Aequus Pharmaceuticals Clarifies Information for Upcoming Shareholder Meeting

November 13, 2025 — Leads & Copy — Aequus Pharmaceuticals Inc. (TSX-V: AQS) has released additional information regarding its upcoming annual general and special meeting of shareholders, scheduled for November 21, 2025, following a request from the Ontario Securities Commission.

The supplementary disclosure, dated October 20, 2025, is intended to clarify aspects of the potential share consolidation, which is considered a business combination under Multilateral Instrument 61-101.

Aequus clarified that the share consolidation will not proceed if there is a material change that increases the market price or value of the Common Shares or if there is a material fact not publicly disclosed that would likely increase the share price upon disclosure. In the event Aequus is not listed on an organized trading facility at the time of implementation, the payout value for fractional Common Shares will be the fair value, determined in good faith by the company's board of directors. For illustrative purposes, if the Share Consolidation were to be implemented as of today, the estimated payout value would be $0.005 for each whole Common Share.

The company also provided additional details regarding a cease trade order issued by the British Columbia Securities Commission on July 21, 2025, concerning Marc Lustig, a director nominee. The order resulted from Lustig’s failure to file insider reports for changes to his beneficial ownership of certain reporting issuers, including Aequus, within the prescribed timeframe. As a result, Lustig is currently restricted from trading securities of any reporting issuer where he is or was a reporting insider, including Aequus.

Furthermore, Aequus addressed a failure to file cease trade order (FFCTO) issued by the Ontario Securities Commission to PharmaCielo Ltd. on August 6, 2025. Marc Lustig was the Chief Executive Officer of PharmaCielo when the FFCTO was issued due to a delay in filing its audited annual consolidated financial statements for the year ended March 31, 2025. PharmaCielo subsequently filed the required documents on October 24, 2025, and the FFCTO was revoked on October 27, 2025.

Aequus Pharmaceuticals Inc. is a specialty pharmaceutical company focused on commercializing value-added products in specialty therapeutics areas in the Canadian market.

The release contains forward-looking statements regarding the share consolidation. Actual results may vary due to various factors, including obtaining regulatory and shareholder approvals. The company does not intend to update these statements unless required by securities laws. Investors are cautioned not to place undue reliance on these statements.

Aequus Investor Relations
Email: investors@aequuspharma.ca
Phone: 604-336-7906

Source: Aequus Pharmaceuticals Inc.