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Microcap & Penny Stocks : REFR Since Gauzy -- Ignore unavailable to you. Want to Upgrade?

To: dimtint who wrote (1577)	11/10/2025 10:06:35 AM
From: N. Dixon	Read Replies (1) \| Respond to of 1667

On the conference call I indicated some of the factors going into the decision not to have a capital raise at this time. From the CC re: Raising cash (bold is mine) Turning to our financial condition and liquidity, we continue to manage our resources effectively. As of September 30, 2025, we held approximately $1.13 million in cash and had working capital of $1.4 million. We remain debt-free. One shareholder, Jared, asked if we plan to raise additional capital. We do not currently plan to raise additional capital, assuming that we do not have a repeat of the Q2 licensee bankruptcies, and none are expected, by the way, and we collect what is owed to us. We have had interested investors approach us, so capital is available if we ever need it, but there’s no current plans to raise funds. We continue to see progress and significant developments across our markets. Our SPD Smart technology is licensed or used by many major companies in five areas: aerospace, architectural, automotive, marine, and display products in almost every region of the world. We have had some very key developments within our industry since the last conference call. I can say we never had a more full pipeline of projects and opportunities. Some are medium term, and some are near term, with the timing and ability to announce more in our control. A good example is the architectural retrofit system. I was at Glass Build in Orlando for its launch there this week by AIT. The show is outstanding. Wonder who the "interesed investors are" "Investors" plural. ND

To: dimtint who wrote (1577)	11/10/2025 12:39:44 PM
From: dimtint	2 Recommendations Recommended By JoAnnBarbour N. Dixon Respond to of 1667

Follow up: I'm not trying to be coy here but we were told it was a "competitive technology" without more specifics. To me it matters most that this is what the customer (the OEM) asked us to use as a target. Joe Joseph M. Harary, President and CEO Research Frontiers Incorporated 240 Crossways Park Drive Woodbury, New York 11797-2033 Tel: 516-364-1902 ext. 220 or 888-SPD-REFR ext.220 Fax: 516-364-3798 Email: Harary@SmartGlass.com Internet: smartglass.com "Can Your Glass Do This?" On 11/10/2025 9:29 AM, I wrote: I assume you include PDLC as one of the alternatives, not just electrochemical? Close family actor friend decided in his early 40's that he needed to get typecast to have a career.He's gone on to do very well. I think commodity pricing with consistent quality across distributors is probably time. Bespoke high-end to get the volumes to get the price to get more volumes was a failure.