Carbon Revolution plc Clarifies Share Consolidation

10-to-1 NYSE: TRCA to Nasdaq: CREV Exchange Ratio Effectuated at Closing of Business Combination

GEELONG, Australia, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Carbon Revolution plc, parent of Carbon Revolution Limited (the “Company” or “Carbon Revolution”), a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels, previously announced the closing of its business combination with Twin Ridge Capital Acquisition Corp. (“Twin Ridge”) and commencement of trading today on Nasdaq under the symbol “CREV”.

Carbon Revolution effectuated a 10-to-1 share consolidation (NYSE: TRCA to Nasdaq: CREV) through the exchange ratio at closing of the business combination.

The result of the 10-to-1 TRCA share consolidation on closing is that a CREV price of $100.00 is reflective of a TRCA price of $10.00 per share, consequently a CREV price of $78.70 per share is reflective of the closing price of $7.87 per share of TRCA on the day prior to closing.

About Carbon Revolution plc

Carbon Revolution plc is the parent of Carbon Revolution Limited, an Australian technology company, which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high performance, premium and luxury segments, for the world’s most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world.

For more information, visit carbonrev.com

Forward-Looking Statements

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