Carbon Revolution Updates on Strategic Transaction Progress

Carbon Revolution provided an update on its efforts to execute and complete a strategic transaction with one or more potential counterparties or to obtain additional funding. The Company is currently in advanced discussions with its secured lenders regarding a transaction that would result in certain secured lenders converting their debt into equity securities of the Company and / or its wholly-owned subsidiary, Carbon Revolution, which are expected to constitute all or a substantial majority of the outstanding equity securities. Such a transaction is expected to materially and substantially impair the value of the Company's outstanding ordinary shares. The execution of definitive documentation for such transaction and its implementation is subject to continued intercreditor negotiations and finalization of the timing and satisfaction of certain conditions. The Company expects to announce the terms of such transaction with an anticipated timetable for its implementation, and the impact of such transaction on the Company's stakeholders, within the next several weeks.