# EDGAR Filing Document

**Accession Number:** 0001072627
**File Stem:** 0001104659-25-122551
**Filing Date:** 2025-12
**Character Count:** 28460
**Document Hash:** dcc8bc8158b1d6d6c08890a61c700f72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122551.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001104659-25-122551

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

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINGSWAY FINANCIAL SERVICES INC
- **CENTRAL INDEX KEY:** 0001072627
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 999999999
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-78501
- **FILM NUMBER:** 251583272

**BUSINESS ADDRESS:**
- **STREET 1:** 10 S. RIVERSIDE PLAZA
- **STREET 2:** SUITE 1520
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 766-2144

**MAIL ADDRESS:**
- **STREET 1:** 10 S. RIVERSIDE PLAZA
- **STREET 2:** SUITE 1520
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Palm Management (US) LLC
- **CENTRAL INDEX KEY:** 0001726497

**ORGANIZATION NAME:**
- **EIN:** 463668229
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 19 WEST ELM STREET
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** (203) 302-7000

**MAIL ADDRESS:**
- **STREET 1:** 19 WEST ELM STREET
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Exhibit 99.1

**Exhibit 99.1**

**Amendment no. 1<br> to<br> OPTION AGREEMENT**

This Amendment No. 1 to the Option Agreement (this "<u>Amendment</u>") is entered into as of December 17, 2025, by and between Stilwell Value LLC ("Stilwell Value"), Stilwell Activist Fund, L.P. ("SAF") and Stilwell Activist Investments, L.P. ("SAI" and, collectively with Stilwell Value and SAF, the "<u>Sellers</u>"), on the one hand, and Palm Global Small Cap Master Fund LP and Joshua S. Horowitz (collectively, the "<u>Buyers</u>"), on the other hand. Capitalized terms appearing herein that are not otherwise defined shall have the meanings ascribed to such terms in the Agreement (as defined below).

**WHEREAS**, Stilwell Value and Buyers are parties to that certain Option Agreement, dated as of March 31, 2025 (as may be amended from time to time, the "<u>Agreement</u>");

**WHEREAS**, Stilwell Value and its affiliated funds, SAF and SAI, are the beneficial owners of all right, title and interest in the Option Shares;

**WHEREAS**, Stilwell Value and Buyers desire to add SAF and SAI as parties to the Agreement; and

**WHEREAS**, the Sellers and the Buyers desire to, and hereby, amend the Agreement as set forth herein.

**NOW, THEREFORE**, in consideration of the mutual representations, warranties and covenants contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

**ARTICLE I<br> amendments**

Section 1.1 Section 1.2(b) is hereby amended and restated in its entirety as follows:

"(i) The Option may be exercised solely with respect to all, but not less than all, of the Option Shares underlying the Option, at the discretion of each Buyer at any time prior to the Expiration Time on the Expiration Date by providing written notice of exercise to Sellers in accordance with <u>Section 4.1</u> below (the "<u>Exercise Notice</u>"). The date of such written notice shall be the "<u>Trade Date</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Option is exercised in accordance with the preceding paragraph, the Buyers shall provide evidence of electronic delivery of the Exercise Price to Sellers (which evidence may consist of Federal Reference Numbers evidencing the transfer of funds for the full amount of the Exercise Price or such other means of transfer as Buyers and Sellers may mutually agree) on or before the Trade Date."

Section 1.2 Section 1.3 is hereby amended and restated in its entirety as follows:

"<u>Closing</u>. Subject to <u>Section 1.2(a)(ii)</u>, in the event Buyers deliver the Exercise Notice and Exercise Price to Sellers before the Expiration Time on the Expiration Date, the closing of the sale of the Option Shares (the "<u>Closing</u>") shall be effective as of 4:59pm (EST) on the Trade Date (the "<u>Closing Date</u>"), and Sellers shall cause the Option Shares (as allocated on Exhibit B) to be electronically delivered in book-entry to Buyers as promptly as practicable but in no event later than December 31, 2025."

Section 1.3 The Agreement is hereby amended to add a new Exhibit B, in the form attached hereto as Exhibit B.

**ARTICLE II<br> miscellaneous**

---

| | |
|:---|:---|
| Section 2.1 | On and after the date of this Amendment, each reference in the Agreement to "this Agreement", "hereunder", "hereof", "herein", or words of like import referring to such Agreement, shall mean and be a reference to the Agreement as amended by this Amendment (except that references in the Agreement to "the date hereof" or "the date of this Agreement" or "Effective Date" or words of like import shall continue to mean March 31, 2025). |

---

Section 2.2 Except as expressly amended by this Amendment, the Agreement shall remain unmodified and in full force and effect, and is hereby ratified and confirmed in all respects.

Section 2.3 The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any party pursuant to the Agreement.

Section 2.4 Article 4 (General Provisions) of the Agreement is hereby incorporated by reference, *mutatis mutandis*.

*[Remainder of page intentionally left blank. Signature page follows.]*

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

---

| | | |
|:---|:---|:---|
| **SELLERS:** | **SELLERS:** | **SELLERS:** |
| STILWELL VALUE LLC | STILWELL VALUE LLC | STILWELL VALUE LLC |
| By: | /s/ Corissa Porcelli | /s/ Corissa Porcelli |
|  | Name: | Corissa Porcelli |
|  | Title: | Member of the General Partner |

---

---

| | | |
|:---|:---|:---|
| STILWELL ACTIVIST FUND, L.P. | STILWELL ACTIVIST FUND, L.P. | STILWELL ACTIVIST FUND, L.P. |
| By: | /s/ Corissa Porcelli | /s/ Corissa Porcelli |
|  | Name: | Corissa Porcelli |
|  | Title: | Member of the General Partner |

---

---

| | | |
|:---|:---|:---|
| STILWELL ACTIVIST INVESTMENTS, L.P. | STILWELL ACTIVIST INVESTMENTS, L.P. | STILWELL ACTIVIST INVESTMENTS, L.P. |
| By: | /s/ Corissa Porcelli | /s/ Corissa Porcelli |
|  | Name: | Corissa Porcelli |
|  | Title: | Member of the General Partner |

---

---

| | | |
|:---|:---|:---|
| **BUYERS:** | **BUYERS:** | **BUYERS:** |
| PALM GLOBAL SMALL CAP MASTER FUND LP | PALM GLOBAL SMALL CAP MASTER FUND LP | PALM GLOBAL SMALL CAP MASTER FUND LP |
| By: | PALM GLOBAL SMALL CAP FUND GP | PALM GLOBAL SMALL CAP FUND GP |
|  | LTD., the general partner of Palm Global Small Cap | LTD., the general partner of Palm Global Small Cap |
|  | Master Fund LP | Master Fund LP |
| By: | /s/ Joshua S. Horowitz | /s/ Joshua S. Horowitz |
|  | Name: | Joshua S. Horowitz |
|  | Title: | Portfolio Manager |
| JOSHUA S. HOROWITZ, an individual | JOSHUA S. HOROWITZ, an individual | JOSHUA S. HOROWITZ, an individual |
| /s/ Joshua S. Horowitz | /s/ Joshua S. Horowitz | /s/ Joshua S. Horowitz |
| Name: Joshua S. Horowitz | Name: Joshua S. Horowitz | Name: Joshua S. Horowitz |

---

[Signature Page to Amendment No. 1 to Option Agreement]

**<u>Exhibit B</u>**

---

| | |
|:---|:---|
| **<u>Seller</u>** | **<u>Number of Option Shares</u>** |
| Stilwell Activist Fund, L.P. | 20270 |
| Stilwell Activist Investments, L.P. | 254730 |
| ***Total*** | ***275000*** |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**KINGSWAY FINANCIAL SERVICES INC**

*(Name of Issuer)*

**Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**496904202**

*(CUSIP Number)*

**Joshua S. Horowitz**<br>c/o Palm Management (US) LLC<br>19 West Elm Street<br>Greenwich CT 06830<br>203-302-7000

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

**12/17/2025**

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

| **CUSIP No.** | **496904202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Palm Management (US) LLC** | Name of reporting person<br>**Palm Management (US) LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**367500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**404342.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**404342.00** | Aggregate amount beneficially owned by each reporting person<br>**404342.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.4%** | Percent of class represented by amount in Row (11)<br>**1.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Number of shares beneficially owned by Palm Management (US) LLC with shared dispositive power includes 36,842.4 shares of Common Stock that may be acquired upon the conversion of Class D Preferred Stock, par value $0.01 per share (the "Preferred Stock"), held by Palm Global. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.6316 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder.

| **CUSIP No.** | **496904202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Palm Global Small Cap Master Fund LP** | Name of reporting person<br>**Palm Global Small Cap Master Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**367500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**404342.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**404342.00** | Aggregate amount beneficially owned by each reporting person<br>**404342.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.4%** | Percent of class represented by amount in Row (11)<br>**1.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Number of shares beneficially owned by Palm Global with shared dispositive power includes 36,842.4 shares of Common Stock that may be acquired upon the conversion of Preferred Stock. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.6316 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder.

| **CUSIP No.** | **496904202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bradley C. Palmer** | Name of reporting person<br>**Bradley C. Palmer** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**367500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**404342.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**404342.00** | Aggregate amount beneficially owned by each reporting person<br>**404342.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.4%** | Percent of class represented by amount in Row (11)<br>**1.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Number of shares beneficially owned by Mr. Palmer with shared dispositive power includes 36,842.4 shares of Common Stock that may be acquired upon the conversion of Preferred Stock held by Palm Global. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.6316 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder.

| **CUSIP No.** | **496904202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Joshua S. Horowitz** | Name of reporting person<br>**Joshua S. Horowitz** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**32500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**367500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**32500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**404342.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**436842.00** | Aggregate amount beneficially owned by each reporting person<br>**436842.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.5%** | Percent of class represented by amount in Row (11)<br>**1.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Number of shares beneficially owned by Mr. Horowitz with shared dispositive power includes 36,842.4 shares of Common Stock that may be acquired upon the conversion of Preferred Stock held by Palm Global. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.6316 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder.

**Item 1. Security and Issuer**

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

**(b) Name of Issuer:**
KINGSWAY FINANCIAL SERVICES INC

**(c) Address of Issuer's Principal Executive Offices:**
10 S. Riverside Plaza, Suite 1520, Chicago, IL, 60606

This Amendment No. 1 to Statement of Beneficial Ownership on Schedule 13D (this "Amendment No. 1") amends the Statement of Beneficial Ownership on Schedule 13D filed by the Reporting Persons on April 2, 2025 (as amended, the "Schedule 13D" or this "Statement"). Capitalized terms used but not defined in this Amendment No. 1 shall have the meanings set forth in the Schedule 13D. Except as amended and supplemented by this Amendment No. 1, the Schedule 13D remains unchanged.

**Item 4. Purpose of Transaction**

On March 31, 2025, certain purchasers, including Palm Global and Mr. Horowitz, entered into option agreements with Stilwell Value LLC, an affiliate of Mr. Stilwell, to acquire an aggregate of 1,750,000 additional shares of Common Stock, at an exercise price of $8.25 per share, which options were exercisable by each investor (and Palm Global and Mr. Horowitz together) in whole, and not in part, on December 29, 2025 and were set to expire at 5:00 p.m. Eastern Time on December 29, 2025. On December 17, 2025, certain purchasers, including Palm Global and Mr. Horowitz, amended the option agreements to allow for the early exercise of the options. Following the amendment, on December 17, 2025 Palm Global exercised its options and purchased 252,500 shares of Common Stock and Mr. Horowitz exercised his options and purchased 22,500 shares of Common Stock. A copy of the amendment to the option agreement entered into by Palm Global and Mr. Horowitz is attached hereto as Exhibit 99.1.

On May 8, 2025, Palm Global entered into a subscription agreement with the Company (the "Class D Subscription Agreement") for the purchase of shares of the Company's Preferred Stock. The shares of the Preferred Stock have a stated value of $25 per share and are convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.6316 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder. For additional terms of the Preferred Stock and the Class D Subscription Agreement, see the form of the Class D Subscription Agreement and the Certificate of Designations of Preferred Stock, filed as Exhibit 99.2 and 99.3, respectively, to this Amendment No. 1.

The Reporting Persons acquired the Common Stock reported in this Statement for investment purposes. The Reporting Persons and their affiliates may in the future acquire additional shares of Common Stock or dispose of some or all of the shares of Common Stock held by the Reporting Persons in open-market transactions or privately negotiated transactions, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons may engage in short selling or hedging or similar transactions with respect to the Common Stock, on such terms and at such times as the Reporting Persons may deem advisable, subject to applicable law.

The Reporting Persons do not have any present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein, or as may be proposed by Mr. Horowitz in his capacity as a director of the Company or by the Company's board of directors with his participation. The Reporting Persons intend to review their investment in the Company on a continuing basis. Depending on various factors including, without limitation, the Company's financial position, the price levels of the securities of the Company, conditions in the securities markets, and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Company as they deem appropriate and to the extent permitted by law, including, without limitation, engaging in communications with management and/or the board of directors of the Company and their advisors, engaging in discussions with stockholders of the Company and others about the Company and the Reporting Persons' investment, making proposals to the Company concerning changes to the capitalization, the ownership structure, the structure, composition and skill sets of the board of directors and senior management or the operations of the Company, purchasing additional securities of the Company, selling some or all of such securities, entering into financial instruments or other agreements that increase or decrease the Reporting Persons' economic or beneficial exposure with respect to their investment in the Company, engaging in short selling of or any hedging or similar transaction with respect to the securities of the Company, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.

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

**(a)**
The Reporting Persons beneficially own in the aggregate 436,842.4 shares of Common Stock, which represents approximately 1.5% of the Company's outstanding shares of Common Stock. Palm Global directly holds the number and percentage of shares of Common Stock disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Mr. Horowitz directly holds the number and percentage of shares of Common Stock disclosed as solely beneficially owned by him in the applicable table set forth on the cover page to this Statement. None of the other Reporting Persons directly holds any of the shares of Common Stock disclosed in this Statement.

The Reporting Persons' holdings include 36,842.4 shares of Common Stock that may be acquired upon the conversion of Preferred Stock held by Palm Global. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.6316 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder.

Palm Management (US) LLC, as the investment manager of Palm Global, may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by Palm Global. Due to their positions with Palm Management (US) LLC and Palm Global, each of Mr. Palmer and Mr. Horowitz may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by Palm Global. Palm Management (US) LLC, Mr. Palmer and Mr. Horowitz expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein.

Each percentage ownership of Common Stock set forth in this Statement is based on 28,956,152 shares of Common Stock reported by the Company as outstanding on November 6, 2025 in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission on November 6, 2025.

**(b)**
Palm Global beneficially owns, and has the shared power to direct the voting and disposition of, the shares of Common Stock disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Palm Management (US) LLC, as the investment manager of Palm Global, has the shared power to direct the voting and disposition of the shares of Common Stock held by Palm Global. Due to their positions with Palm Management (US) LLC and Palm Global, each of Mr. Palmer and Mr. Horowitz may be deemed to have the shared power to direct the voting and disposition of the shares of Common Stock held by Palm Global.

Mr. Horowitz has the sole power to direct the voting and disposition of the shares of Common Stock disclosed as solely beneficially owned by him in the applicable table set forth on the cover page to this Statement.

**(c)**
The information set forth in Item 4 is incorporated herein by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Item 4 is incorporated herein by reference.

Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint filing of this Statement, which agreement is set forth on the signature page to this Statement.

### SIGNATURE

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

**Reporting Person:** Palm Management (US) LLC

**Signature:** /s/ Joshua S. Horowitz

**Name/Title:** Joshua S. Horowitz, Director

**Date:** 12/18/2025

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

**Reporting Person:** Palm Global Small Cap Master Fund LP

**Signature:** /s/ Joshua S. Horowitz

**Name/Title:** Joshua S. Horowitz, Director of Palm Management (US) LLC, the investment manager of Palm Global Small Cap Master Fund LP

**Date:** 12/18/2025

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

**Reporting Person:** Bradley C. Palmer

**Signature:** /s/ Bradley C. Palmer

**Name/Title:** Bradley C. Palmer

**Date:** 12/18/2025

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

**Reporting Person:** Joshua S. Horowitz

**Signature:** /s/ Joshua S. Horowitz

**Name/Title:** Joshua S. Horowitz

**Date:** 12/18/2025