25 July 2024

i(x) Net Zero PLC

("i(x) Net Zero" or the "Company")

Update re Enphys Acquisition Corp.

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on the Energy Transition, announces that Enphys Acquisition Corp. ("Enphys") has been informed by The New York Stock Exchange LLC ("NYSE" or "Exchange") that the staff of NYSE Regulation has determined to commence proceedings to delist Enphys Acquisition Corp.'s Class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares"), units, each consisting of one Class A Ordinary Share and one-half of one redeemable warrant (the "Units"), with each warrant exercisable for one share of Class A Ordinary Share of Enphys (the "Warrants"), and Warrants (NYSE ticker symbols NFYS, NFYS.U and NFYS.WS, respectively) from the NYSE. Trading in these three securities on the NYSE has been suspended.

NYSE Regulation reached its decision to delist Enphys's Securities pursuant to Section 802.01B of the NYSE's Listed Company Manual because Enphys had fallen below the NYSE's continued listing standard requiring a listed acquisition company to maintain an average aggregate global market capitalization attributable to its publicly-held shares over a consecutive 30 trading day period of at least $40,000,000.

Effective as of 25 July 2024, the Class A Ordinary Shares, Units, and Warrants may be quoted and traded in the over-the-counter ("OTC") market under the ticker symbols "NFSCF," "NFSUF," and "NFSWF," respectively.

The Company's equity interest in Enphys remains unchanged and the Board does not believe that there is any change to the carrying NAV of Enphys as a result of the NYSE decision to delist and the Board has continued confidence in the holding and options for generating a return for shareholders.  

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Notes to Editors

About i(x) Net Zero PLC

i(x) Net Zero PLC is an AIM quoted investing company that provides its shareholders the opportunity to create long-term capital growth with positive, scalable, measurable and sustainable impact on the environment and on the communities it serves.

In accordance with its belief that the world's biggest problems are also the biggest market opportunities, i(x) Net Zero focuses on two critical areas in which it aims to make a positive impact: (i) Energy Transition and (ii) Sustainability in the Built Environment. The Company uses a multi-strategy investment approach, providing the companies in which it invests with the expertise and catalytic capital to help them grow. To date, i(x) Net Zero has invested in biofuels, direct air capture (carbon removal), renewable energy, sustainable workforce housing and net zero construction technology.

i(x) Net Zero is a signatory to the UN Principles for Responsible Investing. The Company has received the London Stock Exchange's Green Economy Mark.