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Arowana Inc. Securities to Commence Separate Trading

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Arowana Inc. (NASDAQ:ARWAU) (the “Company”), a Cayman Islands exempted company formed as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, announced today that it has been informed by EarlyBirdCapital, Inc., the lead managing underwriter in the Company’s initial public offering, that holders of the Company’s units will be able to separately trade the ordinary shares, rights and redeemable warrants included in such units commencing on or about May 18, 2015. The ordinary shares, rights and redeemable warrants will be listed on the NASDAQ Capital Market (“NASDAQ”) under the symbols ARWA, ARWAR and ARWAW, respectively. Units not separated will continue to be listed on NASDAQ under the symbol ARWAU.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus, copies of which may be obtained by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov. Alternatively, a copy of the prospectus relating to the offering may be obtained from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Investor Relations, 212-661-0200.

Arowana Inc. is a newly formed blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities. While the Company’s efforts to identify a prospective target business will not be limited to any particular industry or geographic region, the Company initially intends to focus on target businesses located in the Asia Pacific region (with a particular emphasis on South East Asia and Australia) operating in the energy (including solar and alternative energy) industry, or target businesses in such an industry operating outside of those geographic locations which we believe would benefit from expanding their operations to such locations.

Forward Looking Statements

This press release includes “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “seeks” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect Arowana’s management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of Arowana’s prospectus for its offering filed with the Securities and Exchange Commission. Except as expressly required by applicable securities law, Arowana disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

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