July 18, 2022

Pineapple Power Corporation PLC

("Pineapple Power" or "the Company")

Placing to raise £357,900 

Pineapple Power Corporation plc is pleased to announce it has raised £357,900 (before expenses) by way of a placing (the "Placing") of 11,930,000 new Ordinary Shares of GBP 0.01 each (the "Placing Shares") at a price of GBP 0.03 per share.  A total of 9,630,000 shares were placed by the Company's brokers - Peterhouse Capital and Axis Capital. In addition, certain Company insiders participated in the Placing for a total of 2,300,000 shares - Andrew Holland, Company Director, as to 1,000,000 shares, Clive de Larrabeiti, Corporate Finance Advisor, as to 1,000,000 shares and Peter Mills, Corporate Administrator, as to 300,000 shares.

The use of proceeds from the Placing will primarily be used for legal and due diligence costs associated with and expected during any future RTO transaction.

Clive de Larrabeiti, founding shareholder and Corporate Finance Advisor of the Company stated that "We are delighted to be able to raise this capital in the current market and are pleased to report that this placing and issue of these shares was substantially over-subscribed. We are grateful to the existing shareholders who have followed their investment in Pineapple and welcome all new ones. With the unremitting appetite to merge with fully listed cash shells such as Pineapple Power on the London Stock Exchange exhibited by private enterprises and the rapidly decreasing supply of such vehicles we enjoy a very advantageous position and view the coming months with much excitement. We hope to make further announcements in due course."    

Director participation in the placing

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the requirements of the Market Abuse (Amendment) (EU exit) Regulations 2019/310 are set out below:

Application for Admission and Total Voting Rights

The new Ordinary Shares to be issued pursuant to the Placing will represent approximately 19.97 per cent of the issued ordinary share capital of the Company prior to the Placing and subscription. The Company will apply for admission of the Placing Shares to listing on the standard listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange ("Admission"). The Placing Shares will rank pari passu in all respects with the existing Ordinary Shares of GBP 0.01 in the capital of the Company.  Admission of the Placing Shares is expected to occur on or around 21 July 2022.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the FCA ("DTRs"), the Company confirms that, following Admission, its issued share capital will comprise 71,666,211 Ordinary Shares, each of which carries the right to vote, with no Ordinary Shares held in treasury. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the DTRs.

The Directors of the Company accept responsibility for the contents of this announcement.

ENQUIRIES

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The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 11 of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI 2019/310). Upon publication of this announcement, this inside information is now considered to be in the public domain.

This announcement has been issued by and is the sole responsibility of Pineapple Power.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, or vote in any manner, any securities pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

The statements contained in this announcement that are not historical facts are "forward-looking" statements.  These forward-looking statements are subject to a number of substantial risks and uncertainties, many of which are beyond the Company's control and actual results and developments may differ materially from those expressed or implied by these statements for a variety of factors.  These forward-looking statements are statements based on the Company's current intentions, beliefs and expectations about among other things, the Company's financial condition, prospects, growth, strategies and the industry in which the Company operates.  Forward-looking statements are typically identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "could", "should", "intends", "estimates", "plans", "assumes" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties.  By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.  In addition, from time to time, the Company or its representatives have made or may make forward-looking statements orally or in writing.  Furthermore, such forward-looking statements may be included in, but are not limited to, press releases or oral statements made by or with the approval of an authorised executive officer of the Company.  No assurance can be given that such future results will be achieved; actual events or results may differ materially from those expressed in or implied by these statements as a result of risks and uncertainties facing the Company and its subsidiaries.  Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as changes in taxation and fiscal policy, future market conditions, currency fluctuations, the behaviour of other market participants, the actions of governmental regulators and other risk factors such as the Company's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including inflation and consumer confidence, on a global, regional or national basis.  Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements.  The forward-looking statements contained in this announcement speak only as of the date of this announcement and the Company undertakes no duty to update any of them publicly in light of new information or future events, except to the extent required by applicable law or regulation.