Abits Group Inc. Announces Executive and Director Changes

Abits Group Inc. has announced significant changes in its leadership. Conglin Deng has been terminated as CEO without Cause, effective October 6, 2026, due to a financing-related triggering event. Consequently, Mr. Deng has also ceased to be a director and a member of any board committees. Yanyan Sun and Khuat Leok Choong, Lionel have resigned as directors, with Ms. Sun also stepping down from board committees and Mr. Choong from the Audit Committee chair position and other committees. These resignations were not due to disagreements with the Company. Stephen Faucetta has been appointed as the new Chief Executive Officer and Chairman of the Board, succeeding Mr. Deng. Mr. Faucetta, previously the Chief Investment Officer, brings over 20 years of experience in financial services and alternative asset management. Additionally, Glenn Josephs and Mohsen (Michael) Khorassani have been appointed as independent directors. Mr. Josephs, a CPA with extensive experience in accounting and consulting, will serve as the Chair of the Audit Committee. Mr. Khorassani, with over thirty years of experience in capital markets and financial services, has been appointed to the Audit Committee, the Compensation Committee, and the Corporate Governance and Nominating Committee. The company has entered into employment and engagement agreements with the new appointees.