NOTE 4 — ASSETS HELD FOR SALE

On June 4, 2025, the Company entered into a definitive agreement (the “Manitowoc Purchase Agreement”) with Wisconsin Heavy Fabrication, LLC (the “Buyer”) to sell certain assets used in its industrial fabrication operations in Manitowoc, Wisconsin including specified contracts, equipment, machinery and other personal property, and permits for an aggregate purchase price of up to $13,800 in cash, subject to certain purchase price adjustments. The transaction is expected to close during the third quarter of 2025, subject to the satisfaction of customary closing conditions.

Since the sale is probable within a year and the Company has met all other held for sale accounting criteria, the related assets are reflected as held for sale as of June 30, 2025. The transaction does not reflect a strategic shift that will have a major effect on operations and financial results, and therefore, did not qualify for presentation as a discontinued operation. As the transaction is likely to close within one year, the assets are included in the current assets section of the Company’s condensed consolidated balance sheets as of June 30, 2025. The results of the industrial fabrication operations in Manitowoc are included within the Heavy Fabrications segment. Assets classified as held for sale consist of the Manitowoc property and equipment and have been recognized at the lower of the carrying value and fair value less costs to sell, which was the carrying value. Depreciation of these assets ceased as of June 4, 2025.