Antelope Enterprise (AEHL) Announces 1:10 Reverse Stock Split

Antelope Enterprise Holdings Limited (NASDAQ: AEHL) today announced that its Board of Directors has set the date of September 18, 2023 to be the effective date for the Company's one-for-ten reverse stock split of its issued and outstanding ordinary shares. The Company's Class A ordinary shares will begin trading on the NASDAQ Stock Market on a split-adjusted basis when the market opens on September 18, 2023. The CUSIP number for the Company's Class A ordinary shares will be changed to G041JN122

The Company's Board of Directors approved a reverse stock split so as to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Stock Market. In order to maintain the Company's listing on the NASDAQ Capital Market, the Company's common stock must have a closing bid price of $1.00 or more for a minimum of ten consecutive trading days by January 22, 2024. There can be no assurance that following the reverse split, the Company's Class A ordinary shares will remain above $1.00 per share minimum for the requisite period as of January 22, 2024 to regain listing compliance. In the event the Company does not regain compliance with the minimum bid price requirement, its securities may be subject to delisting from the NASDAQ Stock Market which, in turn, will result in significant adverse effect on the value and liquidity of the Company's securities.

As a result of the reverse stock split, every ten issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share. Consequently, the reverse stock split will reduce the total number of outstanding Class A and Class B ordinary shares of the Company from approximately 25.4 million shares to approximately 2.5 million shares. In lieu of issuing fractional shares, the Company will issue one full share of the post-reverse stock split ordinary share to any shareholder who would have been entitled to receive a fractional share. All outstanding stock options, warrants and other rights to purchase the Company's ordinary shares will be adjusted proportionately as a result of the reverse stock split.

Once the reverse stock split becomes effective, shareholders holding shares through a bank, broker or other nominee will have their shares automatically adjusted to reflect the reverse stock split. Beneficial holders may contact their bank, broker or nominee for more information. Please direct any questions to your broker or the Company's transfer agent, Transhare Corp., by calling 303-662-1122.

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