Mr. Scott McGregor reports

HAW CAPITAL 2 CORP. PROVIDES UPDATE ON QUALIFYING TRANSACTION

Haw Capital 2 Corp., further to its news releases dated Aug. 8, 2025, Nov. 21, 2025, March 2, 2026, and April 2, 2026, has provided additional updates to the previously announced business combination with a wholly owned subsidiary of Haw 2 (Subco) and Naked Revival Inc. (Naked), which is intended to constitute Haw 2's qualifying transaction, as such term is defined in the CPC (capital pool company) policy.

The parties remain committed to pursuing the proposed qualifying transaction. However, due to the passage of time since the filing of Haw 2's filing statement dated March 31, 2026, the filing statement is no longer current for purposes of TSX-V requirements. The parties intend to file an amended and restated filing statement containing updated financial and other disclosure. Discussions regarding the proposed qualifying transaction remain continuing and the transaction has not been terminated. As a result, the parties will not complete the transaction in the time required by the CPC policy; the expected timing of closing of the transaction will be determined at a later date.

"We remain committed to completing the transaction and becoming a publicly traded company. While additional time is needed to update our disclosure materials, we continue to believe this transaction provides the right path forward for Naked," said Joel Primus, chief executive officer and director of Naked.

"We continue to believe in Naked's strategy, business model and team, and remain committed to completing the transaction. We appreciate the patience of our stakeholders as the parties work to finalize the required disclosure updates and complete the transaction," said Scott McGregor, chief executive officer and director of Haw 2.

Trading halt

The common shares of Haw 2 are currently halted from trading and are expected to remain halted pending completion of the transaction.

Additional information

All information contained in this news release with respect to Haw 2 and Naked was supplied by the parties respectively for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.

Additional terms of the transaction were previously disclosed in the news releases of Haw 2 dated Aug. 8, 2025, Nov. 21, 2025, March 2, 2026, and April 2, 2026, and are available under Haw 2's SEDAR+ profile.

We seek Safe Harbor.