Following the approval of both Hudson Global and Star Equity Holdings shareholders, the merger of the two companies closed late last week, increasing Hudson's revenue base by 67%. The newly acquired businesses include KBS Builders, a modular home manufacturer based in Maine, and Allied Drilling Tools, an energy services company focused on the Permian Basin. HSON management has announced its intention to pursue strategic “tuck in” acquisitions to take advantage of the new holding company structure. The merger leaves HSON with more cash than required for working capital, and we foresee the Company will likely deploy its cash on acquisitions. Targets could include opportunities to expand in the RPO business. HSON's RPO segment is seeing the beginnings of a turnaround in hiring activity, while KBS Builders is seeing growing revenue. In addition to increased revenue, we forecast significant expense savings for the combined businesses. Combined SG&A costs are expected to decrease by $2 million due to the elimination of redundant administrative costs. With increased estimated revenue and decreased estimated expenses, we increase our estimate for 2026 adjusted EPS from $1.21 to $1.48 per share. With this note we also change our earnings presentation to reflect adjusted earnings rather than GAAP earnings, to exclude the effect of one-time items. We maintain our price target of $17 per share. We arrive at our price target by applying HSON's five-year average PE multiple of 12x to our post-merger forecast for 2026 adjusted EPS of $1.48. The Moderate Risk rating reflects the Company's revenue prospects and strong balance sheet.