9AT: CANNELL CAPITAL LLC

Adviser Profile

As of Date	03/20/2026
Registration	SEC, Approved, 07/29/2011
ADV Location	ALTA, WY, United States
Contact Info	307 xxxxxxx
Websites

AUM^*	372,826,733 -56%
of that, discretionary	372,826,733 -56%
Number of Employees	4 -43%
of those in investment advisory functions	2 -60%
Private Fund GAV^*	244,745,151 -59%
Avg Account Size	33,893,339 -5%
% High Net Worth	50.00% -32%
SMA’s	Yes
Private Funds	4

Adviser Type

- Large advisory firm

Client Types

- High net worth individuals
- Pooled investment vehicles
- Other

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser AWM INVESTMENT COMPANY INC	Hedge Fund1.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund8.3m	Other Fund-	Total Private Fund GAV1.3b	AUM1.3b	#Funds9
Adviser ARS INVESTMENT PARTNERS, LLC	Hedge Fund13.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund7.1m	Other Fund-	Total Private Fund GAV27.2m	AUM2.7b	#Funds4
Adviser AROSA CAPITAL MANAGEMENT LP	Hedge Fund706.4m	Liquidity Fund-	Private Equity Fund257.1m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund29.6m	Other Fund-	Total Private Fund GAV1.0b	AUM856.6m	#Funds16
Adviser TCM GLOBAL ASSET MANAGEMENT LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser MIO PARTNERS, INC.	Hedge Fund27.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund156.0m	Other Fund-	Total Private Fund GAV28.1b	AUM59.6b	#Funds15
Adviser PANTERA CAPITAL	Hedge Fund3.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund794.9m	Other Fund-	Total Private Fund GAV5.4b	AUM4.0b	#Funds43
Adviser 1SHARPE CAPITAL LLC	Hedge Fund2.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund156.5m	Other Fund-	Total Private Fund GAV2.9b	AUM2.7b	#Funds8
Adviser MONTANOVA CAPITAL, LLC	Hedge Fund7.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.8b	AUM7.9b	#Funds9
Adviser COLCHIS CAPITAL MANAGEMENT, L.P.	Hedge Fund1.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM1.3b	#Funds8
Adviser CORAL CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker04681Y103	Stock NameATEGRITY SPECIALTY IN CO HO	$ Position$11,791,187	% Position8.00%	$ Change23.00%	# Change1.00%
Stck Ticker83307B101	Stock NameSNDL INC	$ Position$11,663,164	% Position8.00%	$ Change1.00%	# Change-1.00%
Stck Ticker656811106	Stock NameNORTH AMERN CONSTR GROUP LTD	$ Position$10,423,090	% Position7.00%	$ Change-20.00%	# Change-19.00%
Stck Ticker69120X206	Stock NameOWLET INC	$ Position$7,083,464	% Position5.00%	$ Change38.00%	# Change24.00%
Stck Ticker29765A101	Stock NameETHOS TECHNOLOGIES INC	$ Position$7,410,117	% Position5.00%	$ Change47.00%	# Change-10.00%
Stck Ticker163092AF6	Stock NameCHEGG INC	$ Position$7,689,634	% Position5.00%	$ Change16.00%	# Change18.00%
Stck Ticker602496101	Stock NameMIMEDX GROUP INC	$ Position$7,201,179	% Position5.00%	$ Change22.00%	# Change25.00%
Stck Ticker63886Q109	Stock NameNATURAL GAS SVCS GROUP INC	$ Position$5,279,775	% Position4.00%	$ Change-27.00%	# Change-36.00%
Stck Ticker29772L108	Stock NameETON PHARMACEUTICALS INC	$ Position$6,181,041	% Position4.00%	$ Change-27.00%	# Change-50.00%
Stck Ticker37959R103	Stock NameGLOBAL INDEMNITY GROUP LLC	$ Position$6,454,611	% Position4.00%	$ Change-8.00%	# Change0.00%

Brochure Summary

Overview

Cannell Capital LLC, a Wyoming limited liability company, formerly known as James Carlo Cannell D/B/A Cannell Capital Management (“Cannell Capital” or the “Firm”) is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”). Cannell Capital was founded in 1996 and is wholly owned by James Carlo Cannell. Mr. Cannell is the sole Managing Member of the Firm. Pampanito Corporation (“Pampanito”), a California corporation affiliated with Cannell Capital that was founded in 2008, is a “relying adviser” to Cannell Capital in reliance on the SEC No-Action Letter to the American Bar Association’s Subcommittee on Hedge Funds, Dated January 18, 2012. Pampanito also does business as Cannell Capital Corporation and is wholly owned by Mr. Cannell. Unless specified otherwise, references in this brochure to “Cannell Capital” or “Firm” includes both Cannell Capital and Pampanito. Cannell Capital provides investment advisory and sub-advisory services on a discretionary basis to pooled investment vehicles that are structured as limited partnerships, limited liability companies or corporations, and which comply with Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940, as amended (individually a “Fund”, collectively “Funds”). Cannell Capital also provides investment advisory and sub-advisory services on a discretionary basis to some separately

managed accounts. The Firm manages each Fund in accordance with one or more alternative asset investment strategies described in Item 8 of this brochure. Subject to the investment objectives, restrictions and policies stated in each Fund’s respective offering documents, Cannell Capital is contracted as the investment manager responsible for determining which general investment strategies are to be employed in managing the Fund’s portfolios to achieve each Fund’s respective investment objective. Cannell Capital is responsible for the actual management of each Fund’s portfolios including the selection of portfolio securities. A client cannot impose restrictions on investing in certain securities or types of securities except as negotiated on a case-by-case basis and reflected in the relevant agreement between Cannell Capital and the relevant client. Persons reviewing this brochure should not construe it as an offering of any Fund described herein. Fund offerings will only be made pursuant to the delivery to prospective investors of confidential offering documents, which will describe certain risk factors, conflicts of interest, investment objectives and other important information regarding the Fund. As of December 31, 2023, Cannell Capital managed $851,813,961 on a discretionary basis. This figure reflects regulatory assets under management as reflected in Part 1 of the ADV. P a g e | 5

CANNELL CAPITAL LLC

CANNELL CAPITAL LLC

PAMPANITO CORPORATION DBA CANNELL CAPITAL CORPORATION (RELYING ADVISER)

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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CANNELL CAPITAL LLC CANNELL CAPITAL LLC PAMPANITO CORPORATION DBA CANNELL CAPITAL CORPORATION (RELYING ADVISER)

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

CANNELL CAPITAL LLC

CANNELL CAPITAL LLC

PAMPANITO CORPORATION DBA CANNELL CAPITAL CORPORATION (RELYING ADVISER)