ABRI SPAC I, INC. Announces Offer of Reverse Redemptions in Connection with Vote to Extend Period to Consummate its Initial Business Combination

Abri SPAC I, Inc. (Nasdaq: ASPA, ASPAW, ASPAU, “Abri”), a special purpose acquisition company (“SPAC”), today announced that it will allow those holders of shares of the Company's common stock originally sold as part of the units issued in its initial public offering that elected by 5:00 p.m. Eastern Time on December 07, 2022 to redeem their common stock ("Redeeming Stockholders") in connection with the special meeting of stockholders held today at 10:00 Eastern time (the "Special Meeting"), to reverse their redemption requests by sending a DTC DWAC (Deposit/Withdrawal At Custodian) request to the Company's transfer agent, Continental Stock & Transfer Company by 5:00 p.m. Eastern Time today, Friday, December 09, 2022.

The Company proposed today at the special meeting, to amend the Company's amended and restated certificate of incorporation and its investment trust agreement, to extend the date by which the Company must complete its initial business combination from February 12, 2023 (the “Termination Date”) up to the August 12, 2023 (the "Extension Date"), each extension for an additional one (1) month period (each an “Extension”), until August 12, 2023, by depositing into the Trust Account $87,500 (the “Extension Payment”) for each one-month Extension, for a maximum of $525,000 (the “Maximum Contribution”). The proposals were approved.

In connection with the special meeting, the Company received requests to redeem 4,931,548 shares from its public stockholders. The per-share pro rata portion of the trust account on December 9, 2022 was approximately $10.20. There are 802,372 non-redeemed shares remaining at the time of this press release.

The Company previously announced on September 9, 2022 that it had entered into a definitive merger agreement (“Merger Agreement”) for a business combination whereby it will merge with Abri Merger Sub, Inc., a wholly owned subsidiary of Abri SPAC I, Inc. (Nasdaq: ASPA, ASPAW, ASPAU, “Abri”), a special purpose acquisition company (“SPAC”). Upon closing of the business combination, the combined company is expected to remain NASDAQ-listed under the name “DataLogiq, Inc.”

Participants in the Solicitation of Today’s Special Meeting

The Company and its directors and executive officers may be deemed participants in the solicitation of proxies from the Company's stockholders with respect to Extension Amendment Proposal and the Charter Amendment Proposal. A list of the names of those directors and executive officers and a description of their interests in the Company is available in the Proxy Statement and will be contained in the Registration Statement for the Business Combination, when available, each of which will be available free of charge at the SEC's web site at www.sec.gov and https://www.cstproxy.com/abri-spac/2022. Additional information regarding the interests of such participants will be contained in the Registration Statement when available. (See additional information below.)