Guardion Provides Answers to Frequently Asked Questions Regarding the Reasons for Approving the Reverse Stock Split Proposal at Upcoming 2020 Annual Stockholders’ Meeting

SAN DIEGO, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Guardion Health Sciences, Inc. (“Guardion” or the “Company”) (NASDAQ: GHSI) is providing the following answers to frequently asked questions to its stockholders with regard to Proposal 4, which is being considered at the Company’s Annual Stockholders’ Meeting (the “Annual Meeting”) on October 29, 2020. Only stockholders of record on September 1, 2020, or the record date, are eligible to attend and vote on proposals presented at the Annual Meeting. The Board recommends a vote “FOR” Proposal 4.

IMPORTANT REMINDER FOR GUARDION HEALTH SCIENCES, INC. STOCKHOLDERS

Time is short – please vote your shares for the
Annual Meeting of Stockholders on October 29, 2020

Your vote may impact the value of your investment
and the future of Guardion Health Sciences, Inc.

KEY QUESTIONS OUR STOCKHOLDERS ARE ASKING REGARDING PROPOSAL 4: EXTENSION OF PREVIOUSLY AUTHORIZED REVERSE STOCK SPLIT

Question

Answer

What will happen to Guardion Health Sciences, Inc. if Proposal 4 (Extension of Previously Authorized Reverse Stock Split) does not pass?

Your vote “FOR” Proposal 4 at the Annual Meeting of Stockholders on October 29, 2020 is critically important. Guardion Health Sciences, Inc. is at risk of being delisted from the Nasdaq Capital Market after November 30, 2020. Such delisting would adversely impact the liquidity of the Company’s common stock. Nasdaq requires that a Company maintain a minimum bid price of $1.00 per share. The Company is requesting from its stockholders an extension of its current authorization to effectuate a reverse stock split (which expires December 5, 2020) to increase the per share price and bid price of the Company’s common stock in order to regain compliance with the $1.00 minimum bid price requirement of Nasdaq. Additionally, a reverse stock split would potentially make the Company’s common stock more attractive to certain institutional investors, which would provide for a stronger investor base.   If Proposal 4 is not approved, the Board of Directors will initiate the previously authorized reverse stock split in November 2020 in order to comply with Nasdaq’s continued listing requirements.   If Proposal 4 is approved, we intend to appeal any delisting order that Nasdaq issues after November 30, 2020, as we believe that having the continuing discretionary authority to implement a reverse stock split will increase the Company’s chances of receiving temporary relief (not to exceed 180 days from November 30, 2020) from Nasdaq. Such temporary relief will allow the Company additional time to execute on its business initiatives to generate greater stockholder value and hopefully increase the Company’s common share price.