Neptune Wellness Solutions Successfully Completes Public Offering, Securing Approximately $4 Million in Gross Proceeds

LOS ANGELES– Neptune Wellness Solutions Inc., a consumer-packaged goods company focused on plant-based and sustainable lifestyle brands, has successfully closed a public offering of its common shares and accompanying warrants. The offering consisted of 12,121,212 common shares (or common share equivalents) and warrants to purchase up to an additional 12,121,212 common shares, with a combined public offering price of US$0.33 per share and warrant. The gross proceeds from the offering amounted to approximately US$4 million.

The warrants included in the offering have an exercise price of US$0.33 per share and are immediately exercisable upon issuance. They will expire five years from the date of issuance. The company plans to utilize the proceeds from the offering, after debt repayment, for various general corporate purposes. This may include working capital, capital expenditures, operational purposes to accelerate business growth, and potential acquisitions in complementary industries. While no specific agreements for acquisitions are currently in place, Neptune Wellness Solutions intends to evaluate potential opportunities and may use the proceeds from the offering to invest in one or more complementary businesses.

The primary objectives of this offering are to bolster the company’s working capital, enhance its future access to capital markets, and provide funds for general corporate purposes. As part of the offering, certain existing warrants, previously issued between March 2022 and October 2022, have been amended. The exercise prices of these warrants, ranging from US$1.62 to US$11.20 per share, have been reduced to US$0.33 per share. The expiration dates of the applicable warrants have been adjusted to five years following the closing of this offering, except for warrants covering 972,763 common shares, which will expire on June 23, 2029.

The sole placement agent for the offering was A.G.P./Alliance Global Partners. The offering was made in accordance with a registration statement on Form S-1 (No. 333-271403), which was declared effective by the Securities and Exchange Commission (SEC) on May 10, 2023. The offering was conducted using a prospectus included in the effective registration statement. Interested parties can access the final prospectus on the SEC’s website or obtain electronic copies from A.G.P./Alliance Global Partners.

It is important to note that this press release does not constitute an offer to sell or a solicitation of an offer to buy the securities mentioned. The securities were not sold in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful without prior registration or qualification under the securities laws of that state or jurisdiction.