Wynnefield Capital, Inc. (“Wynnefield”), a Delaware corporation formed in 1992, provides investment supervisory services on a discretionary basis to private investment fund vehicles. Wynnefield is a U.S. Securities and Exchange Commission registered investment adviser and the investment manager for Wynnefield Capital Management, L.L.C., a New York limited liability company formed in January 1997. Wynnefield Capital Management, L.L.C is the sole general partner (“General Partner”) of two private investment funds organized as Delaware based domestic limited partnerships and managed by Wynnefield. Wynnefield’s principal owners are Mr. Nelson Obus, President and Mr. Joshua Landes, Executive Vice President, Secretary and Treasurer. Wynnefield is also the investment manager to an offshore fund, a Cayman Islands exempted company formed in January 1997. The offshore fund and the domestic funds are individually referred to as the “Offshore Fund” and “Domestic Funds” and collectively the “Funds”. Wynnefield is also the investment manager to the Wynnefield Capital, Inc. Profit Sharing Plan (the “Plan”) on behalf of its employees. The Funds and the Plan are Wynnefield’s sole clients. Wynnefield’s management of the Funds is in accordance with the small-cap value, special situations strategy and objectives stated in the Domestic Funds’ Private Placement Memorandum (“PPM”) or the Offshore Fund’s Confidential Explanatory Memorandum (“Offering Memorandum”) (collectively the PPM and Offering Memorandum are referred to as the “Offering Documents”). Wynnefield specializes in seeking out under-followed, misunderstood, and undervalued companies that fit strict parameters which include minimal balance sheet risk and potential for company specific or industry change. Wynnefield selectively hedges its portfolio and/or specific investment positions through

the purchase or sale of futures indexes, ETFs and options on ETFs and occasionally shorts individual stocks. Wynnefield invests in undervalued companies that it believes have strong free cash flow characteristics, minimal leverage, and talented management teams. The Funds’ securities are generally held on a long-term basis, and when necessary, Wynnefield works with management and corporate boards to enhance value. The Funds focus is on the micro-cap segment of the small-cap universe and Wynnefield frequently invests in companies with minimal sell-side research coverage. Because the focus of the Funds is on the least researched segment of the market, Wynnefield believes it has less competition which frequently gives Wynnefield “first mover advantage” whereby the Funds take advantage of pricing inefficiencies in the pursuit of long-term gains. The Funds are not registered as an investment company pursuant to the exclusions of either section 3(c)(1) or section 3(c)(7) of the Investment Company Act of 1940, as amended.The 5 specific investment methodology and objectives of the strategy of each Fund is described in the applicable Offering Documents of the Fund. Wynnefield provides portfolio advisory and management services to the Funds based on their investment objectives, not based on the criteria or investment objective of any individual investor. Wynnefield does not participate in wrap fee programs. As of December 31, 2023, the amount of client gross assets managed on a discretionary basis is approximately $275,813,543 and the amount managed on a non-discretionary basis is $0. The information provided in this Form ADV Part 2A contains summaries of information that is more particularly described in the Offering Documents of each Fund. Investors are directed to review the Offering Documents of the relevant Fund.