John Kim Co-Chief Executive Officer

John Kim has served as the CEO of Empery Digital (formerly Volcon) since early 2024. Within one year, he reconstructed the company, cleared all its debts, launched new products, and raised capital. He is the founder of Super73, which was acquired by Tiger Global, and U-Life, which was acquired by LG Electronics. Kim received his MA in Design from Stanford University.

Ryan Lane Co-Chief Executive Officer/Chairman

Ryan Lane is a founder and principal of Empery Asset Management, established in 2008 to make negotiated direct investments in public companies. He has deployed billions of dollars in thousands of capital markets transactions over the last two decades. Empery Asset Management has generated approximately 22% net annual returns for investors in its fund since inception. Lane’s deep expertise spans capital structure and capital markets, allowing him to design and negotiate bespoke structural solutions for companies across various industries. His hedge fund is currently the third-largest shareholder in Empery Digital.

Greg Endo Chief Financial Officer

Greg Endo has served as the Chief Financial Officer of Empery Digital since June 2021. Prior to joining the company, Mr. Endo worked for over 26 years at Deloitte & Touche LLP. From August 2006 until his retirement in September 2020, he was an audit and advisory partner, providing counsel to public and private companies in the manufacturing, technology, and real estate sectors. He has experience assisting clients with merger and acquisition transactions, equity and debt financings, IT implementations, and business process design and controls. Mr. Endo is a certified public accountant in Texas.

Tim Silver Chief Operating Officer

Tim Silver is a portfolio manager at Empery Asset Management. He is a capital markets expert with extensive experience in executing direct financings across the capital structure and establishing systems and processes for reliable fund management. Previously, Silver worked in M&A and Strategic Advisory at Lazard. He holds a BA in Mathematical Economics from Colgate University and an MBA from Columbia Business School.

Alyson Chung Digital Asset Treasury Controller

Alyson Chung currently serves as Controller at Empery Asset Management. She is an experienced controller with over a decade of establishing systems and processes for accurate and efficient fund administration, reporting, and reconciliation. Before her role at Empery Asset Management, she worked in accounting at Brown Brothers Harriman. She earned her BS in Business Administration from Stonybrook University and an MBA in Accounting from Baruch College.

Empery Digital Inc. (EMPD) faces several key business risks, primarily stemming from its financial health, its significant Bitcoin treasury strategy, and ongoing governance challenges.

The most significant risk to Empery Digital is its **persistent financial distress and unprofitability**. The company has reported deep losses, declining revenue, and substantially negative operating and net margins, indicating severe operational inefficiencies. Its core business struggles with profitability, which leads to negative operating and free cash flow, suggesting liquidity strain and a reliance on external financing to sustain operations. The Altman Z-Score, a measure of financial health, places the company in the distress zone, indicating a potential risk of bankruptcy in the near future.

Secondly, Empery Digital faces substantial risk from the **high volatility and concentration of its Bitcoin treasury strategy**. The company has allocated a significant portion of its assets to Bitcoin, which is a highly volatile asset. Fluctuations in Bitcoin's price directly impact Empery Digital's financial condition and stock performance. The concentration of assets in Bitcoin means that significant declines in its value could have a pronounced adverse effect on the company's financial health, potentially leading to capital impairment.

Finally, the company is contending with **governance issues and challenges from activist shareholders**. Empery Digital has received board nomination notices from activist investors who have accused management of reckless behavior and poor governance. This internal conflict can divert significant company resources, including financial and management attention, away from executing its business strategy and enhancing shareholder value, thereby creating instability and potentially hindering its long-term prospects.

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• Capital Appreciation and Strategic Monetization of Bitcoin Holdings: Empery Digital's primary strategy involves aggregating Bitcoin as a core treasury asset. Future revenue growth is anticipated from the appreciation in the market value of these Bitcoin holdings. Additionally, the company actively engages in the strategic sale of portions of its Bitcoin to generate proceeds, which are then used to fund share repurchases, increase cash positions, and potentially reduce outstanding debt. This monetization of appreciated digital assets contributes to the company's financial flexibility and overall value.
• Income Generation from Bitcoin Derivative Trading: The company explicitly intends to generate income through actively buying and selling derivatives tied to the price of Bitcoin, including short-term put and call contracts. This direct engagement in derivative markets is a stated source of revenue for Empery Digital.
• Enhanced Shareholder Value through Accretive Share Repurchases: Empery Digital has implemented a share repurchase program, funded by existing cash balances and Bitcoin sales, with the goal of maximizing Bitcoin per share and overall shareholder value by buying back shares at prices below its net asset value (NAV). While not a direct revenue stream, increasing shareholder value and Bitcoin per share can improve market perception and potentially attract further investment, indirectly supporting future growth initiatives.
• Opportunistic Equity Issuance at a Premium to Net Asset Value (NAV): Empery Digital plans to opportunistically issue equity or equity-linked securities when market conditions allow it to raise capital at a premium to its NAV. This strategy leverages the company's strong asset base and per-share metrics to acquire additional capital, which can then be deployed for further Bitcoin aggregation or other strategic investments, thereby driving future growth.