Ionik Provides Update on Debt Reorganization

Toronto, Ontario--(Newsfile Corp. - June 15, 2026) - Ionik Corporation (TSXV: INIK) (OTCQB: INIKF)  (the "Company" or "Ionik") provides the following update on its comprehensive debt reorganization (the "Debt Reorganization"), which was previously announced on June 2, 2026. On June 11, 2026, the Company completed the equity conversion and maturity extension components of the Debt Reorganization. The remaining cash repayment components, totaling approximately US$25.8 million, are expected to be completed upon the Company's entrance into a new senior debt facility (the "New Facility"), which is expected to replace the Company's current debt facility.

Debt to Equity Conversion and Common Share Issuances

As part of the Debt Reorganization, approximately US$32.2 million of Acquisition-Related Debt was converted into equity through the issuance of an aggregate of 225,631,690 common shares of the Company ("Common Shares") at conversion prices ranging from US$0.109 to US$0.33 (C$0.152 to C$0.460) per Common Share. Currency conversions from U.S. dollars to Canadian dollar in this press release are based on the Bank of Canada daily average exchange rate on June 11, 2026, of US$1.00 = C$1.393.

Prior to the Debt Reorganization, the Company had 360,955,780 Common Shares issued and outstanding. Following the issuance of 225,631,690 Common Shares, the Company has approximately 586,587,470 Common Shares issued and outstanding on an undiluted basis and approximately 643,317,750 Common Shares on a partially diluted basis. The debt-to-equity conversions increased the Company's issued and outstanding Common Shares by approximately 62.5%. Further details regarding the Debt Reorganization, including the debt to equity conversion and Common Share issuances, can be found in the Company's press release dated June 2, 2026. The June 2, 2026 press release should be read together with the following update arising from final closing allocations:

• The Company previously announced that, as part of the Rise4-related components of the Debt Reorganization, it had agreed with the applicable parties to fix and confirm the full and final amounts owing pursuant to the Company's obligations to pay an earnout at US$6.5 million (including US$1,533,350 payable to the Timothy Nye (the "New Insider")). As a result of a downward adjustment to the number of debtholders eligible to receive the earnout payment, the portion payable to the New Insider has increased from US$1,533,350 to US$1,625,000.

The Common Shares issued and issuable as part of the Debt Reorganization are subject to applicable statutory hold periods under Canadian securities law and, where applicable, the Exchange Hold Period as defined in the Corporate Finance Manual of the TSX Venture Exchange (the "TSXV"), together with contractual lock-up provisions providing for staged releases of 33.3% on each of the first, second and third anniversaries of the applicable issuance date.

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