Anebulo Pharmaceuticals Approves Plan For Reverse Stock Spilt Of Not Less Than 1-For-2500 And Not More Than 1-For-7500. As Proposed Stockholders Will Receive $3.50 Per Pre Spilt Share

Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB), a clinical-stage pharmaceutical company developing novel solutions for people suffering from acute cannabis-induced toxic effects (the "Company" or "Anebulo"), today announced that a Special Committee of independent directors has recommended, and its Board of Directors (the "Board") has approved, as part of a going private transaction, a reverse stock split at a ratio of not less than 1-for-2,500 and not greater than 1-for-7,500 (the "Range"), with the exact ratio to be set within the Range without further approval or authorization of the Company's stockholders and at the discretion of the Board and included in a public announcement. The reverse stock split has been structured to reduce the number of the Company's stockholders such that the Company will qualify to terminate its registration as a Securities and Exchange Commission ("SEC") reporting company. The reverse stock split is subject to the approval of the Company's stockholders and certain other conditions. There can be no assurance that the reverse stock split will be consummated.

As proposed, the Company's common stockholders will receive cash in the amount of $3.50 per pre-split share in lieu of any fractional shares of post-split common stock as a result of the reverse stock split. As a result, holders of fewer than a minimum number of shares immediately prior to the effective time of the reverse stock split, which, depending on the ratio chosen by the Board, would be between 2,500 and 7,500 (the "Minimum Number"), will not remain Anebulo stockholders after the reverse stock split. Holders of more than the Minimum Number of shares of pre-split common stock will continue to hold one share of post-split common stock for every Minimum Number of shares of pre-split common stock they own immediately prior to the effective time of the reverse stock split and will be entitled to receive cash in lieu of any fractional shares resulting from the reverse stock split. The $3.50 price to be paid per pre-split share represents a 91% premium over the closing price of the Company's common stock on July 22, 2025.