Mr. Jordan Kupinsky reports

STANDARD MERCANTILE ACQUISITION CORP. ANNOUNCES COMPLETION OF TSX DELISTING AND PROVIDES DETAILS OF SPECIAL DISTRIBUTION

Standard Mercantile Acquisition Corp. has completed the voluntary delisting of its Class A shares from the facilities of the Toronto Stock Exchange, effective at the close of business on Nov. 13, 2023.

The company also announces that in connection with its previously announced sale of its final mortgage interest to a third party purchaser, the board of directors of the company has declared a special distribution of 26.5 cents per share. The special distribution, which constitutes a return of capital pursuant to the windup of the company's business as approved by shareholders of the company on June 16, 2016, as amended on May 6, 2021, will be paid on Nov. 20, 2023, to holders of shares of record at the close of business on Nov. 14, 2023. As of Nov. 13, 2023, there were 7,801,330 Class A shares outstanding. The special distribution payment is not subject to any condition and will be paid in cash.

Following the payment of the special distribution, the company will continue to take steps to dissolve under the provisions of the Canada Business Corporations Act after satisfying its remaining liabilities and distributing any remaining assets to shareholders.

About Standard Mercantile Acquisition Corp.

The company previously held a portfolio of mortgages in Canada and is currently in the process of winding up its business in accordance with the orderly windup. At the company's 2021 annual and special meeting of shareholders, the company sought and received shareholder approval to change its name to Standard Mercantile Acquisition Corp., among other amendments to the articles of the company.

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