Core Viewpoint - Citigroup Inc. is facing significant regulatory challenges, with Senator Elizabeth Warren advocating for growth limitations due to the bank's ongoing issues with data management and controls [1][2][4]. Regulatory Issues - Senator Warren has urged the Office of the Comptroller of the Currency (OCC) to escalate actions against Citigroup, moving to the third phase of a four-step program aimed at penalizing large banks for repeated offenses [3][8]. - Citigroup has accumulated multiple enforcement orders and fines over the years, indicating a pattern of serious compliance failures [4][5]. Recent Penalties - In 2020, Citigroup was fined $400 million by the OCC and Federal Reserve for longstanding risk management issues, and in July 2024, it faced an additional fine of $136 million for inadequate progress in addressing data management problems [6]. - The Federal Deposit Insurance Corporation and OCC raised concerns in March 2023 regarding Citigroup's controls related to the Bank Secrecy Act and Anti-Money Laundering (AML) requirements, although a decade-long enforcement action was recently terminated by the Fed [7]. Proposed Actions - Senator Warren has called for stringent restrictions on Citigroup's growth capabilities, echoing sentiments expressed by Acting Comptroller Michael Hsu regarding the need for serious enforcement against repeat offenders [8]. - The OCC has previously imposed growth caps on other large banks, such as Wells Fargo, which faced restrictions on its asset growth [9]. Remedial Actions - Since becoming CEO, Jane Fraser has prioritized revamping Citigroup's risk management infrastructure, with significant investments aimed at improving technology and internal controls to address compliance issues [10]. Stock Performance - Over the past six months, Citigroup's shares have decreased by 0.5%, contrasting with a 5.3% growth in the industry [11].

Exhibit 99.1 AT THE COMPANY: Neil Wilkin Tracy Smith Chairman, President & CEO Senior Vice President & CFO (540) 265-0690 (540) 265-0690 OPTICAL CABLE CORPORATION 5290 Concourse Drive Roanoke, VA 24019 (Nasdaq GM: OCC) www.occfiber.com investorrelations@occfiber.com investorrelations@occfiber.com AT JOELE FRANK, WILKINSON BRIMMER KATCHER: Aaron Palash Spencer Hoffman (212) 355-4449 ext. 8603 (212) 355-4449 ext. 8928 occ-jfwbk@joelefrank.com occ-jfwbk@joelefrank.com FOR IMMEDIATE RELEASE While production vol ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number 0-27022 OPTICAL CABLE CORPORATION (Exact name of registrant as specified in its charter) Virgini ...

ROANOKE, Va., June 10, 2024 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) ("OCC®" or the "Company") today announced financial results for its second quarter ended April 30, 2024. Consolidated net sales for the second quarter of fiscal year 2024 were $16.1 million, a decrease of 17.9% compared to net sales of $19.6 million for the same period in the prior year. OCC experienced decreases in both its enterprise and specialty markets, including the wireless carrier market, in the second quarter of ...

Optical Cable Corporation ("OCC®") is a leading manufacturer of a broad range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market and various harsh environment and specialty markets (collectively, the non-carrier markets) and also the wireless carrier market, offering integrated suites of high-quality products which operate as a system solution or seamlessly integrate with other components. ROANOKE, Va., June 6, 2024 /PRNewswire/ -- Optical Cab ...

AT THE COMPANY: Roanoke, Va., March 13, 2024 — Optical Cable Corporation (Nasdaq GM: OCC) ("OCC®" or the "Company") today announced financial results for its first quarter ended January 31, 2024. Neil Wilkin Chairman, President & CEO (540) 265-0690 investorrelations@occfiber.com Tracy Smith Senior Vice President & CFO (540) 265-0690 investorrelations@occfiber.com AT JOELE FRANK, WILKINSON BRIMMER KATCHER: Aaron Palash (212) 355-4449 ext. 8603 occ-jfwbk@joelefrank.com Spencer Hoffman (212) 355-4449 ext. 8928 ...

Financial Facilities and Borrowings - The maximum aggregate principal amount subject to the Revolver is $18.0 million, with interest accruing at a rate of 1.5% above the Prime Rate, not less than 4.75%, and reaching 10.0% as of January 31, 2024 [132] - As of January 31, 2024, the company had $7.5 million of outstanding borrowings on its Revolver and $2.3 million in available credit [134] Capital Expenditures and Funding - The company estimates capital expenditures of $1.0 million for the 2024 fiscal year, to be funded from working capital, cash from operations, or Revolver borrowings [135] - The company believes its future cash flow from operations, cash on hand, and existing credit facilities will be adequate to fund operations for at least the next twelve months [137] Sales Patterns - Net sales are typically 48% in the first half and 52% in the second half of each fiscal year, reflecting customer buying patterns and budgetary cycles [139] Regulatory and Accounting Updates - The company is evaluating the impact of FASB's ASU 2023-07 on segment reporting disclosures, effective for annual periods beginning after December 15, 2023 [143] - The company is also evaluating the impact of FASB's ASU 2023-09 on income tax disclosures, effective for annual periods beginning after December 15, 2024 [144] Internal Controls and Procedures - The company's disclosure controls and procedures were effective as of January 31, 2024, with no material changes in internal control over financial reporting during the last fiscal quarter [148]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K 5290 Concourse Drive, Roanoke, VA 24019 (Address of principal executive offices) (Zip Code) (540) 265-0690 (Registrant's telephone number, including area code) Commission File Number 0-27022 OPTICAL CABLE CORPORATION (Exact name of the registrant as specified in its charter) Virginia 54-1237042 (State or other jurisdiction of incorporation or organization) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF TH ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number 0-27022 OPTICAL CABLE CORPORATION (Exact name of registrant as specified in its charter) (State o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2023 Commission file number 0-27022 OPTICAL CABLE CORPORATION (Exact name of registrant as specified in its charter) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Virgini ...