VICKERS VANTAGE CORP. I INDEX TO FINANCIAL STATEMENT Page Audited Financial Statements of Vickers Vantage Corp. I: Report of Independent Registered Public Accounting Firm F-2 Balance Sheet as of

VICKERS VANTAGE CORP. I

INDEX TO FINANCIAL STATEMENT

Report of Independent

Registered Public Accounting Firm

To the Shareholders and the Board of Directors

Vickers Vantage Corp. I

Opinion on the Financial Statement

We have audited the accompanying balance sheet

of Vickers Vantage Corp. I (the "Company") as of January 11, 2021, and the related notes (collectively referred to as

the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial

position of the Company as of January 11, 2021, in conformity with accounting principles generally accepted in the United States

This financial statement is the responsibility

of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")

and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable

rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the

standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether

the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor

were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to

obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness

of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to

assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures

that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures

in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable

basis for our opinion.

/s/ WithumSmith+Brown, PC

We have served as the Company's auditor since

VICKERS VANTAGE CORP. I

The accompanying notes are an integral

part of the financial statement.

VICKERS VANTAGE CORP. I

NOTE 1 - DESCRIPTION OF ORGANIZATION

AND BUSINESS OPERATIONS

Vickers Vantage Corp.

I (the "Company") is a blank check company incorporated as a Cayman Islands exempted company on February 21, 2020.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization

or similar business combination with one or more businesses or entities (a "Business Combination").

limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and

emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth

2021, the Company had not commenced any operations. All activity for the period from February 21, 2020 (inception) through January

11, 2021 relates to the Company's formation and the proposed initial public offering ("Initial Public Offering"),

which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination,

at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the

Initial Public Offering. The Company has selected December 31 as its fiscal year end.

The registration statement

for the Company's Initial Public Offering was declared effective on January 6, 2021. On January 11, 2021 the Company consummated

the Initial Public Offering of 13,800,000 Units (the "Units" and, with respect to the ordinary shares included in the

Units sold, the "Public Shares"), which includes the full exercise by the underwriter of its over-allotment option

in the amount of 1,800,000 Units, at $10.00 per Unit, generating gross proceeds of $138,000,000 which is described in Note 3.

the closing of the Initial Public Offering, the Company consummated the sale of 6,840,000 warrants (the "Private Placement

Warrants") at a price of $0.75 per Private Placement Warrant in a private placement to Vickers Venture Fund VI Pte Ltd and

Vickers Venture Fund VI (Plan) Pte Ltd, (the "Sponsor"), generating gross proceeds of $5,130,000, which is described

amounted to $8,149,473, consisting of $2,400,000 in cash underwriting fees, $5,190,000 in deferred underwriting fees, and $559,473

of other offering costs. In addition, as of January 11, 2021, cash of $559,637 was held outside of the Trust Account (as defined

below) and is available for the payment of offering costs and for working capital purposes.

Following the closing

of the Initial Public Offering on January 11, 2021, an amount of $139,380,000 ($10.10 per Unit) from the net proceeds of the sale

of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the "Trust

Account"), and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment

Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market

fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as

determined by the Company, until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the

funds in the Trust Account to the Company's shareholders, as described below.

management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and

the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally

toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with

one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account

(as defined below) (less any deferred underwriting commissions and taxes payable on the interest earned on the Trust Account).

The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of

the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business

sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended

(the "Investment Company Act"). There is no assurance that the Company will be able to successfully effect a Business

The Company will provide

the holders of the public shares (the "Public Shareholders") with the opportunity to redeem all or a portion of their

public shares upon the completion of the Business Combination, either (i) in connection with a general meeting called to approve

the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval

of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders

will be entitled to redeem their Public Shares, equal to the aggregate amount then on deposit in the Trust Account, calculated

as of two business days prior to the consummation of the Business Combination (initially anticipated to be $10.10 per Public

Share), including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding

public shares, subject to certain limitations as described in the prospectus. The per-share amount to be distributed to the Public

Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay

to the underwriters (as discussed in Note 6).

VICKERS VANTAGE CORP. I

The Company will proceed

with a Business Combination only if the Company has net tangible assets of at least $5,000,001 and, if the Company seeks shareholder

approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative

vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required

and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its

Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the

Securities and Exchange Commission ("SEC"), and file tender offer documents containing substantially the same information

as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder

approval in connection with a Business Combination, the Company's Sponsors have agreed to vote its Founder Shares (as defined

in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination.

Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective