Market Newsdesk

March 3, 2026 4:26 pm

BNY Mellon Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB) Announces Distribution

BNY Mellon Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB) Announces Distribution

NEW YORK–(BUSINESS WIRE)–
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB)today announced a distribution of $0.0420 per share of common stock, payable on April 1, 2026 to shareholders of record at the close of business on March 17, 2026. The ex-dividend date is March 17, 2026. The previous distribution announced in February was $0.0420 per share of common stock.

The Fund intends to make regular monthly distributions to its common shareholders at a level rate based on its projected performance. At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or, in addition to paying out current net investment income, the Fund may pay out accumulated undistributed income, or may return capital. As market conditions and portfolio performance may change, the rate of distributions on the Fund’s shares of common stock and the Fund’s distribution policy could change.

Important Information

BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Investments. BNY Investments is one of the world’s largest asset managers, with $2.2 trillion in assets under management as of December 31, 2025. Through a client-first approach, BNY Investments brings investors specialist expertise through its seven investment firms offering solutions across every major asset class and backed by the breadth and scale of BNY. Additional information on BNY Investments is available on www.bny.com/investments. Follow us on LinkedIn for the latest company news and activity.

BNY Investments is a division of BNY, which has $59.3 trillion in assets under custody and/or administration as of December 31, 2025. Established in 1784, BNY is America’s oldest bank. Today, BNY powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bny.com. Follow us on LinkedIn or visit our newsroom for the latest company news.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment returns and principal values will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective.

This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303790564/en/

For Press Inquiries:

BNY Mellon Investment Adviser, Inc.

Jessica Greaney

[email protected]

Taylor Ventrice

[email protected]

For Other Inquiries:

BNY Mellon Securities Corporation

The National Marketing Desk

240 Greenwich Street

New York, New York 10286

1-800-334-6899

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

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Posted on March 3, 2026 4:25 pm
Horizon Technology Finance Announces Monthly Distributions for April, May and June 2026 Totaling $0.18 per Share

Horizon Technology Finance Announces Monthly Distributions for April, May and June 2026 Totaling $0.18 per Share

FARMINGTON, Conn.–(BUSINESS WIRE)–
Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”) (the “Company”), an affiliate of Monroe Capital, announced today that its board of directors has declared monthly cash distributions of $0.06 per share, payable in each of April, May and June 2026. The following tables show these distributions, payable as set forth in the tables below, total $0.18 per share. Since its 2010 initial public offering, Horizon has paid a total of $360 million in distributions to its shareholders.

Monthly Distributions Declared in First Quarter 2026

Ex-Dividend Date

Record Date

Payment Date

Amount per Share

March 16, 2026

March 16, 2026

April 15, 2026

$0.06

April 16, 2026

April 16, 2026

May 15, 2026

$0.06

May 18, 2026

May 18, 2026

June 16, 2026

$0.06

Total:

$0.18

Horizon’s board of directors (“Board”) sets the level of distributions for each quarter based on its results of operations, spillover income and longer-term outlook, including expected operating results for the current fiscal year, taking into account the expected impact of the Company’s anticipated merger with Monroe Capital Corporation.

When declaring distributions, Horizon’s Board reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.

Horizon maintains a “Dividend Reinvestment Plan” (“DRIP”) that provides for the reinvestment of distributions on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if Horizon declares a distribution, its stockholders who have not “opted out” of the DRIP by the distribution record date will have their distribution automatically reinvested into additional shares of Horizon’s common stock. Horizon has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly-issued shares will be valued based upon the final closing price of Horizon’s common stock on a specified valuation date for each distribution as determined by Horizon’s Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs, which are borne by Horizon.

About Horizon Technology Finance

Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity-backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.

Forward-Looking Statements

Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition of Monroe Capital Corporation (“MRCC”) or Horizon Technology Finance Corporation (“HRZN”) or the proposed sale of assets by MRCC to Monroe Capital Income Plus Corporation (“MCIP”) and the proposed merger of MRCC with and into HRZN. All statements, other than historical facts, including but not limited to statements regarding the expected timing of the closing of the proposed transactions; the ability of the parties to complete the proposed transactions considering the various closing conditions; the expected benefits of the proposed transactions such as improved operations, enhanced revenues and cash flow, growth potential, market profile and financial strength; the competitive ability and position of the surviving companies following completion of the proposed transactions; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual events and results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Certain factors could cause actual results and conditions to differ materially from those projected, including, without limitation, the uncertainties associated with (i) the timing or likelihood of the proposed transactions closing; (ii) the expected synergies and savings associated with the proposed transactions; (iii) the ability to realize the anticipated benefits of the proposed transactions; (iv) the possibility that one or more of the various closing conditions to the transactions may not be satisfied or waived on a timely basis or otherwise, including risks that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transactions, may require conditions, limitations or restrictions in connection with such approvals or that the required approvals by the shareholders of MRCC and/or HRZN may not be obtained; (v) the possibility that competing offers or acquisition proposals will be made; (vi) risks related to diverting management’s attention from ongoing business operations; (vii) the combined company’s plans, expectations, objectives and intentions, as a result of the transactions; (viii) the future operating results and net investment income or distribution projections of MRCC, HRZN or, following the closing of the transactions, the combined company; (ix) the ability of Horizon Technology Finance Management LLC (“HTFM”) to implement its future plans with respect to the combined company; (x) the expected financings and investments and additional leverage that MRCC, HRZN or, following the closing of the transactions, the combined company may seek to incur in the future; (xi) the adequacy of the cash resources and working capital of MRCC, HRZN or, following the closing of the transactions, the combined company; (xii) the risk that shareholder litigation in connection with the proposed transactions may result in significant costs of defense and liability; (xiii) changes in the economy, financial markets and political environment, including the impacts of inflation and interest rates; (xiv) risks associated with possible disruption in the operations of MRCC and/or HRZN or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, tariffs or public health crises and epidemics; (xv) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (xvi) conditions in MRCC’s and HRZN’s operating areas, particularly with respect to business development companies or regulated investment companies; and (xvii) other considerations that may be disclosed from time to time in MRCC’s and HRZN’s publicly disseminated documents and filings. There is no assurance that the market price of HRZN’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, to the extent effectuated, or that any repurchase plan will enhance shareholder value over the long term. HRZN and MRCC have based the forward-looking statements included in this communication on information available to it on the date hereof, and neither HRZN, MRCC nor their affiliates assume any obligation to update any such forward-looking statements. Although HRZN and MRCC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that HRZN and MRCC may make directly to you or through reports that they have filed with the Securities and Exchange Commission (the “SEC”), or in the future may file with the SEC, including the Joint Proxy Statement and the Registration Statement (each as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Additional Information and Where to Find It

This communication relates to the proposed asset sale between MRCC and MCIP and the proposed merger of HRZN and MRCC, as well as certain related matters (the “Proposals”). In connection with the Proposals, HRZN has filed with the SEC a registration statement on Form N-14 (File No. 333-290114) (the “Registration Statement”) that contains a combined joint proxy statement for HRZN and MRCC and a prospectus of HRZN (the “Joint Proxy Statement”), and HRZN and MRCC have mailed the Joint Proxy Statement to their respective shareholders. The Joint Proxy Statement and the Registration Statement each contain important information about HRZN, MRCC, and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF HRZN AND MRCC ARE URGED TO READ THE JOINT PROXY STATEMENT, THE REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT HRZN, MRCC, AND THE PROPOSALS.

Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by HRZN, from HRZN’s website at https://ir.horizontechfinance.com/ and, for documents filed by MRCC, from MRCC’s website at https://ir.monroebdc.com/. No information contained on either of HRZN’s or MRCC’s website is incorporated by reference in this communication and you should not consider that information to be part of this communication.

Participants in the Solicitation

HRZN, its directors, certain of its executive officers and certain employees and officers of HTFM or Monroe Capital LLC (“Monroe Capital”) and their affiliates may be deemed to be participants in the solicitation of proxies from the shareholders of MRCC and HRZN in respect of the Proposals. Information about the directors and executive officers of HRZN is set forth in its definitive proxy statement on Schedule 14A for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 17, 2025 (as modified by the amendment to the definitive proxy statement on Schedule 14A for its 2025 Annual Meeting of Stockholders filed with the SEC on May 15, 2025, the “HRZN Proxy Statement”), and in the Joint Proxy Statement, each as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of the Joint Proxy Statement or HRZN Proxy Statement, as applicable. MRCC, its directors, certain of its executive officers and certain employees and officers of Monroe Capital BDC Advisors, LLC or Monroe Capital and their affiliates may be deemed to be participants in the solicitation of proxies from the shareholders of MRCC and HRZN in respect of the Proposals. Information about the directors and executive officers of MRCC is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders (the “MRCC Proxy Statement”), which was filed with the SEC on April 21, 2025, and in the Joint Proxy Statement, each as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of the Joint Proxy Statement or MRCC Proxy Statement, as applicable. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the HRZN and MRCC shareholders in respect of the proposed transactions and related shareholder approvals is contained in the Registration Statement, including the Joint Proxy Statement included therein, and will be contained in other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement, and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in HRZN or MRCC or in any fund or other investment vehicle managed by Monroe Capital or any of its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303639647/en/

Investor Relations:

ICR

Garrett Edson

[email protected]

(646) 200-8885

Media Relations:

ICR

Chris Gillick

[email protected]

(646) 677-1819

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Professional Services Technology Other Technology Finance Fintech Asset Management

MEDIA:

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Posted on March 3, 2026 4:25 pm
Dave Announces Proposed Offering of Convertible Notes

Company plans to enter into capped call transactions and repurchase shares of its common stock to opportunistically create value for shareholders

Los Angeles, March 03, 2026 (GLOBE NEWSWIRE) —

Dave Announces Proposed Offering of Convertible Notes

Company plans to enter into capped call transactions and repurchase shares of its common stock to opportunistically create value for shareholders

LOS ANGELES, CA – March 3, 2026 – Dave Inc. (NASDAQ: DAVE) (“Dave” or the “Company”) today announced that it plans to offer, subject to market and other conditions, $150 million principal amount of its Convertible Senior Notes due 2031 (the “notes”) through a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Dave expects to grant the initial purchasers an option to purchase, for settlement within a 13-day period beginning on, and including, the date Dave first issues the notes, up to an additional $22.5 million principal amount of notes.

The notes will be senior unsecured obligations of Dave, and interest will be payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2026. The notes will mature on April 1, 2031, unless earlier converted, redeemed or repurchased. In certain circumstances and during certain periods, the notes may be converted into cash up to the aggregate principal amount of the notes to be converted and cash, shares of Dave’s Class A common stock (the “common stock”) or a combination thereof, at Dave’s election, in respect of the remainder, if any, of Dave’s conversion obligation in excess of the principal amount of the notes being converted.

Dave intends to use the net proceeds from the offering of the notes (i) to fund the cost of entering into the capped call transactions described below, (ii) to repurchase shares of common stock as described below and (iii) for general corporate purposes, including additional share repurchases under our share repurchase program.

In connection with the offering, Dave expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the notes, their respective affiliates and/or other financial institutions (the “capped call counterparties”). The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of the common stock that will initially underlie the notes, assuming the initial purchasers do not exercise their option to purchase additional notes. The capped call transactions are expected generally to reduce potential dilution to the common stock upon conversion of the notes and/or offset any cash payments that Dave could be required to make in excess of the principal amount of any converted notes upon conversion thereof, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, Dave expects to enter into additional capped call transactions with the capped call counterparties.

In connection with establishing their initial hedges of the capped call transactions, the capped call counterparties have advised Dave that they or their respective affiliates expect to enter into various derivative transactions with respect to the common stock concurrently with, or shortly after, the pricing of the notes, and they may unwind these various derivative transactions and purchase the common stock in open market transactions shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time.

In addition, the capped call counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling the common stock or other of Dave’s securities in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) during any observation period related to a conversion of the notes on or after January 1, 2031, (y) during any observation period related to a conversion of the notes prior to January 1, 2031 or following any repurchase of the notes by Dave on any fundamental change repurchase date, any redemption date or any other date on which Dave retires any notes, in each case, if Dave elects to terminate the relevant portion of the capped call transactions, and (z) in connection with any negotiated unwind or modification of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect noteholders’ ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, it could affect the number of shares, if any, and value and/or amount of the consideration that noteholders will receive upon conversion of the notes.

Concurrently with the pricing of the offering, Dave expects to repurchase shares of common stock from purchasers of notes in privately negotiated transactions effected with or through one of the initial purchasers or its affiliate, and Dave expects the purchase price per share of common stock repurchased in such transactions to equal the closing price per share of common stock on the date of the pricing of the offering. These repurchases could increase, or prevent a decrease in, the market price of the common stock or the notes, which could result in a higher effective conversion price for the notes.

The notes and the shares of common stock, if any, issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act, or under any state securities laws, and may not be offered or sold in the United States without registration under, or an applicable exemption from, the registration requirements. This press release is not an offer to sell, nor is it a solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction. It is issued pursuant to Rule 135c under the Securities Act.

About Dave

Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements under Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of the words such as “estimate,” “plan,” “shall,” “may,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, expectations regarding the proposed notes offering and the use of proceeds therefrom. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of our management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Dave. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, those discussed in Dave’s Annual Report on Form 10-K filed on March 2, 2026 under the heading “Risk Factors” and other documents filed by Dave with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Dave does not presently know or that Dave currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Dave’s expectations, plans or forecasts of future events and views as of the date of this press release. Dave anticipates that subsequent events and developments will cause Dave’s assessments to change. However, while Dave may elect to update these forward-looking statements at some point in the future, Dave specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Dave’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Investors:
Sean Mansouri, CFA or Stefan Norbom
[email protected]

Media:
Dan Ury
[email protected]

Posted on March 3, 2026 4:25 pm
Valmont to Participate in J.P. Morgan Industrials Conference

Valmont to Participate in J.P. Morgan Industrials Conference

OMAHA, Neb.–(BUSINESS WIRE)–
Valmont^® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, will be attending the J.P. Morgan Industrials Conference on March 17^th in Washington D.C.

Avner M. Applbaum, President and Chief Executive Officer, Thomas Liguori, Executive Vice President and Chief Financial Officer, and Renee Campbell, Senior Vice President, Capital Markets and Risk, will present at 3:00 p.m. Eastern Time. A live webcast can be accessed at the time of the event through the Investors page of Valmont’s website. A replay of the presentation will be available approximately 24 hours after the event and will remain available on the Investors page of Valmont.com for 90 days. The company will also host investor meetings throughout the day.

About Valmont Industries, Inc.

For 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re Conserving Resources. Improving Life.^® at valmont.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303394628/en/

Casey Meyer

Email: [email protected]

KEYWORDS: District of Columbia Nebraska United States North America

INDUSTRY KEYWORDS: Technology Manufacturing Agritech Agriculture Natural Resources Other Manufacturing

MEDIA:

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Posted on March 3, 2026 4:25 pm
Roivant Announces Genevant Sciences’ and Arbutus Biopharma’s $2.25 Billion Global Settlement With Moderna

Moderna to pay Genevant and Arbutus $950 million upfront and an additional $1.3 billion contingent upon a favorable resolution of Moderna’s Section 1498 appeal

If the $1.3 billion payment is realized, this settlement will be the largest disclosed patent settlement paid in the pharmaceutical industry and the second largest in any industry

Settlement holds Moderna accountable for infringement and provides for the court to enter judgment of no invalidity on the four Genevant/Arbutus patents asserted in the case

Genevant grants Moderna a global non-exclusive license to its LNP delivery technology for SM-102-containing mRNA vaccines for infectious disease and a covenant not to sue for certain Genevant/Arbutus patents and Moderna products, ending all patent-infringement litigation against Moderna arising from its unauthorized use of the technology in its COVID-19 vaccines

Pfizer/BioNTech litigation is ongoing in the United States following a favorable Markman ruling issued in September 2025; Comirnaty sales represent ~2/3 of global COVID-mRNA vaccine sales to date

Roivant’s board of directors has approved a $1 billion share repurchase program, inclusive of the $500 million authorization that was approved in June 2025

Roivant will host an investor call to discuss these updates today, March 3, 2026, at 4:45 p.m. ET

BASEL, Switzerland and LONDON and NEW YORK, March 03, 2026 (GLOBE NEWSWIRE) — Roivant (Nasdaq: ROIV) today announced that Genevant Sciences, a leading nucleic acid delivery company with world-class platforms and a robust lipid nanoparticle (LNP) patent portfolio and a subsidiary of Roivant, and Arbutus Biopharma Corporation (Nasdaq: ABUS), a clinical-stage biopharmaceutical company focused on infectious disease, have entered into a $2.25 billion global settlement with Moderna, Inc. to resolve all U.S. and international enforcement actions involving Moderna’s unauthorized use of Genevant’s and Arbutus’ LNP delivery technology in its COVID-19 vaccines, including Spikevax^®.

As part of the settlement, Moderna will pay Genevant and Arbutus $950 million upfront in July 2026 and an additional $1.3 billion contingent upon an appellate ruling that 28 U.S.C. § 1498 (Section 1498) does not bar Genevant’s and Arbutus’ claims against Moderna for patent infringement, except as to doses characterized by the district court as having gone to U.S. government employees. In asserting that defense, Moderna argued that Section 1498 applies such that U.S. taxpayers should assume liability for its infringement of Genevant’s and Arbutus’ patents for sales made under one of its government contracts. Moderna has also consented to entry of a judgment of infringement and of no invalidity of four Genevant/Arbutus patents. Additionally, as a part of this settlement, Genevant has agreed to grant Moderna a global non-exclusive license to LNP delivery technology for infectious disease applications and a covenant not to sue for certain Genevant/Arbutus patents and Moderna products. For more information about the terms and conditions of the settlement with Moderna, including the contingent payment, please refer to Roivant’s Current Report on Form 8-K filed with the SEC on March 3, 2026.

“We are pleased with this settlement, which allows us to put this lengthy dispute behind us and remain focused on our mission to leverage our world-class nucleic acid delivery systems to bring innovative medicines to people who need them,” said James Heyes, CEO of Genevant Sciences. “At the same time, it is enormously gratifying for the Genevant team to, at long last, be recognized for our pivotal contribution to restoring normalcy around the world in the face of a once-in-a-lifetime pandemic.”

“Nobel laureates, industry executives, and prominent researchers have long recognized that Arbutus scientists changed the drug development landscape when they invented LNP delivery technology, enabling nucleic acids including mRNA to be used for medicines and opening a new world of possibilities,” said Lindsay Androski, President and Chief Executive Officer of Arbutus. “Today, Moderna has finally acknowledged the same. This is a transformative outcome for Arbutus as a company, but more importantly, it is a long-overdue recognition that the COVID-19 vaccines would never have made it to the world without the seminal work of Ian MacLachlan, Ed Yaworski, Lloyd Jeffs, Kieu Lam, Lorne Palmer, and Cory Giesbrecht. Today, above all else, we celebrate – and in the case of Cory, remember – them.”

“This outcome speaks to the fundamental role that Genevant’s foundational LNP technology played in enabling the world’s response to the COVID-19 pandemic. As we continue to pursue our ongoing litigation against Pfizer/BioNTech, whose Comirnaty sales represent ~2/3 of global COVID vaccine sales, this resolution with Moderna reduces uncertainty, validates our IP estate and provides near term significant cash inflow,” said Matt Gline, CEO of Roivant. “We will continue to be capital efficient with these proceeds with an additional $500 million authorized by our board for share repurchases.”

Investor Conference Call Information

Roivant will host a live conference call and webcast at 4:45 p.m. ET on Tuesday, March 3, 2026, to discuss Genevant’s and Arbutus’ $2.25 billion global settlement with Moderna. To access the conference call by phone, please register online using this registration link. The presentation and webcast details will also be available under “Events & Presentations” in the Investors section of the Roivant website at https://investor.roivant.com/news-events/events. The archived webcast will be available on Roivant’s website after the conference call.

About Roivant

Roivant (Nasdaq: ROIV) is a biopharmaceutical company that aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. Roivant’s pipeline includes brepocitinib, a potent small molecule inhibitor of TYK2 and JAK1 in development for the treatment of dermatomyositis, non-infectious uveitis and cutaneous sarcoidosis; IMVT-1402 and batoclimab, fully human monoclonal antibodies targeting FcRn in development across several IgG-mediated autoimmune indications; and mosliciguat, an inhaled sGC activator in development for pulmonary hypertension associated with interstitial lung disease. We advance our pipeline by creating nimble subsidiaries or “Vants” to develop and commercialize our medicines and technologies. Beyond therapeutics, Roivant also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. For more information, visit www.roivant.com.

About Genevant
Sciences

Genevant Sciences, a subsidiary of Roivant, is a leading nucleic acid delivery company with world-class platforms, a robust lipid nanoparticle (LNP) patent portfolio, and decades of experience and expertise in nucleic acid drug delivery and development. Genevant’s scientists have pioneered LNP delivery of nucleic acids for over 20 years, and Genevant’s LNP platform, which has been studied across more than a dozen discrete product candidates and is the delivery technology behind the first and only approved systemic RNA-LNP product (patisiran), enables a wide array of RNA-based applications, including vaccines, therapeutic protein production, and gene editing. For more information, please visit www.genevant.com.

About Arbutus

Arbutus Biopharma Corporation (Nasdaq: ABUS) is a clinical-stage biopharmaceutical company focused on infectious disease. The company is currently developing imdusiran (AB-729) and an oral PD-L1 inhibitor (AB-101) for the treatment of chronic hepatitis B (cHBV) infection. Arbutus is also consulting closely with and supporting its exclusive licensee, Genevant Sciences, to protect and defend its intellectual property, which is the subject of an on-going lawsuit against Pfizer/BioNTech for use of Arbutus’ patented LNP technology in their COVID-19 vaccines. For more information, visit www.arbutusbio.com.

Forward-Looking Statements and Information

This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are usually identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations of such words or similar expressions. The words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act.

Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, and statements that are not historical facts, including statements about the clinical and therapeutic potential of our product candidates, the availability and success of topline results from our ongoing clinical trials and any commercial potential of our product candidates following applicable regulatory approvals. In addition, any statements that refer to projections, forecasts or other characterizations of future events, results or circumstances, including any underlying assumptions, are forward-looking statements. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors.

Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the Risk Factors section of our filings with the U.S. Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Investors
Keyur Parekh
[email protected]

Media
Stephanie Lee
[email protected]

Posted on March 3, 2026 4:25 pm
Fuel Tech Reports 2025 Fourth Quarter and Full Year Financial Results

WARRENVILLE, Ill., March 03, 2026 (GLOBE NEWSWIRE) — Fuel Tech, Inc. (NASDAQ: FTEK), a technology company using advanced engineering processes to provide emissions control systems and water treatment technologies in utility and industrial applications, today reported financial results for the fourth quarter and full year ended December 31, 2025.

“2025 was a year of achievement for Fuel Tech, highlighted by a resurgence at our FUEL CHEM^® operations that produced the highest annual segment revenue since 2018, a broadened opportunity landscape at our Air Pollution Control (“APC”) business segment driven in large part by the expected growth of power generation to support data center construction and operation, and measurable progress at our Dissolved Gas Infusion (“DGI”) business segment,” said Vincent J. Arnone, President and CEO. “We maintained a strong balance sheet, finishing the year with nearly $32 million in cash and investments and no long-term debt.”

Business Segment Performance

Revenues at FUEL CHEM increased by 37.4% in the fourth quarter of 2025 (“Q4 2025”) and by 27.9% for the 2025 full year (“FY 2025”) compared to their respective prior year periods, with gross margin being maintained at historic segment levels. Results for Q4 2025 included contributions from a six-month, commercially-priced demonstration program for a new FUEL CHEM customer in the United States that commenced in early November and is continuing in the current first quarter. The annual revenue potential from this commercial contract should it convert from a demonstration is expected to be approximately $2.5 to $3.0 million based on the customer running the program full-time, with the revenue expected to generate historic FUEL CHEM gross margins.

Revenues generated by the Air Pollution Control (“APC”) segment rose by 36.7% in Q4 2025 compared to the same period last year, but declined for FY 2025. Revenues for both periods reflected customer-driven delays and timing of project completion. The Company announced $8.8 million of new APC awards in 2025 from new and existing customers in the U.S., Europe and Southeast Asia. This activity supported an increase in consolidated APC segment backlog at December 31, 2025 to $7.0 million, up from $6.2 million at December 31, 2024.

Mr. Arnone continued, “We are continuing to pursue a robust sales pipeline comprised of multiple potential customers for the integration of our Selective Catalytic Reduction (“SCR”) technologies with power generation sources that meet the emissions control requirements for data centers planned across the U.S. over the next several years. We remain actively engaged with our supply chain partners and engineering colleagues to advance these opportunities. Our current pipeline of potential sales opportunities related to data center construction is approximately $75-100 million.”

The Company is continuing the extended demonstration of its DGI technology at a fish hatchery in the western U.S., which remains on track to conclude in the second quarter of 2026. The system is performing well, meeting customer expectations for the precise delivery of concentrated dissolved oxygen, and generating positive initial results. A second trial that commenced at a municipal wastewater site in the southeast U.S. was successfully completed in January 2026 and converted to a six-month demonstration rental contract that is expected to run through the third quarter of 2026.

Fourth Quarter 2025 (“Q4 2025”) Consolidated Results Overview

All comparisons are to the fourth quarter ended December 31, 2024 unless otherwise stated

.

Consolidated revenues for Q4 2025 rose 37% to $7.2 million from $5.3 million, driven by increases in both APC and FUEL CHEM segment revenues.

Consolidated gross margin for Q4 2025 expanded to 44.6% of revenues from 42.3% of revenues, primarily reflecting higher APC segment gross margins.

SG&A expenses for Q4 2025 were $4.2 million, or 57.3% of revenues, compared to $3.9 million, or 74.7% of revenues.

Interest income was flat at $0.3 million and related primarily to interest received on the held-to-maturity debt securities and money market funds.

Net loss in Q4 2025 was $(1.2) million, or $(0.04) per share, compared to net loss of $(1.9) million, or $(0.06) per share.

Adjusted EBITDA loss was $(1.2) million in Q4 2025 compared to an Adjusted EBITDA loss of $(1.8) million.

APC segment revenue rose 37% to $2.4 million from $1.8 million, primarily related to project timing. Segment gross margin expanded to 42.3% from 35.8%, primarily due to product and project mix.

FUEL CHEM segment revenue rose 37% to $4.9 million from $3.5 million, primarily driven by the extended life of certain coal fired units to satisfy increasing energy demand, to the addition of the aforementioned new customer demonstration and to all base units running at capacity without interruption from unscheduled outages. Segment gross margin was 45.8% compared to 45.5%.

2025 Full Year Overview

Consolidated revenues for 2025 rose to $26.7 million from $25.1 million in 2024, driven by higher FUEL CHEM segment revenues, partially offset by a decrease in APC segment revenues.

Consolidated gross margin for 2025 expanded to 46.4% from 42.3% in 2024, reflecting higher APC and FUEL CHEM gross margins.

SG&A expenses for 2025 were $14.1 million, or 52.7% of revenues, as compared to $13.8 million, or 54.8% of revenues in 2024, reflecting an increase in employee related cost and other expenses.

Interest income was $1.4 million in 2025 compared to $1.3 million in 2024.

Net loss for 2025 was $(2.3) million, or $(0.08) per share, compared to net loss of $(1.9) million, or $(0.06) per share, in 2024.

Adjusted EBITDA loss was $(2.7) million in 2025 compared to Adjusted EBITDA loss of $(2.2) million in 2024.

Financial Condition

At December 31, 2025, cash and cash equivalents were $11.9 million, short-term investments were $12.9 million, and long-term investments totaled $7.0 million. Stockholders’ equity at December 31, 2025 was $40.0 million, or $1.29 per share, and the Company had no debt.

Conference Call

Management will host a conference call on Wednesday, March 4, 2026 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:

(877) 423-9820 (Domestic) or

(201) 493-6749 (International)

The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session.

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been installed on over 1,300 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI^®Dissolved Gas Infusion Systems which utilize a patented saturator and a patent-pending channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

FUEL TECH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

December 31,

2025 2024

ASSETS

Current assets:

Cash and cash equivalents $ 11,939 $ 8,510

Short-term investments 12,942 10,184

Accounts receivable, less current expected credit loss of $108 and $106, respectively 5,355 9,368

Inventories, net 373 397

Prepaid expenses and other current assets 1.355 1,160

Total current assets 31,944 29,619

Property and equipment, net 4,739 5,084

Goodwill 2,116 2,116

Other intangible assets, net 646 327

Right-of-use operating lease assets 536 585

Long-term investments 6,991 10,875

Other assets 207 191

Total assets $ 47,179 $ 48,797

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 3,242 $ 2,915

Accrued liabilities:

Operating lease liabilities – current 89 77

Employee compensation 1,308 1,248

Other accrued liabilities 1,634 1,615

Total current liabilities 6,273 5,855

Operating lease liabilities – non-current 491 548

Deferred income taxes 187 176

Other liabilities 296 263

Total liabilities 7,247 6,842

Stockholders’ equity:

Common stock, $.01 par value, 40,000,000 shares authorized, 32,281,179 and 31,767,329 shares issued, and 31,074,438 and 30,708,273 shares outstanding in 2025 and 2024, respectively 322 317

Additional paid-in capital 165,616 165,295

Accumulated deficit (121,796 ) (119,472 )

Accumulated other comprehensive loss (1,718 ) (1,915 )

Nil coupon perpetual loan notes 76 76

Treasury stock, at cost (Note 5) (2,568 ) (2,346 )

Total stockholders’ equity 39,932 41,955

Total liabilities and stockholders’ equity $ 47,179 $ 48,797

See notes to condensed consolidated financial statements.

FUEL TECH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)

Three Months Ended Twelve Months Ended

December 31, December 31,

2025 2024 2025 2024

Revenues $ 7,247 $ 5,283 $ 26,677 $ 25,133

Costs and expenses:

Cost of sales 4,013 3,048 14,294 14,510

Selling, general and administrative 4,155 3,946 14,050 13,761

Research and development 504 405 2,014 1,564

Total costs and expenses 8,672 7,399 30,358 29,835

Operating loss (1,425 ) (2,116 ) (3,681 ) (4,702 )

Interest income 288 283 1,415 1,251

Other (expense) income, net (58 ) 9 (43 ) 1,585

Loss before income taxes (1,195 ) (1,824 ) (2,309 ) (1,866 )

Income tax expense (4 ) (59 ) (15 ) (77 )

Net loss $ (1,199 ) $ (1,883 ) $ (2,324 ) $ (1,943 )

Net loss per common share:

Basic net loss per common share $ (0.04 ) $ (0.06 ) $ (0.08 ) $ (0.06 )

Diluted net loss per common share $ (0.04 ) $ (0.06 ) $ (0.08 ) $ (0.06 )

Weighted-average number of common shares outstanding:

Basic 31,074,000 30,708,000 30,937,000 30,572,000

Diluted 31,074,000 30,708,000 30,937,000 30,572,000

See notes to condensed consolidated financial statements.

FUEL TECH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)

For the years ended December 31,

2025 2024

Net loss $ (2,324 ) $ (1,943 )

Other comprehensive loss:

Foreign currency translation adjustments 197 (167 )

Total other comprehensive income (loss) 197 (167 )

Comprehensive loss $ (2,127 ) $ (2,110 )

See notes to condensed consolidated financial statements.

FUEL TECH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

For the years ended December 31,

2025 2024

OPERATING ACTIVITIES

Net loss $ (2,324 ) $ (1,943 )

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation 663 403

Amortization 36 57

Loss on disposal of equipment 2 —

Non-cash interest income on held-to-maturity securities (62 ) (132 )

Provision for credit losses, net of recoveries — (4 )

Deferred income taxes 11 4

Stock-based compensation, net of forfeitures 326 446

Changes in operating assets and liabilities:

Accounts receivable 2,518 (1,127 )

Employee retention credit receivable 1,677 (1,677 )

Inventories 26 41

Prepaid expenses, other current assets and other non-current assets (172 ) 292

Accounts payable 258 519

Accrued liabilities and other non-current liabilities 57 (312 )

Net cash provided by (used in) operating activities 3,016 (3,433 )

INVESTING ACTIVITIES

Purchases of equipment and patents, and other intangible assets (674 ) (378 )

Purchases of debt securities (12,031 ) (18,060 )

Maturities of debt securities 13,250 12,995

Net cash provided by (used in) investing activities 545 (5,443 )

FINANCING ACTIVITIES

Taxes paid on behalf of equity award participants (222 ) (95 )

Net cash used in financing activities (222 ) (95 )

Effect of exchange rate fluctuations on cash 91 (97 )

Net increase (decrease) in cash and cash equivalents 3,429 (9,068 )

Cash and cash equivalents at beginning of period 8,510 17,578

Cash and cash equivalents at end of period $ 11,939 $ 8,510

Supplemental Cash Flow Information:

Cash income taxes paid, net $ 11 $ 52

Non-cash transfer from other non-current assets to property and equipment — 597

See notes to condensed consolidated financial statements.

FUEL TECH, INC.

Segment Data- Reporting Segments

(in thousands)

Information about reporting segment net sales and gross margin from operations is provided below:

Three months ended December 31, 2025 Air Pollution Control Segment FUEL CHEM Segment Other Total

Revenues from external customers $ 2,393 $ 4,854 $ — $ 7,247

Cost of sales (1,380 ) (2,633 ) — (4,013 )

Gross margin 1,013 2,221 — 3,234

Selling, general and administrative — — (4,155 ) (4,155 )

Research and development — — (504 ) (504 )

Operating income (loss) from continuing operations $ 1,013 $ 2,221 $ (4,659 ) $ (1,425 )

Three months ended December 31, 2024 Air Pollution Control Segment FUEL CHEM Segment Other Total

Revenues from external customers $ 1,751 $ 3,532 $ — $ 5,283

Cost of sales (1,123 ) (1,925 ) — (3,048 )

Gross margin 628 1,607 — 2,235

Selling, general and administrative — — (3,946 ) (3,946 )

Research and development — — (405 ) (405 )

Operating income (loss) from continuing operations $ 628 $ 1,607 $ (4,351 ) $ (2,116 )

For the year ended December 31, 2025 Air Pollution Control Segment FUEL CHEM Segment Other Total

Revenues from external customers $ 8,908 $ 17,769 $ — $ 26,677

Cost of sales (5,093 ) (9,201 ) — (14,294 )

Gross margin 3,815 8,568 — 12,383

Selling, general and administrative — — (14,050 ) (14,050 )

Research and development — — (2,014 ) (2,014 )

Operating income (loss) from continuing operations $ 3,815 $ 8,568 $ (16,064 ) $ (3,681 )

For the year ended December 31, 2024 Air Pollution Control Segment FUEL CHEM Segment Other Total

Revenues from external customers $ 11,242 $ 13,891 $ — $ 25,133

Cost of sales (7,050 ) (7,460 ) — (14,510 )

Gross margin 4,192 6,431 — 10,623

Selling, general and administrative — — (13,761 ) (13,761 )

Research and development — — (1,564 ) (1,564 )

Operating income (loss) from continuing operations $ 4,192 $ 6,431 $ (15,325 ) $ (4,702 )

FUEL TECH, INC.

Geographic Segment Financial Data

(in thousands)

Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the end-user. Assets are those directly associated with operations of the geographic area.

For the years ended December 31, 2025 2024

Revenues:

United States $ 21,022 $ 17,802

Other Foreign 5,655 7,331

$ 26,677 $ 25,133

As of December 31, 2025 2024

Assets:

United States $ 44,345 $ 44,430

Foreign 2,873 4,367

$ 47,218 $ 48,797

FUEL TECH, INC.

RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA
(in thousands)

Three Months Ended Twelve Months Ended

December 31, December 31,

2025 2024 2025 2024

Net loss $ (1,199 ) $ (1,883 ) $ (2,276 ) $ (1,943 )

Interest income, net (288 ) (283 ) (1,415 ) (1,251 )

Income tax expense (44 ) 59 (33 ) 77

Depreciation expense 173 155 663 403

Amortization expense 9 15 36 57

EBITDA (1,301 ) (1,937 ) (3,025 ) (2,657 )

Stock compensation expense 57 109 326 446

Adjusted EBITDA
$ (1,244 ) $ (1,828 ) $ (2,699 ) $ (2,211 )

Adjusted EBITDA

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense, and intangible assets abandonment and building impairment. The Company’s reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.

Adjusted EBITDA is provided to enhance investors’ overall understanding of the Company’s current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net loss has been included in the above financial table.

CONTACT: Vince Arnone
President and CEO
(630) 845-4500 Devin Sullivan
Managing Director
The Equity Group Inc.
[email protected]

Posted on March 3, 2026 4:25 pm
ONEOK Schedules 2026 Annual Meeting of Shareholders; Sets Record Date

TULSA, Okla., March 03, 2026 (GLOBE NEWSWIRE) — ONEOK, Inc. (NYSE: OKE) will hold its 2026 annual meeting of shareholders virtually on May 20, 2026, at 9 a.m. Central Time.

Shareholders of record as of March 23, 2026, are entitled to receive notice of and vote at the annual meeting.

What: ONEOK, Inc. 2026 Annual Meeting of Shareholders
When: 9 a.m. Central, May 20, 2026
Where: Virtual meeting
How: Shareholders may register online beginning April 1, 2026, using the control number found on your Notice of Internet Availability of Proxy Materials, your proxy card, voting information form or other notice previously received. Visit www.oneok.com for more information.
—————————————————————————————————————-
At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit the website: www.oneok.com. For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.

Megan Patterson 918-561-5325 [email protected] Charlsey Phillips 918-510-1664 [email protected]

Posted on March 3, 2026 4:25 pm
Fold To Release Fourth Quarter 2025 Results March 17th

PHOENIX, March 03, 2026 (GLOBE NEWSWIRE) — Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”), a bitcoin financial services company making it easy for individuals and businesses to earn, save, and spend bitcoin through everyday financial tools, today announced that it will hold its earnings conference call and webcast for the fourth quarter ended December 31, 2025 on Tuesday, March 17^th, 2026 at 5:00 PM Eastern Time. A press release detailing these results will be issued prior to the call on the same day.

Conference Call Information:

To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: March 17, 2026

Time: 5:00 PM EST

Participant Call Links:

Live Webcast: Link

Dial-in Registration: Link

Participants wishing to join the conference call by phone should register using the Dial-in Registration link provided above. After completing the registration, the participants will receive an email with the necessary details to access the call including dial-in number, passcode, and PIN.

A live and archived webcast of the conference call will be available on the Investors section of Fold’s website at https://investor.foldapp.com.

About Fold

Fold (NASDAQ: FLD) is the first publicly traded bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use bitcoin. Fold is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Bitcoin Gift Card™, and Fold Debit Card™, the company is building the bridge between traditional finance and the bitcoin-powered future.

For investor inquiries, please contact:

Orange Group
Samir Jain, CFA
[email protected]

For media inquiries, please contact:

Jessica Starman, MBA
[email protected]

Posted on March 3, 2026 4:25 pm
Uniti Group Inc. to Participate at the Deutsche Bank 34th Annual Media, Internet & Telecom Conference

LITTLE ROCK, Ark., March 03, 2026 (GLOBE NEWSWIRE) — Uniti Group Inc. (“Uniti”) (Nasdaq: UNIT) announced today that its Chief Financial Officer and Treasurer, Paul Bullington, and Senior Vice President, Investor Relations & Treasury, Bill DiTullio, are scheduled to participate at the Deutsche Bank 34^th Annual Media, Internet & Telecom Conference on March 10, 2026 in Palm Beach, FL.

ABOUT UNITI

Uniti (NASDAQ: UNIT) is a premier insurgent fiber provider dedicated to enabling mission-critical connectivity across the United States. We build, operate, and deliver fast and reliable communications services, empowering more than a million consumers and businesses in the digital economy. Our broad portfolio of services is offered through a suite of brands: Uniti Wholesale, Kinetic, Uniti Fiber, and Uniti Solutions. Visit us online at www.uniti.com. Engage with us on LinkedIn, X and Facebook.

INVESTOR CONTACTS:

Paul Bullington
Senior Executive Vice President, Chief Financial Officer & Treasurer
251-662-1512
[email protected]

Bill DiTullio
Senior Vice President, Investor Relations & Treasury
501-850-0872
[email protected]

MEDIA CONTACTS:

Scott L. Morris
Associate Director, Media & External Communications
501-580-4759
[email protected]

Brandi Stafford
Vice President, Corporate Communications
501-351-0067
[email protected]

Posted on March 3, 2026 4:25 pm
Horizon Technology Finance Announces Fourth Quarter and Full Year 2025 Financial Results

Horizon Technology Finance Announces Fourth Quarter and Full Year 2025 Financial Results

– Fourth Quarter 2025 Net Investment Income per Share of $0.18; NAV per Share of $6.98 –

– Debt Portfolio Yield of 14.3% –

– HRZN Ends Year with Committed Backlog of $154 Million –

FARMINGTON, Conn.–(BUSINESS WIRE)–
Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon” or the “Company”), an affiliate of Monroe Capital, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 and Recent Highlights

Net investment income (“NII”) of $8.3 million, or $0.18 per basic share, compared to $10.4 million, or $0.27 per basic share for the prior-year period

Total investment portfolio of $647.2 million as of December 31, 2025

Net asset value of $318.5 million, or $6.98 per share as of December 31, 2025

Annualized portfolio yield on debt investments of 14.3% for the quarter

Funded nine loans totaling $102.5 million

Experienced liquidity events from three portfolio companies

Cash of $142.7 million and credit facility capacity of $329.0 million as of December 31, 2025

Held portfolio of warrant and equity positions in 89 companies as of December 31, 2025

Undistributed spillover income of $0.65 per share as of December 31, 2025

Subsequent to quarter end, declared distributions of $0.06 per share payable in April, May and June 2026

Full Year 2025 Highlights

Net investment income of $44.4 million, or $1.05 per share for 2025, compared to $47.8 million, or $1.32 per share for the prior year

Achieved annual portfolio yield on debt investments of 15.8% for 2025

Horizon funded 28 loans totaling $277.5 million; experienced liquidity events from 23 portfolio companies

“We returned to portfolio growth in the fourth quarter via a number of high-quality new venture debt loans while we made progress toward our planned merger with Monroe Capital Corporation (‘MRCC’),” said Mike Balkin, Chief Executive Officer of Horizon. “NII was impacted in the quarter by lower prepayment activity, while NAV per share was modestly lower due to our distributions paid in the fourth quarter exceeding our NII. Our Board declared a monthly distribution of $0.06 per share for each of April, May and June, which we believe aligns our distribution level with our anticipated NII and operating results for 2026, taking into account the expected impact of the anticipated merger with MRCC.”

“In terms of our portfolio, we were pleased to increase our committed backlog during the quarter, which we believe sets a foundation to lead to steady portfolio growth in 2026,” added Mr. Balkin. “As we move ahead, we remain excited to complete the merger with MRCC, which will provide us significant capital to invest and, along with our active relationship with Monroe Capital, will better position us to win larger venture lending transactions. This will allow us to enhance our NII and NAV over time, which will ultimately create long-term value for our shareholders.”

Fourth Quarter 2025 Operating Results

Total investment income for the quarter ended December 31, 2025 was $20.7 million, compared to $23.5 million for the quarter ended December 31, 2024, primarily due to lower interest income on debt investments from a smaller debt investment portfolio.

The Company’s dollar-weighted annualized yield on average debt investments for the quarter ended December 31, 2025 and 2024 was 14.3% and 14.9%, respectively. The Company calculates the dollar-weighted annualized yield on average debt investments for any period measured as (1) total investment income (excluding dividend income) during the period divided by (2) the average of the fair value of debt investments outstanding on (a) the last day of the calendar month immediately preceding the first day of the period and (b) the last day of each calendar month during the period. The dollar-weighted annualized yield on average debt investments is higher than what investors will realize because it does not reflect expenses or any sales load paid by investors.

Total expenses for the quarter ended December 31, 2025 were $12.5 million, compared to $12.8 million for the quarter ended December 31, 2024. The decrease was primarily due to a $0.2 million decrease in interest expense and a $0.2 million decrease in base management fee due to a lower average weighted size of the portfolio in the quarter.

Net investment income for the quarter ended December 31, 2025 was $8.3 million, or $0.18 per basic share, compared to $10.4 million, or $0.27 per basic share, for the quarter ended December 31, 2024.

For the quarter ended December 31, 2025, net realized loss on investments was $23.3 million, or $0.52 per basic share, compared to a net realized loss on investments of $3.2 million, or $0.08 per basic share, for the quarter ended December 31, 2024. For the quarter ended December 31, 2025, net realized loss on extinguishment of debt was $0.8 million, or $0.02 per basic share.

For the quarter ended December 31, 2025, net unrealized appreciation on investments was $24.7 million, or $0.55 per basic share, compared to net unrealized depreciation on investments of $19.6 million, or $0.51 per basic share, for the prior-year period.

Full Year 2025 Operating Results

Total investment income for the year ended December 31, 2025 was $96.0 million, compared to $99.9 million for the year ended December 31, 2024.

Horizon’s dollar-weighted annualized yield on average debt investments for the year ended December 31, 2025 and 2024 was 15.8% and 15.6%, respectively.

For the full year ended December 31, 2025, net investment income was $44.4 million, or $1.05 per basic share, compared to net investment income of $47.8 million, or $1.32 per basic share, in the prior year.

For the full year ended December 31, 2025, net realized loss on investments was $55.1 million, or $1.30 per basic share, compared to net realized loss on investments of $34.6 million, or $0.96 per basic share, for the full year ended December 31, 2024. For the full year ended December 31, 2025, net realized loss on extinguishment of debt was $2.8 million, or $0.07 per basic share.

For the full year ended December 31, 2025, net unrealized appreciation on investments was $10.9 million, or $0.26 per basic share, compared to net unrealized depreciation on investments of $18.8 million, or $0.52 per basic share, for the full year ended December 31, 2024.

Portfolio Summary and Investment Activity

As of December 31, 2025, the Company’s debt portfolio consisted of 38 secured loans with an aggregate fair value of $596.0 million. In addition, the Company’s total warrant, equity and other investments in 97 portfolio companies had an aggregate fair value of $51.2 million. Total portfolio investment activity for the three months and full year ended December 31, 2025 and 2024 was as follows:

($ in thousands)

For the Three Months Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Beginning portfolio

$

603,514

$

684,000

$

697,891

$

709,085

New debt, equity and warrant investments

102,514

69,273

302,569

210,024

Less refinanced debt balances

(32,500

)

(8,120

)

(78,750

)

(27,660

)

Net new debt, equity and warrant investments

70,014

61,153

223,819

182,364

Principal payments received on investments

(12,787

)

(12,191

)

(54,079

)

(46,996

)

Early pay-offs and principal paydowns

(17,063

)

(13,721

)

(180,375

)

(99,364

)

Payment-in-kind (“PIK”) interest on investments

1,157

1,145

2,349

3,261

Accretion of debt investment fees

1,045

1,372

5,532

5,842

New debt investment fees

(1,200

)

(829

)

(2,804

)

(2,918

)

Warrants and equity received in settlement of fee income

1,917

—

5,197

359

Proceeds from sale of investments

(714

)

(145

)

(6,031

)

(302

)

Net realized loss on investments

(23,294

)

(3,209

)

(55,114

)

(34,631

)

Net unrealized appreciation (depreciation) on investments

24,655

(19,649

)

10,859

(18,785

)

Other

—

(35

)

—

(24

)

Ending portfolio

$

647,244

$

697,891

$

647,244

$

697,891

Portfolio Asset Quality

The following table shows the classification of Horizon’s loan portfolio at fair value by internal credit rating as of December 31, 2025, September 30, 2025 and December 31, 2024:

($ in thousands)

December 31, 2025

September 30, 2025

December 31, 2024

Number of Investments

Debt Investments at Fair Value

Percentage of Debt Investments

Number of Investments

Debt Investments at Fair Value

Percentage of Debt Investments

Number of Investments

Debt Investments at Fair Value

Percentage of Debt Investments

Credit Rating

4

5

$

72,213

12.1%

5

$

67,965

12.1%

11

$

159,944

25.1%

3

25

445,790

74.8%

26

420,823

75.2%

30

419,621

65.7%

2

4

53,503

9.0%

4

42,079

7.5%

7

48,760

7.6%

1

4

24,519

4.1%

4

29,323

5.2%

4

10,454

1.6%

Total

38

$

596,025

100.0%

39

$

560,190

100.0%

52

$

638,779

100.0%

As of December 31, 2025, September 30, 2025 and December 31, 2024, Horizon’s loan portfolio had weighted average credit ratings of 2.9, 2.9 and 3.1, respectively, with 4 being the highest credit quality rating and 3 being the rating for a standard level of risk. A rating of 2 represents an increased level of risk and, while no loss is currently anticipated for a 2-rated loan, there is potential for future loss of principal. A rating of 1 represents deteriorating credit quality and high degree of risk of loss of principal.

As of December 31, 2025, there were four debt investments with an internal credit rating of 1, with an aggregate cost of $33.8 million and an aggregate fair value of $24.5 million. As of September 30, 2025, there were four debt investments with an internal credit rating of 1, with an aggregate cost of $61.3 million and an aggregate fair value of $29.3 million. As of December 31, 2024, there were four debt investments with an internal credit rating of 1, with an aggregate cost of $44.8 million and an aggregate fair value of $10.5 million.

Liquidity and Capital Resources

As of December 31, 2025, the Company had $189.2 million in available liquidity, consisting of $142.7 million in cash and money market funds, and $46.5 million in funds available under existing credit facility commitments.

As of December 31, 2025, there was no outstanding principal balance under the $150.0 million revolving credit facility (“Key Facility”). The Key Facility allows for an increase in the total loan commitment up to an aggregate commitment of $300.0 million. There can be no assurance that any additional lenders will make any commitments under the Key Facility.

As of December 31, 2025, there was $181.0 million in outstanding principal balance under the $250 million senior secured debt facility with a large U.S.-based insurance company at an interest rate of 6.57%.

Additionally, as of December 31, 2025, there was $90.0 million in outstanding principal balance under the $200 million senior secured credit facility with a large U.S.-based insurance company at an interest rate of 7.21%.

On October 17, 2024, the Company entered into a note purchase agreement, by and among the Company, and each purchaser named therein, in connection with the issuance and sale of $20.0 million aggregate principal of the Company’s 7.125% convertible notes due 2031 (the “2031 Convertible Notes”). As of December 31, 2025, the aggregate outstanding principal balance of the 2031 Convertible Notes was $2.8 million.

On September 4, 2025, the Company entered into a note purchase agreement, by and among the Company, and each purchaser named therein, in connection with the issuance and sale of $40.0 million aggregate principal of the Company’s 5.50% convertible notes due 2030 (the “2030 Convertible Notes”). During the quarter ended December 31, 2025, the holders of a portion of the 2030 Convertible Notes converted $8.5 million in outstanding principal of the 2030 Convertible Notes plus accrued but unpaid interest on such outstanding principal as of the conversion date into 1,197,288 shares of common stock at a weighted average conversion price of $7.11, together with cash in lieu of fractional shares, in accordance with noteholder conversion notice. As of December 31, 2025, the aggregate outstanding principal balance of the 2030 Convertible Notes was $31.5 million.

As of December 31, 2025, the Company’s net debt to equity leverage ratio was 105%, below the Company’s 120% targeted leverage. The asset coverage ratio for borrowed amounts was 167%.

Liquidity Events

During the quarter ended December 31, 2025, Horizon experienced liquidity events from three portfolio companies. Liquidity events for Horizon may consist of the sale of warrants or equity in portfolio companies, loan prepayments, sale of owned assets or receipt of success fees.

In December, with the proceeds of a new loan from HRZN, a portfolio company paid its outstanding principal balance of $17.5 million on its venture loan, plus interest and end-of-term payment. HRZN continues to hold warrants in the company.

In December, with the proceeds of a new loan from HRZN, a portfolio company paid its outstanding principal balance of $15.0 million on its venture loan, plus interest and end-of-term payment. HRZN continues to hold equity in the company.

In December, as a result of an acquisition, a portfolio company paid its outstanding principal balance of $10.0 million on its venture loan, plus interest, end-of-term payment, prepayment fee and proceeds in connection from the redemption of warrants.

Net Asset Value

At December 31, 2025, the Company’s net assets were $318.5 million, or $6.98 per share, compared to $336.2 million, or $8.43 per share, as of December 31, 2024.

For the quarter ended December 31, 2025, net increase in net assets resulting from operations was $8.8 million, or $0.20 per basic share, compared to a net decrease in net assets resulting from operations of $12.4 million, or ($0.32) per basic share, for the quarter ended December 31, 2024.

Stock Repurchase Program

During the quarter ended December 31, 2025, the Company did not repurchase any shares of its common stock. From the inception of the stock repurchase program through December 31, 2025, the Company has repurchased 167,465 shares of its common stock at an average price of $11.22 on the open market at a total cost of $1.9 million.

Recent Developments

On January 12, 2026, the Company funded a $30.0 million debt investment to a new portfolio company, Pelthos Therapeutics, Inc.

On January 20, 2026, the Company funded a $20.0 million debt investment to a new portfolio company, Ossio, Inc.

Between January 7 and February 13, 2026, the holders of a portion of the 2030 Convertible Notes converted $15.1 million in outstanding principal of the 2030 Convertible Notes plus accrued but unpaid interest on such outstanding principal as of the conversion date into 2,118,250 shares of common stock at a conversion price of $7.12 per share, together with cash in lieu of fractional shares.

On January 16, 2026, the Company distributed the investment held by HIMV LLC to Horizon Technology Finance Corporation. On January 27, 2026, the Company dissolved HIMV LLC.

On January 27, 2026, the Company borrowed $20.0 million on the Key Facility.

On January 28, 2026, the Company redeemed the outstanding principal balance of its 4.875% Notes due 2026 (the “2026 Notes”) plus accrued interest. The Company accelerated $0.1 million of unamortized debt issuance costs related to the 2026 Notes.

On February 6, 2026, the Company amended its Key Facility, to amend certain provisions regarding eligibility of debt investments and concentration limits.

Monthly Distributions Declared in First Quarter 2026

On February 27, 2026, the Company’s Board declared monthly distributions of $0.06 per share payable in each of April, May and June 2026. The following tables show these monthly distributions, which total $0.18 per share:

Monthly Distributions

Ex-Dividend Date

Record Date

Payment Date

Amount per Share

March 16, 2026

March 16, 2026

April 15, 2026

$0.06

April 16, 2026

April 16, 2026

May 15, 2026

$0.06

May 18, 2026

May 18, 2026

June 16, 2026

$0.06

Total:

$0.18

After paying distributions of $1.32 per share deemed paid for tax purposes in 2025, declaring on October 22, 2025 a distribution of $0.11 per share payable January 15, 2026, and taxable earnings of $1.07 per share in 2025, the Company’s undistributed spillover income as of December 31, 2025 was $0.65 per share. Spillover income includes any ordinary income and net capital gains from the preceding tax years that were not distributed during such tax years.

Horizon’s Board sets the level of distributions for each quarter based on its results of operations, spillover income and longer-term outlook, including expected operating results for the current fiscal year, taking into account the expected impact of the Company’s anticipated merger with Monroe Capital Corporation. When declaring distributions, Horizon’s board of directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.

Conference Call

The Company will host a conference call on Wednesday, March 4, 2026 at 9:00 a.m. ET to discuss its latest corporate developments and financial results. To participate in the call, please dial (877) 407-9716 (domestic) or (201) 493-6779 (international). The access code for all callers is 13758135. The Company recommends joining the call at least 5 minutes in advance. In addition, a live webcast will be available on the Company’s website at www.horizontechfinance.com.

A webcast replay will be available on the Company’s website for 30 days following the call.

About Horizon Technology Finance

Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity-backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.

Forward-Looking Statements

Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition of Monroe Capital Corporation (“MRCC”) or Horizon Technology Finance Corporation (“HRZN”) or the proposed sale of assets by MRCC to Monroe Capital Income Plus Corporation (“MCIP”) and the proposed merger of MRCC with and into HRZN. All statements, other than historical facts, including but not limited to statements regarding the expected timing of the closing of the proposed transactions; the ability of the parties to complete the proposed transactions considering the various closing conditions; the expected benefits of the proposed transactions such as improved operations, enhanced revenues and cash flow, growth potential, market profile and financial strength; the competitive ability and position of the surviving companies following completion of the proposed transactions; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual events and results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Certain factors could cause actual results and conditions to differ materially from those projected, including, without limitation, the uncertainties associated with (i) the timing or likelihood of the proposed transactions closing; (ii) the expected synergies and savings associated with the proposed transactions; (iii) the ability to realize the anticipated benefits of the proposed transactions; (iv) the possibility that one or more of the various closing conditions to the transactions may not be satisfied or waived on a timely basis or otherwise, including risks that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transactions, may require conditions, limitations or restrictions in connection with such approvals or that the required approvals by the shareholders of MRCC and/or HRZN may not be obtained; (v) the possibility that competing offers or acquisition proposals will be made; (vi) risks related to diverting management’s attention from ongoing business operations; (vii) the combined company’s plans, expectations, objectives and intentions, as a result of the transactions; (viii) the future operating results and net investment income or distribution projections of MRCC, HRZN or, following the closing of the transactions, the combined company; (ix) the ability of Horizon Technology Finance Management LLC (“HTFM”) to implement its future plans with respect to the combined company; (x) the expected financings and investments and additional leverage that MRCC, HRZN or, following the closing of the transactions, the combined company may seek to incur in the future; (xi) the adequacy of the cash resources and working capital of MRCC, HRZN or, following the closing of the transactions, the combined company; (xii) the risk that shareholder litigation in connection with the proposed transactions may result in significant costs of defense and liability; (xiii) changes in the economy, financial markets and political environment, including the impacts of inflation and interest rates; (xiv) risks associated with possible disruption in the operations of MRCC and/or HRZN or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, tariffs or public health crises and epidemics; (xv) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (xvi) conditions in MRCC’s and HRZN’s operating areas, particularly with respect to business development companies or regulated investment companies; and (xvii) other considerations that may be disclosed from time to time in MRCC’s and HRZN’s publicly disseminated documents and filings. There is no assurance that the market price of HRZN’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, to the extent effectuated, or that any repurchase plan will enhance shareholder value over the long term. HRZN and MRCC have based the forward-looking statements included in this communication on information available to it on the date hereof, and neither HRZN, MRCC nor their affiliates assume any obligation to update any such forward-looking statements. Although HRZN and MRCC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that HRZN and MRCC may make directly to you or through reports that they have filed with the Securities and Exchange Commission (the “SEC”), or in the future may file with the SEC, including the Joint Proxy Statement and the Registration Statement (each as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Additional Information and Where to Find It

This communication relates to the proposed asset sale between MRCC and MCIP and the proposed merger of HRZN and MRCC, as well as certain related matters (the “Proposals”). In connection with the Proposals, HRZN has filed with the SEC a registration statement on Form N-14 (File No. 333-290114) (the “Registration Statement”) that contains a combined joint proxy statement for HRZN and MRCC and a prospectus of HRZN (the “Joint Proxy Statement”), and HRZN and MRCC have mailed the Joint Proxy Statement to their respective shareholders. The Joint Proxy Statement and the Registration Statement each contain important information about HRZN, MRCC, and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF HRZN AND MRCC ARE URGED TO READ THE JOINT PROXY STATEMENT, THE REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT HRZN, MRCC, AND THE PROPOSALS.

Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by HRZN, from HRZN’s website at https://ir.horizontechfinance.com/ and, for documents filed by MRCC, from MRCC’s website at https://ir.monroebdc.com/. No information contained on either of HRZN’s or MRCC’s website is incorporated by reference in this communication and you should not consider that information to be part of this communication.

Participants in the Solicitation

HRZN, its directors, certain of its executive officers and certain employees and officers of HTFM or Monroe Capital LLC (“Monroe Capital”) and their affiliates may be deemed to be participants in the solicitation of proxies from the shareholders of MRCC and HRZN in respect of the Proposals. Information about the directors and executive officers of HRZN is set forth in its definitive proxy statement on Schedule 14A for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 17, 2025 (as modified by the amendment to the definitive proxy statement on Schedule 14A for its 2025 Annual Meeting of Stockholders filed with the SEC on May 15, 2025, the “HRZN Proxy Statement”), and in the Joint Proxy Statement, each as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of the Joint Proxy Statement or HRZN Proxy Statement, as applicable. MRCC, its directors, certain of its executive officers and certain employees and officers of Monroe Capital BDC Advisors, LLC or Monroe Capital and their affiliates may be deemed to be participants in the solicitation of proxies from the shareholders of MRCC and HRZN in respect of the Proposals. Information about the directors and executive officers of MRCC is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders (the “MRCC Proxy Statement”), which was filed with the SEC on April 21, 2025, and in the Joint Proxy Statement, each as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of the Joint Proxy Statement or MRCC Proxy Statement, as applicable. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the HRZN and MRCC shareholders in respect of the proposed transactions and related shareholder approvals is contained in the Registration Statement, including the Joint Proxy Statement included therein, and will be contained in other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement, and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in HRZN or MRCC or in any fund or other investment vehicle managed by Monroe Capital or any of its affiliates.

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Statements of Assets and Liabilities

(Dollars in thousands, except share and per share data)

December 31,

December 31,

Assets
2025

2024

Non-affiliate investments at fair value (cost of $616,236 and $694,503, respectively)

$

584,100

$

657,765

Non-controlled affiliate investments at fair value (cost of $89,033 and $27,491, respectively)

63,144

8,307

Controlled affiliate investments at fair value (cost of $0 and $44,780, respectively)

—

31,819

Total investments at fair value (cost of $705,269 and $766,774, respectively)

647,244

697,891

Cash

105,519

70,264

Investments in money market funds

34,711

27,266

Restricted investments in money market funds

2,463

3,338

Interest receivable

12,086

16,559

Other assets

9,081

6,515

Total assets

$

811,104

$

821,833

Liabilities

Borrowings

$

473,027

$

467,904

Distributions payable

15,053

13,159

Base management fee payable

975

1,045

Other accrued expenses

3,547

3,542

Total liabilities

492,602

485,650

Commitments and contingencies

Net assets

Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and 2024

—

—

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 45,781,280 and 40,043,312 shares issued and 45,613,815 and 39,875,847 shares outstanding as of December 31, 2025 and 2024, respectively

51

44

Paid-in capital in excess of par

559,355

518,200

Distributable loss

(240,904

)

(182,061

)

Total net assets

318,502

336,183

Total liabilities and net assets

$

811,104

$

821,833

Net asset value per common share

$

6.98

$

8.43

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Statements of Operations

(Dollars in thousands, except share and per share data)

For the Three Months Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Investment income

From non-affiliate investments:

Interest income

$

18,528

$

22,039

$

87,817

$

93,588

PIK interest

335

76

952

1,630

Fee income

553

287

5,555

2,948

From non-controlled affiliate investments:

PIK interest

822

—

1,189

—

Interest income

427

—

522

—

From controlled affiliate investments:

PIK interest

—

1,071

208

1,631

Interest income (reversal)

—

72

(224

)

118

Total investment income

20,665

23,545

96,019

99,915

Expenses

Interest expense

8,025

8,210

32,805

32,256

Base management fee

2,854

3,083

11,741

12,261

Performance based incentive fee

—

—

—

295

Administrative fee

316

391

1,519

1,650

Professional fees

815

621

2,537

2,328

General and administrative

464

447

1,941

1,866

Total expenses

12,474

12,752

50,543

50,656

Net investment income before excise tax

8,191

10,793

45,476

49,259

(Credit) provision for excise tax

(60

)

367

1,063

1,476

Net investment income

8,251

10,426

44,413

47,783

Net realized and unrealized gain (loss)

Net realized loss on non-affiliate investments

(23,294

)

(3,209

)

(29,997

)

(34,668

)

Net realized gain on non-controlled affiliate investments

—

—

—

37

Net realized loss on controlled affiliate investments

—

—

(25,117

)

—

Net realized loss on investments

(23,294

)

(3,209

)

(55,114

)

(34,631

)

Net realized loss on extinguishment of debt

(782

)

—

(2,819

)

—

Net realized loss

(24,076

)

(3,209

)

(57,933

)

(34,631

)

Net unrealized appreciation (depreciation) on non-affiliate investments

26,769

(12,297

)

25,503

(14,392

)

Net unrealized (depreciation) appreciation on non-controlled affiliate investments

(2,114

)

(13

)

(1,904

)

8,361

Net unrealized depreciation on controlled affiliate investments

—

(7,339

)

(12,740

)

(12,754

)

Net unrealized appreciation (depreciation) on investments

24,655

(19,649

)

10,859

(18,785

)

Net realized and unrealized gain (loss)

579

(22,858

)

(47,074

)

(53,416

)

Net increase (decrease) in net assets resulting from operations

$

8,830

$

(12,432

)

$

(2,661)

$

(5,633

)

Net investment income per common share – basic

$

0.18

$

0.27

$

1.05

$

1.32

Net investment income per common share – diluted

$

0.18

$

0.27

$

1.05

$

1.32

Net increase (decrease) in net assets resulting from operations per common share – basic

$

0.20

$

(0.32

)

$

(0.06

)

$

(0.16

)

Net increase (decrease) in net assets resulting from operations per common share – diluted

$

0.19

$

(0.32

)

$

(0.06

)

$

(0.16

)

Weighted average shares outstanding – basic

44,790,809

38,797,437

42,348,813

36,104,415

Weighted average shares outstanding – diluted

51,124,142

38,797,437

42,348,813

36,104,415

Distributions declared per share

$

0.33

$

0.33

$

1.32

$

1.37

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303101080/en/

Investor Relations:

ICR

Garrett Edson

[email protected]

(646) 200-8885

Media Relations:

ICR

Chris Gillick

[email protected]

(646) 677-1819

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

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