Caravelle International Group Entered Some Agreements With Two Institutional Investors To Terminate All Terms And Provisions Of The Securities Purchase Agreement And Other Related Transaction Agreements Dated January 5, 2024

Caravelle International Group ((the ", Company", , NASDAQ:CACO), a global ocean technology company, today announced that it has entered some agreements ( the "Agreements") with two institutional investors (the "Investors") to terminate all terms and provisions of the Securities Purchase Agreement and other related transaction agreements dated January 5, 2024 (the "Securities Purchase Agreement"), pursuant to which the Company will buy back the $1.5 million Senior Secured Original Issue 15% Discount Convertible Promissory Note (the "Note") and the Investors' rights to purchase a certain number of the Company's Common Shares (the "Warrants") have been cancelled and terminated.