Neptune Revises Revenue Range to US$11.5 -$ 12.5 Million, Announces Sprout Revenue Growth for Fiscal Second Quarter 2023 and Updates the Timing of Filing its Second Quarter 2023 Financial Information – QNT Press Release

Approximately 70% of Revenue Driven by Sprout Organics, up significantly year-over-year

LAVAL, QC, Nov. 22, 2022 /PRNewswire/ – Neptune Wellness Solutions Inc. (“Neptune” or the “Company”) (NASDAQ:NEPT) today announced a revision to its previously announced revenue range on November 15, 2022 for the fiscal second quarter 2023 from US$12.5 to $13.5 million to US$11.5 million to $12.5 million. Approximately 70% of second quarter revenues were from Sprout, representing a double digit increase compared to the same quarter last year.

On November 15, 2022the Company filed a Notification of Late Filing on Form 12b-25 (the “Form 12b-25”) with the SEC, which stated that it was unable to file the Form 10-Q by the prescribed due date without unreasonable effort or expense because it required additional time to finalize its financial statements to be included in the Form 10-Q. The Company did not file its Form 10-Q by the fifth calendar day delay after the prescribed due date. On November 22, 2022the Company received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of not having promptly filed the Form 10-Q with the SEC, the Company is not …

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