Alphawave IP Acquisition of OpenFive Approved by All Regulators

CIFIUS clearance received and transaction expected to close in September 2022

LONDON and TORONTO,Aug. 26,2022 -- Alphawave IP Group plc (LSE: AWE) ("Alphawave IP",the "Company"),a global leader in high-speed connectivity for the world's technology infrastructure,is pleased to announce that it has received all regulatory clearances required for the completion of the previously announced acquisition of OpenFive,including approval from the Committee on Foreign Investment in the United States (CFIUS).

Alphawave IP

The transaction is expected to close in September 2022 subject to the satisfaction of other customary closing conditions.

The Company will provide a further update once the acquisition has completed.

About Alphawave IP Group plc (LSE: AWE)

Faced with the exponential growth of data,Alphawave IP's technology services a critical need: enabling data to travel faster,more reliably and with higher performance at lower power. Alphawave IP is a global leader in high-speed connectivity for the world's technology infrastructure.Our IP solutions meet the needs of global tier-one customers in data centers,compute,networking,AI,5G,autonomous vehicles,and storage. Founded in Toronto,Canada in 2017,by an expert technical team with a proven track record in licensing semiconductor IP,our mission is to focus on the hardest-to-solve connectivity challenges. To find out more about Alphawave IP,visit: awaveip.com

Contact: Alphawave IP Group plc,John Lofton Holt,Executive Chairman,Jose Cano,Global Head of IR,ir@awaveip.com,+44 (0) 20 7717 5877; Brunswick Group,Simone Selzer,Sarah West,alphawave@brunswickgroup.com,+44 (0) 20 7404 5959; Gravitate PR,Lisette Paras,Wynton Yu,alphawave@gravitatepr.com,+1 415 420 8420