Pineapple Power Regulatory News (PNPL)

Press Release

28th January 2021

Pineapple Power Corporation PLC

('PNPL' or 'The Company')

Exercise of Warrants

Pineapple Power Corporation PLC, trading on the London Stock Exchange under the symbol PNPL, is pleased to announce that over the past several days it has received notice of the exercise of broker warrants ("Warrants") over ordinary shares of £0.01 each in the capital of the Company ("Ordinary Shares"). These exercise notices relate to Warrants granted in connection with the Company's Initial Public Offering, admission to the Official List and to trading on the Main Market.

As a result of the exercise of the Warrants, the Company has issued in aggregate 1,981,333 new Ordinary Shares to the holders of the Warrants. These Ordinary Shares were issued at the exercise price of £0.05 per share. The aggregate gross proceeds to the Company from this option exercise is £99,566.65.

Application will be made for the new Ordinary Shares to be admitted to the standard segment of the Official List and to trading on the Main Market of the London Stock Exchange. Admission is expected to occur at 8:00 a.m. on 2nd February 2021. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.

Following Admission, the total number of Ordinary Shares in issue will be 59,348,544 and the total number of voting rights will therefore be 59,348,544. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Company Highlights

Pineapple Power Corporation PLC was formed as a special purpose acquisition company with the intention to acquire renewable or clean energy technology companies and to finance, develop and promote those environmentally sound projects internationally.

The Company believes that, due to the highly visible global concerns regarding environmental damage and climate change as a result of fossil-fuelled power generation, there exists considerable commercial opportunities in the renewable and clean energy sector which will play an increasingly significant role in meeting future energy needs while reducing further environmental damage.

Clean energy investment globally has grown in real and relative terms. It is this opportunity which Pineapple Power intends to participate in and augment as a fund-raising vehicle for enterprises seeking access to international capital markets.

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