SINGAPORE, August 15, 2024 (GLOBE NEWSWIRE) — SAI.TECH Global Corporation (“SAI.TECH” or “SAI“ or the “Pursue”) (NASDAQ: SAI, SAITW) today announced that all shareholder proposals submitted for shareholder approval (the “Proposals”), as set forth in the notice of annual general meeting dated July 23, 2024 (the “AGM Notice”), were duly approved at the virtual annual general meeting of shareholders held virtually at www.virtualshareholdermeeting.com/SAI2024 on August 13, 2024, adjourned on August 6, 2024 (the “AGM”).

Following the adoption of the Proposals, all corporate approvals and actions contemplated therein were approved, including, among others, (i) Mr. Heung Ming Henry Wong was elected as a Class II Director, Chairman of the Audit Committee, a member of the Compensation Committee and the Nominating and Corporate Governance Committee of the Company, (ii) Mr. Haotian Li was elected as a Class II Director, Chairman of the Compensation Committee, a member of the Audit Committee and the Nominating and Corporate Governance Committee of the Company, (iii) the election of Mr. Tianshi Yang as a Class III Director, Chairman of the Nominating and Corporate Governance Committee, a member of the Audit Committee and the Compensation Committee of the Company was ratified, (iv) the third amended and restated Articles of Association of the Company were approved, (v) the appointment of Audit Alliance LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024 was approved, and (vi) the change of name of the Company to SAIHEAT Limited was approved.

About SAI.TECH

SAI.TECH is a Nasdaq (SAI)-listed sustainable distributed Bitcoin mining operator headquartered in Singapore. SAI’s mission is to become a sustainable distributed digital asset mining operator and global heat supplier, while promoting the clean transition of the Bitcoin mining, power and heat industries.

In May 2022, SAI became a publicly traded company on the Nasdaq Stock Market (NASDAQ) through a merger with TradeUP Global Corporation under the new ticker symbol “SAI.” For more information about SAI.TECH, please visit https://sai.tech/.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project,” “target,” “optimistic,” “believe that,” “continue,” “predict,” “intend,” “seek,” “will” or similar expressions are intended to identify forward-looking statements. All statements that are not statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding SAI.TECH and the Company’s operations, financial performance and condition that are based on current expectations, beliefs and assumptions that are subject to change at any time. SAI.TECH cautions that these statements by their nature involve risks and uncertainties and actual results may differ materially depending on a number of important factors, such as government and stock exchange regulations, competition, political, economic and social conditions worldwide, including those discussed in SAI.TECH’s Form 20-F under the headings “Risk Factors,” “Results of Operations” and “Business Overview” and other reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements speak only as of the date they are made and SAI.TECH expressly disclaims any obligation to maintain or update any forward-looking information, whether contained in this release or otherwise, in the future.

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