Reference is made to the announcement dated 27 June 2019 in relation to the Company's application to Bursa Malaysia Securities Berhad ("Bursa Securities") for a further extension of time of six (6) months up to 31 December 2019 for the Company to submit a regularisation plan to the regulatory authorities.

The Board of Directors of MAXWELL hereby announces that Bursa Securities, after due consideration of all facts and circumstances of the Application has decided to reject the Application as the Company has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan to the regulatory authorities.

This announcement is dated 9 August 2019.