Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 22, 2022, Dr. Martin Mackay, Ph.D., a member of the board of directors (the "Board") of 5:01 Acquisition Corp. (the "Company"), notified the Board of his decision to resign from the Board, effective immediately. Dr. Mackay was a member of the Audit Committee. In connection with and effective immediately following Dr. Mackay's resignation, the Board appointed Samantha Singer, currently serving as an independent director of the Company, to the Audit Committee.

Dr. Mackay's decision to resign is not based on any disagreement with the Company or its management. He has served on the Company's Board since October 2020.

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