Stellex acquires 1.6M TISI shares from Corre at $35.50, becomes largest shareholder

TEAM INC

Stellex acquires all 1,604,326 TISI shares from Corre at $35.50/share; company receives no proceeds.
Stellex to own ~35% of TISI common stock, plus preferred and warrants issued Sept 2025, becoming largest shareholder.
Corre irrevocably waived board observation and nomination rights on Aug 6, 2026; retains only Lender Director rights.
Chairman Michael Caliel calls transaction a strong vote of confidence; Stellex MD Olivia Zhao cites alignment.

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