Atlantic Coastal Acquisition Corp. announced that Shahraab Ahmad as Chairman of the Board of Directors, Burt Jordan (President), Anthony Eisenberg (Chief Strategy Officer), and Ned Sizer (Chief Operating Officer) have resigned from their respective positions as officers of the Company, and the existing members of the Board of Directors (other than Shahraab Ahmad, who will continue as a director of the Company and Iqbaljit Kahlon who will continue as a director until the Schedule 13D Change in Control Date) will resign as directors of the Company. The company appointed Tsogtgerel Bayanjargal as Executive Vice President, Chandra Panchal as Independent Director, Tseren Purev as Independent Director and Bartholomew Pan-Kita as Independent Director.

Tsogtgerel Bayanjargal, age 57, has been Vice President of the National University of Mongolia for Innovation and Development since 2016. He was the head of office of the Minister for Mega project in Mongolia from November 2014 to July 2016; Vice Minister of Ministry of Industry and Agriculture of Mongolia from September 2012 to November 2014; President of Chinggis Industrial Group from August 2010 to September 2012; Secretary of New National Democratic Party from January 2007 to August 2010; Director of Economic Regulation, Department of CAA of Mongolia from December 2005 to January 2007; Advisor to a Member of the Mongolian Parliament in 2004; President and CEO of infrastructure construction company ?Moninjbar? JSC in January 2001; Director of the Board of Directors Mongol Leather JSC, tourism company Terelj Juulchin JSC from 1998 to 2001; and CEO of Innovation Bank of Mongolia from May 1997 to October 2000; and Vice President of Ajnai LLC from March 1992 to May 1997.

Mr. Bayanjargal received an MBA from the School of Economics at the National University of Mongolia and an LLM from the Law School at the National University of Mongolia. He attended the Polytechnic Academy of Irkutsk, Soviet Union from 1984 to 1989; the Institute of management in Moscow, Russia from 1990 to 1991; Law School at the National University of Mongolia from 1957 to 1997; a program in bank management at the University of New Mexico in July 1998 and in Frankfurt, Germany in August 1998. Dr. Chandra Panchal, age 74, is the founder of Axcelon Biopolymers Corp., a biotechnology company where he has been Chairman, CEO and Chief Scientific Officer since 2008.

From 1989 to 1999 he was Co-Founder, President, and Chief Executive Officer of Procyon Biopharma Inc., which he took public on the Toronto Venture Exchange in 1998, and which was listed on the TSX main exchange in 2000 and, from 1999 to 2006, Dr. Panchal was Chief Scientific Officer and Senior Executive Vice President. From 2006 to 2008, he was Executive Vice President, Business Development, Licensing & Intellectual Property, at Ambrilia Biopharma Inc., a company that resulted from a merger between Procyon Biopharma Inc. and Cellpep Inc. During his term at Procyon Biopharma Inc. and Ambrilia Biopharma Inc., he led the development of several novel drugs/diagnostics devices in oncology woundcare and virology. He also led several M&A transactions and helped secure major licensing agreements with pharmaceutical companies, including a $300 million Licensing Agreement with Merck Inc. Dr. Panchal has authored over 70 scientific papers and has edited a book entitled Yeast Strain Selection.

Dr. Panchal is a co-inventor in respect of several patents in oncology, diagnostics, biopolymers and industrial microbiology. He was an Adjunct Professor in chemical and biochemical engineering at the University of Western Ontario from 1982 to 2019. He was a member of the board of directors of the following organizations: a Lead Director of Medicenna Therapeutics Inc., from February 2017 until September 2023 and Avicanna Inc. of which he was Chairman of the Board from November 2017 to September 2023, when he retired.

He was a founding Director and from 2009 to 2015 a Board member of MaRS Innovation, a center of excellence for the commercialization of technologies from universities and hospitals based in Toronto, as well as Director of Avivagen. Dr. Panchal has been an advisor to, as well as a Board member of, several small and mid-size companies and has been a member of a number of Federal and Provincial advisory committees. In 1991 he was named Entrepreneur of the Year by the London Chamber of Commerce.

Dr. Panchal obtained a B.Sc. Hon (1972) and a M.Sc., in molecular biology (1975) from the University of Toronto, and a Ph.D., in biochemical engineering from the University of Western Ontario (1979).