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MATERIAL CHANGE REPORT DATED SEPTEMBER 20, 2024 Material Change Report dated

Key Takeaway: BioHarvest Sciences Inc. announced the resignation of David Ryan from its board of directors as part of a strategy to comply with Nasdaq's requirement for a majority of independent directors. Despite resigning from the board, Ryan will retain his position as Vice President of Investor Relations. This internal shift aims to improve the company's governance structure as it prepares for a potential listing on the Nasdaq Stock Market.

Market Sentiment Analysis

POSITIVE FACTORS

  • David Ryan continues to play a key role within the company.
  • His ongoing position may facilitate smoother investor relations.
  • The change aligns with Nasdaq's new listing requirements.

CONCERNS & RISKS

  • The resignation raises questions about the board's independence.
  • Dependence on a single individual for investor relations can be risky.
  • Potential instability in governance during the transition.

Full Press Release Details

MATERIAL CHANGE REPORT
Item 1.Name and Address of Company
BIOHARVEST SCIENCES INC.
Suite 1140 - 625 Howe Street
Vancouver, BC, V6C 2T6
Item 2.Date of Material Change
The news release was issued on September 20, 2024, disseminated by Newsfile Corp. and filed on www.sedarplus.ca.
Item 4.Summary of Material Change
BioHarvest Sciences Inc. announced director's ongoing key role following resignation from board.
Item 5.Full Description of Material Change
Vancouver, British Columbia and Rehovot, Israel - September 20, 2024 - BioHarvest Sciences Inc. ("BioHarvest" or the "Company") (CSE: BHSC) (OTCQB: CNVCF), announces the resignation of David Ryan as a director of the Company. Mr. Ryan will remain a key member of the Company's management team, continuing to serve as Vice President of Investor Relations of the Company.
Mr. Ryan resigned as a director of the Company in order for the Company to meet Nasdaq mandates to have a majority of independent directors in connection with its proposed application to list its common shares on the Nasdaq Stock Market.
Item 6.Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102
Item 7.Omitted Information
Item 8.Executive Officer David K. Ryan
Item 9.Date of Report

Frequently Asked Questions

What is the name of the company involved?

The company involved is BioHarvest Sciences Inc.

When was the material change announcement made?

The announcement was made on September 20, 2024.

Who resigned as a director of BioHarvest?

David Ryan resigned as a director of BioHarvest.

What position does David Ryan hold after his resignation?

David Ryan continues as Vice President of Investor Relations.

Why did David Ryan resign from his director role?

He resigned to help meet Nasdaq's independent director requirements.

Last updated: Sep 20, 2024