The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Press Release

8 November 2023

Ashington Innovation plc

("Ashington" or "the Company")

Board changes

Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company, is pleased to announce that Richard Paolone and Daniel Nauth have been appointed as non-executive directors with immediate effect to further strengthen the board.

Mr. Paolone is the principal lawyer of Paolone Law Professional Corporation and brings significant experience consulting and advising some of the leading portfolio managers in North America. Mr. Paolone is a Toronto-based securities lawyer where his work focuses on securities, corporate finance, and mergers and acquisitions. He has a wide range of corporate experience from representing companies in private and public offerings of debt and equity securities. Furthermore, Mr. Paolone has been integral to multiple mergers and acquisitions and reverse takeover transactions in the industries of mining, cannabis, carbon credits, oil and gas, technology, and plant-based food. Mr. Paolone currently serves as Director and CEO of several private and reporting companies.

Daniel Nauth is a legal expert with over a decade of experience gained on both Wall Street in the U.S. and Bay Street, the centre of Toronto's Financial District. He has deep experience across U.S. securities and corporate law, specialising in advising both public and private issuers across U.S.-Canada cross-border capital markets, mergers, and acquisitions, corporate and securities transactions, and regulatory compliance. His extensive advisory experience spans various industries including mining, oil and gas, emerging biopharmaceuticals, medical devices, medicinal cannabis, cryptocurrencies, and blockchain technology. Transactions that Mr. Nauth has supported include a number of seven-figure financings and business combinations.

Chris Disspain has resigned as a non-executive director with immediate effect and the Board wishes to record its appreciation for his significant contribution to the Company.

Jason Smart, Director of Ashington Innovation, commented: "We are delighted to welcome Richard and Daniel as non-executive directors, both bringing a wealth of expertise to our Board. Richard's extensive legal background, coupled with his C-suite experience, and Daniel's specialisation in U.S. securities, corporate law and business combinations, complement the Board and their appointments highlight our commitment to robust governance and our underlying strategy."

For further information please contact:

About Ashington Innovation plc

Ashington Innovation PLC is a special purpose acquisition company (SPAC), formed with the intention of acquiring businesses operating in the technology sector, in particular the financial services technology and deep technology sectors.

The Company believes that in the increasingly fast-changing global environment there will be an abundance of opportunities to acquire existing businesses in the technology sector, and in particular businesses that possess and utilise proprietary technologies and own applicable intellectual property.

The Company is not limited to any specific geographic region in identifying its target companies. www.ashingtoninnovationplc.com

Listing Rules Disclosures

Ashington hereby makes the following disclosures in respect of Richard Paolone's and Daniel Nauth's former and current directorships and external roles:

Richard Paolone

Daniel Nauth

Were Rule 9.6.13R of the Listing Rules of the UK Financial Conduct Authority to apply to the Company, there would be no further information to disclose.