On March 6, 2024, Galloway Capital Partners, LLC delivered a letter to Koil Energy Solutions, Inc.?s Chairman and Chief Executive Officer. In the letter, Galloway Capital Partners highlighted disappointment with management?s performance in enhancing shareholder value. Galloway Capital Partners stated that it continues to view that the Company is significantly undervalued and that it is at the forefront of a capital deployment cycle in the Gulf of Mexico which should significantly benefit shareholders.

Galloway Capital Partners added that it would like to recommend a candidate to be selected by Galloway Capital Partners to be appointed to the Company?s Board of Directors. Galloway Capital Partners stated that this individual will have strong public board and capital markets experience and will actively assist in working with the Board and management to create shareholder value.