<SEC-DOCUMENT>0001815572-25-000012.txt : 20250403
<SEC-HEADER>0001815572-25-000012.hdr.sgml : 20250403
<ACCEPTANCE-DATETIME>20250402192203
ACCESSION NUMBER:		0001815572-25-000012
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250403
DATE AS OF CHANGE:		20250402
EFFECTIVENESS DATE:		20250403

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AstroNova, Inc.
		CENTRAL INDEX KEY:			0000008146
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER PERIPHERAL EQUIPMENT, NEC [3577]
		ORGANIZATION NAME:           	06 Technology
		EIN:				050318215
		STATE OF INCORPORATION:			RI
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13200
		FILM NUMBER:		25806945

	BUSINESS ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893
		BUSINESS PHONE:		4018284000

	MAIL ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASTRO MED INC /NEW/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLAN TOL INDUSTRIES INC
		DATE OF NAME CHANGE:	19850220

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASKELADDEN CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001815572
		ORGANIZATION NAME:           	
		EIN:				810803834
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1452 HUGHES ROAD
		STREET 2:		SUITE 200 #582
		CITY:			GRAPEVINE
		STATE:			TX
		ZIP:			76051
		BUSINESS PHONE:		682-553-8302

	MAIL ADDRESS:	
		STREET 1:		1452 HUGHES ROAD
		STREET 2:		SUITE 200 #582
		CITY:			GRAPEVINE
		STATE:			TX
		ZIP:			76051
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>dfan14a_final.htm
<TEXT>

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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:14.0pt;">UNITED STATES</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:14.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Washington, D.C. 20549</font></b></p>

<p align=center style="margin:0in;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:18.0pt;">SCHEDULE 14A</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Proxy Statement Pursuant to Section 14(a) of the</font></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Securities Exchange Act of 1934</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Filed
by the Registrant&nbsp;</font><font color=black face=wingdings lang=EN-US style="font-size:10.0pt;line-height:normal;">&#168;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Filed by a Party other than
the Registrant&nbsp;</font><font color=black face=wingdings lang=EN-US style="font-size:10.0pt;line-height:normal;">x</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;Check
the appropriate box:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:1080.000000pt;">
 <tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=wingdings style="font-size:10.0pt;line-height:normal;">&#168;</font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">Preliminary
  Proxy Statement</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=wingdings style="font-size:10.0pt;line-height:normal;">&#168;</font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">Confidential,
  for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=wingdings style="font-size:10.0pt;line-height:normal;">&#168;</font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">Definitive
  Proxy Statement</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=wingdings style="font-size:10.0pt;line-height:normal;">x &#160;</font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">Definitive
  Additional Materials</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=wingdings style="font-size:10.0pt;line-height:normal;">&#168; </font></p>
  </td>
 <td valign=top width=97% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" style="font-size:10.0pt;line-height:normal;">Soliciting
  Material Pursuant to Section 240.14a-12</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:16.0pt;line-height:normal;">AstroNova,
Inc.</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">(Name of
Registrant as Specified in Its Charter)</font></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Samir
Patel</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Askeladden
Capital Management LLC</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Jeff
Sands</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Shawn
Kravetz</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Ryan
Oviatt</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Boyd
Roberts</font></b></p>

<p align=center style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:115%;">(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">(Check all boxes that
apply):</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="width:15.0in;">
 <tr>
  <td valign=top style="padding:0in 0in 0in 0in;">&nbsp;</td>
 <td valign=top style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="segoe ui symbol,sans-serif" style="font-size:12.0pt;line-height:normal;">&#9746;</font></p>
  </td>
 <td valign=top style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;line-height:normal;">No fee required</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="width:15.0in;">
 <tr>
  <td valign=top style="padding:0in 0in 0in 0in;">&nbsp;</td>
 <td valign=top style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="segoe ui symbol,sans-serif" style="font-size:12.0pt;line-height:normal;">&#9744;</font></p>
  </td>
 <td valign=top style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;line-height:normal;">Fee paid previously with
  preliminary materials</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="width:15.0in;">
 <tr>
  <td valign=top style="padding:0in 0in 0in 0in;">&nbsp;</td>
 <td valign=top style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="segoe ui symbol,sans-serif" style="font-size:12.0pt;line-height:normal;">&#9744;</font></p>
  </td>
 <td valign=top style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;line-height:normal;">Fee computed on table in exhibit
  required by Item 25(b) per Exchange Act Rules </font></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;line-height:normal;">14a-6(i)(1) and 0-11</font></p>
  </td>
 </tr>
</table></div>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">______________________________________________________________________________</font></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Dear Fellow Shareholders,</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">I believe that AstroNova Inc.
(Nasdaq: ALOT) is a fundamentally high-quality business, with leading
competitive positions in niche markets and a large base of recurring revenue from
supplies and long-term contracts.&#160; Despite these attractive qualities, during the
incumbent Board&#8217;s tenure, we owners of ALOT have suffered severe short and
long-term shareholder value destruction.&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Shares have lost </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">almost 50% of their value</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">
since the disastrous acquisition of private Portuguese company MTEX NS last May.&#160;
AstroNova&#8217;s share price is </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">lower today</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> than it was eleven years
ago, when Greg Woods became CEO in February 2014. &#160;ALOT shares have </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">dramatically</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">
</font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">underperformed small and micro-cap benchmarks</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> during the tenure
of </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">every single existing director on AstroNova&#8217;s Board.</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; Through
the nomination deadline of March 21, 2025, AstroNova shares have underperformed
the iShares Micro-Cap ETF:</font></p>

<p style="margin-bottom:0in;margin-left:38.0pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;line-height:115%;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">by </font><b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&gt;160%</font></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> since Mitchell I. Quain joined the Board in
2011,</font></p>

<p style="margin-bottom:0in;margin-left:38.0pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;line-height:115%;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&gt;90% </font></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">since Gregory A. Woods became CEO in 2014,</font></p>

<p style="margin-bottom:0in;margin-left:38.0pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;line-height:115%;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&gt;60%</font></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> since Richard Warzala joined the Board in 2017,</font></p>

<p style="margin-bottom:0in;margin-left:38.0pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;line-height:115%;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&gt;60% </font></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">since Yvonne Schlaeppi joined the Board in 2018,</font></p>

<p style="margin-bottom:8.0pt;margin-left:38.0pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;line-height:115%;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">almost 30%</font></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> since Alexis P. Michas joined the Board in
2022.&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">This underperformance is even more severe vs. other
small-cap benchmarks such as the Russell 2000.&#160; The share price has fallen
further since the nomination deadline; today&#8217;s numbers would be worse than
those cited above. &#160;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">The share price isn&#8217;t the only concern: AstroNova recently
breached its debt covenants, causing an event of default.&#160; While the lender
fortunately agreed to extend terms, the company&#8217;s recent 8-K filing disclosed
less than $4 million in availability under its $25 million revolving credit
facility, leaving AstroNova poorly positioned to absorb any additional
headwinds in a volatile and uncertain macroeconomic environment.&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">I write as the founder and portfolio manager of Askeladden
Capital LLC, a disclosed 5% owner of AstroNova since 2020. &#160;Based on available
filings, I believe that we are the largest independent shareholder today.&#160; We
own ~9.2% of the company on behalf of our clients, who range from ordinary
individuals saving for retirement to billion-dollar charitable organizations
funding important scientific and educational endeavors.&#160; We find it completely
unacceptable that our clients&#8217; worthy goals have been impaired and undermined by
persistent shareholder value destruction at AstroNova.&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">We have repeatedly engaged with the company in recent years regarding
its poor operating &#160;and share-price performance. &#160;We feel our concerns have
fallen on deaf ears.&#160; We have made multiple entreaties to the Board requesting our
serious concerns be addressed quietly and behind the scenes.&#160; Unfortunately, Mr.
Quain, Mr. Woods, Mr. Warzala, Ms. </font><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Schlaeppi, and Mr.
Michas have collectively shown signs of entrenchment.&#160; Over the past few weeks,
the Board has refused to engage with us, their largest shareholder &#8211; or even
answer our emails &#8211; other than curt messages delivered through legal counsel.&#160; </font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">We perceive the Board&#8217;s attitude towards us as callous,
dismissive, and obstructionist.&#160; As patient, long-term investors in AstroNova,
we are appalled by their seeming unwillingness to take substantial, immediate
action to improve operations, shore up the strained balance sheet, and remedy the
severe and persistent shareholder value destruction that has occurred on their
watch.&#160; In light of the Board&#8217;s failures, we feel that new perspectives are in
the best interest of our clients and all AstroNova shareholders.&#160;&#160;&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">We summarize several specific concerns below, including costly
and seemingly avoidable operational and capital allocation mistakes, and the substantial
recent degradation in profitability.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Disastrous MTEX acquisition led to 70% writedown,
covenant breach, event of default, and limited breathing room on credit
facility.</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; In May 2024, AstroNova announced the acquisition of MTEX for
$18.7 million in up-front cash with additional contingent consideration.&#160; On
various public conference calls, MTEX was described as a &#8220;</font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">technology
disruptor&#8221;</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> with </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8220;handsome margins&#8221; </font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">that should drive </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8220;significant&#8221;
</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">revenue growth</font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">.</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; In September 2024, CEO Greg Woods reiterated that
he was </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8220;very excited&#8221;</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> about MTEX and that MTEX remained on track to meet
targets despite a slow start.&#160; A quarter later, as MTEX continued to report
substantial operating losses, AstroNova announced that it was seeking remedies from
the seller for </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8220;details that appear to be inconsistent with the information
originally provided.&#8221;</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">AstroNova&#8217;s recent Q4 pre-release highlighted a </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">$13.4
million impairment</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> in the Product ID segment, largely attributable to
MTEX, implying a </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">roughly 70% writeoff</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> on the cash outlay less
than a year after purchase.&#160; The company also announced it was phasing out 70%
of MTEX&#8217;s products, described as &#8220;</font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">low-profit.</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8221;&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">The increased debt and lower profits resulting from the MTEX
acquisition appear to be the direct cause of the recently-announced event of default,
and the less than $4 million in availability under the revolving credit
facility.&#160; CEO Greg Woods told us that the timing of the trade show DRUPA and AstroNova&#8217;s
belief in the presence of a competing bidder for MTEX caused </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8220;extra
pressure&#8221;</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> and resulted in AstroNova </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8220;accelerat[ing] some things we
typically wouldn&#8217;t accelerate&#8221;</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> in their due diligence.&#160; This catastrophe could
thus have been avoided had the company simply </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">conducted sufficient due
diligence</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">; we believe the acquisition process indicates poor governance,
particularly in the area of risk-management.</font></p>


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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">2022 &#8211; 2024 ink quality
issues.</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; At the end of Fiscal 2022, AstroNova disclosed elevated
warranty costs related to an ink quality issue from a supplier.&#160; On the Q4 2022
conference call, CEO Greg Woods assured shareholders that </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8220;the solution has
been put in place&#8230; and kind of putting that behind us&#8221;</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> with only a few
machines left to repair.&#160; On several subsequent occasions, CEO Greg Woods publicly
or privately claimed a solution was near, but quality issues persisted for </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">two
years</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> and were not fully resolved until </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">the end of Fiscal 2024.</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160;
Based on the company's disclosures and MD&amp;A regarding revenue performance
in the Product Identification segment, as well as disclosed warranty costs and
discussion of other direct costs, we estimate that the company&#8217;s failure to
resolve this issue in a timely fashion cost shareholders </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">over $10 million
in lost high-margin supplies revenues </font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">and </font><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">millions in warranty /
repair costs</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">. &#160;Moreover, the company&#8217;s Form 10-K admits the extended
quality issues caused damage to customer perception of the company&#8217;s brand.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Severe degradation in profitability.</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; In
Fiscal 2024, AstroNova reported $148.1 million in revenue and $17.6 million in
Adjusted EBITDA excluding product retrofit and restructuring costs, for margins
of roughly 12%.&#160; The company&#8217;s March 2024 earnings release guided to 13 &#8211; 14% Adj.
EBITDA margins in FY 2025, with further 100 bps annual improvement in 2026 and
2027.&#160; A year later, the company is guiding FY 2026 to 8.5 &#8211; 9.5% Adj. EBITDA
margins on $160 - $165 million in revenues (~$14.6 million Adj. EBITDA at
midpoint), rather than the originally expected 14 &#8211; 15% margins (would be
~$23M+ in Adj. EBITDA), despite benefiting from some portion of $3 million in announced
restructuring and other strategic initiatives (such as ToughWriter SKU
consolidation) that were supposed to enhance margins.&#160; In our view, this severe
(nearly 40%) degradation in expected margins, despite ~10% revenue growth, suggests
extremely poor operational management by CEO Greg Woods.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Our candidates.</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; We are not serial activists,
but we believe these critical missteps, coupled with the Board&#8217;s collective
track record of shareholder value destruction, speak to the need for substantial
and immediate change.&#160; Therefore, we seek to replace the value-destroying
incumbent Board members with a slate of highly qualified and motivated
candidates, whose expertise is </font><b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">specific and relevant</font></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> to the challenges
at hand. Our sole goal is turning around years of poor performance, aiming to
restore shareholder value at AstroNova for our clients and all other
long-suffering shareholders.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Our nominees are:&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Jeff Sands.</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; Mr. Sands is a Certified
Turnaround Professional, the Founding Partner of Dorset Partners LLC, and the
author of </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#8220;Corporate Turnaround Artistry: Fix Any Business in 100 Days&#8221;</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">
(published by J. Wiley).&#160; Mr. Sands has won the Turnaround Management
Association &#8220;Turnaround of the Year Award&#8221; three times and was named
&#8220;Turnaround Professional of the Year&#8221; by </font><i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">M&amp;A Advisor</font></i><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;"> in 2020.&#160; On
behalf of various private equity firms, </font><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">entrepreneurs,
and family offices, Mr. Sands has successfully turned around or restructured a
number of distressed businesses, including some merely days or weeks away from
lender-forced liquidation.&#160; He has worked with several military/aerospace
businesses, including a $100M supplier to Boeing.&#160; In recent years, Mr. Sands has
served on two private company Boards.</font></p>
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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Shawn&nbsp;Kravetz.</font></u></b><b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&nbsp; </font></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Mr.&nbsp;Kravetz&nbsp;is
President and Chief Investment Officer of Esplanade Capital LLC, an investment
management company he founded in 1999.&nbsp; Focused on smaller companies, out
of favor &amp; below the radar companies, special situations, and turnarounds,
Esplanade Capital LLC manages capital for a small number of like-minded
families, private investors, and institutions.&nbsp;
Mr.&nbsp;Kravetz&nbsp;served as a member of the Board of Directors of Nevada
Gold &amp; Casinos, Inc. (ticker UWN) from 2016 until it was acquired in 2019,
serving as Chairman of the Corporate Governance and Nominating Committee.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Ryan Oviatt.</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; Mr. Oviatt held various roles
including Board Member, Co-CEO, CFO, and Treasurer at publicly traded Profire
Energy (PFIE) from 2015 until its acquisition in 2025 by CECO Environmental
Corp (CECO), where he continues to lead key post-acquisition strategic
initiatives.&#160; Mr. Oviatt helped lead Profire&#8217;s successful expansion into new
end-markets and drive gross and EBITDA margin performance through challenging
cyclical conditions.&#160; Mr. Oviatt was also instrumental in helping Profire and
its Board prepare for, negotiate, and complete the transaction with CECO that delivered
a 60% premium to Profire&#8217;s 30-day volume-weighted average price prior to the
announcement.&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Boyd Roberts.</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; Mr. Roberts has held various
executive roles at publicly-traded Franklin Covey (FC), including Head of
Corporate Development and Business Relations, Vice President of Global Finance,
and General Manager.&#160; Relevant to improving the integration of MTEX, Mr.
Roberts is fluent in Portuguese and has substantial experience in mergers and
acquisitions, from sourcing and due diligence to integration and subsequent growth.&#160;
He has had full P&amp;L ownership and driven substantial revenue and profit growth
at two key business units, including an acquired unit.&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Samir Patel</font></u></b><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">.&#160; I am the founder and portfolio
manager of Askeladden Capital Management LLC, an investment firm focused on
small and micro-cap securities utilizing a research-driven value investing
philosophy.&#160; Unlike AstroNova, Askeladden has generated substantial
outperformance vs. its benchmark since inception in 2016.&#160; I have committed to
accepting no cash fees or stock awards &#8211; only reimbursement of expenses &#8211;
should you, my fellow shareholders, elect me.&#160; My role on the Board will be to ensure
the primacy and urgency of maximizing shareholder value. </font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">We look forward to providing you
with more information regarding our nominees and our efforts to restore
shareholder value at AstroNova.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Sincerely,</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Samir Patel</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Founder and Portfolio Manager, Askeladden Capital Management
LLC</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">DISCLAIMER: All views expressed represent solely those of
Samir Patel / Askeladden Capital and should not be construed to represent the
views of any other nominees.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:115%;">THIS IS
A SOLICITATION PURSUANT TO RULE 14a-12 UNDER THE SECURITIES ECHANGE ACT OF
1934. &#160;SAMIR PATEL, WHO MAY BE DEEMED A PARTICIPANT IN THIS SOLICITATION, HAS
ADVISED THE COMPANY OF HIS INTENT TO NOMINATE HIMSELF AND FOUR OTHER CANDIDATES
FOR ELECTION TO THE BOARD OF DIECTORS AT THE 2025 ANNUAL MEETING OF
STOCKHOLDERS.</font></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:115%;">&nbsp;</font><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:115%;">MR.
PATEL INTENDS TO FILE&nbsp;WITH THE SECURITIES AND EXCHANGE COMMISSION (THE
&#8220;SEC&#8221;) AND FURNISH TO ITS STOCKHOLDERS A PROXY STATEMENT IN SUPPORT OF HIS
NOMINATION. &#160;ANY SUCH PROXY STATEMENT WILL CONTAIN IMPORTANT INFORMATION, AND
INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN
IT BECOMES AVAILABLE. &#160;INVESTORS AND STOCKHOLDERS WILL BE ABLE TO OBTAIN FREE
COPIES OF ANY PROXY STATEMENT AND OTHER DOCUMENTS THAT MR. PATEL FILES WITH THE
SEC THROUGH THE SEC&#8217;S WEB SITE AT WWW.SEC.GOV AND FROM MR. PATEL BY WRITING TO
HIM AT 1452 HUGHES ROAD, SUITE 200, # 582, GRAPEVINE, TX&#160;&#160; 76501.&#160; INFORMATION
ABOUT THE DIRECT AND INDIRECT INTERESTS OF MR. PATEL ARE AVAILABLE IN A
SCHEDULE 13D THAT HE FILED ON MARCH 27, &#160;2025 AND WILL BE PROVIDED IN ANY
DEFINITIVE PROXY STATEMENT THAT HE FILES, ALONG WITH INFORMATION ABOUT HIS QUALIFICATIONS
AND ALL OTHER RELEVANT INFORMATION, ALL OF WHICH WILL BE AVAILABLE TO INVESTORS
AT NO COST AT THE SOURCES CITED ABOVE.</font></b></p>

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