TH International Limited Leadership Changes and Financing

TH International Limited announced significant leadership changes and a financing agreement. Effective June 15, 2026, Mr. Peter Yu will step down as Chairman but remain a director. Mr. Yongchen Lu, currently CEO, will become Chairman, a non-executive role with a one-year term. Mr. Kwok Wah Cheung will succeed Mr. Lu as CEO. Additionally, Mr. Lucas Alperi Suarez will join the Board of Directors, replacing Mr. Rafael Odorizzi. Concurrently, the Company entered into an agreement with THRI for the issuance of up to US$55.0 million in Senior Secured Convertible Notes. These notes will be consolidated with existing notes and issued in four tranches, with the first tranche due by July 31, 2026, and the final tranche expected in Q1 2027. Proceeds will fund store network expansion and working capital. An amendment to the Certificate of Designation for Series A-2 Convertible Preferred Shares and the Class A-1 Special Voting Share will adjust director appointment rights based on voting power thresholds.