• EOS settles ASIC investigation into 2022 revenue guidance disclosure
• Agreed $4 million penalty to be approved by Federal Court
• Company committed to high standards of corporate governance and transparency
• New leadership team in place since late 2022 to strengthen the business

Electro Optic Systems Holdings Limited (EOS) has announced that it has settled ASIC's investigation in relation to certain disclosure matters in 2022. The settlement includes an agreed proposed penalty of $4 million for the approval of the Federal Court. EOS has been the subject of an ASIC investigation in connection with the company's 2022 revenue guidance. The company navigated a challenging environment in 2022 marked by strategic, financial, and operational pressures, and has since made significant business and leadership changes, including the appointment of a new Chair, CEO, and CFO, as well as the addition of a new non-executive director. EOS has reached a settlement with ASIC in connection with alleged breaches of continuous disclosure obligations, and the company accepts ASIC's conclusion that it breached its continuous disclosure obligations in the period from 25 July 2022 to 31 October 2022. EOS has cooperated with ASIC throughout the investigation, and as part of the settlement, ASIC has applied to the Federal Court seeking declarations of contravention of continuous disclosure obligations and a civil penalty of $4 million, which EOS supports. ASIC has indicated that it intends to bring separate proceedings against the company's former CEO and current Chief Innovation Officer, Dr Ben Greene, in relation to the same revenue guidance issues. The company recognizes the importance of meeting its continuous disclosure obligations and remains committed to upholding high standards of corporate governance and transparency. The new leadership team in place since late 2022 is focused on strengthening the business and delivering long-term value for shareholders.