Heritage Global Inc. — Director's Dealing 2023

Apr 5, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Heritage Global Inc. (HGBL)
CIK: 0000849145
Period of Report: 2023-04-03

Reporting Person: Topline Capital Management, LLC (See Explanation in Footnotes)
Reporting Person: McBirney Collin (See Explanation in Footnotes)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-04-03	Common Stock	S	50000	$2.88	Disposed	3860460	Indirect
2023-04-04	Common Stock	S	1934	$2.84	Disposed	3858526	Indirect

Footnotes

F1: The reporting persons are (i) Topline Capital Management, LLC, an exempt reporting adviser ("TCM"), and (ii) Collin McBirney, TCM's managing member.

F2: Each reporting person may be deemed to beneficially own more than 10% of the issuer's outstanding shares of Common Stock. Each reporting person disclaims beneficial
ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission
that any reporting person is the beneficial owner of such shares of Common Stock for purposes of Section 16 or for any other purpose.

F3: The shares of Common Stock reported in Table I of this Form 4 are beneficially owned by Topline Capital Partners, LP, a Delaware limited partnership (the "Fund"). As a
greater than 10% beneficial owner, the Fund is separately reporting its holdings in the issuer's securities on a Form 4 filed concurrently herewith. Each of TCM, as the
investment manager and general partner of the Fund, and Mr. Mc Birney, as managing member of TCM, may be deemed to be the beneficial owner of the shares of common
stock beneficially owned by the Fund.