Retail Offer to raise up to £130,000

Arecor Therapeutics plc (AIM: AREC), a clinical-stage biotech company developing superior therapeutics that can reduce treatment burden and improve outcomes for people living with diabetes, obesity and other cardiometabolic diseases, is pleased to announce a retail offer via BookBuild (the "Retail Offer") of up to 191,176 new ordinary shares of 1 pence each (“Ordinary Shares”) in the capital of the Company (the “Retail Offer Shares”) at a price of 68 pence per Retail Offer Share (the “Issue Price”).

In addition to the Retail Offer, earlier today the Company announced the results of a placing of 7,352,941 new ordinary shares (the "Placing Shares") at the Issue Price to raise gross proceeds of approximately £5.0 million (the “Placing”). A separate announcement was made regarding the Placing and its terms. For the avoidance of doubt, the Retail Offer is not part of the Placing and the Placing is not conditional upon the Retail Offer or the admission of the Retail Offer Shares.

The Retail Offer is conditional on completion of the Placing and the Retail Offer Shares being admitted to trading on the AIM market operated by the London Stock Exchange ("Second Admission"). Admission of the Retail Offer Shares pursuant to the Retail Offer is expected to take place on 9 October 2026.

Expected Timetable in relation to the Retail Offer

Retail Offer

The Company values its retail shareholder base and believes that it is appropriate to provide its retail shareholders in the United Kingdom the opportunity to participate in the Retail Offer. The Company is therefore making the Retail Offer available in the United Kingdom through the financial intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/WQLKL1/authorised-intermediaries

Singer Capital Markets Securities Limited will be acting as retail offer coordinator in relation to this Retail Offer (the “Retail Offer Coordinator”).

The Retail Offer is available only to existing shareholders of the Company who are resident in the United Kingdom, apply through a participating intermediary and satisfy the eligibility requirements set out below. Eligible shareholders include persons holding Ordinary Shares directly or beneficially through a nominee. The Retail Offer opens on publication of this announcement and is expected to close at 12:00 p.m. on 7 October 2026. Investors should note that financial intermediaries may have earlier closing times. The Retail Offer may close early if it is oversubscribed.

Eligible retail shareholders seeking to invest in Retail Offer Shares may be eligible for relief under the Enterprise Investment Scheme ("EIS"). Further information in relation to the potential eligibility of the Retail Offer Shares under the EIS is provided below. If investors wish to seek relief under EIS, they should indicate their interest through an Intermediary as part of their participation in the Retail Offer (where such facility is available) and by also emailing the Company, via: info@arecor.com

The Retail Offer which is the subject of this announcement is and will, at all times, only be made to, directed at and may only be acted upon by those persons who are, shareholders in the Company. To be eligible to participate in the Retail Offer, applicants must meet the following criteria before they can submit an order for Retail Offer Shares: (i) be a customer of one of the participating intermediaries listed on the above website; (ii) be resident in the United Kingdom and (iii) be a shareholder in the Company (which may include individuals aged 18 years or over, companies and other bodies corporate, partnerships, trusts, associations and other unincorporated organisations and includes persons who hold their shares in the Company directly or indirectly through a participating intermediary). For the avoidance of doubt, persons who only hold CFDs, Spreadbets and/or similar derivative instruments in relation to shares in the Company are not eligible to participate in the Retail Offer.

Application will be made to the London Stock Exchange for the Retail Offer Shares to be admitted to trading on AIM. Second Admission is expected at 8.00 a.m. on 9 October 2026, with the Retail Offer Shares expected to be credited to the relevant CREST accounts as soon as possible thereafter in accordance with the applicable settlement arrangements.

The net proceeds of the Retail Offer will be used for general working capital and to strengthen the Group’s balance sheet.

The Retail Offer Shares will be issued pursuant to the existing authorities to allot shares and disapply statutory pre-emption rights granted at the Company’s 2026 annual general meeting. No further shareholder approval is required.

There is a minimum subscription of £100.00 per investor under the terms of the Retail Offer which is open to investors in the United Kingdom subscribing via the intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/WQLKL1/authorised-intermediaries

EIS/VCT Schemes

The Company has been advised that the Company's business qualifies for EIS reliefs and is a qualifying business for VCT reliefs. Neither the Company nor the Directors give any warranties or undertakings that EIS reliefs or VCT reliefs will be granted in respect of the Retail Offer Shares. Investors must seek independent advice on which they are able to rely.

Neither the Company nor the Directors give any warranties or undertakings to participants in the Retail Offer that EIS reliefs or VCT reliefs, if granted, will not be withdrawn. Investors must take their own advice and rely on it. If the Company carries on activities beyond those disclosed to HMRC, then Shareholders may cease to qualify for the tax benefits.

UK Product Governance Requirements

EU Product Governance Requirements