Enters into Restructuring Support Agreement to Eliminate Approximately $1.2 Billion of Debt

Files Voluntary Prepackaged Petitions for Chapter 11 Relief to Implement Transaction

Global Operations Across Brands Expected to Continue Without Interruption During Chapter 11 Cases with All Unsecured Creditors to be Paid in Full

Wheel Pros, LLC (d/b/a Hoonigan) and certain of its North American-based affiliates (collectively “Hoonigan” or the “Company”), a leading provider of aftermarket vehicle enhancements, today announced that it has commenced an in-court financial restructuring process to position it to drive long-term growth. The Company has entered into a Restructuring Support Agreement (“RSA”) with a majority of its debtholders through which it expects to eliminate approximately $1.2 billion of the Company’s debt and secure up to approximately $570 million of new capital, substantially improving the Company’s balance sheet and financial position.

“Today’s announcement marks an important step forward for Hoonigan that will enable us to advance our industry leading position in the growing automotive aftermarket sector,” said Vance Johnston, CEO of Hoonigan. “With a significantly strengthened balance sheet and new capital, this transaction will position us to invest in innovation and further drive financial performance. With the strong support of our financial partners, we remain laser-focused on providing cutting-edge products and best-in-class service to our partners throughout this process.”

In order to implement the RSA, Hoonigan has filed voluntary petitions for Chapter 11 relief in the U.S. Bankruptcy Court for the District of Delaware (the “Court”). As contemplated under the RSA, the Company expects to emerge under the majority ownership of a group of its current lenders, who recognize the potential of the automotive aftermarket industry and are confident in Hoonigan’s ability to continue to operate at its forefront. The RSA contemplates a swift in-court restructuring, with emergence from Chapter 11 anticipated within two months.

Importantly, the RSA provides for a consensual, prepackaged restructuring proceeding, including a motion seeking to approve $110 million term loan debtor-in-possession (“DIP”) facility and a $175 million ABL DIP facility. The Company anticipates that this will allow the business to continue operating in the ordinary course during the restructuring without impacting trade creditors, customers, employees, vendors, or suppliers and will allow the Company to honor its commitments to strategic partners. Further, the Company’s operations outside of North America are not part of the Court-supervised restructuring process.

Additional information regarding the Chapter 11 process is available at https://cases.stretto.com/WheelPros. Stakeholders with questions can contact the Company’s claims agent, Stretto, by calling (855) 371-7511 (U.S. toll free) or +1 (714) 716-1978 (International) or emailing TeamWheelPros@stretto.com.

Advisors

Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Houlihan Lokey, Inc. is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company.

About Hoonigan

Hoonigan serves the automotive enthusiast industry with entertaining content and a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel Off-Road, American Racing, KMC, Morimoto, TeraFlex, Rotiform, and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia, and Europe, Hoonigan serves over 30,000 retailers. It has a growing e-commerce presence to provide enthusiast consumers with access to a variety of aftermarket enhancements including wheels, suspension, lighting, and accessories. More information is available at www.hoonigan.com.

Forward Looking Statements

This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Hoonigan and certain plans and objectives with respect thereto. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", “enable,” "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. These statements are based on assumptions and assessments made by the Company and its perception of historical trends, current conditions, future developments and other factors. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this document could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this document. The Company does not assume any obligation to update or correct the information contained in this document (whether as a result of new information, future events or otherwise), except as may be required by applicable law.

There are several factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market, supply chain and regulatory forces, future exchange and interest rates, changes in tax rates and any future business combinations or dispositions, uncertainties and costs related to the RSA and the Chapter 11 process, including, among others, potential adverse effects of the Chapter 11 process on the Company’s liquidity and results of operations, including with respect to its relationships with its customers, distribution partners, suppliers and other third parties; employee attrition and the Company’s ability to retain senior management and other key personnel due to the distractions and uncertainties inherent in the Chapter 11 process, including due to any "prepackaged" Chapter 11 process; the impact of any cost reduction initiatives; any other legal or regulatory proceedings; the Company’s ability to obtain operating capital, including complying with the restrictions imposed by the terms and conditions of any DIP financing, such as the financing mentioned herein; the length of time that the Company will operate under Chapter 11 protection, including due to any "prepackaged" Chapter 11 process; the timing of any emergence from the Chapter 11 process; and the risk that any plan of reorganization resulting therefrom may not be confirmed or implemented at all. Please see the plan of reorganization and related disclosure statement (as may be amended, modified or supplemented) that may be filed with the Court for additional considerations and risk factors associated with the Company’s Chapter 11 process.

Nothing in this press release is intended as a profit forecast or estimate for any period and no statement in this press release should be interpreted to mean that the financial performance for the Company for the current or future financial years would necessarily match or exceed its historical results.

Further, this press release is not intended to and does not constitute and should not be construed as, considered a part of, or relied on in connection with any information or offering memorandum, security purchase agreement, or offer, invitation or recommendation to underwrite, buy, subscribe for, otherwise acquire, or sell any securities or other financial instruments or interests or any other transaction.

Media C Street Advisory Group Hoonigan@thecstreet.com