Day: November 19, 2024

DALLAS, Nov. 19, 2024 /PRNewswire/ — Solidion Technology, Inc. STI, an advanced silicon anode and battery technology materials provider (the “Company” or “Solidion”), today announced its operational and financial results for the third quarter of 2024.

Previously Announced Recent Business Highlights   

Technological Advancements:

• Developed and secured a newly granted U.S. patent for technology enabling 5-minute charging of lithium batteries across all climates, overcoming a key barrier to electric vehicle (“EV”) adoption by ensuring fast, safe, and weather-independent charging. This innovation leverages a graphene-based heat spreader for optimal battery temperature control, positioning Solidion as a leader in advancing EV infrastructure and addressing consumer range anxiety.
• Expansion of the Company’s industry-leading intellectual property portfolio¹ with 20 new U.S. patents granted this year. The portfolio offers patents for a diverse range of advanced anode materials, spanning from sustainable graphite to silicon oxide (SiOx), silicon (Si), and protected lithium metal anode, delivering specific capacities ranging from 300 to an extraordinary 3,500+ mAh/g (milliamp-hour per gram). The intellectual property also features non-silane gas based and graphene-enhanced versions for automakers and other energy storage applications.
• Achieved third-party validation for the Company’s innovative, cost-effective process that eliminates the need for toxic silane gas and CVD techniques. This milestone positions Solidion to become a key North American supplier in the rapidly growing energy storage battery market, offering materials that enhance energy density, and seamlessly integrate with existing battery manufacturing processes.

Business Development and Corporate Updates:

• Signing of the strategic Memorandum of Understanding with Bluestar Materials Company on November 8, 2024 to accelerate the commercialization of Solidion’s groundbreaking silicon-based anode technology. This collaboration strengthens Solidion’s position in the U.S. market, leveraging its extensive patent portfolio to drive advancements in battery efficiency, energy density, and domestic manufacturing opportunities.
• Bitcoin purchases are now part of the Company’s corporate treasury strategy, which includes allocating 60% of excess cash reserves, interest earnings, and a portion of future capital raises, reflecting confidence in Bitcoin as a store of value, inflation hedge and compelling investment. The Company will continue to explore opportunities to evolve its allocation to Bitcoin and enhance shareholder value.
• The inclusion into the Russell 3000® Index, enhancing Solidion’s visibility among institutional investors and positions the Company to attract broader market interest and capital.

CEO Statement:

“Solidion is well positioned for the rapidly changing political landscape as a low-cost U.S. manufacturer,” said Jaymes Winters, CEO of Solidion Technology.  “We have achieved several milestones that several competitors have yet to achieve, despite spending exponentially more than Solidion”.

Third Quarter 2024 Financial Highlights

• $4.2 million loss from continuing operations, including increased spending on third-party validation testing for automakers.
• Net Loss of $6,636,679, with EPS of –$0.07, including a non-cash loss of $9,654,799 on issuance of PIPE common stock and warrants.

See below for additional information on Solidion’s operational results:

Summary of Statements of Operations

Operating Expenses

Operating expenses increased by $2,753,106 for the three months ended September 30, 2024. This increase was primarily driven by third party validation testing of our proprietary silicon anode, professional fees, stock-based compensation, insurance, and other administrative costs associated with the Company operating as a public entity as of February 2, 2024.

Other Income (expense)

Other expense increased by $2,444,764 for the three months ended September 30, 2024. This increase was largely driven by a gain of $7,232,835 due to a change in the fair value of derivative liabilities related to the Forward Purchase Agreement, and warrants related to the Private Placement financing. Additionally, there was a loss of $9,654,799 from the issuance of common stock and warrants related to the August Private Placement financing.

The unaudited condensed consolidated financial statements of Solidion and additional information can be found in the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 18, 2024 (the “Form 10Q”). This earnings release should be read together with the information contained in the Form 10-Q.

About Solidion

Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion’s STI core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems and electric vehicles for ground, air, and sea transportation. Solidion holds a portfolio of over 550 patents, covering innovations such as high-capacity, non-silane gas and graphene-enabled silicon anodes, biomass-based graphite, advanced lithium-sulfur and lithium-metal technologies.

Solidion offers two lines of battery products: (i) advanced anode materials (ready for production expansion); and (ii) three classes of solid-state batteries, including Silicon-rich all-solid-state lithium-ion cells (Gen 1), anode less lithium metal cells (Gen 2), and lithium-sulfur cells (Gen 3), all featuring an advanced polymer- or polymer/inorganic composite-based solid electrolyte that is process-friendly. Solidion’s solid-state batteries can be manufactured at scale using current lithium-ion cell production facilities. Solidion batteries are designed to deliver extended EV range, improved battery safety, lower cost per KWh, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements).

For more information, please visit www.solidiontech.com or contact Investor Relations.

Forward-Looking Statements 

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Solidion’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause Solidion’s actual results to differ materially from those described in the forward-looking statements can be found in Solidion’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which have been filed with the Securities and Exchange Commission and are available on Solidion’s website, and on the Securities and Exchange Commission’s website (www.sec.gov). Solidion does not undertake to update any forward-looking statements.

¹ Source: Silicon Anode for Li-ion Batteries – Patent Landscape 2022 – FLYER (knowmade.com)

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SOURCE Solidion Technology, Inc.

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Third Quarter 2024 Revenues Increase 49% to $3.0 Million

9M 2024 Revenues Increase 36% to $9.2 Million

Strategic Partnerships in Sichuan and Liaoning Provinces in China Anchor International Expansion Plans, Entry into Growing Korean BBQ Segment Expands Presence and Cuisine

BUENA PARK, Calif., Nov. 19, 2024 (GLOBE NEWSWIRE) — Yoshiharu Global Co. YOSH (“Yoshiharu” or the “Company”), a restaurant operator specializing in authentic Japanese ramen & rolls, today reported results for the third quarter ended September 30, 2024.

Third Quarter 2024 and Recent Operational Highlights

• Grand opening of a new restaurant in San Clemente, CA, bringing the number of locations to 15 with 2 additional locations under construction.
• Entered into a non-binding Memorandum of Understanding (“MoU”) with Chengdu Octaday Entertainment Group through a Master License Agreement (“MLA”) for the Sichuan Province in China to introduce Yoshiharu Global’s Expanding Cuisine in Sichuan Province, China, with a rich and diverse culture and home to over 83 million people.
• Entered into a non-binding MoU with Xing Sheng Group through a MLA for the Liaoning Province in China to introduce a new flagship Yoshiharu restaurant in Shenyang, China, home to over 43 million people.
• Announced the planned entry into the lucrative and growing Korean BBQ (“KBBQ”) category, with synergies with existing ramen business expected to drive expanding market opportunity and footprint in high growth category.
• Closed a non-brokered $1.0 million private placement investment from an accredited investor and intends to use these proceeds for the expansion into the KBBQ segment.
• Nine months 2024 revenue increased 36.3% to $9.2 million.
• Restaurant-level contribution increased to $1.0 million for the nine-months ended September 30, 2024 from $543,000 in the same period last year.

Management Commentary

“The third quarter of 2024 was highlighted by strong revenue growth, the grand opening of our 15^th location, and new partnerships and initiatives, all positioning us to grow the brand and move us steadily towards profitability,” said James Chae, Yoshiharu’s President, CEO and Chairman of the Board. “In the quarter, revenue growth was driven by our restaurant service across Southern California, Las Vegas and diversified mix of service channels, including takeout and delivery. We have successfully optimized operating expenses while maintaining a strong Average Unit Volume (“AUV”) comparable to previous periods, despite continued headwinds from input costs, consumer price sensitivity, and higher cost of capital.

“We continued to expand our presence and cuisine in both the US and international dining scenes in the third quarter. We celebrated the grand opening of our newest US location in San Clemente, CA, a classic beach town destination known for its beaches, world class surfing and vibrant dining scene. The new location benefits from excellent access and high visibility to I-5, drawing an estimated 8,300 visits a day and over 3 million visits a year, surrounded by an affluent population of more than 69,000 with an average household income of over $145,000 within a 3-mile radius.

“In China, two new strategic non-binding Memorandum of Understandings (“MoU”) through Master License Agreements (“MLA”) will enable us to open locations across China. With Chengdu Octaday Entertainment Group, we are aiming to introduce Yoshiharu Global’s expanding cuisine in Sichuan Province, China, home to over 83 million people. The partnership presents multiple opportunities to open locations within Chengdu Octaday’s 30 corporate owned and managed hotels, theme parks and other destination attractions. We also partnered with Xing Sheng Group to introduce a new flagship Yoshiharu restaurant in Shenyang, China, home to over 43 million people. Xing Sheng Group’s real estate arm specializes in developing tourist attraction centers in Shenyang and is currently constructing China’s largest water park. This partnership offers us a prime opportunity to develop a flagship location within the water park, catering to both local residents and visiting tourists.

“Recently we announced a new initiative to enter the lucrative and growing Korean BBQ (“KBBQ”) category, a highly complementary addition to our ramen business. Demand for KBBQ cuisine in the US has grown along with the popularity of Korean street food and the interest in new international flavors. The communal and interactive nature of KBBQ, with its extensive menus and relatively affordable prices, is a large part of this appeal. Armed with a $1.0 investment for this initiative, we believe we can capitalize on the resource and ingredient synergies between our existing offerings and KBBQ concept to enhance purchasing power, attract a wider audience, and explore cross-promotion opportunities to further solidify and expand the Yoshiharu brand. We also plan to explore further collaborative opportunities with Xing Sheng Group.

“Looking ahead, we are expanding our US geographic footprint with two more locations currently under construction and expected to open in Menifee, CA in December 2024 and Ontario, CA in January 2025. We continue to focus on the bottom-line as we remain keen on reaching profitability in the near future, supported by new initiatives such as adding kiosks across our stores and utilizing cooking robots to reduce labor costs. We are poised for additional growth with two new partnerships in China and expansion into the Korean BBQ segment. Taken together, we believe our multi-dimensional growth strategy will expand the Yoshiharu brand and build long-term shareholder value,” concluded Chae.

Third Quarter 2024 Financial Results

Revenues increased 48.9% to $3.0 million compared to $2.0 million in the prior year period. The increase was primarily driven by the three new Las Vegas restaurants acquired in April 2024.

Total restaurant operating expenses were $3.1 million compared to $2.2 million in the prior year period. The increase was primarily driven by increases in revenues from the three new Las Vegas restaurants acquired.

Operating loss increased to ($1.0) million compared to a loss of ($0.8) million in the prior year period as a result of higher general and administrative driven by the acquisition of Las Vegas entities.

Adjusted EBITDA, a non-GAAP measure defined below, was $(0.7) million compared to $(0.6) million in the prior year period.

Net loss was ($1.2) million compared to a net loss of ($0.9) million in the prior year period primarily due to an increase in expenses following the acquisition of Las Vegas.

Nine Months 2024 Financial Results

Revenues increased 36.3% to $9.2 million compared to $6.7 million in the prior year period. The increase was primarily driven by three new Las Vegas restaurants acquired in April 2024.

Restaurant-level contribution margin was 11.0% compared to 8.1% in the prior period with the increase in revenue from the LV acquisition and the management efforts to control the costs.

Total restaurant operating expenses were $8.7 million compared to $6.6 million in the prior year period. The increase was due to increases in in revenue. As a percentage of the revenue, the operating expenses were 96% compared to 98% in the prior period.

Operating loss improved to ($2.8) million compared to a loss of $(2.9) million in the prior year period.

Adjusted EBITDA, a non-GAAP measure defined below, was $(1.9) million compared to $(2.0) million in the prior year period.

Net loss was $3.2 million compared to a net loss of $3.0 million in the prior year period. The increase was primarily due to an increase in expenses following the acquisition of Las Vegas.

The Company’s cash balance totaled $1.7 million on September 30, 2024, compared to $1.4 million on December 31, 2023.

For more information regarding Yoshiharu’s financial results, including financial tables, please see our Form 10-Q for quarter ended September 30, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s SEC filings can be found on the SEC’s website at www.sec.gov or the Company’s investor relations site at ir.yoshiharuramen.com.

About Yoshiharu Global Co.

Yoshiharu is a fast-growing restaurant operator and was born out of the idea of introducing the modernized Japanese dining experience to customers all over the world. Specializing in Japanese ramen, Yoshiharu gained recognition as a leading ramen restaurant in Southern California within six months of its 2016 debut and has continued to expand its top-notch restaurant service across Southern California and Las Vegas, currently owning and operating 14 restaurants.

For more information, please visit www.yoshiharuramen.com.

Non-GAAP Financial Measures

EBITDA is defined as net income (loss) before interest, income taxes and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus stock-based compensation expense, non-cash lease expense and asset disposals, closure costs and restaurant impairments, as well as certain items, such as employee retention credit, litigation accrual, and certain executive transition costs, that we believe are not indicative of our core operating results. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by sales. EBITDA, and Adjusted EBITDA are non-GAAP measures which are intended as supplemental measures of our performance and are neither required by, nor presented in accordance with, GAAP. The Company believes that EBITDA, and Adjusted EBITDA provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and operating results. However, these measures may not provide a complete understanding of the operating results of the Company as a whole and such measures should be reviewed in conjunction with its GAAP financial results.

The Company believes that the use of EBITDA, and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware when evaluating EBITDA, and Adjusted EBITDA that in the future the Company may incur expenses similar to those excluded when calculating these measures. In addition, the Company’s presentation of these measures should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate Adjusted EBITDA in the same fashion.

Because of these limitations, EBITDA, and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The Company compensates for these limitations by relying primarily on its GAAP results and using EBITDA, and Adjusted EBITDA on a supplemental basis. You should review the reconciliation of net loss to EBITDA, and Adjusted EBITDA in the Company’s SEC filings and not rely on any single financial measure to evaluate its business.

The full reconciliation of net loss to EBITDA and Adjusted EBITDA is set forth in our Form 10-Q for the quarter ended September 30, 2024 which can be found on the SEC ‘s website at www.sec.gov or the Company’s investor relations site at ir.yoshiharuramen.com.

Forward Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding our position to execute on our growth strategy, and our ability to expand our leadership position. These forward-looking statements include, but are not limited to, the Company’s beliefs, plans, goals, objectives, expectations, assumptions, estimates, intentions, future performance, other statements that are not historical facts and statements identified by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in, or suggested by, these forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our filings with the SEC including our Form 10-K for the year ended December 31, 2023, and subsequent reports we file with the SEC from time to time, which can be found on the SEC’s website at www.sec.gov. Such risks, uncertainties, and other factors include, but are not limited to: the risk that our plans to maintain and increase liquidity may not be successful to remediate our past operating losses; the risk that we may not be able to successfully implement our growth strategy if we are unable to identify appropriate sites for restaurant locations, expand in existing and new markets, obtain favorable lease terms, attract guests to our restaurants or hire and retain personnel; that our operating results and growth strategies will be closely tied to the success of our future franchise partners and we will have limited control with respect to their operations; the risk that we may face negative publicity or damage to our reputation, which could arise from concerns regarding food safety and foodborne illness or other matters; the risk that that minimum wage increases and mandated employee benefits could cause a significant increase in our labor costs; and the risk that our marketing programs may not be successful, and our new menu items, advertising campaigns and restaurant designs and remodels may not generate increased sales or profits. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relations Contact:
Larry W Holub
Director
MZ North America
YOSH@mzgroup.us  
312-261-6412

North America Revenue Up 13.3% Year-Over-Year

Business Re-Focused on Core North American Global Capability Center (GCC) Market

NEW YORK, Nov. 19, 2024 (GLOBE NEWSWIRE) — Aeries Technology AERT, a global professional services and consulting partner for businesses in transformation mode and their stakeholders, today announced financial results for the fiscal quarter ended September 30, 2024.

“We are taking significant steps, including continued alignment of our cost structure, to re-focus on our core business, which consists mostly of US-based, long tenure, high quality private equity backed portfolio companies. These clients have served as a consistent revenue base for Aeries and we believe the North American GCC market will continue to grow with us,” said Sudhir Panikassery, CEO of Aeries Technology. “Our North America revenue was up 13.3% year-over-year, demonstrating the growth potential behind this shift in focus. We’re seeing strong interest from new prospective core clients and have strong visibility into the pipeline that gives us confidence in our new guidance for fiscal 2025.”

Fiscal Quarter Ended September 30, 2024 (Second Fiscal Quarter 2025) Financial Highlights

Revenues: Revenues for the second fiscal quarter 2025 were $16.9 million, down 4% compared to $17.6 million for the second fiscal quarter of 2024.

North America Revenue: North America revenue for the second fiscal quarter 2025 was $15.7 million, up 13% compared to $13.9 million for the second fiscal quarter of 2024.

Income (Loss) from Operations: Income from operations for the second fiscal quarter 2025 was $(4.1) million, down compared to $1.5 million for the second fiscal quarter of 2024.

Net Income (Loss): Net loss for the second fiscal quarter 2025 was $(2.3) million compared to net income of $0.9 million for the second fiscal quarter of 2024.

Adjusted EBITDA: Adjusted EBITDA for the second fiscal quarter 2025 was negative $(2.3) million compared to $3.0 million for the second fiscal quarter of 2024.

Core Adjusted EBITDA: Core Adjusted EBITDA for the second fiscal quarter 2025 was $0.2 million, down 82% compared to $1.0 million for the second fiscal quarter of 2024.

Conference Call Details

The company will host a conference call to discuss their financial results on Wednesday, November 20, 2024 at 8:30 AM ET. The call will be accessible by telephone at 877-407-0792 (domestic) or 1-201-689-8263 (international). The call will also be available live via webcast on the company’s investor relations website at https://ir.aeriestechnology.com or directly here.

A telephone replay of the conference call will be available following its conclusion at 1-844-512-2921 (domestic) or 1-412-317-6671 (international) with access code 13750295 and will be available until 11:59 PM ET, November 27, 2024. An archive of the webcast will also be available on the company’s investor relations website at https://ir.aeriestechnology.com. 

About Aeries Technology

Aeries Technology AERT is a global professional services and consulting partner for businesses in transformation mode and their stakeholders, including private equity sponsors and their portfolio companies, with customized engagement models that are designed to provide the right mix of deep vertical specialty, functional expertise, and digital systems and solutions to scale, optimize and transform a client’s business operations. Founded in 2012, Aeries Technology now has over 1,700 professionals specializing in Technology Services and Solutions, Business Process Management, and Digital Transformation initiatives, geared towards providing tailored solutions to drive business success. Aeries Technology’s approach to staffing and developing its workforce has earned it the Great Place to Work Certification.

Non-GAAP Financial Measures

The Company uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in its underlying operating results and provide additional insight and transparency on how it evaluates the business. The Company uses non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate its performance. The Company has detailed the non-GAAP adjustments that it makes in the non-GAAP definitions below. The adjustments generally fall within the categories of non-cash items. The Company believes the non-GAAP measures presented herein should always be considered along with, and not as a substitute for or superior to, the related GAAP financial measures. In addition, similarly titled items used by other companies may not be comparable due to variations in how they are calculated and how terms are defined. For further information, see “Reconciliation of Non—GAAP Financial Measures” below, including the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.

The Company defines Adjusted EBITDA as net income from operations before interest, income taxes, depreciation and amortization adjusted to exclude stock-based compensation and business combination related costs. The Company defines Core Adjusted EBITDA as Adjusted EBITDA less EBITDA from non-core business. The Company’s core business includes global capability center services provided to private equity-backed companies, primarily in North America, characterized by long-term relationships, recurring contracts, and multi-year revenue streams. In contrast, its non-core business includes consulting services, primarily for customers in the Middle East, which typically involve one-time engagements with extended collection cycles. Moving forward, the Company aims for the majority of its revenue to be generated from its core business, and does not currently plan to enter into new customer contracts outside North America.

Adjusted EBITDA and Core Adjusted EBITDA are key performance indicators the company uses in evaluating our operating performance and in making financial, operating, and planning decisions. The Company believes these measures are useful to investors in the evaluation of Aeries’ operating performance as such information was used by the Company’s management for internal reporting and planning procedures, including aspects of our consolidated operating budget and capital expenditures. Some of the limitations of Adjusted EBITDA and Core Adjusted EBITDA include: each of these measures does not reflect (i) our cash expenditures or future requirements for capital expenditures or contractual commitments or foreign exchange gain/loss; (ii) changes in, or cash requirements for, working capital; (iii) significant interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt; (iv) payments made or future requirements for income taxes; and (v) cash requirements for future replacement or payment in depreciated or amortized assets; (vi) stock based compensation costs, (vii) Business Combination and transaction related costs, which represent non-recurring legal, professional, personnel and other fees and expenses incurred in connection with potential mergers and acquisitions related activities for the three and six months ended September 30, 2024, and Business Combination related costs for the three and six months related September 30, 2023, (viii) change in fair value of derivative liabilities. Additionally, the Core Adjusted EBITDA does not reflect the provision for expected credit loss / (profit) from non-core business.

Forward-Looking Statements

All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “should”, “would”, “will”, “understand” and similar words are intended to identify forward looking statements. These forward-looking statements include but are not limited to, statements regarding our future operating results, outlook, guidance and financial position, our business strategy and plans, our objectives for future operations, potential acquisitions and macroeconomic trends. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Aeries and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, changes in the business, market, financial, political and legal conditions in India, Singapore, the United States, Mexico, the Cayman Islands and other countries, including developments with respect to inflation, interest rates and the global supply chain, including with respect to economic and geopolitical uncertainty in many markets around the world, the potential of decelerating global economic growth and increased volatility in foreign currency exchange rates; the potential for our business development efforts to maximize our potential value; the ability to recognize the anticipated benefits of the business combination with Worldwide Webb Acquisition Corp., which may be affected by, among other things, competition, our ability to grow and manage growth profitably and retain its key employees; the ability to maintain the listing of our Class A ordinary shares and our public warrants on Nasdaq, and the potential liquidity and trading of our securities; changes in applicable laws or regulations and other regulatory developments in the United States, India, Singapore, Mexico, the Cayman Islands and other countries; our ability to develop and maintain effective internal controls, including our ability to remediate the material weakness in our internal controls over financial reporting; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our financial performance; our ability to continue as a going concern; our ability to make acquisitions, divestments or form joint ventures or otherwise make investments and the ability to successfully complete such transactions and integrate with our business; the period over which we anticipate our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements; the conflicts between Russia and Ukraine, and Israel and Hamas, and any restrictive actions that have been or may be taken by the U.S. and/or other countries in response thereto, such as sanctions or export controls; risks related to cybersecurity and data privacy; the impact of inflation; the impact of the COVID-19 pandemic and other similar pandemics and disruptions in the future; and the fluctuation of economic conditions, global conflicts, inflation and other global events on Aeries’ results of operations and global supply chain constraints. Further information on risks, uncertainties and other factors that could affect our financial results are included in Aeries’ periodic and current reports filed with the U.S. Securities and Exchange Commission. Furthermore, Aeries operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Aeries disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.

Contacts

Ryan Gardella
AeriesIR@icrinc.com