Wellgistics Health To Convert Aggregate Of ~$2M Of Accrued Compensation Into Shares Of Company's Common Stock At Conversion Price Of $0.20 Per Share

Wellgistics Health, Inc. (NASDAQ:WGRX) ("Wellgistics"), a health information technology leader, integrating proprietary pharmacy dispensing optimization artificial intelligence (AI) platform EinsteinRx™ into its patented blockchain-enabled smart contracts platform PharmacyChain™, today announced that its President and Interim Chief Executive Officer, Prashant Patel, together with an additional participant from the Company's Board of Directors, entered into agreements with the Company to convert an aggregate of approximately $2.0 million of accrued compensation into shares of the Company's common stock at a conversion price of $0.20 per share, representing a premium to the Company's recent trading price. In connection with the conversion, the Company will issue approximately 10,000,000 shares of common stock.

In addition, the Company issued an aggregate of 10,000,000 warrants to purchase shares of common stock at an exercise price of $0.01 per share (the "Warrants"), which were issued as additional consideration in connection with the conversion. The Warrants are exercisable immediately, have a term of 5 years from issuance, and are subject to customary anti-dilution adjustments.

This conversion, which was approved by the disinterested directors of the Board, reflects Mr. Patel's confidence in the Company's strategic direction and his commitment to creating long-term shareholder value. Further reinforcing Mr. Patel's belief in the Company's long-term success, the newly issued shares of the Company's common stock are subject to a lock-up agreement restricting transfers for a period of 6 months, subject to customary exceptions.

The structure of the transaction, including the issuance of Warrants, was designed to align management and director incentives with long-term shareholder value creation.