Shooting Star Announces Results From Shareholder Meeting and Implementation of Changes in Accordance With New TSXV CPC Policy

VANCOUVER, BC / ACCESSWIRE / September 24, 2021 / Shooting Star Acquisition Corp. (TSXV:SSSS.P) ("Shooting Star" or the "Company") announces its intention to implement certain amendments to avail itself of changes arising from the TSX Venture Exchange's (the "Exchange") updated Policy 2.4 Capital Pool Companies that came into effect on January 1, 2021 (the "New CPC Policy").

Under the New CPC Policy, an existing Capital Pool Company ("CPC") can implement certain changes with specific disinterested shareholder approval. Further to this, the Corporation received such approval at its special meeting of shareholders held on June 30, 2021 (the "Meeting"), to carry out the following special meeting matters: (i) to remove the consequences of failing to complete a Qualifying Transaction within 24 months of the date the Corporation's common shares became listed on the Exchange; and (ii) to enter into a new escrow agreement to supersede and replace the original share escrow agreement entered into by the Corporation.

The amendments are described in further detail in the Management Information Circular of the Corporation, which was mailed to shareholders and filed on SEDAR. A summary of the approved amendments are as follows:

Removal of the Consequences of Failing to Complete a Qualifying Transaction within 24 Months of Listing

Under the former policy, there were certain consequences if a Qualifying Transaction was not completed within 24 months of the date the Corporation's common shares became listed on the Exchange. These consequences included a potential for Corporation's shares to be delisted or suspended, or, subject to the approval of the majority of the Corporation's shareholders, transferring Corporation to the NEX and cancelling certain seed shares. Under the New CPC Policy, these consequences will be removed as the Corporation obtained disinterested shareholder approval to do so.

At the Meeting, the Corporation received approval from disinterested shareholders to approve the removal of such consequences.

Replacement of the Escrow Agreement

Under the former policy, the Corporation entered into an escrow agreement dated December 7, 2018 (the "Current Escrow Agreement") with certain of its shareholders and Computershare Investor Services Inc., pursuant to which 10% of the escrowed shares would be released from escrow on the issuance by the Exchange of a final bulletin in respect of the Corporation's Qualifying Transaction (the "Initial Release") and an additional 15% will be released on each of the 6, 12, 18, 24, 30 and 36 months following the Initial Release. The Current Escrow Agreement also provides that all shares acquired on exercise of stock options prior to the completion of a Qualifying Transaction must also be deposited in escrow and will be subject to escrow until the Qualifying Transaction is completed.