Nexus Capital Management LP entered into an asset purchase agreement to acquire Substantially all of the assets of MAV Beauty Brands Inc. on November 14, 2023. MAV Beauty Brands has commenced voluntary proceedings under the Companies? Creditors Arrangement Act (Canada) (?CCAA?) in the Ontario Superior Court of Justice (Commercial List) (the ?Court?).

Nexus has agreed to acquire substantially all of the assets of the Company and its subsidiaries (the ?Transaction?) for a purchase price significantly less than the current principal amount of the outstanding debt ($121.7 million). During the CCAA proceedings, it is expected that MAV Beauty Brands? operations will continue uninterrupted in the ordinary course of business.

In connection with the CCAA proceedings, the Court approved the appointment of Alvarez & Marsal Canada Inc. as monitor of the Company and its subsidiaries (the ?Monitor?). Management will remain responsible for the day-to-day operations of the Company and, during the CCAA proceedings, the board of directors of the Company will remain in place, with the Company under the general oversight of the Monitor. It is anticipated that the trading of the Company?s common shares on the Toronto Stock Exchange (the ?TSX?) will be halted and the TSX will place the Company under delisting review.

A sale approval hearing is currently expected to take place on November 24, 2023. Anticipated closing of the transaction to occur by the end of 2023, subject to the satisfaction or waiver of customary closing conditions and court approval. As of Nov.

24, 2023, MAV Beauty Brands Inc. (TSX:MAV) has obtained the approval of the Ontario Superior Court of Justice (Commercial List) under the Companies' Creditors Arrangement Act for the sale of substantially all of the assets of the Company and its subsidiaries to an affiliate of Nexus Capital Management LP. The completion of the sale will occur on or about December 8, 2023, but not later than December 22, 2023, subject to the satisfaction or waiver of customary closing conditions.