We intend to focus our search on companies within the consumer and retail industry.

Our affiliation with EF Hutton will allow us to leverage the knowledge and expertise of not only Messrs. Piggott, Rallo and Boral but also of all 54 investment professionals currently employed at the organization.

**(Note: EF Hutton is the sole book-running manager of this affiliated SPAC’s IPO. Under FINRA Rule 5121, EF Hutton is deemed to have a “conflict of interest,” the prospectus says. In accordance with FINRA Rule 5121, Craig-Hallum Capital Group LLC has agreed to act as a qualified independent underwriter for this offering.)

Our business strategy is to identify and complete an initial business combination with a strong and predictable cash flow generative business that has an enterprise value in the range of $400 million to $1 billion. We intend to specifically focus on companies aligned with the core principles that create enduring businesses and cash flow streams such as: multi-year operating history of financial performance including strong growth, current or potential near-term free cash flow generation, valuable brand equity, long duration growth dynamics, seasoned senior management team, and a strong structurally sustainable competitive position. We plan to prioritize and invest in underlying company characteristics, not specific businesses or industries that may possess great attributes. We believe the lower middle private markets hold the greatest potential to unlock shareholder value when coupled with our management expertise and public market financing background. The following characteristics are indicative of the types of strong and predictable cash flow generative businesses that we intend to consider:

• Businesses with a track record of top-line growth and strong prospects for continued top-line growth;
• Businesses that have the ability to generate strong free cash flow and re-invest it at high incremental rates of return;
• Businesses that have the ability to build long term sustainable competitive advantages from factors such as, but not limited to branding, distribution, intellectual property, network effects and scale;
• Businesses that have proven adept in acquiring and retaining customers at a lower cost and longer duration than their competitors;
• Businesses that command a fair valuation for the quality of their assets;
• Businesses that have management teams with a firm grasp of the importance around capital allocation, whose incentives are aligned with shareholders and who understand the importance of driving value on a per share basis; and
• Businesses that can leverage a public currency to both accelerate organic growth initiatives and deploy it at accretive terms for M&A to drive long term shareholder value.

(Note: EF Hutton Acquisition Corp. I priced its SPAC IPO on Sept. 8, 2022, in sync with the terms in its prospectus: 10 million units at $10.00 each to raise $100.0 million.)