Firm Description Warberg Asset Management LLC, a Delaware limited liability company (“Warberg”), began operations in February 2009 and is located in the suburbs of Chicago, Illinois. Warberg serves as the investment manager for and provides discretionary investment advisory services to the following investment funds: (i) Warberg WF X LP, a 3 (c)(1) partnership, (ii) Warberg WF XI LP, a 3(c)(1) partnership (together, the “WF Funds”), (iii) Warberg CA Fund LP, a 3(c)(1) partnership, (iv) Warberg SPAC Fund LP, a 3(c)(1) partnership, and (v) Warberg Special Situations Fund LP, a 3(c)(1) partnership (all funds collectively, the “Funds”). All WF Funds are organized as closed-end funds in which the limited partners commit funds, the Funds draw down the commitment and the WF Funds have a defined life. Warberg acts as investment manager for the Funds, as well as an investment manager to separately managed accounts (“SMAs”). Warberg also acts as general partner to each of the Funds. Unless otherwise noted, this Brochure will generally refer to trading activities on behalf of the Funds and the separately managed accounts collectively, as the strategies amongst each are similar. The WF Funds’ investment objective is to achieve superior risk-adjusted returns, primarily by investing in warrants, options and equities. The WF Funds may also make opportunistic investments in other types of securities with attractive risk/reward parameters. The WF Funds generally only invest in warrants and options if the underlying security of such warrant or option is publicly traded. The WF Funds may, but are under no obligation to, engage in hedging, including shorting the securities underlying the options and warrants in which the WF Funds invest. The Warberg CA

Fund’s investment objective is to achieve superior risk-adjusted returns, primarily by utilizing a convertible arbitrage strategy. Convertible arbitrage strategies involve purchasing convertible securities, generally convertible bonds, and convertible preferred stock, and hedging a portion of the equity, credit, interest rate and/or volatility risk inherent in these securities. The Warberg SPAC Fund’s investment objective is to achieve attractive risk-adjusted returns, primarily by investing and trading in the securities issued by special purpose acquisition companies (“SPACs’) and other similar, publicly traded blank check entities or blind pools; however the partnership is not limited in the nature of it investments or the strategies it may employ. The Warberg Special Situations Fund’s investment objective is to achieve superior risk- adjusted returns, primarily by investing opportunistically across various strategies. These investment strategies include, but are not limited to, digital asset trading, niche trading, risk/reward trading, technical trading, and the use of third-party managers, among other strategies. The use of third-party managers may subject the Fund to additional asset-based fees or performance fees. The Fund is not limited to trading any specific investment instrument or the use of any specific strategy and has a wide latitude to act upon any particular strategy. As of December 31, 2023, Warberg had regulatory assets under management of $810,327,721 managed on a discretionary basis, and $16,633,851 managed on a non-discretionary basis. Principal Owners/Ownership Structure Warberg Asset Management, LLC is a multi-member limited liability company of which Daniel Warsh and Jonathan Blumberg are the principal owners.