STR : Sept 14, 2023 - Approval of Plan of Complete Liquidation & Dissolution

STR Holdings, Inc. Announces Stockholder Approval of a Plan of Complete Liquida on and Dissolu on

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STR Holdings, Inc. (STRI or the "Company") is providing today no ce of stockholder ac on re. the Company's adop on of a Plan of Liquida on and Dissolu on.

STR Holdings, Inc. (OTCMKTS:STRI)

TOLLAND, CT, USA, September 14, 2023 /EINPresswire.com/ ‐‐ As previously announced on July 24, 2023, the Company's Board of Directors (the "Board") approved a Plan of Complete Liquida on and Dissolu on (the "Plan") subject to the approval of the Company's stockholders. The Plan was adopted on September 8, 2023 by the holders of the requisite number of the outstanding shares of the Company's Common Stock by wri en consent in lieu of a special mee ng. The resolu ons approved by the stockholders, including a copy of the Plan, can be found on the Investor Rela ons page of the Company's website at: www.strholdings.com.

The Plan provides that the Company will make applicable filings and take such other ac ons as are found to be necessary, appropriate or desirable to carry out the Plan. The Company intends to file a Cer ficate of Dissolu on with the State of Delaware, at which me the Company's transfer books and records will be closed, such that its shares of Common Stock will no longer be assignable or transferable on the

books of the Company (except by will, intestate succession or opera	on of law or upon dissolu on of any
stockholder or its successors). At that	me, the Company's common stock should cease trading on the
OTC markets or any other trading pla	orm, as no such trades will be recognized by the Company or its
transfer agent. The Company intends to file the Cer ficate of Dissolu	on with the Secretary of State of
Delaware by the end of the third quarter of 2023, or as soon as prac	cable a er all related necessary
filings and no ces are complete.

Following the effec ve date of the Cer ficate of Dissolu on, the Company will be able to commence the formal dissolu on process, which the Company plans to conduct under the supervision of the Delaware Chancery Court. The Company intends to distribute, pro rata in one or more distribu ons, its remaining cash to its stockholders, to the extent that such cash has been determined legally available for such distribu on, and such distribu on is approved by the Delaware Chancery Court. Cash is generally considered legally available for distribu on once all poten al liabili es have been paid, or otherwise provided for, in full. Such distribu ons will be made to the stockholders of record as of the effec ve date of the Cer ficate of Dissolu on.

The amount and ming of distribu ons, if any, will depend upon and could be affected, delayed or eliminated by, among other things, (i) the meline for important li ga on against us, the ming of which is beyond the Company's ability to control, (ii) the amount and ming of claim se lements and reserves set aside to address creditors and con ngent liabili es, (iii) the expenses incurred by the Company, and (iv) the ming and net proceeds received on the disposi on of its remaining non‐cash assets. As previously reported the Company con nues to be involved with ongoing li ga on in India and Spain. A creditor could also seek an injunc on against, or otherwise seek to interfere with the making of

distribu ons to the Company's stockholders, on the grounds that the amounts to be distributed were needed to provide for the payment of the Company's liabili es and expenses. Any such ac ons could delay, reduce or eliminate the amount available for distribu on to the Company's stockholders. The Company cannot ensure that any funds will become available for distribu on or be distributed to its stockholders.

The Company reaffirms that its es mate of funds that will be legally available for distribu on remains in the range of $0 to $5 million. As of the date of this press release, the Company has 20,152,029 shares of common stock issued and outstanding.

Forward‐Looking Statement Disclaimer: This press release contains forward‐looking statements within the meaning of the Private Securi es Li ga on Reform Act of 1995. Such statements are subject to inherent risks and uncertain es, including statements regarding the Company's proposed winding down of its opera ons and the amount and ming of distribu ons, if any, to its stockholders. The Company is currently unable to predict the amount or ming of such distribu ons, if any. The amount and ming of such distribu ons will depend on and could be affected, delayed or eliminated by any number of risks and uncertain es, many of which are not in the control of the Company, including without limita on those discussed in this press release. Moreover, as provided in the Plan, the Board may modify or abandon the Plan, including the filing of the Cer ficate of Dissolu on, at any me, to the extent permi ed under Delaware law. The Company undertakes no obliga on to publicly update any forward‐ looking statement contained in this press release, whether as a result of new informa on, future developments or otherwise, except as may be required by law.

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