Genting Xinyu Limited (the “Company”) announces that it has reached a termination agreement with Providence for the cooperation and authorization of the license agreement and share issue agreement with Providence for COVID-19 vaccines and other licensed products. The Termination Agreement shall enter into force on 16 February 2024, terminating all obligations and responsibilities of the Parties. The Company will pay Providence a one-time payment of $4 million and a potential regulatory milestone, and will pay royalty fees for the sale of the partnership product. In addition, the parties agree to share certain intellectual property rights and allow us to develop products using the mRNA platform provided by Providence. The Board considers that the termination agreement will not have a material adverse effect on the Company's business and finances and will provide greater flexibility to comply with the Company's strategy.

Genting Xinyu Limited (the “Company”) announces that it has reached a termination agreement with Providence for the cooperation and authorization of the license agreement and share issue agreement with Providence for COVID-19 vaccines and other licensed products. The Termination Agreement shall enter into force on 16 February 2024, terminating all obligations and responsibilities of the Parties. The Company will pay Providence a one-time payment of $4 million and a potential regulatory milestone, and will pay royalty fees for the sale of the partnership product. In addition, the parties agree to share certain intellectual property rights and allow us to develop products using the mRNA platform provided by Providence. The Board considers that the termination agreement will not have a material adverse effect on the Company's business and finances and will provide greater flexibility to comply with the Company's strategy.