Arowana Inc. ("Arowana") (NASDAQ: ARWA; ARWAU; ARWAR; ARWAW) announced today that it held its extraordinary general meeting of shareholders and that, at such meeting, shareholders approved an extension of the date by which Arowana must consummate a business combination to January 9, 2017 (the "Extension"). At the meeting, shareholders holding 141,752 public shares exercised their right to convert such public shares into a pro rata portion of the trust account. As a result, an aggregate of approximately $1,445,870 (or approximately $10.20 per share) was removed from the trust account to pay such holders. The conversions will not affect the number of Arowana's rights and warrants outstanding. Because the Extension was approved, Arowana's insiders or their affiliates will loan Arowana an aggregate of approximately $205,000 (or $0.025 for each public share that was not converted into cash in connection with the Extension) at the beginning of each consecutive 30-day period during the Extension (including approximately $27,000 for the final four-day period at the end of the Extension, for a total of approximately $437,000) until Arowana completes its previously disclosed business combination (the "Transactions") with VivoPower International PLC ("VivoPower"). Such loans will be contributed to the trust account. As a result, the conversion amount per share will be approximately $10.225, $10.25 or $10.2533 if the Transactions are consummated on or after November 7, 2016, December 7, 2016 and January 6, 2017, respectively, and the liquidation amount per share in the event the Transactions are not consummated will be approximately $10.2533 per share. About Arowana Inc. Arowana is a Cayman Islands exempted company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. The company's efforts to identify target businesses is not limited to a particular industry or geographic region.