GCL New Energy Holdings Limited announced to commence the purchase for cash, upon the terms and subject to the conditions set forth in the Offer to Purchase ("Offer to Purchase"), of up to a total of USD 78,400,000 of outstanding principal amount at face value of the Notes, which may be increased at the Company's sole discretion, at a purchase price ("Purchase Price") of USD 0.83 per USD 1 principal amount of the Notes (the "Offer"). As of the date of this announcement and the Offer to Purchase, the aggregate principal amount at face value of the Notes outstanding is USD 429,471,572. The Purchase Price will be payable to the Eligible Holders whose Notes are accepted for purchase and will be payable in cash on the Settlement Date.

The Company will also use its internal funds to pay an amount equal to the accrued and unpaid interest, from and including the last interest payment date up to, but excluding, the Settlement Date on the principal amount of all Notes accepted for purchase pursuant to the Offer. The Offer will expire on 4:00 p.m. London Time on 25 October 2022 (the "Expiration Deadline"), unless the period for the Offer is extended, amended and/or terminated. In order to participate in the Offer, Eligible Holders must validly tender their Notes for purchase by delivering, or arranging to have delivered on their behalf, a valid tender instruction that is received by the Information and Tender Agent via Euroclear Bank SA/NV and Clearstream Banking S.A. by the Expiration Deadline.

Tender instructions in connection with the Offer are irrevocable. Eligible Holders may not withdraw Tender Instructions at any time once delivered.