Adler - comment

Adler are amending their LUA to extend the deadline to find an auditor September 2024, as the company would have to ask for a waiver very soon after the restructuring. In that context the participation in the new money is reopened and instead of the 25% synthetic warrants that ADJ note holders were to receive, the company will now be issuing 22.5% new shares. We are mildly surprised that Adler are re-opening what seemed like a workable agreement and conclude that the company must be feeling confident. Note that none of these amendments accommodates the plan of the 29s in any way. The new deadline for New-Money commitments is March 31st, but note that transaction fees will be calculated on holdings per March 20th.