9AT: CANNELL CAPITAL LLC

other names

CANNELL CAPITAL LLC
PAMPANITO CORPORATION DBA CANNELL CAPITAL CORPORATION (RELYING ADVISER)

Adviser Profile

As of Date	08/01/2025
ADV Location	ALTA, WY, United States
Adviser Type - Large advisory firm
Number of Employees	4 -43%
of those in investment advisory functions	3 -40%
Registration	SEC, Approved, 07/29/2011

AUM^*	527,610,283 -34%
of that, discretionary	527,610,283 -34%
Private Fund GAV^*	595,359,202 5%
Avg Account Size	27,768,962 -3%
% High Net Worth	63.16% -7%
SMA’s	Yes
Private Funds	5 1
Contact Info	307 xxxxxxx
Websites

Client Types

- High net worth individuals
- Pooled investment vehicles
- Other

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count3	GAV$548,358,900
Fund TypeVenture Capital Fund	Count2	GAV$47,000,302

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser AWM INVESTMENT COMPANY INC	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund13.7m	Other Fund-	Total Private Fund GAV1.1b	AUM1.1b	#Funds9
Adviser AROSA CAPITAL MANAGEMENT LP	Hedge Fund644.1m	Liquidity Fund-	Private Equity Fund262.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund26.6m	Other Fund-	Total Private Fund GAV959.9m	AUM794.6m	#Funds16
Adviser ARS INVESTMENT PARTNERS, LLC	Hedge Fund10.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund7.1m	Other Fund-	Total Private Fund GAV24.5m	AUM1.8b	#Funds5
Adviser TCM GLOBAL ASSET MANAGEMENT LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds-
Adviser MIO PARTNERS, INC.	Hedge Fund17.7b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund73.4m	Other Fund-	Total Private Fund GAV17.8b	AUM44.9b	#Funds14
Adviser PANTERA CAPITAL	Hedge Fund4.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund1.3b	Other Fund-	Total Private Fund GAV6.8b	AUM5.6b	#Funds31
Adviser COLCHIS CAPITAL MANAGEMENT, L.P.	Hedge Fund779.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund8.1m	Other Fund-	Total Private Fund GAV795.6m	AUM919.8m	#Funds10
Adviser 1SHARPE CAPITAL LLC	Hedge Fund2.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund35.0m	Other Fund-	Total Private Fund GAV2.1b	AUM2.1b	#Funds7
Adviser SUVRETTA CAPITAL MANAGEMENT, LLC	Hedge Fund5.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund107.5k	Other Fund-	Total Private Fund GAV5.1b	AUM5.1b	#Funds11
Adviser MIG CAPITAL, LLC	Hedge Fund1.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.0b	AUM1.0b	#Funds3

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker20459V105	Stock NameCOMPOSECURE INC	$ Position$29,494,893	% Position9.00%	$ Change28.00%	# Change-1.00%
Stck Ticker656811106	Stock NameNORTH AMERN CONSTR GROUP LTD	$ Position$24,726,190	% Position7.00%	$ Change-13.00%	# Change-14.00%
Stck Ticker149568107	Stock NameCAVCO INDS INC DEL	$ Position$20,612,835	% Position6.00%	$ Change-21.00%	# Change-6.00%
Stck Ticker464287655	Stock NameISHARES TR (PUT)	$ Position$14,198,982	% Position4.00%	$ Change	# Change
Stck Ticker602496101	Stock NameMIMEDX GROUP INC	$ Position$12,671,688	% Position4.00%	$ Change-22.00%	# Change-3.00%
Stck Ticker651718504	Stock NameNPK INTERNATIONAL INC	$ Position$12,917,244	% Position4.00%	$ Change	# Change
Stck Ticker798241105	Stock NameSAN JUAN BASIN RTY TR	$ Position$13,344,514	% Position4.00%	$ Change-21.00%	# Change-27.00%
Stck Ticker913915104	Stock NameUNIVERSAL TECHNICAL INST INC	$ Position$12,801,337	% Position4.00%	$ Change-22.00%	# Change-41.00%
Stck Ticker65345M108	Stock NameNEXTDOOR HOLDINGS INC	$ Position$8,997,681	% Position3.00%	$ Change3.00%	# Change-5.00%
Stck Ticker83307B101	Stock NameSNDL INC	$ Position$10,831,624	% Position3.00%	$ Change-15.00%	# Change0.00%

Brochure Summary

Overview

Cannell Capital LLC, a Wyoming limited liability company, formerly known as James Carlo Cannell D/B/A Cannell Capital Management (“Cannell Capital” or the “Firm”) is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”). Cannell Capital was founded in 1996 and is wholly owned by James Carlo Cannell. Mr. Cannell is the sole Managing Member of the Firm. Pampanito Corporation (“Pampanito”), a California corporation affiliated with Cannell Capital that was founded in 2008, is a “relying adviser” to Cannell Capital in reliance on the SEC No-Action Letter to the American Bar Association’s Subcommittee on Hedge Funds, Dated January 18, 2012. Pampanito also does business as Cannell Capital Corporation and is wholly owned by Mr. Cannell. Unless specified otherwise, references in this brochure to “Cannell Capital” or “Firm” includes both Cannell Capital and Pampanito. Cannell Capital provides investment advisory and sub-advisory services on a discretionary basis to pooled investment vehicles that are structured as limited partnerships, limited liability companies or corporations, and which comply with Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940, as amended (individually a “Fund”, collectively “Funds”). Cannell Capital also provides investment advisory and sub-advisory services on a discretionary basis to some separately

managed accounts. The Firm manages each Fund in accordance with one or more alternative asset investment strategies described in Item 8 of this brochure. Subject to the investment objectives, restrictions and policies stated in each Fund’s respective offering documents, Cannell Capital is contracted as the investment manager responsible for determining which general investment strategies are to be employed in managing the Fund’s portfolios to achieve each Fund’s respective investment objective. Cannell Capital is responsible for the actual management of each Fund’s portfolios including the selection of portfolio securities. A client cannot impose restrictions on investing in certain securities or types of securities except as negotiated on a case-by-case basis and reflected in the relevant agreement between Cannell Capital and the relevant client. Persons reviewing this brochure should not construe it as an offering of any Fund described herein. Fund offerings will only be made pursuant to the delivery to prospective investors of confidential offering documents, which will describe certain risk factors, conflicts of interest, investment objectives and other important information regarding the Fund. As of December 31, 2023, Cannell Capital managed $851,813,961 on a discretionary basis. This figure reflects regulatory assets under management as reflected in Part 1 of the ADV. P a g e | 5

CANNELL CAPITAL LLC

Adviser Profile

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Compensation Arrangments

Reported AUM

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