Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ:NEPT), a consumer-packaged goods company focused on plant-based, sustainable and purpose-driven lifestyle brands, announced today that it will conduct a share consolidation of its outstanding common shares ("Common Shares") on the basis of one (1) post-consolidation Common Share for every forty (40) pre-consolidation Common Shares (the "Consolidation"). The Consolidation was previously approved by the board of directors of the Company on August 7, 2023. Each fractional Common Share remaining after completion of the Consolidation that is less than one (1) whole of a Common Share will be increased to one (1) whole Common Share. The Consolidation will reduce the number of Common Shares issued and outstanding from approximately 24.1 million Common Shares to approximately 0.6 million Common Shares.

The precise effective date of the Consolidation and the date upon which the Common Shares will begin trading on the NASDAQ on a post-Consolidation basis will be announced at a later date.

The Company's transfer agent, Computershare Investor Services Inc. ("Computershare"), will act as the exchange agent for the Consolidation. In connection with the Consolidation, Computershare will send to registered holders of Common Shares (the "Registered Holders") a letter of transmittal (the "Letter of Transmittal") that may be used by such Registered Holders to exchange their pre-Consolidation Common Share certificates for certificates in the capital of the Company representing the consolidated number of Common Shares. Until surrendered, each certificate representing pre-Consolidation Common Shares will represent the number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation. The post-Consolidated Common Shares issued will be done via a push-out to shareholders holding book shares positions and pre-Consolidated Common Shares will become null and void. Shareholders holding Common Shares by way of a physical certificate are required to deposit a completed Letter of Transmittal and the physical certificates for cancellation to receive the applicable post-Consolidated Common Shares.

Non-registered or beneficial holders holding their Common Shares through a bank, broker or other nominee will not need to complete a Letter of Transmittal and should note that such banks, brokers or other nominees may have specific procedures for processing the Consolidation. Shareholders holding their Common Shares with such a bank, broker or nominee and who have any questions in this regard are encouraged to contact their nominee.

A copy of the Letter of Transmittal will be posted on the Company's issuer profile on SEDAR at .

The Company's name and trading symbol will remain unchanged on the Nasdaq as a consequence of the Consolidation.