XFINU ExcelFin Acquisition Corporation

Resignation of Directors and Officers

On April 18, 2023, the Board of Directors (the “Board”) of ExcelFin Acquisition Corp. (the “Company”) accepted the resignations of Logan Allin as the Chief Executive Officer (“CEO”) and a director of the Company and Ren Riley as the Chief Operating Officer (“COO”) of the Company, effective immediately. The resignations of Mr. Allin and Mr. Riley were not the result of any disagreement or dispute with the Company or any matter relating to the operations, policies or practices of the Company, and Mr. Allin and Mr. Riley plan to continue to remain involved as advisors to the Company.

Election of Directors and Officers

On April 18, 2023, the Board appointed Joe Ragan as CEO and a director of the Company and Brian Sun as COO of the Company, effective immediately. Mr. Ragan will also retain his role as Chief Financial Officer (“CFO”) of the Company.

Mr. Ragan, age 61, has served as the Company’s CFO since March 2021. Mr. Ragan is currently serving as the CFO for the Domtar division of the Paper Excellence Group (the “Group”) as well as the Head of Finance for the Group. Previously, from 2018 to 2019, Mr. Ragan served as CFO for Resideo/Honeywell Homes, a leading global manufacturer of thermostats and security panels (NYSE-REZI). From 2013 to 2018, Mr. Ragan also served as CFO for Ferroglobe PLC (Nasdaq-GSM), the leading global manufacturer of metal alloys and other metallic products that was created through a merger of FerroAtlántica and Globe Specialty Metals. From 2008 to 2013, Mr. Ragan previously served as CFO at Boart Longyear (ASX—BLY), a publicly traded mining and manufacturing company, and UNICOM Government, Inc., previously known as GTSI, a publicly traded government contractor (Nasdaq—GTSI). Mr. Ragan holds an M.S. in Accounting from George Mason University and a B.S. in Accounting from The University of the State of New York. Mr. Ragan began his finance career with Deloitte, and is a licensed Certified Public Accountant (CPA) in the Commonwealth of Virginia. Mr. Ragan also serves as the President and Chairman of the Audit Committee of the Board of Directors for the nonprofit USA Judo.

Mr. Sun, age 48, has served as the Company’s Executive Vice President since March 2021. Mr. Sun is currently serving as the Managing Director for GFC, a global investment firm and family office for Jackson Wijaya, where he manages GFC’s investment efforts in North America. Prior to GFC, Mr. Sun was in corporate development executive roles with SGS North America, AES Corp and Fosun Wealth Group sourcing and executing M&A transactions in business services, financial service, FinTech, technology and power sectors. From 2012 to 2017, Mr. Sun was a M&A advisory investment banker at Lazard and at China Merchants Bank US. From 2004 to 2010, he has worked at private equity firm Arcapita, leading aircraft investment group Babcock & Brown Aircraft Management, financial service company Jackson Hewitt and Barclays Capital in various corporate finance and investment roles. Mr. Sun has over 20 years of corporate finance and transactional experience and has worked on over $50 billion sales, acquisitions and investments transactions. Mr. Sun has an M.B.A. from Duke University and a B.A. from Beijing Foreign Studies University. He has been a Chartered Financial Analyst (CFA) since 2008.

There are no arrangements or understandings between any of Mr. Ragan or Mr. Sun and any other persons pursuant to which Mr. Ragan was appointed as CEO or a director of the Company or to which Mr. Sun was appointed as the COO of the Company. There is no family relationship between any of Mr. Ragan or Mr. Sun and any of the directors or executive officers of the Company or any persons nominated or chosen by the Company to be a director or executive officer. Each of Mr. Ragan and Mr. Sun has not entered into any transactions with the Company that would require disclosure pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

The compensatory arrangements for Mr. Ragan and Mr. Sun remain consistent with those disclosed in the 10-K filed with the Securities Exchange Commission on March 30, 2023.