Tian Ruixiang Holdings Ltd. announced Mr. Zhe Wang, Chairman of the board of directors of TIAN RUIXIANG Holdings Ltd. notified the Company of his resignation from his positions of the Chairman of the Board on April 5, 2024, effective immediately. Mr. Zhe Wang resigned from the positions for personal reasons and has agreed to continue to comply with all applicable terms of his employment agreement with the Company. On April 8, 2024, the nominating and corporate governance committee of the Board recommended, and the Board approved and appointed, Ms. Shen Xu, to serve as Chairman of the Board.

Ms. Shen Xu has served as a director of the Board since the inception of the Company in 2019; she is also the wife of Mr. Zhe Wang. Mr. Ning Wang, an independent director of the Company, resigned from the Board and three committees of the Board for personal reasons, effective April 5, 2024. Mr. Ning Wang acknowledges that he has been paid all amounts due to him and is not entitled to any payments or benefits of any kind from the Company, and irrevocably and unconditionally releases the Company of and from all claims, demands, actions, and causes of actions.

The Board is in the process of selecting an independent director to replace Mr. Ning Wang.