Adjournment to the GM

For immediate release

ICONIC LABS PLC - IN ADMINISTRATION

The Joint Administrators provide the following update on the administration and the adjournment of General Meeting:

Headline: General Meeting Adjournment

The General Meeting ("GM") which had been convened for 2.00pm on Tuesday 15 June 2021 and which was adjourned until Tuesday 23 November 2021 has been further adjourned to 2.00 p.m. on Tuesday, 30 November 2021 to be held at the offices of KWM Europe LLP, being the 9th Floor, 24 Monument Street, London EC3R 8AJ or such other place as is notified to shareholders.

Proxies that have been submitted for the GM will remain valid for the adjourned GM and you do not need to submit a new proxy unless you wish to change how your proxy should vote. However, you may continue to submit a proxy form for the GM up to 2.00pm on Friday 26 November 2021. Proxy forms must be submitted in accordance with the instructions set out in the notice of meeting dated 20 May 2021.

The GM is expected to take place on 30 November 2021 with no further adjournment, except in exceptional circumstances.

Progress of the Administration

CVA Proposals

The Board report that detailed discussions are progressing between the Board, EHGOSF and Arch, the Secured Creditor, with a view to a "Global Settlement" being agreed. If agreement is reached, CVA proposals will be put to creditors and members.

All parties are aware of the urgency for an agreement to be reached.