Thanks
HWO has been undergoing an organizational restructuring and announced in late October that the conclusion of this has been delayed. This has resulted in the suspension of their $0.005 per share monthly dividend in order to preserve cash. HWO is planning a tax efficient capital distribution up to a maximum of $38.2 million or $0.75 per share fully diluted share. Revenue has fallen significantly in 2023, down nearly -45%, while also displaying a negative ROE and recording a net loss. HWO does present a good balance sheet with minimal debt and increasing cash along with generating small, but declining free cash flow. HWO will be releasing their earnings on November 8th, but the outlook remains uncertain with small-cap operational risks continuing to be evident. At this time, we would be more comfortable with another name such as CET or PSI.