, (i) permit our entry into the MidCap Credit Agreement, (ii) modify the interest rate to permit the Company to pay interest in kind for a specified period of time at a rate of 16.0% per annum, and thereafter, pay interest in cash at a rate of 13.0% per annum, subject to certain conditions, (iii) extend the maturity date thereunder from March 31, 2025 to July 31, 2026 and (iv) provide for the payment of an amendment fee in an amount of $2.6 million at the earlier of the maturity date of the loan or the date the loan is paid off.

In February 2025, we also entered into a Purchase Agreement (the "Purchase Agreement") with the investors party thereto (the "Investors"). Pursuant to the Purchase Agreement, in consideration of the Eighth Amendment, we issued 113,170 shares of common stock (the "Eighth Amendment Premium Shares"). We also agreed that unless all Obligations (as defined in the Second Lien Loan Agreement) were repaid in full prior to July 1, 2025, we would issue 112,038 shares of common stock (the "Subsequent Eighth Amendment Premium Shares") to the Investors. On July 1, 2025, because certain Obligations were still outstanding, we issued the Subsequent Eighth Amendment Premium Shares to the Investors.

In February 2025, we and the Investors also entered into a Registration Rights Agreement (the "Registration Rights Agreement"), pursuant to which we have agreed to use our commercially reasonable efforts to file a registration statement with the SEC for the resale of the Eighth Amendment Premium Shares and any Subsequent Eighth Amendment Premium Shares. Under the Registration Rights Agreement, the Investors are also entitled to piggyback registration rights.

On March 13, 2026, we also entered into an Amendment to the MidCap Amendment to, among other things, (i) temporarily reduce the Minimum Liquidity Amount (as defined in the MidCap Credit Agreement), from $5,000,000 to $2,000,000 until the earliest of (a) the consummation of the Merger, (b) the date of occurrence of any Event of Default (as defined in the MidCap Credit Agreement) and (c) July 31, 2026. The maturity date under the MidCap Credit Agreement is the earlier of (a) February 26, 2028 or (b) 120 days prior to the maturity of the Second Lien Loan Agreement. Upon the effectiveness of the MidCap Amendment and the

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Ninth Amendment, the MidCap Credit Agreement will mature on July 31, 2026. The MidCap Amendment also provides for a $250,000 amendment fee, payable in five equal installments.

On March 13, 2026, we also entered into the Ninth Amendment to, among other things, (i) temporarily reduce the Minimum Liquidity Amount from $5,000,000 to $2,000,000 until the earliest of (a) July 31, 2026, (b) the date on which the Merger Agreement is amended, terminated or otherwise modified in a manner materially adverse to the Company or the Second Lien Loan Lenders and (c) the date of occurrence of an Event of Default (as defined in the Second Lien Loan Agreement), (ii) extend the maturity date thereunder from July 31, 2026 to November 28, 2026 and (iii) provide for the payment of the Second Lien Amendment Fee. The Ninth Amendment also provides for the waiver of (a) any interest accruing on the Term Loans from March 31, 2026 until the date of repayment of the Term Loans, and (b) the Amendment Fee, subject to certain conditions.

In July 2025, we filed a prospectus supplement to the prospectus which forms a part of our effective shelf registration statement on Form S-3 (File No. 333-288523), dated July 11, 2025, which registers the offering, issuance, and sale of up to $4,025,821 of common stock pursuant to the ATM Program. Through December 31, 2025, we sold 775,903 shares of common stock pursuant to the ATM Program and received proceeds, net of commissions and expenses, of $2.9 million.

Since inception, we have consistently maintained a working capital deficit, in which our current liabilities exceed our current assets. This is due to the nature of our business model, in that we pay our Service Providers generally within two to three weeks of performance, but our collection cycle is longer for most of our Customer Partners. Our cash needs vary from period to period primarily based on our growth: in periods of fast growth our cash needs are accelerated as we invest into the operations and servicing of new Customer Partners. Our cash needs can also vary from period to period depending upon the gross margin performance we are able to attain. Our primary liquidity needs are to fund working capital requirements, invest into our growth through spending on technology and people, and fund our debt service obligations. We believe factors that could affect our liquidity include our rate of revenue growth, changes in demand for our services, competitive pricing pressures, the timing and extent of spending on research and development and other growth initiatives, our ability to achieve further reductions in operating expenses, and overall economic conditions.

If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies, our competitive position could weaken, and our business and results of operations could be adversely affected. The incurrence of additional debt financing would result in debt service obligations, and any future instruments governing such debt could provide for operating and financing covenants that could restrict our operations. In addition, we may seek additional capital due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that our current liquidity is insufficient to fund future activities, we may need to raise additional funds. In the future, we may attempt to raise additional capital through the sale of equity securities or through debt financing arrangements.

For additional detail, see Note 9 *"Debt Arrangements"* and Note 17 *"Subsequent Events"* to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

**Contractual Obligations and Commitments** 

Our principal commitments consist of contractual cash obligations under our credit facilities, long-term debt and operating leases. Our obligations under our credit facilities and long-term debt are described in Note 9 *"Debt Arrangements"* and for further information on our leases, see Note 15 *"Leases"* of the consolidated financial statements contained elsewhere in this Annual Report on Form 10-K.

***Material Cash Requirements***

Our material cash requirements arising from known contractual and other obligations primarily relate to our obligations under our term loans, convertible notes, contingent purchase consideration and leases for our office locations. As of December 31, 2025, our principal contractual cash obligations consisted of the following:

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| | | | |
|:---|:---|:---|:---|
|  | **Next 12 Months** | **Beyond 12 Months** | **Total** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Term loans - principal | $46894 | $— | $46894 |
| Term loans - fees | 11239 |  | 11239 |
| Revolving credit facility | 13288 |  | 13288 |
| Convertible notes - principal | 4257 |  | 4257 |
| Convertible notes - interest | 2186 |  | 2186 |
| Contingent purchase consideration | 2756 |  | 2756 |
| Operating lease obligations | 24 |  | 24 |
|  | $80644 | $— | $80644 |

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**Cash Flows** 

The following table summarizes our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;Operating activities | $(7363) | $(30786) |
| &nbsp;&nbsp;Investing activities | (5159) | 24700 |
| &nbsp;&nbsp;Financing activities | 3632 | (18066) |
| &nbsp;&nbsp;&nbsp;Net decrease in cash, cash equivalents and restricted cash, excluding the impact of foreign currency exchange rate changes | $(8890) | $(24152) |

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***Operating Activities*** 

Net cash used in operating activities for the year ended December 31, 2025 was $7.4 million primarily due to a net loss of $20.4 million, excluding the impact of non-cash income totaling $19.1 million; an increase in other assets of $0.2 million; a decrease in accounts payable of $0.4 million; a decrease in long-term liabilities of $7.8 million; a decrease in deferred revenue of less than $0.1 million; and a decrease in lease liabilities of $0.3 million. Sources of cash from operating activities resulted from a decrease in accounts receivable of $0.9 million; a decrease in prepaid expenses and other current assets of $0.3 million; and an increase in accrued expenses of $1.6 million.

Net cash used in operating activities for the year ended December 31, 2024 was $30.8 million primarily due to a net loss of $44.0 million, excluding the impact of non-cash income totaling $17.3 million; an increase in prepaid expenses and other assets of $0.9 million; a decrease in accounts payable of $1.4 million; a decrease in accrued expenses of $5.5 million; a decrease in long-term liabilities of $4.6 million; a decrease in deferred revenue of $0.1 million; and a decrease in lease liabilities of $0.8 million. Sources of cash from operating activities resulted from a decrease in accounts receivable of $9.2 million.

***Investing Activities*** 

Net cash used in investing activities for the year ended December 31, 2025 was $5.2 million due to $0.2 million in purchases of equipment and software and $5.0 million in investments in capitalized software.

Net cash provided by investing activities for the year ended December 31, 2024 was $24.7 million due to proceeds of $32.3 million from the sale of marketable securities, offset by $1.6 million in purchases of equipment and software, $5.4 million in investments in capitalized software, and divested cash of $0.6 million in connection with the Divestiture.

During 2026, we expect to capitalize software costs associated with internal development and Customer Partner implementations between $5.0 million and $6.0 million.

***Financing Activities*** 

Net cash provided by financing activities for the year ended December 31, 2025 was $3.6 million due to $10.0 million in payments on the Structural Capital term loan, $2.6 million in payments of deferred financing fees related to the Second Lien Loan Agreement

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and MidCap Credit Agreement, $120.4 million in proceeds and $107.1 million in payments under the MidCap Credit Agreement, and net proceeds of $2.9 million from the issuance of common stock in connection with the ATM Program.

Net cash used in financing activities for the year ended December 31, 2024 was $18.1 million due to $17.5 million in payments on the Structural Capital term loan and $0.6 million in payments of deferred financing fees related to the Structural Loan Agreement and Second Lien Loan Agreement.

**Emerging Growth Company Status** 

As an "emerging growth company," the JOBS Act allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We have elected to use this extended transition period under the JOBS Act. As a result, our consolidated financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make our Common Stock less attractive to investors.

**Critical Accounting Estimates** 

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenue generated and expenses incurred during the reporting periods. We base our estimates on assumptions, both historical and forward-looking, that are believed to be reasonable. On an ongoing basis, we evaluate our estimates and assumptions. These estimates are inherently subject to judgment and actual results could differ materially from those estimates.

We believe that the following critical accounting policies reflect the more significant judgments, estimates and assumptions used in the preparation of our consolidated financial statements:

***Capitalized Software***

The Company incurs costs to develop, modify, or implement software for internal use as it delivers on significant contracts for which its product offering has expanded. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and expensed as incurred for preliminary project activities and post-implementation activities. Capitalized costs include external direct costs of materials and services consumed in developing or obtaining internal-use software, payroll and payroll-related costs for employees who are directly associated with the internal-use software project, and interest costs incurred, when material, while developing internal-use software. The Company uses a project-based approach to accumulate employee hours allocated to specific projects. Employees and contractors input their hours into a time-tracking system based on a reasonable estimate of time spent on each project. Capitalized costs are then calculated using an estimated burdened hourly rate.

For additional information on these critical accounting estimates and all other estimates in the preparation of the consolidated financial statements, see Note 2 *"Summary of Significant Accounting Policies"* of the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

**Recent Accounting Pronouncements** 

See Note 2 *"Summary of Significant Accounting Policies"* of the consolidated financial statements contained elsewhere in this Annual Report on Form 10-K for a description of new accounting standards.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk.**

We are a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise reported under this Item.

**Item 8. Financial Statements and Supplementary Data.**

Our consolidated financial statements appear in a separate section of this Annual Report on Form 10-K beginning on page F-1.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**

None.

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**Item 9A. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures** 

Our management, with the participation of our Principal Executive and Financial Officer, evaluated, as of the end of the period covered by this Annual Report on Form 10-K, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, and as a result of the material weaknesses in internal control over financial reporting described below, our Principal Executive and Financial Officer concluded that, as of December 31, 2025, our disclosure controls and procedures were not effective at the reasonable assurance level. In light of this fact, our management has performed additional analyses, reconciliations, and other post-closing procedures and has concluded that, notwithstanding the material weaknesses in our internal control over financial reporting, the consolidated financial statements for the periods covered by and included in this Annual Report on Form 10-K fairly state, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with GAAP.

**Management's Report on Internal Control Over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-13(f) and 15d-15(f) under the Exchange Act. Our management, with the participation of our Principal Executive and Financial Officer, conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025 based on the 2013 framework established in the "Internal Control-Integrated Framework," issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on the results of its evaluation, management has concluded that our internal control over financial reporting was not effective as of December 31, 2025 because of our previously-identified material weaknesses that have not been remediated as of December 31, 2025. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The previously identified material weaknesses are related to a lack of evidence of segregation of duties within the accounting and finance function and the design and maintenance of effective control over IT general controls for information systems and user privileges related to the applications relevant to the preparation of our consolidated financial statements.

**No Attestation Report of the Registered Public Accounting Firm**

This Annual Report on Form 10-K does not include an auditor attestation of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act because of our status as an "emerging growth company."

**Remediation Plan for Material Weaknesses in Internal Control Over Financial Reporting**

In order to remediate the previously-identified material weakness related to the design and maintenance of effective control over IT general controls for information systems and user privileges related to the applications relevant to the preparation of our consolidated financial statements, we are in the process of implementing our remediation plan, which includes steps to design and maintain new or revising existing controls to prevent or detect inappropriate user and privileged access to our IT systems.

We have made progress toward remediation of the previously-identified material weakness related to a lack of evidence of segregation of duties within the accounting and finance function. We are in the process of reorganizing our finance department, including the expansion of our accounting, control and compliance functions to develop and implement continued improvements and enhancements to address the overall deficiencies that led to the material weakness.

Our management believes that these actions will enable us to address the material weaknesses in a timely manner and maintain a properly designed and effective system of internal control over financial reporting and provide appropriate segregation of duties. However, these material weaknesses cannot be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

**Changes in Internal Control over Financial Reporting**

Other than the remediation efforts underway with respect to the material weaknesses described above, there were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the year ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**Inherent Limitations on Effectiveness of Controls and Procedures** 

Our management, including our Chief Executive and Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting were designed to provide reasonable assurance of achieving their objectives. However, management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Due to inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

**Item 9B. Other Information.**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

None.

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**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

The following table sets forth the names, ages as of March 27, 2026, and certain other information for each of our executive officer and directors:

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| | | |
|:---|:---|:---|
| **Name**  | **Age** | **Position(s)** |
| ***Executive Officer*** |  |  |
| Matthew Booth | 56 | Chief Executive Officer and Director |
| ***Non-Employee Directors*** |  |  |
| Gina Domanig (2)(3) | 62 | Director |
| Suzie Doran (1) | 52 | Director |
| James Micali (2)(3) | 78 | Chairman of the Board |
| Ryan Pollock (1) | 52 | Director |
| Alexandre Zyngier (1) | 56 | Director |

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(1)Member of audit committee

(2)Member of compensation committee

(3)Member of nominating and corporate governance committee

**Executive Officer**

*Matthew Booth.* Mr. Booth has served on our board of directors and as our Chief Executive Officer since August 2022. He has also served in several other roles at Urgent.ly since he joined the Company in 2018, including as Chief Strategy Officer from January 2019 to April 2019 and as Strategic Advisor from August 2018 to January 2019. Prior to joining Urgent.ly, Mr. Booth served as CEO and as an advisor at Connectivity, a customer intelligence solutions company, from July 2013 to July 2018 and in various roles at BIA Kelsey, a media research and consulting firm, from March 2006 to June 2013, including as Chief Strategy Officer and most recently as an advisor from July 2013 to March 2015. Mr. Booth received his B.S. in Business (Finance) from Babson College.

We believe that Mr. Booth is qualified to serve as a member of our board of directors based on his extensive experience in the software and technology space, his operational expertise and his leadership as our Chief Executive Officer.

**Non-Employee Directors**

*Gina Domanig*. Ms. Domanig has served on our board of directors since January 2020. She is currently the Managing Partner and CEO at Emerald Technology Ventures AG, a clean technology venture capital business that she founded in January 2000 (at that time, part of Sustainable Asset Management AG). Ms. Domanig was previously the Head of Mergers and Acquisitions at Sulzer AG, a Swiss industrial engineering and manufacturing firm, from 1990 to 2000. Ms. Domanig currently serves as a member of the board of directors of several privately-held, Emerald Technology Ventures portfolio companies, including Actnano Inc. and GeoDigital International Inc. Ms. Domanig also currently serves as a board member of Mobiliar Genossenschaft, a Swiss insurance company, and as Executive Co-Chair of Innovation at the World Energy Council. Ms. Domanig received her B.A. in Finance from Arizona State University and her MBA from the Thunderbird School of Global Management at Arizona State University and ESADE in Barcelona, Spain.

We believe that Ms. Domanig is qualified to serve on our board of directors due to her extensive experience in the industrial sector and her experience with investments in technology companies.

*Suzie Doran*. Ms. Doran has served on our board of directors since September 2023. She is a partner at SingerLewak, an accounting firm, where she has served since 2008. Prior to joining SingerLewak, Ms. Doran was a senior manager at Grant Thornton, LLP from 2004 to 2008, and previously worked at PwC from 1997 to 2004. Ms. Doran currently serves as the governance chair of the board of directors of PrimeGlobal and is the incoming chair of the board of directors of ACG Global. Ms. Doran received a B.A. in English and Economics with an emphasis in accounting from the University of California at Santa Barbara.

We believe that Ms. Doran is qualified to serve as a member of our board of directors based on her strong background in accounting and corporate finance and extensive experience advising public and private companies and boards, including working directly with audit committees in her capacity as an audit partner.

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*James Micali*. Mr. Micali has served on our board of directors since October 2017. He has been the Principal of Micali Advisory Services since October 2008. Mr. Micali has also been a member and limited partner of Azalea Fund III since 2008 and Azalea Fund IV since 2014, each of private equity firm Azalea Capital LLC. He served as Chairman and President of Michelin North America, Inc. from 1996 until his retirement in 2008. Following his retirement, Mr. Micali stayed on as a consultant to Michelin through 2009. From 1977 through 1996 he served in several positions at Michelin North America, Inc., including General Counsel and Executive Vice President of Legal and Finance. Since 2011, Mr. Micali has served as Chair and a member of the board of directors of GVD Corporation, a privately held company in the chemical and semiconductor chip industry. Mr. Micali previously served as a member of the board of directors of American Tire Distributors, Inc., a privately held company in the automotive parts and supplies industry, from 2018 through May 2025. He previously served as a member of the board of directors of Sonoco Products Company, a packing solutions company, from 2003 through June 2022, including service on Sonoco Products Company's audit committee and nominating and governance committee. Previously, he served on the board of directors of SCANA Corporation, Lafarge North America and Ritchie Bros. Auctioneers. Mr. Micali also previously served as a director of the South Carolina Ports Authority and chair of the South Carolina Chamber of Commerce. Mr. Micali received his B.A. from Lake Forest College and his J.D. from Boston College Law School.

We believe that Mr. Micali is qualified to serve as a member of our board of directors based on his extensive leadership experience in the automotive industry and corporate governance experience as a director of both privately-held and public companies.

*Ryan Pollock.* Mr. Pollock has served on our board of directors since November 2019. Mr. Pollock has been the Founder and Managing Partner of Unifi Ventures, LLC, a venture capital firm, since January 2025. He has also served as Managing Partner at Iron Gate Capital, LLC, a venture capital and private equity firm, since March 2013. Prior to joining Iron Gate Capital, LLC, Mr. Pollock was a managing director at Meritage Funds, a venture capital and private equity firm, from 2004 to 2013 and held several management positions at Investec Asset Management, a global investment company, from 1995 to 2002. Mr. Pollock currently serves as a member of the board of directors of several privately-held companies, including Liqid, Inc., RemoteLock, and HZO. He previously served as a member of the board of directors of Nogin, as well as Acustream, Integrated, Kapost and Central Logic. Mr. Pollock received his B.B.S. in Finance from the University of Cape Town in South Africa, a Diploma in Social Studies in International Economics, Politics and Philosophy from Oxford University and his MBA with a specialization in Venture Capital from the University of Texas at Austin.

We believe that Mr. Pollock is qualified to serve as a member of our board of directors based on his leadership experience, particularly in growth-stage companies.

*Alexandre Zyngier*. Mr. Zyngier has served on our board of directors since January 2025. Mr. Zyngier has served as the Managing Director and Founder of Batuta Capital Advisors LLC, a private investment and advisory firm, since 2013. He currently serves as a member of the board of directors of Beyond Meat Inc., a producer of plant based meat alternatives, Unifin Financiera SAB de CV, a Mexican finance company, Nu Ride Inc., a reorganized company pursuing certain caused of action and potential combinations or acquisitions, Slam Corp, a special purpose acquisition company, COFINA Puerto Rico, the taxing authority of Puerto Rico, Atari SA, a video game company, and certain other private entities. Mr. Zyngier previously served on the board of directors of Lazyday Holdings Inc., a recreational vehicle (RV) dealership group, Slam Corp, a special purpose acquisition company, Arrival SA, an electric vehicle manufacturer, Appvion Holding Corp, a private paper and packaging company, GT Advanced Technologies Inc., a private advanced materials company, Torchlight Energy Resources Inc., a public exploration and production company, Eileen Fisher Inc., a private retail company, AudioEye, Inc, a public software company, and certain other public and private companies. Mr. Zyngier received his MBA in Finance and Accounting from the University of Chicago.

We believe that Mr. Zyngier is qualified to serve on our board of directors based on his investment experience and corporate governance experience as a director of both privately-held and public companies.

**Delinquent Section 16(a) Reports**

Section 16(a) of the Exchange Act requires that our directors and executive officers, and persons who own more than 10% of our common stock, file reports of ownership and changes in ownership with the SEC. Based on our review of such filings and written representations from certain reporting persons that no Form 5 is required, we believe that during the fiscal year ended December 31, 2024, all directors, executive officers, and greater than 10% stockholders complied with all Section 16(a) filing requirements applicable to them on a timely basis.

**Composition of the Board**

Our board of directors currently consists of six directors, five of whom are independent under the listing standards of the OTCQB. Our board of directors is designated into three classes designated as Class I, Class II and Class III, each with a staggered three-year

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term. Thus, at each annual meeting of stockholders, a class of directors will be elected for a three-year term to succeed the class whose term is then expiring. Our directors are divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Class I directors are Gina Domanig and Ryan Pollock, and their terms will expire at the annual meeting of stockholders to be held in 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Class II directors are Suzie Doran and James Micali, and their terms will expire at the annual meeting of stockholders to be held in 2028; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Class III directors are Matthew Booth and Alexandre Zyngier, and their terms will expire at the annual meeting of stockholders to be held in 2026.

**Director Independence**

Our common stock is listed on the OTCQB but we adhere to the definition of independence prescribed by Nasdaq. Under Nasdaq rules, a company is required to maintain a board composed of a majority of independent directors as determined affirmatively by its board. Further, pursuant to Nasdaq rules, a director will only qualify as an independent director if, in the opinion of that listed company's board of directors, the director does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In addition, Nasdaq rules require that, subject to specified exceptions, each member of a company's audit, compensation, and nominating and corporate governance committees be independent.

Audit committee members must also satisfy the additional independence criteria set forth in Rule 10A-3 under the Exchange Act and compensation committee members must also satisfy the additional independence criteria set forth in Rule 10C-1 under the Exchange Act. There are additional Nasdaq rules applicable to audit committee and compensation committee members, as discussed further below.

Our board of directors has undertaken a review of the independence of each of our directors. Based on information provided by each director concerning their background, employment, and affiliations, our board of directors has determined that Mses. Domanig and Doran and Messrs. Micali, Pollock and Zyngier, representing five of our six directors, do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, and that each of these directors is an "independent director" as defined under Nasdaq rules. Mr. Booth is not considered to be an independent director under Nasdaq rules because of his position as our Chief Executive Officer and therefore has a material relationship with us.

In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances that our board of directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director and the transactions involving them described in "Item 13. Certain Relationships and Related Transactions, and Director Independence" of this Annual Report on Form 10-K.

There are no family relationships among any of our directors or executive officers.

**Board Leadership Structure**

Our corporate governance framework provides our board flexibility to determine the appropriate leadership structure for the Company, and whether the roles of chairman and Chief Executive Officer should be separated or combined. In making this determination, our board considers many factors, including the needs of the business, our board's assessment of its leadership needs from time to time, and the best interests of our stockholders.

Our board of directors is currently chaired by Mr. Micali. As a general policy, our board of directors believes that separation of the positions of chairman of our board of directors and Chief Executive Officer reinforces the independence of our board of directors from management, creates an environment that encourages objective oversight of management's performance and enhances the effectiveness of our board of directors as a whole. As such, Mr. Booth serves as our Chief Executive Officer while Mr. Micali serves as the chairman of our board of directors and is not an officer of the Company. We currently expect and intend the positions of chairman of our board of directors and Chief Executive Officer to continue to be held by two individuals in the future.

**Role of Board of Directors in Risk Oversight Process**

Risk is inherent with every business, and we face a number of risks, including strategic, financial, business and operational, legal and compliance and reputational. We have designed and implemented processes to manage risk in our operations. Management is responsible for the day-to-day management of risks the Company faces, while our board of directors, as a whole and assisted by its committees, has responsibility for the oversight of risk management, including risks from cybersecurity threats. Consistent with this

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approach, our board of directors reviews strategic and operational risk in the context of discussions, question and answer sessions, and reports from the management team at each regular board of directors meeting, receives reports on all significant committee activities at each regular board of directors meeting, and evaluates the risks inherent in significant transactions. As part of this approach, our board of directors considers both the materiality of a risk and its likelihood in making strategic decisions and helping management to prioritize resources.

In addition, our board of directors has tasked designated standing committees with oversight of certain categories of risk management. Our audit committee assists our board of directors in fulfilling its oversight responsibilities with respect to risk management in the areas of internal control over financial reporting and disclosure controls and procedures, legal and regulatory compliance, and also, among other things, discusses with management and the independent auditor guidelines and policies with respect to risk assessment and risk management. Our compensation committee assesses risks relating to our executive compensation plans and arrangements, and whether our compensation policies and programs have the potential to encourage excessive risk taking. Our nominating and corporate governance committee assesses risks relating to our corporate governance practices, the independence of the board of directors and potential conflicts of interest. These committees provide regular reports on the Company's risk management efforts to the full board of directors.

Our board of directors and its committees also engage outside advisors and experts from time to time to assist in understanding threats, trends, and our risk environment in general. Our board of directors believes its current leadership structure supports the risk oversight function of the board of directors.

**Committees of our Board of Directors**

Our board of directors has established the following standing committees of the board of directors: audit committee; compensation committee; and nominating and corporate governance committee. The composition and responsibilities of each of the committees of our board of directors is described below.

***Audit Committee***

The current members of our audit committee are Ms. Doran and Messrs. Zyngier and Pollock. Ms. Doran is the chairperson of our audit committee. While we are not currently subject to the Nasdaq rules regarding the composition of our audit committee, our board of directors has determined that each member of our audit committee meets the requirements for independence of audit committee members under the rules and regulations of the SEC and Nasdaq, and also meets the financial literacy requirements of Nasdaq rules. Our board of directors has determined that Ms. Doran is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K. Our audit committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•selecting, retaining, compensating, evaluating, overseeing and, where appropriate, terminating our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and approving the scope and plans for the audits and the audit fees and approving all non-audit and tax services to be performed by the independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluating the independence and qualifications of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing our financial statements, and discussing with management and our independent registered public accounting firm the results of the annual audit and the quarterly reviews;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management and our independent registered public accounting firm the quality and adequacy of our internal controls and our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•discussing with management our procedures regarding the presentation of our financial information, and reviewing earnings press releases and guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing the design, implementation and performance of our internal audit function, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•setting hiring policies with regard to the hiring of employees and former employees of our independent auditor and overseeing compliance with such policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing, approving and monitoring related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adopting and overseeing procedures to address complaints regarding accounting, internal accounting controls and auditing matters, including confidential, anonymous submissions by our employees of concerns regarding questionable accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management and our independent auditor the adequacy and effectiveness of our legal, regulatory and ethical compliance programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing procedures for employees to submit concerns anonymously about questionable accounting or audit matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing our policies on risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing compliance with our code of conduct;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing related party transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management and our independent auditor our guidelines and policies to identify, monitor and address enterprise risks.

Our audit committee operates under a written charter that satisfies the applicable rules and regulations of the SEC and Nasdaq. A copy of the charter of our audit committee is available on our website at investors.geturgently.com. During 2025, our audit committee held two meetings.

***Compensation Committee***

The current members of our compensation committee are Ms. Domanig and Mr. Micali. Ms. Domanig is the chairperson of our compensation committee. While we are not currently subject to the Nasdaq rules regarding the composition of our compensation committee, our board of directors has determined that each member of the compensation committee meets the requirements for independence for compensation committee members under the rules and regulations of the SEC and Nasdaq. Each member of the compensation committee is also a non-employee director, as defined under Rule 16b-3 promulgated under the Exchange Act ("Rule 16b-3"). Our compensation committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing, approving or making recommendations to our board of directors regarding, the compensation of our executive officers, including our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing, approving and administering our equity compensation plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establishing and reviewing the compensation plans and programs of our employees , and ensuring that they are consistent with our general compensation strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•making recommendations to our board of directors regarding non-employee director compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approving or making recommendations to the board of directors regarding the creation or revision of any clawback policy.

Our compensation committee operates under a written charter that satisfies the applicable rules and regulations of the SEC and Nasdaq. A copy of the charter of our compensation committee is available on our website at investors.geturgently.com. During 2025, our compensation committee held five meetings.

***Nominating and Corporate Governance Committee***

The current members of our nominating and corporate governance committee are Ms. Domanig and Mr. Micali. Mr. Micali is the chairperson of our nominating and corporate governance committee. Our board of directors has determined that each of the members of the nominating and corporate governance committee meets the requirements for independence for nominating and corporate governance committee members under Nasdaq rules. Our nominating and corporate governance committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and assessing and making recommendations to the board of directors regarding desired qualifications, expertise and characteristics sought of board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifying, evaluating, selecting or making recommendations to our board of directors regarding nominees for election to our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing policies and procedures for considering stockholder nominees for election to the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing our succession planning process for our Chief Executive Officer and any other members of our executive management team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and making recommendations to the board of directors regarding the composition, organization and governance of the board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•making recommendations to the board of directors regarding non-employee director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and making recommendations to our board of directors regarding our corporate governance guidelines and corporate governance framework;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing director orientation for new directors and continuing education for our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing the evaluation of the performance of the board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and monitoring compliance with our code of business conduct and ethics, and reviewing conflicts of interest of our board members and officers other than related party transactions reviewed by our audit committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administering policies and procedures for communications with the non-management members of the board of directors.

Our nominating and corporate governance committee operates under a written charter that satisfies the Nasdaq rules. A copy of the charter of our nominating and corporate governance committee is available on our website at investors.geturgently.com. During 2025, our nominating and corporate governance committee held three meetings.

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**Insider Trading Policy**

We have adopted an Insider Trading Policy governing the purchase, sale and/or other disposition of our securities by our directors, officers, employees and other covered persons. We believe this policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and Nasdaq rules. In addition, with regard to the Company's trading of its own securities, it is our policy to comply with federal securities laws and applicable exchange listing requirements. A copy of our Insider Trading Policy is filed as an exhibit to this Annual Report on Form 10-K.

**Practices with Regard to Timing of Equity Awards**

Our board of directors and our compensation committee do not take material nonpublic information into account when determining the timing and terms of equity grants. We do not have a policy or practice to time stock options based on the release of material non-public information. We did not grant stock options or stock appreciation rights to any of our named executive officers in 2025.

**Corporate Governance Guidelines and Code of Conduct**

Our board of directors has adopted corporate governance guidelines. These guidelines address, among other items, the qualifications and responsibilities of our directors and director candidates, the structure and composition of our board of directors and corporate governance policies and standards applicable to us in general. In addition, our board of directors has adopted a code of conduct that applies to all of our employees, officers and directors, including our Chief Executive Officer and other executive and senior financial officers. The full text of our corporate governance guidelines and code of conduct are available on our website at investors.geturgently.com. We will post amendments to our code of conduct or any waivers of our code of conduct for directors and executive officers on the same website.

**Item 11. Executive Compensation.**

**Processes and Procedures for Compensation Decisions**

To achieve our goals, we have designed, and intend to modify as necessary, our compensation and benefits program to attract, retain, incentivize and reward deeply talented and qualified executives who share our philosophy and desire to work towards achieving these goals.

Our compensation committee is responsible for the executive compensation programs for our executive officers and reports to our board of directors on its discussions, decisions and other actions. Our compensation committee reviews and approves corporate goals and objectives relating to the compensation of our Chief Executive Officer and other executive officers, evaluates the performance of our Chief Executive Officer and other executive officers in light of those goals and objectives and determines and approves the compensation of our Chief Executive Officer based on such evaluation.

The compensation committee is authorized to retain the services of one or more executive compensation and benefits consultants or other outside experts or advisors as it sees fit, in connection with the establishment of our compensation programs and related policies. During the fiscal year ended December 31, 2025, our compensation committee, on behalf of our board of directors, retained Pearl Meyer to provide it with market information, analysis, and other advice relating to executive and director compensation on an ongoing basis. Pearl Meyer does not provide any non-compensation related services to us.

Our named executive officers, consisting of our principal executive officer and two former executive officers, as of December 31, 2025, were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Matthew Booth, our Chief Executive Officer and Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Timothy Huffmyer, our former Chief Financial Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Michael H. Port, our former Chief Financial Officer.

Mr. Huffmyer served as our Chief Financial Officer during fiscal 2025 until June 6, 2025, and Mr. Port served as our Chief Financial Officer from June 6, 2025 until August 5, 2025. Given each of Mr. Huffmyer's and Mr. Port's service as an executive officer for a portion of fiscal 2025, Mr. Huffmyer and Mr. Port are included as named executive officers for the purposes of this Proxy Statement in compliance with applicable disclosure requirements; however, any references to "named executive officers" that relate to events, actions, decisions, or other matters that occurred before or after Mr. Huffmyer's or Mr. Port's service as our Chief Financial Officer should be read to exclude Mr. Huffmyer or Mr. Port, as applicable, unless specifically noted.

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**Summary Compensation Table**

The following table sets forth information regarding the compensation reportable for our named executive officers for the years ended December 31, 2025 and 2024, as determined under SEC rules:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($)** | **Stock**<br>**Awards**<br>**($)(1)** | **Non-Equity**<br>**Incentive Plan**<br>**Compensation**<br>**($)** | **All Other**<br>**Compensation**<br>**($)** | **Total**<br>**($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthew Booth<br>*Chief Executive Officer* | 2025 | 501923 | 126090 | 350000 | 10407 | 988420 |
|  | 2024 | 503846 | 108623 | - | 464 | 612934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Timothy Huffmyer<br>*Former Chief Financial Officer* | 2025 | 173846 | - | - | 19498(2) | 193345 |
|  | 2024 | 403077 | 85755 | - | 14048 | 502880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Michael H. Port<br>*Former Chief Financial Officer* | 2025 | 65769 | 23350 | - | 52549(3) | 141668 |
|  | 2024 | - | - | - | - | - |

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(1)The amount reported represents the aggregate grant-date fair value of the RSUs awarded to the named executive officer in 2025, calculated in accordance with ASC 718. These amounts do not reflect the actual economic value that may be realized by the named executive officer.

(2) Includes $12,000 in post-employment consulting fees paid to Mr. Huffmyer.

(3) Includes a payment of $50,000 in connection with Mr. Port's termination of employment pursuant to the terms of his Promotion Letter Agreement (as described below).

**Outstanding Equity Awards at Fiscal 2025 Year-End**

The following table sets forth information regarding outstanding equity awards held by our named executive officers as of December 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Grant Date** | **Number of**<br>**Securities**<br>**Underlying**<br>**Unexercised**<br>**Options (#)**<br>**Exercisable(1)** | **Number of**<br>**Securities**<br>**Underlying**<br>**Unexercised**<br>**Options (#)**<br>**Unexercisable** | **Option**<br>**Exercise**<br>**Price ($)** | **Option**<br>**Expiration**<br>**Date** | **Number of**<br>**Shares or**<br>**Units of Stock**<br>**That Have**<br>**Not Vested (#)** | **Market Value**<br>**of Shares of**<br>**Units of Stock**<br>**That Have Not**<br>**Vested ($)(2)** |
| Matthew Booth | 4/2/2019 | 92(3) | - | $1015.20 | 4/1/2029 | - | - |
|  | 2/5/2020 | 199(3) | - | $1069.20 | 2/4/2030 | - | - |
|  | 12/15/2020 | 254(3) | - | $1490.40 | 12/14/2030 | - | - |
|  | 10/19/2023 | - | - | - | - | 3616(4) | 10558.72 |
|  | 11/17/2023 | - | - | - | - | 6250(5) | 18250.00 |
|  | 11/7/2024 | - | - | - | - | 11874(6) | 34672.08 |
|  | 6/6/2025 | - | - | - | - | 27000(7) | 78840.00 |

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(1) The options were granted pursuant to our 2013 Equity Incentive Plan.

(2) The market value of RSUs granted under our 2023 Plan is based on the closing price of our common stock on December 31, 2025 of $2.92.

(3) Shares subject to the option are fully vested and immediately exercisable.

(4) The remaining RSUs vested on February 20, 2026.

(5) The remaining RSUs vest in two equal annual installments beginning on October 19, 2026.

(6) The RSUs vest in three equal annual installments beginning on November 7, 2026.

(7) The RSUs vest in four equal installments beginning on June 6, 2026.

**Executive Employment Arrangements**

***Matthew Booth***

We have entered into an amended and restated executive employment agreement dated January 27, 2025 (the "Booth Employment Agreement") with Mr. Booth, which amended and restated his prior employment agreement to modify his change in control and severance benefits to reflect the terms described below. The Booth Employment Agreement has no specific term and provides that Mr. Booth is an at-will employee. Mr. Booth is eligible for an annual base salary of $500,000 and a target annual bonus opportunity of up to $350,000. The Booth Employment Agreement contains customary confidentiality, non-solicitation and intellectual property assignment provisions.

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In the event that Mr. Booth's employment with us is terminated without "cause" (as defined in the Booth Employment Agreement) or Mr. Booth resigns with "good reason" (as defined in the Booth Employment Agreement) (such a termination either without "cause" or for "good reason," a "Booth Involuntary Termination") other than within three months prior to or 12 months following the effective date of a "change in control" (as defined in the Booth Employment Agreement) (the "Booth change in control period"), Mr. Booth will be eligible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continuing payment of (x) his then-current base salary for a period of 12 months plus (y) his target bonus assuming target performance, less all applicable withholdings and deductions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•paid coverage under our group health plans for up to 6 months.

In the event of a Booth Involuntary Termination within the Booth change in control period, Mr. Booth will be eligible for the payments and benefits described above, provided that the cash severance shall be multiplied by two (2) and paid in a lump sum, and accelerated vesting and exercisability of all of his outstanding equity awards. Pursuant to the Booth Employment Agreement, the foregoing severance benefits are subject to Mr. Booth signing, delivering and not revoking a separation agreement that includes, among other terms, an effective general release of claims in our favor and in favor of our affiliates and representatives, in the form presented by us within the time in such separation agreement, which shall be no longer than 60 days following the date of his termination of service.

***Timothy Huffmyer***

Mr. Huffmyer served as our Chief Financial Officer until June 6, 2025, when his employment terminated. In connection with his termination of employment, we entered into an Advisor Agreement (the "Advisor Agreement") with Mr. Huffmyer effective June 6, 2025, pursuant to which Mr. Huffmyer would continue to provide certain transitional services to us. For so long as it remains in effect, Mr. Huffmyer will receive $250.00 per hour for up to four hours per week during this period as compensation for his services.

***Michael H. Port***

Mr. Port served as our Chief Financial Officer from June 6, 2025 until August 5, 2025. In connection with his appointment as our Chief Financial Officer, we entered into a promotion letter agreement with Mr. Port dated May 27, 2025 (the "Promotion Letter"). The Promotion Letter provided that Mr. Port would receive: (i) an initial annual base salary of $300,000, (ii) an annual target bonus of up to 30% of his base salary, prorated for 2025, (iii) a one-time bonus of $50,000, to be paid on February 1, 2026, subject to Mr. Port's continued service through February 1, 2026, and (iv) restricted stock units under the 2023 Equity Incentive Plan covering 5,000 shares of our common stock (the "RSUs") scheduled to vest on February 1, 2026. The Promotion Letter further provided that, in the event that Mr. Port's employment was terminated involuntarily without "cause" (as defined in the Promotion Letter) prior to February 1, 2026, the one-time bonus would be accelerated and paid to Mr. Port in full within 30 days of his final day of employment (the "Severance Benefits"), and the RSUs would accelerate vesting effective as of his final day of employment, subject to Mr. Port's execution of the Company's standard form of severance agreement and release of claims. In connection with his termination of employment effective August 5, 2025, we entered into a separation agreement and release with Mr. Port dated August 9, 2025 (the "Separation Agreement"). The Separation Agreement provided for consideration to Mr. Port in the form of the Severance Benefits and included a release of claims in our favor and other customary terms.

**Non-Equity Incentive Compensation**

Our named executive officers were eligible for non-equity incentive compensation in accordance with our 2025 bonus program. In January 2025, our Board of Directors approved a payment for Mr. Booth in the amount of $350,000 under our 2025 bonus program.

**Restricted Stock Unit Awards**

In June 2025, Mr. Booth received an award of restricted stock units granted under our 2023 Equity Incentive Plan (the "2023 Plan"). The vesting terms of the awards are set forth in the "Outstanding Equity Awards at Fiscal 2025 Year-End" table above.

**401(k) Plan**

We maintain a tax-qualified retirement plan that provides eligible U.S. employees with an opportunity to save for retirement on a tax-advantaged basis (the "401(k) Plan"). 401(k) Plan participants are able to defer eligible compensation on a pre-tax or after tax (Roth) basis, subject to applicable annual Code limits. The 401(k) plan is intended to be qualified under Section 401(a) of the Code with the 401(k) plan's related trust intended to be tax exempt under Section 501(a) of the Code. As a tax-qualified retirement plan,

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pre-tax contributions to the 401(k) plan and earnings on those contributions are not taxable to the employees until distributed from the 401(k) plan, and earnings on Roth contributions are not taxable when distributed from the 401(k) plan.

**Director Compensation for Fiscal Year 2025**

The following table sets forth information regarding the total compensation awarded to, earned by or paid to our non-employee directors for their service on our board of directors, for the fiscal year ended December 31, 2025 pursuant to the terms of the Director Compensation Policy (as defined below) in effect for the fiscal year ended December 31, 2025. Directors who are also our employees receive no additional compensation for their service as directors. During 2025, Mr. Booth was an employee and executive officer and therefore, did not receive compensation as a director. See "Item 11. Executive Compensation" of this Annual Report on Form 10-K for additional information regarding Mr. Booth's compensation.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Paid or Earned in Cash ($)** | **Stock Awards**<br>**($)(1)** | **Total ($)** |
| Gina Domanig | 67000 | - | 67000 |
| Suzie Doran | 70000 | - | 70000 |
| Andrew Geisse (2) | 56000 | - | 56000 |
| James Micali | 96959 | - | 96959 |
| Ryan Pollock | 68459 | - | 68459 |
| Benjamin Volkow (3) | 45000 | - | 45000 |
| Alexandre Zyngier (4) | 71918 | 9363 | 81281 |

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(1) The amounts reported represent the aggregate grant date fair value of the RSUs calculated in accordance with FASB ASC Topic 718. The amounts reported in this column reflect the accounting cost for the RSUs and do not necessarily correspond to the actual value that may be recognized by each director. For a discussion of how we calculate stock-based compensation expense, see Note 11 to our consolidated financial statements included in this Annual Report on Form 10-K.

(2) Mr. Geisse's term expired upon the commencement of our 2025 annual meeting on January 28, 2026.

(3) Mr. Volkow resigned from our board of directors effective September 30, 2025.

(4) Mr. Zyngier was appointed to serve on our board of directors effective January 23, 2025.

**Outside Director Compensation**

Our board of directors adopted an outside director compensation policy (the "Director Compensation Policy") for our outside directors that became effective as of October 19, 2023, and was subsequently amended on January 23, 2025 (the "A&R Effective Date") to set the number of shares subject to Initial Awards and Annual Awards (each, as defined below) to be a fixed number of shares, and was further amended on January 12, 2026, as described below. The Director Compensation Policy was developed and amended with input from Pearl Meyer regarding practices and compensation levels at comparable companies. The Director Compensation Policy was designed to attract, retain, and reward outside directors.

Under the Director Compensation Policy, each outside director will receive the cash and equity compensation for board services described below. We also will reimburse our outside directors for reasonable, customary, and documented travel expenses to meetings of our Board or its committees and other expenses. Directors who are also our employees receive no additional compensation for their service as directors.

***Maximum Annual Compensation Limit***

The Director Compensation Policy includes a maximum annual limit of $750,000 of cash compensation and equity compensation awards that may be paid, issued, or granted to an outside director in any fiscal year (increased to $1,000,000 in the outside director's initial year of service as an outside director). For purposes of this limitation, the grant date fair value is determined in accordance with GAAP. Any cash compensation or equity awards granted under the 2023 Plan to an outside director for his or her services as an employee, or for his or her services as a consultant (other than as an outside director), will not count for purposes of the limitation. The maximum limit does not reflect the intended size of any potential compensation or equity awards to our outside directors.

***Cash Compensation***

Outside directors are entitled to receive the following cash compensation for their service under the Director Compensation Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$50,000 per year for service as a board member;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$20,000 per year for service as board chair or lead independent director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$20,000 per year for service as chair of the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 per year for service as member of the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$12,000 per year for service as chair of the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$6,000 per year for service as member of the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 per year for service as chair of the nominating and corporate governance committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$5,000 per year for service as member of the nominating and corporate governance committee.

Each outside director who serves as the chair of a committee will receive only the annual cash fee as the chair of the committee, and not the additional annual cash fee as a member of the committee. All cash payments to outside directors are paid quarterly in arrears on a pro-rated basis, until January 12, 2026, at which time our Board of Directors approved payments monthly in arrears on a pro-rated basis. Additionally, on January 12, 2026, our board of directors approved the payment of $5,000 per month for service as the chair of our Transaction Committee.

***Equity Compensation***

In the event of a "change in control" (as defined in the 2023 Plan), each outside director's outstanding awards will fully vest, provided that the outside director continues to be an outside director through the date of the change in control.

***Initial Award***

Each person who first became an outside director prior to the A&R Effective Date automatically received an initial award of RSUs covering a number of shares of our common stock with a Value (as defined below) equal to $300,000 (the "Initial Award"). Each person who first becomes an outside director following the A&R Effective Date will automatically receive an Initial Award of RSUs covering 1,666 shares of our common stock. The Initial Award will vest in equal 1/3<sup>rd</sup> installments on each of the first three anniversaries of its date of grant, subject to the outside director continuing to be a service provider through the applicable vesting date. If the person was a member of our board of directors and also an employee, becoming an outside director due to termination of employment will not entitle them to an Initial Award.

For purposes of an Initial Award and an Annual Award, "Value" means the 30 trading day volume weighted average stock price for the 30 trading days prior to the applicable grant date.

***Annual Award***

Prior to the A&R Effective Date, each outside director automatically received, on the date of each annual meeting of our stockholders, an annual award of RSUs covering a number of shares of our common stock with a Value equal to $150,000 (the "Annual Award"). Following the A&R Effective Date, each outside director will automatically receive, on the date of each annual meeting of our stockholders following the A&R Effective Date, an Annual Award of RSUs covering 833 shares of our common stock. Annual Awards will vest on the earlier of the one-year anniversary of its date of grant or the day prior to the date of the next annual meeting of stockholders following its date of grant, subject to the outside director continuing to be a service provider through the applicable vesting date.

***Effective Date Award***

Each outside director received, on the effective date of the registration statement in connection with the direct listing of the Company's securities, an award of RSUs (an "Effective Date Award") covering 1,180 shares of our common stock. The Effective Date Award vests in three equal annual installments beginning on October 19, 2024, subject to the outside director continuing to be a service provider through the applicable vesting date.

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The following table lists all outstanding equity awards held by non-employee directors as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Grant<br>Date** | **Number of Shares**<br>**Underlying**<br>**Outstanding Stock**<br>**Awards(1)** | **Number of Shares**<br>**Underlying**<br>**Outstanding Stock**<br>**Options** |
| Gina Domanig | 10/19/2023 | 393 | - |
| Suzie Doran | 10/19/2023 | 393 | - |
| Andrew Geisse(2) | 10/19/2023 | 393 | - |
| James Micali | 10/19/2023 | 393 | - |
| Ryan Pollock | 10/19/2023 | 393 | - |
| Benjamin Volkow(3) | 10/19/2023 | 393 | - |
| Alexandre Zyngier(4) | 1/23/2025 | 1666 | - |

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(1) Equity awards granted pursuant to our 2023 Plan.

(2) Mr. Geisse had served as a member of our board of directors since 2023 and his term ended upon the commencement of the 2025 annual meeting on January 28, 2026.

(3) Mr. Volkow resigned from our board of directors effective September 30, 2025.

(4) Mr. Zyngier was appointed to serve on our board of directors effective January 23, 2025.

**Compensation Committee Interlocks and Insider Participation**

None of our executive officers currently serves, or in the past fiscal year has served, as a member of the board of directors or compensation committee (or other board of directors committee performing equivalent functions) of any entity that has one or more executive officers serving on our board of directors or compensation committee.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.** 

The following table sets forth the beneficial ownership of our common stock as of March 16, 2026 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of our executive officers and directors as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each person, or group of affiliated persons, known by us to beneficially own more than 5% of our common stock.

We have determined beneficial ownership in accordance with the rules of the SEC, and thus it represents sole or shared voting or investment power with respect to our securities. Unless otherwise indicated, to our knowledge, the persons or entities identified in the table have sole voting power and sole investment power with respect to all shares shown as beneficially owned by them, subject to community property laws where applicable.

We have based our calculation of the percentage of beneficial ownership on 2,196,934 shares of our common stock outstanding as of March 16, 2026. We have deemed shares of our common stock subject to stock options that are currently exercisable or exercisable within 60 days of March 16, 2026 or issuable pursuant to RSUs which are subject to vesting and settlement conditions expected to occur within 60 days of March 16, 2026, to be outstanding and to be beneficially owned by the person holding the stock option or RSU for the purpose of computing the percentage ownership of that person. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person.

Unless otherwise indicated, the address for each person or entity listed in the table is c/o Urgent.ly Inc., 44927 George Washington Blvd, Suite 265, Office 209, Ashburn, VA 20147. The information provided in the table is based on our records and information provided to us, except where otherwise noted.

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| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Number of Shares**<br>**Beneficially Owned** | **Percentage of Shares**<br>**Beneficially Owned** |
| **Named Executive Officers and Directors:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthew Booth(1) | 14263 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Timothy Huffmyer(2) | 2350 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Michael H. Port(3) | - | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Gina Domanig(4) | 7229 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Suzie Doran(5) | 7229 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;James Micali(6) | 7229 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryan Pollock(7) | 7885 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexandre Zyngier(8) | 556 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;All directors and executive officers as a group (7 persons)(9) | 44391 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 5% Stockholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Entities Affiliated with Beryl Capital Management LLC(10) | 200000 | 9.1% |

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\* Represents less than 1%.

(1) Consists of (i) 13,718 shares held of record by Mr. Booth, and (ii) 545 shares issuable upon option exercise within 60 days of March 16, 2026.

(2) Consists of 2,350 shares held of record by Mr. Huffmyer. Mr. Huffmyer served as Urgently's Chief Financial Officer until June 6, 2025.

(3) Mr. Port served as Urgently's Chief Financial Officer until August 5, 2025.

(4) Consists of 7,229 shares held of record by Ms. Domanig.

(5) Consists of 7,229 shares held of record by Ms. Doran.

(6) Consists of 7,229 shares held of record by Mr. Micali.

(7) Consists of 7,885 shares held of record by Mr. Pollock. The address for Mr. Pollock is 842 W. South Boulder Road, Suite 200, Louisville, Colorado 80027.

(8) Consists of 556 shares held of record by Mr. Zyngier.

(9) Consists of (i) 43,846 shares beneficially owned by our current executive officers and directors and (ii) 545 shares issuable upon option exercise within 60 days of March 16, 2026.

(10) Based on information provided in a Schedule 13G filed with the SEC on March 23, 2026. Represents shares held by Beryl Capital Management LLC, Beryl Capital Management LP, Beryl Capital Partners II LP (as to 147,909 shares), and David A. Witkin, each of which may be deemed to have shared voting and shared dispositive power, and as to which each filer disclaims beneficial ownership except to the extent of their respective pecuniary interest therein. The address of the filers is 225 Avenue I, Suite 205, Redondo Beach, California 90277.

**Equity Compensation Plan Information**

The following table summarizes our equity compensation plan information as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **(a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights** | **(b) Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights(1)** | **(c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))** |
| Equity compensation plans approved by security holders(1) | 155635(2) | $1191.73(3) | 24344(4) |
| Total |  |  |  |

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(1) Includes the 2023 Plan and the 2023 Employee Stock Purchase Plan (the "ESPP").

(2) Includes 155,635 shares subject to options and RSUs that were outstanding as of December 31, 2025 that were issued under the 2023 Plan.

(3) RSUs, which do not have an exercise price, are excluded from the calculation of weighted-average exercise price.

(4) Our 2023 Plan provides that the number of shares available for issuance under the 2023 Plan will automatically be increased on the first day of each fiscal year beginning on January 1, 2024, in an amount equal to the least of (i) 46,106 shares, (ii) 12.5% of the outstanding shares of our common stock on the last day of the immediately preceding fiscal year or (iii) such other amount as our board of directors may determine. The number of shares of common stock available for grant and issuance under the ESPP is subject to an annual increase on the first day of each fiscal year beginning on January 1, 2024 equal to the least of (a) 9,221 shares,

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(b) 2% of the outstanding shares of our common stock as of the last day of the immediately preceding fiscal year or (c) such other amount as our board of directors may determine.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

The following is a description of each transaction since January 1, 2024, and each currently proposed transaction, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount involved exceeded or exceeds the lesser of (a) $120,000 and (b) 1% of the average of our total assets at year-end for the last two completed fiscal years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any of our directors, executive officers, or beneficial holders of more than 5% of any class of our voting securities, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

**Purchase Agreement**

We are party to a purchase agreement dated February 26, 2025 (the "Purchase Agreement") with the investors party thereto, including entities affiliated with Highbridge, pursuant to which we issued 69,442 shares of common stock to entities affiliated with Highbridge (the "Initial Eighth Amendment Premium Shares"). Pursuant to the Purchase Agreement we also agreed to issue an additional 68,748 shares of common stock (the "Subsequent Eighth Amendment Premium Shares") to entities affiliated with Highbridge if we have not met our obligations under our Second Lien Loan and Security Agreement prior to July 1, 2025. If an investor (together with such investor's affiliates, any person acting as a group together with such investor or such Investor's affiliates and any other person whose beneficial ownership of common stock would be aggregated with such Investor or such investor's affiliates for purposes of Section 13(d) and Rule 13d-3 of the Exchange Act) would beneficially own in excess of 9.9% (or, at the election of the investor, 4.9%) of the number of shares of the common stock outstanding immediately after giving effect to the issuance of the Subsequent Eighth Amendment Premium Shares issuable to such investor, in lieu of acquiring such Subsequent Eighth Amendment Premium Shares, such Investor shall acquire pre-funded warrants to issue up to the equivalent number of shares of common stock (the "Warrants"). The Warrants will have an exercise price of $0.001 and a ten-year term. As a result of the issuance of the Initial Eighth Amendment Premium Shares pursuant to the Purchase Agreement, Highbridge holds more than 5% of our outstanding capital stock.

**Registration Rights Agreement** 

In connection with the Purchase Agreement, on February 26, 2025, we and the investors party thereto, including entities affiliated with Highbridge, also entered into a Registration Rights Agreement (the "Registration Rights Agreement"), pursuant to which we have agreed to use commercially reasonable efforts to file a registration statement with the SEC for the resale of the Initial Eighth Amendment Premium Shares, any Subsequent Eighth Amendment Premium Shares and any shares of common stock issuable upon exercise of the Warrants. Under the Registration Rights Agreement, the investors are also entitled to piggyback registration rights.

**Investors' Rights Agreement**

We are party to an amended investors' rights agreement dated October 18, 2023 (the "Investors' Rights Agreement") with certain holders of our capital stock, including BMW iVentures, Iron Gate Urgently, LLC, EHV, Emerald Industrial Innovation Fund L.P., American Tire Distributors Holdings, Inc., Forte Ventures L.P., Forte Urgent.ly LLC and Porsche Investments Management S.A. which provides, among other things, that certain holders of our capital stock have the right to demand that we file a registration statement or request that their shares of common stock be covered by a registration statement that we are otherwise filing.

**Policies and Procedures for Related Party Transactions**

We have adopted a formal, written policy regarding related party transactions. This written policy regarding related party transactions provides that a related party transaction is a transaction, arrangement or relationship or any series of similar transactions, arrangements or relationships, in which we are a participant and in which a related party has, had or will have a direct or indirect material interest and in which the aggregate amount involved exceeds $120,000. For purposes of this policy, a related party means any of our executive officers and directors, in each case at any time since the beginning of our last fiscal year, or holders of more than 5% of any class of our voting securities and any member of the immediate family of, or person sharing the household with, any of the foregoing persons.

Our audit committee has the primary responsibility for reviewing and approving, ratifying or disapproving related party transactions. In determining whether to approve, ratify or disapprove any such transaction, our audit committee will consider,

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among other factors, (1) whether the transaction is fair to us and on terms no less favorable than terms generally available to unaffiliated third parties under the same or similar circumstances, (2) the extent of the related party's interest in the transaction, and (3) whether the transaction would impair the independence of any of our outside directors.

The policy grants standing pre-approval of certain transactions, including (1) certain compensation arrangements for our directors or executive officers, (2) transactions with another company at which a related party's only relationship is as a non-executive employee, director or beneficial owner of less than 10% of that company's shares, (3) charitable contributions by us to a charitable organization, foundation or university at which a related party's only relationship is as a non-executive employee or director, provided that the aggregate amount involved does not exceed the greater of $200,000 or 5% of such organization's total annual receipts, (4) transactions where a related party's interest arises solely from the ownership of our common stock and all holders of our common stock received the same benefit on a pro rata basis, (5) transactions available to all United States employees generally and (6) any other transaction where disclosure of such transaction would not be required pursuant to Item 404 of Regulation S-K. In addition to our policy, our audit committee charter provides that our audit committee shall review and approve or disapprove any related party transactions.

**Item 14. Principal Accounting Fees and Services.**

**Fees Paid to the Independent Registered Public Accounting Firm**

The following table presents fees for professional audit services and other services billed to us by CohnReznick LLP ("CohnReznick") for the fiscal years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Audit Fees(1) | $656015 | $592387 |
| Audit-Related Fees | - | - |
| Tax Fees | - | - |
| All Other Fees | - | - |
| Total Fees | $656015 | $592387 |

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(1)"Audit Fees" consist of fees billed for professional services rendered in connection with the audit of our consolidated financial statements, reviews of our quarterly consolidated financial statements and services performed in connection with registration statements or other regulatory filings with the SEC, including consents. During the years ended December 31, 2025 and 2024, $157,500 and $157,803, respectively, of audit fees were billed in connection with the reviews of quarterly condensed consolidated financial statements.

**Auditor Independence**

In our fiscal years ended December 31, 2025 and 2024, there were no other professional services provided by CohnReznick, other than those listed above, that would have required our audit committee to consider their compatibility with maintaining the independence of CohnReznick.

**Audit Committee Policy on Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm**

Our audit committee has established a policy governing our use of the services of our independent registered public accounting firm. Under the policy, our audit committee is required to pre-approve all audit and permissible non-audit services performed by our independent registered public accounting firm in order to ensure that the provision of such services does not impair such accounting firm's independence. All services provided by CohnReznick for our fiscal years ended December 31, 2025 and 2024 were approved by our audit committee.

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**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

**(a)(1) Financial Statements**

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| | |
|:---|:---|
|  | **Page** |
| [<u>Report of Independent Registered Public Accounting Firm (</u>CohnReznick LLP<u>, Auditor Firm ID:</u> 596<u>)</u>](#report_of_independent_registered_public) | F-1 |
| [<u>Consolidated Balance Sheets</u>](#balance_sheet_consolidated) | F-2 |
| [<u>Consolidated Statements of Operations and Comprehensive Loss</u>](#statements_of_operations_consolidated) | F-3 |
| [<u>Consolidated Statements of Stockholders' Deficit</u>](#stockholders_equity_consolidated) | F-4 |
| [<u>Consolidated Statements of Cash Flows</u>](#cash_flows_consolidated) | F-5 |
| [<u>Notes to Consolidated Financial Statements</u>](#notes_to_financial_statements) | F-7 |

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**(2) Exhibits.**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 2.1† | [<u>Agreement and Plan of Merger, dated as of February 9, 2023, by and among Urgent.ly Inc., O.U Odyssey Merger Sub Ltd., and Otonomo Technologies Ltd (incorporated by reference from Annex A of the registrant's Registration Statement on Form S-4 (File No. 333-271937) filed with the SEC on May 15, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523144990/d438097ds4.htm#toc438097_33) |
| 2.2 | [<u>Agreement and Plan of Merger, dated as of March 13, 2026, by and among the Company, Parent and Purchaser (incorporated by reference from Exhibit 2.1 to the registrant's Current Report on Form 8-K (File No. 001-41841) filed with the SEC on March 16, 2026)</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312526106848/d114779dex21.htm)<u>.</u> |
| 3.1 | [<u>Amended and Restated Certificate of Incorporation of Urgent.ly Inc., as currently in effect (incorporated by reference from Exhibit 3.1 to the registrant's Current Report on Form 8-K (File No. 001-41841) filed with the SEC on October 24, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017023054856/uly-ex3_1.htm) |
| 3.2 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Urgent.ly Inc. (incorporated by reference from Exhibit 3.1 to the registrant's Current Report on Form 8-K filed on March 13, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025038354/uly-ex3_1.htm). |
| 3.3 | [<u>Bylaws of Urgent.ly Inc., as amended, as currently in effect (incorporated by reference from Exhibit 3.2 to the registrant's Registration Statement on Form S-4 (File No. 333-271937) filed with the SEC on May 15, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523144990/d438097dex32.htm) |
| 3.4 | [<u>Specimen Common Stock Certificate of Urgent.ly Inc. (incorporated by reference from Exhibit 3.5 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex35.htm) |
| 4.1\* | [<u>Description of Securities of Urgent.ly, Inc.</u>](ulyx-ex4_1.htm) |
| 4.2† | [<u>Amended and Restated Investors' Rights Agreement by and among Urgent.ly Inc. and certain of its stockholders, dated October 18, 2023 (incorporated by reference from Exhibit 4.1 to the registrant's Current Report on Form 8-K (File No. 001-41841) filed with the SEC on October 24, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017023054856/uly-ex4_1.htm) |
| 4.3 | [<u>Form of Warrant to Purchase Common Stock between Urgent.ly Inc. and Silicon Valley Bank, dated May 8, 2020 (incorporated by reference from Exhibit 4.9 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex49.htm) |
| 10.1 | [<u>Second Amendment to Loan and Security Agreement, dated as of February 9, 2023, by and among Urgent.ly Inc., certain subsidiaries of Urgent.ly Inc., Alter Domus (US) LLC as administrative and collateral agent, and each of the lenders from time to time party thereto (incorporated by reference from Exhibit 10.2 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex102.htm) |
| 10.2† | [<u>Third Amendment to Loan and Security Agreement, dated as of May 18, 2023, by and among Urgent.ly Inc., certain subsidiaries of Urgent.ly Inc., Alter Domus (US) LLC as administrative and collateral agent, and each of the lenders from time to time party thereto (incorporated by reference from Exhibit 10.3 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex103.htm) |
| 10.3# | [<u>Urgent.ly Inc. 2013 Equity Incentive Plan (incorporated by reference from Exhibit 10.4 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex104.htm) |
| 10.4# | [<u>Form of Indemnification Agreement between Urgent.ly Inc. and each of its directors and executive officers (incorporated by reference from Exhibit 10.5 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex105.htm) |
| 10.5# | [<u>Amended and Restated Executive Employment Agreement, dated as of January 27, 2025, between Urgent.ly Inc. and Matthew Booth (incorporated by reference from Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the SEC on January 27, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025009273/uly-ex10_1.htm) |

---

------

---

| | |
|:---|:---|
| 10.6# | [<u>Second Amended and Restated Executive Employment Agreement, dated as of January 27, 2025, between Urgent.ly Inc. and Timothy Huffmyer (incorporated by reference from Exhibit 10.2 to the registrant's Current Report on Form 8-K filed (File No. 001-41841) with the SEC on January 27, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025009273/uly-ex10_2.htm). |
| 10.7# | [<u>Advisor Agreement, dated June 6, 2025, by and between Urgent.ly Inc. and Timothy C. Huffmyer (incorporated by reference from Exhibit 10.2 to the registrant's Quarterly Report on Form 10-Q (File No. 001-41841) filed with the SEC on August 13, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025108023/uly-ex10_2.htm)<u>.</u> |
| 10.8#<br>| [<u>Promotion Letter, dated May 27, 2025, by and between Urgent.ly Inc. and Michael H. Port (incorporated by reference from Exhibit 10.1 to the registrant's Quarterly Report on Form 10-Q (File No. 001-41841) filed with the SEC on August 13, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025108023/uly-ex10_1.htm). |
| 10.9#\* | [<u>Separation and Release, dated August 9, 2025, by and between Urgent.ly Inc. and Michael H. Port</u>](ulyx-ex10_9.htm). |
| 10.11# | [<u>Form of Stock Option Agreement under Urgent.ly Inc. 2013 Equity Incentive Plan (incorporated by reference from Exhibit 10.10 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex1010.htm) |
| 10.12# | [<u>Form of Restricted Stock Unit Grant Notice under Urgent.ly Inc. 2013 Equity Incentive Plan (incorporated by reference from Exhibit 10.11 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex1011.htm) |
| 10.13# | [<u>Urgent.ly Inc. 2023 Equity Incentive Plan and related form agreements (incorporated by reference from Exhibit 10.12 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex1012.htm) |
| 10.14# | [<u>Urgent.ly Inc. 2023 Employee Stock Purchase Plan and related form agreements (incorporated by reference from Exhibit 10.13 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex1013.htm) |
| 10.15# | [<u>Urgent.ly Inc. Executive Incentive Compensation Plan (incorporated by reference from Exhibit 10.14 to the registrant's Registration Statement on Form S-4/A (File No. 333-271937) filed with the SEC on June 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312523172520/d438097dex1014.htm) |
| 10.16# | [<u>Urgent.ly Inc. Outside Director Compensation Policy (incorporated by reference from Exhibit 10.14 to registrant's Annual Report on Form 10-K (File No. 001-41841) filed with the SEC on March 14, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025039411/uly-ex10_14.htm). |
| 10.17† | [<u>Fourth Amendment to Loan and Security Agreement, dated as of January 19, 2024, by and among Urgent.ly, Inc., the other loan parties party thereto, the lenders party thereto and Alter Domus (US) LLC, as administrative and collateral agent (incorporated by reference from Exhibit 10.17 to the registrant's Annual Report on Form 10-K (File No. 001-41841) filed with the SEC on March 29, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017024038666/uly-ex10_17.htm). |
| 10.18 | [<u>Fifth Amendment to Loan and Security Agreement, dated as of December 31, 2024, by and among Urgent.ly, Inc., the lenders party thereto and Alter Domus (US) LLC, as administrative and collateral agent (incorporated by reference from Exhibit 10.18 to registrant's Annual Report on Form 10-K (File No. 001-41841) filed with the SEC on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025039411/uly-ex10_18.htm) |
| 10.19 | [<u>Sixth Amendment to Loan and Security Agreement, dated as of January 31, 2025, by and among Urgent.ly, Inc., the lenders party thereto and Alter Domus (US) LLC, as administrative and collateral agent (incorporated by reference from Exhibit 10.20 to registrant's Annual Report on Form 10-K (File No. 001-41841) filed with the SEC on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025039411/uly-ex10_20.htm) |
| 10.20 | [<u>Seventh Amendment to Loan and Security Agreement, dated as of February 14, 2025, by and among Urgent.ly, Inc., the lenders party thereto and Alter Domus (US) LLC, as administrative and collateral agent (incorporated by reference from Exhibit 10.22 to registrant's Annual Report on Form 10-K filed with the SEC on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025039411/uly-ex10_22.htm) |
| 10.21 | [<u>Credit, Security and Guaranty Agreement, dated as of February 26, 2025, by and among Urgent.ly Inc., certain subsidiaries of Urgent.ly Inc., MidCap Funding IV Trust, as agent, and the lenders from time to time party thereto (incorporated by reference from Exhibit 10.1 to the registrant's Current Report on Form 8-K (File No. (File No. 001-41841) filed with the SEC on February 26, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025027909/uly-ex10_1.htm) |
| 10.22 | [<u>Eighth Amendment to Loan and Security Agreement, dated as of February 26, 2025, among Urgent.ly, Inc., the lenders party thereto and Alter Domus (US) LLC, as administrative and collateral agent (incorporated by reference from Exhibit 10.2 to the registrant's Current Report on Form 8-K (File No. 001-41841) filed with the SEC on February 26, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025027909/uly-ex10_2.htm) |
| 10.23 | [<u>Ninth Amendment to Loan and Security Agreement, dated as of March 13, 2026, among Urgent.ly, Inc., the lenders party thereto and Alter Domus (US) LLC, as administrative and collateral agent (incorporated by reference from Exhibit 2.3 to the registrant's Current Report on Form 8-K (File No. 001-41841) filed with the SEC on March 16, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312526106848/d114779dex23.htm) |
| 10.24 | [<u>Amendment No. 1 to Credit, Security and Guaranty Agreement, dated as of March 13, 2026, by and among Urgent.ly Inc., certain subsidiaries of Urgent.ly Inc., MidCap Funding IV Trust, as agent, and the lenders from time to time party thereto (incorporated by reference from Exhibit 2.2 to the registrant's Current Report on Form 8-K (File No. 001-41841) filed with the SEC on March 16, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000119312526106848/d114779dex22.htm) |

---

------

---

| | |
|:---|:---|
| 10.25 | [<u>Registration Rights Agreement, dated as of February 26, 2025, by and among Urgent.ly Inc. and the investors party thereto (incorporated by reference from Exhibit 10.4 to the registrant's Current Report on Form 8-K (File No. 001-41841) filed with the SEC on February 26, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025027909/uly-ex10_4.htm) |
| 19.1 | [<u>Urgent.ly Inc. Insider Trading Policy (incorporated by reference from Exhibit 19.1 to the registrant's Annual Report on Form 10-K (File No. 001-41841) filed with the SEC on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025039411/uly-ex19_1.htm) |
| 21.1 | [<u>Subsidiaries of Urgent.ly Inc (incorporated by reference from Exhibit 21.1 to the registrant's Annual Report on Form 10-K (File No. 001-41841) filed with the SEC on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017025039411/uly-ex21_1.htm) |
| 23.1\* | [<u>Consent of CohnReznick LLP, independent registered public accounting firm for Urgent.ly Inc.</u>](ulyx-ex23_1.htm) |
| 24.1\* | [<u>Power of Attorney</u>](#power_of_attorney) (included on the signature page hereto). |
| 31.1\* | [<u>Certification of Principal Executive and Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ulyx-ex31_1.htm). |
| 32.1\*^ | [<u>Certification of Principal Executive and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ulyx-ex32_1.htm). |
| 97.1 | [<u>Urgent.ly Inc. Compensation Recovery Policy (incorporated by reference from Exhibit 97.1 to the registrant's Annual Report on Form 10-K (File No. 001-41841) filed with the SEC on March 29, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1603652/000095017024038666/uly-ex97_1.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbases Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

† Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

# Management contract or compensatory plan or arrangement.

\* Filed herewith.

^ These exhibits are furnished with this Annual Report on Form 10-K and are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Urgent.ly Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.

**Item 16. Form 10-K Summary.**

None.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized**.**

---

| | | |
|:---|:---|:---|
|  | URGENT.LY INC. | URGENT.LY INC. |
| Date: March 27, 2026 | By: | /s/ Matthew Booth |
|  |  | Matthew Booth |
|  |  | Chief Executive Officer |
|  |  | *(Principal Executive and Financial Officer)* |
| Date: March 27, 2026 | By: | /s/ Andrea Makkai |
|  |  | Andrea Makkai |
|  |  | VP, Finance & Accounting |
|  |  | *(Principal Accounting Officer)* |

---

**POWER OF ATTORNEY**

Each of the undersigned, whose signature appears below, hereby constitutes and appoints Matthew Booth his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this Annual Report on Form 10-K and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing necessary or appropriate to be done with respect to this Annual Report on Form 10-K or any amendments hereto in the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Matthew Booth | Chief Executive Officer and Director | March 27, 2026 |
| Matthew Booth | (Principal Executive and Financial Officer) |  |
| /s/ Andrea Makkai | VP, Finance & Accounting | March 27, 2026 |
| Andrea Makkai | (Principal Accounting Officer) |  |
| /s/ Gina Domanig | Director | March 27, 2026 |
| Gina Domanig |  |  |
| /s/ Suzie Doran | Director | March 27, 2026 |
| Suzie Doran |  |  |
| /s/ James M. Micali | Director | March 27, 2026 |
| James M. Micali |  |  |
| /s/ Ryan Pollock | Director | March 27, 2026 |
| Ryan Pollock |  |  |
| /s/ Alexandre Zyngier | Director | March 27, 2026 |
| Alexandre Zyngier |  |  |

---

------

<u>Rep</u><u>ort of Independent Registered Public Accounting Firm</u>

Board of Directors and Shareholders

Urgent.ly Inc.

<u>Opinion on the Consolidated Financial Statements</u>

We have audited the accompanying consolidated balance sheets of Urgent.ly Inc. (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, stockholders' deficit and cash flows for the years then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Urgent.ly Inc. as of December 31, 2025 and 2024, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>The Company's Ability to Continue as a Going Concern</u> 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has suffered recurring losses from operations since inception, has a net capital deficiency and is dependent on debt and equity financing to fund operating shortfalls in the absence of another source of financing. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

<u>Basis for Opinion</u>

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company's auditor since 2015.

/s/ CohnReznick LLP

Tysons, Virginia

March 27, 2026

------

**URGENT.LY INC.**

**Consolidated Balance Sheets**

**(in thousands, except share and par value data)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $5164 | $14054 |
| &nbsp;&nbsp;Restricted cash | 125 | 125 |
| &nbsp;&nbsp;Accounts receivable, net of allowance for expected losses of $747 at December 31, 2025 and 2024 | 21900 | 22890 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 3383 | 3687 |
| &nbsp;&nbsp;&nbsp;Total current assets | 30572 | 40756 |
| Right-of-use assets |  | 810 |
| Property and equipment, net of accumulated depreciation of $584 and $405 at December 31, 2025 and 2024, respectively | 1269 | 1577 |
| Capitalized software costs, net of accumulated amortization of $3,391 and $810 at December 31, 2025 and 2024, respectively | 7061 | 4637 |
| Intangible assets, net of accumulated amortization of $3,568 and $2,008 at December 31, 2025 and 2024, respectively | 2836 | 4396 |
| Other non-current assets | 1915 | 1895 |
| &nbsp;&nbsp;&nbsp;Total assets | $43653 | $54071 |
| **Liabilities and Stockholders' Deficit** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $2512 | $2900 |
| &nbsp;&nbsp;Accrued expenses | 24189 | 19838 |
| &nbsp;&nbsp;Deferred revenue | 94 | 153 |
| &nbsp;&nbsp;Current lease liabilities |  | 446 |
| &nbsp;&nbsp;Revolving credit facility, net | 12721 |  |
| &nbsp;&nbsp;Current portion of long-term debt, net | 50585 | 14257 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 90101 | 37594 |
| Long-term lease liabilities |  | 466 |
| Long-term debt, net |  | 39883 |
| Other long-term liabilities |  | 7798 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 90101 | 85741 |
| Stockholders' deficit: |  |  |
| &nbsp;&nbsp;Common stock, par value $0.001; 500,000,000 shares authorized, 2,190,945 and 1,124,951 issued and outstanding at December 31, 2025 and 2024, respectively | 2 | 1 |
| &nbsp;&nbsp;Additional paid-in capital | 172773 | 167125 |
| &nbsp;&nbsp;Accumulated deficit | (219223) | (198796) |
| &nbsp;&nbsp;&nbsp;Total stockholders' deficit | (46448) | (31670) |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' deficit | $43653 | $54071 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**URGENT.LY INC.**

**Consolidated Statements of Operations and Comprehensive Loss**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Revenue | $129194 | $142905 |
| Cost of revenue (excluding depreciation and amortization) | 96418 | 111346 |
| &nbsp;&nbsp;Gross profit | 32776 | 31559 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Research and development | 7210 | 13932 |
| &nbsp;&nbsp;Sales and marketing | 2917 | 5870 |
| &nbsp;&nbsp;Operations and support | 9750 | 13436 |
| &nbsp;&nbsp;General and administrative | 17203 | 21288 |
| &nbsp;&nbsp;Depreciation and amortization | 4569 | 4227 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 41649 | 58753 |
| &nbsp;&nbsp;&nbsp;Operating loss | (8873) | (27194) |
| Other income (expense), net: |  |  |
| &nbsp;&nbsp;Interest expense | (13605) | (14232) |
| &nbsp;&nbsp;Interest income | 17 | 1045 |
| &nbsp;&nbsp;Change in fair value of derivative liability | (209) |  |
| &nbsp;&nbsp;Change in fair value of contingent purchase consideration | 169 | 1692 |
| &nbsp;&nbsp;Loss on debt extinguishment |  | (1405) |
| &nbsp;&nbsp;Loss on divestiture |  | (3290) |
| &nbsp;&nbsp;Income from equity method investment | 205 |  |
| &nbsp;&nbsp;Other income (expense), net | (16) | 604 |
| &nbsp;&nbsp;&nbsp;Total other expense, net | (13439) | (15586) |
| Loss before income taxes | (22312) | (42780) |
| Income tax expense (benefit) | (1885) | 1247 |
| &nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | (20427) | (44027) |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;Foreign currency translations adjustments |  | 630 |
| &nbsp;&nbsp;Unrealized losses on marketable securities |  | (70) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  | 560 |
| &nbsp;&nbsp;&nbsp;Comprehensive loss | $(20427) | $(43467) |
| Loss per share attributable to common stockholders: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $(13.69) | $(39.36) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**URGENT.LY INC.**

**Consolidated Statements of Stockholders' Deficit**

**(in thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Additional** |  | **Accumulated Other** | **Total** |
|  | **Common Stock** | **Common Stock** | **Paid-In** | **Accumulated** | **Comprehensive** | **Stockholders'** |
|  | **Shares** | **Amount** | **Capital** | **Deficit** | **Income (Loss)** | **Equity (Deficit)** |
| Balance, December 31, 2023 | 1109321 | $1 | $164932 | $(154769) | $(560) | $9604 |
| Vesting of stock-based awards, net of shares withheld for taxes | 15630 |  | (166) |  |  | (166) |
| Common shares issued in connection with the Otonomo merger |  |  |  |  |  |  |
| Conversion of convertible notes and warrants to common shares in connection with the Otonomo merger |  |  |  |  |  |  |
| Issuance of common stock for services |  |  | 2359 |  |  | 2359 |
| Stock-based compensation expense |  |  |  |  |  |  |
| Comprehensive income (loss) |  |  |  | (44027) | 560 | (43467) |
| Balance, December 31, 2024 | 1124951 | $1 | $167125 | $(198796) | $— | $(31670) |
| Vesting of stock-based awards, net of shares withheld for taxes | 64883 |  | (54) |  |  | (54) |
| Issuance of common stock in connection with Highbridge loan amendment | 225208 |  | 1287 |  |  | 1287 |
| Issuance of common stock in connection with ATM offering, net | 775903 | 1 | 2911 |  |  | 2912 |
| Stock-based compensation expense |  |  | 1504 |  |  | 1504 |
| Net loss |  |  |  | (20427) |  | (20427) |
| Balance, December 31, 2025 | 2190945 | $2 | $172773 | $(219223) | $— | $(46448) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**URGENT.LY INC.**

**Consolidated Statements of Cash Flows**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net loss | $(20427) | $(44027) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 4569 | 4227 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 287 | 609 |
| &nbsp;&nbsp;&nbsp;Amortization of contract costs to obtain | 65 | 87 |
| &nbsp;&nbsp;&nbsp;Amortization of contract costs to fulfill | 335 | 168 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 1944 | 673 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 1504 | 2359 |
| &nbsp;&nbsp;&nbsp;Bad debt expense | 92 | 735 |
| &nbsp;&nbsp;&nbsp;Gain on derecognition of right-of-use asset and lease liabilities | (96) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency loss (gain) | 27 | (52) |
| &nbsp;&nbsp;&nbsp;Investments interest receivable, amortization and accretion | (27) | (950) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | 1405 |
| &nbsp;&nbsp;&nbsp;Loss on divestiture |  | 3290 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property, equipment and software | 34 | 191 |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liability and contingent consideration | 40 | (1692) |
| &nbsp;&nbsp;&nbsp;Noncash interest expense | 3605 | 6276 |
| &nbsp;&nbsp;&nbsp;Paid-in-kind interest capitalized | 6894 |  |
| &nbsp;&nbsp;&nbsp;Income from equity method investment | (205) |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 898 | 9212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 262 | (776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (215) | (167) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (390) | (1402) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1591 | (5477) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (59) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (293) | (825) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities | (7798) | (4560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (7363) | (30786) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;Purchases of property, equipment and software | (154) | (1578) |
| &nbsp;&nbsp;Investment in capitalized software | (5005) | (5447) |
| &nbsp;&nbsp;Proceeds from sale of marketable securities |  | 32305 |
| &nbsp;&nbsp;Divested cash |  | (580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (5159) | 24700 |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Repayment of long-term debt | (10000) | (17500) |
| &nbsp;&nbsp;Payments of deferred financing fees | (2569) | (566) |
| &nbsp;&nbsp;Proceeds from revolving credit facility | 120388 |  |
| &nbsp;&nbsp;Payments on revolving credit facility | (107099) |  |
| &nbsp;&nbsp;Proceeds from issuance of common stock, net | 2912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 3632 | (18066) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash, cash equivalents and restricted cash | (8890) | (24077) |
| Cash, cash equivalents and restricted cash, beginning of year | 14179 | 38256 |
| Cash, cash equivalents and restricted cash, end of year | $5289 | $14179 |

---

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**URGENT.LY INC.**

**Consolidated Statements of Cash Flows (continued)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;Cash paid for interest | $1159 | $7172 |
| &nbsp;&nbsp;Cash paid for income taxes | $9 | $560 |
| Supplemental noncash investing and financing activities: |  |  |
| &nbsp;&nbsp;Issuance of common stock in connection with term loan amendment | $1287 | $— |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**URGENT.LY INC.**

**Notes to Consolidated Financial Statements**

(in thousands, except share and per share data)

**1. Organization and Description of Business**

Urgent.ly Inc. (collectively along with other wholly-owned subsidiaries, "Urgent.ly" or the "Company") was incorporated in the State of Delaware in May 2013. Urgent.ly is a leading connected mobility assistance software platform that matches vehicle owners and operators with service professionals who deliver traditional roadside assistance, proactive maintenance and repair services. The Company is headquartered in Ashburn, Virginia.

Effective March 17, 2025, the Company amended its Certificate of Incorporation to effect a 1-for-12 reverse stock split (the "Reverse Stock Split") of its common stock ("Common Stock"). The Company has adjusted all periods presented for the effects of the stock split.

***Liquidity Risk and Going Concern***

The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and liabilities and commitments in the normal course of business.

The Company has a history of recurring operating losses and has required debt and equity financing to finance its operations. The Company reported an accumulated deficit of $219,223 as of December 31, 2025 and an operating loss of $8,873 for the year ended December 31, 2025. At December 31, 2025, the Company had a principal debt balance of $64,439 which matures in 2026 and liquid assets consisting of cash, cash equivalents and restricted cash totaling $5,289. Combined with the Company's history of operating losses, this raises substantial doubt about the Company's ability to continue as a going concern.

Liquidity risk is the risk that suitable sources of funding for the Company's business activities may not be available. The Company has a planning and budgeting process to monitor operating cash requirements including amounts projected for capital expenditures and capitalized software which are adjusted as input variables change. These variables include, but are not limited to, operating cash flows and the availability of other sources of debt and capital. As these variables change, the Company may be required to seek funding through additional equity issuances and/or additional debt financings.

In the event the Company is unable to refinance its current debt and improve its operating results during the next twelve months from the date of issuance of the consolidated financial statements, the Company may not have sufficient cash flows and liquidity to finance its business operations as currently contemplated. The consolidated financial statements do not include any adjustments of the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

**2. Summary of Significant Accounting Policies**

***Principles of Consolidation***

The accompanying consolidated financial statements include the accounts of Urgent.ly Inc. and its wholly-owned subsidiaries Roadside Innovation Inc., Roadside Innovation (Arkansas) Inc., Urgently Canada Technologies ULC, and Otonomo Technologies Ltd. ("Otonomo") and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

***Basis of Presentation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

***Use of Estimates***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

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***Cash and Cash Equivalents***

Cash and cash equivalents are stated at cost, which, due to their short-term nature, approximates fair value. All highly-liquid investments with an original or remaining maturity of three months or less at the date of purchase are considered to be cash equivalents.

***Restricted Cash***

Restricted cash represents amounts held as collateral required under the Company's credit card program.

***Marketable Securities***

Marketable securities consist of commercial paper, corporate bonds, and U.S. government agency securities. The Company considers all of its marketable securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities within current assets on the consolidated balance sheets. Securities are classified as available for sale and are carried at fair value, with the change in unrealized gains and losses, net of tax, reported as a separate component on the consolidated statements of operations and comprehensive loss until realized. Realized gains and losses on sales of marketable securities are included in other income (expense), net in the consolidated statements of operations and comprehensive income (loss). The amortized cost of marketable securities is adjusted for amortization of premium and accretion of discount to maturity, both of which, together with interest, are included in other income (expense), net.

For any available-for-sale debt securities, if the Company does not intend to sell and it is not more likely than not that they will be required to sell the available-for-sale debt security prior to recovery of its amortized cost basis, the Company will determine whether a decline in fair value below the amortized cost basis is due to credit-related factors. The credit loss is measured as the amount by which the debt security's amortized cost basis exceeds the estimate of the present value of cash flows expected to be collected, up to the difference between the amortized cost basis and the fair value. Impairment will be assessed at the individual security level. Credit-related impairment is recognized as an allowance on the consolidated balance sheets with a corresponding adjustment to other income (expense), net on the Company's consolidated statements of operations and comprehensive loss.

***Accounts Receivable***

Accounts receivable result from service performed for which payment has yet to be received and include amounts invoiced and accrued amounts to be invoiced. Accounts receivable are charged to bad debt expense when they are determined to be uncollectible based upon a periodic review of the accounts by management. The Company records an allowance for expected losses based on historical experience and management's expectation for future expected losses. The Company may consider an account past due when payment has not been received under the terms of the contract. The Company bases its estimates on historical experiences and on various other assumptions that are believed to be reasonable and appropriate under the circumstances. As of December 31, 2025 and 2024, the allowance for expected losses is $747. The balance of accounts receivable at January 1, 2024 amounted to $33,905, net of an allowance for expected losses of $27.

***Property, Equipment and Software***

Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated asset lives, between 15 and 60 months. Leasehold improvements are depreciated over the shorter of their estimated useful lives or term of the respective lease on a straight-line basis.

Maintenance, repairs, and minor replacements are charged to expense as incurred. Major renovations and replacements are capitalized to appropriate property and equipment accounts. Upon sale or retirement of property, the cost and accumulated depreciation are eliminated from the accounts and the related gain or loss is recognized in results of operations.

***Impairment of Long-lived Assets***

The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of its long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. No impairment charges on long-lived assets were recognized during the years ended December 31, 2025 and 2024.

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***Capitalized Software*** 

The Company incurs costs to develop, modify, or implement software for internal use as it delivers on significant contracts for which its product offering has expanded. The Company's objective is to enhance the functionality of the platform to accommodate multiple client applications and interfaces across different customer systems with varying degrees of complexity. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and expensed as incurred for preliminary project activities and post-implementation activities. Capitalized costs include external direct costs of materials and services consumed in developing or obtaining internal-use software, payroll and payroll-related costs for employees who are directly associated with the internal-use software project, and interest costs incurred, when material, while developing internal-use software. Capitalized costs are amortized over the estimated useful asset life of three years. Capitalization of such costs ceases when the project is substantially complete and ready for its intended purpose. Costs for maintenance and training are expensed as incurred. Amortization expense was $2,581 and $810 for the years ended December 31, 2025 and 2024, respectively.

***Intangible Assets***

Acquired intangible assets consist primarily of technology acquired through the Otonomo merger and two domain names. Acquired Otonomo technology is amortized on a straight-line basis over the estimated useful life of the asset of 4 years. The domain names are deemed to have an indefinite life and are measured for impairment annually. The Company reviews the carrying value of long-lived assets for impairment when events or changes in business circumstances indicate the carrying value may not be recoverable. An impairment loss is recognized when an asset's carrying value exceeds its fair value as calculated using a discounted future cash flow analysis. During the years ended December 31, 2025 and 2024, no impairment loss was recognized in the accompanying consolidated financial statements.

***Deferred Financing Fees***

Fees paid in connection with the Company's debt arrangements are amortized using the effective interest method over the life of the related debt. During the years ended December 31, 2025 and 2024, the Company incurred and capitalized financing fees of $2,569 and $566, respectively, in connection with term loan amendments and the revolving credit facility (see Note 9). Amortization of deferred financing fees totaled $1,944 and $673 during the years ended December 31, 2025 and 2024, respectively, and is included in interest expense in the accompanying consolidated statements of operations and comprehensive loss.

***Modification of Debt Instruments***

Modifications or exchanges of debt, which are not considered a troubled debt restructuring, are considered extinguishments if the terms of the new debt and the original instrument are substantially different. The instruments are considered substantially different when the present value of the cash flows under the terms of the new debt instrument are at least 10% different from the present value of the remaining cash flows under the terms of the original instrument. If the original and new debt instruments are substantially different, the original debt is derecognized and the new debt is initially recorded at fair value, with the difference recognized as an extinguishment gain or loss. During the years ended December 31, 2025 and 2024, the Company amended its term loans (see Note 9).

***Income Taxes***

In accordance with ASC Topic 740, *Income Taxes* ("ASC Topic 740"), income taxes are reported utilizing the asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each period-end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. ASC Topic 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax asset will not be realized.

ASC Topic 740 provides a comprehensive model for the recognition, measurement, and disclosure in financial statements of uncertain income tax positions that a company has taken or expects to take on a tax return. A company can recognize the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit can be recognized. Additionally, companies are required to accrue interest and related penalties, if applicable, on all tax exposures for which reserves have been established consistent with jurisdictional tax laws.

The Company determined that its income tax positions did meet the more-likely-than-not recognition threshold and, therefore, required no reserve. In the event uncertain positions are employed in the future, additional interest and penalty charges associated with tax positions would be classified as income tax expense.

------

The Company's primary tax jurisdiction is in the United States. Generally, federal, state and local authorities may examine the Company's tax returns for three years from the date of filing.

***Accounting for Derivative Instruments***

The Company recognizes all derivative instruments as either assets or liabilities and measures them at fair value. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. To the extent derivative instruments qualify and are designated as hedges of the variability in cash flows associated with forecasted transactions, the effective portion of the gain or loss on such derivative instruments will generally be reported in other comprehensive loss and the ineffective portion, if any, will be reported in net loss. Such amounts recorded in accumulated other comprehensive loss will be reclassified into net loss when the forecasted transaction affects earnings. To the extent derivative instruments qualify and are designated as hedges of changes in the fair value of an existing asset, liability or firm commitment, the gain or loss on the hedging instrument will be recognized currently in earnings along with changes in the fair value of the hedged asset, liability, or firm commitment attributable to the hedged risk.

***Revenue Recognition***

The Company recognizes revenue in accordance with Accounting Standards Update ("ASU") 2014-09, *Revenues from Contracts with Customers (Topic 606)* as well as other clarifications and technical guidance issued by the Financial Accounting Standards Board ("FASB") related to this revenue standard ("ASC 606") and ASC Subtopic 340-40, *Other Assets and Deferred Costs Contracts with Customers* ("ASC 340-40").

The core principle of ASC 606 is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company determines revenue recognition through the following five step model:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identification of the contract, or contracts with a Customer Partner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identification of the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Determination of the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allocation of the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recognition of revenue when, or as, performance obligations are satisfied

The Company recognizes revenue when there is evidence of a contract, probable collection of the consideration to which the Company expects to be entitled to receive, and completion of the performance obligations.

The Company generates substantially all its revenues from roadside assistance services ("RAS") initiated through its software platform primarily in the United States and Canada. The Company's platform enables its customers (Partners, Customer Partners) to outsource delivery for all or portions of their roadside assistance programs. The Company manages the RAS process after receiving the initial distress call or web-based request through final disposition.

The Company also offers RAS directly to motorists via pay per use or direct membership offerings. In addition, revenue is earned from platform license fees, whether delivered via cloud or traditional license delivery, professional services, and memberships.

***Cost of Revenue***

Cost of revenue, exclusive of depreciation and amortization, consists primarily of fees paid to Service Providers. Other costs included in cost of revenue are specifically the technology hosting and platform-related costs, certain personnel costs related to direct call center support to Consumers as part of platform authentication, and amortization of costs to fulfill.

***Research and Development***

Research and development expenses primarily consist of compensation expenses, including equity-based compensation, for engineering, product development, product management and design employees, expenses associated with ongoing improvements to, and maintenance of, the Company's platform offerings and other technology. Research and development expense also includes software expenses and technology consulting fees. Research and development expenditures are expensed as incurred.

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***Sales and Marketing***

Sales and marketing expenses primarily consist of compensation expenses, including equity-based compensation, in support of new business capture, Partner management and marketing such as commissions, salaries, and related benefits. Sales and marketing expense also includes expenses associated with advertising, promotions of the Company's services, Partner advocacy management and brand-building. Advertising costs are expensed as incurred and totaled $133 and $170 for the years ended December 31, 2025 and 2024, respectively.

***Operations and Support***

Operations and support expenses primarily consist of compensation expenses, including equity-based compensation, in support of customer support operations such as salaries, related benefits, contractors used to manage customer support workload and related technology costs to support such operations. Operations and support expenses also include expenses associated with Service Provider network management.

***General and Administrative***

General and administrative expenses primarily consist of compensation expenses, including equity-based compensation and related benefits for the Company's executive, finance, human resources, information technology, legal and other personnel performing administrative functions. General and administrative expense also includes corporate office rent expense, third-party professional fees, public company expenses and any other cost or expense incurred not deemed to be related to cost of revenue, sales and marketing expense, research and development expense, or operations and support expense.

***Deferred Revenue***

Deferred revenue represents amounts received from Customer Partners or Motorists in advance of fulfillment of the promised performance obligations related to professional services, membership and bundled license arrangements.

***Stock-based Compensation***

The Company accounts for all stock-based payment awards made to employees and directors based on their fair values and recognizes such awards as compensation expense over the vesting period using the straight-line method over the requisite service period for each award as required by FASB ASC Topic No. 718, *Compensation-Stock Compensation*.

***Concentrations of Credit Risk***

Financial instruments that subject the Company to credit risk consist primarily of cash, cash equivalents, restricted cash and accounts receivable. The Company places its cash and cash equivalents in accredited financial institutions and the balances are sometimes above federally insured limits. Management monitors the creditworthiness of its customers and believes that it has adequately provided for any exposure to potential credit losses.

During the years ended December 31, 2025 and 2024, 56% and 49%, respectively, of revenue was earned from two customers, respectively. At December 31, 2025 and 2024, 70% and 71% of accounts receivable was due from four customers, respectively.

***Foreign Currency Translation Adjustments and Transaction Gains (Losses)***

The reporting currency of the Company and its subsidiaries is the U.S. dollar, and the functional currency of the Company's Canadian subsidiary is the U.S. dollar. Transactions denominated in foreign currencies other than a subsidiary's functional currency are recorded at the rates of exchange prevailing at the time of the transaction. Exchange differences arising upon settlement of a transaction are reported as gains or losses and are included in other income (expense), net in the consolidated statements of operations and comprehensive loss.

The functional currency of the Company's former United Kingdom subsidiary (see Note 3) is the British Pound. Accordingly, the translation to U.S. dollars was based on the balance sheet date exchange rates for assets and liabilities, historical rates of exchange for equity, and average exchange rates in the period for revenues and expenses. The effects of foreign currency translation adjustments are included in stockholders' deficit as a component of accumulated other comprehensive income or loss in the accompanying consolidated balance sheets.

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***Segment Reporting***

The Company has determined that its Chief Executive Officer is its chief operating decision maker. The Company's Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of assessing performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment: Mobility Assistance Services. The Mobility Assistance Services segment includes all products, services and software used to generate revenue under the Company's commercial agreements. The CODM uses consolidated net loss and operating loss to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes departmental expenses (cost of revenue, research and development, sales and marketing, operations and support, and general and administrative) at the consolidated level to manage the Company's operations. The measure of segment assets is reported on the consolidated balance sheet as total assets.

***Recently Adopted Accounting Standards***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which provides for improvements to income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. The Company adopted this standard in fiscal year 2025.

***Recently Issued Accounting Standards Not Yet Adopted***

In September 2025, the FASB issued ASU 2025-06, *Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40):* Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). To clarify how the accounting guidance applies to both linear and nonlinear software development, this standard removes all references to "developments stages" from ASC 350-40. ASU 2025-06 will be effective for the Company beginning with its 2028 interim and annual financial statements, with early adoption permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements and related disclosures.

The Company has evaluated all other issued and unadopted accounting standards updates and believes the adoption of these standards will not have a material impact on its consolidated balance sheets, statements of operations and comprehensive loss, or cash flows.

**3. The Floow Divestiture**

On September 19, 2024, the Company completed the divestiture of Otonomo's wholly-owned subsidiary, The Floow Limited ("The Floow"), as part of its strategic effort to divest non-core assets and dedicate its resources to advancing its core business (the "Divestiture"). As a result of the Divestiture, the Company returned 51% equity ownership to The Floow's management while retaining 49% ownership in the form of 3,000,000 preference shares of The Floow. The preference shares were valued at $1,350 by an independent valuation specialist utilizing principally the discounted cash flow method (an income approach) and considered the guideline company method using market multiples (a market approach). The Company recorded the value of the preference shares as an investment under the equity method of accounting, and the investment in The Floow is presented within other non-current assets in the consolidated balance sheets. The Company will have limited continuing involvement in The Floow as it only retains certain, customary protective rights regarding its investment. The Floow's management is not considered a related party of the Company before or after the Divestiture.

The Company recognized the difference between the fair value of the preference shares and the carrying amounts of the deconsolidated net assets of The Floow on the date of the Divestiture as a loss on the transaction of $3,290 which is presented in other income (expense), net in the consolidated statements of operations. The Divestiture did not meet the criteria for presentation as a discontinued operation.

The Company determined that it has a variable interest in The Floow due to its ownership of the preference shares. The Floow was further determined to be a variable interest entity as it may require additional subordinated financial support based on historical performance and because the initial equity at risk may not be sufficient to finance its planned future operations. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of The Floow, and therefore, it does not qualify as the primary beneficiary. Accordingly, after the Divestiture, The Floow is not consolidated.

The Company's risk of loss with respect to its preference shares in The Floow is limited to the carrying value of its investment balance, which was $1,555 and $1,350 as of December 31, 2025 and 2024, respectively.

The Company paid $1,400 to use a perpetual royalty-free license for The Floow's technology, which is presented within property, equipment and software, net in the consolidated balance sheets. The fair value of the license on September 19, 2024 was determined to be equal to its purchase price using the replacement cost method. The license is amortized over a five-year useful life.

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**4. Revenue**

The Company generates substantially all its revenues from roadside assistance services ("RAS") initiated through its software platform primarily in the United States and Canada. The Company's platform enables its customers ("Customer Partners") to outsource delivery for all or portions of their roadside assistance programs. The Company manages the RAS process after receiving the initial distress call or web-based request through final disposition. Urgent.ly contracts with original equipment manufacturers ("OEM"), insurance companies, fleet management companies (including car rental companies) and aftermarket companies, which collectively represent the Company's Customer Partners. These Customer Partners, who are our direct customers, in turn, offer roadside assistance plans to their customers (the "Consumers").

The Company recognizes revenue when there is evidence of a contract, probable collection of the consideration to which the Company expects to be entitled to receive, and completion of the performance obligations.

The Company recognizes revenue on a gross basis (as the principal) or net basis (as the agent) depending on the nature of the Company's role with respect to the Customer Partner to deliver roadside assistance services.

*Full-service Outsourcing - Flat Rate* 

In connection with these service arrangements, the Company negotiates fixed rates with subcontract service providers and charges its Customer Partners fixed rates based on each service provided (per tow, per jump start, etc.) to their motorist. Both the Company and subcontract service providers are involved in the transfer of services to the motorist. The Company considers the nature of each specific promised service and applies judgment to determine whether the Company controls the service before it is transferred to the motorist or whether the Company is acting as an agent for the Customer Partner. To determine whether the Company controls the service before it is transferred to the motorist, the Company assesses indicators including which party is primarily responsible for fulfillment and has discretion in determining pricing for the service, as well as other considerations. The Company has concluded that in connection with the Company's flat rate service arrangements, the Company's promise to its Customer Partners to provide the services is not distinct from the services provided by the subcontract service providers. The Company has the ability to direct the use of and obtain substantially all of the benefits and risks of the services provided by the subcontract service providers before those services are transferred to the Customer Partner. On that basis, the Company controls the services prior to the transfer to the Customer Partner. Further, the nature of the Company's promise to provide the Company's Customer Partners with roadside assistance services encompasses various tasks that may differ on any given day; however, these represent activities to fulfill the overall RAS process and not separate promises in the contract. In that regard, each increment of the promised service (i.e., each dispatch service, emergency assistance service) is distinct and part of a series of distinct services that are substantially the same and have the same pattern of transfer to the customer, which the Company accounts for as a single performance obligation. As a result, the Company records revenues from flat rate service arrangements on a gross revenue basis and the costs are recorded as part of the cost of service. The Company has applied the right to invoice practical expedient in recognizing these revenues. The Company recognizes these revenues over time, and substantially all of the Company's revenue is generated through this type of arrangement.

*Full-service Outsourcing - Claim Cost Pass-through*

Under the claim cost pass-through arrangement, the Company's performance obligation is solely to arrange the dispatch of the roadside assistance services. The Company does not control all roadside assistance services. The Customer Partner controls all other RAS services prior to the transfer to the motorist, the ultimate consumer. The Company acts as an agent in this transaction and, as a result, the Company records only its flat dispatch fee as revenue from its claim cost pass-through arrangements, net of the costs incurred from the subcontract service providers. The Company recognizes these revenues over time.

*Membership*

The Company also derives revenues from membership offerings for roadside assistance services, for which the Company's performance obligation is to provide roadside assistance services primarily to its Customer Partners' members. The Customer Partner pays the Company an upfront fee per member or covered vehicle. The Company applied the right to invoice practical expedient, reflecting the Company's right to payment for the fixed fee that corresponds directly to the value provided for the Company's performance. Accordingly, these fees are recognized over time when the related fee is invoiced. The cost of providing services is charged to cost of revenue as incurred.

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*Software Licensing Arrangements*

The Company enters into licensing agreements with Customer Partners for cloud-based software-as-a-service ("SaaS") subscriptions, which provides customers access to the Company's proprietary platform software through a web-based interface. SaaS subscription revenue is recognized ratably over the term of the subscription, commencing on the "go live" date of the platform.

The Company also occasionally enters into term licensing arrangements with Customer Partners to provide access to its standard software platform. The Company customarily provides the Customer Partner with standard maintenance on licensed software which includes technical support and when-and-if available updates. The Company considers this a service of standing-ready to the customer to provide technical support and upgrades as needed, and unspecified upgrades are provided on a when-and-if available basis for the duration of the maintenance period. The license revenue and the maintenance bundled in the arrangement are considered a single performance obligation that is recognized over the term of the agreement.

Some licensing arrangements also include a fixed maintenance management fee, as well as a range of fees that are dependent on the volume of end users that utilize the application. The variable fee is structured in bands for which the price per user, per month decreases as the volume of end users increases. Therefore, there is a portion of the fees that varies depending on the volume of end users as well as embedded discounts. The Company has applied the right to invoice practical expedient in recognizing these revenues and recognizes the maintenance and management fee over time, and the variable fee is recognized monthly.

*Professional Services*

The Company sells professional services either on a stand-alone basis or as services bundled with software. Professional services include customization and design, integration, training and consulting services. Professional services performed by the Company represent distinct performance obligations, not highly interdependent or highly interrelated with the Company's term license and SaaS arrangements such that a customer would be able to use the Company's platform without the professional service. The standalone selling prices are determined based on contracted terms on a contract-by-contract basis. Revenue for customization and design services represents the transfer to the customer for the right to access the customized software and therefore is recorded over time. Revenues for integration services, training and consulting services are separate performance obligations recognized over time as these and the SaaS arrangements can be purchased separately from the platform and SaaS arrangements.

Revenue on a disaggregated basis is as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Full-service outsourcing—flat rate | $128566 | $137417 |
| Full-service outsourcing—claim cost pass-through | 10 | 14 |
| Membership | 370 | 447 |
| Software licensing arrangements | 160 | 4667 |
| Professional services | 88 | 360 |
|  | $129194 | $142905 |

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***Contract Assets***

The Company capitalizes costs to obtain contracts with Customer Partners, primarily employee sales commissions. Sales commissions relating to revenues recognized over a period longer than one year are considered incremental and recoverable costs of obtaining a contract and are deferred as other non-current assets and are amortized on a straight-line basis over the initial contract term. Commission expenses are included in sales and marketing expense in the condensed consolidated statements of operations and comprehensive loss.

Capitalized contract costs associated with the costs to fulfill certain contracts are deferred as other non-current assets and are amortized, on a straight-line basis, over the expected period of benefit for contracts with an amortization period that exceeds one year. Amortization cost is included in cost of revenue in the condensed consolidated statements of operations and comprehensive loss. The expected period of benefit is determined using the initial contract term.

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Contract assets as of January 1 | $381 | $233 |
| Additional contract costs to fulfill | 351 | 403 |
| Amortization of contract costs to obtain | (65) | (87) |
| Amortization of contract costs to fulfill | (335) | (168) |
| Contract assets as of December 31 | $332 | $381 |

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**5. Fair Value Measurements**

The Company measures certain financial assets and liabilities at fair value. Fair value is determined based on the exit price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy:

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| | |
|:---|:---|
| **Level 1** - | Quoted prices in active markets for identical assets or liabilities. |
| **Level 2** - | Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| **Level 3** - | Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability. |

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The Company's population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** |
| **Recurring fair value measurements** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Contingent purchase consideration (1) | $— | $— | $(2756) | $(2756) |
|  | $— | $— | $(2756) | $(2756) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** |
| **Recurring fair value measurements** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money market funds | $8853 | $— | $— | $8853 |
| Contingent purchase consideration (1) |  |  | (2925) | (2925) |
|  | $8853 | $— | $(2925) | $5928 |

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(1) Contingent purchase consideration represents a liability recorded at fair value in connection with the Otonomo merger, and thus represents a Level 3 measurement within the fair value hierarchy. The fair value of the contingent purchase consideration was estimated based on the fair value of the Company's shares issuable on a contingent basis. Contingent purchase consideration is included in Accrued expenses in the condensed consolidated balance sheets.

The following table sets forth a summary of the changes in the fair value of the contingent purchase consideration:

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| | |
|:---|:---|
| Fair value as of December 31, 2023 | $4617 |
| Change in fair value | (1692) |
| Fair value as of December 31, 2024 | 2925 |
| Change in fair value | (169) |
| Fair value as of December 31, 2025 | $2756 |

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The carrying values for cash, accounts receivable, accounts payable and long-term debt approximated fair value for the years ended December 31, 2025 and 2024.

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**6. Property and Equipment**

Property and equipment consist of the following as of the periods presented:

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| Furniture, fixtures and computer equipment | $453 | $582 |
| Software license | 1400 | 1400 |
|  | 1853 | 1982 |
| Less accumulated depreciation | (584) | (405) |
| Property and equipment, net | $1269 | $1577 |

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Depreciation expense was $428 and $526 for the years ended December 31, 2025 and 2024, respectively.

**7. Intangible Assets**

Intangible assets consist of the following as of the periods presented:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Life (in years)** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** |
| Acquired technology | 2-4 | $6373 | $(3568) | $2805 | $6373 | $(2008) | $4365 |
| Domain name | Indefinite | 31 |  | 31 | 31 |  | 31 |
|  |  | $6404 | $(3568) | $2836 | $6404 | $(2008) | $4396 |

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Amortization expense was $1,560 and $2,891 for the years ended December 31, 2025 and 2024, respectively.

The Company wrote off $1,996 of net intangible assets from the consolidated balance sheet during the third quarter of 2024 as a result of the Divestiture and is included in the calculation of loss on divestiture in the condensed consolidated statement of operations and comprehensive loss for the year ended December 31, 2024.

The following table sets forth the remaining estimated amortization expense for intangible assets for the next five years:

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| | |
|:---|:---|
| **<u>For the year ending December 31,</u>** |  |
| 2026 | $1560 |
| 2027 | 1245 |
| 2028 |  |
| 2029 |  |
| 2030 |  |
|  | $2805 |

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**8. Accrued Expenses**

Accrued expenses consist of the following as of the periods presented:

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| Accrued service provider costs | $3727 | $4447 |
| Accrued compensation | 1099 | 1194 |
| Accrued interest | 2186 | 1547 |
| Contingent purchase consideration | 2756 | 2925 |
| Accrued lender fees | 10078 | 3247 |
| Accrued VAT and income taxes | 1322 | 3139 |
| Other accrued liabilities | 3021 | 3339 |
|  | $24189 | $19838 |

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**9. Debt Arrangements**

The Company's debt arrangements consist of the following as of the periods presented:

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| Structural Capital term loan with an interest rate at the greater of 13.5% or the prime rate plus 7.0%, matured on February 28, 2025 | $— | $10000 |
| Highbridge Capital term loan with an interest rate of 16% or 13% per annum, subject to certain conditions, maturing on July 31, 2026 (see Note 17) | 46894 | 40000 |
| MidCap Financial revolving credit facility with an interest rate of Term SOFR plus 4.5%, maturing on the earlier of (a) February 26, 2028 or (b) 120 days prior to the maturity of the Highbridge Capital term loan, or April 2, 2026 (see Note 17) | 13288 |  |
| 2022 convertible promissory notes with an interest rate of 15.0% per annum, matured on June 30, 2024 | 4257 | 4257 |
| Total principal debt | 64439 | 54257 |
| Less: current portion (1) | (64439) | (14257) |
| Less: debt issuance costs and discounts, long-term |  | (117) |
| Total long-term debt, net | $— | $39883 |

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(1) Excludes debt issuance costs and discounts of $1,133 as of December 31, 2025.

***Structural Term Loan***

On October 13, 2021, the Company entered into a Loan and Security Agreement (the "2021 Structural Term Loan") with Structural Capital with an initial commitment amount of $14,000. Borrowings under the 2021 Structural Term Loan accrued interest at the greater of 10.75% or the prime rate plus 7.5% per annum with a scheduled maturity date on October 1, 2024. Interest was payable in advance on the first day of each month. Upon repayment, the loan required a fee equal to 5% of the drawn amount and a success fee equal to 10% of the drawn amount. The 2021 Structural Term Loan was secured by substantially all assets of the Company.

On December 16, 2021, the Company amended the 2021 Loan and Security Agreement (the "2021 Amended Structural Term Loan") with Structural Capital. An additional $3,500 was funded at closing, bringing the total term loan with Structural Capital to $17,500, and reducing the remaining commitment amount by $2,500. Borrowings under the 2021 Amended Structural Term Loan accrued interest at the greater of 10.75% or the prime rate plus 7.5% per annum with an amended scheduled maturity date on November 1, 2023. Upon repayment, the loan required a payment of $840, an exit fee equal to an amount sufficient to increase the minimum return to 1.20:1.0 if payable on or before April 1, 2022, 1.25:1.0 if payable between April 2, 2022 and October 1, 2022, or 1.30:1.0 if payable after October 1, 2022, and a success fee equal to 10% of the drawn amount. In addition, the Company paid $175 upon execution of the amendment. These fees were accreted to interest expense over the term of the loan. The 2021 Amended Structural Term Loan was secured by certain assets of the Company pursuant to an intercreditor agreement with Highbridge Capital Management, LLC.

In connection with the 2021 Amended Structural Term Loan, the Company issued 38 warrants to purchase Series C-1 preferred stock with an exercise price of $10.80 per share and expiring on December 16, 2031. The fair value of these warrants of $320 was recorded as a discount against the loan. The discount was amortized to interest expense using the effective interest rate method.

In July 2022, the Company executed the Second Amended and Restated Loan Agreement (the "Second Amendment") which eliminated any additional tranches available for future borrowing and created a single term loan facility in the amount of $17,500 which had previously been funded. The interest rate and maturity date were not changed as part of the Second Amendment. The Second Amendment added an incremental amendment fee of $1,014 to be paid at maturity and a restructuring fee of $2,029 which was payable upon the occurrence of certain contingent events. The Company concluded that the payment of the restructuring fee was probable; therefore, both fees are accreting to interest expense over the term of the agreement. The warrants that were outstanding as part of the 2021 Amended Structural Term Loan were amended as part of a recapitalization in 2022 and became exercisable for Common Stock. The Second Amendment was accounted for as a debt modification and, accordingly, no gain or loss was recognized. The Second Amendment contained certain covenants such as receipt of at least $5,000 in convertible debt proceeds, maintaining unrestricted cash of at least $5,000 and maintaining a positive contribution margin from December 31, 2022 onward.

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On February 9, 2023, the Company executed the First Amendment to the Second Amended and Restated Loan Agreement (the "First Amendment") with Structural Capital. Borrowings under the First Amendment accrued interest monthly at the greater of 14.0% or 7.5% plus the prime rate (which can be no less than 3.25%) for the first $14,000 outstanding, and the greater of 13.5% or 7.0% plus the prime rate (which can be no less than 3.25%) for the remaining $3,500 outstanding. The scheduled maturity was November 1, 2024 as a result of the merger with Otonomo. Upon repayment, the First Amendment required a final payment fee of $840, a success fee of $2,406, a restructuring fee of $2,232, and an amendment fee of $1,014. The Company is accreting these fees to interest expense over the term of the loan.

Under the First Amendment, the success fee would be increased by $656 upon the occurrence of certain contingent events, including a merger with Otonomo. The Company concluded that this feature was not clearly and closely associated with the risk of the debt host instrument and was therefore bifurcated and separately accounted for as a derivative financial instrument. The fair value of the derivative liability of $492 was recorded separately from the term loan with an offsetting amount recorded as a debt discount. The debt discount was amortized over the remaining term of the term loan using the effective interest method. The First Amendment was accounted for as a debt modification and, accordingly, no gain or loss was recognized.

On May 18, 2023, the Company executed the Second Amendment to the Second Amended and Restated Loan Agreement (the "Structural Second Amendment") which increased the term loan amount by $10,000 ("Tranche 2"). Tranche 2 borrowings under the Structural Second Amendment accrue interest monthly at the greater of 13.5% or 7.0% plus the prime rate (which can be no less than 3.25%). Upon repayment, the Structural Second Amendment added $400 to the repayment fee. All other terms remain unchanged from the First Amendment. In connection with the amendment, the $492 derivative liability resulting from the First Amendment was written off and a new derivative liability of $773 was established. The Structural Second Amendment was accounted for as a debt extinguishment and, accordingly, a $4,913 gain was recognized. The gain resulted from the write-off of accrued lender fees, deferred financing fees, debt discounts, and a derivative liability, all related to the Structural term loan.

In connection with the Structural Second Amendment, the Company issued warrants to purchase Common Stock in an aggregate amount of $500 with an exercise price of $10.80 per share expiring on May 18, 2033. The number of shares issued is based on Warrant Coverage, which is defined as a dollar value divided by the price factor at the time the warrant is exercised, as defined in the agreement. The fair value of these warrants was determined to be de minimis.

On October 19, 2023, all liability classified warrants issued to Structural Capital automatically converted into shares of Common Stock, and as a result, no such warrants are outstanding as of December 31, 2024. Immediately prior to their settlement, the Company marked these liability-classified warrants to fair value and recognized a gain on the change in fair value of warrant liability of $2,516. Amortization of the discount totaled $80 during the year ended December 31, 2024, and is included in interest expense in the accompanying consolidated statements of operations and comprehensive loss.

On January 19, 2024, the Company executed the Third Amended and Restated Loan Agreement (as amended, the "2024 Structural Loan Agreement") with Structural Capital. The maturity date under the 2024 Structural Loan Agreement was January 1, 2025. In connection with the amendment and restatement of the 2024 Structural Loan Agreement (the "Third Amendment"), the Company agreed to join the Otonomo entities as guarantors and make other conforming changes to the agreement. In addition, the Company repaid $17,500 of the term loan and paid $6,053 in related fees. The Third Amendment was accounted for as a partial debt extinguishment and, accordingly, a loss of $1,405 was recognized in the accompanying condensed consolidated statement of operations and comprehensive loss. The Company incurred and capitalized $225 of costs related to the Structural Loan Agreement that will be amortized and charged to interest expense over the remaining term of the loan.

On December 31, 2024, the Company executed the First Amendment to the 2024 Structural Loan Agreement (the "First Amendment") which permitted the partial repayment of term loans in an aggregate principal amount equal to $3,000, together with accrued and interest and certain fees totaling $3,424 and extended the maturity date of the loans to February 1, 2025. Since the effective interest rate under the First Amendment is lower than the effective interest rate under the 2024 Structural Loan Agreement, a concession is deemed to have been granted under ASC 470-60, *Debt - Troubled Debt Restructurings by Debtors* ("ASC 470-60"). Since a concession has been granted, the First Amendment was accounted for as a troubled debt restructuring. The First Amendment did not result in a gain on restructuring since the future undiscounted cash outflows required under the amended agreement exceed the carrying value of the debt immediately prior to the First Amendment. As of December 31, 2024, the effective interest rate was approximately 18%.

On January 31, 2025, the Company entered into an amendment to the Third Amended and Restated Loan and Security Agreement (as amended, the "Structural Loan Agreement") with a consortium led by lending affiliates of Structural Capital, which extended the maturity date thereunder to February 15, 2025. On February 14, 2025, the Company amended the Structural Loan Agreement to extend the maturity date thereunder to February 28, 2025. The fees incurred with these administrative amendments were immaterial, neither amendment was deemed to be a substantive modification, and each was accounted for as a modification of debt. On February

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26, 2025, the Company fully repaid the amount outstanding under the Structural Loan Agreement with proceeds from borrowings under the MidCap Credit Agreement (as defined below).

***Highbridge Term Loan***

On December 16, 2021, the Company entered into a Loan and Security Agreement (the "Highbridge Term Loan") with a consortium led by Highbridge Capital Management, LLC ("Highbridge"), and included Whitebox Advisors, LLC and Onex Capital Solutions Holdings, LP. The Company received $30,000 upon closing with an additional $10,000 funding on December 20, 2021. As described further below, additional loan commitments were reduced to $0 in July 2022. Borrowings under the Highbridge Term Loan accrue interest at 10.0% for the first six months, increasing by 1% for each six-month period thereafter, with a maximum rate of 13.0%. Interest is payable quarterly, in arrears, on the last business day of the calendar quarter and on the scheduled maturity date of December 15, 2023. The Highbridge Term Loan is secured by substantially all assets of the Company pursuant to an intercreditor agreement with Structural Capital.

In connection with the funding on December 16, 2021 of the Highbridge Term Loan, the Company issued 1,406 warrants to purchase Common Stock with an exercise price of $10.80 per share expiring on December 16, 2031. In connection with the funding on December 20, 2021, the Company issued an additional 474 warrants to purchase Common Stock with an exercise price of $10.80 per share expiring on December 20, 2031. The fair value of these warrants of $6,685, plus an additional $800 discount, was recorded as a discount against the loan. The total discount is amortized to interest expense using the effective interest rate method.

Additional Common Stock warrants up to 0.72% of the fully diluted Common Stock of the Company were to be issued upon funding of the 2021 Highbridge Bridge Funding. If issued, these warrants will be automatically exercised prior to the close of a Qualified Public Trade Trigger (either IPO or SPAC merger). Upon the achievement of the Qualified Public Trade Trigger, the Highbridge Term Loan can be exchanged for a convertible note that would convert to Common Stock with terms to be determined.

In July 2022, the Company executed the Waiver and First Amendment to Loan and Security Agreement (the "First Highbridge Amendment") which decreased the amount available under the term loan agreement by $20,000. As a result, there were no further amounts available to be borrowed under the revised arrangement. The interest rate and maturity date were not changed as part of the First Highbridge Amendment. The First Highbridge Amendment removed any covenants present in the original agreement and added a financial covenant in which the Company must maintain unrestricted cash as of the end of each calendar month in an amount above $5,000. The First Highbridge Amendment included an amendment fee in the amount of $2,319 which is accreting to interest expense over the term of the loan.

The First Highbridge Amendment also added an incremental sale fee of $4,639 payable upon the occurrence of certain contingent events. The Company determined that the sale fee was not probable of occurring. The First Highbridge Amendment was accounted for as a debt modification and, accordingly, no gain or loss was recognized.

The warrants to purchase 1,406 shares of Common Stock were amended to become warrants to purchase a variable number of common shares based on a certain percentage of the fully diluted capitalization of the Company at the time of the warrant exercise. The warrants to purchase 474 shares of Common Stock were canceled as part of this transaction.

On February 9, 2023, the Company executed the Second Amendment to Loan and Security Agreement (the "Second Highbridge Amendment") with a consortium led by Highbridge. The Second Highbridge Amendment limits the commitment amount to $40,000. Borrowings under the amended Highbridge Term Loan accrue interest at a rate of 12.0% through June 2023, increasing to 13.0% through maturity, and payments are made quarterly in arrears. The scheduled maturity was January 31, 2025 as a result of the merger with Otonomo. Upon repayment, the loan requires a first amendment fee of $2,319, a second amendment fee of $3,000, and a consent fee of $4,639. The Company is accreting these fees to interest expense over the term of the loan. The Second Highbridge Amendment was accounted for as a debt modification and, accordingly, no gain or loss was recognized.

On May 18, 2023, the Company executed the Third Amendment to Loan and Security Agreement (the "Third Amendment") with a consortium led by Highbridge. The Third Amendment amended the definition of "Permitted Indebtedness" as a result of the Structural Second Amendment and added an amendment fee of $400.

On October 19, 2023, all liability classified warrants issued to Highbridge automatically converted into shares of Common Stock and as a result, no such warrants are outstanding as of December 31, 2024. Immediately prior to their settlement, the Company marked these liability classified warrants to fair value and recognized a gain on the change in fair value of warrant liability of $4,690. Amortization of the discount totaled $81 and $967 during the years ended December 31, 2025 and 2024 and is included in interest expense in the accompanying consolidated statements of operations and comprehensive loss.

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On January 19, 2024, the Company executed the Fourth Amendment to Loan and Security Agreement (the "Fourth Amendment") with a consortium led by lending affiliates of Highbridge. In connection with the Fourth Amendment, the Company agreed to join the Otonomo entities as guarantors and make other necessary conforming changes to the agreement. The Fourth Amendment was accounted for as a debt modification and, accordingly, no gain or loss was recognized. The Company incurred and capitalized $341 of costs related to the Fourth Amendment that will be amortized and charged to interest expense over the remaining term of the loan.

On December 31, 2024, the Company executed a Fifth Amendment to Loan and Security Agreement (the "Fifth Amendment") which extended the maturity date of the loans to March 3, 2025 and requires payment of a $600 amendment fee upon repayment of the loan. Since the effective interest rate under the Fifth Amendment is lower than the effective interest rate under the previous amendment, a concession is deemed to have been granted under ASC 470-60, and the Fifth Amendment was accounted for as a troubled debt restructuring. The Fifth Amendment did not result in a gain on restructuring since the future undiscounted cash outflows required under the amended agreement exceed the carrying value of the debt immediately prior to the Fifth Amendment. As of December 31, 2024, the effective interest rate was approximately 21%.

On January 31, 2025, the Company entered into the Sixth Amendment to Loan and Security Agreement (the "Sixth Amendment"), with a consortium led by lending affiliates of Highbridge. The Sixth Amendment amended the Highbridge Term Loan to, among other things, extend the maturity date thereunder to March 17, 2025. On February 14, 2025, the Company entered into a Seventh Amendment to Loan and Security Agreement to extend the maturity date thereunder to March 31, 2025. The fees incurred with these administrative amendments were immaterial, neither amendment was deemed to be a substantive modification, and each was accounted for as a modification of debt.

On February 26, 2025, the Company entered into an Eighth Amendment to Loan and Security Agreement (the "Eighth Amendment") with Highbridge, to, among other things, (i) permit the Company's entry into the MidCap Credit Agreement (as defined below), (ii) modify the interest rate to permit the Company to pay interest in kind for a specified period of time at a rate of 16.0% per annum, and thereafter, pay interest in cash at a rate of 13.0% per annum, subject to certain conditions, (iii) extend the maturity date thereunder from March 31, 2025 to July 31, 2026 and (iv) provide for the payment of an amendment fee in an amount of $2,600, which is payable in full at the earlier of the maturity date of July 31, 2026 or the date the loan is paid in full and is accreted to interest expense over the term of the loan. The Eighth Amendment was accounted for as a modification of debt.

On February 26, 2025, the Company entered into a Purchase Agreement (the "Purchase Agreement") with the investors party thereto (the "Investors"). Pursuant to the Purchase Agreement, in consideration of the Eighth Amendment, the Company issued 113,170 shares (the "Eighth Amendment Premium Shares") of common stock. The Company also agreed that unless all Obligations (as defined in the Highbridge Term Loan) were repaid in full prior to July 1, 2025, the Company would issue 112,038 shares of common stock (the "Subsequent Eighth Amendment Premium Shares") to the Investors. On July 1, 2025, 112,038 Subsequent Eighth Amendment Premium Shares were issued and the embedded derivative discussed below was settled.

The Company determined that the contingent promise to issue the Subsequent Eight Amendment Premium Shares is an embedded derivative that is required to be bifurcated from the debt host contract as it is not considered to be solely indexed to the Company's own stock. The derivative liability is remeasured at fair value at each balance sheet date with changes in fair value reported in earnings. The fair value of the derivative liability on February 26, 2025 of $508 was recorded separately from the term loan with an offsetting amount recorded as a debt discount to be amortized through interest expense using the effective interest method over the remaining term of the loan. The fair value of the Eighth Amendment Premium Shares of $571 was also recorded as a debt discount which will be amortized through interest expense using the effective interest method over the remaining term of the loan.

The Company incurred $214 in legal fees on behalf of the lenders which were recorded as debt issuance costs to be amortized through interest expense using the effective interest method over the remaining term of the loan.

As further discussed in Note 17, the Highbridge Term Loan was amended on March 13, 2026.

***MidCap Financial Revolving Credit Facility***

On February 26, 2025, the Company and certain of its subsidiaries entered into a new asset based revolving credit facility (the "MidCap Credit Agreement") with the lenders party thereto and MidCap Funding IV Trust, as agent, in an aggregate principal amount not to exceed the lesser of a $20,000 commitment amount and the available borrowing base thereunder. As of February 26, 2025, the Company fully repaid the amount outstanding under the Structural Loan Agreement with proceeds from the MidCap Credit Agreement. The remainder of the available revolving loans was used for working capital needs and for general corporate purposes of the Company and its subsidiaries.

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Loans borrowed under the MidCap Credit Agreement bear an interest rate equal to Term SOFR plus 4.50% per year, subject to a Term SOFR floor of 1.00%. The Company is required to pay the lenders under the MidCap Credit Agreement an unused line fee of 0.50% of the average monthly unused availability. The MidCap Credit Agreement is guaranteed by the Company and the other borrowers party thereto (together with any future subsidiaries that are required to become guarantors pursuant to the terms of the MidCap Credit Agreement, collectively, the "Loan Parties") and is secured by a lien on substantially all existing and after-acquired assets of the Loan Parties, including the equity interests owned by the Loan Parties. The maturity date of the MidCap Credit Agreement is the earlier of: (a) February 26, 2028 or (b) 120 days prior to the maturity of the Highbridge Term Loan, or April 2, 2026.

The Company incurred and paid debt issuance costs of $2,355 associated with the revolving credit facility to be amortized through interest expense over the life of the facility utilizing the straight-line method.

As further discussed in Note 17, the 2021 MidCap Credit agreement was amended on March 13, 2026.

***Convertible Promissory Notes***

*2022 Convertible Notes*

In July 2022 and in connection with a recapitalization, the Company issued $30,000 in convertible promissory notes ("2022 Convertible Notes") to several stockholders who previously held convertible preferred stock prior to the recapitalization. The 2022 Convertible Notes accrue interest at the rate of 15% per annum, and all unpaid interest and principal was due and payable on June 30, 2024. No payments can be made under the 2022 Convertible Notes unless the noteholders provide written demand. The Company may prepay the 2022 Convertible Notes prior to the maturity date only with the consent of the majority 2022 Convertible Note holders.

In connection with the issuance of the 2022 Convertible Notes, the Company issued warrants exercisable for 86,053 shares of Common Stock with an exercise price of $1.08 per share to the noteholders. The fair value of the warrants at issuance of the 2022 Convertible Notes was determined to be $9,201, of which $7,041 was recorded as a debt discount based upon a relative fair value allocation. The debt discount was amortized over the estimated life of the debt using the effective interest method.

The Company concluded that certain settlement features of the 2022 Convertible Notes were determined to not be clearly and closely associated with the risk of the debt host instrument and have therefore been bifurcated and separately accounted for as derivative financial instruments. The Company determined the measurement of its derivative liabilities to be a Level 3 fair value measurement based on management's estimate of the expected future cash flows required to settle the liabilities. The Company determined the fair value of the derivative liability related to the 2022 Convertible Note to be $28,688 upon issuance. The fair value of the derivative liability was recorded separately from the convertible notes with an offsetting amount of $22,959 recorded as a debt discount. The separation of the derivative liability caused the debt discount to reduce the net balance on the convertible notes to $0. The excess value of the derivative liability at issuance was recognized as part of a recapitalization through equity since the 2022 Convertible Notes were with shareholders of the Company. The debt discount was amortized over the term of the debt using the effective interest method.

On February 9, 2023, the Company executed amendments with twelve holders of the 2022 Convertible Notes. The amendments include an additional settlement feature that provides for automatic conversion of the notes upon consummation of an approved acquisition and related public listing of Common Stock on a nationally recognized exchange at a price per share equal to 65% of the total equity value, as defined in the amendment, divided by the Company capitalization immediately prior to the acquisition. The amendments were accounted for as a modification and, accordingly, no gain or loss was recognized.

On October 19, 2023, $30,400 of the total principal and accrued interest underlying the 2022 Convertible Notes was automatically settled in Common Stock. While certain noteholders held an economic interest in the Company prior to October 19, 2023, many were not considered significant shareholders, and, additionally, there was a large population of noteholders that were not involved in the structure or negotiation of the merger with Otonomo and accepted the same terms on settlement of their convertible notes. Given the difference in the book value of the total convertible notes that were settled and their reacquisition price on October 19, 2023, a gain on debt extinguishment of $8,771 was recognized on October 19, 2023 in the consolidated statements of operations and comprehensive loss. As of December 31, 2025, principal and accrued interest totaling $6,443 remain outstanding on the 2022 Convertible Notes which will continue to be liability classified and accrue interest over time until they are repaid. Amortization expense on the debt discount was $1,064 during the year ended December 31, 2024.

The 2022 Convertible Notes were not repaid on the maturity date of June 30, 2024 and as a result are in default and remain outstanding as of December 31, 2025 since, pursuant to their terms, they are subordinated to the Structural and Highbridge term loans and any other secured lender and may not be repaid while the senior debt remains outstanding. Under the terms of the 2022 Convertible Notes, interest will continue to accrue at the rate of 15% per annum.

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As further discussed in Note 17, the 2022 Convertible Notes were amended on March 12, 2026.

**10. Employee Benefit Plans**

***Urgent.ly Inc. 401(k) Plan***

The Company has maintained a qualified 401(k) plan for regular full or part-time U.S. employees since January 1, 2019. All employees who are at least 18 years of age are immediately eligible upon the date of hire. Under the plan, employees may contribute a percentage of their annual salary, subject to statutory limitations, and the Company will make a Safe Harbor match of the employees' contributions up to 4% of their salary during that pay period. The Company made matching contributions with immediate vesting of $579 and $556 for the years ended December 31, 2025 and 2024, respectively.

**11. Stockholders' Equity**

***At-the-Market Offering***

On July 11, 2025, the Company entered into a sales agreement (the "Sales Agreement") with A.G.P./Alliance Global Partners ("A.G.P.") to sell shares of common stock having an aggregate offering price of up to $4,026 from time to time through an at-the-market equity offering program (the "ATM Program") under which A.G.P. is acting as the Company's agent. A.G.P. is entitled to compensation for its services in an amount equal to 3.6% of the gross proceeds of any of the shares of common stock sold under the Sales Agreement. Through December 31, 2025, the Company sold 775,903 shares of common stock pursuant to the ATM Program and received proceeds, net of commissions and expenses, of $2,912.

***Warrants to Purchase Common Stock***

In connection with certain debt financing transactions, the Company issued warrants to purchase shares of Common Stock. These warrants are exercisable upon issuance and are not subject to any vesting or restrictions on timing of exercise. The Company classifies the warrants as equity as they are exercisable for a fixed number of shares at a fixed exercise price and do not meet any of the criteria to be considered liability classified. The equity classified warrants outstanding as of December 31, 2025 and 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuance Date** | **Contractual Term** | **Class of Stock** | **Balance Sheet Classification** | **Shares Issuable Upon Exercise** | **Exercise Price** |
| May 2020 | 10 years | Common | Equity | 47 | $1069.20 |

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***Equity Plans***

On June 16, 2023, the Board approved the 2023 Equity Incentive Plan (the "2023 Plan"), which became effective upon the filing of a Form 8-A with the SEC on October 18, 2023. The 2023 Plan provides for the granting of stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to employees, directors and consultants and any of the Company's future subsidiary corporations' employees and consultants. 115,266 shares of Common Stock were reserved for issuance pursuant to the 2023 Plan to be subject to an annual increase, and on January 1, 2025 and 2024, the 2023 Plan was increased by 46,106 shares. As of December 31, 2025, 24,344 shares of Common Stock were reserved under the 2023 Plan for future equity award grants.

The Company's 2013 Equity Incentive Plan (the "2013 Plan") was adopted in September 2013 and terminated on October 18, 2023, and no additional awards can be granted under the plan. However, the 2013 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under the plan.

On June 16, 2023, the Company's Board approved the 2023 Employee Stock Purchase Plan (the "ESPP"), which was effective upon approval. The ESPP allows for the sale of 18,442 shares of Common Stock to eligible employees within established offering periods with certain limitations on participation by individual employees and is subject to an annual increase. On January 1, 2025 and 2024, the ESPP was increased by 9,221 shares.

***Stock-based Compensation Expense***

The Company accounts for all stock-based payment awards made to employees, directors and advisors based on their fair values and recognizes compensation expense over the vesting period using the straight-line method over the requisite service period for each award as required by FASB ASC Topic No. 718, *Compensation-Stock Compensation*.

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Non-cash stock-based compensation expense related to stock options and restricted stock units were recorded in the consolidated financial statements as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Research and development | $213 | $309 |
| Sales and marketing | 112 | 225 |
| Operations and support | 4 | 57 |
| General and administrative | 1175 | 1768 |
|  | $1504 | $2359 |

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As of December 31, 2025, there was $1,213 of total unrecognized compensation costs related to non-vested stock options and restricted stock units granted under the 2023 Plan and 2013 Plan that are expected to be recognized over a weighted-average period of 2.3 years.

***Stock Options***

A summary of the Company's stock option activity during the years ended December 31, 2025 and 2024 follows:

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| | | |
|:---|:---|:---|
|  | **Options** | **Weighted Average Exercise Price** |
| Outstanding at December 31, 2023 | 2912 | $1180.08 |
| Forfeited or expired | (508) | 1102.92 |
| Outstanding at December 31, 2024 | 2404 | 1194.92 |
| Forfeited or expired | (947) | 1199.83 |
| Outstanding at December 31, 2025 | 1457 | 1191.73 |

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A summary of the Company's non-vested stock option activity during the years ended December 31, 2024 and 2023 follows:

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| | | |
|:---|:---|:---|
|  | **Options** | **Weighted Average Exercise Price** |
| Outstanding at December 31, 2023 | 373 | $1482.00 |
| Vested | (280) | 1478.64 |
| Forfeited or expired | (32) | 1486.08 |
| Outstanding at December 31, 2024 | 61 | 1490.40 |
| Vested | (35) | 1490.40 |
| Forfeited or expired | (26) | 1490.40 |
| Outstanding at December 31, 2025 |  |  |

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The total grant date fair value of stock options vested during the years ended December 31, 2025 and 2024 was $26 and $202, respectively. As of December 31, 2025 and 2024, stock options outstanding and exercisable have a weighted average remaining contractual life of 4.2 and 4.6 years, respectively.

The Company uses the Black-Scholes model to determine the fair value of stock options. The fair value of each option grant is estimated on the date of the grant.

Prior to October 19, 2023, the Company utilized significant estimates and assumptions in determining the fair value of its common stock, which is a significant input in the Black-Scholes model used to estimate the fair value of stock options granted. The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. The common stock valuation is based on the Company's enterprise value determined utilizing various methods including the option-pricing method ("OPM") or a hybrid of the probability-weighted expected return method and the OPM. Each valuation methodology includes estimates and assumptions that required the Company's judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company's common stock at the time of, and the likelihood of, achieving a liquidity event, such as a direct listing on a public market or sale.

There were no stock options granted in 2025 or 2024.

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***Restricted Stock Units***

The following table sets forth a summary of restricted stock units and related information for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Awards** | **Weighted Average Fair Value** |
| Outstanding at December 31, 2023 | 79403 | $61.92 |
| Granted | 129493 | 10.80 |
| Vested | (24876) | 63.24 |
| Forfeited or expired | (4745) | 68.52 |
| Outstanding at December 31, 2024 | 179275 | 24.65 |
| Granted | 88966 | 4.69 |
| Vested | (79307) | 26.52 |
| Forfeited or expired | (34756) | 24.57 |
| Outstanding at December 31, 2025 | 154178 | 12.18 |

---

**12. Loss Per Share**

The Company calculates earnings per share ("EPS") as required by FASB ASC Topic No. 260, *Earnings Per Share*. Basic EPS is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common stock equivalents. Diluted EPS is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, plus the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For periods with a net loss, the dilutive common stock equivalents are excluded from the diluted EPS calculation. For purposes of this calculation, common stock subject to repurchase by the Company, options, warrants, and convertible notes are considered to be common stock equivalents, and are only included in the calculation of diluted earnings per share when their effect is dilutive.

The following table sets forth the details of basic and diluted earnings per share:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Net loss | $(20427) | $(44027) |
| Weighted average shares outstanding, basic | 1491740 | 1118504 |
| Effect of dilutive stock options, RSUs, and warrants |  |  |
| Weighted average shares outstanding, diluted | 1491740 | 1118504 |
| Loss per share, basic | $(13.69) | $(39.36) |
| Loss per share, diluted | $(13.69) | $(39.36) |
| Anti-dilutive shares excluded | 129448 | 75842 |

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**13. Income Taxes**

The Company's loss before income taxes was generated from the following sources:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Domestic | $(20463) | $(37456) |
| Foreign | (1849) | (5324) |
| Loss before income taxes | $(22312) | $(42780) |

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The following table sets forth the components of income tax expense (benefit):

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| <u>Current income taxes:</u> |  |  |
| Federal | $(1178) | $1238 |
| State | (75) | (14) |
| Foreign | (632) | 23 |
| &nbsp;&nbsp;Total current income taxes | (1885) | 1247 |
| <u>Deferred income taxes:</u> |  |  |
| Federal |  |  |
| State |  |  |
| Foreign |  |  |
| &nbsp;&nbsp;Total deferred income taxes |  |  |
| Income tax expense (benefit) | $(1885) | $1247 |

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The following table sets forth the reconciliation between the federal statutory income tax rate and the effective tax rate:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Tax computed at the federal statutory rate | 21.00% | 21.00% |
| State and local income tax, net of federal income tax benefit | (0.36)% | (1.17)% |
| Nontaxable or nondeductible items under 5% each | (0.28)% | (2.10)% |
| Foreign tax effects | 1.09% | (2.62)% |
| Change in valuation allowance | 19.45% | (17.47)% |
| Other: prior year true-up | (32.44)% | (0.50)% |
| Effective tax rate | 8.46% | (2.86)% |

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Deferred income taxes reflect the net effects of net operating loss carryforwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities at December 31, 2025 and 2024 are as follows:

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| <u>Deferred tax assets (liabilities):</u> |  |  |
| &nbsp;&nbsp;Depreciation and amortization | $162 | $360 |
| &nbsp;&nbsp;Stock-based compensation | 1068 | 768 |
| &nbsp;&nbsp;Unrealized gain (loss) | (14) | (18) |
| &nbsp;&nbsp;Accrued expenses | 252 | 692 |
| &nbsp;&nbsp;Charitable contributions | 23 | 24 |
| &nbsp;&nbsp;Capitalized R&D expenditures | 3186 | 3504 |
| &nbsp;&nbsp;Right of use assets / lease liability |  | 25 |
| &nbsp;&nbsp;Interest expense | 15413 | 14585 |
| &nbsp;&nbsp;State taxes |  | 1 |
| &nbsp;&nbsp;Federal and state net operating loss carryforward | 88306 | 92043 |
| Total net deferred tax assets | 108396 | 111984 |
| Less valuation allowance | (108396) | (111984) |
| &nbsp;&nbsp;Net deferred tax assets | $— | $— |

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As of December 31, 2025, the Company maintains a full valuation allowance against its U.S. and foreign deferred tax assets ("DTAs"). In accordance with ASC Topic 740, the Company considered all available evidence, both positive and negative, in assessing the need for an amount to which a valuation allowance should be applied to its net DTAs. Based upon this analysis, including the Company's historical three-year cumulative loss (pre-tax income adjusted for permanent differences), management concluded that it is more-likely-than-not that all federal deferred tax assets attributable to net operating losses are expected to expire unused as well as state net operating losses ("NOL") that are not expected to be used prior to expiration and other state non-attributable DTAs that are not expected to be realized.

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As of December 31, 2025, the Company had U.S. federal NOL carryforwards of $161,578 and state NOL carryforwards of $115,846. The federal NOL carryforwards, which were generated in 2018 and later years, do not expire but can only be used to offset 80% of the Company's income. Utilization of these carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating loss carryforwards before utilization. The state NOL carryforwards begin to expire in 2033.

The Tax Cuts and Jobs Act of 2017 amended IRC Section 174 to require capitalization of all research and developmental ("R&D") costs incurred in tax years beginning after December 31, 2021. These costs are required to be amortized over five years if the R&D activities are performed in the United States or over 15 years if the activities were performed outside the United States. The One Big Beautiful Bill Act of 2025 allows the immediate deduction of domestic Section 174 R&D costs for tax year 2025 and forward. The Company capitalized approximately $1,570 and $9,192 of R&D expenses incurred during the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the Company also had a foreign NOL carryforward of $8,593 generated by the foreign subsidiaries which will begin to expire in 2040 and $201,758 which will be carried forward indefinitely.

As of December 31, 2025 and 2024, the Company has not recognized any amounts for uncertain tax positions. The Company files U.S. federal and state returns and is no longer subject to examination for years prior to 2020. The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense.

**14. Commitments and Contingencies**

***Litigation***

The Company from time to time may be involved in various claims and legal proceedings that arise in the ordinary course of business. There are no unresolved claims and litigation in which the Company is currently involved that are expected to materially affect the financial position or operations of the Company.

**15. Leases**

The Company leases office space, equipment and furniture, and certain office space is subleased. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.

Leases with an initial term of greater than twelve months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term. The Company's lease contracts generally do not provide a readily determinable implicit rate. For these contracts, the estimated incremental borrowing rate is based on information available at the inception of the lease.

During the third quarter of 2024, the Company exercised an early termination option on its office lease in Virginia. Accordingly, the right of use asset and lease liability were written down by $446. Additionally, the right of use asset and lease liability of $572 relating to office space leased by The Floow were written off in connection with the Divestiture.

During the second quarter of 2025, the Company recognized a net early termination loss of $205 in connection with the termination of its Reno, Nevada lease, and the right-of-use asset and lease liability of $523 and $619, respectively, were written off.

During the third quarter of 2025, the Company entered into a new lease for office space in Ashburn, Virginia with a term of six months. Its previous office space lease in Vienna, Virginia expired in August 2025.

Operating lease cost consists of the following:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Lease cost | $312 | $1101 |
| Sublease income |  | (275) |
|  | $312 | $826 |

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Additional information relating to the Company's operating leases follows:

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| Weighted average remaining lease term (years) |  | 2.2 |
| Weighted average discount rate | —% | 9.0% |

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**16. Geographical Information**

During the years ended December 31, 2025 and 2024, the Company operated in three geographic locations: the Americas; Europe, Middle East and Africa (EMEA); and Asia Pacific (APAC).

Revenues attributed to the geographic location of the customers' bill-to address were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Americas | $129194 | $140658 |
| EMEA |  | 2131 |
| APAC |  | 116 |
|  | $129194 | $142905 |

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The Company does not separately allocate specific assets to these geographic locations.

**17. Subsequent Events**

The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The following events were noted:

*Agreement to Sell The Floow Limited Shares*

On February 27, 2026, the Company entered into a sale and purchase agreement with The Floow Holdings Limited to purchase its 3,000,000 preference shares of The Floow Limited (see Note 3) for $1,700 in cash. In connection with the transaction, the parties signed a settlement agreement which releases the Company from claims on the contingent purchase consideration liability (see Note 5). The transaction is expected to close in April 2026.

*2022 Convertible Notes Amendment*

On March 12, 2026, the Company entered into an omnibus amendment (the "2022 Convertible Notes Amendment") with the 2022 Convertible Noteholders. Pursuant to the 2022 Convertible Notes Amendment and conditioned on the closing of the Merger on or before July 31, 2026, the Company agreed to pay the 2022 Convertible Note Holders the aggregate principal amount of the 2022 Convertible Notes, plus all accrued and unpaid interest through March 31, 2026, totaling $6,600 in the aggregate, plus (i) an amendment fee equal to 2.0% of the aggregate principal amount of the series of 2022 Convertible Notes, such amount being equal to $85 in the aggregate, plus (ii) a closing fee of $1,000. In exchange, the 2022 Convertible Note Holders agreed (i) that all obligations under the 2022 Convertible Notes shall be paid in full, released and discharged, (ii) to forgive interest that would otherwise accrue on the 2022 Convertible Notes during the period between March 31, 2026, and July 31, 2026 and (iii) to waive a provision of the 2022 Convertible Notes requiring a premium to be paid in connection with a sale of the Company.

*Proposed Agreement and Plan of Merger*

On March 13, 2026, the Company entered into a Merger Agreement with Agero, Inc. ("Parent") and Medford Hawk, Inc. ("Purchaser"), which provides for, among other things: (i) the acquisition of all of issued and outstanding Common Stock through a cash tender offer ("Offer") by Purchaser, for a price per share of the Common Stock of $5.50, payable in cash at closing, without interest and subject to any required withholding of taxes, and after satisfaction of outstanding indebtedness; and (ii) after the completion of the Offer, the satisfaction or waiver of certain conditions set forth in the Merger Agreement and in accordance with the General Corporation Law of the State of Delaware, the merger of Purchaser with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent, without a meeting or vote of our stockholders. The closing of the Merger is subject to certain conditions, including (i) that prior to the expiration of the Offer, at least a majority of the then-outstanding Common Stock will be

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validly tendered and not validly withdrawn in accordance with the terms of the Offer; (ii) no Governmental Authority (as defined in the Merger Agreement) shall have enacted, issued or promulgated any law that is in effect as of immediately prior to the expiration of the Offer or issued or granted any orders or injunction that is in effect as of immediately prior to the expiration of the Offer, in each case, which has the effect of restraining, enjoining or otherwise prohibiting the consummation of the Transactions; (iii) the accuracy of the representations and warranties made by the Company in the Merger Agreement, subject to specified materiality qualifications; and (iv) compliance by the Company with its covenants under the Merger Agreement in all material respects. The obligations of Parent and Purchaser to consummate the Offer and the Merger under the Merger Agreement are not subject to a financing condition. The Merger is expected to close in the first half of 2026.

*Highbridge Term Loan Amendment*

On March 13, 2026, the Company entered into the Ninth Amendment to Loan and Security Agreement (the "Ninth Amendment") which amends the Highbridge Term Loan to, among other things, (i) temporarily reduce the Minimum Liquidity Amount (as defined in the Ninth Amendment), from $5,000 to $2,000 until the earliest of (a) July 31, 2026, (b) the date on which the Merger Agreement is amended, terminated or otherwise modified in a manner materially adverse to the Company or the loan parties and (c) the date of occurrence of an Event of Default, (ii) extend the maturity date thereunder from July 31, 2026 to November 28, 2026 and (iii) provide for the payment of an amendment fee in an amount of 2% of the aggregate outstanding principal of the term loan. The Ninth Amendment also provides for the waiver of (a) any interest accruing on the Term Loans from March 31, 2026 until the date of repayment of the Term Loans, and (b) the Amendment Fee, under certain conditions.

*MidCap Financial Revolving Credit Facility Amendment*

On March 13, 2026, the Company entered into Amendment No. 1 to the MidCap Credit Agreement (the "MidCap Amendment") to, among other things, (i) temporarily reduce the Minimum Liquidity Amount (as defined in the MidCap Credit Agreement), from $5,000 to $2,000 until the earliest of (a) the consummation of the Merger, (b) the date of occurrence of any Event of Default (as defined in the MidCap Credit Agreement) and (c) July 31, 2026. The maturity date under the MidCap Credit Agreement is the earlier of: (a) February 26, 2028 or (b) 120 days prior to the maturity of the Highbridge Term Loan. Upon the effectiveness of the MidCap Amendment and the Ninth Amendment, the MidCap Credit Agreement will mature on July 31, 2026. The MidCap Amendment also provides for a $250 amendment fee, payable in five equal installments.

*Nasdaq Delisting*

On March 16, 2026, the Nasdaq Hearings Panel notified the Company of the Panel's determination that the Company's securities would be delisted from the Nasdaq Stock Market LLC ("Nasdaq"). Trading of the Company's securities on Nasdaq was suspended at the open of trading on March 18, 2026. The delisting will become effective 10 days after Nasdaq files a Form 25 Notification of Delisting with the SEC. The Company's Common Stock is traded on the OTCQB under the symbol "ULYX".

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## Exhibit 4.1

**Exhibit 4.1**

**DESCRIPTION OF SECURITIES <br>REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

The following description of the capital stock of Urgent.ly Inc. ("us," "our," "we" or the "Company") is a summary of the rights of our capital stock and summarizes certain provisions of our amended and restated certificate of incorporation (our "Charter") and our bylaws (our "Bylaws"). This summary does not purport to be complete and is qualified in its entirety by the provisions of our Charter, our Bylaws and our Amended and Restated Investors' Rights Agreement, dated as of October 18, 2023 (our "Rights Agreement"), copies of which have been filed as exhibits to this Annual Report on Form 10-K, as well as to the applicable provisions of the general corporation law of the state of Delaware ("DGCL"). We encourage you to read our Charter, Bylaws and the applicable provisions of the DGCL carefully.

**Description of Capital Stock** 

Our authorized capital stock consists of 600,000,000 shares of capital stock consisting of 500,000,000 shares of common stock, $0.001 par value per share ("Common Stock") and 100,000,000 shares of preferred stock, $0.001 par value per share ("Preferred Stock").

***Common Stock*** 

Holders of our Common Stock are entitled to one vote for each share held on all matters submitted to a vote of our stockholders and do not have cumulative voting rights. Each election of directors by our stockholders will be determined by a plurality of the votes cast by stockholders entitled to vote in the election. Holders of our Common Stock will be entitled to receive any dividends as may be declared by our board of directors (the "Board"), subject to any preferential dividend or other rights of any then outstanding Preferred Stock.

In the event of our liquidation or dissolution, the holders of our Common Stock will be entitled to receive all assets available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any then outstanding Preferred Stock. Holders of our Common Stock will have no pre-emptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of our Common Stock will be subject to and may be adversely affected by the rights of the holders of shares of any series of our Preferred Stock that we may designate and issue in the future.

***Preferred Stock*** 

The Board will have the authority, subject to limitations prescribed by Delaware law, to issue shares of authorized but unissued Preferred Stock in one or more series, and to fix the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, in each case without further vote or action by our stockholders. These powers, rights, preferences and privileges could include dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption (including sinking fund provisions), redemption price(s) and liquidation preferences and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of the Common Stock. The issuance of Preferred Stock could adversely affect the voting power of holders of Common Stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of Preferred Stock could have the effect of delaying, deferring or preventing a change in our control or other corporate action.

**Registration Rights** 

***Demand Registration Rights*** 

The holders of Registrable Securities (as defined in our Rights Agreement) are entitled to certain demand registration rights. At any time after April 16, 2024, the holders of at least 40% of the Registrable Securities then outstanding can request that we file a Form S-1 registration statement to register the offer and sale of their

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Registrable Securities. We are only obligated to effect up to two such registrations. Each such request for registration must cover Registrable Securities the anticipated aggregate gross proceeds of which is at least $5

million. These demand registration rights are subject to specified conditions and limitations, including the right of the underwriters to limit the number of shares included in any such registration under certain circumstances. If we determine that it would be materially detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration on either Form S-1 or Form S-3 (as discussed below), not more than once in any 12-month period, for a period of up to 60 days.

***Form S-3 Registration Rights*** 

The holders of Registrable Securities are entitled to certain Form S-3 registration rights. At any time when we are eligible to file a registration statement on Form S-3, the holders of at least 25% of the Registrable Securities then outstanding can request we register the offer and sale of their Registrable Securities on a registration statement on Form S-3, so long as the request covers Registrable Securities the anticipated aggregate public offering price of which, net of selling expenses, is at least $1 million. These stockholders may make an unlimited number of requests for registration on a registration statement on Form S-3. However, we will not be required to effect a registration on Form S-3 if we have effected two such registrations within the twelve-month period preceding the date of the request. These Form S-3 registration rights are subject to specified conditions and limitations, including the right of underwriters to limit the number of shares included in any such registration under certain circumstances. Additionally, if we determine that it would be seriously detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration on either Form S-1 or Form S-3, not more than once in any twelve-month period, for a period of up to 60 days.

***Piggyback Registration Rights*** 

The holders of Registrable Securities are entitled to certain "piggyback" registration rights. If we propose to register any of our securities under the Securities Act, all holders having "piggyback" registration rights then outstanding can request that we include their Registrable Securities in such registration, subject to certain marketing and other limitations, including the right of the underwriters to limit the number of shares included in any such registration statement under certain circumstances. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (1) a registration relating to the sale of securities to our employees or a subsidiary pursuant to a stock option, stock purchase, or similar plan, (2) a registration relating to a transaction governed by Rule 145 promulgated under the Securities Act, (3) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering such shares of Common Stock or (4) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered, the holders of Registrable Securities are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

***Expenses of Registration*** 

We will pay all expenses relating to any demand registrations, Form S-3 registrations and piggyback registrations, subject to specified limitations.

***Termination*** 

The registration rights under the Rights Agreement will terminate as to a given holder of registration rights, when such holder of registration rights can sell all of such holder's Registrable Securities during any three-month period pursuant to Rule 144 promulgated under the Securities Act.

**Anti-Takeover Effects of Certain Provisions of Delaware Law, Our Charter and Our Bylaws** 

Certain provisions of Delaware law, our Charter and our Bylaws, which are summarized below, may have the effect of delaying, deferring or discouraging another person from acquiring control of us. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with the Board. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the

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disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

***Delaware Law*** 

We are governed by the provisions of Section 203 of the DGCL. Section 203 generally prohibits a publicly held Delaware corporation from engaging in a "business combination" with any "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:

• the business combination or transaction which resulted in the stockholder becoming an interested stockholder was approved by the board of directors prior to the time that the stockholder became an interested stockholder;

• upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (1) shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

• on or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines a business combination to include:

• mergers or consolidations involving the corporation, or any direct or indirect majority-owned subsidiary of the corporation, and the interested stockholder or any other entity if the merger or consolidation is caused by the interested stockholder;

• any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation or any direct or indirect majority-owned subsidiary of the corporation;

• subject to exceptions, any transaction that results in the issuance or transfer by the corporation, or any direct or indirect majority-owned subsidiary of the corporation, of any stock of the corporation or such subsidiary to the interested stockholder;

• any transaction involving the corporation, or any direct or indirect majority-owned subsidiary of the corporation, that has the effect of increasing the proportionate share of the stock or any class or series of the corporation or such subsidiary beneficially owned by the interested stockholder; and

• the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

These provisions may have the effect of delaying, deferring or preventing changes in control of the Company.

***Charter and Bylaws Provisions*** 

Provisions of our Charter and our Bylaws include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of the Board or management. Among other things, our Charter and our Bylaws:

• permit the Board to issue shares of Preferred Stock with any powers, rights, preferences and privileges as they may designate;

• provide that the authorized number of directors may be changed only by resolution of the Board;

• provide that all vacancies and newly created directorships, may, except as otherwise required by law, our governing documents or resolution of the Board and subject to the rights of holders of our Preferred Stock, only be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum;

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• divide the Board into three classes, each of which stands for election once every three years;

• for so long as the Board is classified, and subject to the rights of holders of our Preferred Stock, provide that a director may only be removed from the Board by the stockholders for cause;

• require that any action to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and not be taken by written consent;

• provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide notice in writing in a timely manner, and also meet specific requirements as to the form and content of a stockholder's notice;

• do not provide for cumulative voting rights (therefore allowing the holders of a plurality of the shares of Common Stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose);

• provide that special meetings of our stockholders may be called only by the Board, the chairperson of the Board, our chief executive officer or president; and

• provide that stockholders will be permitted to amend certain provisions of our Charter and our Bylaws only upon receiving at least two-thirds of the voting power of the then outstanding voting securities, voting together as a single class.

***Exclusive Forum*** 

**Transfer Agent and Registrar** 

The transfer agent and registrar for our Common Stock is Equiniti Trust Company, LLC. The transfer agent and registrar's address is 6021 15th Avenue, Brooklyn, NY 11219.

**Exchange Listing**

Our Common Stock is listed on OTCQB under the symbol "ULYX."

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## Exhibit 10.9

**EXHIBIT 10.9**

**SEPARATION AGREEMENT AND RELEASE**

This Separation Agreement and Release ("Agreement") is made by and between Michael Port ("Employee") and Urgent.ly Inc. (the "Company") (collectively referred to as the "Parties" or individually referred to as a "Party").

**RECITALS**

WHEREAS, Employee was employed by the Company;

WHEREAS, Employee signed an offer letter with the Company on May 12, 2025 (the "Offer Letter");

WHEREAS, Employee signed a promotion letter with the Company on May 28, 2025 (the "Promotion Letter"), which superseded the Offer Letter;

WHEREAS, Employee signed an Employee Proprietary Information and Invention Assignment Agreement with the Company on May 12, 2025 (the "Confidentiality Agreement");

WHEREAS, the Company and Employee have entered into a Restricted Stock Unit Agreement with an effective grant date of June 6, 2025, granting Employee 5,000 restricted stock units ("RSUs") subject to the terms and conditions of the Company's 2023 Equity Incentive Plan and the Restricted Stock Unit Agreement (collectively the "Stock Agreements");

WHEREAS, Employee separated from employment with the Company effective August 5, 2025 (the "Separation Date"); and

WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Employee may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Employee's employment with or separation from the Company.

NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Employee hereby agree as follows:

**COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Consideration</u>. In consideration of Employee's execution of this Agreement and Employee's fulfillment of all of its terms and conditions, and provided that Employee does not revoke the Agreement under Section 6 below, the Company agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Payment*. The Company agrees to pay Employee a total of Fifty Thousand Dollars ($50,000), less applicable withholdings, within ten (10) business days after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*RSU Acceleration*. The RSUs are hereby accelerated such that 5,000 of the unvested RSUs will become fully vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*Acknowledgement*. Except as explicitly set forth in this Agreement, Employee acknowledges and agrees that Employee is not entitled to receive any severance benefits from the Company, including, but not limited to, any such severance benefits that Employee may have otherwise been entitled to receive pursuant to the Promotion Letter or any other agreement. Employee hereby waives Employee's right

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to receive any severance or other separation benefits that are not explicitly set forth in this Agreement. Employee acknowledges that without this Agreement, Employee is otherwise not entitled to the consideration listed in this Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Restricted Stock Units</u>. Pursuant to the RSU Agreement, Employee was granted an award of 5,000 RSUs. Absent this Agreement, as of the Separation Date, Employee will not be vested in any of the RSUs, and 5,000 RSUs would expire on the Separation Date. However, as set forth in Section 1.b. of this Agreement, as consideration for this Agreement and subject to Employee executing and not revoking this Agreement, the Company has agreed to accelerate the vesting of 5,000 RSUs, with such RSUs to be settled within ten (10) business days after the Effective Date. As a result, none of the RSUs will expire on the Separation Date. In the event that Employee does not execute this Agreement within the period of time specified in Section 27 hereof, or revokes such execution, such 5,000 RSUs will immediately expire. Except as provided in Section 1.b. of this Agreement, the RSU Agreement will remain in full force and effect, and Employee agrees to remain bound by that agreement. Employee agrees that Employee has no rights to Company equity other than as described in Section 1.b. and this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Benefits</u>. Employee's Company-sponsored health insurance benefits shall cease on August 31, 2025, subject to Employee's right to continue Employee's health insurance under COBRA. Employee's participation in all benefits and incidents of employment, including, but not limited to, vesting in stock options, and the accrual of bonuses, vacation, and paid time off, ceased as of the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Payment of Salary and Receipt of All Benefits</u>. Employee acknowledges and represents that, other than the consideration set forth in this Agreement, the Company has paid or provided (to the extent applicable) all salary, wages, bonuses, vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Release of Claims</u>. Employee agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Employee by the Company, its parents, subsidiaries, and affiliates, and each of their respective current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, benefit plans, plan administrators, professional employer organizations or co-employers, insurers, trustees, divisions, predecessor and successor corporations, and assigns (collectively, the "Releasees"). Employee, on Employee's own behalf and on behalf of Employee's respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Employee signs this Agreement, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any and all claims relating to or arising from Employee's employment relationship with the Company and the termination of that relationship;

b. any and all claims relating to, or arising from, Employee's right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any and all claims for wrongful discharge of employment, termination in violation of public policy, discrimination, harassment, retaliation, breach of contract (both express and implied), breach of covenant of good faith and fair dealing (both express and implied), promissory estoppel, negligent or intentional infliction of emotional distress, fraud, negligent or intentional misrepresentation, negligent or

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intentional interference with contract or prospective economic advantage, unfair business practices, defamation, libel, slander, negligence, personal injury, assault, battery, invasion of privacy, false imprisonment, conversion, and disability benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, the Equal Pay Act, the Fair Labor Standards Act, the Fair Credit Reporting Act, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, the Immigration Reform and Control Act, the Ohio Age Discrimination Law, the Ohio Minimum Fair Wage Standards Law, the Ohio Discriminatory Practices Law, the Ohio Equal Pay Act, the Ohio Whistleblower Law, the Ohio Pregnancy Discrimination/Maternity Leave Rule, the Ohio Disability Discrimination Rule, the Ohio Civil Rights Law, Ohio Admin, the Ohio Emergency Services Provider Protection Law, the Ohio Family Military Leave Law, the Ohio Electronic Surveillance Law, the Ohio wage payment anti-retaliation statute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. any and all claims for violation of the federal or any state constitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any proceeds received by Employee from the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. any and all claims for attorneys' fees and costs.

Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law. Any and all disputed wage claims that are released herein shall be subject to binding arbitration in accordance with this Agreement, except as required by applicable law. This release does not extend to any right Employee may have to unemployment compensation benefits and workers' compensation benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Acknowledgment of Waiver of Claims under ADEA</u>. Employee acknowledges that Employee is waiving and releasing any rights Employee may have under the Age Discrimination in Employment Act of 1967 ("ADEA"), and that this waiver and release is knowing and voluntary. Employee agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Employee signs this Agreement. Employee acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that Employee has been advised by this writing that: (a) Employee should consult with an attorney <u>prior</u> to executing this Agreement; (b) Employee has twenty-one (21) days within which to consider this Agreement; (c) Employee has seven (7) days following Employee's execution of this Agreement to revoke this Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Employee signs this Agreement and returns it to the Company in less than the 21-day period identified above, Employee hereby acknowledges that Employee has knowingly and voluntarily chosen to waive the time period allotted for considering this Agreement. Employee acknowledges and understands that revocation must be accomplished by a written notification to the person executing this Agreement on the Company's behalf that is received prior to the Effective Date. The Parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Unknown Claims</u>. Employee acknowledges that Employee has been advised to consult with legal counsel and that Employee is familiar with the principle that a general release does not extend to claims that the releasing party does not know or suspect to exist in his or her favor at the time of executing the release, which, if known by him or her, would have materially affected his or her settlement with the released party. Employee, being aware of said principle, agrees to expressly waive any rights Employee may have to that effect, as well as under any other statute or common law principles of similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>No Pending or Future Lawsuits</u>. Employee represents that Employee has no lawsuits, claims, or actions pending in Employee's name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Employee also represents that Employee does not intend to bring any claims on Employee's own behalf or on behalf of any other person or entity against the Company or any of the other Releasees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Confidentiality</u>. Subject to the "Protected Activity Not Prohibited" section below, Employee agrees to maintain in complete confidence the existence of this Agreement, the contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as "Separation Information"), and Employee agrees that Employee will not publicize, directly or indirectly, any Separation Information. Except as required by law, and subject to the "Protected Activity Not Prohibited" section below, Employee may disclose Separation Information only to Employee's immediate family members, the Court in any proceedings to enforce the terms of this Agreement, Employee's attorney(s), and Employee's accountant(s) and any professional tax advisor(s) to the extent that they need to know the Separation Information in order to provide advice on tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Trade Secrets and Confidential Information/Company Property</u>. Employee acknowledges that, separate from this Agreement, Employee remains under continuing obligations to the Company under the Confidentiality Agreement, including the provisions therein regarding nondisclosure of the Company's trade secrets and confidential and proprietary information. Employee's signature below constitutes Employee's certification under penalty of perjury that Employee has returned all documents and other items provided to Employee by the Company (with the exception of a copy of the Company's employee handbook and personnel documents specifically relating to Employee), developed or obtained by Employee in connection with Employee's employment with the Company, or otherwise belonging to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>No Cooperation</u>. Subject to the "Protected Activity Not Prohibited" section below, Employee agrees that Employee will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so or upon written request from an administrative agency or the legislature or as related directly to the ADEA waiver in this Agreement. Employee agrees both to immediately notify the Company upon receipt of any such subpoena or court order or written request from an administrative agency or the legislature, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order or written request from an administrative agency or the legislature. Subject to the "Protected Activity Not Prohibited" section below, if approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Employee shall state no more than that Employee cannot provide counsel or assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Nondisparagement</u>. Subject to the "Protected Activity Not Prohibited" section below, Employee agrees to refrain from any disparagement, defamation, libel, or slander of any of the Releasees, and agrees to refrain from any tortious interference with the contracts and relationships of any of the Releasees. Employee shall direct any inquiries by potential future employers to the Company's human resources department.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Protected Activity Not Prohibited</u>. Employee understands that nothing in this Agreement shall in any way limit or prohibit Employee from engaging in any Protected Activity. Protected Activity includes filing and/or pursuing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board ("Government Agencies"). Notwithstanding the foregoing, Employee agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any Company trade secrets, proprietary information, or confidential information that does not involve the activity otherwise protected herein. Employee further understands that Protected Activity does not include the disclosure of any Company attorney-client privileged communications or attorney work product. In addition, pursuant to the Defend Trade Secrets Act of 2016, Employee is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney *solely* for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual's attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. Finally, nothing in this Agreement constitutes a waiver of any rights Employee may have under the Sarbanes-Oxley Act or Section 7 of the National Labor Relations Act ("NLRA"). For purposes of clarity, nothing in this Agreement shall be interpreted to impair or limit Employee's participation in any legally protected activities, such as (i) forming, joining, or supporting labor unions, (ii) bargaining collectively through representatives of employees' choosing, (iii) discussing wages, benefits, or terms and conditions of employment, and (iv) discussing, or raising complaints about, working conditions for the purpose of mutual aid or protection of Employee or the Company's other current or former employees, to the extent such activities are protected by Section 7 of the NLRA. Employee understands that nothing in the Confidentiality Agreement shall limit or prohibit Employee from engaging in any protected conduct set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Breach</u>. In addition to the rights provided in the "Attorneys' Fees" section below, Employee acknowledges and agrees that any material breach of this Agreement, unless such breach constitutes a legal action by Employee challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, or of any provision of the Confidentiality Agreement shall entitle the Company immediately to recover and/or cease providing the consideration provided to Employee under this Agreement and to obtain damages, except as provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>No Admission of Liability</u>. Employee understands and acknowledges that with respect to all claims released herein, this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Employee. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Employee or to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Costs</u>. The Parties shall each bear their own costs, attorneys' fees, and other fees incurred in connection with the preparation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>ARBITRATION</u>. EXCEPT AS PROHIBITED BY LAW, THE PARTIES AGREE THAT ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS AGREEMENT, THEIR INTERPRETATION, EMPLOYEE'S EMPLOYMENT WITH THE COMPANY OR THE TERMS THEREOF, OR ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT TO ARBITRATION UNDER THE FEDERAL ARBITRATION ACT (THE "FAA") AND THAT THE FAA

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SHALL GOVERN AND APPLY TO THIS ARBITRATION AGREEMENT WITH FULL FORCE AND EFFECT; HOWEVER, WITHOUT LIMITING ANY PROVISIONS OF THE FAA, A MOTION OR PETITION OR ACTION TO COMPEL ARBITRATION MAY ALSO BE BROUGHT IN STATE COURT UNDER THE PROCEDURAL PROVISIONS OF SUCH STATE'S LAWS RELATING TO MOTIONS OR PETITIONS OR ACTIONS TO COMPEL ARBITRATION. EMPLOYEE AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, EMPLOYEE MAY BRING ANY SUCH ARBITRATION PROCEEDING ONLY IN EMPLOYEE'S INDIVIDUAL CAPACITY. ANY ARBITRATION WILL OCCUR IN CUYAHOGA COUNTY, OHIO BEFORE JAMS, PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES ("JAMS RULES"), EXCEPT AS EXPRESSLY PROVIDED IN THIS SECTION. THE PARTIES AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION, AND MOTIONS TO DISMISS, APPLYING THE STANDARDS SET FORTH UNDER THE OHIO RULES OF CIVIL PROCEDURE. THE PARTIES AGREE that the arbitrator shall issue a written decision on the merits. THE PARTIES ALSO AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE LAW. THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES. THE DECISION OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION. THE PARTIES AGREE THAT THE PREVAILING PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES; PROVIDED, HOWEVER, THAT THE ARBITRATOR MAY AWARD ATTORNEYS' FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS AGREEMENT AND THE AGREEMENTS INCORPORATED HEREIN BY REFERENCE. SHOULD ANY PART OF THE ARBITRATION AGREEMENT CONTAINED IN THIS SECTION CONFLICT WITH ANY OTHER ARBITRATION AGREEMENT BETWEEN THE PARTIES, INCLUDING, BUT NOT LIMITED TO THE ARBITRATION SECTION OF THE CONFIDENTIALITY AGREEMENT, THE PARTIES AGREE THAT THIS ARBITRATION AGREEMENT IN THIS SECTION SHALL GOVERN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Tax Consequences</u>. The Company makes no representations or warranties with respect to the tax consequences of the consideration provided to Employee or made on Employee's behalf under the terms of this Agreement. Employee agrees and understands that Employee is responsible for payment, if any, of local, state, and/or federal taxes on the consideration provided hereunder by the Company and any penalties or assessments thereon. Employee further agrees to indemnify and hold the Releasees harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Employee's failure to pay or delayed payment of federal or state taxes, or (b) damages sustained by the Company by reason of any such claims, including attorneys' fees and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Section 409A.</u> It is intended that this Agreement comply with, or be exempt from, Code Section 409A and the final regulations and official guidance thereunder ("Section 409A") and any ambiguities herein will be interpreted to so comply and/or be exempt from Section 409A. Each payment and benefit to be paid or provided under this Agreement is intended to constitute a series of separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. The Company and Employee will work together in good faith to consider either (i) amendments to this Agreement; or (ii) revisions to this Agreement with respect to

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the payment of any awards, which are necessary or appropriate to avoid imposition of any additional tax or income recognition prior to the actual payment to Employee under Section 409A. In no event will the Releasees reimburse Employee for any taxes that may be imposed on Employee as a result of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Authority</u>. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that Employee has the capacity to act on Employee's own behalf and on behalf of all who might claim through Employee to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Severability</u>. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Attorneys' Fees</u>. Except with regard to a legal action challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys' fees incurred in connection with such an action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Entire Agreement</u>. This Agreement represents the entire agreement and understanding between the Company and Employee concerning the subject matter of this Agreement and Employee's employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject matter of this Agreement and Employee's relationship with the Company, with the exception of the Confidentiality Agreement and the Stock Agreements, except as otherwise modified or superseded herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>No Oral Modification</u>. This Agreement may only be amended in a writing signed by Employee and the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.<u>Governing Law</u>. This Agreement shall be governed by the laws of the State of Ohio, without regard for choice-of-law provisions, except that any dispute regarding the enforceability of the "Arbitration" section of this Agreement shall be governed by the FAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.<u>Effective Date</u>. Employee understands that this Agreement shall be null and void if not executed by Employee within twenty-one (21) days. Each Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Employee signed this Agreement, so long as it has been signed by the Parties and has not been revoked by either Party before that date (the "Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.<u>Counterparts</u>. This Agreement may be executed in counterparts and each counterpart shall be deemed an original and all of which counterparts taken together shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. The counterparts of this Agreement may be executed and delivered by facsimile, photo, email PDF, or other electronic transmission or signature.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.<u>Voluntary Execution of Agreement</u>. Employee understands and agrees that Employee executed this Agreement voluntarily and without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Employee's claims against the Company and any of the other Releasees. Employee acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employee has read this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employee has a right to consult with an attorney regarding this Agreement, and has been represented in the preparation, negotiation, and execution of this Agreement by an attorney of Employee's own choice or has elected not to retain an attorney;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee understands the terms and consequences of this Agreement and of the releases it contains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employee is fully aware of the legal and binding effect of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Employee has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.

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| | |
|:---|:---|
|  | Michael Port, an individual |
| Dated: <u>August 9, 2025</u> | <u>/s/ Michael Port</u> |
|  | Michael Port |
|  | Urgent.ly Inc. |
| Dated: <u>August 9, 2025</u> | By <u>/s/ Matthew Booth</u> |
|  | Chief Executive Officer |

---

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## Exhibit 23.1

**EXHIBIT 23.1**

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statements (Form S-8 No. 333-285822, No. 333-275081 and No. 333-278390) of our report dated March 27, 2026, with respect to the consolidated financial statements of Urgent.ly Inc. included in this Annual Report (Form 10-K) of Urgent.ly Inc. for the year ended December 31, 2025. Our audit report includes an explanatory paragraph relating to Urgent.ly Inc.'s ability to continue as a going concern.

/s/ CohnReznick LLP

Tysons, Virginia

March 27, 2026

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Matthew Booth, certify that:

1. I have reviewed this Annual Report on Form 10-K of Urgent.ly Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 27, 2026 | By: | /s/ Matthew Booth |
|  |  | Matthew Booth |
|  |  | Chief Executive Officer<br>*(Principal Executive Officer and Principal Financial Officer)* |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Urgent.ly Inc. (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Matthew Booth, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 27, 2026 | By: | /s/ Matthew Booth |
|  |  | Matthew Booth |
|  |  | Chief Executive Officer<br>*(Principal Executive Officer and Principal Financial Officer)* |

---

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