On January 12, 2023 (the Closing Date), AeroClean Technologies, Inc. completed the previously announced acquisition of Molekule, Inc. (Molekule), pursuant to the Agreement and Plan of Merger dated as of October 3, 2022 by and among the registrant, Air King Merger Sub Inc., a Delaware corporation and direct wholly-owned subsidiary of the registrant (Merger Sub"), and Molekule. Pursuant to the Merger Agreement, Merger Sub merged with and into Molekule, with Molekule continuing as the surviving entity and a wholly-owned subsidiary of the registrant. Pursuant to the terms of the Stockholders Agreement, on January 12, 2023, the company Board increased the size of the company Board from seven members to eight members and filled the resulting vacancy on the company Board by appointing Brad Feld (who was designated by Molekule) as a director of the Company, with a term to expire at the company's 2023 annual meeting of stockholders or until his successor is elected and qualified or until his earlier resignation or removal.

Pursuant to the Stockholders Agreement, certain stockholders of AeroClean and Molekule agreed to take all reasonable actions to nominate Mr. Feld (and the existing members of the AeroClean board of directors) to be members of the board of directors of the company following the Closing and until immediately after the company's 2024 annual meeting of stockholders. Mr. Feld has not been appointed to any committees of the company Board at this time. However, the company expects that he will be appointed to one or more Board committees in the future.