Impel in forbearance discussions with Oaktree Fund Administration

As previously disclosed, the Company estimated that it had sufficient capital to fund operations into the third quarter of 2023, and would need to raise additional capital to avoid defaulting under its senior credit agreement with Oaktree Fund Administration as administrative agent and the lenders party thereto, or collectively Oaktree. As of the date hereof, the Company has been unsuccessful in identifying potential financing opportunities and is in breach of the covenant under the Senior Credit Agreement to maintain a minimum of $12.5M in unrestricted cash and cash equivalents on hand. The Company is currently in negotiations with Oaktree regarding a potential forbearance and restructuring of the Senior Credit Agreement and with Oaktree and other investors regarding the terms of an approximately $20M potential bridge financing facility. The Company continues to negotiate these terms, and as such, requires additional time to finalize the required disclosures in its Form 10-Q. For these reasons, the Company has determined that it is unable to file its Form 10-Q within the prescribed time period without unreasonable effort or expense. The Company anticipates that the Form 10-Q will be filed as soon as practicable and prior to or on the fifth calendar day following the prescribed due date…While the Company continues to pursue actions and steps to improve its cash position and mitigate any potential liquidity shortfall, based on recurring losses and negative cash flow from operations for the six months ended June 30 as well as current cash and liquidity projections, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. As of June 30, the Company had approximately $15.2M in cash and cash equivalents.The Company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code. These measures may not be successful.