Nano Labs Enters into Agreements with Shareholders to Convert Loans into Ordinary Shares

HANGZHOU, China, Sept. 23, 2024 /PRNewswire/ -- Nano Labs Ltd (Nasdaq: NA) ("we," "the Company," or "Nano Labs"), a leading fabless integrated circuit design company and product solution provider in China, announced today that it entered into agreements with Mr. Jianping Kong, its chairman and chief executive officer, and Mr. Qifeng Sun, its vice chairman, along with their respective affiliates (the "Lenders") on September 20, 2023, to convert the interest-free loans from the Lenders in an aggregated amount of US$8.5 million (the "Loans") into certain amount of Class A ordinary shares (the "Conversion") in lieu of repayment of the Loans. The Conversion has been closed on September 23, 2024.