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    Bruce Berger

    Research Analyst at Turnaround Capital

    Bruce Berger's questions to DAWSON GEOPHYSICAL (DWSN) leadership

    Bruce Berger's questions to DAWSON GEOPHYSICAL (DWSN) leadership • Q3 2021

    Question

    Bruce Berger from Turnaround Capital questioned the decision to accept the Wilks Brothers' tender offer, asking why management believes a rightsizing plan would fail to stop cash losses, especially with a large 66,000 channel count project suggesting a potential return to breakeven.

    Answer

    Chairman, President & CEO Stephen Jumper explained that the company has already been aggressively rightsizing, cutting headcount from over 1,000 to approximately 100, and further reductions would impair operational readiness. He clarified that the large project is short-term (45 days) with limited visibility beyond February 2022. Jumper also cited softening prices, ongoing cash burn due to depleted receivables, and significant future capital needs as key factors making the offer a compelling value and liquidity event for shareholders.

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    Bruce Berger's questions to DAWSON GEOPHYSICAL (DWSN) leadership • Q2 2021

    Question

    Bruce Berger from Turnaround Capital asked about Dawson Geophysical's strategy to mitigate its quarterly cash burn and inquired about the nature of its work in Canada, specifically if it was related to carbon capture or traditional exploration.

    Answer

    Stephen Jumper, Chairman, President & CEO, explained that Q2 2021 represented a low point in activity and that the company is focused on reducing cash burn while anticipating keeping one crew busy in the U.S. for the rest of the year. He clarified that most of the work in Canada has historically been in heavy oil basins, but the company is watching for new opportunities in natural gas given recent price increases.

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    Bruce Berger's questions to DAWSON GEOPHYSICAL (DWSN) leadership • Q1 2021

    Question

    Bruce Berger of Turnaround Capital asked why oil companies would reshoot seismic images in areas with existing data, the potential market size for new seismic imaging in the U.S., the expected time lag between a drilling recovery and increased seismic demand, and the rationale behind the company's recently enacted poison pill.

    Answer

    Stephen Jumper, Chairman, President & CEO, explained that newer, high-density seismic techniques provide substantially improved subsurface image quality, justifying reshoots and opening up vast, prospective areas that need modern imaging. He characterized the delay in seismic demand as a timing issue, complicated by a slow rig count recovery and E&P focus on shareholder returns. Regarding the poison pill, he stated it was a standard shareholder rights plan, similar to ones the company has had in the past, intended to protect all shareholders.

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    Bruce Berger's questions to Adicet Bio (ACET) leadership

    Bruce Berger's questions to Adicet Bio (ACET) leadership • Q1 2019

    Question

    Bruce Berger, a private investor, asked about the company's compliance with its bank liquidity covenant, the expected timeline for generating positive cash flow from working capital, clarification on the intent to retire all debt, and the rationale behind the delayed annual meeting, the tax rights plan, and the shelf offering.

    Answer

    CFO Becky Roof clarified that the covenant is a liquidity covenant, not a cash covenant, and includes the undrawn revolver, which keeps the company in compliance. She explained the Q1 cash usage was for strategic inventory builds at Rising and Performance Chemicals but did not provide a specific forecast for a return to cash generation. She reiterated the strategic process is intended to retire debt. President and CEO Bill Kennally explained the rights plan protects tax assets, the shelf filing was a standard renewal of an expiring registration, and the annual meeting was delayed pending the strategic review.

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