<SEC-DOCUMENT>0000921895-25-000195.txt : 20250129
<SEC-HEADER>0000921895-25-000195.hdr.sgml : 20250129
<ACCEPTANCE-DATETIME>20250129170142
ACCESSION NUMBER:		0000921895-25-000195
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250129
DATE AS OF CHANGE:		20250129

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DMC Global Inc.
		CENTRAL INDEX KEY:			0000034067
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRIMARY METAL PRODUCTS [3390]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				840608431
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-09604
		FILM NUMBER:		25570195

	BUSINESS ADDRESS:	
		STREET 1:		11800 RIDGE PARKWAY
		STREET 2:		SUITE 300
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
		BUSINESS PHONE:		3036655700

	MAIL ADDRESS:	
		STREET 1:		11800 RIDGE PARKWAY
		STREET 2:		SUITE 300
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DYNAMIC MATERIALS CORP
		DATE OF NAME CHANGE:	19941205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXPLOSIVE FABRICATORS INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Steel Connect LLC
		CENTRAL INDEX KEY:			0000914712
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				042921333
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		590 MADISON AVENUE
		STREET 2:		32ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		781-663-5000

	MAIL ADDRESS:	
		STREET 1:		590 MADISON AVENUE
		STREET 2:		32ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Steel Connect, Inc.
		DATE OF NAME CHANGE:	20180228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ModusLink Global Solutions Inc
		DATE OF NAME CHANGE:	20080929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CMGI INC
		DATE OF NAME CHANGE:	19990108
</SEC-HEADER>
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<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
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      <dateOfEvent>01/27/2025</dateOfEvent>
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          <com:street1>11800 RIDGE PARKWAY</com:street1>
          <com:street2>SUITE 300</com:street2>
          <com:city>BROOMFIELD</com:city>
          <com:stateOrCountry>CO</com:stateOrCountry>
          <com:zipCode>80021</com:zipCode>
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          <personName>Warren G. Lichtenstein</personName>
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            <com:street2>590 Madison Avenue, 32nd Floor</com:street2>
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        <percentOfClass>9.9</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001522066</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>SPH Group Holdings LLC</reportingPersonName>
        <fundType>AF</fundType>
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        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
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        <sharedDispositivePower>1973039.00</sharedDispositivePower>
        <aggregateAmountOwned>1973039.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.9</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0000709804</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Steel Excel Inc.</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1973039.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1973039.00</sharedDispositivePower>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.9</percentOfClass>
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      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0000914712</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Steel Connect LLC</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1973039.00</sharedVotingPower>
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        <sharedDispositivePower>1973039.00</sharedDispositivePower>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.9</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>STEEL CONNECT SUB LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
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        <percentOfClass>9.9</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.05</securityTitle>
        <issuerName>DMC Global Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>11800 RIDGE PARKWAY</com:street1>
          <com:street2>SUITE 300</com:street2>
          <com:city>BROOMFIELD</com:city>
          <com:stateOrCountry>CO</com:stateOrCountry>
          <com:zipCode>80021</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>Item 2(a) is hereby amended and restated as follows:

This statement is filed by Steel Partners Holdings L.P., a Delaware limited partnership ("Steel Holdings"), Steel Partners Holdings GP Inc., a Delaware corporation ("Steel Holdings GP"), SPH Group LLC, a Delaware limited liability company ("SPHG"), SPH Group Holdings LLC, a Delaware limited liability company ("SPHG Holdings"), Steel Excel Inc., a Delaware corporation ("Steel Excel"), Steel Connect LLC (formerly known as Steel Connect, Inc.), a Delaware limited liability company ("Steel Connect"), and Steel Connect Sub LLC, a Delaware limited liability company ("Steel Connect Sub"). Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." WebFinancial Holding Corporation was merged with and into Steel Excel as a result of an internal restructuring and is no longer a Reporting Person.

Steel Holdings owns a majority of the membership interests of SPHG. SPHG is the sole member of SPHG Holdings. Steel Holdings GP is the general partner of Steel Holdings, the managing member of SPHG and the manager of SPHG Holdings. Steel Excel is a majority owned subsidiary of SPHG Holdings. Steel Connect is an indirect subsidiary of Steel Excel. Steel Connect Sub is a wholly owned subsidiary of Steel Connect. Accordingly, for purposes of this statement, each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to beneficially own the Shares owned directly by Steel Connect Sub.

Each Reporting Person disclaims beneficial ownership of the Shares owned directly by another Reporting Person.

Set forth in Exhibit 1 attached hereto ("Exhibit 1") is the name and present principal business, occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted of (i) the executive officers and directors of Steel Holdings GP, (ii) the executive officers and directors of Steel Excel, (iii) the executive officers and managers of Steel Connect, and (iv) the executive officers of Steel Connect Sub. To the best of the Reporting Persons' knowledge, except as otherwise set forth herein, none of the persons listed in Exhibit 1 beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required to be disclosed herein.</filingPersonName>
        <principalJob>Item 2(c) is hereby amended and restated as follows:

Steel Holdings is a global diversified holding company that engages or has interests in a variety of operating businesses through its subsidiary companies. The principal business of SPHG Holdings is holding securities for the account of Steel Holdings. The principal business of SPHG is serving as the sole member of SPHG Holdings and other affiliates. The principal business of Steel Holdings GP is serving as the general partner of Steel Holdings, the managing member of SPHG and the manager of SPHG Holdings. The principal business of Steel Excel is serving as a global diversified company that engages or has interests in a variety of operating businesses. The principal business of Steel Connect is serving as a holding company whose wholly owned subsidiary, ModusLink Corporation, serves the supply chain management market. The principal business of Steel Connect Sub is holding securities for the account of Steel Connect.</principalJob>
      </item2>
      <item4>
        <transactionPurpose>Item 4 is hereby amended to add the following:

On January 27, 2025, the Reporting Persons issued a press release, including a letter (the "Press Release") to the Issuer's board of directors. The full text of the Press Release is attached hereto as Exhibit 99.1 and incorporated herein by reference.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Item 5(a) is hereby amended and restated as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 20,026,491 Shares outstanding, which is the total number of Shares outstanding as of October 31, 2024 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2024.

As of the close of business on the date hereof, Steel Connect Sub owned directly 1,973,039 Shares, constituting approximately 9.9% of the Shares outstanding. By virtue of their relationships with Steel Connect Sub, each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to beneficially own the Shares owned directly by Steel Connect Sub.</percentageOfClassSecurities>
        <numberOfShares>Item 5(b) is hereby amended and restated as follows:

Each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to have shared power to vote and dispose of the Shares reported in this statement owned directly by Steel Connect Sub.</numberOfShares>
      </item5>
      <item6>
        <contractDescription>Item 6 is hereby amended to add the following:

On the date hereof, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to securities of the Issuer. A copy of this agreement is attached as Exhibit 99.2 hereto and is incorporated herein by reference.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Item 7 is hereby amended to add the following exhibits:

1 - Directors and Officers

99.1 - Press Release, dated January 27, 2025

99.1 - Joint Filing Agreement by and among the Reporting Persons, dated January 29, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>STEEL PARTNERS HOLDINGS L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Maria Reda</signature>
          <title>Maria Reda, Secretary of Steel Partners Holdings GP Inc., its General Partner</title>
          <date>01/29/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Steel Partners Holdings GP Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Maria Reda</signature>
          <title>Maria Reda, Secretary</title>
          <date>01/29/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SPH Group LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Maria Reda</signature>
          <title>Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Managing Member</title>
          <date>01/29/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SPH Group Holdings LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Maria Reda</signature>
          <title>Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Manager</title>
          <date>01/29/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Steel Excel Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Maria Reda</signature>
          <title>Maria Reda, Secretary</title>
          <date>01/29/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Steel Connect LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Maria Reda</signature>
          <title>Maria Reda, Secretary</title>
          <date>01/29/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>STEEL CONNECT SUB LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Maria Reda</signature>
          <title>Maria Reda, Secretary</title>
          <date>01/29/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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<TYPE>EX-1
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<FILENAME>ex1to13da304197092_012925.htm
<DESCRIPTION>DIRECTORS AND OFFICERS
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Executive Officers and Directors of
Steel Partners Holdings GP Inc.</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Name and Position</TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Present Principal Occupation</TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Business Address</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Warren G. Lichtenstein, Executive Chairman and Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Executive Chairman of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Jack L. Howard, President and Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Ryan O&rsquo;Herrin, Senior Vice President and Chief Financial Officer</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Lon Rosen, Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Executive Vice President and Chief Marketing Officer for the Los Angeles Dodgers</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">John P. McNiff, Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Chairman of Discovery Capital Management, LLC, a multi-strategy hedge fund</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">James Benenson III, Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Director and Co-President of Summa Holdings, Inc. (&ldquo;Summa&rdquo;), a holding company, and director and Co-President of Industrial Manufacturing Company and Industrial Manufacturing Company International, subsidiaries of Summa that own various diversified industrial businesses</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Eric P. Karros, Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Television analyst for FOX Sports and works for the Los Angeles Dodgers</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Rory H. Tahari, Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Co-founder, State of Mind Partners, a strategic branding and investment firm</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Gary W. Tankard, Vice President and Chief Accounting Officer</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Vice President and Chief Accounting Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Joseph Martin, Chief Administrative Officer and Chief Legal Officer</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Chief Administrative Officer and Chief Legal Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Executive Officers and Directors of
Steel Excel Inc.</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Name and Position</TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Present Principal Occupation</TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Business Address</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Jack L. Howard, President and Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Gary W. Tankard, Vice President and Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Vice President and Chief Accounting Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Ryan O&rsquo;Herrin, Senior Vice President and Director</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U></U></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Executive Officers and Managers of Steel
Connect LLC</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Name and Position</TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Present Principal Occupation</TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Business Address</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Warren G. Lichtenstein, Interim Chief Executive Officer</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Executive Chairman of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Jack L. Howard, Manager</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Ryan O&rsquo;Herrin, Senior Vice President, Chief Financial Officer, Treasurer and Manager</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Gary W. Tankard, Chief Accounting Officer and Manager</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Vice President and Chief Accounting Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Executive Officers of Steel Connect
Sub LLC</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Name and Position</TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Present Principal Occupation</TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">Business Address</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Jack L. Howard, President</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Gary W. Tankard, Vice President</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Vice President and Chief Accounting Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Ryan O&rsquo;Herrin, Senior Vice President</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">c/o Steel Partners Holdings L.P.<BR>
590 Madison Avenue, 32nd Floor<BR>
New York, NY 10022</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex991to13da304197092_012925.htm
<DESCRIPTION>PRESS RELEASE, DATED JANUARY 27, 2025
<TEXT>
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<P STYLE="margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Steel Connect Issues Public Letter to DMC
Global Board</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Reiterates Interest in Potential Acquisition
of DMC and Calls on the Company to Facilitate Comprehensive Due Diligence</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Urges DMC to Constructively Engage around
Steel&rsquo;s Other Proposals, Including the Acquisition of DynaEnergetics and NobelClad for $185-$200 Million in Cash, and the Purchase
of Preferred Stock to Allow DMC to Acquire Remaining 40% of Arcadia</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Troubled by Company&rsquo;s Continued
Destruction of Stockholder Value, Disappointing Financial Results, Failed Succession Planning and Seemingly Stalled Strategic Review Process</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Disturbed by Excessive $4.5 Million Compensation
Package &ndash; Which is Not Tied to any Value Creation Metrics &ndash; Granted to Executive Chairman and Interim CEO James O&rsquo;Leary,
who is Conflicted and No Longer Independent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>New York &ndash; </B>January 27, 2025 &ndash;
Steel Connect, Inc. (together with its affiliates, &ldquo;Steel&rdquo;), which beneficially owns approximately 9.9% of the outstanding
shares of DMC Global Inc. (Nasdaq: BOOM) (the &ldquo;Company&rdquo; or &ldquo;DMC&rdquo;), today issued a public letter to the Company&rsquo;s
Board of Directors (the &ldquo;Board&rdquo;). The full text of the letter is below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">January 27, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Board of Directors<BR>
DMC Global Inc.<BR>
11800 Ridge Parkway, Suite 300<BR>
Broomfield, Colorado 80021</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Dear DMC Board Members,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We have consistently attempted to engage with
you in a constructive manner to help maximize value for all stockholders &ndash; of which we are the largest. We have made three actionable
proposals to the Board:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Our first proposal in May 2024 to acquire all the outstanding shares of DMC we do not already own for
$16.50 per share in cash:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Our second proposal in September 2024 to acquire the Company&rsquo;s DynaEnergetics and NobelClad businesses
for between $185-$200 million in cash and DMC stock that we own; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Our third proposal in November 2024 to purchase preferred stock (similar to the preferred stock that the
Company could have issued upon the exercise of the Arcadia put right) to enable DMC to acquire the remaining 40% portion of the Arcadia
business.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As a reminder, in January 2024, the Board publicly
announced it would run a process to sell its DynaEnergetics and NobelClad businesses. After 10 months and likely substantial advisory
fees, the Board failed to complete any transactions whatsoever.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">While stockholders wait patiently, no progress
on this strategic review or our proposals has been publicly communicated other than a statement that the sales process for DynaEnergetics
and NobelClad was terminated and a brief public statement that our initial proposal of $16.50 per share for the entire Company was inadequate.
This lack of engagement and urgency from the Board has been disappointing.</P>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">DMC Needs to Run a Real Process</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">While the Company and its advisors continue
to explore a potential sale of the Company, this process appears to have suffered from serious flaws. The Company&rsquo;s financial and
business information has been in many cases delayed, incomplete, and seemingly inaccurate. In view of this, we find it hard to believe
that anyone, including Steel Connect, could make a bid for the Company as a whole or Arcadia based on a valuation significantly above
the current stock price of $7.31 per share, especially given the Arcadia put/call obligation that remains outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Nevertheless, we reiterate our interest in participating
in the process. It is critical, however, that we receive timely responses to our due diligence requests, and it is our hope that, through
this diligence, the Company can demonstrate a higher valuation than today&rsquo;s stock price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">At the same time, we remain interested in acquiring
DynaEnergetics and NobelClad, as we indicated in our September 17, 2024 public letter, for between $185-$200 million, on a debt-free,
cash-free basis. We reiterate our earlier proposal to acquire these two businesses, and now are proposing to simplify our bid by providing
that the acquisition consideration would be fully in cash. We hereby request a response from the Board to this proposal by the close of
business on January 31, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We also reiterate our proposal to purchase preferred
stock from the Company so that it may acquire the remaining 40% portion of the Arcadia business and remove the overhang of the put/call
obligation. As described in our November 13, 2024 letter to the Board, we would be willing to purchase from the Company Series A convertible
preferred stock, on the same terms as the Series A preferred stock which the Company is permitted to issue to the Munera family in the
event the Munera family were to exercise its Arcadia put option. We would be willing to fund the entirety of this preferred stock issuance
&ndash; an amount equal to $162 million minus the existing debt at Arcadia.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We believe that any of the above potential transactions
would create superior value for DMC stockholders, as opposed to the alternative of inaction and remaining a standalone Company with the
Arcadia overhang. Our conclusion is based on the following facts, to which we would like to call your attention &ndash; and that of our
fellow stockholders:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Massive Destruction of Stockholder Value at DMC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s Board has overseen the
continued destruction of stockholder value. Total stockholder return is exceedingly poor and significantly trails key indices over several
time periods.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #C1E4F5">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>TOTAL STOCKHOLDER RETURNS<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP></FONT></B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 20%; background-color: #C1E4F5; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>1 Year</B></TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>3 Years</B></TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>5 Years</B></TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Since Steel&rsquo;s First Proposal Became<BR>
Public (June 13, 2024)</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #C1E4F5; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>DMC</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: red"><B>-57.52</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: red"><B>-82.40</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: red"><B>-82.61</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: red"><B>-44.70</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #C1E4F5; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Russell 2000</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19.23</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18.47</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">48.24</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14.08</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #C1E4F5; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>S&amp;P 500</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27.03</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">44.86</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100.14</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.17</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Source: Bloomberg.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Missed Expectations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">DMC has frequently missed its targeted guidance
and recently downgraded its expectations for 2024. This disturbing pattern of disappointing stockholders was extended most recently when,
in October 2024, DMC reported preliminary financial results stating it would miss prior Q3 guidance.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2</SUP></FONT>Then, perhaps unsurprisingly, DMC announced that it would only be providing guidance on consolidated sales and adjusted
EBITDA going forward &ndash; citing &ldquo;volatility and uncertainty in its energy and construction markets.&rdquo;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>3</SUP></FONT></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP></FONT> Based on the closing price of DMC stock on January 24, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2</SUP></FONT> See &ldquo;DMC Global Provides Business and Strategic Review Update; Announces Governance Changes,&rdquo; October 21, 2024, https://ir.dmcglobal.com/news-events/press-releases/detail/159/dmc-global-provides-business-and-strategic-review-update.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>3</SUP></FONT> See &ldquo;DMC Global Reports Third Quarter Financial Results,&rdquo; Nov. 4, 2024, https://ir.dmcglobal.com/news-events/press-releases/detail/161/dmc-global-reports-third-quarter-financial-results.</P>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Disastrously Structured Arcadia Transaction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2021, the Board entered into a poorly designed
and ultimately disastrous transaction to acquire a 60% interest in Arcadia from an ex-DMC director, Gerard Munera, for $282.5 million
in cash and DMC stock.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>4</SUP></FONT> The Company clearly
overpaid for the Arcadia business. In addition, Munera and his family retained a 40% interest in the business and received the ability
to put that interest to DMC at a minimum price of $162 million, net of debt. While the Board recently decided to pay Munera $2.5 million
to have him temporarily refrain from exercising his put right, this liability remains a major obligation that must be dealt with &ndash;
especially as part of any acquisition of Arcadia or the Company as a whole. The Company has also mismanaged this business since the acquisition
and has recently written down more than $140 million of the investment. Ultimately, the Board oversaw what amounted to a substantial wealth
transfer from the Company&rsquo;s stockholders to an ex-Board member and his family.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Conflicted and Excessively Compensated Executive Chairman</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We believe the $4.5 million compensation package
recently granted to Executive Chairman and Interim President and CEO James O&rsquo;Leary is outrageous and runs counter to stockholders&rsquo;
best interests. Under this package, Mr. O&rsquo;Leary has been given a base salary of $500,000, been granted a total of $2 million in
restricted stock, and is eligible to receive a cash payment of $2 million by June of this year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Mr. O&rsquo;Leary&rsquo;s lump sum payment
does not appear to be tied to any metrics that align his interests with stockholders</U>. His compensation arrangement is not related
to the Company&rsquo;s financial performance or value creation and seems to be the result of a complacent Board. This is not surprising,
given how the Board has wasted cash on a revolving door of outside advisors and on payments to departing executives as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Moreover, Mr. O&rsquo;Leary was elected to the
Board as an independent director. Now, as Interim President and CEO of the Company, he is not independent and is clearly conflicted with
respect to the Company&rsquo;s strategic review process. His significant compensation, which again is not tied to DMC&rsquo;s performance,
calls into serious question his commitment to the best interests of all shareholders in this process.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Failed Succession Planning and Irresponsible Executive Severance
Payments</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board has utterly failed in its duty to
properly plan for leadership succession and has approved an outlandish amount of executive severance for a Company of its size. Over approximately
the past two years, DMC has had four CEOs, co-CEOs, or interim CEOs, and those who have departed have received a total of more than $4
million in severance payments. Arcadia has cycled through three Presidents in as many years. Arcadia has also had excessive turnover throughout
its management team, and now has an Interim President who does not appear to have any experience managing a P&amp;L. This type of churn
is not healthy for any business and is emblematic of the Board&rsquo;s failure to install competent leadership.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">***</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>4</SUP></FONT> See &ldquo;DMC Global Completes Acquisition of 60% Controlling Interest in Arcadia Inc.,&rdquo; Dec. 23, 2021, https://ir.dmcglobal.com/news-events/press-releases/detail/16/dmc-global-completes-acquisition-of-60-controlling.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In closing, we believe the Company should redeem
its poison pill, which was instituted in June 2024 without stockholder approval. We believe it runs directly contrary to the best interests
of stockholders to limit investor purchases at a time when the Company&rsquo;s stock has been declining precipitously. In our view, the
pill serves purely as an entrenchment mechanism.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We call on the Board to act swiftly to address
our concerns and respond to our proposals. We reserve all rights to take any action we deem necessary to protect stockholders&rsquo; best
interests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Sincerely,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Warren Lichtenstein</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Executive Chairman, Steel Connect LLC</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Contact:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Longacre Square Partners<BR>
Joe Germani<BR>
jgermani@longacresquare.com</P>




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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>ex992to13da304197092_012925.htm
<DESCRIPTION>JOINT FILING AGREEMENT, DATED JANUARY 29, 2025
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 99.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>JOINT FILING AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In accordance with Rule 13d-1(k)(1)(iii) under
the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement
on Schedule 13D (including amendments thereto) with respect to the Common Stock, par value $0.05 per share, of DMC Global Inc. This Joint
Filing Agreement shall be filed as an Exhibit to such Statement.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Dated: January 29, 2025</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">STEEL PARTNERS HOLDINGS L.P.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">Steel Partners Holdings GP Inc.<BR>
General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Maria Reda</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Maria Reda, Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">STEEL PARTNERS HOLDINGS GP INC.</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Maria Reda</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Maria Reda, Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">SPH GROUP LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">Steel Partners Holdings GP Inc.<BR>
Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Maria Reda</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Maria Reda, Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">SPH GROUP HOLDINGS LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">Steel Partners Holdings GP Inc.<BR>
Manager</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Maria Reda</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Maria Reda, Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">STEEL EXCEL INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Maria Reda</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Maria Reda, Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">STEEL CONNECT LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Maria Reda</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Maria Reda, Secretary</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">STEEL CONNECT SUB LLC</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Maria Reda</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Maria Reda, Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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