Fluent, Inc. — Director's Dealing 2025

May 20, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Fluent, Inc. (FLNT)
CIK: 0001460329
Period of Report: 2025-05-15

Reporting Person: GLOBAL VALUE INVESTMENT CORP. (N/A)
Reporting Person: GEYGAN JEFFREY RICHART (N/A)
Reporting Person: GEYGAN JAMES (N/A)
Reporting Person: Wilke Stacy (N/A)
Reporting Person: Geygan Kathleen (N/A)
Reporting Person: Rice Shawn G (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-19	Common Stock	J	8104	—	Disposed	3058299	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-15	Pre-Funded Warrants	$0.0005	A	78425	Acquired		Common Stock (78425)	Indirect
2025-05-15	Warrants	$2.2	A	78425	Acquired		Common Stock (78425)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9385	Direct

Footnotes

F1: As of May 19, 2025, certain separately managed accounts terminated their relationship with, and are no longer advised by, Global Value Investment Corporation. The positions held in such accounts are therefore no longer included herein.

F2: In addition to Global Value Investment Corporation, a Delaware corporation, this Form 4 is being filed jointly by Jeffrey R. Geygan, a citizen of the United States of America, James P. Geygan, a citizen of the United States of America, Stacy A. Wilke, a citizen of the United States of America, Kathleen M. Geygan, a citizen of the United States of America, and Shawn G. Rice, a citizen of the United States of America, each of whom has the same business address as Global Value Investment Corporation. Global Value Investment Corporation beneficially owns the shares of common stock, par value $0.0005 per share ("Common Stock"), of Fluent, Inc. reported on this Form 4.

F3: In accordance with Instruction 4(b)(iv), the entire amount of Common Stock held by Global Value Investment Corporation is reported herein. Common Stock reported as indirectly owned by Global Value Investment Corporation includes shares owned by Jeffrey R. Geygan, James P. Geygan, Stacy A. Wilke, Kathleen M. Geygan, and Shawn G. Rice.

F4: The Pre-Funded Warrants will be exercisable after stockholder approval of the offering of the Pre-Funded Warrants.

F5: The Pre-Funded Warrants will terminate when exercised in full.

F6: These securities are held in one or more accounts managed indirectly by Global Value Investment Corporation or its subsidiary or its affiliated persons/entities (collectively, "GVIC"). GVIC may be deemed to have beneficial ownership of these securities because it serves as the investment manager and/or investment advisor to separately managed accounts, investment partnerships, and/or individuals. The reporting person disclaims beneficial ownership in the securities except to the extent of his pecuniary interest, if any, and this report shall not be deemed to be an admission that the reporting person is the beneficial owner of such securities for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F7: The Warrants will be exercisable after stockholder approval of the offering of the Warrants.

F8: The Warrants will expire three years from the date of issuance.