Risk Factors Update Summary

• Addition of anti-money laundering (AML) program requirements may result in increased compliance costs.
• Added risks related to private market investments, including potential transfer restrictions, lack of information, pricing opacity, and liquidity concerns.
• Expansion into new markets and offerings may require additional licenses, registrations, and permits, impacting operations.
• Failure to protect intellectual property could reduce competitiveness and harm business.
• Increased emphasis on the need for significant resources to compete effectively and hire key personnel.
• Introduction of new revenue streams like account fees, cash management fees, and custody-as-a-service offerings.
• Inability to attract and retain skilled personnel may adversely affect business operations.
• Material increase in accumulated deficit from $190 million to $280 million as of December 31, 2023.
• Emphasis on the importance of attracting and retaining customers to drive revenue growth.
• Shift in revenue sources from placement fees to commissions earned on securities-based transactions.