GCL New Energy Holdings Limited announced that reference is made to the announcement made by the company dated 17 October 2022 and 26 October 2022 (Announcements) in relation to the launch and results, respectively, of the offer to purchase (Offer) for cash of up to a certain amount of the outstanding principal amount at face value of the Outstanding 10.00% Senior Notes Due 2024 (Notes) at the Purchase Price, originally issued pursuant to the Indenture. The Company announced the successful settlement of its previously announced Offer, which was made on the terms and subject to the conditions set forth in the Offer to Purchase dated 17 October 2022. The Company accepted for payment all of the Accepted Notes and the holders of the Accepted Notes have received the Purchase Price and the Accrued Interest.

As of the date of this announcement, the aggregate outstanding principal amount at face value of the Notes, after cancellation of the Accepted Notes, is USD 284,471,572 (equivalent to USD 240,444,219 of outstanding principal amount of the Notes as a result of the January 2022 Redemption).