On July 5, 2022, Welbilt, Inc. elected to redeem all of its outstanding 9.500% Senior Notes due 2024 pursuant to a notice of conditional redemption under the indenture governing the Notes. The redemption, which is expected to take place on August 4, 2022, is conditioned upon the consummation of the acquisition of the Company pursuant to the Agreement and Plan of Merger, dated July 14, 2021, among the Company, Ali Holding S.r.l., an Italian società a responsabilità limitata, Ali Group North America Corporation, a Delaware corporation and a wholly owned subsidiary of Ali, and Ascend Merger Corp., a Delaware corporation and a wholly owned subsidiary of Acquiror. There can be no assurances as to when or if such condition will be satisfied.