# EDGAR Filing Document

**Accession Number:** 0001636422
**File Stem:** 0001104659-26-076342
**Filing Date:** 2026-6
**Character Count:** 25878
**Document Hash:** 095a930e49deda9f8b713a94a936738b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-076342.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001104659-26-076342

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Health Catalyst, Inc.
- **CENTRAL INDEX KEY:** 0001636422
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 453337483
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91321
- **FILM NUMBER:** 261106869

**BUSINESS ADDRESS:**
- **STREET 1:** 10897 SOUTH RIVER FRONT PARKWAY, #300
- **CITY:** SOUTH JORDAN
- **STATE:** UT
- **ZIP:** 84095
- **BUSINESS PHONE:** 801-708-6800

**MAIL ADDRESS:**
- **STREET 1:** 10897 SOUTH RIVER FRONT PARKWAY, #300
- **CITY:** SOUTH JORDAN
- **STATE:** UT
- **ZIP:** 84095

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HQC Holdings, Inc.
- **DATE OF NAME CHANGE:** 20150312
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Palogic Value Management, L.P.
- **CENTRAL INDEX KEY:** 0001532943

**ORGANIZATION NAME:**
- **EIN:** 205611076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 8333 DOUGLAS AVE
- **STREET 2:** SUITE 775
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** (214) 871-2700

**MAIL ADDRESS:**
- **STREET 1:** 8333 DOUGLAS AVE
- **STREET 2:** SUITE 775
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

## Exhibit 99.1

**EXHIBIT 99.1**

**JOINT FILING AGREEMENT** 

**June 22, 2026**

Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations thereunder, each party hereto hereby agrees to the joint filing, on behalf of each of them, of any filing required by such party under Section 13 or Section 16 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with the Securities and Exchange Commission (and, if such security is registered on a national securities exchange, also with the exchange), and further agrees to the filing, furnishing, and/or incorporation by reference of this agreement as an exhibit thereto. This agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party.

IN WITNESS WHEREOF, each party hereto, being duly authorized, has caused this agreement to be executed and effective as of the date first written above.

---

| | | |
|:---|:---|:---|
| Date: June 22, 2026 | **PALOGIC VALUE MANAGEMENT, LP** | **PALOGIC VALUE MANAGEMENT, LP** |
|  | By: | Palogic Capital Management, LLC |
|  | Its: | General Partner |
|  | By: | /s/ Ryan L. Vardeman |
|  | Name: | Ryan L. Vardeman |
|  | Title: | Sole Member |
|  | **PALOGIC VALUE FUND, LP** | **PALOGIC VALUE FUND, LP** |
|  | By: | Palogic Value Management, LP |
|  | Its: | General Partner |
|  | By: | Palogic Capital Management, LLC |
|  | Its: | General Partner |
|  | By: | /s/ Ryan L. Vardeman |
|  | Name: | Ryan L. Vardeman |
|  | Title: | Sole Member |
|  | **PALOGIC CAPITAL MANAGEMENT, LLC** | **PALOGIC CAPITAL MANAGEMENT, LLC** |
|  | By: | /s/ Ryan L. Vardeman |
|  | Name: | Ryan L. Vardeman |
|  | Title: | Sole Member |
|  | /s/ Ryan L. Vardeman | /s/ Ryan L. Vardeman |
|  | **RYAN L. VARDEMAN** | **RYAN L. VARDEMAN** |

---

## Exhibit 99.2

**<u>Exhibit 99.2</u>**

**<u>ANNEX A</u>**

**RECENT TRANSACTIONS BY THE REPORTING PERSONS IN THE SECURITIES OF<br> HEALTH CATALYST, INC.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Effecting Person** | **Date of Transaction** | **Description** <br> **of Transaction** | **Shares Acquired** | **Shares Disposed** | **Price** <br> **Per Share (1)** |
| Palogic Value Fund, LP | 4/24/2026 | Open Market Purchase | 5000 |  | $1.30 |
| Palogic Value Fund, LP | 4/24/2026 | Open Market Sale |  | 8950 | $1.37 |
| Palogic Value Fund, LP | 4/30/2026 | Open Market Purchase | 7500 |  | $1.25 |
| Palogic Value Management, LP | 5/1/2026 | Open Market Purchase | 2601 (2) |  | $1.30 |
| Palogic Value Management, LP | 5/1/2026 | Open Market Purchase | 1182 (2) |  | $1.30 |
| Palogic Value Fund, LP | 5/7/2026 | Open Market Purchase | 2500 |  | $1.59 |
| Palogic Value Fund, LP | 6/9/2026 | Open Market Purchase | 94720 |  | $1.66 |
| Palogic Value Fund, LP | 6/10/2026 | Open Market Purchase | 30280 |  | $1.64 |
| Palogic Value Fund, LP | 6/11/2026 | Open Market Purchase | 400000 |  | $1.64 |
| Palogic Value Fund, LP | 6/12/2026 | Open Market Purchase | 326475 |  | $1.76 |
| Palogic Value Fund, LP | 6/15/2026 | Open Market Purchase | 192540 |  | $1.83 |
| Palogic Value Fund, LP | 6/16/2026 | Open Market Purchase | 307347 |  | $1.78 |
| Palogic Value Fund, LP | 6/17/2026 | Open Market Purchase | 210584 |  | $1.78 |
| Palogic Value Fund, LP | 6/18/2026 | Open Market Purchase | 355537 |  | $1.75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes commissions.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The referenced shares of Common Stock of the Issuer are held by the Managed Accounts.

## Exhibit 99.3

**EXHIBIT 99.3**

![](image_001.jpg)

**8333 DOUGLAS AVE, SUITE 775**<br> **DALLAS, TEXAS 75225 \| 214.871.2700**<br>

**<u>SENT VIA E-MAIL</u>**

June 22, 2026

Health Catalyst, Inc.<br> Attention: Corporate Secretary<br> 10897 South River Front Parkway #300<br> South Jordan, UT 84095

Secretary@healthcatalyst.com

Dear Secretary:

We appreciate the Board and management's recent steps to enhance governance, sharpen operational priorities, and focus the company's strategic direction. These actions, including the appointment of Ben Albert and the recent announced divestiture of VitalWare, represent meaningful progress toward improving execution and strengthening Health Catalyst's long-term value profile.<br>The VitalWare sale immediately strengthens the financial profile of the company, moving Health Catalyst from a net-debt position to positive cash. This gives the company the financial flexibility needed to realize full value for the benefit of shareholders.<br>We continue to believe that tremendous value exists in the remaining operations of Health Catalyst. We are hopeful that the leadership of Mr. Albert and the stewardship of the newly configured board can help shepherd and grow this value.

---

| |
|:---|
| Respectfully Yours, |
| /s/ Ryan Vardeman |
| Ryan Vardeman, Principal |
| /s/ Scott Williams |
| Scott Williams, Principal |
| Palogic Value Management, LP |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Health Catalyst, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.001 per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Ryan L. Vardeman**<br>8333 Douglas Ave<br>Suite 775<br>Dallas TX 75225<br>(214) 871-2700

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

**06/12/2026**

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

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Palogic Value Management, LP** | Name of reporting person<br>**Palogic Value Management, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4915083.00** |
| 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>**4918866.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4918866.00** | Aggregate amount beneficially owned by each reporting person<br>**4918866.00** | |
| 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>**6.7%** | Percent of class represented by amount in Row (11)<br>**6.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** (1) The figures in: (a) Items 8, 10, and 11 include 4,915,083 shares of Common Stock of the Issuer held by Palogic Value Fund, LP, and (b) Items 10 and 11 also include 3,783 shares of Common Stock of the Issuer held by certain separately managed accounts (collectively, the "Managed Accounts").

(2) The figure in Item 13 is based upon 73,894,020 shares of Common Stock of the Issuer, par value $0.001 per share ("Common Stock") of Health Catalyst, Inc. (the "Issuer") outstanding as of May 8, 2026, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarterly period ended March 31, 2026, filed by the Issuer with the U.S. Securities and Exchange Commission (the "SEC") on May 11, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Palogic Value Fund, LP** | Name of reporting person<br>**Palogic Value Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4915083.00** |
| 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>**4915083.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4915083.00** | Aggregate amount beneficially owned by each reporting person<br>**4915083.00** | |
| 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>**6.7%** | Percent of class represented by amount in Row (11)<br>**6.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The figure in Item 13 is based upon 73,894,020 shares of Common Stock of the Issuer outstanding as of May 8, 2026, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarterly period ended March 31, 2026, filed by the Issuer with the SEC on May 11, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Palogic Capital Management, LLC** | Name of reporting person<br>**Palogic Capital Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4915083.00** |
| 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>**4918866.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4918866.00** | Aggregate amount beneficially owned by each reporting person<br>**4918866.00** | |
| 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>**6.7%** | Percent of class represented by amount in Row (11)<br>**6.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** (1) The figures in: (a) Items 8, 10, and 11 include 4,915,083 shares of Common Stock of the Issuer held by Palogic Value Fund, LP, and (b) Items 10 and 11 include 3,783 shares of Common Stock of the Issuer held by the Managed Accounts.

(2) The figure in Item 13 is based upon 73,894,020 shares of Common Stock of the Issuer outstanding as of May 8, 2026, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarterly period ended March 31, 2026, filed by the Issuer with the SEC on May 11, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ryan L. Vardeman** | Name of reporting person<br>**Ryan L. Vardeman** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**2601.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4915083.00** |
| 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>**4918866.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4918866.00** | Aggregate amount beneficially owned by each reporting person<br>**4918866.00** | |
| 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>**6.7%** | Percent of class represented by amount in Row (11)<br>**6.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) The figure in Item 7 includes 2,601 shares of Common Stock of the Issuer held in an IRA of Mr. Vardeman, which account is managed by Palogic Value Management, but for which Palogic Value Management does not exercise voting authority.

(2) The figures in: (a) Items 8, 10, and 11 include 4,915,083 shares of Common Stock of the Issuer held by Palogic Value Fund, LP, and (b) Items 10 and 11 include 3,783 shares of Common Stock of the Issuer held by the Managed Accounts.

(3) The figure in Item 13 is based upon 73,894,020 shares of Common Stock of the Issuer outstanding as of May 8, 2026, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarterly period ended March 31, 2026, filed by the Issuer with the SEC on May 11, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.001 per share

**(b) Name of Issuer:**
Health Catalyst, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
10897 South River Front Parkway, #300, South Jordan, UT, 84095

**Item 4. Purpose of Transaction**

On June 12, 2026, the Reporting Persons' aggregate share ownership crossed the applicable reporting threshold. The Reporting Persons acquired shares of Common Stock of the Issuer in the ordinary course of business for investment purposes.

On June 22, 2026, the Palogic Value Management sent a letter (the "Letter") to the Issuer expressing support for the recent appointment of Ben Albert as Chief Executive Officer and as a member of the Board of Directors of the Issuer, and the Issuer's announced divestiture of VitalWare. The foregoing description of the Letter does not purport to be complete and is qualified in its entirety by the full text of the Letter, which is attached hereto as Exhibit 99.3 and incorporated herein by reference.

The Reporting Persons have in the past, and may in the future, engage in discussions with the Issuer's management, board of directors, and/or other shareholders covering a broad range of subjects, including relative to performance, strategic direction, capital allocation, shareholder value, composition of the board of directors, and governance of the Issuer.

Depending upon each factor discussed above and any other factor (which may be unknown at this time) that is, or may become relevant, the Reporting Persons may consider, among other things: (a) the acquisition by the Reporting Persons of additional securities of the Issuer, the disposition of securities of the Issuer, the exercise of convertible securities of the Issuer, or engaging in short selling of or any hedging or similar transaction with respect to the shares of Common Stock of the Issuer, including swaps and other derivative transactions; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) changes in the present board of directors or management of the Issuer; (e) a material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer's business or corporate structure; (g) changes in the Issuer's articles of incorporation, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) causing any class of the Issuer's securities to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; (j) any action similar to those enumerated above.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis taking into consideration various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for shares of Common Stock of the Issuer in particular, as well as other developments and other investment opportunities. Based upon such review, the Reporting Persons will take such actions in the future as the Reporting Persons may deem appropriate in light of the circumstances existing from time to time, which may include further acquisitions of shares of Common Stock of the Issuer or disposal of some or all of the shares of Common Stock of the Issuer owned by the Reporting Persons or otherwise acquired by the Reporting Persons, either in the open market or in privately negotiated transactions.

Any open market or privately negotiated purchases or sales, acquisition recommendations or proposals or other transactions concerning the Issuer may be made at any time without prior notice. Any alternative may depend upon a variety of factors, including, without limitation, current and anticipated future trading prices of the securities, the financial condition, results of operations and prospects of the Issuer and general industry conditions, the availability, form and terms of financing, other investment and business opportunities, general stock market and economic conditions, tax considerations and other factors.

Except to the extent that the foregoing may be deemed to be a plan or proposal, none of the Reporting Persons currently has any plans or proposals that relate to or would result in any of the actions specified in clause (a) through (j) of Item 4 of Schedule 13D. Depending upon the foregoing factors and to the extent deemed advisable in light of their general investment policies, or other factors, the Reporting Persons may, at any time and from time to time, formulate other purposes, plans or proposals regarding the Issuer or shares of Common Stock of the Issuer, or any other actions that could involve one or more of the types of transactions or have one or more of the results described in paragraphs (a) through (j) of Item 4 of Schedule 13D. The foregoing is subject to change at any time, and there can be no assurance that any of the Reporting Persons will take any of the actions set forth above.

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

**(a)**
The aggregate number and percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person is stated in Items 11 and 13 on the cover page(s) hereto.

**(b)**
(b) Number of shares as to which each Reporting Person has:

     (i)   sole power to vote or to direct the vote:

           See Item 7 on the cover page(s) hereto.

     (ii)  shared power to vote or to direct the vote:

           See Item 8 on the cover page(s) hereto.

     (iii) sole power to dispose or to direct the disposition of:

           See Item 9 on the cover page(s) hereto.

     (iv) shared power to dispose or to direct the disposition of:

           See Item 10 on the cover page(s) hereto.

**(c)**
Other than as set forth on Annex A hereto, which is incorporated herein by reference, there have been no transactions in the class of securities reported on that were effected by the Reporting Persons during the past sixty days or since the most recent filing of Schedule 13D, whichever is less.

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

The information set forth in Item 4 of this Schedule 13D is incorporated herein by reference.

Except as otherwise described herein, no Reporting Person has any contract, arrangement, understanding or relationship with any person with respect to the Common Stock of the Issuer or any other securities of the Issuer.

### 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:** Palogic Value Management, LP

**Signature:** Palogic Capital Management, LLC

**Name/Title:** General Partner

**Date:** 06/22/2026

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:** Palogic Value Fund, LP

**Signature:** Palogic Value Management, LP

**Name/Title:** General Partner

**Date:** 06/22/2026

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:** Palogic Capital Management, LLC

**Signature:** /s/ Ryan L. Vardeman

**Name/Title:** Sole Member

**Date:** 06/22/2026

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:** Ryan L. Vardeman

**Signature:** /s/ Ryan L. Vardeman

**Name/Title:** Ryan L. Vardeman

**Date:** 06/22/2026