Dear Shareholders,

I wanted to take this opportunity to provide an update on our latest progress and the merger agreement between the Company and EMJX. As most of you are aware, the Company entered into a definitive agreement to acquire EMJX, the next-generation ("Gen2") digital-asset treasury platform I founded.

I have spent over 20 years in public markets, most recently running EMJ Capital, with a PhD in Management from Columbia Business School. I can sincerely say I am excited about the opportunity we have with this transaction to drive value for shareholders.

Operational Progress in 2026

Since announcing this merger in December 2025, we've made substantial operational progress. First, we deployed $18 million into our second-generation digital asset treasury hedging strategy, delivering a 5.69% return in March 2026 compared to a 4.98% decline in the S&P 500 index amid ongoing global uncertainty. This amounts to a 10.67% outperformance over the S&P 500 during this period. Through mid-April, we achieved approximate gains of 3.5% and 8% in our hedging pool and long treasury investment holdings, respectively. Second, we've been engaging in business development and market education discussions across the U.S. investment community and businesses, showcasing the institutional capabilities of our platform.

These past few months have laid the groundwork for EMJX's future. We've proven out our operating system, which applies quantitative models, artificial intelligence, and systematic risk controls to multi-asset digital treasury management. We believe this Gen2 framework reflects the continued maturation of digital-asset treasuries toward more disciplined, institutional-grade capital management models.

What we have brought to market is structurally different to what we have typically seen in history: Gen1 treasury approaches that rely on price appreciation of a single asset and typically lack systematic risk management, exposing shareholders to significant drawdowns and dilution during adverse market conditions. In contrast, our Gen2 approach is structured as a platform that governs how capital is allocated, hedged, and reinvested across market cycles, rather than functioning as a passive balance sheet tracking asset values. This distinction is important because for EMJX, we have spent a lot of time focusing on governance and rules to build a system based on intelligence. In essence, EMJX is a treasury operating system - not a fund, nor crypto fund, nor a hedge fund, but something built to last.

As we look forward, we have been focused on expanded treasury deployment to areas we believe have high growth potential. Just yesterday, the Company announced it had acquired shares in the open market of Compass Inc. and increased its investment in Opendoor Technologies Inc.

Update on Timing

I understand that complex corporate transactions like this can create uncertainty, but I want to reiterate my confidence in this deal and its ability to propel our business and deliver long-term shareholder value.

This week, the Company filed a registration statement on Form S-4 with the SEC for this important transaction. SRXH's Board of Directors and EMJX are committed to maximizing shareholder value through this transaction and structuring the post-merged company in a way that best aligns with all shareholders. Now that the S-4 is filed, we will undergo a regulatory review period – a typical process for this type of transaction – and, pending approval, we will then be cleared to close. We are following the clear process as laid out by the SEC, but hope to conclude this as soon as possible.

Upon completion, the EMJX platform will operate through a wholly-owned subsidiary of the Company. As Founder of EMJX, I am proud of the performance that it is delivering so far and I am thrilled to show what we can do in the future. 

To close, I want to thank you, as shareholders, for your continued support and patience. We look forward to providing further updates in the future.

Regards,

Eric. M. Jackson

EMJX Founder & Chief Executive Officer