# EDGAR Filing Document

**Accession Number:** 0001136294
**File Stem:** 0001104659-23-002935
**Filing Date:** 2023-1
**Character Count:** 29099
**Document Hash:** a438a70b78c3b60daf4ac4cdd6d5d693
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-002935.hdr.sgml**: 20230111

**ACCESSION NUMBER**: 0001104659-23-002935

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230109

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230111

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Williams Industrial Services Group Inc.
- **CENTRAL INDEX KEY:** 0001136294
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
- **IRS NUMBER:** 731541378
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16501
- **FILM NUMBER:** 23522584

**BUSINESS ADDRESS:**
- **STREET 1:** 200 ASHFORD CENTER NORTH
- **STREET 2:** SUITE 425
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30338
- **BUSINESS PHONE:** 770-879-4400

**MAIL ADDRESS:**
- **STREET 1:** 200 ASHFORD CENTER NORTH
- **STREET 2:** SUITE 425
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30338

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLOBAL POWER EQUIPMENT GROUP INC.
- **DATE OF NAME CHANGE:** 20100730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLOBAL POWER EQUIPMENT GROUP INC/
- **DATE OF NAME CHANGE:** 20010309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GEEG INC
- **DATE OF NAME CHANGE:** 20010306

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **January 9, 2023**

**Williams Industrial Services Group Inc.**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-16501** | **73-1541378** |
| (State or Other Jurisdiction of<br> Incorporation) | (Commission File Number) | (IRS Employer<br> Identification Number) |

---

**200 Ashford Center North, Suite 425**

**Atlanta, Georgia 30338**

(Address of Principal Executive Offices, Zip Code)

Registrant's telephone number, including area code: **770-879-4400**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| **Common Stock, par value $0.01 per share** | **WLMS** | **NYSE American** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; □

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. ◻

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

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On January 9, 2023, Williams Industrial Services Group Inc. (the "*Company*") entered into the following agreements, each of which is described further below:

&nbsp;&nbsp;&nbsp;&nbsp;· a third amendment (the "*RC Amendment*") to its Revolving Credit and Security Agreement, dated December 16, 2020,
by and among the Company and certain of its subsidiaries as borrowers or guarantors, PNC Bank, National Association, as agent for the
lenders, and the lenders party thereto (as amended, the "*Revolving Credit Agreement* ");

&nbsp;&nbsp;&nbsp;&nbsp;· a third amendment (the "*Term Loan Amendment*") to its Term Loan, Guarantee and Security Agreement, dated December
16, 2020, by and among the Company and certain of its subsidiaries as borrowers or guarantors, EICF Agent LLC, as agent for the lenders,
and the lenders party thereto (as amended, the "*Term Loan Agreement* "); and

&nbsp;&nbsp;&nbsp;&nbsp;· two unsecured promissory notes in favor of the Wynnefield Lenders (as defined below) (together, the "*Wynnefield Loans* ").

***RC Amendment and Term Loan Amendment***

The RC Amendment, among other things, (i) modifies the financial covenants to require that the Company achieve certain designated minimum levels of trailing twelve-month EBITDA (as defined in the Revolving Credit Agreement) as of the end of each fiscal month beginning on February 5, 2023, and ending December 31, 2023; (ii) amends the calculation of EBITDA to include (or "add back") certain non-recurring losses and expenses incurred in connection with projects executed by the Company's Jacksonville, Florida office, one-time costs and expenses incurred in connection with the Company's transmission and distribution business segment start-up, non-recurring costs and expenses arising out of the implementation by the Company of a new enterprise resource planning ("*ERP*") system, and non-recurring costs and expenses arising out of pro forma headcount reductions implemented by the Company and certain litigation with a former executive and a competitor of the Company that was settled in the fourth quarter of 2022 (in each case, subject to certain specific dollar limits for certain fiscal quarters commencing in the second fiscal quarter of 2021 and ending December 31, 2022); (iii) provides temporary reserve relief of up to $1,000,000 from the date of the RC Amendment until June 30, 2023; (iv) reduces the Eligible Unbilled Receivables (as defined in the Revolving Credit Agreement) sublimit from $7,500,000 to $5,500,000; (v) increases the Applicable Margin (as defined in the Revolving Credit Agreement) by 2%; and (vi) provides for an amendment fee of $300,000 payable when the loan obligations under the Revolving Credit Agreement are repaid or, if earlier, June 30, 2023, and an exit fee of $300,000 to be paid upon the occurrence of certain stated events, including a prepayment or maturity of the loan obligations under the Revolving Credit Agreement.

The Term Loan Amendment, among other things, (i) modifies the financial covenants to require that the Company achieve certain designated minimum levels of trailing twelve-month EBITDA (as defined in the Term Loan Agreement) as of the end of each fiscal month beginning on February 5, 2023, and ending December 31, 2023; (ii) amends the calculation of EBITDA to include (or "add back") certain non-recurring losses and expenses incurred in connection with certain projects executed by the Company's Jacksonville, Florida office, one-time costs and expenses incurred in connection with the Company's transmission and distribution business segment start-up, non-recurring costs and expenses arising out of the implementation by the Company of a new ERP system, and non-recurring costs and expenses arising out of pro forma headcount reductions implemented by the Company and certain litigation with a former executive and a competitor of the Company that was settled in the fourth quarter of 2022 (in each case, subject to certain specific dollar limits for certain fiscal quarters commencing in the second fiscal quarter of 2021 and ending December 31, 2022); (iii) adjusts the applicable interest rate to SOFR (as defined in the Term Loan Agreement) plus 11%; (iv) for each quarterly interest payment commencing January 1, 2023 through and including January 1, 2024, caps the amount of quarterly interest payable in cash at 10% per annum, with the remainder being payable in kind; (v) defers amortization payments from the January 1, 2023 quarterly payment date until and including the January 1, 2024 quarterly payment date; (vi) increases the excess cash flow sweep from 50% to 75% for the fiscal year ending December 31, 2023 and each fiscal year thereafter; (vii) requires certain additional reporting obligations, including the delivery of weekly updates of a 13-week cash flow forecast and hosting additional periodic conference calls with management and named advisors; (viii) increases, from the pre-existing levels, the permitted total leverage of the Company for the four quarter periods ended December 31, 2022 through March 31, 2024; and (ix) provides for an amendment fee equal to 1% of the principal loan balance under the Term Loan Agreement, payable in kind.

The Company previously entered into a second amendment to its Term Loan Agreement on December 30, 2022 (together with the Term Loan Amendment, the "*Term Loan Amendments*"), pursuant to which, among other things, the lenders agreed to defer payment of the principal, and part of the interest, due on January 1, 2023 to January 9, 2023.

The Company expects to include each of the RC Amendment and the Term Loan Amendments as an exhibit to a future periodic report, to be filed with the U.S. Securities and Exchange Commission. The foregoing descriptions do not constitute a complete summary of the terms of the RC Amendment or the Term Loan Amendments and are qualified in their entirety by reference to the full text of the respective amendment.

***Wynnefield Loans***

The Wynnefield Loans consist of (i) an Unsecured Promissory Note by and among the Company, as borrower, certain of its subsidiaries, as guarantors under a separate Guaranty Agreement, and Wynnefield Partners Small Cap Value, LP I in the aggregate principal amount of $400,000 and (ii) an Unsecured Promissory Note by and among the Company, as borrower, certain of its subsidiaries, as guarantors under a separate Guaranty Agreement, and Wynnefield Partners Small Cap Value, LP (together with Wynnefield Partners Small Cap Value, LP I, the "*Wynnefield Lenders*") in the aggregate principal amount of $350,000. All principal and interest will be due on the maturity date of the Wynnefield Loans, which will be the earliest of (i) December 23, 2025; (ii) a change in control of the Company; (iii) a refinancing or maturity extension of either of the Term Loan Agreement or the Revolving Credit Agreement; or (iv) an acceleration following the occurrence of an event of default (as defined in the Wynnefield Loans, and which includes any default under the Term Loan Agreement or the Revolving Credit Agreement). The Wynnefield Loans bear interest at the fixed rate of (i) 8.0% per annum from the closing date; (ii) 13.0% per annum from and after the maturity date; and (iii) 13.0% per annum from and after an event of default (as defined in the Wynnefield Loans, and which includes any default under the Term Loan Agreement or the Revolving Credit Agreement). The Wynnefield Loans are subject to an aggregate exit fee of $100,000, payable upon the earlier of an event of default or payment in full of all obligations due under the Wynnefield Loans. In connection with the Wynnefield Loans, the Company, certain of its subsidiaries, the Wynnefield Lenders and the agents under each of the Revolving Credit Agreement and the Term Loan Agreement have entered into two Subordination and Intercreditor Agreements, pursuant to which the Wynnefield Lenders have agreed, on the terms and subject to the conditions set forth therein, to subordinate the Wynnefield Loans to the obligations of the Company under the Revolving Credit Agreement and the Term Loan Agreement.

The Wynnefield Lenders, together with their affiliates, are the Company's largest equity investor. Nelson Obus, a member of the Company's Board of Directors, is a managing member of Wynnefield Capital Management, LLC, the general partner of the Wynnefield Lenders.

The Company expects to include each of the Wynnefield Loans as an exhibit to a future periodic report, to be filed with the U.S. Securities and Exchange Commission. The foregoing description does not constitute a complete summary of the terms of the Wynnefield Loans and is qualified in its entirety by reference to the full text of the respective agreement.

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On January 11, 2023, the Company issued a press release providing further revised guidance for the results of operations expected for the full fiscal year ended December 31, 2022 and announcing that it has initiated a review of strategic alternatives. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "*Exchange Act*"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language contained in such filing. Without limiting the generality of the foregoing, the text of the press release set forth under the heading entitled "Forward-looking Statement Disclaimer" is incorporated by reference into this Item 2.02.

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| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

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The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [99.1](tm233087d1_ex99-1.htm) | [Press Release, dated January 11, 2023.](tm233087d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: January 11, 2023 | **Williams Industrial Services Group Inc.** | **Williams Industrial Services Group Inc.** |
|  | By: | /s/ Charles E. Wheelock |
|  | Charles E. Wheelock | Charles E. Wheelock |
|  | Senior Vice President, Chief Administrative Officer, General Counsel & Secretary | Senior Vice President, Chief Administrative Officer, General Counsel & Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| &nbsp;&nbsp;![](tm233087d1_ex99-1img001.jpg) | &nbsp;&nbsp;**NEWS**<br> **RELEASE** |

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**Williams Industrial Services Group Inc.** \| 200 Ashford Center North, Suite 425 ♦ Atlanta, GA 30338

FOR IMMEDIATE RELEASE

**Williams Industrial Services Group Announces Preliminary Full Year Results**

*Company Engages Greenhill to Explore Strategic Alternatives*

ATLANTA, GA, January 11, 2023 – <u>Williams Industrial Services Group Inc.</u> (NYSE American: WLMS) ("Williams" or the "Company"), an infrastructure and maintenance services company, today released certain preliminary financial results for its full year ended December 31, 2022. The following performance metrics have not yet been audited:

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue
 of between $235 and $240 million

&nbsp;&nbsp;&nbsp;&nbsp;· Gross
 margin of approximately 2.75 to 3.00 percent, including approximately $11.6 million of losses
 relating to the Company's Florida water business and $5.7 million of net start-up expenses
 associated with the Company's entry into the transmission and distribution ("T&D")
 market

&nbsp;&nbsp;&nbsp;&nbsp;· Negative adjusted EBITDA\* of between $4.5 and $3.8 million, including two legal settlements that in aggregate
comprise $10.8 million of "other income" in the Company's statement of operations

&nbsp;&nbsp;&nbsp;&nbsp;· Year-end backlog of approximately $330 million, including a recent contract win with a nuclear utility
customer, primarily for maintenance services during an upcoming outage period of approximately 60 days, valued at approximately $35 million

"Based on our preliminary results, Williams ended the year underperforming our most recent guidance parameters," said Tracy Pagliara, President and CEO of Williams. "This was largely because an additional $6 million write-down in the fourth quarter was deemed necessary for our two largest remaining Florida water contracts, which we have discussed in the past. These two projects are scheduled to be completed in the second and third quarter of 2023, respectively. The Company is no longer pursuing large fixed price water projects.

"Notwithstanding these discrete and temporary execution issues, there continues to be substantial funding strength and sizable budgets across our end markets. Nuclear power is at an inflection point, bolstered by the global push for decarbonization and governments' focus on energy security and independence. This is exemplified in the US through the Infrastructure Act's $6 billion of expenditures for extending the lives of nuclear plants and the Inflation Reduction Act's estimated potential $30 billion of production tax credits for existing nuclear facilities – making this energy source cost competitive relative to renewables. The Company's other major end markets, including power and T&D, are also well funded under the Infrastructure Act, with approximately $30 billion allocated to strengthening the electrical grid.

"Even as our backlog was largely stable during the quarter – boosted by a recent nuclear maintenance contract award – we have engaged Greenhill & Co., LLC, an investment banking firm, to explore a range of strategic alternatives for the Company to maximize shareholder value, which could include a potential sale. After facing numerous headwinds last year, we remain dedicated to pursuing the course of action which results in the highest returns going forward."

The Company has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions or possible strategic alternatives at this time. There can be no assurance that the exploration of strategic alternatives will result in the identification or consummation of any transaction, or that any strategic alternative identified, evaluated and consummated will provide the anticipated benefits or otherwise preserve or enhance stockholder value. The Company does not intend to comment further on its review of strategic alternatives until it determines that further disclosure is appropriate or necessary.

Final audited results are expected to be released on or about March 31, 2023. Separately, Williams disclosed that it has amended its existing senior secured credit facilities to provide covenant and liquidity relief and has secured additional subordinated debt funding which, together with the relief obtained under its senior secured credit facilities, is intended to permit the Company to operate while it engages in its process to explore strategic alternatives. Additional information can be found in the Company's filings with the SEC.

\*See the Company's prior filings for important disclosures regarding Williams' use of Adjusted EBITDA, as well as a reconciliation of income (loss) from continuing operations to Adjusted EBITDA.

**About Williams Industrial Services Group**<br> Williams Industrial Services Group Inc. has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company provides a broad range of building, maintenance and support services to infrastructure customers in the energy, power and industrial end markets. Williams' mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers. Additional information can be found at <u>www.wisgrp.com</u>.

**Forward-looking Statement Disclaimer**

This press release contains "forward-looking statements" within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company's preliminary full-year results, the outcome of the Company's review of strategic alternatives, including a potential sale, ability to generate positive returns, to contain margin reductions within the Florida business, build and diversify its backlog and convert backlog to revenue, and realize opportunities, future demand for the Company's services, including the potential impact of energy security and independence initiatives, the Infrastructure Act and the Inflation Reduction Act on the Company's end-markets, the Company's funding levels and ability to continue operations, and expectations regarding future revenues, cash flow, and other related matters. These statements reflect the Company's current views of future events and financial performance and are subject to a number of risks and uncertainties, including implementation of the Company's liquidity plan and its ability to continue as a going concern, the Company's level of indebtedness and ability to make payments on, and satisfy the financial and other covenants contained in, its amended debt facilities, as well as its ability to engage in certain transactions and activities due to limitations and covenants contained in such facilities; its ability to generate sufficient cash resources to continue funding operations, including investments in working capital required to support growth-related commitments that it makes to customers, and the possibility that it may be unable to obtain any additional funding as needed or incur losses from operations in the future; exposure to market risks from changes in interest rates; the Company's ability to obtain adequate surety bonding and letters of credit; the Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures; the Company's ability to attract and retain qualified personnel, skilled workers, and key officers; failure to successfully implement or realize its business strategies, plans and objectives of management, and liquidity, operating and growth initiatives and opportunities, including any expansion into new markets and its ability to identify potential candidates for, and consummate, acquisition, disposition, or investment transactions (including any that may result from the Company's review of strategic alternatives); the loss of one or more of its significant customers; its competitive position; market outlook and trends in the Company's industry, including the possibility of reduced investment in, or increased regulation of, nuclear power plants, declines in public infrastructure construction, and reductions in government funding; costs exceeding estimates the Company uses to set fixed-price contracts; harm to the Company's reputation or profitability due to, among other things, internal operational issues, poor subcontractor performance or subcontractor insolvency; potential insolvency or financial distress of third parties, including customers and suppliers; the Company's contract backlog and related amounts to be recognized as revenue; its ability to maintain its safety record, the risks of potential liability and adequacy of insurance; adverse changes in the Company's relationships with suppliers, vendors, and subcontractors, including increases in cost, disruption of supply or shortage of labor, freight, equipment or supplies, including as a result of the COVID-19 pandemic; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; limitations or modifications to indemnification regulations of the U.S.; the Company's expected financial condition, future cash flows, results of operations and future capital and other expenditures; the impact of unstable market and economic conditions on our business, financial condition and stock price, including inflationary cost pressures, supply chain disruptions and constraints, labor shortages, the effects of the Ukraine-Russia conflict and ongoing impact of COVID-19, and a possible recession; our ability to meet expectations about our business, key metrics and future operating results; the impact of the COVID-19 pandemic on the Company's business, results of operations, financial condition, and cash flows, including global supply chain disruptions and the potential for additional COVID-19 cases to occur at the Company's active or future job sites, which potentially could impact cost and labor availability; information technology vulnerabilities and cyberattacks on the Company's networks; the Company's failure to comply with applicable laws and regulations, including, but not limited to, those relating to privacy and anti-bribery; the Company's ability to successfully implement its new enterprise resource planning (ERP) system; the Company's participation in multiemployer pension plans; the impact of any disruptions resulting from the expiration of collective bargaining agreements; the impact of natural disasters, which may worsen or increase due to the effects of climate change, and other severe catastrophic events (such as the ongoing COVID-19 pandemic); the impact of corporate citizenship and environmental, social and governance matters; the impact of changes in tax regulations and laws, including future income tax payments and utilization of net operating loss and foreign tax credit carryforwards; volatility of the market price for the Company's common stock; the Company's ability to maintain its stock exchange listing; the effects of anti-takeover provisions in the Company's organizational documents and Delaware law; the impact of future offerings or sales of the Company's common stock on the market price of such stock; expected outcomes of legal or regulatory proceedings and their anticipated effects on the Company's results of operations; and any other statements regarding future growth, future cash needs, future operations, business plans and future financial results.

Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" section of the Annual Report on Form 10-K for its 2021 fiscal year and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.

The preliminary selected financial results for the year ended December 31, 2022 in this press release are preliminary, are not a comprehensive statement of financial results for the fiscal year, and are provided prior to completion of all internal and external review and audit procedures and, therefore, are subject to adjustment. Actual results may vary from these estimates, and the variations may be material. Among the factors that could cause or contribute to material differences between the Company's actual results and expectations indicated by the forward-looking statements are risks and uncertainties that include, but are not limited to, changes to the Company's financial results for the year ended December 31, 2022 due to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time that the Company's financial statements for the fiscal year are finalized and publicly released and other risks and uncertainties described above and in the Company's filings with the U.S. Securities and Exchange Commission.

**Investor Contact:**<br> Chris Witty<br> Darrow Associates

646-345-0998

<u>cwitty@darrowir.com</u>