Risk Factors Update Summary

• Anticipate needing to raise additional capital to repay $196 million Term Loan due April 1, 2025.
• Future RINs liabilities increasing monthly could materially affect cash flows and operations.
• Increase in accounts payable and accrued expenses from $102 million to $148 million.
• Stock price fluctuated between $11 and $20 per share on March 6, 2023, and $1 and $10 per share on February 28, 2024.
• Decrease in inventory financing liabilities from $141.3 million to $95.2 million.
• Outstanding warrants decreased from 3 million to 2.6 million shares at $3.00 per share.
• Potential need to seek additional debt funding to support operations, acquisitions, and growth.
• Convertible Senior Notes may be converted into a maximum of 326 million shares.
• Change in interest rate from 9.25% to 10.17% could increase debt service costs.
• Warrants include anti-dilutive rights and cashless exercise rights, impacting stock value.
• Potential adverse effects on operations if unable to obtain crude oil supplies for the refinery.
• Registration statement agreements ensure timely filing and effectiveness for resale of shares.
• Ongoing issues with termination of agreements and pending litigation could impact operations.
• Failure to meet requirements in Registration Rights Agreements could lead to significant penalties.