Huuuge Inc.

M&A Activity • Aug 2, 2022

Commencement of review of strategic options

The Board of Directors of Huuuge, Inc. (the "Issuer" or "Company")hereby announces that on August 2, 2022, it decided to commence a reviewof strategic options for the future of the Company (the "Review").

The purpose of the Review is to evaluate alternative courses of actionintended to maximize value for the Issuer's shareholders. The Company isconsidering and open to a variety of strategic options, which mayinclude identifying a strategic or financial investor or pursuing apotential transaction that may result in a change of the Issuer'sshareholding structure.

The timeline, value and ultimate outcome of the Review are uncertain.There can be no assurance that the exploration of strategic alternativeswill result in any transaction or any other change to the Company'sstructure, ownership or strategy. The Company has not set a timetablefor the Review nor has it made any decisions related to strategicalternatives at this time.

During the course of the Review, the Issuer will continue to pursue itscurrent strategy, business operations, and roadmap.

The Company has received unsolicited indications of interest fromparties seeking to commence a dialogue regarding the Company's future.The Company will review such indications of interest, as well as othersthat may result from the Review, in accordance with its fiduciary dutiesand applicable law. The Company has received indications from theholders of the Issuer's Series A Preferred Share and Series B PreferredShare that each is fully supportive of and will cooperate fully with theReview.

The Special Committee of the Board of Directors of the Company hasengaged financial and legal advisers to support it in undertaking theReview.

Any updates on the review process will be publicly communicated by theIssuer in accordance with applicable law.

Legal basis: Article 17 (1) of the MAR.