Alphawave IP Response to announcement from Qualcomm

LONDON (United Kingdom) and TORONTO (Ontario, Canada) – April 2, 2025 – The Board of Alphawave notes the announcement by Qualcomm on 1 April 2025 and will provide an update if and when appropriate. Alphawave is confident in its strategy to become a leading semiconductor company and the value this will deliver for shareholders. There can be no certainty that any firm offer will be made nor as to the terms on which any offer might be made and accordingly shareholders are advised to take no action. In accordance with Rule 2.6(a) of the Code, Qualcomm is required, by not later than 5.00 p.m. (London time) on 29 April 2025, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers (the “Takeover Panel”) in accordance with Rule 2.6(c) of the Code.