ASX ANNOUNCEMENT 28 September 2023 Withdrawal of F-1...

ASX ANNOUNCEMENT 28 September 2023 Withdrawal of F-1 Registration Statement F-1 Withdrawal of Registration CardieX Limited (ASX: CDX) (CardieX, the Company) wishes to advise shareholders that the Company has withdrawn its registration statement on Form F-1 (“F-1”) that was previously filed with the U.S. Securities and Exchange Commission (“SEC”) relating to the proposed initial public offering (the “Offering”) of American Depositary Shares (“ADSs”) on the Nasdaq Capital Market (“Nasdaq”). The withdrawal of the F-1 was required as a result of the Company’s lead book-running manager for the Offering, Roth Capital Partners, LLC (“Roth”), notifying the Company that it was unable to execute the underwriting agreement required to make the registration statement effective with the SEC. As the registration statement had not become effective, no securities could be sold, nor offers to buy be accepted. The Company received institutional investor interest after the recent roadshow held in the U.S., however it was not at a level that would justify a dual listing in both Australia and the U.S., with the associated costs being far in excess of the benefits to the Company and its shareholders. Financial information contained within the most recent filing of the F-1 was only current through 30 September 2023, and given the proximity of the receipt of the notification from Roth to this date, the Company has elected to withdraw the F-1 in order to reduce its ongoing compliance costs. This notification and associated withdrawal of the F-1 follows a period of significantly decreased activity in the U.S. IPO market which could not have been foreseen when the Company commenced the process to prepare and file the F-1. The Board and Key Executives have invested a significant amount of time, resources and their own investment capital into the U.S. IPO process over the last 18-months, and at the time of notification from Roth, the Company had received and cleared all comments from the SEC and Nasdaq for a successful SEC registration and Nasdaq IPO. The Board and executive management team are now actively reviewing and implementing alternative capital raising initiatives to ensure that the Company’s commercial sales, operational plans, the commercial launch of the Pulse, and progress on the FDA submission for the CONNEQT Band all continue to progress as planned. The Company will provide a separate update with regard to alternative capital raising activities following the withdrawal of the F-1 over the coming days.