With this note we transition coverage of Hudson Global, Inc. to Michael Mathison from Marc Riddick. Pending the 2Q:25 earnings release we leave our estimates and target unchanged. Post release, we will revise our model to account for the merger and any additional information we glean from the release and conference call. We maintain our 2Q:25 GAAP EPS estimate of a $0.04 loss, an improvement from a loss of $0.15 in 2Q:24 and a loss of $0.59 in 1Q:25. On May 21 HSON announced a definitive merger with Star Equity Holdings (STRR), expected to close in 2H:25. In addition to $2 million in cost savings, the strategic purpose of the merger is to create a platform for further acquisitions that can significantly grow the Company's revenue and profits. On July 24 HSON announced the acquisition of Tokyo-based Alpha Consulting Group (ACG). The ACG acquisition is strategically significant for HSON since it establishes a greater presence in the Japanese RPO market. With the pending merger and recent acquisitions, HSON is at an inflection point. We expect the upcoming call to provide greater insight into the Company's post-merger strategy We maintain our price target of $19, 14x our 2026 GAAP EPS estimate of $1.33. With cash on the balance sheet of $5.79 per share, the market is valuing HSON's operating business at only $3.50 per share, less than 3x our 2026 estimate. We also note there is no value assigned to the holding company platform. We view HSON shares as attractive at current prices.