RONN Motor Group, Inc. definitive agreement to acquire Lee Pharmaceuticals, Inc. (OTCPK:LPHM) in a reverse merger transaction on February 15, 2023. Pursuant to the agreement, shareholders of RMG will receive shares of Lee Pharmaceuticals stock on a 1:1 exchange basis such that (i) each share of RMG Common Stock shall be exchanged for 1 share of Lee Pharmaceuticals Common Stock; and (ii) each share of RMG Preferred Stock shall be exchanged for 1 share of Lee Pharmaceuticals Preferred Stock with substantially similar rights and preferences. RONN Motor Group will ultimately be the surviving entity. As a result of the merger, Lee Pharmaceuticals will be the sole shareholder of RMG and RMG shareholders will become shareholders of the Lee Pharmaceuticals. The transaction is subject to approval of RONN Motor shareholders, the applicable waiting period and any extensions thereof shall have expired or been terminated. The transaction has been unanimously approved by boards of directors of Lee Pharmaceuticals.

VStock Transfer LLC acted as transfer agent to Lee Pharmaceuticals. Jeff Turner of JDT Legal, PLLC acted as legal advisor to Lee Pharmaceuticals. Andrea Cataneo of Mitchell Silberberg & Knupp LLP acted as legal advisor to RONN Motor.