Addex Completes $4.2 Million Equity Financing

Ad Hoc Announcement Pursuant to Art. 53 LR

Geneva, Switzerland, July 26, 2022 – Addex Therapeutics Ltd (SIX:ADXN and Nasdaq:ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, today announced that it has completed an equity financing transaction entered into on July 22, 2022 with Armistice Master Fund Ltd. (“Armistice”), a healthcare-focused institutional investor, pursuant to which the Company sold 4,500,000 shares in the form of 750,000 American Depositary Shares (“ADSs”) at a gross purchase price of $1.70 per ADS, which is equivalent to CHF 0.27 per share, in an offering registered with the U.S. Securities and Exchange Commission (“SEC”). Each ADS represents six shares. Additionally, Addex issued to Armistice unregistered warrants to purchase up to 15,000,000 shares in the form of 2,500,000 ADSs (the “Unregistered Warrants”), as well as unregistered pre-funded warrants to purchase up to 10,500,000 shares in the form of 1,750,000 ADSs (the “Unregistered Pre-Funded Warrants” and together with the Unregistered Warrants, the “Warrants”) in a concurrent private placement. The terms of the equity financing transaction were amended on July 22, 2022 to increase the number of ADSs sold by 200,000 ADSs and decrease the number of ADSs issuable upon exercise of the Unregistered Pre-Funded Warrants sold in the concurrent private placement by 200,000. The Unregistered Warrants have an exercise price of $1.90 per ADS, will become exercisable in 60 days after their date of issuance and will expire five years from their date of issuance. The Unregistered Pre-Funded Warrants have been funded to the amount of $1.69 with $0.01 payable on exercise.