ALJ REGIONAL HOLDINGS, INC. ANNOUNCES EFFECTIVE TIME OF REORGANIZATION

NEW YORK, May 23, 2023 /PRNewswire/ -- ALJ Regional Holdings, Inc. (OTCPINK:ALJJ) (the "Company" or "ALJ") announced today that the Company has determined that all conditions precedents have been satisfied to effect the reorganization merger (the "Reorganization") with ALJ NewCo, Inc. ("NewCo") pursuant to the Agreement and Plan of Merger (the "Reorganization Agreement") and its board of directors (the "Board") has resolved to effect the Reorganization by filing the certificate of merger with the Secretary of State of the State of Delaware on May 25, 2023 (the "Effective Time"). The ALJ common stock will stop trading on the OTC Markets at the close of market on Thursday, May 25, 2023 (the "Stop-Trade Time"). The Company may defer or abandon the Reorganization prior to the Effective Time (including by terminating the Reorganization Agreement) or all or any part of the Reorganization if the Company determines that for any reason the completion of all or such part of the Reorganization would be inadvisable or not in the best interests of the Company and its stockholders.