Redemption Date Announced for Warrants

• Monday, May 6, 2024 is Last and Final Day to Exercise Warrants.
• Once Redeemed, the Warrants Will Cease to Exist and Have No Value.

AUSTIN, Texas, April 15, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA) (“Cassava Sciences” or the "Company") today announced that Monday, May 6, 2024 is the last and final day to exercise the warrants that were previously distributed to its shareholders on January 3, 2024 (the “Warrants”). Holders who exercise their Warrants will receive 1.5 shares of Cassava Sciences’ common stock per Warrant, for an effective price of approximately $22.00 per share.

Any Warrants that are not validly exercised by 5:00 p.m. New York City time on May 6, 2024 will be redeemed by the Company on May 7, 2024 (the “Redemption Date”) for a nominal payment of $0.001 per warrant (the “Redemption Price”). The Redemption Price will become due and payable with respect to each outstanding warrant on the Redemption Date. Warrants shall terminate and expire upon payment of the Redemption Price on the Redemption Date.

We highly encourage holders of Warrants to allow sufficient time for their financial institutions to process their Warrants prior to the deadline of May 6^th, 5pm New York City time. There will be no opportunity to exercise warrants after this deadline.

Details of the Warrant Distribution and Bonus Share Program

On or around January 3, 2024, Company stockholders received four (4) Warrants for each ten (10) shares of the Company’s common stock held as of December 22, 2023 (the “Record Date”), rounded down to the nearest whole number for any fractional warrant.

Each Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, one share of Cassava Sciences’ common stock at an initial exercise price of $33.00 per share plus the Bonus Share Fraction.

The Bonus Share Fraction entitles a holder to receive an additional 0.5 of a share of common stock for each Warrant exercised (the “Bonus Share Fraction”) without payment of any additional exercise price. The right to exercise Warrants (and thereby receive the Bonus Share Fraction) will end at 5:00 p.m. New York City time on May 6, 2024.

Prior to the Redemption Date, Warrant holders may cash-exercise their Warrants, or they may sell their Warrants on the open market.

As noted above, because the Company has elected to redeem the Warrants, Monday, May 6, 2024, is the last and final day to exercise the Warrants. Any Warrants that are not validly exercised by 5:00 p.m. New York City time on May 6, 2024, will be redeemed by the Company on the Redemption Date of May 7, 2024 for a nominal Redemption Price of $0.001 per warrant.