Flowserve and Velan extend the outside date of their arrangement agreement

Flowserve Corporation and Velan announced that they have extended the outside date of the arrangement agreement made as of February 9, 2023, among Velan and Flowserve, as amended by the first amendment to the arrangement agreement dated March 27, 2023. In accordance with the definition of Outside Date in the arrangement agreement, given that the regulatory approvals (as such term is defined in the arrangement agreement) have not all been obtained at this time, Velan and Flowserve have given written notices to each other that they each wish to extend the outside date for an additional 30 days to September 7, 2023.